TCREUR_Public/150518.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, May 18, 2015, Vol. 16, No. 96

                            Headlines

C Y P R U S

CALVALLEY ENERGY: Completes Restructuring & Liquidation


D E N M A R K

NUNAMINERALS: Seeks Creditor Protection By Payment Suspension


G E R M A N Y

KRAUSSMAFFEI GROUP: Moody's Raises CFR to 'B1', Outlook Stable
SPRINGER SBM: Moody's Raises Corp. Family Rating to 'B2'


G R E E C E

GREECE: To Stick to Election Pledges; Negotiations to Continue
OCEAN RIG: Moody's Affirms B2 CFR & Alters Outlook to Negative


I R E L A N D

DUNCANNON CRE:  S&P Affirms 'CCC-' Ratings on 2 Note Classes
ORWELL PARK: Moody's Rates EUR12MM Class E Notes '(P)B2'


I T A L Y


ISLAND REFINANCING: Moody's Reviews Ca-Rated Notes for Downgrade


N E T H E R L A N D S

FORNAX BV: Moody's Cuts Rating on EUR36.05MM D Notes to Ba1
HALCYON STRUCTURED 2006-II: Moody's Ups Cl. E Notes Rating to B1


R U S S I A

URALKALI OJSC: S&P Lowers CCR to 'BB+'; Outlook Negative


S P A I N

PYMES SANTANDER 11: Moody's Rates EUR178.8MM Serie C Notes (P)Ca


T U R K E Y

ELGINSAN: Failure to Pay Debts Prompts Banks to Seize Facilities
EXPORT CREDIT: S&P Affirms 'BB+/B' Counterparty Credit Ratings


U K R A I N E

UKRAINE: Urges Creditors to Complete Debt Restructuring Talks
UKRKOMMUNBANK: Declared Insolvent by National Bank of Ukraine
ZLATOBANK PJSC: Deposit Guarantee Fund Commences Liquidation


U N I T E D   K I N G D O M

BUSINESS MORTGAGE 4: Moody's Reviews Ba1 Notes Rating for Upgrade
GEMGARTO 2015-1: Moody's Rates GBP10.5MM Class X1 Notes (P)B2
HIGHER EDUCATION: Fitch Lowers Rating on Class A3 Notes to 'CCsf'


X X X X X X X X

* Moody's Says Oil Price Movements Affect CIS Countries
* BOND PRICING: For the Week May 11, 2015 to May 15, 2015


                            *********


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C Y P R U S
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CALVALLEY ENERGY: Completes Restructuring & Liquidation
-------------------------------------------------------
Calvalley Petroleum Inc. has successfully completed its previously
announced restructuring and liquidation of the Company pursuant to
a plan of arrangement involving Calvalley Energy Limited (a
wholly-owned subsidiary of Calvalley organized in Cyprus) under
the Canada Business Corporations Act.

Pursuant to the Arrangement, the former holders of common shares
of Calvalley elected to receive cash payments of approximately
US$48.1 million at US$0.807 per Calvalley Share.  The 2,010,000
issued and outstanding shares of CVE held by Calvalley will be
allocated pro-rata between former holders of common shares of
Calvalley who elected approximately 14,769,436 common shares of
Calvalley for shares in CVE, including 11,763,799 common shares of
Calvalley that elected the Participation Option pursuant to the
Support Agreements.  The cash payment payable to shareholders who
elected to receive such payment in respect of their Calvalley
Shares is payable in two installments.  The first payment of
US$0.75 per share will be paid on May 15, 2015 and the balance of
the payment, US$0.057 per share, will be held in escrow and
distributed to shareholders electing the Liquidity Option when the
conditions outlined in the Arrangement are fulfilled.



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D E N M A R K
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NUNAMINERALS: Seeks Creditor Protection By Payment Suspension
--------------------------------------------------------------
NunaMinerals A/S on May 15 disclosed that the discussions between
the Company and Greenland Mining Management Ltd. regarding a
restructuring of NunaMinerals are progressing based on a revised
proposal from GMM.

NunaMinerals believes that such developments may lead to a long
term solution for NunaMinerals and has therefore decided to
withdraw the bankruptcy petition and seek creditor protection by a
suspension of payment scheme to allow time for GMM to finalize its
negotiations with NunaMinerals and some of its major creditors and
shareholders.

A restructuring based on the Proposal requires NunaMinerals and
GMM to agree on final terms, as well as GMM or NunaMinerals to
obtain agreement or acceptance from the creditors which are to
convert loans to shares or repayment deferred.   Provided that a
restructuring agreement is entered into between NunaMinerals
and GMM, which are acceptable to the Government of Greenland and
Greenland Holding A/S, any restructuring agreement and the
Proposal is dependent on the support by at least 2/3 or 9/10 of
the shareholders of NunaMinerals based on share capital and voting
rights represented at the general meeting.  Thus, if an
agreement is reached, the Proposal will be presented for approval
by the shareholders at a general meeting.

However, no assurance can be given that a restructuring agreement
will be entered into between NunaMinerals and GMM on terms, which
are acceptable to the Government of Greenland or Greenland Holding
A/S, and no assurance can be given that if an agreement is entered
into, that such agreement can be approved by the shareholders of
NunaMinerals or that such agreement will become final and
implemented.

The Board of Directors will provide a further update to the market
as soon as there are any further developments.

Nunaminerals A/S is a Denmark-based company engaged in the mineral
extraction in Greenland.



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G E R M A N Y
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KRAUSSMAFFEI GROUP: Moody's Raises CFR to 'B1', Outlook Stable
--------------------------------------------------------------
Moody's Investors Service upgraded to B1 from B2 the corporate
family rating (CFR) and to B1-PD from B2-PD the probability of
default rating (PDR) of German plastic and rubber processing
machinery manufacturer KraussMaffei Group GmbH. At the same time,
Moody's upgraded to B1 (LGD3) from B2 (LGD3) the rating on the
group's senior secured notes due December 2020. The outlook on the
ratings remains stable.

"T[he] upgrade recognizes the sustained improvement in
KraussMaffei Group's operating performance over the last two years
and credit metrics reaching levels that we consider commensurate
with the B1 rating category", says Goetz Grossmann, Moody's lead
analyst for KraussMaffei Group. "The rating action also reflects
our expectation that KraussMaffei Group will benefit from an
overall supportive business environment in 2015 and during next
year and that additional cost savings from implemented
restructuring measures will promote a further strengthening in
profitability and leverage ratios", adds Mr. Grossmann. Moreover,
the upgrade factors in the group's reduced indebtedness following
its redemption of EUR32.5 million worth of senior secured notes in
December 2014 which lowered the group's annual interest costs by
about EUR3 million.

Upgrades:

Issuer: KraussMaffei Group GmbH

  -- Probability of Default Rating, Upgraded to B1-PD from B2-PD

  -- Corporate Family Rating, Upgraded to B1 from B2

  -- BACKED Senior Secured Regular Bond/Debenture, Upgraded to B1
     from B2

Outlook Actions:

Issuer: KraussMaffei Group GmbH

  -- Outlook, Remains Stable

The upgrade to B1 was prompted by KraussMaffei Group's steadily
improving operating performance during 2013 and 2014 and a
particularly strong final quarter of 2014 which benefitted from a
marked increase in demand across all of its business segments. In
fiscal year 2014, the group was able to post a 5.1% sales increase
to over EUR1.1 billion and to grow its EBITDA as adjusted by
KraussMaffei Group to EUR117 million (10.5% margin) from EUR103
million in the previous year (9.8%), mainly owing to the solid
growth in its largest sector automotive (36% of group sales in
2014) but also in other end-markets such as rubber and
infrastructure where equipment sales grew 48% and 18%,
respectively. The positive momentum in these markets was largely
driven by strong demand from China where sales rose 23% year-on-
year and North America (+32%), while sales generated in Europe
(52%) remained almost stable (-0.7%). However, Moody's notes that
the group's EBITDA was impacted by (non-cash) foreign currency
hedging losses in an amount of EUR5.4 million in 2014 and expects
that the group will face temporary headwinds from foreign currency
movements also during 2015, driven by some exposure to the CHF.
Nonetheless, the rating agency acknowledges KraussMaffei Group's
recent operational improvements which also continued into the
first quarter of 2015 with group sales and EBITDA increasing 12%
and 9.5% year-on-year, respectively, and financial ratios which
position the group adequately in the B1 rating category. For
instance, the group's EBITA margin as adjusted by Moody's improved
to 8.8% in 2014 from 7.1% in 2013 (excl. PPA effects) and its
adjusted debt to EBITDA ratio reduced to 4.1x in 2014 from 5.3x in
the previous year (excl. PPA effects) which clearly met the
defined trigger for an upgrade of below 4.5x. In this respect,
Moody's honors the group's partial redemption of its senior
secured notes in December 2014 which reduced reported indebtedness
by EUR32.5 million (c.10%) and lowered annual interest costs by
around EUR3 million, thereby supporting its interest coverage to
improve to an expected Moody's adjusted 2.7x EBITA to interest
expense ratio this year. Given limited ability to amortize debt,
KraussMaffei Group has achieved a sizeable cash balance (per Q1
2015 EUR85 million), which leads to a comfortable net leverage
ratio of about 3.5x.

Moody's expects KraussMaffei Group to benefit from an overall
benign economic environment in most of its key regions (especially
North America and Asia) this year and during 2016 which should
support a further progressive improvement in its credit metrics,
including a leverage ratio of below 4x debt to EBITDA and positive
free cash flow generation with an adjusted FCF to debt ratio in
the mid single-digit percentage range. These expectations also
take into account that the group will continue to realise cost
savings from the successful execution of its ongoing operational
improvement measures which were initiated in 2013 and have
resulted in around EUR22 million of recurring net savings by year-
end 2014.

Moreover, KraussMaffei Group's B1 CFR is supported by (1) the
group's strong market position in the plastic and rubber machinery
industry; (2) its unique combination of different system solutions
covering the full range of key technologies; which facilitates (3)
access to a diverse customer base with no material exposure to any
single customer; and (4) favorable long-term growth drivers.

That said, the rating remains constrained by (1) the highly
cyclical nature of the group's main end markets; (2) modest,
albeit improving, profitability, evidenced by an EBITDA margin as
adjusted by KraussMaffei Group of 10.5% in 2014 (2013: 9.8%),
largely owing to limited efficiency in operations; (3) a moderate
share of service revenues which could mitigate the cyclicality of
the new equipment business; and (4) relatively weak free cash flow
generation historically, as reflected in an adjusted FCF to debt
ratio of 0.3% in 2014 and 2013.

KraussMaffei Group's liquidity profile is good. As of March 31,
2015, the group reported EUR85 million of cash and cash
equivalents which together with internally generated funds from
operations of around EUR70 million per annum comfortably cover all
expected cash needs over the next 12-18 months including estimated
intra-year working capital swings of about EUR25 million.
Projected cash uses comprise approximately EUR35 million capital
expenditure per annum and minor short term debt maturities, while
no dividend distributions to shareholders are assumed which
translates into moderately positive FCF generation in the lower
tens of millions range in 2015 and next year.

Moreover, the group had full access to the maximum limit for cash
borrowings of EUR50 million under its EUR100 million multi-
currency committed revolving credit facility, maturing December
2017, while around EUR49 million of the credit line were utilized
for letters of credit as of December 2014. KraussMaffei Group
maintained comfortable headroom under its financial covenants as
negotiated in its multi-currency facility agreement as of December
2014 which Moody's expects to remain solid also going forward.

The stable outlook reflects Moody's expectation of KraussMaffei
Group to benefit from a continued healthy industry environment
across most of its key regions (especially NAFTA and Asia) which
should support a further strengthening in profitability and credit
metrics including an adjusted EBITA margin in the high single-
digit percentage range (8.8% in 2014) and gross leverage of below
4x debt to EBITDA as well as sustained positive free cash flow
generation.

Moody's might consider raising KraussMaffei Group's ratings should
it be able to (1) further improve profitability to an adjusted
EBITA margin of at least 10%, (2) reduce leverage below 3.5x debt
to EBITDA, (3) improve interest coverage towards 3x EBITA to
interest expense (2.4x as of 31 December 2014), and (4) strengthen
its cash flow generation, evidenced by an adjusted FCF/debt ratio
in the mid single digit percentage range, combined with (4) a
track record of a conservative financial policy.

A rating downgrade would require the group's (1) profitability to
deteriorate such that adjusted EBITA margins reduced below 7%, (2)
leverage ratio to exceed 5x debt to EBITDA, and (3) free cash flow
turning negative. In addition, a weakening liquidity profile and
evidence of a more aggressive financial policy including larger
dividend payments to its shareholder or debt-funded acquisitions
would exert downward pressure on the ratings.

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

Headquartered in Munich, Germany, KraussMaffei Group GmbH with its
three brands KraussMaffei, KraussMaffei Berstorff and Netstal is
the global leader for machines and system solutions for the
plastics and rubber processing industry. Its business portfolio
covers the full range of technologies including (1) injection
molding machinery (59% of 2014 group sales); (2) extrusion
technology (28%); as well as (3) reaction process machinery (13%).
In the twelve months ended 31 March 2015, KraussMaffei Group
generated sales of more than EUR1.14 billion and EBITDA (as
adjusted by the group) of over EUR119 million with around 4,500
employees worldwide. KraussMaffei Group GmbH serves as the German
top holding company of the KraussMaffei Group and is indirectly
owned by funds controlled by Canadian private equity firm Onex
Corporation since 2012.


SPRINGER SBM: Moody's Raises Corp. Family Rating to 'B2'
--------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating and
probability of default rating for Springer SBM One GmbH to B2 and
B2-PD respectively from B3 and B3-PD. Moody's has also assigned B1
ratings to the re-financed term loan tranches (B6, B7, B8, B9
totaling EUR2.6 billion) and upgraded the B2 rating to B1 for the
EUR250 million revolving credit facility (RCF). Springer
Science+Business Media Deutschland GmbH (a wholly owned and fully
guaranteed subsidiary of Springer SBM One GmbH) is the primary
borrower of the term loan facilities and the RCF is Springer
Science+Business Media GmbH (an indirect wholly owned subsidiary
of Springer SBM One GmbH). The outlook on all ratings is stable.

The ratings upgrade follows the successful conclusion of the
merger transaction of Springer Science+Business Media with the
majority of Holtzbrinck-owned Macmillan Science and Education
(MSE), namely Nature Publishing Group, Palgrave Macmillan and the
global businesses of Macmillan Education. The bank agreement was
amended to include an additional EUR600 million of term debt to
fund the merger. Additionally, Springer also upsized its revolving
credit facility by EUR100 million to EUR250 million, to account
for the increased liquidity requirements given the larger size of
the combined business.

"The ratings upgrade reflects the improved business risk profile
and growth prospects as well as the de-leveraging potential of the
combined group" says Gunjan Dixit, a Moody's Vice President -
Senior Analyst, and lead analyst for the issuer.

The rating action concludes the review for upgrade initiated on
Springer's ratings following the merger announcement on Jan. 15,
2015.

The ratings upgrade reflects the improved scale and scope of the
combined business. The merger has created a leading publishing
group with around EUR1.5 billion in revenues and 13,000 employees.
Moody's believes that the combination will likely enhance the
long-term growth potential for both businesses and improve the
value proposition to authors, contributors and users. Both
companies have complementary portfolios in terms of products
(journals, books, databases and workflow tools) and end-markets
(academic institutions, corporate research departments and
individuals). However, Moody's cautiously notes that by acquiring
MacMillan's Education business, Springer will begin operating a
global English learning teaching and curriculum publishing
business primarily focused on K-12 segments, in which it has no
prior experience.

Moody's views positively that the combined group is 53% owned by
Holtzbrinck, a leading well-established global media business. The
combined group benefits from an experienced management team and
Springer's Chief Executive, Derk Haank is heading the new merged
company.

At the end of 2014, Moody's adjusted Gross Debt/EBITDA for
Springer stood at 7.3x on a standalone basis. The leverage ratio
at the end of the year is negatively affected by approximately
0.4x for the impact of foreign exchange translation (USD/EUR
average exchange rate was 1.33 in 2014 compared to the closing
rate of 1.21 as of 31 December 2014). Pro-forma the MSE
transaction, the combined group leverage is expected to decrease
to around 6.2x at the end of 2015 (assuming constant USD/EUR
exchange rate of 1.21) as the EBITDA contributed by the added
business units is expected to outweigh the EUR600 million of new
debt in the leverage calculation.

Moody's expects the group to de-lever rapidly thereafter helped by
its improving operating performance and cost synergy realisation
of the combined business. At the end of 2016, the agency expects
the group leverage to be closer to 5.3x. Moody's expects the
transaction to generate meaningful cost synergies in the areas of
IT technology, sales and marketing, and streamlining of management
functions.

On completion of the merger, Springer SBM One GmbH remains the
top-most entity of the enlarged restricted group which includes
the MSE assets. The senior secured term loans issued by the group
rank pari-passu with one another and are secured and guaranteed by
the material assets of the enlarged restricted group. The
EUR600 million worth of additional new term loan has been used to
repay a portion of the existing BC Partners' shareholder loans of
which EUR294 million remain outstanding after transaction closing.
In addition, Holtzbrinck has contributed an EUR80 million of
financing note to the restricted group apart from common equity of
EUR332 million. The financing note issued by Holtzbrinck and the
remaining BCP shareholder loans meet Moody's criteria for 100%
equity credit.

The instruments ratings for the senior secured debt remain one
notch higher than the CFR largely due to their secured nature and
the presence of contractually subordinated High Yield Notes of
EUR640 million (due 2021; unrated) in the capital structure issued
by Springer SBM Two GmbH.

A stable ratings outlook is based on Moody's expectation that
Springer will pursue a de-leveraging strategy and that the current
business plan for the combined group appears broadly achievable.

Downward pressure could be exerted on the existing B2 CFR should
(1) Springer's leverage remain above 6.0x Gross Debt to EBITDA (as
adjusted by Moody's) beyond 2015; (2) material deterioration
occurs in its operating performance; (3) it generates weak free
cash flows on a sustained basis; and/or (4) any factors emerge
with a negative impact on liquidity.

Upward pressure could be exerted on the ratings once (1) the two
businesses are integrated and synergies are realized such that
revenue growth in the mid single digits is achieved and operating
margins are expanding; (2) Springer is able to reduce its leverage
to below 5.0x Gross Debt/ EBITDA (as adjusted by Moody's) on a
sustained basis; and (3) generates improved free cash flow (as
adjusted by Moody's -- after capex and dividends) on a continued
basis.

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

For the twelve months ending Dec. 31, 2014, Springer recorded
around EUR959 million in revenues and EUR368 million in adjusted
EBITDA (as calculated by Springer -- before capital and currency
gains/losses and before exceptional and non-recurring effects),
the majority of which originated from the STM business.



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GREECE: To Stick to Election Pledges; Negotiations to Continue
--------------------------------------------------------------
Paul Tugwell and Rebecca Christie at Bloomberg News report that
Greece's government said it won't back down on election pledges to
end austerity even while seeking to agree on a deal with creditors
as soon as this week to unblock financing and avert a default.

"We're striving for a mutually beneficial agreement by Friday,"
Nikos Filis, spokesman for the parliamentary group of
Prime Minister Alexis Tsipras's Syriza party, as cited by
Bloomberg, said on May 17 in comments broadcast on Mega TV.  "Our
mandate from the Greek people is to reach an agreement where we
stay in the euro area without harsh austerity measures," he said,
adding that "tough negotiations" will take place before a summit
meeting of European Union leaders in Riga, Latvia, on May 21-22.

Mr. Tsipras's so-called red lines include no further cuts to wages
and pensions, Bloomberg notes.  More than 110 days of talks
between Greece and its creditors have failed to produce an
agreement to unlock additional aid from a EUR240 billion (US$275
billion) bailout, Bloomberg states.  The standoff has triggered a
liquidity squeeze, pulling the country back into a recession and
renewing doubts over Greece's future in the euro area, Bloomberg
relays.

According to Bloomberg, European Commission Vice President
Valdis Dombrovskis on May 16 said in an interview with Germany's
Bild newspaper Greece's financial situation is serious, and the
country can only obtain another tranche of aid upon completing the
next stage of its reform program.  Mr. Dombrovskis, as cited by
Bloomberg, said Greece still hasn't submitted its reform list.

Greece won't accept "take-it-or-leave-it" proposals, and the issue
of a national referendum on reforms "will depend on whether the
creditors impose an ultimatum," Bloomberg quotes Syriza's Filis as
saying.

German Vice Chancellor Sigmar Gabriel on May 17 said in an
interview published in Bild am Sonntag a Greek referendum might
speed up the decision process on moving forward, Bloomberg
relates.  A "third aid package for Athens is only possible if
reforms are also implemented," Bloomberg quotes Mr. Gabriel as
saying.  He said a Greek exit from the euro would pose a political
challenge and not an economic one, but "no one would have trust
anymore in Europe if, in the first big crisis," a currency member
quits, Bloomberg notes.

Negotiations in the so-called Brussels Group of Greek and creditor
institution representatives will continue this week, an EU
official, as cited by Bloomberg, said, asking not to be identified
as the talks are private.  The group includes the International
Monetary Fund, the European Central Bank and the commission,
Bloomberg discloses.


OCEAN RIG: Moody's Affirms B2 CFR & Alters Outlook to Negative
--------------------------------------------------------------
Moody's Investors Service affirmed Ocean Rig UDW Inc.'s Corporate
Family Rating at B2, Probability of Default Rating at B2-PD and
the Caa1 rating on the US$500 million unsecured notes, as well as
the B2 rating on the US$1.3 billion senior secured term loan at
Drillships Ocean Ventures Inc. ("DOV") and Drillships Ventures
Projects Inc, subsidiaries of Ocean Rig. Concurrently, Moody's has
downgraded the rating on the $1.9 billion senior secured term loan
borrowed by Drillships Financing Holding Inc. ("DFHI") to B2 from
B1 and the rating on the $800 million secured notes issued by
Drill Rigs Holdings Inc. ("Drill Rigs") to B3 from B2, both are
also subsidiaries of Ocean Rig. The outlook on all ratings is
revised to negative from stable.

The affirmation of the B2 CFR reflects: (1) the strong $4.7
billion contract backlog, with 88% and 69% of calendar days under
contract in 2015 and 2016 respectively, (2) the young and
technologically advanced fleet, with all drillships built within
the last five years and the two older semisubmersibles benefitting
from harsh environment specifications, and (3) recent industry
leading operating performance with contracted operating efficiency
of over 95% for the last-twelve-months (LTM) to March 31, 2015 and
improved fleet average operating expenses, resulting in LTM
reported EBITDA of approximately US$1.2 billion.

These positives are countered by the: (1) high gross leverage
going forward that Moody's expects at over 7.0x at the end of 2016
following five-year maintenance surveys (SPS) on at least five of
its fleet, with no deleveraging in 2017 as contracts roll-off in
an expected weak market, (2) inherent volatility of the offshore
drilling market, (3) significant capex program for three
newbuilds, including US$464 million for the delivery of the Ocean
Rig Santorini in 2016, (4) shareholder friendly policy, with
continued dividend payments and a previous intention to form a
Master Limited Partnership (MLP), (5) refinancing risk with the
$800 million Drill Rigs notes maturing in October 2017, and (6)
tightening covenant headroom in 2016, although this could be
improved by delaying delivery of the Santorini -- as has been done
recently with the other newbuilds.

The downgrade of the ratings of the $1.9 billion DFHI loan and
$800 million Drill Rigs secured notes reflect Moody's expectation
that the MLP will not be formed in the near term and so the DOV
loan will now share the unsecured claims of those two instruments
and that the Drill Rigs notes' collateral value has deteriorated
more than that of the two term loans.

The negative outlook reflects Moody's expectation that Ocean Rig
will have high leverage for the rating in 2016 and 2017, and
liquidity pressure from the high unfunded capex in 2016 and the
tightening covenant headroom that year. It also reflects
refinancing risk associated with the October 2017 notes maturity.

The rating could be downgraded if gross leverage is sustained
above 7.0x, or if Moody's concerns around covenant headroom and
funding/refinancing requirements are not addressed. Conversely,
the outlook could be stabilized if the liquidity concerns are
resolved and the fleet operates at high levels of utilization, and
the rating could then be upgraded if gross leverage is maintained
below 5.5x and the company has made solid progress on new
contracts for rigs that run off their current contracts in 2015
and 2016.

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.

Headquartered in Greece, but with its executive office located in
Cyprus and incorporated in the Marshall Islands, Ocean Rig UDW Inc
is an oilfield services company focused on ultra-deepwater
exploration and production drilling. Its operating fleet consists
of two harsh environment fifth generation semisubmersibles, four
sixth generation and four seventh generation drillships, with a
further three seventh generation drillships under construction. It
is listed on the NASDAQ, with a market capitalization of
approximately US$1.2 billion and is majority-owned by DryShips
Inc, a US-listed drybulk shipping and tanker company, with a
market capitalization of approximately $500 million.



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DUNCANNON CRE:  S&P Affirms 'CCC-' Ratings on 2 Note Classes
------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit rating on
Duncannon CRE CDO I PLC's class B notes.  At the same time, S&P
has affirmed its ratings on all other classes of notes.

The rating actions follow S&P's review of Duncannon CRE CDO I's
performances under its European commercial mortgage-backed
securities (CMBS) criteria.

Duncannon CRE CDO I is a commercial real estate collateralized
debt obligation (CDO) transaction that closed in 2007.  The issuer
owns a series of CMBS bonds, subordinated commercial real estate
debt assets ("term loans"), and operating company securitization
securities.

Of the transaction's assets:

   -- CMBS bonds comprise 49% by principal balance.  S&P rates
      all of the assets in this group, except for one.  S&P's
      weighted-average rating on these positions is 'CCC+'.

   -- Term loans comprise 42% by principal balance.  Most of the
      loans in this group are debt positions that are
      subordinated to securitized loans in the transactions that
      S&P rates. Because these positions are subordinated to
      senior loans, S&P believes that on average, the issuer's
      recovery from these investments will be constrained, in
      some cases to zero.  S&P provides credit estimates for all
      the assets in this group.

   -- Operating company securitization securities and real estate
      entity debt that S&P rates comprise 9% by principal
      balance. S&P's weighted-average rating on these positions
      is 'BB'.

Some of the above assets have failed to meet their timely interest
payment obligations.  S&P has therefore lowered its ratings on
those notes to 'D' (or 'd' when S&P provides a credit estimate).
However, the transaction may be able to recover some of the
principal amounts outstanding on these assets.  S&P has reflected
this in its analysis by assuming recoveries from these assets in
higher rating scenarios.

The transaction has seven coverage tests that allow the issuer to
divert principal and interest proceeds from the junior notes to
redeem the notes sequentially until the tests are met.  In March
2015, the issuer reported that the transaction had breached five
of the tests.  As a result, the issuer diverted some interest to
amortize the notes sequentially.

S&P's ratings in this transaction address timely payment of
interest and ultimate payment of principal no later than the July
2047 legal final maturity date.  As the class C to E notes are
deferrable interest floating rate notes, the ratable promise is
identical to the actual terms.

Although S&P's analysis indicates that the class B notes'
available credit enhancement can mitigate the risk of principal
losses from the underlying loans in higher rating scenarios, S&P
has constrained its rating uplift to 'BB(sf)' in line with its
credit stability criteria.  S&P has therefore raised to 'BB (sf)'
from 'B (sf)' its rating on the class B notes.  S&P believes that
the overall creditworthiness of both the collateral pool and the
credit enhancement available to these class of notes could affect
the class B note's credit quality.

S&P's analysis indicates that the class C1 Def to E2 Def notes are
exposed to principal losses in our "B case" rating stress
scenario.  In S&P's opinion, the class D1 Def, D2 Def, D3 Def, E1
Def, and E2 Def notes depend on favorable business, financial, and
economic conditions for the issuer to meet its ultimate payment
obligations as outlined in S&P's criteria for assigning 'CCC+',
'CCC', 'CCC-' and 'CC' ratings.  S&P has therefore affirmed its
ratings on the class C1 Def to E2 Def notes.

RATINGS LIST

Duncannon CRE CDO I PLC
EUR810 mil senior and mezzanine deferrable-interest floating-rate
notes
                               Rating
Class       Identifier     To           From
B           265082AD9      BB (sf)      B (sf)
C1 Def      265082AE7      B- (sf)      B- (sf)
C2 Def      265082AF4      B- (sf)      B- (sf)
D1 Def      265082AG2      CCC (sf)     CCC (sf)
D2 Def      265082AH0      CCC (sf)     CCC (sf)
D3 Def      265082AJ6      CCC (sf)     CCC (sf)
E1 Def      265082AK3      CCC- (sf)    CCC- (sf)
E2 Def      265082AL1      CCC- (sf)    CCC- (sf)


ORWELL PARK: Moody's Rates EUR12MM Class E Notes '(P)B2'
--------------------------------------------------------
Moody's Investors Service assigned the following provisional
ratings to notes to be issued by Orwell Park CLO Limited (the
"Issuer"):

  -- EUR243,000,000 Class A-1 Senior Secured Floating Rate Notes
     due 2029, Assigned (P)Aaa (sf)

  -- EUR42,000,000 Class A-2 Senior Secured Floating Rate Notes
     due 2029, Assigned (P)Aa2 (sf)

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

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

  -- EUR25,000,000 Class D Senior Secured Deferrable Floating
     Rate Notes due 2029, Assigned (P)Ba2 (sf)

  -- EUR12,000,000 Class E Senior Secured Deferrable Floating
     Rate Notes due 2029, Assigned (P)B2 (sf)

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

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

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

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

In addition to the six classes of notes rated by Moody's, the
Issuer has issued EUR 47,500,000 of subordinated notes. Moody's
has not assigned a rating to this class of notes.

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

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

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

- Par Amount: EUR 400,000,000

- Diversity Score: 34

- Weighted Average Rating Factor (WARF): 2750

- Weighted Average Spread (WAS): 4.00%

- Weighted Average Coupon (WAC): 5.00%

- Weighted Average Recovery Rate (WARR): 41.5%

- Weighted Average Life (WAL): 8 years.

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

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

Ratings Impact in Rating Notches:

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

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

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

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

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

- Class E Senior Secured Deferrable Floating Rate Notes: 0

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

Ratings Impact in Rating Notches:

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

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

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

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

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

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

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

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



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


ISLAND REFINANCING: Moody's Reviews Ca-Rated Notes for Downgrade
----------------------------------------------------------------
Moody's Investors Service has taken rating actions on the
following classes of Notes issued by Island Refinancing S.r.l.
(amounts reflect initial outstanding):

  -- EUR60 million C Notes, B3 (sf) Placed Under Review for
     Possible Downgrade; previously on Apr 29, 2013 Downgraded to
     B3 (sf)

  -- EUR32 million D Notes, Caa2 (sf) Placed Under Review for
     Possible Downgrade; previously on Apr 29, 2013 Downgraded to
     Caa2 (sf)

  -- EUR46 million X Notes, Ca (sf) Placed Under Review for
     Possible Downgrade; previously on Apr 29, 2013 Affirmed Ca
     (sf)

Moody's has not assigned ratings on the Class E Notes and Class F
Notes.

The review action of the Class C, D and X Notes results from lower
than expected collection rates since the last rating action in
April 2013 combined with lower recoveries anticipated going
forward. Average quality of the remaining portfolio is weakening
as the underlying property portfolio is aging and stronger loans
have already been worked out.

During the review, Moody's will reassess its expectations on
remaining collections until the legal final maturity of the notes,
taking into consideration (i) historical recoveries as well as
transaction costs and swap payments, (ii) servicer's expectations
on amount and timing of future collections, (iii) the current
property market and lending conditions in Italy and the potential
impact on recoveries and (iv) any other factors which could
potentially impact the servicer's recovery and timing expectations
going forward.

The principal methodology used in this rating was Moody's Approach
to Rating Securitisations Backed by Non-Performing Loans published
in July 2014.

Main factor or circumstances that could lead to a downgrade of the
notes are lower than expected net recoveries until the legal
maturity of the transaction.

Main factor or circumstances that could lead to an upgrade of the
notes are higher than expected net recoveries until the legal
maturity of the transaction.



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


FORNAX BV: Moody's Cuts Rating on EUR36.05MM D Notes to Ba1
-----------------------------------------------------------
Moody's Investors Service downgraded the ratings of classes C and
D and affirmed the rating of Class X of notes issued by Fornax
(Eclipse 2006-2) B.V.

Moody's rating action is as follows:

  -- EUR57.86 million C Notes, Downgraded to Baa1 (sf);
     previously on Jul 23, 2014 Downgraded to A3 (sf)

  -- EUR36.05 million D Notes, Downgraded to Ba1 (sf); previously
     on Jul 23, 2014 Affirmed Baa3 (sf)

  -- EUR0.1 million X Notes, Affirmed B2 (sf); previously on Jul
     23, 2014 Affirmed B2 (sf)

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

The action reflects the increased risk that the issuer will not be
able to pay the interest on a timely basis due to i) decreasing
issuer available revenues as loans continue to repay, ii) high
percentage of senior costs relative to the total available issuer
revenues, which is unlikely to improve and iii) the uncertainty
around the sequence and timing of loan workouts.

While Moody's loss expectation on the pool is unchanged from last
review and the key assumptions for the remaining loans suggest
very high recoveries for both Classes C and D, the increased risk
of interest shortfalls is not commensurate with the ratings of
these notes despite the high expected level of recoveries. As per
the terms and conditions of the notes, interest on the notes can
be deferred if available cashflows are insufficient. The deferred
interest will accrue additional interest and will be paid only to
the extent that funds are available at the next interest payment
date (IPD). Non-payment of interest subject to a grace period, on
the most senior class of notes is a note event of default.
Drawdowns on the liquidity facility are only permitted if there is
a shortfall in the amount due from a borrower. Therefore, if
interest is fully paid by the borrowers, but it is not sufficient
to cover interest on the notes, drawdowns cannot be made.

At the last IPD, senior costs represented 88% of available issuer
income and interest shortfalls occurred on Class E. With three of
four loans currently in special servicing, an unexpected spike in
the senior costs could result in an interest shortfall on Classes
C and D. Additionally certain prepayment or repayment scenarios
could also trigger further interest shortfalls. For example the
repayment or prepayment of the Bielfeld/Berlin loan (maturing in
January 2016), will result in a significant decrease in issuer
available revenues and could cause an interest shortfall on class
D which would be the most senior class at that point in time.
Moody's will continue to monitor the interest shortfall
developments given the uncertainty around the combination of
repayments of higher margins loans and payments of special
servicing fees and related expenses.

The rating on the Class X Notes is affirmed because the current
rating is commensurate with the updated risk assessment. The Class
X Notes reference the underlying loan pool. As such, the key
rating parameters that influence the expected loss on the
referenced loan pool also influences the ratings on the Class X
Notes. The rating of the Class X Notes was based on the
methodology described in Moody's Approach to Rating Structured
Finance Interest-Only Securities published in February 2012.

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

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

Main factors that could lead to an upgrade of the ratings are (i)
an increase in the property values backing the underlying loans,
and (ii) a decrease of the senior issuer costs. However, the
ratings are subject to a Aa3 (sf) rating cap due to operational
risk.

Main factors that could lead to a downgrade of the rating are (i)
increase of the length and cost of loan workouts or a decrease of
available issuer revenues due to loan repayments that will lead to
interest deferrals that are unlikely to be repaid together with
the accrued interest by the legal final maturity of the notes, and
(ii) a decrease of the property values backing the underlying
loans. The ratings of the class D notes could be susceptible to
continued negative developments on interest shortfalls.


HALCYON STRUCTURED 2006-II: Moody's Ups Cl. E Notes Rating to B1
----------------------------------------------------------------
Moody's Investors Service upgraded the rating on the following
notes issued by Halcyon Structured Asset Management European CLO
2006-II B.V.:

  -- EUR27,100,000 Class C Senior Secured Deferrable Floating
     Rate Notes due 2023, Upgraded to A2 (sf); previously on Jul
     17, 2014 Upgraded to A3 (sf)

  -- EUR12,500,000 (currently EUR 12.08M outstanding) Class E
     Senior Secured Deferrable Floating Rate Notes due 2023,
     Upgraded to B1 (sf); previously on Jul 17, 2014 Affirmed B2
     (sf)

Moody's Investors Service has also affirmed the ratings on the
following:

  -- EUR106,000,000 (currently EUR 43.79M outstanding) Class A-1
     Senior Secured Floating Rate Notes due 2023, Affirmed Aaa
     (sf); previously on Jul 17, 2014 Upgraded to Aaa (sf)

  -- EUR80,000,000 (currently EUR 33.05M outstanding) Class A-1D
     Senior Secured Floating Rate Delayed Funding Notes due 2023,
     Affirmed Aaa (sf); previously on Jul 17, 2014 Upgraded to
     Aaa (sf)

  -- EUR80,000,000 (currently EUR 32.97M outstanding) Class A-1R
     Senior Secured Revolving Floating Rate Notes due 2023,
     Affirmed Aaa (sf); previously on Jul 17, 2014 Upgraded to
     Aaa (sf)

  -- EUR34,300,000 Class B Senior Secured Floating Rate Notes due
     2023, Affirmed Aa1 (sf); previously on Jul 17, 2014 Upgraded
     to Aa1 (sf)

  -- EUR21,800,000 Class D Senior Secured Deferrable Floating
     Rate Notes due 2023, Affirmed Ba2 (sf); previously on Jul
     17, 2014 Affirmed Ba2 (sf)

Halcyon Structured Asset Management European CLO 2006-II B.V.,
issued in January 2007, is a Collateralised Loan Obligation
("CLO") backed by a portfolio of mostly high yield European loans.
The portfolio is managed by Halcyon Structured Asset Management
L.P. The transaction's reinvestment period ended in January 2013.

The upgrades to the ratings are primarily the result of the
deleveraging that have occurred since last rating action in July
2014. The Class A has amortized approximately EUR95 million over
the last two payment dates. As a result of the deleveraging, over-
collateralisation (OC) ratios have increased. According to the
March 2015 trustee report the of Class A/ B, Class C, Class D and
Class E OC ratios are 151.9%, 127.9%, 113.5% and 106.8% compared
to 135.0%, 121.1%, 111.8% and 107.1% respectively in May 2014.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR200.1 million
and GBP22.2 million, defaulted par of EUR1.1 million, a weighted
average default probability of 26.1% (consistent with a WARF of
3,864), a weighted average recovery rate upon default of 46.1% for
a Aaa liability target rating, a diversity score of 22 and a
weighted average spread of 4.2%. The GBP-denominated liabilities
are naturally hedged by the GBP assets.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. For a Aaa liability target rating, Moody's
assumed a recovery of 50% for 89.7% of the portfolio exposed to
first-lien senior secured corporate assets upon default and of 15%
for the remaining non-first-lien loan corporate assets upon
default. In each case, historical and market performance and a
collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analyzing.

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed one third of their Caa rated assets have
defaulted. The model generated outputs were within one notch of
the base-case results.

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

Additional uncertainty about performance is due to the following:

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

- Around 42% of the collateral pool consists of debt obligations
   whose credit quality Moody's has assessed by using credit
   estimates. As part of its base case, Moody's has stressed
   large concentrations of single obligors bearing a credit
   estimate as described in "Updated Approach to the Usage of
   Credit Estimates in Rated Transactions", published in October
   2009.

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

- Long-dated assets: The presence of assets that mature beyond
   the CLO's legal maturity date exposes the deal to liquidation
   risk on those assets. Moody's assumes that, at transaction
   maturity, the liquidation value of such an asset will depend
   on the nature of the asset as well as the extent to which the
   asset's maturity lags that of the liabilities. Liquidation
   values higher than Moody's expectations would have a positive
   impact on the notes' ratings.

- Foreign currency exposure: The deal has a significant
   exposures to non-EUR denominated assets. Volatility in foreign
   exchange rates will have a direct impact on interest and
   principal proceeds available to the transaction, which can
   affect the expected loss of rated tranches.

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



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


URALKALI OJSC: S&P Lowers CCR to 'BB+'; Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating to 'BB+' from 'BBB-' on Russian potash fertilizer
producer Uralkali OJSC.  The outlook is negative.

S&P also lowered the Russia national scale rating on Uralkali to
'ruAA+' from 'ruAAA'.

S&P removed all ratings from CreditWatch with negative
implications, where it placed them on April 28, 2015.

Uralkali's US$1.5 billion share buyback, announced on April 24,
2015, represents a material deviation from S&P's previous base-
case scenario.  The downgrade reflects S&P's views of Uralkali's:

   -- Higher leverage following the share buyback;

   -- Somewhat weaker, albeit still adequate, liquidity cushion;
      and

   -- More aggressive financial policy, that S&P no longer
      regards as commensurate with its 'BBB-' corporate credit
      rating.

Taking into account the announced transaction, S&P expects the
company's leverage to increase, so that the ratio of adjusted
funds from operations (FFO) to debt is about 30%-35% in 2015,
compared with S&P's previous estimate of approximately 45%.  The
tender offer expires on May 22, 2015.  Although the initial amount
of the buyback may be below the announced US$1.5 billion, if less
shares are tendered, S&P factors in the full amount in its base-
case analysis, because it believes that there is a high likelihood
that the company conducts additional tender offers later in 2015
to reach the announced amount of US$1.5 billion.

Importantly, S&P believes that this transaction signals a more
aggressive financial policy than it previously assumed.  In S&P's
opinion, Uralkali's management now appears to be comfortable with
net debt to EBITDA of up 2.5x.  Therefore, S&P don't expect the
company to maintain the leverage commensurate with its 'BBB-'
rating, notably the ratio of FFO to debt of 40% and above
(equivalent to net debt to EBITDA of below 2x).  As a result, S&P
sees high risk of additional shareholder distributions in the
future years that would not allow the company to deleverage, even
though S&P believes that the company will continue to generate
healthy free operating cash flows (FOCF).  S&P also factors into
its assessment of the company's financial policy that management
made the decision on the share buyback in the context of the
above-average operating risks the company faces, following a
series of accidents at its mines over the past several years, and
high Russian country risks, including constrained access to global
capital markets for Russian issuers.

S&P continues to view Uralkali's operating risk as above average
for the industry, even if the decommissioning of the Solikamsk-2
mine appears to be on track.  Also, S&P don't currently anticipate
that last year's flooding at Solikamsk-2 will affect the adjacent
Solikamsk-1 mine.  In S&P's view, Uralkali's business risk profile
remains supported by the company's position as one of the four
largest potash producers, which together control more than 60% of
global capacity.  S&P also thinks that the business risk profile
is underpinned by the company's unique cost position, which allows
for about 50% EBITDA margin, even in the current mid-cycle
environment.

The negative outlook on Uralkali reflects S&P's outlook on Russia,
because the rating on Uralkali is currently capped by S&P's
transfer and convertibility (T&C) assessment for the sovereign,
taking into account the company's significant maturities of
foreign currency-denominated debt in the next two years and that
the company keeps the bulk of its cash within Russia.

S&P could lower the rating on Uralkali if S&P lowers its sovereign
rating or T&C assessment on Russia.  In addition, S&P could lower
the rating if the company's leverage increases further as a result
of additional shareholder distributions, so that the ratio of FFO
to debt falls below 30% without near-term prospects of recovery.
However, we consider this latter scenario as remote.

S&P may revise the outlook to stable if it observes reduced
country and T&C risks in Russia and S&P revises its outlook on the
sovereign to stable.  A revision of the outlook on Uralkali would
also require that the company maintain its ratio of FFO to debt
above 30% through the cycle.



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


PYMES SANTANDER 11: Moody's Rates EUR178.8MM Serie C Notes (P)Ca
----------------------------------------------------------------
Moody's Investors Service assigned the following provisional
ratings to the debts to be issued by Fondo de Titulizacion de
Activos PYMES SANTANDER 11 (the Fondo):

  -- EUR2681.3 million Serie A Notes, Assigned (P)A2 (sf)

  -- EUR893.7 million Serie B Notes, Assigned (P)Caa1 (sf)

  -- EUR178.8 million Serie C Notes, Assigned (P)Ca (sf)

FTA PYMES SANTANDER 11 is a securitization of standard loans and
credit lines granted by Banco Santander S.A. (Spain) (Santander;
Baa1,on review for upgrade/P-2 Not on Watch; Outlook: Rating Under
Review) to small and medium-sized enterprises (SMEs) and self-
employed individuals.

At closing, the Fondo -- a newly formed limited-liability entity
incorporated under the laws of Spain -- will issue three series of
rated notes. Santander will act as servicer of the loans and
credit lines for the Fondo, while Santander de Titulizacion
S.G.F.T., S.A. will be the management company (Gestora) of the
Fondo.

As of April 2015, the audited provisional asset pool of underlying
assets was composed of a portfolio of 59,592 contracts granted to
SMEs and self-employed individuals located in Spain. In terms of
outstanding amounts, around 60.52% corresponds to standard loans
and 39.48% to credit lines. The assets were originated mainly
between 2010 and 2014 and have a weighted average seasoning of
1.51 years and a weighted average remaining term of 3.57 years.
Around 9.34% of the portfolio is secured by first-lien mortgage
guarantees. Geographically, the pool is concentrated mostly in
Madrid (21.26%), Catalonia (17.25%) and Andalusia (13.01%). At
closing, any loans in arrears more than 30 days will be excluded
from the final pool.

In Moody's view, the strong credit positive features of this deal
include, among others: (i) a relatively short weighted average
life of around 2.2 years; (ii) a granular pool (the effective
number of obligors over 600); and (iii) a geographically well-
diversified portfolio. However, the transaction has several
challenging features: (i) a strong linkage to Santander. related
to its originator, servicer, accounts holder and liquidity line
provider roles; (ii) no interest rate hedge mechanism in place;
and (iii) a complex mechanism that allows the Fondo to compensate
(daily) the increase on the disposed amount of certain credit
lines with the decrease of the disposed amount from other lines,
and/or the amortization of the standard loans. These
characteristics were reflected in Moody's analysis and provisional
ratings, where several simulations tested the available credit
enhancement and 5% reserve fund to cover potential shortfalls in
interest or principal envisioned in the transaction structure.

The ratings are primarily based on the credit quality of the
portfolio, its diversity, the structural features of the
transaction and its legal integrity.

In its quantitative assessment, Moody's assumed a mean default
rate of 12.46%, with a coefficient of variation of 39% and a
recovery rate of 37.0%. Moody's also tested other set of
assumptions under its Parameter Sensitivities analysis. For
instance, if the assumed default probability of 12.46%% used in
determining the initial rating was changed to 16.2% and the
recovery rate of 37% was changed to 32%, the model-indicated
rating for Serie A, Serie B and Serie C of A2(sf), Caa1(sf) and
Ca(sf) would be Baa3(sf), Caa3(sf) and Ca(sf) respectively. For
more details, please refer to the full Parameter Sensitivity
analysis included in the Pre Sale Report of this transaction.

The principal methodology used in this rating was Moody's Global
Approach to Rating SME Balance Sheet Securitizations published in
January 2015.

In rating this transaction, Moody's used ABSROM to model the cash
flows and determine the loss for each tranche. The cash flow model
evaluates all default scenarios that are then weighted considering
the probabilities of the Inverse Normal distribution assumed for
the portfolio default rate. On the recovery side Moody's assumes a
stochastic (normal) recovery distribution which is correlated to
the default distribution. 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.

Therefore, Moody's analysis encompasses the assessment of stress
scenarios.

Factors or circumstances that could lead to a downgrade of the
ratings affected by the action would be (1) worse-than-expected
performance of the underlying collateral; (2) an increase in
counterparty risk, such as a downgrade of the rating of Santander.

Factors or circumstances that could lead to an upgrade of the
ratings affected by the action would be the better-than-expected
performance of the underlying assets and a decline in a decline in
counterparty risk.



===========
T U R K E Y
===========


ELGINSAN: Failure to Pay Debts Prompts Banks to Seize Facilities
----------------------------------------------------------------
Fresh Plaza reports that Elginsan has been shut down and the
facilities seized by the banks the company had failed to repay.

According to Fresh Plaza, Elginsan's bankruptcy has left behind
TRY200 million in debts owed to dozens of firms and thousands of
redundant workers.

The firm went bankrupt due to the slump of its exports to Russia,
a country that has been suffering from a severe economic crisis
since economic sanctions were imposed by Western countries in
2014, Fresh Plaza discloses.

The company's closure, which had provided jobs to thousands of
workers and received an award from then-President Abdullah Gul in
2011, has dealt a heavy blow to business owners in Cukurova region
that used to work with the company and has left thousands
unemployed, Fresh Plaza notes.

Mehmet Kaya, a producer providing citrus fruits to Elginsan, said
the firm owes TRY32-TRY33 million to his company, Fresh Plaza
relates.

Noting that the state is scheduled to pay TRY40-TRY50 million to
Elginsan as part of government subsidies, Kaya argued that the
bankrupt company, despite having funds to pay back its debts
to the workers and companies it owes, deliberately keeps the money
for itself, Fresh Plaza relays.

Elginsan is the largest citrus fruit producer and exporter
operating in Turkey's major agricultural Cukurova region.


EXPORT CREDIT: S&P Affirms 'BB+/B' Counterparty Credit Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
local currency long- and short-term counterparty credit ratings on
Export Credit Bank of Turkey (Turk Eximbank) to 'BBB-/A-3' from
'BBB/A-2', and affirmed the foreign currency long- and short-term
counterparty credit ratings at 'BB+/B'.  The outlook is negative.

S&P equalizes the ratings on Turk Eximbank with those on its sole
owner, the Republic of Turkey.  The ratings reflect Standard &
Poor's opinion that there is an almost certain likelihood that the
Turkish government would provide timely and sufficient
extraordinary support to Turk Eximbank in case of financial
distress.  In accordance with S&P's criteria for government-
related entities (GREs), its rating approach for Turk Eximbank is
based on its view of the bank's:

   -- Critical role in supporting Turkish exports, which is a key
      factor of national economic development; and

   -- Integral link with the Turkish government through the
      sovereign's sole ownership, government control of the board
      of directors, and the sovereign's guarantee on the ultimate
      recovery of losses on the bank's sovereign lending.

Turk Eximbank is the official state export credit agency.  Its
mandate is to support foreign trade and Turkish contractors and
investors operating abroad, through credit, guarantee, and
insurance programs.  The bank does not compete against commercial
banks, but works closely with them, encouraging them to increase
their support for the export sector.  As well as offering direct
lending, the bank also provides insurance and guarantees to
Turkish exporters.

Outstanding loans extended by Turk Eximbank have increased by
nearly 5x since 2009 to reach Turkish lira (TRY) 23 billion
(US$8.5 billion) in 2013.  Over the same period, total assets
increased to 6.4x of total equity from 1.8x. Turk Eximbank's
direct and indirect exposure to the Turkish banking sector is
substantial.  As of end-December 2014, about 15% of the bank's
loans were to financial institutions and the rest were guaranteed
by banks.  A deterioration of the Turkish banking sector could
weigh on Turk Eximbank's financial performance, in our opinion.

In S&P's opinion, strong government support for Turk Eximbank is
also evident from repeated capital contributions to the bank's
equity base.  These have been either directly paid-in capital or
retained earnings that are managed by the bank and incorporated
into its total shareholder funds.  Furthermore, losses incurred by
Turk Eximbank due to political risk under its credit, guarantee,
and insurance programs are covered by the Turkish treasury.

As a 100% state-owned, wholesale bank, Turk Eximbank does not
accept deposits.

It finances its operations through funding from the Central Bank
of the Republic of Turkey (77% of total borrowing in 2013) and
debt issuance.  It borrows in Turkish lira from the central bank
and repays in foreign currency, contributing to the accumulation
of the country's foreign reserves.

S&P currently do not anticipate any changes, either in Turk
Eximbank's underlying role for the national economy, or in its
close links with the Turkish state.

The negative outlook on Turk Eximbank mirrors that on the Republic
of Turkey.  As long as the government continues to provide
support, any change to the ratings on Turkey will likely result in
a similar rating action on Turk Eximbank.  Conversely, any change
in S&P's assessment of Turk Eximbank's critical role for or
integral link with the government could lead us to consider
lowering the ratings on Turk Eximbank below those on Turkey.



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


UKRAINE: Urges Creditors to Complete Debt Restructuring Talks
-------------------------------------------------------------
Daryna Krasnolutska at Bloomberg News reports that Ukraine's
finance minister urged the country's creditors to demonstrate
urgency in debt-restructuring talks, warning that "all options are
on the table" if there's no progress as the negotiations approach
next month's deadline.

"The creditors need to take very seriously the situation, the time
sensitivity, the principles of transparency, good faith and
responsiveness," Bloomberg quotes Natalie Jaresko as saying in an
interview on May 15 during the annual meeting of the European Bank
for Reconstruction and Development in Tbilisi, Georgia.  "We need
to move quickly."

Ukraine is seeking new terms on US$23 billion of its bonds to meet
the objectives of an International Monetary Fund lifeline after a
yearlong conflict in its eastern regions hammered the economy and
left foreign-currency reserves languishing near record lows,
Bloomberg discloses.  The government and a creditor group led by
Franklin Templeton last week accused each other of stalling
negotiations, Bloomberg recounts.

"We need to talk face to face" in the very near future,
Ms. Jaresko, as cited by Bloomberg, said in a video published by
the EBRD on May 15.  "Nothing has changed" in Ukraine's objectives
for the negotiations and there has been "no pause" in contact
between advisers for the two sides.

According to Bloomberg, Ms. Jaresko said the government in Kiev
hasn't yet heard back from Russia, which holds US$3 billion of
Ukrainian Eurobonds.  Ukraine is "current on all of its
obligations as of [Fri]day," she said, answering a question
whether Ukraine will pay the coupon on its Russian bond on
June 20.  "The future is future."

"We have informed all the bondholders through the clearing
system," Bloomberg quotes Mr. Jaresko as saying in the interview.
"There are three custodians in Russia, through the custodians we
expect to hear back from the official holders of the debt.  We
have not heard back through the clearing system from the official
holders of the debt."

Prime Minister Arseniy Yatsenyuk told lawmakers in Kiev on May 15
the government "asks and insists" that creditors acknowledge
Ukraine's current situation and accept its proposals on the
procedure and terms of debt restructuring, Bloomberg relays.
Mr. Yatsenyuk said the cabinet is "very firm in its position that
talks on debt restructuring need to be completed", Bloomberg
notes.


UKRKOMMUNBANK: Declared Insolvent by National Bank of Ukraine
-------------------------------------------------------------
Ukrainian News Agency reports that on May 12, the National Bank of
Ukraine put Luhansk-based Ukrkommunbank onto the list of insolvent
financial institutions.

According to Ukrainian News, the NBU explains respective decision
with the situation in Luhansk in view of the anti-terror
operation, threats to lives and health of employees and clients of
the bank there.  Since August 31, 2014, the regulator blocked
primary payments through the e-payment system addressed to the
said bank, Ukrainian News discloses.

In view of the expiration of software and hardware information
protection keys from October 17, 2014, Ukrkommunbank was
temporarily excluded from the list of e-payment system
participants, Ukrainian News relays.  Besides, Ukrkommunbank
failed to fulfill 10% and more of its liabilities before
depositors and other creditors during 10 working days in a row,
Ukrainian News notes.

In late July 2014, chairperson of the Svoboda All-Ukrainian
Association party at the Verkhovna Rada Oleh Tiahnybok said that
the bank was controlled by former head of the Party of Regions
faction Oleksandr Yefremov.

Ukrkommunbank is a small-sized Ukrainian bank.


ZLATOBANK PJSC: Deposit Guarantee Fund Commences Liquidation
------------------------------------------------------------
Interfax-Ukraine reports that the Individuals' Deposit Guarantee
Fund has started the liquidation of PJSC Zlatobank.

Valeriy Slavynsky has been appointed as the authorized person of
the fund for the bank's liquidation, Interfax-Ukraine relates.

The fund introduced temporary administration at Zlatobank from
Feb. 14 until May 13, Interfax-Ukraine discloses.

Zlatobank ranked 28th among 158 banks operating in the country as
of January 1, 2015 by total assets (UAH7.814 billion), according
to the National Bank of Ukraine.



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


BUSINESS MORTGAGE 4: Moody's Reviews Ba1 Notes Rating for Upgrade
-----------------------------------------------------------------
Moody's Investors Service placed on review for upgrade the ratings
on eight notes in three commercial mortgage-backed securities
transactions.

Issuer: Business Mortgage Finance 3 PLC (BMF 3)

  -- GBP9.5 million B1 Notes, Baa3 (sf) Placed Under Review for
     Possible Upgrade; previously on Jul 8, 2014 Upgraded to Baa3
     (sf)

  -- EUR8 million B2 Notes, Baa3 (sf) Placed Under Review for
     Possible Upgrade; previously on Jul 8, 2014 Upgraded to Baa3
     (sf)

  -- GBP42.5 million M Notes, Aa3 (sf) Placed Under Review for
     Possible Upgrade; previously on Jul 8, 2014 Upgraded to Aa3
     (sf)

Issuer: Business Mortgage Finance 4 PLC (BMF 4)

  -- GBP41.25 million M Notes, Ba1 (sf) Placed Under Review for
     Possible Upgrade; previously on Jul 8, 2014 Affirmed Ba1
     (sf)

Issuer: Business Mortgage Finance 6 PLC (BMF 6)

  -- GBP106 million A1 Notes, A2 (sf) Placed Under Review for
     Possible Upgrade; previously on Jul 8, 2014 Downgraded to A2
     (sf)

  -- EUR400.7 million A2 Notes, A2 (sf) Placed Under Review for
     Possible Upgrade; previously on Jul 8, 2014 Downgraded to A2
     (sf)

  -- A1 DAC Notes, A2 (sf) Placed Under Review for Possible
     Upgrade; previously on Jul 8, 2014 Downgraded to A2 (sf)

  -- A2 DAC Notes, A2 (sf) Placed Under Review for Possible
     Upgrade; previously on Jul 8, 2014 Downgraded to A2 (sf)

The review action reflects the better-than-expected collateral
performance and the increase in credit enhancement supporting the
notes since the last rating action in July 2014.

The three affected transactions, Business Mortgage Finance 3 PLC
(BMF 3), Business Mortgage Finance 4 PLC (BMF 4) and Business
Mortgage Finance 6 PLC (BMF 6) plc are securitizations of
non-conforming commercial loans to primarily self-employed UK
residents, either in a personal or corporate capacity with
personal guarantees, originated by Commercial First Mortgages
Limited. The other ratings in these transactions, as well as the
ratings in Business Mortgage Finance 5 PLC (BMF 5) and Business
Mortgage Finance 7 PLC (BMF 7) plc appear commensurate with the
credit enhancement levels and expected losses on the pools.

From May 2014 to February 2015, performance has shown signs of
improvement in the three affected transactions, with
delinquencies>90 days compared to current pool balance decreasing
to 26.8% from 27.9%, to 15.9% from 26.5% and to 17.2% from 21.4%
in BMF 3, BMF 4 and BMF 6 respectively.

Excess spread has also absorbed a substantial proportion of the
incoming losses and thus helped preserve the credit enhancement in
these transactions.

The notes affected by the review action have benefitted from
substantial deleveraging between May 2014 and February 2015. The
credit enhancement supporting the affected notes increased and now
provides more cushion to the notes against future losses in the
deals.

In BMF 3, credit enhancement under Class M notes has increased to
54.8% from 49.8% and to 25.1% from 22.8% under Class B Notes. In
BMF 4, credit enhancement has increased to 31.8% from 25.9% for
Class M. In BMF 6, credit enhancement has increased to 46.3% from
37.3%.

Moody's review action on the Detachable A Coupons Notes of BMF 6
is in line with the review action for the Class A Notes, due to
the expectation that scenarios in which the ratings of the Class A
Notes would be impacted would also impact the payment promise
towards the Class A Detachable Coupons.

During the review period, Moody's will reassess the securitized
pool future performance, taking into account updated portfolio
composition as well as comparison with other transactions backed
by pools with broadly similar characteristics.

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

Factors that would cause an upgrade of the ratings include an
increase in credit enhancement for the notes and improvements in
collateral performance.

Factors that would cause a downgrade of the ratings include a
decline in the overall performance of the pool and an increase in
counterparty risks.

The principal methodology used in these ratings was "Moody's
Approach to Rating EMEA CMBS Transactions", published in December
2013.


GEMGARTO 2015-1: Moody's Rates GBP10.5MM Class X1 Notes (P)B2
-------------------------------------------------------------
Moody's Investors Service assigned provisional long-term credit
ratings to Notes to be issued by Gemgarto 2015-1 plc:

  -- GBP306.2 million Class A mortgage backed floating rate notes
     due February 2047, Assigned (P)Aaa (sf)

  -- GBP14.0 million Class B mortgage backed floating rate notes
     due February 2047, Assigned (P)Aaa (sf)

  -- GBP14.0 million Class C mortgage backed floating rate notes
     due February 2047, Assigned (P)Aa1 (sf)

  -- GBP15.8 million Class D mortgage backed floating rate notes
     due February 2047, Assigned (P)A2 (sf)

  -- GBP10.5 million Class X1 mortgage backed fixed rate notes
     due February 2047, Assigned (P)B2 (sf)

Moody's has not assigned ratings to the GBP[7.0]M Class Z1, the
GBP [1.0]M Class Z2, GBP[3.5]M Class X2 mortgage backed fixed rate
notes due February 2047 and the R Certificates.

The portfolio backing this transaction consists of UK prime
residential loans originated by Kensington Mortgage Company
Limited.

On the closing date Kensington Mortgage Company Limited will sell
the portfolio to Kayl PL S.a.r.l. (the "Seller", not rated). In
turn the Seller will sell the portfolio to Gemgarto 2015-1 plc.

The rating take into account the credit quality of the underlying
mortgage loan pool, from which Moody's determined the MILAN Credit
Enhancement and the portfolio expected loss, as well as the
transaction structure and legal considerations. The expected
portfolio loss of [1.8]% and the MILAN required credit enhancement
of [10]% serve as input parameters for Moody's cash flow model and
tranching model, which is based on a probabilistic lognormal
distribution.

Portfolio expected loss of [1.8]%: this is higher than the UK
Prime RMBS sector average and was evaluated by assessing the
originator's limited historical performance data and benchmarking
with other UK prime RMBS transactions. It also takes into account
Moody's positive UK Prime RMBS outlook and the improved UK
economic environment.

MILAN CE of [10]%: this is higher than the UK Prime RMBS sector
average and follows Moody's assessment of the loan-by-loan
information taking into account the historical performance
available and the following key drivers: (i) although Moody's have
classified the loans as prime, it believes the borrowers often
have characteristics which could lead to them being declined from
a high street lender; (ii) the weighted average CLTV of [73.42]%,
(iii) the very low proportion of interest-only loans ([1.41]%);
and (iii) the absence of any buy-to-let, right-to-buy, shared
equity, fast track or self certified loans.

At closing the mortgage pool balance will consist of GBP[350]
million of loans. The total reserve fund will be funded to [2.0]%
of the initial mortgage pool balance and will be topped up to
[2.5]% of the Class A and B notes outstanding balance plus [2.0]%
of the Class C and D notes initial balance by trapping principal.
The total reserve fund will be split into the Liquidity Reserve
Fund and the Non Liquidity Reserve Fund. The Liquidity Reserve
Fund Required Amount will be equal to [2.5]% of Class A and Class
B outstanding amount and will be available only to cover senior
expenses and Class A and Class B interest. The Non Liquidity
Reserve Fund will be equal to the difference between the total
reserve fund and the Liquidity Reserve Fund, and will be used to
cover interest shortfall for Class A to D notes and to cure PDL,
subject to certain conditions being met.

Operational risk analysis: Kensington Mortgage Company Limited
("KMC", not rated) will be acting as servicer. KMC will sub-
delegate certain primary servicing obligations to Home Loan
Management (HML). In order to mitigate the operational risk, there
will be a back-up servicer facilitator, and Wells Fargo Bank, N.A.
(Aa3, on review for upgrade/P-1) will be acting as a back up cash
manager from close. To ensure payment continuity over the
transaction's lifetime the transaction documents incorporate
estimation language whereby the cash manager can use the three
most recent servicer reports to determine the cash allocation in
case no servicer report is available. The transaction also
benefits from principal to pay interest for the Classes A to D.

Interest rate risk analysis: Credit Suisse International (A1, on
review for downgrade / P-1) is expected to act as the swap
counterparty for the fixed-rate mortgages in the transaction. The
floating-rate loans will be unhedged. Moody's has taken into
consideration the absence of basis swap in its cash flow
modelling.The provisional ratings address the expected loss posed
to investors by the legal final maturity of the Notes. Moody's
issues provisional ratings in advance of the final sale of
securities, but these ratings represent only Moody's preliminary
credit opinions. Upon a conclusive review of the transaction and
associated documentation, Moody's will endeavor to assign
definitive ratings to the Notes. A definitive rating may differ
from a provisional rating. Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.

Moody's Parameter Sensitivities: If the portfolio expected loss
was increased from [1.8]% to [2.7]% of current balance, and the
MILAN CE was increased from [10]% to [16]%, the model output
indicates that the Class A notes would still achieve Aaa(sf)
assuming that all other factors remained equal. Moody's Parameter
Sensitivities quantify the potential rating impact on a structured
finance security from changing certain input parameters used in
the initial rating. The analysis assumes that the deal has not
aged and is not intended to measure how the rating of the security
might change over time, but instead what the initial rating of the
security might have been under different key rating inputs.

Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed.

The analysis assumes that the deal has not aged and is not
intended to measure how the rating of the security might migrate
over time, but rather how the initial rating of the security might
have differed if key rating input parameters were varied.
Parameter Sensitivities for the typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.

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

The analysis undertaken by Moody's at the initial assignment of a
rating for an RMBS security may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage. Please see Moody's Approach to Rating RMBS Using the MILAN
Framework for further information on Moody's analysis at the
initial rating assignment and the on-going surveillance in RMBS.

Significantly different loss assumptions compared with Moody's
expectations at close due to either a change in economic
conditions from Moody's central scenario forecast or idiosyncratic
performance factors would lead to rating actions. For instance,
should economic conditions be worse than forecast, the higher
defaults and loss severities resulting from a greater
unemployment, worsening household affordability and a weaker
housing market could result in downgrade of the ratings.
Deleveraging of the capital structure or conversely a
deterioration in the notes available credit enhancement could
result in an upgrade or a downgrade of the rating, respectively.


HIGHER EDUCATION: Fitch Lowers Rating on Class A3 Notes to 'CCsf'
-----------------------------------------------------------------
Fitch Ratings has downgraded The Higher Education Securitised
Investment No.1 plc's (Thesis) notes, as:

  GBP29.4 million Class A3 notes downgraded to 'CCsf' from
  'CCCsf'; Recovery Estimate (RE) revised to 60% from 40%

  GBP7.9 million Class A4 notes downgraded to 'CCsf' from 'CCCsf';
  RE revised to 60% from 40%

The downgrade reflects Fitch's updated expectation that the class
A3 and A4 notes will default.

Thesis is a securitization of income contingent floating-rate
student loan receivables, originated in the UK by the government-
owned Student Loan Company Limited between 1991 and 2006.  The
final legal maturity of the notes is in April 2028.

KEY RATING DRIVERS

Elevated Loss Expectations

Our expectation of 10.6% of losses on the non-defaulted loans
largely reflects a projection of the transaction's performance to
date.  This assumes a rate of default on loans in repayment status
of 15%, reinstatements of loans in deferment status at a rate of
5% a year over an estimated remaining portfolio duration of 7.8
years, and a recovery rate of 20%.  Fitch also assumes that 33% of
loans in repayment status in arrears between 30 and 90 days, and
all other loans in arrears by more than 30 days, will default.

Significant Negative Excess Spread

In our view, negative excess spread significantly affects the
transaction's credit quality.  Fitch estimates excess spread at
around negative 0.90% per year of the non-defaulted portfolio.
Its impact is amplified by the long, 7.8 years duration of the
deferred loans portfolio.  Taking into account the cost of
carrying defaults, and further assuming the recovery of 3% of
outstanding defaulted loan amounts, we expect negative excess
spread to generate another 7% deficiencies on the transaction
notes.

Limited Recoveries Expected on Notes

The deficiencies we expect on the notes from asset losses and
negative excess spread totals 17.6%.  This leads to Fitch's
expectation of a default of the class A3 and A4 notes (which
benefited from only 8.9% credit enhancement as of April 2015), and
recoveries of 63% of the current outstanding notes balance.  In
light of this analysis Fitch has revised the RE on the A3 and A4
notes to 60% from 40%.

Stable Asset Performance Expected

Fitch believes that the proportion of loans in deferment status, a
key driver of the asset performance in our view, is unlikely to
reduce.  While growth in the UK's economy and employment is
strong, wages growth remains limited and as such, Fitch expects
that switches from deferment to repayment status will not
increase.

RATING SENSITIVITIES

The impact of a change in the repayment status loans default rate
(RSLDR) and the annual net reinstatement rate on the recovery
estimate (NARR) is as:

RSLDR 15%; NARR 5%: result in RE on A3 and A4 of 63% (expected
case as above)
RSLDR 20%; NARR 5%: result in RE on A3 and A4 of 55%
RSLDR 25%; NARR 5%: result in RE on A3 and A4 of 48%
RSLDR 15%; NARR 7.5%: result in RE on A3 and A4 of 58%
RSLDR 15%; NARR 10%: result in RE on A3 and A4 of 54%
RSLDR 20%; NARR 7.5%: result in RE on A3 and A4 of 48%
RSLDR 25%; NARR 10%: result in RE on A3 and A4 of 30%



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


* Moody's Says Oil Price Movements Affect CIS Countries
-------------------------------------------------------
Countries in the Commonwealth of Independent States (CIS) will
continue to be affected by oil price movements and Russian
spillovers in 2015-16, says Moody's Investors Service in its
annual CIS Sovereign Outlook.

"We expect that challenging conditions for CIS countries will
continue to persist over the next 12 to 18 months," says
Ernest Sergenti, an analyst at Moody's.

"Despite the recent recovery, oil prices remain at suppressed
levels and continue to affect oil exporters. Meanwhile, the
outlook for net energy importers remains bleak as they rely
heavily on Russia for remittances, trade and finance. Other
challenges some countries face include exposure to the Ukraine
crisis and weak banking systems."

Russia's recession continues to adversely affect the macroeconomic
environment of other CIS countries, says Moody's. Within the CIS
region, Moody's has a negative outlook on the ratings of four
sovereigns and a stable outlook on three. Georgia is the only
country whose government debt rating (Ba3) carries a positive
outlook.

Although the CIS region's three net energy exporters -- Azerbaijan
(Baa3 stable), Kazakhstan (Baa2 stable) and Russia (Ba1 negative)
-- have low debt-to-GDP ratios and gross borrowing requirements,
uncertainty around future oil prices and geopolitical concerns
weigh on the credit quality of these countries, in Moody's view.
High inflation in Russia and heightened strains on the banking
sector in Russia and Kazakhstan are also signs of credit weakness.

However, Moody's expects that Azerbaijan and Kazakhstan are best
placed among CIS countries to navigate the challenging
macroeconomic conditions, as both have large reserve buffers and
are not involved in the conflict in Ukraine.

According to Moody's, for the net energy importers -- Armenia (Ba3
negative), Belarus (Caa1 negative), Georgia, Moldova (B3 stable)
and Ukraine (Ca negative) -- the recession in Russia will outweigh
the beneficial effects of lower oil prices.

Moody's adds that high current account deficits and foreign-
currency debt as a proportion of total government borrowings for
all five net energy importers countries are credit negative.
Georgia stands out with its low inflation and modest government
debt burden.


* BOND PRICING: For the Week May 11, 2015 to May 15, 2015
---------------------------------------------------------

Issuer               Coupon   Maturity  Currency   Price
------               ------   --------  --------   -----
Ukreximbank Via Bi    8.38    7/27/2015    USD    75.50
Alcatel-Lucent        4.25     7/1/2018    EUR     3.84
OAS Investments Gm    8.25   10/19/2019    USD    17.00
Heckler & Koch Gmb    9.50    5/15/2018    EUR    74.39
Heta Asset Resolut    4.38    1/24/2017    EUR    59.13
Ukraine Government    9.25    7/24/2017    USD    45.75
Brunswick Rail Fin    6.50    11/1/2017    USD    60.00
Far East Capital L    8.00     5/2/2018    USD    53.50
Metinvest BV          8.75    2/14/2018    USD    60.75
Ukreximbank Via Bi    8.75    1/22/2018    USD    67.13
QGOG Constellation    6.25    11/9/2019    USD    72.76
Alcatel-Lucent        0.13    1/30/2020    EUR     4.59
Avangardco Investm   10.00   10/29/2015    USD    46.98
Oschadbank Via SSB    8.25    3/10/2016    USD    66.00
Metinvest BV         10.25    5/20/2015    USD    68.75
Hellenic Republic     5.00    3/11/2019    EUR    64.25
NBG Finance PLC       4.38    4/30/2019    EUR    63.34
Heta Asset Resolut    4.25   10/31/2016    EUR    59.00
Takko Luxembourg 2    9.88    4/15/2019    EUR    48.50
Ukraine Government    4.95   10/13/2015    EUR    45.00
Privatbank CJSC Vi    9.38    9/23/2015    USD    65.38
Ukraine Government    6.88    9/23/2015    USD    50.75
Ukraine Railways v    9.50    5/21/2018    USD    58.25
Piraeus Group Fina    5.00    3/27/2017    EUR    68.63
Alpha Credit Group    3.38    6/17/2017    EUR    71.21
Oschadbank Via SSB    8.88    3/20/2018    USD    65.00
HSH Nordbank AG/Lu    2.64                 EUR    35.70
Aegon NV              0.39                 EUR    72.91
Tonon Luxembourg S   10.50    5/14/2024    USD    44.50
UKRLANDFARMING PLC   10.88    3/26/2018    USD    53.97
DTEK Finance PLC      7.88     4/4/2018    USD    48.25
Public Power Corp     5.50     5/1/2019    EUR    71.92
Heta Asset Resolut    2.75    5/31/2016    CHF    58.00
Norske Skogindustr    7.00    6/26/2017    EUR    70.02
Norwegian Energy C    6.50     3/6/2018    NOK    59.63
Singulus Technolog    7.75    3/23/2017    EUR    42.25
Nordea Bank AB        0.70                 EUR    74.77
Iona Energy Co UK    12.50    9/27/2018    USD    32.00
Asya Sukuk Co Ltd     7.50    3/28/2023    USD    62.00
Hellenic Railways     4.68   10/29/2015    EUR    70.13
Ukraine Government    7.80   11/28/2022    USD    45.25
EXIM of Ukraine CJ    5.79     2/9/2016    USD    50.06
First Ukrainian In   11.00   12/31/2018    USD    50.82
Public Power Corp     4.75     5/1/2017    EUR    74.00
Bank of New York M    4.55   12/15/2050    EUR    66.50
Peugeot SA            4.45     1/1/2016    EUR    29.37
Indo Energy Financ    6.38    1/24/2023    USD    65.88
WPE International    10.38    9/30/2020    USD     6.25
HSH Nordbank AG       7.25                 USD    43.86
ERB Hellas PLC        4.25    6/26/2018    EUR    63.00
Virgolino de Olive   10.50    1/28/2018    USD     3.66
CHC Helicopter SA     9.38     6/1/2021    USD    65.06
City of Kyiv Via K    9.38    7/11/2016    USD    46.25
OGX Austria GmbH      8.50     6/1/2018    USD     0.29
Banco Espirito San    7.13   11/28/2023    EUR     9.00
Privatbank CJSC Vi   10.88    2/28/2018    USD    60.02
AXA SA                0.54                 EUR    72.47
AXA SA                0.85                 EUR    73.93
Metinvest BV         10.50   11/28/2017    USD    59.65
City of Kiev Ukrai    8.00    11/6/2015    USD    48.00
Paragon Offshore P    6.75    7/15/2022    USD    42.25
Afren PLC             6.63    12/9/2020    USD    44.00
Afren PLC            10.25     4/8/2019    USD    44.00
Yuksel Insaat AS      9.50   11/10/2015    USD    68.75
Athens Urban Trans    4.85    9/19/2016    EUR    68.13
Hellenic Republic     5.80    7/14/2015    JPY    73.88
Oesterreichische V   10.00                 EUR     0.71
Banque Federative     1.02                 EUR    63.13
Far East Capital L    8.75     5/2/2020    USD    44.00
ING Groep NV          0.45                 EUR    71.96
Commercial Bank Pr    5.80     2/9/2016    USD    36.63
Banca delle Marche    0.99     6/1/2017    EUR    49.75
Afren PLC            11.50     2/1/2016    USD    43.00
Hema Bondco II BV     8.50   12/15/2019    EUR    65.96
Paragon Offshore P    7.25    8/15/2024    USD    42.00
Mriya Agro Holding    9.45    4/19/2018    USD    11.01
Ukraine Government    6.58   11/21/2016    USD    45.50
Credit Agricole SA    0.71                 EUR    64.48
OSX 3 Leasing BV     13.00    3/20/2015    USD    59.25
Ukraine Government    6.25    6/17/2016    USD    45.50
Financing of Infra    9.00    12/7/2017    USD    44.00
IMMOFINANZ AG         4.25     3/8/2018    EUR     4.77
Oesterreichische V    0.89   11/28/2016    EUR    50.50
ING Groep NV          0.85                 EUR    73.87
SOITEC                6.75    9/18/2018    EUR     1.60
Bank of New York M    4.26   12/30/2099    EUR    33.00
Ukraine Government    7.95    2/23/2021    USD    45.00
Econocom Group SA/    1.50    1/15/2019    EUR    11.33
Aegon NV              4.16                 NLG    69.93
Depfa Funding II L    6.50                 EUR    60.09
Ekotechnika GmbH      9.75    5/10/2018    EUR    11.25
Etablissements Mau    1.63     7/1/2019    EUR    15.49
CGG SA                1.25     1/1/2019    EUR    27.46
Rothschilds Contin    0.96                 EUR    57.35
Hellenic Republic     2.09    7/25/2057    EUR    16.63
Heta Asset Resolut    0.10    5/31/2016    EUR    58.90
Caixa Terrassa Soc    1.43                 EUR    64.78
Santander Internat    2.00                 USD    48.00
Faurecia              3.25     1/1/2018    EUR    42.76
Phones4u Finance P    9.50     4/1/2018    GBP    31.88
Hellenic Republic     5.20    7/17/2034    EUR    56.75
Depfa Funding III     1.72                 EUR    57.91
Russian Standard B   11.50    1/17/2024    USD    58.00
CNP Assurances        0.53                 EUR    64.99
Norske Skog Holdin    8.00    2/24/2021    EUR    68.13
Air France-KLM        2.03    2/15/2023    EUR    11.46
Codere Finance Lux    8.25    6/15/2015    EUR    63.88
Hellenic Railways     4.03    3/17/2017    EUR    67.63
Danske Bank Oyj       0.73                 EUR    65.08
Hellenic Republic     5.00    8/22/2016    JPY    66.25
Phosphorus Holdco    10.00     4/1/2019    GBP     1.94
Banque Federative     0.83                 EUR    62.98
Transcapitalbank J    7.74    7/18/2017    USD    73.50
Santander Finance     0.62                 EUR    68.28
Ukraine Government    6.75   11/14/2017    USD    45.25
Pescanova SA          5.13    4/20/2017    EUR     3.00
HSBC Bank PLC         0.75                 USD    60.86
BNP Paribas Fortis    2.03                 EUR    74.62
Meyer Burger Techn    4.00    9/24/2020    CHF    68.72
Capital Raising Gm    7.50                 EUR    11.83
Piraeus Group Fina    1.85    7/20/2016    EUR    64.55
NIBC Bank NV          0.67                 EUR    56.13
Sydbank A/S           1.22                 EUR    64.52
Banca delle Marche    1.18    6/15/2016    EUR    47.75
Meyer Burger Techn    5.00    5/24/2017    CHF    71.27
Eurobank Ergasias     1.64     6/8/2017    EUR    45.80
Virgolino de Olive   10.88    1/13/2020    USD    25.50
NTRP Via Interpipe   10.25     8/2/2017    USD    25.38
OGX Austria GmbH      8.38     4/1/2022    USD     0.30
Rothschilds Contin    0.69                 USD    52.39
Hellenic Railways     5.01   12/27/2017    EUR    68.75
ESFIL-Espirito San    5.25    6/12/2015    EUR     2.65
Renaissance Credit   13.50    5/22/2019    USD    65.38
Virgolino de Olive   11.75     2/9/2022    USD     1.13
Norshore Atlantic    12.00   12/21/2018    USD    55.02
Tonon Luxembourg S   10.50    5/14/2024    USD    35.00
HSBC Bank PLC         0.69                 USD    60.78
Credit Mutuel Arke    0.86                 EUR    61.12
NIBC Bank NV          2.13                 USD    65.79
Banco Espirito San    2.67                 EUR    11.38
Assystem              4.50                 EUR    28.39
Vseukrainsky Aktsi    9.00    6/14/2019    USD     1.94
Nexity SA             0.63     1/1/2020    EUR    49.83
BPCE SA               0.54                 EUR    62.67
Depfa Funding IV L    5.03                 EUR    60.09
Talvivaara Mining     4.00   12/16/2015    EUR     0.81
Mriya Agro Holding   10.95    3/30/2016    USD     9.95
Aralco Finance SA    10.13     5/7/2020    USD     9.10
Praktiker AG          5.88    2/10/2016    EUR     0.12
Jasper Explorer PL   13.50    5/27/2016    USD     5.38
Lambay Capital Sec    6.25                 GBP     1.36
BLT Finance BV        7.50    5/15/2014    USD     5.25
Hellenic Republic     6.14    4/14/2028    EUR    68.13
Island Drilling Co    9.50     4/3/2018    USD    56.63
Ageasfinlux SA        1.40                 EUR    64.05
DF Deutsche Forfai    7.88    5/27/2020    EUR    58.50
Jyske Bank A/S        0.98                 EUR    65.67
Hellenic Republic     5.25     2/1/2016    JPY    65.00
Scandinavian Airli    2.38                 CHF    32.13
Noreco Norway AS      6.50     3/6/2018    NOK    55.88
OAS Investments Gm    8.25   10/19/2019    USD    15.25
Orco Property Grou    7.00    11/7/2019    EUR    74.00
Orpea                 1.75     1/1/2020    EUR    66.70
Paragon Offshore P    7.25    8/15/2024    USD    41.00
Paragon Offshore P    6.75    7/15/2022    USD    41.00
HSBC Bank PLC         0.60                 USD    60.77
Astana Finance BV     7.88     6/8/2010    EUR    12.50
Pescanova SA          8.75    2/17/2019    EUR     3.00
Cooperatieve Centr    0.50   11/26/2021    ZAR    55.47
Hellenic Republic     4.50     7/3/2017    JPY    65.25
Heta Asset Resolut    0.76    1/24/2017    EUR     3.26
Finance and Credit    9.25    1/25/2019    USD    10.00
Virgolino de Olive   10.88    1/13/2020    USD    11.00
Financing of Infra    7.40    4/20/2018    USD    43.50
Pierre & Vacances     3.50    10/1/2019    EUR    38.07
Espirito Santo Fin    6.88   10/21/2019    EUR     0.09
ATF Capital BV       10.00                 USD    65.63
Oesterreichische V    9.00    7/26/2018    EUR    48.75
Takko Luxembourg 2    7.01    4/15/2019    EUR    45.46
Nexans SA             4.00     1/1/2016    EUR    55.17
Dexia Credit Local    4.30                 EUR     5.88
Hellenic Republic     4.50    11/8/2016    JPY    65.63
BNP Paribas SA        0.48                 USD    61.50
Caisse Federale du    1.17                 EUR    61.00
International Indu    9.00     7/6/2011    EUR     0.70
Hellenic Railways     4.50    12/6/2016    JPY    68.88
Ukraine Railways v    9.50    5/21/2018    USD    40.00
Banco Espanol de C    0.61                 EUR    67.55
Corporate Commerci    8.25     8/8/2014    USD     2.87
PA Resources AB      13.50     3/3/2016    SEK     4.63
Ajecorp BV            6.50    5/14/2022    USD    69.50
Pohjola Bank Oyj      0.64                 EUR    69.47
TAG Immobilien AG     6.50   12/10/2015    EUR    11.91
Koninklijke Luchtv    0.75                 CHF    30.10
Le Noble Age          4.88     1/3/2016    EUR    18.87
National Westminst    0.63                 USD    63.00
Financing of Infra    8.38    11/3/2017    USD    44.00
Hybrid Raising Gmb    6.63                 EUR    12.13
Global PVQ SE         6.75   10/21/2015    EUR     0.94
Espirito Santo Fin    3.13    12/2/2018    EUR     2.00
Laurel GmbH           7.13   11/16/2017    EUR    35.75
Breeze Finance SA     6.71    4/19/2027    EUR    44.00
RENE LEZARD Mode G    7.25   11/25/2017    EUR    33.71
International Indu   11.00    2/19/2013    USD     0.70
Belfius Bank SA/NV    2.05                 FRF    55.00
Virgolino de Olive   10.50    1/28/2018    USD     1.10
Petrol AD             8.38    1/26/2017    EUR    25.00
Metinvest BV          8.75    2/14/2018    USD    40.25
Astana Finance BV     9.00   11/16/2011    USD    12.50
JZ Capital Partner    6.00    7/30/2021    GBP    11.00
Cirio Holding Luxe    6.25    2/16/2004    EUR     2.14
Hellenic Republic     5.25     2/1/2016    JPY    65.00
IM Skaugen SE         9.60    6/30/2016    NOK    50.01
BOA Offshore AS       8.04   12/18/2018    NOK    69.38
Kezizalog Zrt         7.75    10/1/2018    EUR     7.53
BDT Media Automati    8.13    10/9/2017    EUR    58.38
Songa Offshore        7.50   12/11/2018    NOK    73.88
Lehman Brothers UK    5.75                 EUR     0.01
SNS Bank NV          11.25                 EUR     0.85
SNS Bank NV           6.25   10/26/2020    EUR     2.42
Heta Asset Resolut    0.14    5/31/2016    EUR    54.38
Heta Asset Resolut    4.35    11/3/2016    EUR     3.29
Barclays Bank PLC     1.56                 GBP    71.10
Commerzbank Holdin    0.75                 USD    59.59
Air Berlin Finance    1.50    4/11/2027    EUR    75.00
Jyske Bank A/S        0.74                 EUR    65.65
Afren PLC            10.25     4/8/2019    USD    42.00
MS Deutschland Bet    6.88   12/18/2017    EUR    16.00
Brunswick Rail Fin    6.50    11/1/2017    USD    41.02
Rena GmbH             8.25    7/11/2018    EUR     8.63
Societe Air France    2.75     4/1/2020    EUR    20.58
Hellenic Bank PCL    10.00                 EUR    50.00
Windreich GmbH        6.50    7/15/2016    EUR    10.88
Far East Capital L    8.00     5/2/2018    USD    53.50
Nordea Bank Norge     0.56                 USD    63.17
PA Resources AB      12.25     4/5/2016    NOK     4.91
OGX Austria GmbH      8.50     6/1/2018    USD     0.01
APP International    11.75    10/1/2005    USD     0.01
Norske Skog Holdin    8.00    2/24/2023    USD    64.25
Barclays Bank PLC     0.63                 USD    60.50
Ukraine Government    5.00   12/20/2015    USD    51.13
Banco Comercial Po    5.00                 EUR    67.00
Lloyds Bank PLC       0.60                 USD    62.58
Virgolino de Olive   11.75     2/9/2022    USD     1.10
Pescanova SA          6.75     3/5/2015    EUR     3.33
Etablissements Mau    7.13    7/31/2015    EUR    13.42
Dannemora Mineral    11.75    3/22/2016    USD     0.67
Bank of Scotland P    0.63                 USD    62.46
Den Norske Creditb    0.53                 USD    61.88
Lehman Brothers UK    5.13                 EUR     0.03
Golden Gate AG        6.50   10/11/2014    EUR    37.10
Popular Capital SA    0.70                 EUR    59.00
Kaupthing Bank Hf     7.63    2/28/2015    USD    14.13
Talvivaara Mining     9.75     4/4/2017    EUR     0.04
friedola Gebr Holz    7.25    4/11/2017    EUR    41.75
Societe Generale S    0.44                 USD    61.50
Raiffeisenlandesba    4.40    4/17/2024    EUR    72.75
Mox Telecom AG        7.25    11/2/2017    EUR     2.55
Metinvest BV         10.25    5/20/2015    USD    65.50
Barclays Bank PLC     0.63                 USD    60.58
QGOG Constellation    6.25    11/9/2019    USD    63.00
More & More AG        8.13    6/11/2018    EUR    48.75
Mechel                8.40    5/27/2021    RUB    57.01
GNB - Cia de Segur    3.53                 EUR    67.90
Dexia SA              4.89                 EUR     8.75
Heta Asset Resolut    1.91    9/29/2016    JPY    49.00
Heta Asset Resolut    5.92    2/22/2022    EUR     2.00
Afren PLC             6.63    12/9/2020    USD    46.25
Cirio Finance Luxe    7.50    11/3/2002    EUR     8.25
Barclays Bank PLC     1.18    3/21/2033    USD    68.50
Banco Pinto & Sott    1.08                 EUR    11.00
Hellenic Railways     4.50    12/6/2016    JPY    68.88
EDOB Abwicklungs A    7.50     4/1/2012    EUR     0.76
Sidetur Finance BV   10.00    4/20/2016    USD    13.00
TGC-2 OJSC           12.00   10/10/2018    RUB    70.35
Alpha Credit Group    1.70     2/1/2017    EUR    42.30
IKB Deutsche Indus    5.63    3/31/2017    EUR    19.55
Lehman Brothers Tr    8.25    3/16/2035    EUR     4.81
Dexia Kommunalbank    4.88   12/31/2016    EUR    20.00
Kaupthing Bank Hf     9.00                 USD     0.13
Hellenic Republic     5.00    8/22/2016    JPY    65.50
Lloyds Bank PLC       0.44                 USD    62.39
Barclays Bank PLC     1.44    3/28/2033    USD    68.78
AgroGeneration        8.00     4/1/2019    EUR    66.00
SiC Processing Gmb    7.13     3/1/2016    EUR     3.95
getgoods.de AG        7.75    10/2/2017    EUR     5.38
Heta Asset Resolut    4.25    5/31/2016    EUR    56.50
UniCredit Bank Aus    0.50   12/27/2031    EUR    63.50
Ukraine Government    7.50    4/17/2023    USD    47.07
GNB - Cia de Segur    2.23   12/19/2022    EUR    71.00
Hellenic Republic     5.80    7/14/2015    JPY    73.88
Heckler & Koch Gmb    9.50    5/15/2018    EUR    74.75
Agroton Public Ltd    6.00    7/14/2019    USD    30.00
KPNQwest NV          10.00    3/15/2012    EUR     0.50
DNB Bank ASA          0.56                 USD    62.21
Codere Finance Lux    9.25    2/15/2019    USD    64.00
National Westminst    0.69                 USD    63.00
Barclays Bank PLC     2.31    6/17/2033    USD    69.00
Kaupthing Bank Hf     7.13    5/19/2016    USD     0.00
IKB Deutsche Indus    4.70    3/31/2017    EUR    18.00
Ukraine Government    9.25    7/24/2017    USD    45.74
Travel24.com AG       7.50    9/17/2017    EUR    53.00
Hellenic Railways     0.66    5/24/2016    EUR    69.13
Region of Piemont     0.34   11/27/2036    EUR    60.45
Hellenic Republic     2.27     2/7/2022    EUR    59.51
Barclays Bank PLC     0.63                 USD    64.90
Lloyds Bank PLC       0.48                 USD    63.63
Hellenic Republic     0.76    8/10/2019    EUR    66.72
EFG International     0.71                 EUR    73.50
CRC Breeze Finance    6.11     5/8/2016    EUR    54.63
Portigon AG           7.46   12/31/2019    EUR    15.00
Sazka AS              9.00    7/12/2021    EUR     0.84
Deutsche Bank AG/L    1.23    3/15/2033    USD    73.12
Afren PLC            11.50     2/1/2016    USD    42.41
Heta Asset Resolut    0.32    8/12/2017    EUR    52.13
Popular Capital SA    7.00   11/25/2015    EUR    32.00
Norske Skogindustr    7.13   10/15/2033    USD    44.00
Lehman Brothers Tr    6.00    2/15/2035    EUR     3.88
Mifa Mitteldeutsch    7.50    8/12/2018    EUR     3.20
Metinvest BV         10.50   11/28/2017    USD    46.88
Royal Bank of Scot    0.63                 USD    61.37
Colonia Real Estat    5.88    5/11/2015    EUR     6.96
Cirio Finanziaria     8.00   12/21/2005    EUR     1.57
Ukraine Government    6.88    9/23/2015    USD    50.78
Mechel                8.40    5/27/2021    RUB    56.51
Espirito Santo Fin    9.75   12/19/2025    EUR     2.67
Lehman Brothers Tr    6.00    11/2/2035    EUR     5.13
LBI HF                6.25                 EUR     0.00
Solarworld AG         6.38    7/13/2016    EUR    31.50
Royal Bank of Scot    3.84   11/16/2030    USD    74.00
Del Monte Finance     6.63    5/24/2006    EUR     8.38
Banco Espirito San    2.88                 EUR    11.50
Barclays Bank PLC     1.73     4/9/2028    USD    73.72
Alpine Holding Gmb    6.00    5/22/2017    EUR     0.00
Gunther Zamek Prod    7.75    5/15/2017    EUR     4.98
Teak Holz Internat    5.00    8/31/2015    EUR    55.00
Barclays Bank PLC     0.41   12/28/2040    EUR    68.85
Solarworld AG         6.13    1/21/2017    EUR    31.88
PNE Wind AG           3.75   10/10/2019    EUR     3.05
Barclays Bank PLC     1.68    4/19/2033    USD    68.27
SAG Solarstrom AG     6.25   12/14/2015    EUR    45.00
Penell GmbH Elektr    7.75    6/10/2019    EUR    10.30
IM Skaugen SE        10.42    4/11/2017    NOK    66.06
Lehman Brothers Tr    7.25    10/5/2035    EUR     4.48
National Westminst    0.56                 USD    63.50
WGF Westfaelische     6.35    12/1/2016    EUR     6.45
Societe Generale S    1.92                 EUR    64.20
Ideal Standard Int   11.75     5/1/2018    EUR    42.13
Abanka Vipa DD Via    1.90                 EUR     0.31
Barclays Bank PLC     2.95    5/31/2033    USD    69.63
Ukraine Government    7.80   11/28/2022    USD    45.57
Oesterreichische V    0.78    6/18/2018    EUR    65.00
Aralco Finance SA    10.13     5/7/2020    USD     5.00
Financing of Infra    8.38    11/3/2017    USD    43.89
Ukraine Government    6.75   11/14/2017    USD    45.56
Lloyds Bank PLC       1.70    2/22/2033    USD    67.50
UKRLANDFARMING PLC   10.88    3/26/2018    USD    50.50
Bank Nederlandse G    0.50    7/12/2022    ZAR    54.32
Depfa ACS Bank        0.25     7/8/2033    CAD    24.00
Cirio Del Monte NV    7.75    3/14/2005    EUR     1.87
Alpine Holding Gmb    5.25     7/1/2015    EUR     0.00
Glitnir HF            6.69    6/15/2016    USD     0.02
Heta Asset Resolut    4.63     3/4/2018    EUR    51.50
Petromena ASA         9.75    5/24/2015    NOK     1.95
Oesterreichische V    9.00    7/26/2024    EUR    65.00
Barclays Bank PLC     2.98   12/23/2033    USD    75.00
Rena GmbH             7.00   12/15/2015    EUR     8.63
Societe Generale S    1.50    2/28/2033    USD    74.00
Northland Resource   15.00    7/15/2019    USD     1.13
Kaupthing Bank Hf     6.75                 EUR     0.00
Standard Chartered    0.59                 USD    60.33
Ukraine Government    7.75    9/23/2020    USD    45.58
Saphir Finance PLC    6.85                 GBP     1.38
Den Norske Creditb    0.56                 USD    61.83
Mechel                8.40     6/1/2021    RUB    57.00
IT Holding Finance    9.88   11/15/2012    EUR     0.50
Glitnir HF            6.33    7/28/2011    USD    14.00
Hellas Telecommuni    8.50   10/15/2013    EUR     0.00
Frey                  6.00   11/15/2022    EUR    21.50
Sairgroup Finance     4.38     6/8/2006    EUR    14.88
Lehman Brothers Tr    7.00    5/17/2035    EUR     5.00
Standard Chartered    0.69                 GBP    62.54
Orient Express Ban   13.60     8/9/2018    RUB    43.01
UniCredit Bank Aus    0.57    8/20/2033    EUR    61.63
Swiss Re Europe Ho    6.85                 USD    46.50
DEMIRE Real Estate    6.00   12/30/2018    EUR     4.50
Northland Resource    4.00   10/15/2020    USD     0.15
Assystem              4.00     1/1/2017    EUR    23.02
Ukraine Government    6.25    6/17/2016    USD    45.58
KA Finanz AG          5.43    2/13/2024    EUR    50.88
SU-155 KAPITAL OOO   13.25    2/23/2016    RUB    36.51
Santander Finance     2.00                 EUR    40.00
BNP Paribas SA        1.62    4/30/2033    USD    68.78
KA Finanz AG          4.90    6/23/2031    EUR    63.88
Investkredit Bank     3.55    4/12/2022    EUR    74.70
Region of Puglia I    0.53     2/6/2023    EUR    74.31
Heta Asset Resolut    4.88    9/18/2017    EUR     2.80
Strenesse AG          9.00    3/15/2017    EUR    44.00
Lehman Brothers Tr    5.00    3/18/2015    EUR     3.82
Dexia Kommunalbank    5.63   12/31/2017    EUR    12.00
DTEK Finance PLC      7.88     4/4/2018    USD    34.49
ADLER Real Estate     6.00    6/30/2017    EUR    12.60
OGX Austria GmbH      8.38     4/1/2022    USD     0.03
Region of Abruzzo     0.56    11/7/2036    EUR    63.33
Svyaznoy Bank ZAO    12.00     8/6/2015    RUB    36.01
Banca Carige SpA      8.34                 EUR    75.00
Far East Capital L    8.75     5/2/2020    USD    36.92
Codere Finance Lux    8.25    6/15/2015    EUR    64.13
Norske Skogindustr    7.13   10/15/2033    USD    44.00
Heta Asset Resolut    0.67   11/29/2032    EUR     2.76
Northland Resource    4.00   10/15/2020    NOK     0.15
Finmek Internation    7.00    12/3/2004    EUR     0.13
Allied Irish Banks    0.75   10/24/2035    EUR    23.13
Teksid Aluminum Lu   11.38    7/15/2011    EUR     0.11
Financing of Infra    7.40    4/20/2018    USD    43.66
Global PVQ Netherl    1.38    4/30/2012    EUR    24.13
Governo Portugues     2.75                 EUR    60.00
Kaupthing Bank Hf     6.25                 EUR     0.00
City of Kyiv Via K    9.38    7/11/2016    USD    46.25
Windreich GmbH        6.50     3/1/2015    EUR    10.88
Solar Millennium A    6.50    7/15/2015    EUR    12.57
Ukraine Government    4.95   10/13/2015    EUR    50.52
Karlie Group GmbH     6.75    6/25/2018    EUR    65.60
Glitnir HF            6.00     3/5/2012    GBP    14.00
Heta Asset Resolut    0.24     4/9/2043    EUR    60.00
Vnesheconombank       8.10    9/27/2018    RUB    70.07
Kaupthing Bank Hf     5.75    10/4/2011    USD    14.13
BLT Finance BV       12.00    2/10/2015    USD    10.50
Kaupthing Bank Hf     5.75    10/4/2011    USD    14.13
Centrosolar Group     7.00    2/15/2016    EUR     2.31
Standard Chartered    0.69                 USD    61.21
Mechel               10.00    8/25/2020    RUB    75.00
Global PVQ Netherl    1.38    4/30/2012    EUR    25.25
Alliance Oil Co OJ    8.85     6/4/2021    RUB    57.01
Phones4u Finance P    9.50     4/1/2018    GBP    31.88
Deutsche Morgan Gr    0.66                 USD    59.19
Lloyds Bank PLC       1.75    1/31/2033    USD    67.76
UniCredit Bank Aus    0.35    1/25/2031    EUR    69.00
Kaupthing Bank Hf     3.00    2/12/2010    CHF    14.13
Club Mediterranee     6.11    11/1/2015    EUR    24.31
Espirito Santo Fin    5.13    5/30/2016    EUR     3.57
Takko Luxembourg 2    9.88    4/15/2019    EUR    48.90
Piraeus Bank SA       0.98     2/9/2017    EUR    72.03
SU-155 KAPITAL OOO   13.25    2/23/2016    RUB    36.60
Global PVQ Netherl    5.75    5/26/2014    EUR    26.38
Indo Energy Financ    6.38    1/24/2023    USD    64.01
Hema Bondco II BV     8.50   12/15/2019    EUR    65.88
Alpine Holding Gmb    5.25    6/10/2016    EUR     0.00
Norske Skog Holdin    8.00    2/24/2023    USD    64.25
Schneekoppe GmbH &    6.45    9/20/2015    EUR     6.86
Breeze Finance SA    11.75    4/19/2027    EUR     3.00
Norske Skog Holdin    8.00    2/24/2021    EUR    67.63
TradeDoubler AB       6.75   12/20/2018    SEK    68.50
Heta Asset Resolut    3.42    11/7/2016    EUR    48.50
Glitnir HF            3.00    6/30/2010    EUR    14.00
WPE International    10.38    9/30/2020    USD     6.25
CBo Territoria        6.00     1/1/2020    EUR     3.96
Mriya Agro Holding    9.45    4/19/2018    USD    11.50
Ukraine Government    6.58   11/21/2016    USD    45.73
Credit Agricole Co    0.50    2/28/2018    RUB    71.64
Governo Portugues     3.00                 EUR    73.00
OL Groupe SA          7.00   12/28/2015    EUR     7.64
Nationwide Buildin    1.07                 GBP    70.00
Russian Standard B   13.00    4/10/2020    USD    64.00
Hellenic Bank PCL    11.00                 EUR    50.13
Solen AG              7.50     4/8/2016    EUR     1.11
ffk environment Gm    7.25     6/1/2016    EUR     3.57
Seabird Exploratio    6.00   12/18/2015    USD    26.13
Codere Finance Lux    9.25    2/15/2019    USD    64.00
MT-Energie GmbH &     8.25     4/4/2017    EUR    10.56
Lehman Brothers Tr    5.00    2/16/2015    EUR     3.88
SNS Bank NV           2.75                 EUR     0.85
Ukraine Government    7.95    2/23/2021    USD    45.71
Heta Asset Resolut    0.49   12/18/2030    EUR     3.10
Bulgaria Steel Fin   12.00     5/4/2013    EUR     1.00
EXER D GmbH           5.70     2/1/2016    EUR    67.00
LBI HF                6.10    8/25/2011    USD     9.19
Danske Bank Oyj       1.63                 EUR    72.38
Oesterreichische V    9.00    7/26/2019    EUR    32.38
Lehman Brothers Tr    2.88    3/14/2013    CHF    11.13
Raiffeisen Bank In    4.50    9/28/2035    EUR    63.63
A-TEC Industries A    8.75   10/27/2014    EUR     2.00
Kaupthing Bank Hf     6.50     2/3/2045    EUR     0.00
Mechel               10.00    8/25/2020    RUB    75.00
Gazprom OAO           9.30   10/21/2043    RUB     6.06
Alliance Oil Co OJ    8.85     6/1/2021    RUB    72.01
Glitnir HF            8.00                 EUR     0.01
Vnesheconombank       8.40   12/20/2018    RUB    70.01
Kaupthing Bank Hf     1.80   10/20/2009    JPY    14.13
Glitnir HF            4.75   10/15/2010    USD    14.00
Petromena ASA        10.85   11/19/2014    USD     1.95
Solon SE              1.38    12/6/2012    EUR     0.33
Heta Asset Resolut    0.31    9/26/2043    EUR    47.88
Raiffeisenlandesba    5.00     7/1/2026    EUR    68.63
IVG Immobilien AG     5.81                 EUR     0.00
Standard Chartered    0.59                 USD    60.50
Privatbank CJSC Vi   10.88    2/28/2018    USD    62.25
Glitnir HF            4.38     2/5/2010    EUR    14.00
Lehman Brothers Tr    5.10     5/8/2017    HKD    29.88
Ukraine Government    5.00   12/20/2015    USD    51.13
Mechel                8.00     2/9/2021    RUB    50.01
LBI HF                7.43                 USD     0.00
Heta Asset Resolut    0.11    1/24/2017    EUR    52.63
Municipality Finan    0.50   11/21/2018    TRY    70.79
Svensk Exportkredi    0.50    3/15/2022    ZAR    52.23
Espirito Santo Fin    5.05   11/15/2025    EUR     2.97
Hamburgische Lande    0.38    1/22/2041    EUR    59.08
BKN biostrom AG       7.50     6/5/2016    EUR     1.50
LBI HF                2.25    2/14/2011    CHF     2.81
Societe Generale S    2.37   11/29/2032    USD    70.14
Kaupthing Bank Hf     5.25    7/18/2017    BGN    14.13
Italy Government I    0.72    7/31/2045    EUR    72.18
Standard Chartered    0.50                 USD    59.92
Autonomous Communi    7.55    7/21/2026    EUR    47.91
Lehman Brothers Tr    6.00    3/14/2011    EUR     3.82
Piraeus Bank SA       0.97   12/27/2016    EUR    73.74
Kaupthing Bank Hf     5.90                 EUR     0.13
Deutsche Bank AG      1.24    6/28/2033    USD    70.54
Heta Asset Resolut    5.73   12/10/2021    EUR     3.00
Cooperatieve Centr    0.50    7/30/2043    MXN    19.33
Artea                 6.00     8/4/2019    EUR    13.73
BNP Paribas Emissi    4.50    6/25/2015    EUR    72.19
Lehman Brothers Tr    5.00    9/22/2014    EUR     3.82
Glitnir HF            1.63    3/11/2009    CHF    14.00
Comune di Verona      0.31    12/1/2026    EUR    68.26
Financing of Infra    9.00    12/7/2017    USD    44.00
Alpha Credit Group    0.55    2/21/2021    EUR    29.84
Heta Asset Resolut    4.07    3/21/2017    EUR    52.50
Heta Asset Resolut    0.30    3/12/2043    EUR    47.88
Eksportfinans ASA     0.50     5/9/2030    CAD    29.13
Heta Asset Resolut    5.80    6/17/2017    EUR    50.50
Marine Subsea AS      9.00   12/16/2019    USD     0.50
Banco Espirito San   10.00    12/6/2021    EUR    10.13
Santander Finance     2.00                 EUR    37.75
Barclays Bank PLC     4.00   12/18/2015    USD     6.81
CaixaBank SA          1.92                 EUR    46.88
Czerwona Torebka S    6.66    4/15/2016    PLN    70.00
SAG Solarstrom AG     7.50    7/10/2017    EUR    45.00
Heta Asset Resolut    7.50    5/27/2024    ATS     2.97
Glitnir HF            5.44   12/22/2015    USD    14.00
Region of Molise I    0.58   12/15/2033    EUR    64.85
InterOil Explorati   15.00    3/14/2016    NOK    30.00
Sairgroup Finance     6.63    10/6/2010    EUR    16.50
SNS Bank NV           6.63    5/14/2018    EUR     2.42
DEIKON GmbH           1.00   11/16/2016    EUR    25.00
Raiffeisenlandesba    4.00    6/28/2023    EUR    73.88
Magnitogorsk Iron     8.70   11/22/2022    RUB    60.01
City of St Petersb    7.94     6/1/2017    RUB    60.01
GFI Informatique S    5.25     1/1/2017    EUR     6.20
Region of Abruzzo     0.40    11/7/2031    EUR    72.17
Cyprus Popular Ban    1.79    5/26/2016    EUR     3.37
Kaupthing Bank Hf     9.75    9/10/2015    USD    14.13
Public Power Corp     5.50     5/1/2019    EUR    72.23
Heta Asset Resolut    1.60    6/30/2019    CHF    51.50
ADLER Real Estate     6.00   12/27/2018    EUR    12.70
LBI HF                4.65                 EUR     0.00
Bong AB              10.00    6/27/2018    SEK     0.10
KPNQwest NV           7.13     6/1/2009    EUR     0.50
Deutsche Bank AG/L    1.42    1/31/2033    USD    66.00
Espirito Santo Fin    5.05   11/15/2025    EUR     2.16
Heta Asset Resolut    0.05    5/31/2016    EUR    48.50
Gazprom Neft OAO      8.50    1/26/2021    RUB    59.03
Transcapitalbank J   15.00    3/15/2016    RUB    60.11
Banco Pastor SA       2.44                 EUR    46.88
Codere Finance Lux    8.25    6/15/2015    EUR    64.13
Accentro Real Esta    6.25    3/27/2019    EUR     2.57
Kommunekredit         0.50   12/14/2020    ZAR    64.89
Glitnir HF            6.38    9/25/2012    USD    14.00
Glitnir HF            5.31   12/24/2012    USD    14.00
Province of Milan     0.42   12/22/2033    EUR    66.85
Ideal Standard Int   11.75     5/1/2018    EUR    42.13
Kaupthing Bank Hf     6.13    10/4/2016    USD    14.13
Municipality Finan    0.50    3/28/2018    BRL    73.36
Barclays Bank PLC     3.46    2/28/2034    USD    71.00
Cooperatieve Centr    0.50   10/30/2043    MXN    19.10
Kaupthing Bank Hf     5.50     2/2/2009    USD    14.13
Heta Asset Resolut    0.27     4/9/2018    EUR    47.50
SU-155 KAPITAL OOO   15.50    5/18/2015    RUB    53.63
Cooperatieve Centr    0.50   11/30/2027    MXN    45.93
Svensk Exportkredi    0.50    8/25/2021    ZAR    61.22
KPNQwest NV           8.88     2/1/2008    EUR     0.50
Rena Lange Holding    8.00   12/12/2017    EUR     0.60
Notenstein Finance    1.00    9/17/2019    CHF    68.79
Sovcombank ICB JSC   13.40    6/20/2016    RUB    60.04
Codere Finance Lux    8.25    6/15/2015    EUR    63.88
Hypo Tirol Bank AG    0.50    7/23/2026    EUR    57.00
Svensk Exportkredi    0.50    1/31/2022    ZAR    54.84
DEIKON GmbH           1.00     7/1/2015    EUR    29.00
Kaupthing Bank Hf     6.13    10/4/2016    USD    14.13
Montepio Holding S    5.00                 EUR    50.00
Lehman Brothers Tr    8.25    12/3/2015    EUR     6.63
Heta Asset Resolut    4.70     4/2/2018    EUR    51.50
Kommunalbanken AS     0.50     3/2/2018    BRL    73.21
Eirles Two Ltd        0.81    9/30/2046    USD    55.13
Societe Centrale d    9.00     7/1/2016    EUR     7.17
Kaupthing Bank Hf     4.70    2/15/2010    CAD    14.13
Heta Asset Resolut    0.30    2/10/2018    EUR    53.50
Heta Asset Resolut    0.29    3/10/2018    EUR    52.88
Allied Irish Banks    5.25    3/10/2035    GBP    26.50
Lehman Brothers Tr   11.00   12/20/2017    AUD     3.82
Astana Finance BV    14.50     7/2/2013    USD    12.50
Heta Asset Resolut    0.81    5/28/2017    EUR    55.00
Alpha Credit Group    2.00    4/27/2024    EUR    20.04
Province of Bresci    0.68    6/30/2036    EUR    60.46
SAir Group            0.13     7/7/2005    CHF    12.00
Bank Nederlandse G    0.50     8/9/2022    MXN    70.38
KPNQwest NV           8.13     6/1/2009    USD     0.50
Santander Finance     2.00                 USD    19.38
Lehman Brothers Tr    4.00    12/2/2012    EUR     3.82
Kommunekredit         0.50   10/22/2019    BRL    61.81
Russian Railways J    9.00    9/20/2039    RUB     3.26
Lehman Brothers Tr    5.25    5/26/2026    EUR     3.82
Heta Asset Resolut    0.13    5/31/2016    EUR    51.50
Phosphorus Holdco    10.00     4/1/2019    GBP     1.94
Lehman Brothers Tr    4.50     5/2/2017    EUR     3.82
Heta Asset Resolut    0.25    3/29/2017    EUR    53.13
Lehman Brothers Tr    8.50     7/5/2016    EUR     3.82
City of Kiev Ukrai    8.00    11/6/2015    USD    48.00
Cooperatieve Centr    0.50   10/29/2027    MXN    46.42
BLT Finance BV        7.50    5/15/2014    USD     5.25
Heta Asset Resolut    6.94    6/10/2017    EUR    51.25
Oesterreichische V    9.00    7/26/2020    EUR    32.38
International Bank   13.50    6/23/2016    RUB    60.16
LBI HF                3.00    12/7/2010    CHF     2.81
Oesterreichische V    4.25     9/7/2020    EUR    25.00
Lehman Brothers Tr    1.00     5/9/2012    EUR     3.82
Lehman Brothers Tr    3.03    1/31/2015    EUR     6.63
Lehman Brothers Tr    4.00   10/24/2012    EUR     3.82
Heta Asset Resolut    0.25    3/29/2017    EUR    49.75
Societe Generale S    0.50    5/30/2023    MXN    63.33
Bashneft OAO         10.70    5/13/2024    RUB    70.01
A-TEC Industries A    2.75    5/10/2014    EUR     2.00
Barclays Bank PLC     2.50    5/24/2017    USD    10.93
HSBC Bank PLC         0.50    4/27/2027    NZD    58.02
Heta Asset Resolut    5.27     4/7/2028    EUR     2.73
Solarwatt GmbH        7.00    11/1/2015    EUR    14.50
Transcapitalbank J   10.75    5/30/2023    RUB    60.01
UniCredit Bank Aus    0.39    1/24/2031    EUR    63.88
Investkredit Bank     7.00    7/24/2022    EUR    63.69
City of Siret Roma    2.75     3/1/2028    RON    31.20
Deutsche Bank AG/L   11.50    8/31/2015    USD    47.58
Vontobel Financial    5.84     9/9/2016    EUR    60.47
Oesterreichische V    5.27     2/8/2027    EUR    62.75
Oesterreichische V    6.00    3/30/2017    EUR    59.00
Lehman Brothers Tr    4.00    2/28/2010    EUR     6.63
NIBC Bank NV          2.32                 USD    74.88
Heta Asset Resolut    0.20    2/17/2017    EUR    53.63
BNP Paribas SA        0.50    1/31/2018    RUB    72.25
Kaupthing Bank Hf     7.50     2/1/2045    USD     0.00
Republika Srpska      9.00    9/26/2027    BAM    63.00
Barclays Bank PLC     0.50    4/24/2023    MXN    62.13
Lehman Brothers Tr    6.00   10/30/2012    EUR     3.82
Royal Bank of Scot    4.24    1/12/2046    EUR    72.25
Lehman Brothers Tr    5.00    2/27/2014    EUR     3.82
UNIQA Sachversiche    2.99                 EUR    40.00
NIBC Bank NV          2.32                 USD    74.88
Mobile TeleSystems    5.00    6/29/2021    RUB    62.50
Ingra DD              6.13    12/6/2016    HRK    12.99
Lehman Brothers Tr    6.00    3/18/2015    USD     3.82
Banco Espirito San    1.59    5/27/2018    EUR    10.13
KA Finanz AG          4.44   12/20/2030    EUR    55.88
Lehman Brothers Tr    7.00   11/26/2013    EUR     3.82
Heta Asset Resolut    0.30    8/21/2017    EUR    51.50
Heta Asset Resolut    5.03    1/26/2017    EUR     2.22
SAir Group            5.50    7/23/2003    CHF    11.50
HSBC Bank PLC         0.50     4/3/2023    AUD    71.90
Russian Highways     12.40    4/22/2042    RUB    16.95
AK BARS Bank OJSC    18.00   12/26/2017    RUB    61.01
Lehman Brothers Tr    8.00    2/16/2016    EUR     3.82
SU-155 KAPITAL OOO   13.25    2/23/2016    RUB    36.10
Lehman Brothers Tr    8.88    1/28/2011    HKD    29.88
HSBC Bank PLC         0.50    1/29/2027    NZD    58.82
WGF Westfaelische     5.35    5/15/2015    EUR     3.61
Moscow United Elec   11.00    9/12/2024    RUB    70.00
Enemona AD-Kozlodu   10.00    4/28/2017    BGN     0.34
Anglian Water Serv    1.02    1/26/2057    GBP    74.19
Heta Asset Resolut    4.54    9/22/2017    EUR    51.50
Heta Asset Resolut    0.20     2/9/2017    EUR    48.50
Mechel                8.00     2/9/2021    RUB    60.00
HSBC Bank PLC         0.50    9/28/2018    IDR    73.92
UniCredit Bank AG     0.80   11/19/2029    EUR    71.50
LBI HF                3.20    5/10/2010    SKK     2.81
Heta Asset Resolut    0.10     8/1/2017    EUR    48.38
Pongs & Zahn AG       8.50                 EUR     0.30
Heta Asset Resolut    0.13    3/15/2017    EUR    52.63
hkw personalkonzep    8.25   11/15/2016    EUR     1.31
UniCredit Bank Aus    0.67   12/27/2026    EUR    72.63
Svyaznoy Bank ZAO    13.50     6/8/2018    RUB    68.14
UTair-Finans OOO     12.00    6/17/2016    RUB    30.30
SAir Group            6.25    4/12/2005    CHF    11.38
Alpha Credit Group    2.00   11/28/2032    EUR     8.83
Bank Nederlandse G    0.50    9/20/2022    MXN    69.93
HSBC Bank PLC         0.50    7/30/2027    NZD    57.18
Vnesheconombank       2.00    6/18/2021    RUB    54.65
Heta Asset Resolut    0.25    4/22/2018    EUR    54.13
La Veggia Finance     7.13   11/14/2004    EUR     0.63
Atari SA              7.50    2/17/2020    EUR     0.29
Heta Asset Resolut    0.28    8/28/2017    EUR    51.50
Heta Asset Resolut    0.35    5/10/2017    EUR    52.75
Lehman Brothers Tr    1.46    2/19/2012    JPY    29.88
VEB-Leasing OAO       8.60     4/2/2021    RUB    58.01
Federal Grid Co Un    8.00     1/7/2028    RUB    70.01
Lehman Brothers Tr    5.00     5/2/2022    EUR     6.63
Republika Srpska      1.50   12/24/2025    BAM    68.94
Alpha Credit Group    6.00    7/29/2020    EUR    48.75
Svensk Exportkredi    0.50    8/28/2018    BRL    68.24
Lehman Brothers Tr    8.00   10/17/2014    EUR     3.82
Republic of Srpska    1.50     6/9/2025    BAM    71.00
Kommunekredit         0.50    7/30/2027    TRY    29.43
Santander Finance     2.00                 USD    19.25
Lehman Brothers Tr    4.00    2/16/2017    EUR     6.63
Bosnia & Herzegovi    2.50    6/30/2023    BAM    71.00
Alpha Credit Group    1.50   12/18/2028    EUR     9.50
Oesterreichische V    3.00    9/22/2017    EUR    59.50
Kaupthing Bank Hf     7.13    5/19/2016    USD     0.00
Heta Asset Resolut    0.30    5/17/2017    EUR    48.38
Heta Asset Resolut    0.12    7/18/2017    EUR    50.50
SAir Group            2.13    11/4/2004    CHF    11.50
Alpha Credit Group    6.00    4/11/2018    EUR    66.01
UTair-Finans OOO     13.00   11/13/2015    RUB    38.00
Raiffeisen-Holding    5.08                 EUR    73.25
Takko Luxembourg 2    7.01    4/15/2019    EUR    45.46
Erste Europaische     0.28     2/1/2037    USD    73.91
Heta Asset Resolut    0.75    9/20/2017    EUR     3.25
Heta Asset Resolut    3.90    1/24/2017    EUR    52.38
Oesterreichische V    3.13    6/30/2017    EUR    62.63
World of Building     7.70    6/25/2019    RUB     3.51
Glitnir HF            3.25    8/15/2016    EUR    14.00
JP Morgan Structur   12.00   11/24/2021    ZMW    67.55
Rosbank PJSC          0.01    1/15/2016    RUB    55.01
Heta Asset Resolut    1.29    5/31/2016    EUR    58.63
Heta Asset Resolut    0.05    1/24/2017    EUR    53.50
HSBC Bank PLC         0.50   10/30/2026    NZD    59.75
Northland Resource   12.25    3/26/2016    USD     1.01
Lehman Brothers Tr    4.69    2/19/2017    EUR     6.63
Lehman Brothers Tr   23.30    9/16/2008    USD     6.63
Salvator Grundbesi    9.50                 EUR    40.50
Atari SA              0.50    9/30/2015    EUR     1.34
Salvator Grundbesi    9.50   12/31/2021    EUR    12.00
Bank Nederlandse G    0.50     6/7/2022    ZAR    52.44
A-TEC Industries A    5.75    11/2/2010    EUR     2.00
LBI HF                4.34   12/22/2025    EUR     2.81
Investkredit Bank     0.56    3/14/2020    EUR    70.41
Lehman Brothers Tr    5.50    6/22/2010    USD     3.82
Cooperatieve Centr    0.50    8/21/2028    MXN    44.46
e-Kancelaria Grupa    8.00   10/17/2016    PLN     1.00
UTair-Finans OOO     13.00   11/13/2015    RUB    38.00
BNP Paribas SA        0.50     5/6/2021    MXN    72.11
wige MEDIA AG         6.00    3/17/2019    EUR     1.90
RFA-Invest OAO       12.00    2/24/2016    RUB    60.05
Province of Bresci    0.52   12/22/2036    EUR    59.83
HSBC Bank PLC         0.50     2/2/2023    AUD    72.55
DEIKON GmbH           1.00     7/1/2016    EUR    29.50
ECM Real Estate In    5.00    10/9/2011    EUR    10.38
SAir Group            5.13     3/1/2003    CHF    11.00
Heta Asset Resolut    0.35    5/17/2017    EUR    50.50
RSL Communications   10.13     3/1/2008    USD     1.25
Vnesheconombank       9.75    8/16/2029    RUB    70.00
Credit Agricole Co    0.50     3/6/2023    RUB    41.28
Russian Railways J   10.10    5/20/2044    RUB #N/A N/A
Heta Asset Resolut    3.72    3/15/2017    EUR    48.63
Kaupthing Bank Hf     7.90     2/1/2016    EUR    14.13
Heta Asset Resolut    5.04    2/15/2023    EUR    48.38
Oesterreichische V    5.11    6/12/2017    EUR    66.13
Mriya Agro Holding   10.95    3/30/2016    USD    11.63
Deutsche Bank AG/L    0.50    10/5/2021    IDR    60.52
Avangard Bank OAO    18.00     2/1/2016    RUB    61.01
Russian Railways J   16.00    8/18/2033    RUB #N/A N/A
LBI HF                7.75    2/22/2016    USD     2.81
Espirito Santo Fin    5.63    7/28/2017    EUR     3.56
Dolomite Capital L   12.01   12/20/2019    ZAR    54.17
Oravita City Counc    2.63    6/15/2027    RON    58.00
Balkanstroy JSC       4.06     3/7/2016    EUR     5.00
MORTGAGE AGENT AHM    8.50     9/9/2045    RUB    57.01
Emporiki Group Fin    5.00    2/24/2022    EUR    36.79
HSBC Bank PLC         0.50    2/24/2027    NZD    58.63
HSBC Bank PLC         0.50    2/24/2023    AUD    72.96
LBI HF                6.00     6/6/2017    EUR     2.81
Lloyds Bank PLC       1.45    4/26/2033    USD    71.50
Svensk Exportkredi    0.50    4/24/2029    AUD    56.65
LBI HF                6.10    8/25/2011    USD     8.63
Heta Asset Resolut    0.32     7/1/2017    EUR    48.50
CARPEVIGO AG          8.25    6/30/2016    EUR    29.95
Heta Asset Resolut    4.40    6/20/2017    EUR    51.00
Leonteq Securities   10.30    6/10/2015    CHF    68.34
Bank Nederlandse G    0.50    5/12/2021    ZAR    62.27
HSBC Bank PLC         0.50    12/8/2026    AUD    58.80
UniCredit Bank ZAO   14.00    2/23/2016    RUB    60.09
Lehman Brothers Tr    6.65    8/24/2011    AUD    29.88
Alpha Credit Group    2.00     2/1/2017    EUR    72.72
Heta Asset Resolut    0.13    5/31/2016    EUR    51.63
Wlodarzewska SA       9.46    5/15/2016    PLN    70.00
Hellenic Republic     3.38    7/17/2017    EUR    72.78
Lehman Brothers Tr    1.75     2/7/2010    EUR     6.63
Metalloinvest Hold    0.01     3/7/2022    RUB    60.00
Windreich GmbH        6.25     3/1/2015    EUR    10.88
Lehman Brothers Tr    3.86    9/21/2011    SGD     6.63
Morgan Stanley BV     8.50    5/25/2015    EUR    57.23
Lehman Brothers Tr    5.55    3/12/2015    EUR     6.63
Northland Resource   15.00    7/15/2019    USD     1.01
Barclays Bank PLC     8.00    9/15/2015    USD    10.10
Glitnir HF            3.00   11/30/2009    EUR    14.00
Banque Cantonale V   17.75   11/17/2015    CHF    62.91
Atari SA              0.10     4/1/2020    EUR     1.81
Municipality Finan    0.50   11/25/2020    ZAR    65.58
Municipality Finan    0.50    6/19/2024    ZAR    44.90
Credit Suisse AG/L   15.00    9/18/2015    USD    53.67
Windreich GmbH        6.75     3/1/2015    EUR    10.88
Lehman Brothers Tr    7.00     6/6/2017    EUR     3.82
Eksportfinans ASA     0.25    7/14/2033    CAD    20.63
Heta Asset Resolut    5.68     7/5/2017    EUR    48.88
Municipiul Timisoa    1.28    5/12/2026    RON    70.00
Lehman Brothers Tr    7.80    3/31/2018    USD     3.82
Lehman Brothers Tr    1.28    11/6/2010    JPY    29.88
UTair-Finans OOO     11.75    5/26/2015    RUB    35.00
HSBC Bank PLC         0.50    12/2/2022    AUD    73.44
Kommunalbanken AS     0.50    6/18/2019    INR    70.48
Mortgage Agent Abs    9.20   11/12/2040    RUB    57.00
Lehman Brothers Tr   10.00     1/3/2012    BRL     3.82
Municipality Finan    0.50   12/14/2018    TRY    70.38
Oesterreichische V    4.80     5/9/2025    EUR    23.00
Oesterreichische V    4.44    4/12/2017    EUR    67.50
Emporiki Group Fin    5.10    12/9/2021    EUR    38.05
Lehman Brothers Tr    5.38     2/4/2014    USD     3.82
Glitnir HF            6.38    9/25/2012    USD    14.00
IT Holding Finance    9.88   11/15/2012    EUR     0.50
Oesterreichische V    3.78    7/21/2033    EUR    13.50
Leonteq Securities    5.65    5/27/2015    CHF    67.08
MirLand Developmen    8.50    8/31/2016    ILS    41.00
Barclays Bank PLC     0.50    1/28/2033    MXN    34.01
Oesterreichische V    4.26    3/22/2024    EUR    23.50
Glitnir HF            3.00   10/31/2015    EUR    14.00
Lehman Brothers Tr   11.00     7/4/2011    USD     6.63
Republika Srpska      1.50   12/31/2022    BAM    75.00
Strommen Sparebank    2.41                 NOK    43.33
Armenian Treasury    10.00   10/29/2023    AMD    73.40
Dresdner Bank AG      0.77   11/19/2029    EUR    63.25
Accentro Real Esta    7.75    6/25/2017    EUR     3.07
Russian Railways J   17.70    9/19/2033    RUB #N/A N/A
Lehman Brothers Tr    4.35     8/8/2016    SGD    29.88
Sidetur Finance BV   10.00    4/20/2016    USD    18.63
Provinsor Fastighe    8.50    6/30/2015    DKK     0.10
Kvinesdal Spareban    2.65                 NOK    71.89
Oesterreichische V    4.90    8/18/2025    EUR    61.30
KFW                   0.25    10/6/2036    CAD    37.37
Heta Asset Resolut    0.20    8/11/2017    EUR    51.88
Credit Suisse AG      8.00    7/31/2015    USD    10.23
Lehman Brothers Tr    3.20    3/19/2018    JPY     6.63
Republika Srpska      1.50    5/31/2025    BAM    71.02
Ecureuil Vie Devel    0.98                 EUR    26.25
Oesterreichische V    4.20    2/22/2033    EUR    15.13
Kaupthing Bank Hf     5.00     1/4/2027    SKK    14.13
Araratbank OJSC       9.00   10/20/2015    USD    25.26
Oesterreichische V    3.88    3/15/2022    EUR    28.38
Hellenic Republic     3.80     8/8/2017    JPY    66.00
Atari SA              0.50    9/30/2015    EUR     1.94
Leonteq Securities   14.00   10/20/2015    CHF    66.95
UBS AG/London        11.00    5/13/2015    CHF    43.74
Glitnir HF            6.69    6/15/2016    USD     0.02
Kaupthing Bank Hf     4.65    2/19/2013    EUR    14.13
Lehman Brothers Tr    3.50   10/24/2011    USD     3.82
Emova Group           4.30     5/2/2022    EUR     6.25
Oesterreichische V    4.00   12/14/2023    EUR    23.25
Lehman Brothers Tr    8.25     2/3/2016    EUR     3.82
Lehman Brothers Tr    9.00     5/6/2011    CHF     6.63
Societe Generale S    0.50    6/12/2023    RUB    39.86
Glitnir HF            3.00     4/1/2010    CZK    14.00
COFIDUR SA            0.10   12/31/2024    EUR    15.05
Heta Asset Resolut    0.26     4/2/2018    EUR    51.50
SAir Group            6.25   10/27/2002    CHF    12.25
Locko-Bank ZAO       11.50    7/17/2018    RUB    60.01
JP Morgan Structur   14.00   11/23/2029    ZMW    64.99
JP Morgan Structur   13.00   11/25/2024    ZMW    65.36
Cerruti Finance SA    6.50    7/26/2004    EUR     1.04
RESO-Garantia OCAO   14.00    9/13/2022    RUB    60.01
UTair-Finans OOO     12.00    5/26/2015    RUB    30.30
HSBC Bank PLC         0.50   12/29/2026    AUD    62.64
Svensk Exportkredi    0.50    3/28/2029    AUD    68.54
Credit Suisse AG/L    1.64     6/1/2042    USD    53.76
Lehman Brothers Tr    7.59   11/22/2009    MXN    29.88
MirLand Developmen    7.21    5/31/2020    ILS    39.01
Barclays Bank PLC     0.50    3/13/2023    RUB    41.09
Region of Stavropo    8.09    11/4/2020    RUB    60.01
Svensk Exportkredi    0.50    2/22/2022    ZAR    52.60
Svensk Exportkredi    0.50    4/25/2019    BRL    62.56
NIBC Bank NV         25.98     5/7/2029    EUR    70.94
LBI HF                3.11   11/10/2008    EUR     2.81
Kommunekredit         0.50    5/11/2029    CAD    71.84
Kaupthing Bank Hf     4.95     5/6/2009    EUR    14.13
Lehman Brothers Tr    5.00    8/16/2017    EUR     3.82
Oesterreichische V    1.75     9/9/2020    EUR    30.13
Bank Petrocommerce   18.00   12/25/2019    RUB    61.00
Bank Julius Baer &    8.00     5/7/2015    USD    70.95
Oesterreichische V    2.00    4/24/2020    EUR    33.25
Bank Nederlandse G    0.50    8/15/2022    ZAR    53.60
Municipality Finan    0.50    1/10/2018    BRL    74.85
Deutsche Bank AG      7.20    9/22/2015    EUR    63.90
Lehman Brothers Tr   13.50   11/28/2008    USD     6.63
Sviaz Bank OAO       11.40    4/13/2022    RUB    60.00
Oesterreichische V    1.80    5/24/2018    EUR    49.38
Heta Asset Resolut    0.28     3/4/2018    EUR    51.50
UTair-Finans OOO     12.00    6/17/2016    RUB    30.30
URALSIB Leasing Co   10.50    4/17/2018    RUB   100.00
Gold-Zack AG          7.00   12/14/2005    EUR    12.60
EFG International     6.48    5/29/2018    EUR    60.09
Oesterreichische V    1.05    5/20/2025    EUR    12.00
Oesterreichische V    2.75   10/21/2016    EUR    72.13
Emporiki Group Fin    5.00    12/2/2021    EUR    37.57
Lehman Brothers Tr    4.10    6/10/2014    SGD     6.63
Konservenfabrik Za    8.00     4/1/2016    EUR     0.00
Lehman Brothers Tr    6.00    2/14/2012    EUR     6.63
Lehman Brothers Tr    4.00    7/27/2011    EUR     3.82
KPNQwest NV           7.13     6/1/2009    EUR     0.50
Oberoesterreichisc    0.30    4/25/2042    EUR    67.79
Mortgage Agent Abs    8.90    8/12/2041    RUB    54.70
Lehman Brothers Tr   11.75     3/1/2010    EUR     6.63
Raiffeisen-Holding    5.10                 EUR    62.63
Republika Srpska      1.50   12/22/2023    BAM    74.78
Credit Suisse AG/L   15.50     5/4/2016    USD    61.50
Credit Suisse AG/N   10.25    8/28/2015    USD    53.45
Bank Nederlandse G    0.50    9/20/2022    ZAR    53.09
Oesterreichische V    2.00     8/1/2016    EUR    74.88
Totens Sparebank      2.98                 NOK    65.32
Republika Srpska      1.50    9/25/2026    BAM    66.00
WGF Westfaelische     6.35     8/1/2017    EUR     3.52
Oesterreichische V    2.00   11/15/2016    EUR    70.25
Municipality Finan    0.50     8/8/2029    NZD    57.98
Credit Suisse AG/N    8.40    6/26/2015    USD    40.37
Lehman Brothers Tr   15.00    3/30/2011    EUR     3.82
Lehman Brothers Tr    7.50     5/2/2017    EUR     3.82
Kaupthing Bank Hf     1.65     7/5/2010    JPY    14.13
Oesterreichische V    4.81    7/29/2025    EUR    61.00
Housing Financing     2.70     1/1/2020    ISK    68.10
Lehman Brothers Tr    2.30    4/28/2014    JPY     3.82
Kaupthing Bank Hf     0.80    2/15/2011    EUR    14.13
Glitnir HF            2.25    2/15/2011    EUR    14.00
MirLand Developmen    6.50   12/31/2015    ILS    44.34
HSBC Bank PLC         0.50    7/30/2019    IDR    68.15
MirLand Developmen    6.00   11/30/2017    ILS    40.27
Exane Finance         1.75    4/28/2016    EUR    55.75
HSBC Bank PLC         0.50   12/29/2022    AUD    73.15
Kommunalbanken AS     0.50    5/27/2022    ZAR    55.53
Barclays Bank PLC     0.50    3/19/2021    MXN    72.04
Kommunalbanken AS     0.50    11/8/2018    BRL    69.08
Zaklady Miesne Mys   11.00    7/25/2015    PLN    10.00
Glitnir HF            5.86    7/28/2016    GBP    14.00
Lehman Brothers Tr    4.80   11/16/2012    HKD     6.63
Heta Asset Resolut    0.29    7/28/2017    EUR    50.50
Glitnir HF            5.25     5/2/2014    ISK    14.00
Glitnir HF            5.25     5/2/2017    ISK    14.00
RSL Communications    9.13     3/1/2008    USD     1.25
RSL Communications   12.00    11/1/2008    USD     1.25
Lehman Brothers Tr   15.00     6/4/2009    CHF     6.63
Glitnir HF            4.85    4/26/2012    EUR    14.00
SAir Group            2.75    7/30/2004    CHF    11.38
Svensk Exportkredi    0.50    8/28/2020    TRY    59.34
Glitnir HF            2.00    1/30/2009    CHF    14.00
Republika Srpska      1.50   12/15/2023    BAM    74.00
LBI HF                4.40    1/18/2010    CAD     2.81
Oesterreichische V    2.15    3/25/2019    EUR    42.00
Banque Cantonale V    5.25     7/2/2015    CHF    55.81
Societe Generale S    0.50     4/3/2023    RUB    40.95
LBI HF                4.38   10/20/2008    EUR     2.81
Lehman Brothers Tr    0.80   12/30/2016    EUR     3.82
Commerzbank AG        1.88    4/22/2016    EUR    73.12
Glitnir HF            3.45    8/22/2010    CZK    14.00
Rinol AG              5.50   10/15/2006    DEM     0.00
SAir Group            4.25     2/2/2007    CHF    11.75
Province of Trevis    0.40   12/31/2034    EUR    62.56
Oesterreichische V    5.45     8/2/2019    EUR    72.70
UBS AG               10.05   10/23/2015    USD    25.80
Oesterreichische V    5.50    8/26/2025    EUR    24.50
City of Hunedoara     2.43    8/15/2026    RON    70.00
BNP Paribas SA        0.50    2/13/2024    NZD    67.01
Oesterreichische V    3.00     2/3/2017    EUR    68.13
Societe Generale S    0.50    5/22/2024    MXN    61.06
Bank Nederlandse G    0.50    6/22/2021    ZAR    62.48
Oesterreichische V    3.78    8/25/2033    EUR    13.50
BNP Paribas SA        0.50    9/29/2029    AUD    54.62
Leonteq Securities    7.35     7/2/2015    USD    70.90
Kaupthing Bank Hf     4.90    5/29/2017    EUR    14.13
DeltaCredit Bank     11.92   10/10/2024    RUB    74.77
Oesterreichische V    4.21    1/25/2033    EUR    15.13
HSBC Bank PLC         0.50   10/30/2018    IDR    72.93
Kaupthing Bank Hf     7.00     1/3/2011    EUR    14.13
Lehman Brothers Tr    8.00   12/31/2010    USD     6.63
Hellas Telecommuni    8.50   10/15/2013    EUR     0.00
Oesterreichische V    5.00    3/26/2018    EUR    57.13
Lehman Brothers Tr   11.00     7/4/2011    CHF     6.63
Glitnir HF            6.00     8/1/2015    ISK    14.00
Muehl Product & Se    6.75    3/10/2005    DEM     1.72
Lehman Brothers Tr    2.00    6/28/2011    EUR     3.82
LBI HF                3.45   12/18/2033    JPY     0.01
Kaupthing Bank Hf     6.50    10/8/2010    ISK    14.13
UTair-Finans OOO     12.00    6/17/2016    RUB    30.30
ZapSib-Transservic   15.00    4/17/2018    RUB    60.00
Credit Suisse AG/L    8.00   11/29/2019    USD     8.34
Oesterreichische V    4.33     2/1/2017    EUR    69.75
Bosnia & Herzegovi    2.50    6/30/2022    BAM    74.00
Oesterreichische V    1.38     2/8/2019    EUR    41.38
Leonteq Securities   19.94    5/21/2015    CHF    54.68
Russian Post FGUP     8.70   10/18/2019    RUB    59.01
Nutritek Internati    8.75   12/11/2008    USD     2.00
Glitnir HF           10.00    6/28/2017    USD    14.00
UniCredit Bank AG     4.00    6/26/2015    EUR    55.45
Municipality Finan    0.50    2/22/2019    IDR    70.77
Lehman Brothers Tr    4.00    4/13/2011    CHF     3.82
Oesterreichische V    5.10     7/5/2022    EUR    30.75
Glitnir HF            3.25    9/15/2015    EUR    14.00
Glitnir HF            4.75   10/15/2010    USD    14.00
KPNQwest NV           8.88     2/1/2008    EUR     0.50
Province of Rovigo    0.42   12/28/2035    EUR    60.88
RSL Communications   10.50   11/15/2008    USD     1.25
RSL Communications    9.88   11/15/2009    USD     1.25
Kaupthing Bank Hf     7.50    10/2/2010    EUR    14.13
Lehman Brothers Tr    7.60    1/31/2013    AUD     6.63
EDOB Abwicklungs A    7.50     4/1/2012    EUR     0.76
Kaupthing Bank Hf     7.90    4/28/2016    EUR    14.13
Glitnir HF            5.25   10/23/2011    ISK    14.00
Lehman Brothers Tr    4.05    9/16/2008    EUR     3.82
Lehman Brothers Tr    7.60    5/21/2013    USD     3.82
Araratbank OJSC       8.50    6/14/2016    USD    25.58
Credit Suisse AG/L    8.25   11/29/2024    USD     9.45
Lehman Brothers Tr    6.85   12/22/2008    EUR     3.82
Barclays Bank PLC     3.50     2/5/2016    EUR    67.13
City of Predeal Ro    2.50    5/15/2026    RON    60.00
Lehman Brothers Tr    3.00    9/13/2010    JPY    29.88
Fonciere Volta SA     4.50    7/30/2020    EUR     2.71
Oesterreichische V    5.50    1/19/2017    EUR    71.63
City of Baile Herc    2.50   12/16/2020    RON    75.00
Vontobel Financial    8.85    5/22/2015    EUR    70.00
Bank Julius Baer &    9.40    5/27/2015    CHF    61.25
HSBC Bank PLC         0.50    11/9/2018    IDR    72.77
Municipality Finan    0.50     5/8/2029    AUD    54.96
HSBC Bank PLC         0.50     2/5/2018    RUB    72.03
Eitzen Chemical AS   12.36     6/6/2016    NOK    20.88
Raiffeisen Versich    5.08                 EUR    58.00
Lehman Brothers Tr    7.50    7/31/2013    GBP     3.82
Municipality Finan    0.50     2/7/2018    BRL    74.33
ExpertGroup OOO/Ru   13.00   12/11/2015    RUB    60.01
Glitnir HF            6.33    7/28/2011    USD    14.00
Glitnir HF            5.86    7/28/2016    GBP    14.00
Banque Cantonale V    1.00     7/7/2016    CHF    33.39
EFG International     6.00   11/30/2017    EUR    51.57
Municipality Finan    0.50    4/26/2022    ZAR    51.49
Leonteq Securities   20.00    1/26/2016    CHF    60.24
Glitnir HF            7.32   12/19/2012    USD    14.00
Oesterreichische V    6.60     5/6/2023    EUR    32.63
Lehman Brothers Tr    4.00    7/20/2012    EUR     3.82
Oesterreichische V    4.86   11/29/2017    EUR    60.25
Oesterreichische V    5.03    6/11/2019    EUR    46.50
Lehman Brothers Tr    8.00   10/23/2008    USD     6.63
Oesterreichische V    5.20     4/1/2020    EUR    41.63
Oesterreichische V    5.21    2/13/2026    EUR    22.88
Lehman Brothers Tr    6.25     9/5/2011    EUR     3.82
Landeskreditbank B    0.50    5/10/2027    CAD    74.93
Lehman Brothers Tr    4.50   12/30/2010    USD     6.63
Lehman Brothers Tr    5.00   11/22/2012    EUR     3.82
Kaupthing Bank Hf     7.00    7/24/2009    ISK    14.13
LBI HF                5.08     3/1/2013    ISK     2.81
Lehman Brothers Tr    9.50     4/1/2018    USD     3.82
Glitnir HF            3.75    1/15/2010    EUR    14.00
Leonteq Securities    7.00    1/22/2016    CHF    54.70
Kaupthing Bank Hf     7.63    2/28/2015    USD    14.13
Oesterreichische V    5.26     2/5/2025    EUR    24.63
Synergy Classic Vi    2.00     8/2/2015    USD    58.02
Ukraine Government    7.75    9/23/2020    USD    45.38
UBS AG/London        10.50     6/5/2015    CHF    51.71
Svensk Exportkredi    0.50    6/20/2029    AUD    66.61
Svensk Exportkredi    0.50    6/29/2029    AUD    69.11
Municipality Finan    0.50    7/30/2029    AUD    69.19
Kommunekredit         0.50    2/20/2020    BRL    58.85
Svensk Exportkredi    0.50    8/29/2029    AUD    69.86
Kommunalbanken AS     0.50    9/20/2018    BRL    69.82
Societe Generale S    0.50    4/30/2023    RUB    40.42
UniCredit Bank AG     4.00    6/25/2015    EUR    47.98
Lehman Brothers Tr    5.00    4/24/2017    EUR     3.82
Driver & Bengsch A    8.50   12/31/2027    EUR     0.01
Bulgaria Steel Fin   12.00     5/4/2013    EUR     1.00
Lehman Brothers Tr    4.60     7/6/2016    EUR     3.82
Lehman Brothers Tr    5.10    6/22/2046    EUR     6.63
Lehman Brothers Tr    6.00   10/24/2008    EUR     6.63
Lehman Brothers Tr    0.25    7/21/2014    EUR     3.82
Credit Suisse AG/L    8.00    1/11/2016    USD    45.70
Lehman Brothers Tr    9.00    5/15/2022    USD     3.82
Credit Suisse AG/L    7.60   10/15/2015    CHF    73.97
Commerzbank AG        2.00     2/3/2016    EUR    70.07
Kaupthing Bank Hf     1.99     7/5/2012    JPY    14.13
Kaupthing Bank Hf     0.20    7/12/2009    JPY    14.13
Lehman Brothers Tr   12.22   11/21/2017    USD     3.82
Lehman Brothers Tr    3.40    9/21/2009    HKD     6.63
LBI HF                7.43                 USD     0.00
Glitnir HF            4.01     7/6/2009    HKD    14.00
Lehman Brothers Tr    3.00     8/8/2017    EUR     3.82
KPNQwest NV           7.13     6/1/2009    EUR     0.50
KPNQwest NV           8.88     2/1/2008    EUR     0.50
Glitnir HF            3.00    10/4/2011    EUR    14.00
Lehman Brothers Tr    7.15    3/21/2013    USD     3.82
Lehman Brothers Tr    5.00    2/15/2018    EUR     3.82
Lehman Brothers Tr   10.60    4/22/2014    MXN     3.82
Kaupthing Bank Hf     7.70    10/2/2011    EUR    14.13
Lehman Brothers Tr    3.00    6/23/2009    EUR     3.82
Lehman Brothers Tr   10.44   11/22/2008    CHF     6.63
HSBC Bank PLC         0.50     6/9/2023    MXN    64.79
BNP Paribas SA        6.30    5/28/2021    RUB    74.09
Lehman Brothers Tr    0.50     7/2/2020    EUR     6.63
Lehman Brothers Tr    4.50     3/7/2015    EUR     3.82
UBS AG               10.37   10/23/2015    USD    15.97
Lehman Brothers Tr    4.25    3/13/2021    EUR     6.63
Glitnir HF            5.00     2/1/2011    ISK    14.00
Kaupthing Bank Hf     8.00    6/22/2011    ISK     0.00
Kaupthing Bank Hf     7.00    4/28/2012    ISK     0.00
Bamble Sparebank      2.58                 NOK    57.48
Raiffeisen-Holding    2.99                 EUR    67.75
Lehman Brothers Tr    7.05     4/8/2015    USD     3.82
Lehman Brothers Tr    2.00    5/17/2010    EUR     6.63
Lloyds Bank PLC       0.50    7/26/2028    MXN    46.35
Credit Suisse AG/N    8.13    5/15/2015    CHF    73.58
Banque Cantonale V    4.25    8/28/2015    CHF    55.75
Leonteq Securities   20.00    2/23/2016    USD    62.81
Leonteq Securities   12.10   10/22/2015    USD    62.62
Oesterreichische V    5.00     3/5/2018    EUR    57.75
Oesterreichische V    1.02     7/3/2019    EUR    37.50
Lehman Brothers Tr    2.00    6/21/2011    EUR     3.82
Arizk                 3.00   12/20/2030    RUB    31.60
Leonteq Securities    7.62     5/6/2015    CHF    74.96
Municipality Finan    0.50    5/31/2022    ZAR    51.05
Oesterreichische V    1.93    7/20/2018    EUR    47.13
Svensk Exportkredi    0.50    6/28/2022    ZAR    50.30
Kommunekredit         0.50    9/19/2019    BRL    62.28
Barclays Bank PLC     8.20     9/4/2015    USD    21.05
Oesterreichische V    1.46    7/13/2017    EUR    59.50
BNP Paribas SA        0.50   11/16/2032    MXN    35.38
Kommunalbanken AS     0.50    2/23/2018    BRL    73.32
Barclays Bank PLC     0.50    3/26/2021    MXN    71.95
JP Morgan Structur    5.65     7/1/2015    CHF    51.44
Kaupthing Bank Hf     0.69    5/21/2011    JPY    14.13
Caisse Centrale du    7.00    9/10/2015    EUR    15.39
Barclays Bank PLC     2.50     3/7/2017    EUR    54.52
LBI HF                4.53    4/24/2012    EUR     2.81
Lehman Brothers Tr    5.00    2/28/2032    EUR     3.82
Lehman Brothers Tr   14.90    9/15/2008    EUR     6.63
Araratbank OJSC       8.00    6/11/2018    USD    25.21
Notenstein Privatb   10.12    8/26/2015    USD    74.72
UBS AG/London        10.50    7/16/2015    CHF    51.49
Lehman Brothers Tr    8.60    7/31/2013    GBP     3.82
Lehman Brothers Tr    8.28    7/31/2013    GBP     3.82
Lehman Brothers Tr    7.32    7/31/2013    GBP     3.82
Credit Suisse AG/N    8.00    1/29/2016    CHF    53.09
Lehman Brothers Tr    4.50    7/24/2014    EUR     3.82
Lehman Brothers Tr    5.00    5/12/2011    CHF     3.82
Credit Suisse AG/N    8.50    7/20/2015    USD    68.53
Leonteq Securities    6.00    7/14/2015    USD    67.09
Lehman Brothers Tr    5.20    3/19/2018    EUR     6.63
Leonteq Securities   29.61   10/26/2017    EUR    59.36
HSBC Bank PLC         0.50    5/31/2019    IDR    69.01
Lehman Brothers Tr   11.00   12/20/2017    AUD     3.82
Lehman Brothers Tr    0.50   12/20/2017    AUD     3.82
LBI HF                3.00   10/22/2015    EUR     2.81
Lehman Brothers Tr    2.50    11/9/2011    CHF     3.82
Hjelmeland Spareba    2.92                 NOK    73.64
Nesset Sparebank      2.80                 NOK    55.49
Union Technologies    0.10     1/1/2020    EUR     5.50
Lehman Brothers Tr    3.50    9/19/2017    EUR     6.63
HSBC Bank PLC         0.50    6/28/2019    IDR    68.75
LBI HF                6.75    8/18/2015    EUR     2.81
Municipality Finan    0.50    3/17/2025    CAD    72.43
Lehman Brothers Tr    4.70    3/23/2016    EUR     3.82
Oesterreichische V    4.00     2/1/2021    EUR    33.75
Lehman Brothers Tr   13.43     1/8/2009    ILS     6.63
DZ Bank AG Deutsch    3.60    8/21/2015    EUR    67.64
Societe Generale S   17.60   11/17/2015    EUR    52.90
Lehman Brothers Tr    8.05   12/20/2010    HKD     6.63
Oesterreichische V    3.50    1/14/2019    EUR    47.50
Lehman Brothers Tr    7.00    9/20/2011    USD     3.82
HSBC Trinkaus & Bu   15.00    6/26/2015    EUR    62.40
UBS AG/London        10.60    5/12/2015    USD    60.00
UTair-Finans OOO      9.50    7/21/2016    RUB    30.30
Oesterreichische V    1.19   10/13/2020    EUR    28.88
Oesterreichische V    3.09   10/15/2020    EUR    33.00
Svensk Exportkredi    0.50    6/26/2019    TRY    65.92
DZ Bank AG Deutsch    5.25    8/28/2015    EUR    73.72
Vontobel Financial    5.75    6/12/2015    EUR    73.75
HSBC Trinkaus & Bu    6.50    6/26/2015    EUR    64.00
BNP Paribas Emissi    5.00    5/21/2015    EUR    73.75
UniCredit Bank AG     4.75    6/25/2015    EUR    66.89
DZ Bank AG Deutsch    8.25   12/28/2015    EUR    66.32
Ukraine Government    7.50    4/17/2023    USD    47.00
Hellenic Republic     4.75    4/17/2019    EUR    73.78
Lehman Brothers Tr    7.75    1/30/2009    EUR     6.63
Skue Sparebank        2.62                 NOK    66.02
Lehman Brothers Tr    0.25   10/19/2012    CHF     3.82
UniCredit Bank AG     4.00    6/25/2015    EUR    50.83
Barclays Bank PLC     3.50    12/7/2015    EUR    68.54
Lehman Brothers Tr    8.80   12/27/2009    EUR     6.63
Lehman Brothers Tr   11.00   12/20/2017    AUD     3.82
Oesterreichische V    5.25   12/20/2022    EUR    29.63
Lehman Brothers Tr    4.00     1/4/2011    USD     6.63
LBI HF                5.25     6/5/2023    EUR     2.81
Lehman Brothers Tr    0.50   12/20/2017    AUD     3.82
Lehman Brothers Tr    0.50   12/20/2017    AUD     3.82
Lehman Brothers Tr    0.50   12/20/2017    AUD     3.82
Lehman Brothers Tr    0.50   12/20/2017    AUD     3.82
Lehman Brothers Tr    9.30   12/21/2010    EUR     6.63
Oesterreichische V    5.10     1/2/2018    EUR    59.63
Lehman Brothers Tr    0.50   12/20/2017    USD     3.82
Lehman Brothers Tr    0.50   12/20/2017    USD     3.82
Lehman Brothers Tr    0.50   12/20/2017    USD     3.82
Lehman Brothers Tr    0.50   12/20/2017    USD     3.82
Lehman Brothers Tr   13.00    7/25/2012    EUR     6.63
Lehman Brothers Tr   10.00     8/2/2037    JPY     3.82
Kaupthing Bank Hf     5.00    11/8/2013    EUR    14.13
Oesterreichische V    5.02    11/6/2017    EUR    61.25
Lehman Brothers Tr    3.50   12/20/2027    USD     3.82
Lehman Brothers Tr    5.50   11/30/2012    CZK     3.82
Lehman Brothers Tr   14.90   11/16/2010    EUR     6.63
Lehman Brothers Tr    6.00   10/30/2012    USD     6.63
Lehman Brothers Tr   16.00    10/8/2008    CHF     6.63
Oesterreichische V    5.23    12/5/2022    EUR    29.63
Lehman Brothers Tr    3.00    12/3/2012    EUR     3.82
Oesterreichische V    5.21    12/6/2022    EUR    29.63
Lehman Brothers Tr    2.37    7/15/2013    USD     3.82
Lehman Brothers Tr    6.30   12/21/2018    USD     3.82
Lehman Brothers Tr   11.00    2/16/2009    CHF     6.63
Lehman Brothers Tr   10.00    2/16/2009    CHF     6.63
Lehman Brothers Tr   13.00    2/16/2009    CHF     6.63
Lehman Brothers Tr    7.00    2/15/2010    CHF     6.63
Lehman Brothers Tr    4.00   10/12/2010    USD     6.63
Glitnir HF            6.00   12/15/2012    GBP    14.00
Lehman Brothers Tr    1.50   10/12/2010    EUR     3.82
ECM Real Estate In    5.00    10/9/2011    EUR    10.38
Lehman Brothers Tr    7.00   10/22/2010    EUR     3.82
Oesterreichische V    6.00   10/17/2017    EUR    63.38
Oesterreichische V    5.10   10/23/2017    EUR    61.75
Oesterreichische V    5.18   11/13/2017    EUR    61.25
Lehman Brothers Tr    2.50    8/23/2012    GBP     6.63
Sparebanken Din       2.67                 NOK    68.55
Ofoten Sparebank      2.70                 NOK    69.43
Drangedal Spareban    2.58                 NOK    69.19
Lehman Brothers Tr    3.00    8/13/2011    EUR     3.82
Kaupthing Bank Hf     3.75    2/15/2024    ISK    14.13
Lehman Brothers Tr    6.00    9/20/2011    EUR     3.82
Lehman Brothers Tr    5.00     8/1/2025    EUR     3.82
Lehman Brothers Tr    7.50     8/1/2035    EUR     3.82
Lehman Brothers Tr    4.15    8/25/2020    EUR     6.63
Kaupthing Bank Hf     5.80     9/7/2012    EUR    14.13
LBI HF                3.36    8/17/2012    EUR     2.81
Glitnir HF            3.30    8/22/2012    EUR    14.00
Lehman Brothers Tr    6.00    12/6/2016    USD     3.82
Lehman Brothers Tr    3.00    8/15/2017    EUR     3.82
Glitnir HF            0.01     5/6/2009    JPY    14.00
Lehman Brothers Tr    3.50    9/29/2017    EUR     6.63
Lehman Brothers Tr    5.00     9/1/2011    EUR     3.82
UniCredit Bank Aus    0.53    1/22/2031    EUR    64.00
Lehman Brothers Tr   10.00     1/4/2010    USD     3.82
Glitnir HF            6.75    3/27/2013    EUR    14.00
Diversified Financ    2.18    7/27/2016    EUR    64.84
Lehman Brothers Tr    6.50    5/16/2015    EUR     3.82
Glitnir HF            5.00    3/14/2012    EUR    14.00
Kaupthing Bank Hf     6.40   12/15/2015    EUR    14.13
Glitnir HF            4.50     1/9/2012    EUR    14.00
Haltdalen Spareban    2.75                 NOK    54.88
Lehman Brothers Tr    6.00    7/28/2010    EUR     6.63
Lehman Brothers Tr    6.00    7/28/2010    EUR     6.63
Lehman Brothers Tr    4.90    7/28/2020    EUR     3.82
Gjerstad Sparebank    2.87                 NOK    74.37
Lehman Brothers Tr    3.82   10/20/2009    USD     6.63
LBI HF                2.22   10/15/2019    JPY     2.81
Glitnir HF            3.00   12/15/2009    EUR    14.00
Lehman Brothers Tr   13.50     6/2/2009    USD     6.63
LBI HF                4.40    11/3/2009    CZK     2.81
Lehman Brothers Tr    6.00     3/4/2015    USD     3.82
Oesterreichische V    5.01    3/26/2018    EUR    57.13
Oesterreichische V    5.01    3/26/2018    EUR    57.13
Lehman Brothers Tr    5.22     3/1/2024    EUR     6.63
Lehman Brothers Tr    3.50    6/20/2011    EUR     3.82
Lehman Brothers Tr    5.50    4/23/2014    EUR     3.82
Lehman Brothers Tr   16.20    5/14/2009    USD     6.63
Lehman Brothers Tr   16.00    11/9/2008    USD     6.63
Kaupthing Bank Hf     7.50     4/2/2011    EUR    14.13
Lehman Brothers Tr   10.00    5/22/2009    USD     6.63
Lehman Brothers Tr    4.60     8/1/2013    EUR     3.82
Lehman Brothers Tr    8.00    5/22/2009    USD     6.63
Lehman Brothers Tr    6.25   11/30/2012    EUR     3.82
Lehman Brothers Tr    6.00    2/19/2023    USD     3.82
Lehman Brothers Tr    1.00    2/26/2010    USD     3.82
Lehman Brothers Tr    4.87    10/8/2013    USD     6.63
Lehman Brothers Tr    1.95    11/4/2013    EUR     6.63
LBI HF                7.25     4/2/2011    EUR     2.81
LBI HF                7.00     4/2/2010    EUR     2.81
Lehman Brothers Tr    7.50    2/14/2010    AUD     6.63
Lehman Brothers Tr    5.00    12/6/2011    EUR     6.63
Lehman Brothers Tr    0.50     6/2/2020    EUR     6.63
Lehman Brothers Tr   12.00     7/4/2011    EUR     6.63
Lehman Brothers Tr    5.50     7/8/2013    EUR     3.82
Lehman Brothers Tr    7.60     3/4/2010    NZD     6.63
Lehman Brothers Tr   17.00     6/2/2009    USD     6.63
Lehman Brothers Tr    2.75   10/28/2009    EUR     3.82
Lehman Brothers Tr    3.00     6/3/2010    EUR     3.82
Lehman Brothers Tr    9.75    6/22/2018    USD     3.82
LBI HF                1.68   12/22/2014    JPY     2.81
Province of Trevis    0.31   12/31/2034    EUR    60.84
HSBC Bank PLC         0.50    5/29/2020    IDR    63.90
Municipality Finan    0.25    6/28/2040    CAD    28.40
Lehman Brothers Tr    7.75     1/3/2012    AUD     6.63
UBS AG                5.56    2/10/2016    USD    36.53
UBS AG                2.75    8/18/2016    USD     9.31
Lehman Brothers Tr    2.50    8/15/2012    CHF     3.82
LBI HF                4.08    3/16/2015    EUR     2.81
Lehman Brothers Tr    6.00     8/7/2013    EUR     3.82
Glitnir HF            5.24   12/22/2010    USD    14.00
UBS AG               11.22     2/4/2016    USD    23.10
Lehman Brothers Tr   16.80    8/21/2009    USD     6.63
LBI HF                4.00    9/23/2015    EUR     2.81
Lehman Brothers Tr   14.10   11/12/2008    USD     6.63
Lehman Brothers Tr    0.75    3/29/2012    EUR     3.82
Glitnir HF            3.30    6/10/2010    EUR    14.00
Glitnir HF            5.35    5/11/2010    USD    14.00
Lehman Brothers Tr    4.00    8/11/2010    USD     3.82
Lehman Brothers Tr    2.30     6/6/2013    USD     6.63
Lehman Brothers Tr    7.50    5/30/2010    AUD     6.63
Lehman Brothers Tr   11.00     5/9/2020    USD     3.82
Lehman Brothers Tr    4.30     6/4/2012    USD     6.63
Lehman Brothers Tr    4.00     6/5/2011    USD     6.63
UBS AG                8.42   12/17/2015    USD    26.12
LBI HF                2.14     2/3/2020    JPY     2.81
UBS AG                8.15    7/21/2015    USD    45.63
Lehman Brothers Tr    3.10     6/4/2010    USD     6.63
Lehman Brothers Tr    5.25     7/8/2014    EUR     6.63
LBI HF                6.75    2/18/2015    EUR     2.81
Lehman Brothers Tr    6.60    5/23/2012    AUD     6.63
Lehman Brothers Tr   16.00   10/28/2008    USD     6.63
LBI HF                2.75    3/16/2011    EUR     2.81
Lehman Brothers Tr    6.60     2/9/2009    EUR     3.92
Lehman Brothers Tr    4.70    3/23/2016    EUR     3.82
Lehman Brothers Tr    8.00    4/20/2009    EUR     3.82
Lehman Brothers Tr    0.50    2/16/2009    EUR     6.63
Lehman Brothers Tr    7.63    7/22/2011    HKD     6.63
Glitnir HF            4.85     4/6/2012    EUR    14.00
Kaupthing Bank Hf     5.40    3/22/2014    ISK     0.00
Lehman Brothers Tr    5.00    3/13/2009    EUR     3.82
Lehman Brothers Tr    6.72   12/29/2008    EUR     3.97
Lehman Brothers Tr    7.06   12/29/2008    EUR     3.98
Glitnir HF            2.57   12/31/2013    EUR    14.00
Glitnir HF            6.00   12/10/2009    ISK     0.02
Glitnir HF            6.20   12/20/2009    ISK     0.02
Glitnir HF            5.00     2/1/2016    ISK    14.00
Glitnir HF            6.00     8/1/2010    ISK    14.00
LBI HF                8.65     5/1/2011    ISK     2.81
Lehman Brothers Tr   10.00   10/23/2008    USD     6.63
Lehman Brothers Tr   10.00   10/22/2008    USD     6.63
Lehman Brothers Tr    6.45    2/20/2010    AUD     6.63
Lehman Brothers Tr   12.40    6/12/2009    USD     6.63
Glitnir HF            0.50   11/26/2009    EUR    14.00
Lehman Brothers Tr   10.00    6/17/2009    USD     6.63
Lehman Brothers Tr   13.15   10/30/2008    USD     6.63
Lehman Brothers Tr    3.63     3/2/2012    EUR     6.63
Lehman Brothers Tr    0.50     8/1/2020    EUR     6.63
Royal Bank of Scot    1.69   11/14/2016    GBP     1.08
Glitnir HF            0.01     8/3/2009    JPY    14.00
Lehman Brothers Tr   16.00   12/26/2008    USD     6.63
Kaupthing Bank Hf     7.50    12/5/2014    ISK    14.13
Lehman Brothers Tr    2.30    6/27/2013    USD     6.63
Oesterreichische V    5.01     2/5/2018    EUR    58.50
LBI HF                5.44     9/3/2018    EUR     0.01
Oesterreichische V    5.00    3/13/2018    EUR    57.50
Lehman Brothers Tr    8.00    3/21/2018    USD     3.82
Lehman Brothers Tr    3.45    5/23/2013    USD     3.82
Lehman Brothers Tr    4.10    5/20/2009    USD     6.63
Lehman Brothers Tr    4.60    11/9/2011    EUR     3.82
Lehman Brothers Tr    4.60   10/11/2017    ILS    29.88
Oesterreichische V    5.00   12/12/2018    EUR    50.50
Lehman Brothers Tr   18.25    10/2/2008    USD     6.63
e-Kancelaria Grupa   10.00   10/23/2015    PLN     1.00
HSBC Trinkaus & Bu   10.40   12/28/2015    EUR    74.92
HSBC Trinkaus & Bu   13.20   11/27/2015    EUR    72.46
Notenstein Privatb    7.40   10/31/2016    CHF    45.09
UBS AG               14.25    6/26/2015    EUR    73.78
UBS AG               13.75    6/26/2015    EUR    74.33
UBS AG               14.50    6/26/2015    EUR    75.00
UBS AG               14.25    9/25/2015    EUR    74.90
Kommunalbanken AS     0.50    8/15/2018    BRL    71.28
UBS AG                7.75    6/26/2015    EUR    60.83
LBBW                  4.00    6/26/2015    EUR    59.20
UBS AG               12.25    6/26/2015    EUR    63.66
Credit Suisse AG/N    8.25    5/18/2015    CHF    72.82
UBS AG               12.25    9/25/2015    EUR    74.81
UBS AG               18.25    9/25/2015    EUR    62.59
UBS AG               12.00   12/29/2015    EUR    74.71
UBS AG               20.50   12/29/2015    EUR    72.19
UBS AG               20.25    9/25/2015    EUR    72.50
UBS AG               23.00    9/25/2015    EUR    56.20
UBS AG               19.75   12/29/2015    EUR    64.76
UBS AG               22.75   12/29/2015    EUR    68.80
UBS AG               23.00    9/25/2015    EUR    67.73
UBS AG/London         9.00    12/3/2015    CHF    74.97
LBBW                  4.25    8/28/2015    EUR    65.70
LBBW                  5.25    8/28/2015    EUR    61.55
LBBW                  6.50    8/28/2015    EUR    57.50
Zurcher Kantonalba    3.67    1/25/2016    CHF    54.93
UBS AG               10.00   12/29/2015    EUR    71.75
UBS AG               11.50    6/26/2015    EUR    60.30
Commerzbank AG       13.25   11/26/2015    EUR    72.81
Vontobel Financial    8.20    6/26/2015    EUR    74.99
Vontobel Financial    5.65    6/26/2015    EUR    67.96
Goldman Sachs & Co    7.00    6/24/2015    EUR    74.89
Goldman Sachs & Co   11.00    6/24/2015    EUR    71.69
Goldman Sachs & Co    9.00    6/24/2015    EUR    70.07
Goldman Sachs & Co   11.00    6/24/2015    EUR    66.46
Notenstein Privatb    8.80    7/24/2015    EUR    74.93
HSBC Trinkaus & Bu    6.50    6/26/2015    EUR    69.95
DZ Bank AG Deutsch    6.00    7/10/2015    EUR    74.65
Goldman Sachs & Co    8.00    6/24/2015    EUR    73.97
Vontobel Financial    6.40    6/26/2015    EUR    71.25
UBS AG               24.00   12/29/2015    EUR    61.18
UBS AG               19.25    3/29/2016    EUR    66.74
UBS AG               19.75    6/24/2016    EUR    67.32
UBS AG               18.00    6/24/2016    EUR    69.01
UBS AG               22.00   12/29/2015    EUR    55.94
UBS AG               16.00    3/29/2016    EUR    72.98
UBS AG               17.50    6/24/2016    EUR    71.49
UBS AG               21.75    3/29/2016    EUR    66.11
UBS AG               22.50   12/29/2015    EUR    72.80
UBS AG               23.75    9/25/2015    EUR    70.54
UBS AG               23.00    6/26/2015    EUR    72.03
UBS AG               22.00   12/29/2015    EUR    73.58
UBS AG               22.00   12/29/2015    EUR    72.13
UBS AG               22.50   12/29/2015    EUR    74.78
UBS AG               24.75    9/25/2015    EUR    58.88
UBS AG               16.00    6/24/2016    EUR    71.07
UBS AG               23.75   12/29/2015    EUR    54.49
UBS AG               20.00   12/29/2015    EUR    57.58
UBS AG               20.25   12/29/2015    EUR    72.55
UBS AG               22.25   12/29/2015    EUR    69.92
UBS AG               21.75    6/26/2015    EUR    52.72
UBS AG               22.75    9/25/2015    EUR    53.34
UBS AG               23.75    6/26/2015    EUR    55.88
UBS AG               19.75    6/24/2016    EUR    73.15
UBS AG               18.75   12/29/2015    EUR    74.52
UBS AG               23.25    9/25/2015    EUR    68.34
UBS AG               21.25    3/29/2016    EUR    71.26
Vontobel Financial    4.00    6/12/2015    EUR    50.30
Vontobel Financial    8.00    6/12/2015    EUR    47.10
UBS AG               14.75    6/26/2015    EUR    67.43
UBS AG               13.25    6/26/2015    EUR    71.90
UBS AG               14.25   12/29/2015    EUR    72.63
Commerzbank AG       14.25   11/26/2015    EUR    71.53
UBS AG/London        11.50   11/26/2015    CHF    68.63
UBS AG/London        10.75   11/26/2015    CHF    68.17
Commerzbank AG       12.00   11/26/2015    EUR    67.82
UBS AG               24.00   12/29/2015    EUR    67.63
UBS AG               21.25    6/26/2015    EUR    59.02
UBS AG               20.25    3/29/2016    EUR    67.84
UBS AG               13.25   12/29/2015    EUR    60.48
UBS AG                8.75    9/25/2015    EUR    72.25
UBS AG                5.75    6/26/2015    EUR    59.92
UBS AG               10.75    6/26/2015    EUR    50.76
UBS AG                9.50   12/29/2015    EUR    62.69
UBS AG               14.75    3/29/2016    EUR    71.77
UBS AG                7.00    6/26/2015    EUR    60.07
LBBW                  3.50    8/28/2015    EUR    70.57
Notenstein Finance    7.00   10/23/2015    USD    72.87
Leonteq Securities    3.00    9/19/2019    CHF    64.25
Leonteq Securities   11.00    12/4/2015    USD    65.74
Notenstein Privatb    8.20    5/27/2016    CHF    74.34
DZ Bank AG Deutsch    7.50   11/27/2015    EUR    72.22
Commerzbank AG        9.50   10/22/2015    EUR    74.91
Commerzbank AG       11.50   10/22/2015    EUR    72.30
Commerzbank AG       13.75   10/22/2015    EUR    70.15
Commerzbank AG       15.75   10/22/2015    EUR    68.06
UBS AG/London        10.25   11/12/2015    CHF    73.22
UBS AG/London        11.75   11/12/2015    CHF    62.03
HSBC Trinkaus & Bu   17.50   12/28/2015    EUR    64.91
HSBC Trinkaus & Bu   13.70   12/28/2015    EUR    67.60
HSBC Trinkaus & Bu   10.00   12/28/2015    EUR    71.25
HSBC Trinkaus & Bu   13.90    8/28/2015    EUR    66.59
HSBC Trinkaus & Bu   12.40   11/27/2015    EUR    68.60
DZ Bank AG Deutsch   15.50    5/20/2015    EUR    63.48
Goldman Sachs & Co   25.00    6/24/2015    EUR    73.19
Goldman Sachs & Co   25.00    8/26/2015    EUR    73.43
Goldman Sachs & Co   24.00    9/23/2015    EUR    74.88
DZ Bank AG Deutsch   11.00   10/23/2015    EUR    66.14
Notenstein Privatb    3.00    9/22/2020    CHF    69.59
DZ Bank AG Deutsch    7.75    7/24/2015    EUR    69.89
Commerzbank AG        7.00   10/22/2015    EUR    70.93
BNP Paribas Emissi   13.00   12/24/2015    EUR    67.16
Bank Julius Baer &   13.70   11/11/2015    CHF    67.45
UBS AG/London        12.35    11/3/2015    CHF    62.95
UBS AG/London         8.48    11/3/2015    CHF    61.20
BNP Paribas Emissi   15.00   12/24/2015    EUR    74.44
BNP Paribas Emissi   16.00   12/24/2015    EUR    72.47
HSBC Trinkaus & Bu   17.00   12/28/2015    EUR    60.20
HSBC Trinkaus & Bu   11.90   12/28/2015    EUR    63.76
HSBC Trinkaus & Bu    8.70   12/28/2015    EUR    67.26
Commerzbank AG        7.00    9/24/2015    EUR    65.20
UBS AG               22.75   12/29/2015    EUR    64.44
UBS AG               21.00    9/25/2015    EUR    62.26
UBS AG               13.50   12/29/2015    EUR    74.05
UBS AG               20.25    9/25/2015    EUR    67.99
UBS AG               22.75   12/29/2015    EUR    74.35
UBS AG               22.75    6/26/2015    EUR    55.51
UBS AG               18.50    6/26/2015    EUR    61.47
UBS AG               19.25   12/29/2015    EUR    62.28
UBS AG               16.50    9/25/2015    EUR    65.34
UBS AG               20.50    6/26/2015    EUR    61.97
UBS AG               24.75    6/26/2015    EUR    53.03
UBS AG               16.50    6/26/2015    EUR    65.11
UBS AG               18.00   12/29/2015    EUR    64.15
UBS AG               21.50    9/25/2015    EUR    58.08
UBS AG               24.00    6/26/2015    EUR    57.31
UBS AG               22.00    9/25/2015    EUR    64.69
UBS AG               16.25   12/29/2015    EUR    69.81
UBS AG               18.00    9/25/2015    EUR    71.67
UBS AG               23.75    9/25/2015    EUR    61.89
UBS AG               20.50   12/29/2015    EUR    60.63
UBS AG               14.75    9/25/2015    EUR    68.54
UBS AG               21.25    9/25/2015    EUR    65.68
UBS AG                7.00   12/29/2015    EUR    66.71
UBS AG                6.25    6/26/2015    EUR    66.52
UBS AG                9.75    9/25/2015    EUR    57.51
UBS AG               24.25    9/25/2015    EUR    40.81
UBS AG                5.00    6/26/2015    EUR    72.60
UBS AG               18.00   12/29/2015    EUR    70.25
UBS AG               23.50    9/25/2015    EUR    74.26
UBS AG               20.75   12/29/2015    EUR    66.52
UBS AG               13.50    6/26/2015    EUR    62.72
UBS AG               12.00   12/29/2015    EUR    54.62
UBS AG               15.00    6/26/2015    EUR    59.76
UBS AG               13.75    9/25/2015    EUR    61.89
UBS AG               23.00    9/25/2015    EUR    62.54
UBS AG               22.00   12/29/2015    EUR    64.63
UBS AG               20.25    9/25/2015    EUR    66.41
UBS AG               22.50    6/26/2015    EUR    63.32
UBS AG               24.75    9/25/2015    EUR    59.88
UBS AG               24.25    6/26/2015    EUR    73.00
UBS AG               18.50    9/25/2015    EUR    70.62
UBS AG               19.50   12/29/2015    EUR    68.34
UBS AG               19.50   12/29/2015    EUR    71.36
UBS AG               12.50    9/25/2015    EUR    61.97
UBS AG                7.00    6/26/2015    EUR    63.89
UBS AG               10.25    6/26/2015    EUR    55.38
UBS AG               16.50    9/25/2015    EUR    58.93
UBS AG                5.25    9/25/2015    EUR    73.37
UBS AG               12.25    6/26/2015    EUR    52.02
UBS AG                5.50    6/26/2015    EUR    69.40
UBS AG               20.25    6/26/2015    EUR    66.28
UBS AG               23.50    9/25/2015    EUR    62.10
UBS AG               20.75    6/26/2015    EUR    66.25
UBS AG               20.50   12/29/2015    EUR    66.99
UBS AG                6.25   12/29/2015    EUR    68.83
UBS AG               16.75   12/29/2015    EUR    74.33
UBS AG               24.00    6/26/2015    EUR    60.66
UBS AG               11.00    9/25/2015    EUR    66.68
UBS AG               14.75   12/29/2015    EUR    61.86
UBS AG               24.50    9/25/2015    EUR    63.31
UBS AG               21.75   12/29/2015    EUR    67.98
UBS AG               18.00    6/26/2015    EUR    74.09
UBS AG               13.50   12/29/2015    EUR    62.75
UBS AG               21.75    9/25/2015    EUR    67.11
UBS AG               19.00   12/29/2015    EUR    69.81
UBS AG               17.75   12/29/2015    EUR    71.84
UBS AG                5.75   12/29/2015    EUR    71.30
UBS AG               21.75    6/26/2015    EUR    67.46
UBS AG               22.00    9/25/2015    EUR    64.17
UBS AG               17.50    9/25/2015    EUR    46.43
UBS AG               16.75    6/26/2015    EUR    57.59
UBS AG               15.00    9/25/2015    EUR    60.52
UBS AG               19.00    9/25/2015    EUR    71.85
UBS AG               20.25    6/26/2015    EUR    69.93
UBS AG               18.25    6/26/2015    EUR    55.61
UBS AG               12.50   12/29/2015    EUR    64.42
UBS AG               17.75    9/25/2015    EUR    74.02
UBS AG                9.50   12/29/2015    EUR    59.64
UBS AG               17.75    9/25/2015    EUR    70.41
UBS AG               23.00   12/29/2015    EUR    63.27
UBS AG               19.75    9/25/2015    EUR    67.96
UBS AG               22.50   12/29/2015    EUR    64.15
UBS AG               23.25    6/26/2015    EUR    61.68
UBS AG               18.00    6/26/2015    EUR    71.29
UBS AG               11.25   12/29/2015    EUR    66.54
UBS AG                5.25   12/29/2015    EUR    73.96
Credit Suisse AG/N    8.50     6/5/2015    CHF    70.04
SAir Group            2.75    7/30/2004    CHF    11.63
UBS AG               20.50    9/25/2015    EUR    67.02
UBS AG               20.25    6/26/2015    EUR    48.28
UBS AG                9.00   12/29/2015    EUR    70.58
UBS AG               11.00   12/29/2015    EUR    65.91
UBS AG               19.25    9/25/2015    EUR    68.97
UBS AG                8.75    6/26/2015    EUR    70.68
UBS AG               22.00    9/25/2015    EUR    48.05
UBS AG               14.50    9/25/2015    EUR    71.10
UBS AG               25.00    9/25/2015    EUR    73.55
UBS AG               16.50    6/26/2015    EUR    67.60
UBS AG               10.50    9/25/2015    EUR    66.08
UBS AG               12.50    6/26/2015    EUR    60.83
UBS AG               20.25    9/25/2015    EUR    50.17
UBS AG               21.75   12/29/2015    EUR    62.20
UBS AG               11.25    6/26/2015    EUR    63.76
UBS AG               18.25    9/25/2015    EUR    52.63
UBS AG               19.75   12/29/2015    EUR    64.30
UBS AG               17.25    9/25/2015    EUR    72.28
UBS AG               22.50    9/25/2015    EUR    60.14
UBS AG               16.50   12/29/2015    EUR    56.31
UBS AG               18.25   12/29/2015    EUR    54.23
UBS AG               12.75   12/29/2015    EUR    61.94
UBS AG               19.75   12/29/2015    EUR    52.41
UBS AG               20.00    9/25/2015    EUR    63.11
UBS AG               14.75   12/29/2015    EUR    58.89
UBS AG               17.75    6/26/2015    EUR    51.72
UBS AG               23.75    6/26/2015    EUR    72.45
UBS AG               24.50    9/25/2015    EUR    71.06
UBS AG               23.00    6/26/2015    EUR    74.42
UBS AG               19.75    6/26/2015    EUR    62.60
UBS AG               23.50    9/25/2015    EUR    62.82
UBS AG               23.75    6/26/2015    EUR    62.23
UBS AG               22.75    9/25/2015    EUR    73.84
UBS AG                8.50    9/25/2015    EUR    72.20
UBS AG               21.25   12/29/2015    EUR    50.94
UBS AG               17.75   12/29/2015    EUR    66.94
UBS AG               23.00   12/29/2015    EUR    73.44
UBS AG               24.75    9/25/2015    EUR    73.42
UBS AG               18.50   12/29/2015    EUR    66.18
UBS AG               20.25    6/26/2015    EUR    67.46
UBS AG               17.50   12/29/2015    EUR    67.96
UBS AG               15.00    9/25/2015    EUR    71.23
UBS AG               20.00    9/25/2015    EUR    60.25
UBS AG               23.75    9/25/2015    EUR    72.66
UBS AG               19.00    9/25/2015    EUR    74.67
UBS AG               23.00    6/26/2015    EUR    67.73
UBS AG               15.00   12/29/2015    EUR    68.68
UBS AG               24.75    6/26/2015    EUR    71.30
UBS AG               18.75    6/26/2015    EUR    64.67
UBS AG               18.00   12/29/2015    EUR    71.81
UBS AG               23.50    9/25/2015    EUR    58.92
UBS AG               17.75    6/26/2015    EUR    72.49
UBS AG               21.50    6/26/2015    EUR    70.21
UBS AG               13.50   12/29/2015    EUR    71.50
UBS AG               21.75   12/29/2015    EUR    59.21
UBS AG               17.00    6/26/2015    EUR    67.70
UBS AG               22.25    9/25/2015    EUR    60.50
UBS AG               20.75   12/29/2015    EUR    63.35
UBS AG               16.50    9/25/2015    EUR    68.57
UBS AG               20.75    6/26/2015    EUR    58.37
UBS AG               13.00    9/25/2015    EUR    72.24
UBS AG               24.50    9/25/2015    EUR    54.49
UBS AG               16.50   12/29/2015    EUR    66.21
UBS AG               13.50    9/25/2015    EUR    74.21
UBS AG               21.25   12/29/2015    EUR    66.54
UBS AG               19.50    9/25/2015    EUR    64.12
UBS AG               22.75    6/26/2015    EUR    63.20
UBS AG               19.25    6/26/2015    EUR    74.38
UBS AG               22.25    6/26/2015    EUR    59.52
UBS AG               19.75   12/29/2015    EUR    69.02
UBS AG               15.00   12/29/2015    EUR    71.88
UBS AG               18.00    9/25/2015    EUR    66.23
UBS AG               12.25    6/26/2015    EUR    69.44
UBS AG               20.75   12/29/2015    EUR    67.27
UBS AG               24.00    9/25/2015    EUR    74.19
UBS AG               15.50   12/29/2015    EUR    70.03
UBS AG               13.00   12/29/2015    EUR    73.79
UBS AG                7.50    6/26/2015    EUR    74.76
UBS AG               16.00    9/25/2015    EUR    55.51
UBS AG               22.75   12/29/2015    EUR    49.75
UBS AG                7.25    6/26/2015    EUR    66.19
UBS AG               13.75    6/26/2015    EUR    70.87
UBS AG               14.00    6/26/2015    EUR    69.24
UBS AG               13.75    9/25/2015    EUR    64.23
UBS AG               11.75    6/26/2015    EUR    63.71
UBS AG                6.75    6/26/2015    EUR    50.22
UBS AG                8.50   12/29/2015    EUR    74.06
UBS AG               10.25    9/25/2015    EUR    62.95
UBS AG                7.25   12/29/2015    EUR    73.36
UBS AG                9.50    6/26/2015    EUR    70.24
UBS AG               10.75    6/26/2015    EUR    53.23
UBS AG               10.75   12/29/2015    EUR    72.25
UBS AG               10.50    6/26/2015    EUR    43.69
UBS AG               14.75    9/25/2015    EUR    61.05
UBS AG               25.00   12/29/2015    EUR    72.89
UBS AG               14.00    6/24/2016    EUR    73.91
UBS AG               25.00    9/25/2015    EUR    67.52
UBS AG               23.75   12/29/2015    EUR    70.73
UBS AG               23.50    9/25/2015    EUR    69.82
UBS AG               23.00   12/29/2015    EUR    60.05
UBS AG               16.50    6/24/2016    EUR    72.87
UBS AG               13.75    3/29/2016    EUR    73.93
UBS AG               23.25   12/29/2015    EUR    70.36
UBS AG               20.75   12/29/2015    EUR    74.15
UBS AG               22.75    6/26/2015    EUR    72.24
UBS AG               21.25    3/29/2016    EUR    64.78
UBS AG               18.50    3/29/2016    EUR    69.75
UBS AG               19.00    6/24/2016    EUR    69.83
UBS AG               24.50   12/29/2015    EUR    62.41
UBS AG               23.00    6/26/2015    EUR    68.58
UBS AG               19.25    6/26/2015    EUR    73.64
UBS AG               21.50    9/25/2015    EUR    70.60
UBS AG               17.25    3/29/2016    EUR    71.23
UBS AG               20.25    6/24/2016    EUR    68.29
UBS AG               24.75    9/25/2015    EUR    69.25
UBS AG               23.50   12/29/2015    EUR    58.32
UBS AG               19.75    9/25/2015    EUR    73.17
UBS AG               20.00    6/26/2015    EUR    54.55
UBS AG               15.25    6/24/2016    EUR    74.21
UBS AG               21.75   12/29/2015    EUR    63.48
UBS AG               17.25    3/29/2016    EUR    69.39
UBS AG               21.00    6/26/2015    EUR    74.17
UBS AG               22.00    9/25/2015    EUR    72.38
UBS AG               20.75    3/29/2016    EUR    73.95
UBS AG               23.25    6/26/2015    EUR    70.53
UBS AG               14.75    3/29/2016    EUR    72.42
UBS AG               23.00    6/26/2015    EUR    40.18
UBS AG               20.75    6/26/2015    EUR    42.34
UBS AG               23.75   12/29/2015    EUR    71.04
UBS AG               19.75    3/29/2016    EUR    73.33
DZ Bank AG Deutsch    6.25    7/10/2015    EUR    67.92
DZ Bank AG Deutsch    6.75    7/10/2015    EUR    68.01
DZ Bank AG Deutsch    7.25    7/10/2015    EUR    68.10
Powszechne Towarzy    8.01     8/1/2016    PLN    49.00
e-Kancelaria Grupa    8.04    9/15/2016    PLN     1.00
Lehman Brothers Tr    8.28    3/26/2009    USD     3.82
Lehman Brothers Tr    7.60    3/26/2009    EUR     3.82
Lehman Brothers Tr    7.55   12/29/2008    USD     3.82
Lehman Brothers Tr    6.00    3/17/2011    EUR     3.82
Glitnir HF            2.75    3/31/2010    EUR    14.00
Lehman Brothers Tr    7.00    7/11/2010    EUR     3.82
Leonteq Securities   13.00     6/5/2015    CHF    71.76
HSBC Trinkaus & Bu   13.40    9/25/2015    EUR    74.62
Hypothekenbank Fra    0.29    6/30/2051    EUR    71.83
Lehman Brothers Tr    4.00    3/10/2011    EUR     3.82
Lehman Brothers Tr    8.00    3/19/2012    USD     3.82
UBS AG               24.75    9/25/2015    EUR    71.25
UBS AG               23.50    6/26/2015    EUR    72.76
UBS AG               23.00   12/29/2015    EUR    73.98
UBS AG               22.50    9/25/2015    EUR    73.89
UBS AG               23.25    9/25/2015    EUR    73.59
UBS AG               13.75    9/25/2015    EUR    59.07
UBS AG               11.75    9/25/2015    EUR    63.56
UBS AG               15.00    6/26/2015    EUR    55.81
UBS AG               23.75    9/25/2015    EUR    46.27
UBS AG               24.50    9/25/2015    EUR    57.59
UBS AG               17.25    9/25/2015    EUR    66.63
UBS AG               23.00    6/26/2015    EUR    58.46
UBS AG               22.00    6/26/2015    EUR    64.45
UBS AG               22.75    6/26/2015    EUR    45.38
UBS AG               10.00   12/29/2015    EUR    68.13
UBS AG                8.25   12/29/2015    EUR    73.43
UBS AG               23.00    6/26/2015    EUR    73.96
UBS AG               13.00    6/26/2015    EUR    72.61
Leonteq Securities    4.50     4/4/2016    EUR    56.24
Commerzbank AG       11.25   11/26/2015    EUR    74.51
Leonteq Securities    5.00    5/23/2016    CHF    60.21
Barclays Bank PLC     4.17     1/5/2017    EUR    69.00
BNP Paribas Emissi   10.00    7/23/2015    EUR    64.37
BNP Paribas Emissi    8.00    7/23/2015    EUR    64.59
Credit Suisse AG/N    8.13    7/15/2015    CHF    73.98
Bank Julius Baer &    3.90   11/30/2015    CHF    71.95
Leonteq Securities    6.00     1/7/2016    EUR    45.95
Goldman Sachs Inte    1.00    12/5/2017    SEK    15.26
HSBC Trinkaus & Bu   18.50    6/26/2015    EUR    61.81
Notenstein Privatb    7.00    6/17/2015    CHF    74.64
Commerzbank AG        3.00    12/3/2015    EUR    63.46
UBS AG               14.75    6/26/2015    EUR    71.35
UBS AG               12.75   12/29/2015    EUR    73.74
UBS AG               14.50   12/29/2015    EUR    68.40
UBS AG               13.75   12/29/2015    EUR    70.36
Societe Generale E    4.00    6/26/2017    EUR    52.02
Vontobel Financial    7.75    6/26/2015    EUR    74.25
Raiffeisen Centrob    8.56    7/22/2015    EUR    72.49
Raiffeisen Centrob    9.87    7/22/2015    EUR    72.98
UBS AG               10.75   12/29/2015    EUR    65.78
UBS AG               14.25    6/26/2015    EUR    55.30
Leonteq Securities    5.25    2/26/2016    CHF    59.57
Leonteq Securities    3.90     3/1/2016    EUR    49.37
Leonteq Securities    3.10     3/1/2016    EUR    73.75
Lehman Brothers Tr    9.25    6/20/2012    USD     3.82
Lehman Brothers Tr    1.50     2/8/2012    CHF     3.82
Oesterreichische V    0.83   10/15/2019    EUR    34.25
Oesterreichische V    4.50   10/21/2020    EUR    37.00
Lehman Brothers Tr    0.01    9/20/2011    USD     3.82
Lehman Brothers Tr    4.68   12/12/2045    EUR     6.63
Lehman Brothers Tr   13.00   12/14/2012    USD     3.82
Lehman Brothers Tr    5.12    4/30/2027    EUR     6.63
Lehman Brothers Tr    7.75    2/21/2016    EUR     3.82
Lehman Brothers Tr    4.10    8/23/2010    USD     6.63
Lehman Brothers Tr    7.25    6/20/2010    USD     3.82
DZ Bank AG Deutsch    3.50    9/23/2015    EUR    74.71
DZ Bank AG Deutsch    5.40    9/23/2015    EUR    71.89
DZ Bank AG Deutsch    4.80   12/23/2015    EUR    73.69
DZ Bank AG Deutsch    5.70    9/23/2015    EUR    69.68
DZ Bank AG Deutsch    5.70    9/23/2015    EUR    66.47
DZ Bank AG Deutsch    4.60    9/23/2015    EUR    63.14
DZ Bank AG Deutsch    5.10   12/23/2015    EUR    72.20
DZ Bank AG Deutsch    5.10   12/23/2015    EUR    69.03
DZ Bank AG Deutsch    4.40   12/23/2015    EUR    65.60
DZ Bank AG Deutsch    3.90    9/23/2015    EUR    74.92
DZ Bank AG Deutsch    5.80    9/23/2015    EUR    71.71
DZ Bank AG Deutsch    5.10   12/23/2015    EUR    74.18
DZ Bank AG Deutsch    4.60   12/23/2015    EUR    68.82
DZ Bank AG Deutsch    3.20   12/23/2015    EUR    67.93
HSBC Trinkaus & Bu   19.80    6/26/2015    EUR    54.29
Commerzbank AG        9.25    9/24/2015    EUR    73.87
Commerzbank AG        7.50    9/24/2015    EUR    70.14
Commerzbank AG        9.25    9/24/2015    EUR    67.42
Commerzbank AG       11.25    9/24/2015    EUR    65.08
Commerzbank AG       20.50    9/24/2015    EUR    72.72
Commerzbank AG       23.75    9/24/2015    EUR    68.49
Vontobel Financial    7.60    9/25/2015    EUR    73.02
Oesterreichische V    4.78     6/7/2030    EUR    17.88
DZ Bank AG Deutsch    8.75   10/23/2015    EUR    73.10
Deutsche Bank AG      5.20   12/22/2015    EUR    72.50
Deutsche Bank AG      4.20    6/22/2015    EUR    70.00
Deutsche Bank AG      6.20    6/22/2015    EUR    70.30
Lehman Brothers Tr    6.00    6/21/2011    EUR     3.82
Leonteq Securities   11.20   12/29/2015    CHF    55.99
DZ Bank AG Deutsch    2.60    9/23/2015    EUR    69.11
DZ Bank AG Deutsch    3.10    9/23/2015    EUR    66.25
DZ Bank AG Deutsch    4.80    9/23/2015    EUR    66.91
DZ Bank AG Deutsch    2.70   12/23/2015    EUR    70.66
DZ Bank AG Deutsch    6.00    9/23/2015    EUR    72.75
Commerzbank AG       10.75    8/27/2015    EUR    60.44
Commerzbank AG        8.50    8/27/2015    EUR    62.70
HSBC Trinkaus & Bu   19.30    6/26/2015    EUR    70.24
HSBC Trinkaus & Bu   15.60    9/25/2015    EUR    74.08
Deutsche Bank AG      5.20    6/22/2015    EUR    70.20
Deutsche Bank AG      6.20    9/22/2015    EUR    71.70
Deutsche Bank AG      6.20   12/22/2015    EUR    73.10
Commerzbank AG       26.75    9/24/2015    EUR    64.38
Deutsche Bank AG      4.20    6/22/2015    EUR    74.60
Deutsche Bank AG      4.20   12/22/2015    EUR    71.80
Deutsche Bank AG      4.20    9/22/2015    EUR    71.00
Deutsche Bank AG      5.20    9/22/2015    EUR    71.40
Lehman Brothers Tr   12.00    7/13/2037    JPY     3.82
Lehman Brothers Tr   10.00    6/11/2038    JPY     3.82
Oesterreichische V    1.34     3/1/2018    EUR    51.13
Oesterreichische V    1.39    1/28/2019    EUR    41.75
Lehman Brothers Tr    4.82   12/18/2036    EUR     6.63
Lehman Brothers Tr    5.25     4/1/2023    EUR     6.63
Lehman Brothers Tr    6.70    4/21/2011    USD     3.82
Oesterreichische V    0.95    2/11/2019    EUR    40.25
Lehman Brothers Tr    3.00    9/12/2036    JPY    29.88
Leonteq Securities   20.00   12/29/2015    CHF    64.22
Provincia di Ancon    0.31    6/30/2028    EUR    73.15
Bank Julius Baer &    8.85    9/25/2015    CHF    53.25
DZ Bank AG Deutsch    6.25    9/25/2015    EUR    65.00
DZ Bank AG Deutsch    7.00   10/23/2015    EUR    64.54
Bank Julius Baer &   14.20   10/28/2015    CHF    62.55
HSBC Trinkaus & Bu   21.30    6/26/2015    EUR    46.89
HSBC Trinkaus & Bu   15.80    6/26/2015    EUR    49.61
HSBC Trinkaus & Bu    8.50    6/26/2015    EUR    55.02
HSBC Trinkaus & Bu   17.10    9/25/2015    EUR    50.52
HSBC Trinkaus & Bu   12.80    7/24/2015    EUR    52.12
HSBC Trinkaus & Bu   11.30   10/23/2015    EUR    54.56
UBS AG/London         7.50   10/15/2015    CHF    57.59
Oesterreichische V    2.75    9/20/2016    EUR    73.50
Commerzbank AG        9.50    9/24/2015    EUR    63.73
Commerzbank AG       11.50    9/24/2015    EUR    61.39
Commerzbank AG       13.75    9/24/2015    EUR    59.44
Deutsche Bank AG     10.00    6/22/2015    EUR    70.80
Deutsche Bank AG     10.00    8/26/2015    EUR    72.60
Deutsche Bank AG     10.00   10/21/2015    EUR    74.00
Oesterreichische V    5.05     8/5/2030    EUR    18.63
HSBC Trinkaus & Bu   13.40    9/25/2015    EUR    52.57
Deutsche Bank AG     10.00    7/22/2015    EUR    71.70
Deutsche Bank AG     10.00    9/22/2015    EUR    73.20
Deutsche Bank AG     10.00   11/25/2015    EUR    74.90
Oesterreichische V    2.75    8/24/2016    EUR    74.63
Oesterreichische V    1.33    6/14/2017    EUR    60.38
Credit Suisse AG/L    7.50    6/25/2015    USD    70.40
BNP Paribas Emissi    7.00   10/22/2015    EUR    55.67
BNP Paribas Emissi    9.00   10/22/2015    EUR    66.33
DZ Bank AG Deutsch   15.25    5/22/2015    EUR    52.13
UniCredit Bank AG     5.40    9/24/2015    EUR    54.36
UniCredit Bank AG     5.25    9/24/2015    EUR    54.92
DZ Bank AG Deutsch    9.75    5/22/2015    EUR    56.40
DZ Bank AG Deutsch   15.25    5/22/2015    EUR    53.47
Goldman Sachs & Co    6.00    7/22/2015    EUR    74.23
Goldman Sachs & Co    7.00   12/23/2015    EUR    73.16
Goldman Sachs & Co   11.00   12/23/2015    EUR    65.99
Vontobel Financial    8.95    6/26/2015    EUR    74.43
Vontobel Financial    4.50    6/26/2015    EUR    73.49
Vontobel Financial    8.35    6/26/2015    EUR    51.74
BNP Paribas Emissi    5.50    6/25/2015    EUR    73.96
BNP Paribas Emissi    7.50    6/25/2015    EUR    70.19
BNP Paribas Emissi    9.00    6/25/2015    EUR    66.77
Raiffeisen Centrob    7.55    1/20/2016    EUR    69.36
Raiffeisen Centrob    6.29    1/20/2016    EUR    67.11
Goldman Sachs & Co   14.00    5/20/2015    EUR    73.34
UniCredit Bank AG     4.25    9/24/2015    EUR    57.26
UniCredit Bank AG     5.75    9/24/2015    EUR    53.24
Credit Suisse AG/L    9.50    5/11/2015    USD    60.26
BNP Paribas Emissi    7.50    6/25/2015    EUR    74.24
BNP Paribas Emissi    9.00    6/25/2015    EUR    70.40
BNP Paribas Emissi   11.00    6/25/2015    EUR    67.04
HSBC Trinkaus & Bu   13.50    6/26/2015    EUR    73.90
UniCredit Bank AG     4.50    6/24/2015    EUR    72.50
UniCredit Bank AG     4.75    6/24/2015    EUR    53.19
UniCredit Bank AG     4.50    6/24/2015    EUR    53.80
UniCredit Bank AG     5.00    6/24/2015    EUR    73.44
Vontobel Financial   11.20    5/15/2015    EUR    65.75
Leonteq Securities    9.07     5/3/2016    GBP    54.53
UBS AG/London         9.06   10/23/2015    CHF    62.40
UBS AG/London        12.88   10/23/2015    CHF    64.65
DZ Bank AG Deutsch    8.50    5/22/2015    EUR    56.51
Deutsche Bank AG      6.20    6/22/2015    EUR    51.20
Deutsche Bank AG      5.20    6/22/2015    EUR    48.20
Deutsche Bank AG      7.20    6/22/2015    EUR    51.30
Leonteq Securities   11.60    8/12/2015    USD    63.53
HSBC Trinkaus & Bu   16.00    6/26/2015    EUR    58.33
UniCredit Bank AG     4.30    6/24/2015    EUR    54.44
UniCredit Bank AG     5.00    6/24/2015    EUR    68.64
UniCredit Bank AG     6.00    6/24/2015    EUR    72.55
UniCredit Bank AG     5.25    6/24/2015    EUR    52.00
UniCredit Bank AG     6.00    6/24/2015    EUR    70.26
UniCredit Bank AG     5.50    6/24/2015    EUR    51.43
UniCredit Bank AG     5.25    6/24/2015    EUR    66.87
UniCredit Bank AG     4.20    6/24/2015    EUR    74.60
UniCredit Bank AG     5.00    6/24/2015    EUR    52.59
UniCredit Bank AG     4.75    6/24/2015    EUR    70.52
Vontobel Financial    5.80    6/12/2015    EUR    67.71
Credit Suisse AG/N    8.25     5/4/2015    USD    72.20
Deutsche Bank AG      7.20    6/22/2015    EUR    54.40
Deutsche Bank AG      6.20    6/22/2015    EUR    48.40
Deutsche Bank AG      5.20    6/22/2015    EUR    51.00
Deutsche Bank AG      7.20    6/22/2015    EUR    48.50
Deutsche Bank AG      5.20    6/22/2015    EUR    54.20
Deutsche Bank AG      6.20    6/22/2015    EUR    54.30
Deutsche Bank AG      6.20    6/22/2015    EUR    69.60
Zurcher Kantonalba   14.00    7/29/2015    EUR    67.46
BNP Paribas Emissi    8.00    6/25/2015    EUR    60.31
BNP Paribas Emissi   10.50    6/25/2015    EUR    55.28
Deutsche Bank AG      5.20    9/22/2015    EUR    64.00
Deutsche Bank AG      5.20    9/22/2015    EUR    70.80
Deutsche Bank AG      5.20    9/22/2015    EUR    67.20
Deutsche Bank AG      6.20   12/22/2015    EUR    69.00
Deutsche Bank AG      5.20    6/22/2015    EUR    69.60
Deutsche Bank AG      5.20   12/22/2015    EUR    65.20
Deutsche Bank AG      6.20    6/22/2015    EUR    66.10
Deutsche Bank AG      7.20    6/22/2015    EUR    69.80
Deutsche Bank AG      6.20   12/22/2015    EUR    65.80
Deutsche Bank AG      7.20    9/22/2015    EUR    68.00
Deutsche Bank AG      5.20    6/22/2015    EUR    74.80
Deutsche Bank AG      6.20    9/22/2015    EUR    71.20
Notenstein Privatb    9.60    6/16/2015    CHF    43.96
Commerzbank AG        7.00    5/21/2015    EUR    70.47
Commerzbank AG        9.00    5/21/2015    EUR    66.88
Commerzbank AG       11.25    5/21/2015    EUR    63.65
HSBC Trinkaus & Bu   14.50    6/26/2015    EUR    63.82
Goldman Sachs & Co   12.00    7/22/2015    EUR    64.44
DZ Bank AG Deutsch   10.50    5/22/2015    EUR    55.14
DZ Bank AG Deutsch   16.00    5/22/2015    EUR    52.17
Vontobel Financial    8.80    6/26/2015    EUR    66.72
DZ Bank AG Deutsch    7.25    6/26/2015    EUR    65.64
Bank Julius Baer &   15.25     6/4/2015    CHF    52.20
Vontobel Financial    4.95    9/11/2015    EUR    66.18
Vontobel Financial    7.80    9/11/2015    EUR    67.18
Commerzbank AG        8.75    5/21/2015    EUR    67.15
Commerzbank AG       11.00    5/21/2015    EUR    63.91
DZ Bank AG Deutsch    4.25     6/5/2015    EUR    73.96
UniCredit Bank AG     6.00    7/23/2015    EUR    51.69
UniCredit Bank AG     4.50    7/23/2015    EUR    55.86
UniCredit Bank AG     4.00    7/23/2015    EUR    57.19
UniCredit Bank AG     5.50    7/23/2015    EUR    68.24
UniCredit Bank AG     4.40    7/23/2015    EUR    73.85
DZ Bank AG Deutsch    7.50    9/11/2015    EUR    71.10
Commerzbank AG       11.50    5/21/2015    EUR    58.87
Commerzbank AG        7.25    5/21/2015    EUR    74.88
Commerzbank AG        7.50    5/21/2015    EUR    74.05
Commerzbank AG        6.50    5/21/2015    EUR    67.42
Commerzbank AG        9.00    5/21/2015    EUR    62.87
Vontobel Financial    6.05    9/25/2015    EUR    66.51
Vontobel Financial    9.20    9/25/2015    EUR    65.81
Vontobel Financial    5.90    9/25/2015    EUR    71.34
Vontobel Financial    6.40    6/26/2015    EUR    70.01
DZ Bank AG Deutsch    8.50    5/22/2015    EUR    67.48
DZ Bank AG Deutsch    5.50    5/22/2015    EUR    64.66
DZ Bank AG Deutsch   10.25    5/22/2015    EUR    59.69
BNP Paribas Emissi    6.00    6/25/2015    EUR    65.66
Commerzbank AG       10.50    5/21/2015    EUR    68.22
Vontobel Financial    7.50    6/26/2015    EUR    64.70
UniCredit Bank AG     5.50    7/23/2015    EUR    52.78
UniCredit Bank AG     5.00    7/23/2015    EUR    54.61
UniCredit Bank AG     5.20    7/23/2015    EUR    70.02
UniCredit Bank AG     4.80    7/23/2015    EUR    71.88
UniCredit Bank AG     6.00    7/23/2015    EUR    72.98
HSBC Trinkaus & Bu   12.00    6/26/2015    EUR    58.07
HSBC Trinkaus & Bu    8.50    6/26/2015    EUR    63.50
HSBC Trinkaus & Bu    6.00    6/26/2015    EUR    73.94
HSBC Trinkaus & Bu   15.00    6/26/2015    EUR    64.63
Commerzbank AG        9.25    5/21/2015    EUR    71.14
Commerzbank AG        6.75    5/21/2015    EUR    51.98
UBS AG/London         7.75    5/28/2015    CHF    43.95
DZ Bank AG Deutsch   16.00    5/22/2015    EUR    57.53
Deutsche Bank AG      4.00    5/25/2015    EUR    60.00
Zurcher Kantonalba    8.00     6/4/2015    CHF    50.29
Commerzbank AG        8.25    5/21/2015    EUR    71.70
DZ Bank AG Deutsch    8.40    6/12/2015    EUR    70.93
DZ Bank AG Deutsch    7.30    9/11/2015    EUR    72.32
Credit Suisse AG/L    9.00   12/18/2015    USD    44.79
Bank Julius Baer &   11.25     6/3/2015    CHF    51.85
Vontobel Financial    9.50    6/12/2015    EUR    66.44
Vontobel Financial   10.45    9/11/2015    EUR    65.89
Vontobel Financial    8.65    9/11/2015    EUR    68.52
Vontobel Financial    6.95    9/11/2015    EUR    71.50
Vontobel Financial    5.35    9/11/2015    EUR    74.87
Commerzbank AG        6.75    5/21/2015    EUR    70.78
HSBC Trinkaus & Bu    9.50    6/26/2015    EUR    69.40
HSBC Trinkaus & Bu   17.00    6/26/2015    EUR    73.79
Goldman Sachs & Co    7.00    5/20/2015    EUR    73.05
Goldman Sachs & Co    7.00    7/22/2015    EUR    74.75
Goldman Sachs & Co    8.00    7/22/2015    EUR    70.63
Goldman Sachs & Co   10.00    7/22/2015    EUR    67.43
Goldman Sachs & Co    8.00   12/23/2015    EUR    73.80
Goldman Sachs & Co   10.00   12/23/2015    EUR    68.26
Intertekhelektro-N    8.50    4/21/2020    RUB    60.00
Oesterreichische V    3.50    5/23/2022    EUR    25.63
Leonteq Securities    9.00     4/8/2016    USD    32.41
Oesterreichische V    2.75    8/26/2016    EUR    74.50
Bank Julius Baer &   10.20    10/7/2015    CHF    67.55
Zurcher Kantonalba    7.02    10/9/2015    CHF    62.21
Leonteq Securities   13.60     1/6/2016    CHF    73.17
UniCredit Bank AG     4.80   10/22/2015    EUR    74.87
UniCredit Bank AG     5.00   10/22/2015    EUR    73.82
DZ Bank AG Deutsch    5.60    10/7/2015    EUR    59.11
Goldman Sachs & Co    8.00    9/23/2015    EUR    72.79
Vontobel Financial    9.75   10/23/2015    EUR    74.09
Notenstein Finance    8.68     4/1/2016    USD    73.99
Bank Julius Baer &    8.25    10/9/2015    USD    65.00
UniCredit Bank AG     5.20   10/22/2015    EUR    71.75
Goldman Sachs & Co   10.00    5/20/2015    EUR    73.16
Goldman Sachs & Co   14.00    5/20/2015    EUR    65.37
Goldman Sachs & Co   12.00    9/23/2015    EUR    69.76
DZ Bank AG Deutsch    7.50    6/12/2015    EUR    68.29
DZ Bank AG Deutsch    7.25    6/12/2015    EUR    67.52
DZ Bank AG Deutsch    8.00    9/11/2015    EUR    69.86
DZ Bank AG Deutsch    6.80    6/12/2015    EUR    72.75
Bank Julius Baer &   11.50    5/21/2015    USD    63.65
Credit Suisse AG/L    8.00    5/29/2015    USD    60.66
UniCredit Bank AG     4.00    9/24/2015    EUR    49.31
UniCredit Bank AG     4.00    9/24/2015    EUR    74.74
UniCredit Bank AG     4.00    9/24/2015    EUR    50.53
DZ Bank AG Deutsch    7.50    6/12/2015    EUR    68.90
DZ Bank AG Deutsch    7.75    9/11/2015    EUR    70.78
Bank Julius Baer &   14.75    5/20/2015    CHF    57.55
HSBC Trinkaus & Bu    7.50    6/26/2015    EUR    60.25
Deutsche Bank AG      5.20    7/22/2015    EUR    74.00
Deutsche Bank AG      5.20    8/26/2015    EUR    70.40
Deutsche Bank AG      6.20    7/22/2015    EUR    74.20
Deutsche Bank AG      5.20    7/22/2015    EUR    70.00
Deutsche Bank AG      5.20    8/26/2015    EUR    74.40
Deutsche Bank AG      6.20    8/26/2015    EUR    70.80
UBS AG/London        14.83    5/22/2015    CHF    62.70
UBS AG/London         6.50    5/22/2015    CHF    45.00
LBBW                  4.50    6/26/2015    EUR    73.84
Deutsche Bank AG      6.20    7/22/2015    EUR    70.20
Deutsche Bank AG      6.20    8/26/2015    EUR    74.70
UBS AG/London         8.98    5/22/2015    CHF    62.35
UBS AG/London         8.98    5/22/2015    CHF    74.45
DZ Bank AG Deutsch    7.75    6/26/2015    EUR    70.35
DZ Bank AG Deutsch    8.25    6/26/2015    EUR    61.05
DZ Bank AG Deutsch    5.25    6/26/2015    EUR    56.33
DZ Bank AG Deutsch    7.75    6/26/2015    EUR    71.48
DZ Bank AG Deutsch   16.00    6/26/2015    EUR    39.52
Vontobel Financial    7.75    6/26/2015    EUR    69.06
DZ Bank AG Deutsch    7.25    9/11/2015    EUR    70.82
Bank Julius Baer &    8.75    5/22/2015    USD    73.20
Vontobel Financial    7.50    6/26/2015    EUR    68.90
HSBC Trinkaus & Bu   12.00    6/26/2015    EUR    73.93
HSBC Trinkaus & Bu   13.50    6/26/2015    EUR    66.82
DZ Bank AG Deutsch    9.00    6/26/2015    EUR    69.43
DZ Bank AG Deutsch    7.00    9/25/2015    EUR    71.31
DZ Bank AG Deutsch    6.75    9/11/2015    EUR    69.42
DZ Bank AG Deutsch    5.25    9/11/2015    EUR    71.32
DZ Bank AG Deutsch    5.80    9/11/2015    EUR    74.00
Leonteq Securities    9.15    5/20/2015    USD    57.61
UBS AG/London        13.25    5/20/2015    CHF    43.39
UBS AG/London        12.53    5/22/2015    CHF    61.45
Lehman Brothers Tr    5.25   11/21/2009    USD     3.82
DZ Bank AG Deutsch    7.75    6/12/2015    EUR    64.57
DZ Bank AG Deutsch    6.50    6/12/2015    EUR    64.24
LBBW                  4.50   12/29/2015    EUR    73.43
LBBW                  2.50    7/24/2015    EUR    66.77
LBBW                  3.50    7/22/2016    EUR    73.23
HSBC Trinkaus & Bu   23.50    6/26/2015    EUR    52.48
DZ Bank AG Deutsch    7.75   11/27/2015    EUR    68.14
Oesterreichische V    1.53   12/19/2016    EUR    68.00
HSBC Trinkaus & Bu   13.50    7/24/2015    EUR    59.31
HSBC Trinkaus & Bu   11.60   10/23/2015    EUR    61.67
HSBC Trinkaus & Bu    6.50    9/25/2015    EUR    71.65
Goldman Sachs & Co   17.00    6/24/2015    EUR    72.09
Goldman Sachs & Co   16.00    7/22/2015    EUR    73.19
UBS AG/London        13.75    8/27/2015    CHF    64.11
HSBC Trinkaus & Bu    7.00    6/26/2015    EUR    70.60
HSBC Trinkaus & Bu    8.50    8/28/2015    EUR    68.29
HSBC Trinkaus & Bu    7.40    6/26/2015    EUR    66.80
HSBC Trinkaus & Bu    7.10    9/25/2015    EUR    68.24
HSBC Trinkaus & Bu    6.00   12/28/2015    EUR    37.55
HSBC Trinkaus & Bu    6.00   12/28/2015    EUR    64.98
HSBC Trinkaus & Bu    6.60    9/25/2015    EUR    74.34
HSBC Trinkaus & Bu    7.90   10/23/2015    EUR    72.18
HSBC Trinkaus & Bu    6.00   12/28/2015    EUR    73.39
HSBC Trinkaus & Bu   19.50    6/26/2015    EUR    73.72
DZ Bank AG Deutsch    6.50    8/28/2015    EUR    71.06
Leonteq Securities   15.20    12/2/2015    CHF    64.53
Commerzbank AG        8.75    8/27/2015    EUR    65.22
Commerzbank AG       10.75    8/27/2015    EUR    62.76
Commerzbank AG       10.25    8/27/2015    EUR    69.75
Commerzbank AG       11.00    8/27/2015    EUR    73.07
Commerzbank AG        6.75    8/27/2015    EUR    67.98
Vontobel Financial    6.60    6/12/2015    EUR    74.72
DZ Bank AG Deutsch    5.70     9/7/2015    EUR    69.18
HSBC Trinkaus & Bu    9.50    7/24/2015    EUR    64.36
HSBC Trinkaus & Bu   10.80    9/25/2015    EUR    63.31
HSBC Trinkaus & Bu    8.80   10/23/2015    EUR    66.13
HSBC Trinkaus & Bu    6.00   12/28/2015    EUR    46.36
HSBC Trinkaus & Bu    6.00   12/28/2015    EUR    51.84
HSBC Trinkaus & Bu    6.90    6/26/2015    EUR    73.07
HSBC Trinkaus & Bu    8.70    7/24/2015    EUR    70.86
HSBC Trinkaus & Bu   11.50    9/25/2015    EUR    67.61
e-Kancelaria Grupa    9.00   12/23/2015    PLN     2.00
BNP Paribas Emissi    7.25   10/22/2015    EUR    72.28
BNP Paribas Emissi    7.00    1/21/2016    EUR    72.84
e-Kancelaria Grupa    9.00    12/4/2015    PLN    40.00
Lehman Brothers Tr    4.20    12/3/2008    HKD     3.82
Leonteq Securities   13.00    8/25/2015    CHF    40.99
Notenstein Privatb   10.00    8/14/2015    USD    72.84
Leonteq Securities   14.20    8/25/2015    CHF    73.60
Commerzbank AG       16.25    6/25/2015    EUR    51.50
Bank Julius Baer &   11.50    8/19/2015    CHF    66.65
Vontobel Financial    6.80    9/25/2015    EUR    73.45
DZ Bank AG Deutsch   15.75    9/25/2015    EUR    67.79
Bank Julius Baer &   10.70    9/16/2015    CHF    66.85
Notenstein Privatb    7.20     9/3/2015    EUR    62.94
Vontobel Financial    7.65    6/12/2015    EUR    74.76
Bank Julius Baer &    8.20    9/23/2015    CHF    50.90
Leonteq Securities   12.00   12/15/2015    CHF    74.87
Vontobel Financial    8.10   12/28/2015    EUR    74.70
Vontobel Financial    9.45    9/25/2015    EUR    73.19
Vontobel Financial   11.55    6/26/2015    EUR    71.17
Vontobel Financial   24.30    6/26/2015    EUR    61.94
Leonteq Securities   13.80   12/22/2015    CHF    73.71
UBS AG/London        11.25    8/27/2015    CHF    48.00
Commerzbank AG       14.00    8/27/2015    EUR    66.92
Commerzbank AG       17.25    8/27/2015    EUR    60.90
Commerzbank AG       20.50    8/27/2015    EUR    56.00
Commerzbank AG       23.75    8/27/2015    EUR    51.83
Bank Julius Baer &    7.40     9/9/2015    CHF    47.90
BNP Paribas Emissi    8.50   12/24/2015    EUR    70.28
BNP Paribas Emissi    7.50    6/25/2015    EUR    70.51
Notenstein Privatb   10.00     9/5/2016    CHF    67.48
Leonteq Securities    9.50     9/8/2016    USD    61.34
Leonteq Securities    8.64     9/8/2016    CHF    61.96
HSBC Trinkaus & Bu    9.00    6/26/2015    EUR    63.42
HSBC Trinkaus & Bu    7.80    6/26/2015    EUR    63.25
HSBC Trinkaus & Bu    8.50    9/25/2015    EUR    65.19
HSBC Trinkaus & Bu    7.80    9/25/2015    EUR    64.92
HSBC Trinkaus & Bu    8.10   12/28/2015    EUR    66.40
HSBC Trinkaus & Bu    7.60   12/28/2015    EUR    66.07
HSBC Trinkaus & Bu    8.00    6/26/2015    EUR    66.96
HSBC Trinkaus & Bu    7.50   12/28/2015    EUR    69.70
HSBC Trinkaus & Bu    7.00   12/28/2015    EUR    69.38
Leonteq Securities   20.00    12/8/2015    USD    45.65
BNP Paribas Emissi    7.50    9/24/2015    EUR    72.11
BNP Paribas Emissi    9.00    9/24/2015    EUR    69.08
BNP Paribas Emissi    7.25   12/24/2015    EUR    72.80
BNP Paribas Emissi    5.75    6/25/2015    EUR    74.53
BNP Paribas Emissi    9.50    6/25/2015    EUR    66.96
Leonteq Securities   13.00     9/2/2015    CHF    68.87
Notenstein Privatb    9.10    8/29/2016    CHF    73.04
Notenstein Privatb    9.10    8/29/2016    CHF    47.66
Credit Suisse AG/L   11.00    8/28/2015    USD    49.07
Bank Julius Baer &    7.00    8/28/2015    USD    71.65
Commerzbank AG       17.50    5/21/2015    EUR    50.01
Leonteq Securities   11.00    8/25/2015    USD    59.15
Commerzbank AG       13.00    5/21/2015    EUR    70.77
Commerzbank AG       23.25    6/25/2015    EUR    53.84
Commerzbank AG       24.25    7/23/2015    EUR    53.18
Commerzbank AG        9.00    7/23/2015    EUR    66.09
HSBC Trinkaus & Bu    6.90    9/25/2015    EUR    64.57
HSBC Trinkaus & Bu    7.00   12/28/2015    EUR    65.68
HSBC Trinkaus & Bu    6.10   12/28/2015    EUR    65.10
HSBC Trinkaus & Bu    9.00    6/26/2015    EUR    67.11
HSBC Trinkaus & Bu    8.40    9/25/2015    EUR    68.80
HSBC Trinkaus & Bu    7.80    9/25/2015    EUR    68.56
HSBC Trinkaus & Bu    7.10    9/25/2015    EUR    68.29
HSBC Trinkaus & Bu    7.90   12/28/2015    EUR    69.96
HSBC Trinkaus & Bu    5.90   12/28/2015    EUR    68.67
Societe Generale S    0.50     4/4/2024    MXN    60.99
Societe Generale S    0.50   12/21/2022    AUD    74.54
Bank Julius Baer &    8.25    9/18/2015    CHF    48.75
Goldman Sachs & Co   11.00   10/21/2015    EUR    74.73
Veniti SA             9.70    3/28/2016    PLN    55.00
e-Kancelaria Grupa    9.00   10/25/2016    PLN     1.00
Cooperatieve Centr    0.50   12/29/2027    MXN    46.60
Goldman Sachs & Co   11.00    9/23/2015    EUR    73.95
Goldman Sachs & Co   11.00    9/23/2015    EUR    73.95
Goldman Sachs & Co   11.00    9/23/2015    EUR    73.95
Goldman Sachs & Co   11.00   10/21/2015    EUR    74.73
HSBC Bank PLC         0.50   12/20/2018    RUB    65.24
Commerzbank AG        7.50    6/25/2015    EUR    73.86
Commerzbank AG        8.00    7/23/2015    EUR    73.09
Commerzbank AG       11.75    7/23/2015    EUR    61.50
Commerzbank AG       16.00    7/23/2015    EUR    52.62
DZ Bank AG Deutsch    9.10     8/7/2015    EUR    70.40
Commerzbank AG        7.25    7/23/2015    EUR    73.14
Commerzbank AG        7.00    7/23/2015    EUR    66.06
Commerzbank AG       10.00    7/23/2015    EUR    56.59
Commerzbank AG       13.00    7/23/2015    EUR    49.52
Commerzbank AG       16.25    7/23/2015    EUR    44.55
Commerzbank AG       19.75    7/23/2015    EUR    40.68
Commerzbank AG       10.00    7/23/2015    EUR    60.47
Lehman Brothers Tr    2.50   12/15/2011    GBP     6.63
DZ Bank AG Deutsch    8.25    7/24/2015    EUR    59.68
Commerzbank AG        5.50    7/23/2015    EUR    72.97
Commerzbank AG        7.00    7/23/2015    EUR    70.33
Commerzbank AG        9.00    7/23/2015    EUR    68.02
Commerzbank AG        9.25    7/23/2015    EUR    62.30
Commerzbank AG       23.25    7/23/2015    EUR    37.74
Commerzbank AG        7.00    7/23/2015    EUR    64.62
Lehman Brothers Tr    4.00   11/24/2016    EUR     3.82
Zurcher Kantonalba   11.03     8/7/2015    CHF    55.72
Notenstein Privatb    4.00     2/1/2016    EUR    65.87
DZ Bank AG Deutsch   16.00    8/28/2015    EUR    41.11
DZ Bank AG Deutsch    6.75    8/28/2015    EUR    64.84
Zurcher Kantonalba    7.50     8/6/2015    EUR    74.46
UBS AG/London         7.20    1/20/2016    EUR    69.35
Lehman Brothers Tr   11.00   12/19/2011    USD     3.82
DZ Bank AG Deutsch    7.50    9/25/2015    EUR    70.87
DZ Bank AG Deutsch   10.00    8/28/2015    EUR    72.09
DZ Bank AG Deutsch    5.00    9/25/2015    EUR    68.48
Province of Teramo    0.27   12/30/2030    EUR    67.97
UBS AG/London         5.00    7/31/2015    CHF    60.67
Societe Generale S    5.50    7/27/2015    EUR    58.87
Province of Trevis    0.17   12/31/2034    EUR    59.40
Zurcher Kantonalba    6.30     8/6/2015    EUR    73.58
Credit Suisse AG/N    8.00     2/8/2016    USD    72.90
Lehman Brothers Tr    4.05    9/16/2008    EUR     3.82
Kommunalbanken AS     0.50     2/2/2018    BRL    73.70
HSBC Bank PLC         0.50     3/1/2018    RUB    71.38
Eitzen Chemical AS   11.26     6/6/2016    USD    20.88
e-Kancelaria Grupa   10.00    11/6/2015    PLN     2.00
Instalexport SA       8.41   10/19/2015    PLN    50.00
Leonteq Securities   14.20   11/18/2015    CHF    73.23
UBS AG/London         4.25    6/26/2015    EUR    74.25
UBS AG/London         9.00    9/25/2015    EUR    61.94
UBS AG/London        13.75    6/26/2015    EUR    58.32
UBS AG/London         9.00   12/29/2015    EUR    64.21
Leonteq Securities    9.60   11/18/2015    CHF    74.66
UBS AG/London        21.25    9/25/2015    EUR    73.40
UBS AG/London        14.75    9/25/2015    EUR    65.38
Kaupthing Bank Hf     0.95   10/20/2010    JPY    14.13
UBS AG/London        10.25    9/25/2015    EUR    56.89
Kaupthing Bank Hf     4.50    1/17/2011    EUR    14.13
UBS AG/London        18.50    6/26/2015    EUR    54.13
UBS AG/London        24.75    9/25/2015    EUR    74.09
UBS AG/London        10.00     7/2/2015    CHF    46.99
Vontobel Financial    8.50    9/11/2015    EUR    72.51
Commerzbank AG        9.25    6/25/2015    EUR    72.87
DZ Bank AG Deutsch    5.00    7/24/2015    EUR    55.03
DZ Bank AG Deutsch    6.75    7/24/2015    EUR    68.74
Vontobel Financial    5.50    7/24/2015    EUR    73.54
Vontobel Financial    7.70   12/11/2015    EUR    74.08
Bank Julius Baer &   10.00     7/3/2015    USD    50.85
Banque Cantonale V   10.80    6/25/2015    CHF    53.23
Bank Julius Baer &    7.65     7/3/2015    USD    65.65
UBS AG/London        15.25    6/25/2015    CHF    46.01
Commerzbank AG        6.75    6/25/2015    EUR    63.83
Commerzbank AG        8.50    6/25/2015    EUR    60.56
Commerzbank AG       10.50    6/25/2015    EUR    57.96
Commerzbank AG        7.50    6/25/2015    EUR    52.35
Commerzbank AG        6.50    6/25/2015    EUR    68.76
Commerzbank AG        8.25    6/25/2015    EUR    65.44
Commerzbank AG       10.25    6/25/2015    EUR    62.05
DZ Bank AG Deutsch    7.25    7/24/2015    EUR    62.63
DZ Bank AG Deutsch   16.00    7/24/2015    EUR    36.01
Credit Suisse AG/N    8.25    1/11/2016    CHF    54.23
MORTGAGE AGENT AHM    3.00     9/9/2045    RUB    72.50
e-Kancelaria Grupa   10.00    6/27/2016    PLN     1.00
HSBC Bank PLC         0.50    4/11/2023    MXN    65.51
LBI HF                4.32    1/31/2010    EUR     2.81
UBS AG/London        21.25    6/26/2015    EUR    72.92
UBS AG/London        23.50    6/26/2015    EUR    50.76
Vontobel Financial    5.50    8/14/2015    EUR    73.09
HSBC Trinkaus & Bu   13.00    9/25/2015    EUR    70.67
HSBC Trinkaus & Bu    8.00    8/28/2015    EUR    61.66
HSBC Trinkaus & Bu    6.00    9/25/2015    EUR    71.02
HSBC Trinkaus & Bu    8.50    8/28/2015    EUR    65.86
UniCredit Bank AG     6.50    9/24/2015    EUR    74.08
LBI HF                4.75    5/31/2013    EUR     2.81
UBS AG               19.50    6/24/2016    EUR    74.87
Oesterreichische V    5.10    5/23/2022    EUR    31.13
UBS AG               16.00   12/23/2016    EUR    74.82
UBS AG               24.25   12/29/2015    EUR    68.71
UBS AG               16.00   12/23/2016    EUR    74.43
UBS AG               22.50    3/29/2016    EUR    71.05
Banca di Cividale     0.09    10/2/2036    EUR    60.22
Oesterreichische V    4.81     5/9/2035    EUR    16.88
Lehman Brothers Tr    7.50    6/15/2017    USD     3.82
Lehman Brothers Tr    6.00   12/30/2017    EUR     3.82
Lehman Brothers Tr    6.00    5/23/2018    CZK     3.82
UBS AG               21.75    3/29/2016    EUR    72.54
Credit Suisse AG/N    8.25    9/14/2015    CHF    74.00
LBBW                  4.30    9/23/2016    EUR    70.37
LBI HF                4.28   11/19/2010    EUR     2.81
Goldman Sachs & Co   17.00    5/20/2015    EUR    70.41
UBS AG/London        24.75    3/29/2016    EUR    67.11
UBS AG/London        17.75    9/25/2015    EUR    68.79
Credit Suisse AG/N    7.00     9/7/2015    CHF    72.25
Vontobel Financial    8.50    6/26/2015    EUR    66.67
DZ Bank AG Deutsch    5.00    8/14/2015    EUR    74.60
UBS AG/London        14.75    3/29/2016    EUR    74.56
Vontobel Financial    4.70    6/26/2015    EUR    65.69
Vontobel Financial    6.65    6/26/2015    EUR    66.17
UBS AG/London        16.50    3/29/2016    EUR    73.43
Societe Generale E    2.50    10/7/2016    EUR    58.95
Leonteq Securities    7.07    9/21/2015    CHF    49.19
UBS AG/London        14.75    6/24/2016    EUR    74.81
DZ Bank AG Deutsch    8.25    6/26/2015    EUR    66.73
DZ Bank AG Deutsch    8.00    9/11/2015    EUR    68.63
Deutsche Bank AG      4.20    6/22/2015    EUR    73.40
Deutsche Bank AG      5.20    6/22/2015    EUR    73.60
DZ Bank AG Deutsch    7.25    6/26/2015    EUR    69.04
Deutsche Bank AG      5.20    6/22/2015    EUR    71.50
Deutsche Bank AG      6.20    6/22/2015    EUR    71.70
Deutsche Bank AG      6.20    6/22/2015    EUR    69.70
UniCredit Bank AG     4.60    6/26/2015    EUR    71.52
UniCredit Bank AG     6.00    6/26/2015    EUR    51.83
Oesterreichische V    3.50    3/20/2018    EUR    52.50
Vontobel Financial    6.95    6/12/2015    EUR    66.93
Vontobel Financial    8.00    6/12/2015    EUR    67.04
Landesbank Hessen-    3.50    7/10/2015    EUR    54.50
UniCredit Bank AG     4.00    6/25/2015    EUR    73.56
UniCredit Bank AG     4.00    6/25/2015    EUR    63.99
Commerzbank AG        7.10    6/25/2015    EUR    70.49
Commerzbank AG        7.30    6/25/2015    EUR    73.97
Societe Generale S    4.00    3/29/2016    EUR    65.85
Commerzbank AG        7.00    6/25/2015    EUR    67.30
UniCredit Bank AG     5.00    6/25/2015    EUR    67.66
Commerzbank AG       10.75   12/24/2015    EUR    74.04
HSBC Trinkaus & Bu   13.50    6/26/2015    EUR    69.55
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    44.29
HSBC Trinkaus & Bu    7.50    6/26/2015    EUR    52.34
HSBC Trinkaus & Bu   13.50    6/26/2015    EUR    69.41
HSBC Trinkaus & Bu   10.50    6/26/2015    EUR    74.82
HSBC Trinkaus & Bu    8.00    6/26/2015    EUR    59.55
Commerzbank AG       14.75   12/24/2015    EUR    70.41
Klaebu Sparebank      2.72                 NOK    69.84
HSBC Trinkaus & Bu   10.00    6/26/2015    EUR    48.78
HSBC Trinkaus & Bu    6.50    9/25/2015    EUR    71.48
BNP Paribas Emissi    8.00    7/23/2015    EUR    53.64
DZ Bank AG Deutsch   14.50    8/28/2015    EUR    69.60
DZ Bank AG Deutsch    7.25    8/14/2015    EUR    68.78
BNP Paribas Emissi    9.00    5/21/2015    EUR    56.78
BNP Paribas Emissi    6.75    7/23/2015    EUR    56.69
BNP Paribas Emissi    6.75    7/23/2015    EUR    72.54
DZ Bank AG Deutsch    8.80   12/23/2015    EUR    74.76
HSBC Trinkaus & Bu   13.00    6/26/2015    EUR    61.03
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    73.42
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    49.47
HSBC Trinkaus & Bu   11.00    6/26/2015    EUR    53.94
Deutsche Bank AG      9.00    9/11/2015    EUR    67.83
BNP Paribas Emissi    8.00    6/25/2015    EUR    52.95
BNP Paribas Emissi    6.75    6/25/2015    EUR    56.10
Lehman Brothers Tr    4.25    5/15/2010    EUR     3.82
Lehman Brothers Tr    3.35   10/13/2016    EUR     3.82
Kaupthing Bank Hf     4.53    4/24/2012    EUR    14.13
Credit Suisse AG/N    8.75    8/24/2015    CHF    72.64
LBI HF                3.34    5/11/2012    EUR     2.81
Lehman Brothers Tr    7.39     5/4/2017    USD     3.82
UBS AG/London        16.25   12/29/2015    EUR    70.78
UBS AG/London        13.25    9/25/2015    EUR    72.55
DZ Bank AG Deutsch    6.25    10/9/2015    EUR    72.38
UBS AG               17.25   12/23/2016    EUR    73.55
Deutsche Bank AG      6.00    6/22/2015    EUR    73.70
Deutsche Bank AG      8.00    6/22/2015    EUR    71.90
Vontobel Financial    5.60    6/26/2015    EUR    71.52
Kaupthing Bank Hf     4.47   10/27/2010    EUR    14.13
DekaBank Deutsche     3.10    2/26/2018    EUR    74.61
Leonteq Securities    6.58    3/29/2016    EUR    69.75
UniCredit Bank AG     6.10    6/26/2015    EUR    62.90
UniCredit Bank AG     4.90    6/26/2015    EUR    69.60
UniCredit Bank AG     4.30    6/26/2015    EUR    73.55
UniCredit Bank AG     5.00    6/25/2015    EUR    71.77
UniCredit Bank AG     5.80    6/26/2015    EUR    64.44
UniCredit Bank AG     5.50    6/26/2015    EUR    53.01
UniCredit Bank AG     4.80    6/26/2015    EUR    54.20
Vontobel Financial    7.90    6/26/2015    EUR    70.23
UniCredit Bank AG     4.00    6/25/2015    EUR    70.26
HSBC Trinkaus & Bu   27.50    6/26/2015    EUR    60.28
UniCredit Bank AG     5.50    6/25/2015    EUR    63.85
DZ Bank AG Deutsch    8.00    1/22/2016    EUR    74.07
UniCredit Bank AG     6.00    6/25/2015    EUR    68.74
UniCredit Bank AG     5.50    6/26/2015    EUR    66.07
UniCredit Bank AG     5.20    6/26/2015    EUR    67.78
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    45.85
HSBC Trinkaus & Bu    7.50    6/26/2015    EUR    54.87
HSBC Trinkaus & Bu    9.50    6/26/2015    EUR    65.08
HSBC Trinkaus & Bu    7.00    9/25/2015    EUR    69.83
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    72.29
HSBC Trinkaus & Bu    8.50    6/26/2015    EUR    70.22
Glitnir HF            3.50   10/30/2012    EUR    14.00
HSBC Trinkaus & Bu    7.50    6/26/2015    EUR    71.86
LBI HF                4.34     3/1/2011    EUR     2.81
UBS AG/London        18.50   12/29/2015    EUR    69.20
Goldman Sachs & Co   14.00    8/26/2015    EUR    74.10
Lehman Brothers Tr    4.00    5/30/2010    USD     6.63
Lehman Brothers Tr    2.48    5/12/2009    USD     3.82
Lehman Brothers Tr    2.25    5/12/2009    USD     3.82
HSBC Trinkaus & Bu    7.50    6/26/2015    EUR    66.47
Leonteq Securities    8.64    8/25/2015    CHF    17.46
UBS AG               20.50    6/24/2016    EUR    73.88
Lehman Brothers Tr    4.00    5/17/2010    USD     3.82
Notenstein Privatb   11.00    8/28/2015    CHF    69.30
Credit Suisse AG/N    7.75    8/28/2015    CHF    73.03
UniCredit Bank AG     4.80    9/24/2015    EUR    56.10
UniCredit Bank AG     4.75    9/24/2015    EUR    56.41
HSBC Trinkaus & Bu   15.50    6/26/2015    EUR    56.45
HSBC Trinkaus & Bu   16.00    6/26/2015    EUR    68.97
Credit Suisse AG/L    8.00     7/3/2015    CHF    70.83
Credit Suisse AG/N   10.50     7/9/2015    USD    52.77
UBS AG/London         6.75     7/2/2015    CHF    73.74
UBS AG/London         7.00    7/16/2015    CHF    42.00
Lehman Brothers Tr    4.50     8/2/2009    USD     6.63
Banque Cantonale V   13.10    7/21/2015    CHF    62.73
Commerzbank AG        9.50    7/23/2015    EUR    74.81
Zurcher Kantonalba    6.60    7/29/2015    CHF    48.23
Notenstein Privatb   13.40    7/28/2015    USD    57.67
Zaklady Miesne Mys   11.50    6/10/2015    PLN    10.00
Lehman Brothers Tr    5.50    6/15/2009    CHF     6.63
Lehman Brothers Tr    1.50   10/25/2011    EUR     3.82
Vontobel Financial    7.90    6/26/2015    EUR    67.23
Bank Julius Baer &    8.75    7/31/2015    EUR    71.20
HSBC Trinkaus & Bu   10.00    6/26/2015    EUR    71.16
HSBC Trinkaus & Bu   12.50    9/25/2015    EUR    68.61
HSBC Trinkaus & Bu    8.50    9/25/2015    EUR    72.97
HSBC Trinkaus & Bu   14.00    9/25/2015    EUR    56.91
HSBC Trinkaus & Bu   10.50    9/25/2015    EUR    60.41
HSBC Trinkaus & Bu   13.00    9/25/2015    EUR    59.25
HSBC Trinkaus & Bu   10.00    9/25/2015    EUR    62.22
HSBC Trinkaus & Bu    9.00    7/24/2015    EUR    62.69
Lehman Brothers Tr   11.00    6/29/2009    EUR     6.63
Lehman Brothers Tr    8.00     8/3/2009    USD     6.63
Bank Julius Baer &    9.10    5/22/2015    EUR    69.45
Leonteq Securities   12.40    4/27/2016    CHF    64.13
Bank Julius Baer &   11.00   10/14/2015    CHF    57.15
Oesterreichische V    4.05    12/1/2016    EUR    72.25
Lehman Brothers Tr    8.00   12/27/2032    JPY     3.82
Oesterreichische V    1.52    2/19/2018    EUR    51.63
Oesterreichische V    1.24     3/1/2022    EUR    21.75
Oesterreichische V    1.04     3/1/2021    EUR    25.75
Barclays Bank PLC     1.99    12/1/2040    USD    72.63
Deutsche Bank AG      6.20    6/22/2015    EUR    62.80
Deutsche Bank AG      7.20   12/22/2015    EUR    73.20
Deutsche Bank AG      7.20   12/22/2015    EUR    69.70
Deutsche Bank AG      5.20   12/22/2015    EUR    68.40
Deutsche Bank AG      5.20    6/22/2015    EUR    65.90
Deutsche Bank AG      6.20    9/22/2015    EUR    67.60
Deutsche Bank AG      7.20    9/22/2015    EUR    71.60
Deutsche Bank AG      7.20    9/22/2015    EUR    64.80
Deutsche Bank AG      6.20   12/22/2015    EUR    72.50
Deutsche Bank AG      5.20    6/22/2015    EUR    62.70
Deutsche Bank AG      7.20    6/22/2015    EUR    66.20
Deutsche Bank AG      7.20    6/22/2015    EUR    63.00
Deutsche Bank AG      7.20   12/22/2015    EUR    66.50
Deutsche Bank AG      5.20   12/22/2015    EUR    71.90
Deutsche Bank AG      6.20    9/22/2015    EUR    64.40
BNP Paribas Emissi    9.00    1/21/2016    EUR    65.14
UBS AG/London        10.50    10/8/2015    CHF    67.76
Leonteq Securities    9.00   10/20/2015    CHF    62.94
Bank Julius Baer &   10.60    10/9/2015    USD    71.70
UBS AG/London        12.00    10/1/2015    CHF    70.37
Commerzbank AG       10.00    5/21/2015    EUR    71.83
Barclays Bank PLC     1.64     6/3/2041    USD    72.48
Leonteq Securities    6.70     6/6/2016    USD    70.24
Vontobel Financial    8.00    8/28/2015    EUR    72.55
DZ Bank AG Deutsch    7.10     8/7/2015    EUR    73.90
UBS AG/London        14.25    8/13/2015    CHF    69.55
UBS AG/London         7.50    8/13/2015    CHF    46.43
e-Kancelaria Grupa    9.00    8/19/2016    PLN     2.00
HSBC Trinkaus & Bu   10.20   10/23/2015    EUR    63.77
Cooperatieve Centr    0.50    1/31/2033    MXN    32.97
e-Kancelaria Grupa    9.91    7/11/2015    PLN     2.00
Vontobel Financial    3.30    7/10/2015    EUR    72.20
Vontobel Financial    5.05    7/10/2015    EUR    69.14
Vontobel Financial    7.20    7/10/2015    EUR    66.42
Vontobel Financial    9.60    7/10/2015    EUR    64.02
Lehman Brothers Tr    8.50     7/6/2009    CHF     6.63
Lehman Brothers Tr    7.50    9/13/2009    CHF     6.63
Commerzbank AG        8.75    6/25/2015    EUR    62.27
Commerzbank AG       10.75    6/25/2015    EUR    59.46
Commerzbank AG        6.25    5/21/2015    EUR    67.82
Commerzbank AG        8.75    5/21/2015    EUR    64.57
Commerzbank AG        6.00    6/25/2015    EUR    68.42
Commerzbank AG        8.25    6/25/2015    EUR    65.36
Commerzbank AG       11.00    6/25/2015    EUR    62.70
Commerzbank AG        7.00    6/25/2015    EUR    71.03
Commerzbank AG        9.00    5/21/2015    EUR    50.62
Commerzbank AG       12.50    5/21/2015    EUR    43.49
LBI HF                4.40   11/30/2035    EUR     0.01
Commerzbank AG       16.50    5/21/2015    EUR    38.23
Commerzbank AG       20.50    5/21/2015    EUR    34.34
Commerzbank AG       24.75    5/21/2015    EUR    31.13
Commerzbank AG        6.25    6/25/2015    EUR    60.68
Commerzbank AG        9.25    6/25/2015    EUR    51.50
Commerzbank AG       12.50    6/25/2015    EUR    44.69
Commerzbank AG       16.50    6/25/2015    EUR    39.25
Commerzbank AG       19.75    6/25/2015    EUR    36.20
Commerzbank AG       23.50    6/25/2015    EUR    33.33
Lehman Brothers Tr    6.50    7/24/2026    EUR     3.82
Deutsche Bank AG      4.50   12/22/2015    EUR    73.69
Glitnir HF            6.31    7/28/2011    USD    14.00
Glitnir HF            6.31    7/28/2011    USD    14.00
DZ Bank AG Deutsch    5.00    6/26/2015    EUR    72.32
DZ Bank AG Deutsch    5.25    9/25/2015    EUR    70.41
Leonteq Securities   10.00    1/22/2016    USD    69.84
Credit Suisse AG/N    8.25    7/31/2015    USD    68.16
DZ Bank AG Deutsch    5.40    7/23/2015    EUR    71.21
DZ Bank AG Deutsch    5.60   10/23/2015    EUR    72.80
DZ Bank AG Deutsch    4.70    7/23/2015    EUR    62.59
DZ Bank AG Deutsch    5.70    7/23/2015    EUR    60.18
DZ Bank AG Deutsch    3.90   10/23/2015    EUR    68.09
DZ Bank AG Deutsch    4.90   10/23/2015    EUR    65.07
DZ Bank AG Deutsch    5.80   10/23/2015    EUR    62.84
DZ Bank AG Deutsch    7.10    7/23/2015    EUR    69.95
DZ Bank AG Deutsch    6.10    7/23/2015    EUR    66.65
DZ Bank AG Deutsch    3.70    7/23/2015    EUR    65.84
DZ Bank AG Deutsch    4.20    7/23/2015    EUR    63.26
DZ Bank AG Deutsch    6.00   10/23/2015    EUR    72.40
DZ Bank AG Deutsch    4.70   10/23/2015    EUR    68.80
DZ Bank AG Deutsch    6.30    7/23/2015    EUR    63.51
DZ Bank AG Deutsch    4.90    7/23/2015    EUR    63.21
DZ Bank AG Deutsch    4.40    7/23/2015    EUR    57.46
DZ Bank AG Deutsch    5.90   10/23/2015    EUR    66.36
DZ Bank AG Deutsch    5.80   10/23/2015    EUR    63.32
DZ Bank AG Deutsch    4.70   10/23/2015    EUR    60.06
DZ Bank AG Deutsch    3.10    7/22/2015    EUR    69.64
DZ Bank AG Deutsch    4.90    7/22/2015    EUR    66.77
DZ Bank AG Deutsch    6.00    7/22/2015    EUR    65.48
DZ Bank AG Deutsch    3.90   10/22/2015    EUR    70.36
DZ Bank AG Deutsch    4.70   10/22/2015    EUR    69.14
DZ Bank AG Deutsch    5.60   10/22/2015    EUR    68.04
DZ Bank AG Deutsch    7.80    7/22/2015    EUR    72.81
DZ Bank AG Deutsch    3.70    7/22/2015    EUR    69.25
DZ Bank AG Deutsch    5.70    7/22/2015    EUR    66.10
DZ Bank AG Deutsch    8.30    7/22/2015    EUR    63.37
DZ Bank AG Deutsch    3.60   10/22/2015    EUR    72.15
DZ Bank AG Deutsch    5.30   10/22/2015    EUR    69.33
DZ Bank AG Deutsch    7.30   10/22/2015    EUR    66.92
Lehman Brothers Tr    4.50     3/6/2013    CHF     3.82
Lehman Brothers Tr    4.00    4/24/2009    USD     6.63
Lehman Brothers Tr    9.00    6/13/2009    USD     6.63
Lehman Brothers Tr    9.00    3/17/2009    GBP     6.63
Lehman Brothers Tr    7.00   11/28/2008    CHF     6.63
Lehman Brothers Tr    7.38    9/20/2008    EUR     6.63
Lehman Brothers Tr    3.85    4/24/2009    USD     6.63
Lehman Brothers Tr    7.25    10/6/2008    EUR     6.63
Lehman Brothers Tr   10.50     8/9/2010    EUR     6.63
Lehman Brothers Tr    8.00    5/22/2009    USD     6.63
Bank Julius Baer &    6.50    7/31/2015    USD    67.75
Lehman Brothers Tr    5.75    6/15/2009    CHF     6.63
Lehman Brothers Tr    7.50   10/24/2008    USD     6.63
UBS AG/London        15.00    7/23/2015    CHF    43.35
Lehman Brothers Tr   10.00    3/27/2009    USD     3.82
Lehman Brothers Tr    5.00   10/24/2008    CHF     6.63
Lehman Brothers Tr    7.00    4/14/2009    EUR     6.63
Bank Julius Baer &    6.60    7/27/2015    EUR    72.20
Lehman Brothers Tr    4.95   10/25/2036    EUR     3.82
Leonteq Securities   11.52   10/28/2015    CHF    60.16
BNP Paribas Emissi    7.00    6/25/2015    EUR    67.04
BNP Paribas Emissi   10.00    6/25/2015    EUR    62.74
BNP Paribas Emissi    5.00    6/25/2015    EUR    74.43
BNP Paribas Emissi    7.00    6/25/2015    EUR    66.62
BNP Paribas Emissi   10.00    6/25/2015    EUR    60.48
BNP Paribas Emissi   14.00    6/25/2015    EUR    55.66
BNP Paribas Emissi   14.00    6/25/2015    EUR    62.52
BNP Paribas Emissi   17.00    6/25/2015    EUR    57.92
BNP Paribas Emissi   20.00    6/25/2015    EUR    54.07
UBS AG/London        12.00     7/9/2015    CHF    49.51
Lehman Brothers Tr    2.00   11/16/2009    EUR     3.82
Deutsche Bank AG      7.20    6/22/2015    EUR    66.80
Deutsche Bank AG      7.20    6/22/2015    EUR    62.10
Deutsche Bank AG      5.20    9/22/2015    EUR    63.10
Deutsche Bank AG      5.20   12/22/2015    EUR    64.40
Deutsche Bank AG      5.20    6/22/2015    EUR    61.80
Deutsche Bank AG      6.20    9/22/2015    EUR    63.50
Deutsche Bank AG      7.20   12/22/2015    EUR    70.30
Deutsche Bank AG      5.20    6/22/2015    EUR    66.50
Deutsche Bank AG      7.20   12/22/2015    EUR    65.70
Deutsche Bank AG      6.20    6/22/2015    EUR    66.70
Deutsche Bank AG      6.20    9/22/2015    EUR    68.20
Deutsche Bank AG      5.20    9/22/2015    EUR    67.80
Deutsche Bank AG      6.20   12/22/2015    EUR    69.70
Deutsche Bank AG      7.20    9/22/2015    EUR    68.60
Deutsche Bank AG      5.20   12/22/2015    EUR    69.00
Deutsche Bank AG      6.20    6/22/2015    EUR    62.00
Deutsche Bank AG      6.20   12/22/2015    EUR    65.10
Vontobel Financial    5.70   12/11/2015    EUR    73.59
Commerzbank AG       11.00    6/25/2015    EUR    57.38
Leonteq Securities    9.40    10/8/2015    USD    73.64
DZ Bank AG Deutsch    5.50    9/25/2015    EUR    72.94
DZ Bank AG Deutsch    9.25    7/24/2015    EUR    71.04
HSBC Trinkaus & Bu   12.50    9/25/2015    EUR    66.85
HSBC Trinkaus & Bu    8.50    9/25/2015    EUR    70.88
HSBC Trinkaus & Bu    6.50    7/24/2015    EUR    73.39
HSBC Trinkaus & Bu   15.00    9/25/2015    EUR    55.16
HSBC Trinkaus & Bu   12.00    9/25/2015    EUR    58.45
HSBC Trinkaus & Bu    7.50    9/25/2015    EUR    65.06
HSBC Trinkaus & Bu   13.00    9/25/2015    EUR    72.40
HSBC Trinkaus & Bu   16.50    6/26/2015    EUR    71.82
HSBC Trinkaus & Bu   11.00    6/26/2015    EUR    62.31
HSBC Trinkaus & Bu   12.50    9/25/2015    EUR    61.06
HSBC Trinkaus & Bu   10.00    9/25/2015    EUR    64.53
HSBC Trinkaus & Bu    8.50    7/24/2015    EUR    65.10
Deutsche Bank AG      7.20    6/23/2015    EUR    54.80
Deutsche Bank AG      5.20    6/23/2015    EUR    54.50
Deutsche Bank AG      6.20    6/23/2015    EUR    54.70
Deutsche Bank AG      5.20    9/22/2015    EUR    64.20
Deutsche Bank AG      7.20    9/22/2015    EUR    65.00
Deutsche Bank AG      6.20    9/22/2015    EUR    64.60
Deutsche Bank AG      7.20    9/22/2015    EUR    61.90
Deutsche Bank AG      6.20    9/22/2015    EUR    61.50
Deutsche Bank AG      5.20    9/22/2015    EUR    61.10
Deutsche Bank AG      7.20    9/22/2015    EUR    59.10
Deutsche Bank AG      6.20    9/22/2015    EUR    58.70
Deutsche Bank AG      5.20    9/22/2015    EUR    58.30
Deutsche Bank AG      7.20    9/22/2015    EUR    56.60
Deutsche Bank AG      6.20    9/22/2015    EUR    56.20
Deutsche Bank AG      5.20    9/22/2015    EUR    55.80
Commerzbank AG        7.25    6/25/2015    EUR    73.49
Lehman Brothers Tr    3.70     6/6/2009    EUR     3.82
HSBC Trinkaus & Bu    4.90    7/10/2015    EUR    68.29
UBS AG/London         7.00     7/9/2015    CHF    41.44
Kaupthing Bank Hf     1.75     6/7/2016    EUR    14.13
Commerzbank AG        6.00    6/25/2015    EUR    63.55
Commerzbank AG        7.50    6/25/2015    EUR    67.97
Commerzbank AG        7.00    6/25/2015    EUR    69.66
DZ Bank AG Deutsch    9.50    7/24/2015    EUR    60.61
LBI HF                7.20    4/27/2026    EUR     0.01
Glitnir HF            6.84   12/15/2015    EUR     0.02
Vontobel Financial    8.35    6/26/2015    EUR    64.38
Vontobel Financial    5.30    6/26/2015    EUR    67.90
Deutsche Bank AG      5.20    6/23/2015    EUR    57.10
Vontobel Financial    5.80    9/11/2015    EUR    72.43
Vontobel Financial    5.00    9/11/2015    EUR    72.15
Vontobel Financial    5.10   12/11/2015    EUR    73.23
Vontobel Financial    4.45   12/11/2015    EUR    72.84
Glitnir HF            3.63     4/5/2009    EUR    14.00
HSBC Trinkaus & Bu    9.00    7/24/2015    EUR    61.14
HSBC Trinkaus & Bu   13.50    9/25/2015    EUR    74.66
HSBC Trinkaus & Bu    7.00    9/25/2015    EUR    68.53
Bank Julius Baer &    7.10     7/8/2015    CHF    42.65
UniCredit Bank AG     4.90    9/24/2015    EUR    55.80
Notenstein Privatb    6.10   12/30/2015    EUR    72.75
HSBC Trinkaus & Bu    8.00    6/26/2015    EUR    67.16
HSBC Trinkaus & Bu   16.00    6/26/2015    EUR    71.61
Deutsche Bank AG      6.20    9/22/2015    EUR    70.90
Deutsche Bank AG      5.20    9/22/2015    EUR    67.60
Deutsche Bank AG      5.20    6/23/2015    EUR    63.00
Deutsche Bank AG      6.20    6/23/2015    EUR    63.20
Deutsche Bank AG      7.20    6/23/2015    EUR    63.30
Deutsche Bank AG      5.20    6/23/2015    EUR    59.90
Deutsche Bank AG      6.20    6/23/2015    EUR    60.00
Deutsche Bank AG      7.20    6/23/2015    EUR    60.20
Deutsche Bank AG      7.20    6/23/2015    EUR    57.40
Deutsche Bank AG      6.20    6/23/2015    EUR    57.20
UBS AG/London        12.25    6/26/2015    EUR    73.44
UBS AG/London        18.75   12/23/2016    EUR    72.62
UBS AG/London        16.00    3/29/2016    EUR    71.55
UBS AG/London        15.00   12/29/2015    EUR    71.58
UBS AG/London        11.75   12/29/2015    EUR    74.91
UBS AG/London        22.25    6/24/2016    EUR    68.88
Lehman Brothers Tr    4.10    2/19/2010    EUR     3.82
UBS AG/London        23.75    6/26/2015    EUR    63.54
UBS AG/London         5.00     8/6/2015    USD    61.59
Raiffeisen Centrob    7.33    8/21/2015    EUR    66.87
DZ Bank AG Deutsch    9.50    8/28/2015    EUR    67.42
BNP Paribas Emissi    9.00    6/25/2015    EUR    74.44
Lehman Brothers Tr    3.50   10/31/2011    USD     3.82
Credit Suisse AG/N   10.25    8/14/2015    CHF    74.08
Notenstein Privatb   11.00    8/14/2015    CHF    70.22
UBS AG/London        15.75    6/26/2015    EUR    69.62
UBS AG/London        19.25    9/25/2015    EUR    67.73
Lehman Brothers Tr    7.00    2/15/2012    EUR     6.63
UBS AG/London        12.50    6/24/2016    EUR    74.10
UBS AG/London        15.00    6/24/2016    EUR    72.53
UBS AG/London        21.75    6/26/2015    EUR    64.90
Lehman Brothers Tr    6.60    2/22/2012    EUR     6.63
Lehman Brothers Tr    1.68     3/5/2015    EUR     3.82
BNP Paribas Emissi   10.00    6/25/2015    EUR    70.53
Deutsche Bank AG      7.00    6/22/2015    EUR    73.80
Deutsche Bank AG      7.00    6/22/2015    EUR    71.80
Deutsche Bank AG      8.00    6/22/2015    EUR    69.90
Deutsche Bank AG      8.00    6/22/2015    EUR    74.00
Lehman Brothers Tr    6.75     4/5/2012    EUR     3.82
UBS AG/London        18.00    6/26/2015    EUR    67.99
UBS AG/London        13.25    6/24/2016    EUR    73.41
UBS AG/London        13.25    3/29/2016    EUR    73.68
UBS AG/London        22.00    9/25/2015    EUR    65.77
Lehman Brothers Tr    6.00    5/12/2017    EUR     3.82
UBS AG/London        14.25    3/29/2016    EUR    72.97
UBS AG/London        18.00   12/23/2016    EUR    73.02
UBS AG/London        13.00   12/29/2015    EUR    73.81
UBS AG/London        23.50    6/24/2016    EUR    68.69
UBS AG/London        15.00    9/25/2015    EUR    71.31
Vontobel Financial    9.25    6/26/2015    EUR    70.42
DekaBank Deutsche     3.40     3/5/2018    EUR    74.26
Deutsche Bank AG      6.20    6/22/2015    EUR    73.70
Deutsche Bank AG      6.20    6/22/2015    EUR    74.90
Raiffeisen Centrob    2.80   11/14/2016    EUR    68.86
EFG International    12.86   10/30/2017    EUR    67.54
Leonteq Securities    6.25   11/13/2015    CHF    55.32
Goldman Sachs & Co    9.00    5/20/2015    EUR    65.17
Deutsche Bank AG      7.20    9/22/2015    EUR    73.50
Deutsche Bank AG      5.20    9/22/2015    EUR    68.90
Deutsche Bank AG      7.20    9/22/2015    EUR    69.70
Deutsche Bank AG      6.20    9/22/2015    EUR    73.10
Deutsche Bank AG      6.20    9/22/2015    EUR    69.30
Zurcher Kantonalba   12.00    7/23/2015    CHF    48.78
Goldman Sachs & Co   16.00    5/20/2015    EUR    59.32
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    47.53
Goldman Sachs & Co   13.00    5/20/2015    EUR    59.20
Goldman Sachs & Co    7.00    9/23/2015    EUR    71.54
Goldman Sachs & Co   10.00    9/23/2015    EUR    65.73
Goldman Sachs & Co   11.00    9/23/2015    EUR    63.16
LBBW                  4.00    6/26/2015    EUR    73.50
LBBW                  5.00    6/26/2015    EUR    70.74
HSBC Trinkaus & Bu   13.50    6/26/2015    EUR    71.49
HSBC Trinkaus & Bu   11.00    6/26/2015    EUR    50.90
Goldman Sachs & Co   13.00    5/20/2015    EUR    74.91
DZ Bank AG Deutsch    8.25    6/26/2015    EUR    63.30
Goldman Sachs & Co    8.00    9/23/2015    EUR    71.93
Bank Julius Baer &    9.00    10/8/2015    CHF    47.70
Goldman Sachs & Co    6.00    5/20/2015    EUR    73.01
Goldman Sachs & Co    8.00    5/20/2015    EUR    69.02
Leonteq Securities   12.20    7/22/2015    USD    68.45
Vontobel Financial    5.00     5/6/2016    EUR    72.30
DZ Bank AG Deutsch    9.00    6/26/2015    EUR    68.37
Lehman Brothers Tr    1.60    6/21/2010    JPY     3.82
HSBC Trinkaus & Bu    7.00    9/25/2015    EUR    67.88
Deutsche Bank AG      5.20    9/22/2015    EUR    72.70
UniCredit Bank AG     5.00    6/25/2015    EUR    52.29
UniCredit Bank AG     6.25    6/25/2015    EUR    50.69
UniCredit Bank AG     4.75    6/25/2015    EUR    53.52
UniCredit Bank AG     4.25    6/25/2015    EUR    54.78
DZ Bank AG Deutsch    8.25    6/26/2015    EUR    50.78
DZ Bank AG Deutsch    7.50    6/26/2015    EUR    68.16
DZ Bank AG Deutsch    9.25    6/12/2015    EUR    68.99
DZ Bank AG Deutsch   10.00    6/12/2015    EUR    69.07
Lehman Brothers Tr    2.40    6/20/2011    JPY     3.82
UniCredit Bank AG     6.10    6/25/2015    EUR    51.26
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    58.48
HSBC Trinkaus & Bu   10.00    6/26/2015    EUR    63.36
HSBC Trinkaus & Bu   11.50    6/26/2015    EUR    64.71
UniCredit Bank AG     6.50    6/25/2015    EUR    50.14
Oesterreichische V    1.61    5/18/2020    EUR    32.00
Oesterreichische V    1.61    5/18/2020    EUR    32.50
Oesterreichische V    1.61    5/18/2020    EUR    32.50
Leonteq Securities    7.60   11/20/2015    USD    47.52
Raiffeisen Centrob    2.40   12/19/2016    EUR    69.32


                            *********

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 * * *