TCREUR_Public/150601.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, June 1, 2015, Vol. 16, No. 106

                            Headlines

B E L A R U S

BELARUS: Moody's Says Outlook on Banking System Remains Negative


F R A N C E

KKR RETAIL: S&P Revises Outlook to Negative & Affirms 'B' CCR
LION/SENECA FRANCE 2: Fitch Affirms 'B' Long-term IDR


G E O R G I A

BANK OF GEORGIA: Fitch Affirms 'B' Short-term Currency IDRs


G E R M A N Y

ASIAN BAMBOO: Management Board Opts to File Insolvency Petition


G R E E C E

FRIGOGLASS SAIC: Moody's Affirms B2 CFR; Outlook Developing
GREECE: Bailout Talks Ongoing, Varoufakis Seeks 30-Year Loan
NAVIOS MARITIME: S&P Assigns 'B+' CCR, Outlook Stable


H U N G A R Y

HUNGARIAN EXPORT: Fitch Affirms 'BB+' Long-term IDR
MFB HUNGARIAN: Moody's Assigns (P)Ba1 Sr. Unsecured Debt Rating


I R E L A N D

KENMARE RESOURCES: Says Future Not Dependent on Iluka Takeover
TALISMAN-6: Fitch Cuts Rating on Class F Notes to 'Dsf'


I T A L Y

BANCO POPOLARE: Moody's Affirms Ba3 Deposit & Sr. Debt Rating


L I T H U A N I A

AIR LITUANICA: To File for Bankruptcy Following Financial Woes


M A C E D O N I A

ALPOS: IGM Trade Buys Significant Portion of Bankruptcy Estate


N E T H E R L A N D S

HALCYON STRUCTURED 2007-I: Moody's Affirms E Notes Rating at Ba3


P O R T U G A L

BANCO COMERCIAL PORTUGUES: S&P Affirms 'B+/B' CCRS


R U S S I A

PROBUSINESSBANK: Moody's Alters Outlook on B3 Ratings to Negative


S L O V A K   R E P U B L I C

VAHOSTAV-SK: Court Okays Restructuring Plan


U K R A I N E

AEROSVIT: PrivatBank Seeks to Recover UAH3-Bil. of Money Owed


U N I T E D   K I N G D O M

FCT ERIDAN 2010-01: Fitch Affirms 'BB+sf' Rating on Class B Debt
KERLING PVC: S&P Revises Outlook to Positive & Affirms 'B-' CCR
TITAN LADDERS: Increased Competition Prompts Administration


X X X X X X X X

* BOND PRICING: For the Week May 25, 2015 to May 29, 2015


                            *********


=============
B E L A R U S
=============


BELARUS: Moody's Says Outlook on Banking System Remains Negative
----------------------------------------------------------------
The outlook for Belarus's banking system remains negative where it
has been since 2009, says Moody's Investors Service in a report.

Belarus's negative banking system outlook reflects the anticipated
further weakening of the country's operating environment, further
deterioration in asset quality and capital adequacy, low foreign-
currency liquidity relative to high levels of foreign-currency
deposits and further worsening in profitability. It also factors
in the government's limited and potentially weakening ability to
extend support to the banks.

Moody's expects that Belarus's already weak operating environment
for banks will face further deterioration in 2015 due to economic
contraction and external pressures, which largely stem from the
recession in Russia, the country's largest export market.

Banks' asset quality and capital adequacy are also likely to
worsen, with the economic slowdown and recent sharp depreciation
of the Belarusian ruble having negatively affected the ability of
many corporate borrowers to service their loans.

Belarusian banks lack sufficient liquid foreign-currency assets to
cover their large foreign-currency deposits (57% of total
deposits), suggesting that temporary capital controls could return
in the event of severe exchange-rate volatility.

Shrinking net interest margins as well as increases in credit and
operating costs will weaken banks' profitability over the next 12-
18 months.



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


KKR RETAIL: S&P Revises Outlook to Negative & Affirms 'B' CCR
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on KKR Retail Partners Midco S.a.r.l., the majority owner
of French-based clothing retailer Groupe SMCP, to negative from
stable.  At the same time, S&P affirmed its 'B' long-term
corporate credit rating on the company.

S&P also affirmed its 'B' issue rating on KKR Retail Partners'
EUR290 million senior secured notes.  S&P revised the recovery
rating on these notes to '4' from '3'.  The '4' recovery rating
indicates S&P's expectation of average recovery in the event of a
payment default, in the higher half of the 30%-50%.

The outlook revision follows the material deterioration in SMCP's
free operating cash flow (FOCF) in 2014, partially owing to a
sizable increase in inventory and head office staff.  Although S&P
acknowledges SMCP's solid performance in the first quarter of
2015, S&P sees a risk that the anticipated growth in EBITDA,
monitoring of working capital needs and capital spending, and
lower tax payments might not be sufficient to generate a positive
net cash flow from 2015.  This is in a context of further cash-
consuming network expansion and ongoing challenges in the mature
French market, where SMCP still generates nearly 60% of its
revenues.

Although S&P considers SMCP's liquidity as "adequate," a series of
weak quarters could lead to further use of bank lines or the
revolving credit facility, therefore reducing protection against
unexpected adverse developments, such as missed collections or
adverse weather conditions.  Alternatively, management could be
forced to trim its expansion plan, with negative consequences for
future growth and deleveraging.

The rating on KKR Retail Partners continues to reflect S&P's
assessment of SMCP's financial risk profile as "highly leveraged,"
based on S&P's forecast that the group's Standard & Poor's-
adjusted funds from operations-to-debt ratio will be about 12% and
adjusted debt-to-EBITDA ratio about 5.5x in 2015.  S&P's financial
risk assessment also takes into account the group's financial-
sponsor ownership.

S&P continues to assess SMCP's business risk profile as "fair",
albeit at the low end of the category.  The group operates in the
highly fragmented affordable luxury segment.  Although the group
focuses on already-existing trends with the aim to lower fashion
risks, it is nevertheless dependent on trends, including the
inherent risk of missing or adopting a trend too late.

The negative outlook reflects S&P's view that, absent a material
improvement in SMCP's free cash flow generation in 2015, liquidity
could tighten to a level that offers scant protection against
unexpected adverse developments.  The outlook also reflects S&P's
assessment of SMCP's business risk profile at the low end of S&P's
"fair" category, which provides little headroom under the current
rating for any material weakening of the group's operating
efficiency, including working capital management.

S&P could consider a downgrade in the coming 12 months if market
circumstances, increasing working capital needs, or other factors
prevented a material and sustainable improvement in FOCF
generation.  Although S&P still considers SMCP's liquidity as
"adequate," a series of weak quarters could lead to a severe
tightening of the financial situation.  It could also lead S&P to
revise its assessment of SMCP's business risk profile to "weak,"
which could raise the ratio requirements to maintain the same
rating level.

S&P could also lower the rating if the group's Standard & Poor's-
adjusted EBITDA interest coverage fell significantly below 2x.

S&P could revise its outlook to stable if the group sustainably
improved its cash flow generation, demonstrating that the
additional operating expenses, working capital needs, and capital
expenditures implied by the group's growth strategy are tightly
controlled.  S&P would also expect SMCP's like-for-like growth to
remain positive.


LION/SENECA FRANCE 2: Fitch Affirms 'B' Long-term IDR
-----------------------------------------------------
Fitch Ratings has affirmed France-based optical retailer
Lion/Seneca France 2 S.A.S.'s (Afflelou) Long-term Issuer Default
Rating (IDR) at 'B'. The Outlook is Stable.
Fitch has also affirmed 3AB Optique Developpement S.A.S.'s EUR365m
senior secured notes due 2019 and super senior revolving credit
facility (RCF) ratings at 'BB-'/'RR2' and Lion/Seneca France 2
S.A.S.'s EUR75 million senior notes due 2019 rating at
'CCC+'/'RR6'.

The rating reflects Afflelou's robust earnings and cash flow
generation despite the challenging operating environment in
France. The intrinsic stability of the issuer's business model is
due to the favorable reimbursement policy in France, making
optical products less price sensitive for consumers. Fitch sees
little risk of weakening commercial quality as long as volume
risks can be addressed through the expansion of the store network
activity and the price elasticity of Afflelou's French operations,
which account for 78% of total network sales, remains low with no
material curtailments in the national reimbursement rates.

KEY RATING DRIVERS

Consolidation of Market Position

Afflelou continues to adapt its business strategy to the
challenging economic environment in France and leverage its
position with suppliers. Fitch expects overall negative organic
network activity for FY15 supported by acquisitive growth outside
France. Projected positive sales dynamics from FY16 onwards remain
subject to the accretive impact of the care networks and further
add-on acquisitions. Operating margins are forecast at around 22%
sustainably, driven by the supplier mix and the continuously high
share of the directly owned stores.

Contained Impact of DOS

The strong increase in the share of revenues generated by directly
owned stores (DOS) has a credit dilutive impact as it weakens
earnings and margins. It also brings higher capital requirements
and additional debt-like rental obligations to the otherwise asset
light business model. Fitch does not expect a tangible reduction
from DOS over the rating horizon, but project that they will have
a relatively contained impact on the company's credit quality
given Afflelou's strategic preference to concentrate on the
franchisee network organically and by acquisition.

Neutral Effect from Regulatory Changes
Fitch expects the recently passed regulatory changes to have a
largely neutral effect on Afflelou's commercial risk. The brand's
strategic repositioning towards national care networks should
result in an expanded customer base and higher volumes, already
observed in 2Q15. At the same time, an increased market
transparency is likely to intensify price competition among
optical retailers and exert pressure on margins.

Acquisitions Embedded in Rating

Based on Afflelou's recently completed add-on acquisition and its
M&A pipeline, the company is likely to continue looking for
external expansion opportunities. Fitch has therefore included an
annual acquisition budget of EUR10 million for FY15 and FY16. Its
projections are based on Afflelou's generating positive free cash
flows with a margin sustainably above 8%, which would comfortably
accommodate add-on acquisitions from internal cash reserves
without constricting Afflelou's financial flexibility and
liquidity position, and without weakening its overall credit
profile.

Robust Cash Flow Generation

Compared with other healthcare and retail peers, Afflelou has
generated relatively high funds from operations (FFO) margins and
positive free cash flow (FCF) margins, despite the challenging
operating environment in France. Fitch expects this trend to
continue with a growing cushion to its downgrade sensitivity
threshold of 8% for the FCF margin, driven by EBITDA-led FFO
expansion and low capex nature of the franchisor business model.

Leverage Commensurate with Rating

Our peer analysis against other Fitch-rated healthcare credits
suggest that Afflelou's FFO adjusted leverage is comfortably
positioned in the 'B' rating category, demonstrating a similar de-
leveraging trajectory towards 6.0x in FY17. In contrast,
traditional retailers of the same credit quality do not tolerate
leverages above 6.0x, which is due to the intrinsically higher
volatility of their earnings and cash flows.

Superior Recoveries for Senior Secured Creditors

Fitch considers that the distressed valuation of the company would
be maximized in a going concern scenario as the business is fairly
asset-light (franchisor business model). In addition, Fitch
believes that should Afflelou default, this would not be the
result of a broken business model but rather due to an adverse
regulatory change (reimbursement policy) or unmanageable financial
leverage.

Fitch has reduced the discount to 15% from 20% and applied it to
January 2015 LTM EBITDA of EUR70 million leading to a post-
restructuring EBITDA of EUR.60 million. This remains the
appropriate sustained post-restructuring earnings estimate, in our
view, given Afflelou's sustained post-restructuring cash outlays.
Fitch maintained the distressed EV/EBITDA multiple at 5.5x in line
with 'B' category peers in the sector.

Fitch's analysis results in superior recovery prospects for both
the super senior RCF (capped at 90% due to the French
jurisdiction) and senior secured notes at 'RR2' and very limited
recovery prospects for the senior notes at 'RR6'. Fitch notes
however that with the estimated recovery rate of RR2/72% the
senior secured notes are positioned at the very low end of the RR2
band (71-90%), and any further sustained deterioration in EBITDA
may result in a negative outlook for the IDR, leading to a senior
secured notes downgrade.

Fitch notes that the convertible bond held at the level of
Lion/Seneca Lux 2 is treated as 100% equity and is excluded from
the debt calculation.

KEY ASSUMPTIONS

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

  - Low single digit organic sales growth rates.

  - Acquisitive annual sales expansion of EUR7 million-EUR14
    million in FY15-17.

  - EBITDA margin sustainably at 22.3%.

  - Capex at EUR10 million p.a.

  - Annual acquisition budget of EUR10 million in FY15 and FY16,
    funded from internal cash reserves.

RATING SENSITIVITIES

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

  - Stable to improving EBITDA margin driven by stable to
    expanding network activity and no negative impact from
    regulatory changes

  - FFO gross adjusted leverage below 5x

  - FFO fixed charge cover improving towards 2.5x.

Negative: Future developments that could lead to negative rating
action include:

  - Deterioration of EBITDA and FCF margins as a result of
    continued weak network activity, impact of regulatory
    changes, adverse supplier mix changes or further material
    increase of the DOS segment

  - FFO gross adjusted leverage above 7x or no evidence of
    deleveraging, for example because of operating
    underperformance or on-going acquisition activity

  - Any sign that internet is becoming a serious threat,
    reflected in negative like-for-like sales growth on a
    sustained basis

  - Unsuccessful integration of new material acquisition/s

  - FFO fixed charge cover of 1.8x or below.

These ratios are based on Fitch-calculated metrics.

LIQUIDITY

Sufficient Liquidity

Afflelou is projected to remain cash generative with annual FCF
generation of around EUR30 million-EUR35 million, provided no
further substantial net additions of DOS is taking place as in
FY14. These levels of organic liquidity can accommodate small
acquisitions of up to EUR10 million p.a. without compromising its
financial flexibility. Given Afflelou's position of a payment
intermediary between suppliers and stores and by using Dailly
assignments, a simplified form of receivables assignments, its
working capital exposure is relatively short, mostly on an intra-
month basis. In addition, the company can resort to the currently
undrawn RCF of EUR30 million due November 2018.

Business Accommodating Debt Package

Following the issuance of the notes in 2014, Afflelou faces no
short-term refinancing risk. Its back-ended, although concentrated
debt structure with both notes maturing in April 2019, bears no
interest rate risk and allows for a reasonable operational
flexibility, given the presence of only one springing covenant
under the RCF with min EBITDA level. However, due to Afflelou's
highly leveraged capital structure, its financial flexibility is
limited.

FULL LIST OF RATING ACTIONS

3AB Optique Developpement S.A.S.

  -- Super senior RCF 'BB-'/RR2/90%

  -- Senior secured notes 'BB-'/RR2/72%

Lion/Seneca France 2 S.A.S

  -- Senior notes 'CCC+'/RR6/0%



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


BANK OF GEORGIA: Fitch Affirms 'B' Short-term Currency IDRs
-----------------------------------------------------------
Fitch Ratings has affirmed Bank of Georgia (BoG, BB-/Stable/bb-),
TBC Bank (BB-/Stable/bb-), ProCredit Bank (Georgia) (PCBG,
BB/Stable/bb-), JSC Liberty Bank (LB, B/Stable/b), Basisbank (BB,
B/Stable/b) and Halyk Bank Georgia (HBG, BB-/Stable).

KEY RATING DRIVERS

VRS OF ALL BANKS, BoG's, TBC's, LB's, and BB's IDRs, BoG's SENIOR
DEBT

The affirmation of BoG's, TBC's, PCBG's, LB's and BB's VRs, and
(with the exception of PCBG) their Long-term IDRs with Stable
Outlooks, reflects their generally robust capitalization, ample
liquidity and still sound financial metrics notwithstanding a
challenging operating environment in Georgia. The economic
slowdown, depreciation of the Georgian lari (GEL) and higher
funding costs are likely to have a moderate negative impact on
banks' performance in 2015, but Fitch expects that this will be
within the tolerance range of the ratings.

The Georgian economy has experienced multiple external shocks
following the downturn in Russia, which has spilled over to
surrounding CIS economies, triggering a wave of trading partner
currency devaluations. These developments have had a highly
adverse impact on Georgian trade and remittances: exports have
fallen sharply, while remittances are down about 25%. The lari has
depreciated by about 30% from its 2011-2013 levels against the US
dollar, and economic growth is expected to slow markedly to 2% in
2015 from 4.8% in 2014.

Direct losses from devaluation will be limited, as the rated
Georgian banks do not run significant short open currency
positions. Nonetheless, with over 60% of banks' loan portfolios US
dollar denominated (with the notable exception of LB, 4%), the
fall of the lari could create asset quality pressures and a slight
decrease in regulatory capital ratios due to asset inflation.

Capital levels are adequate to high, as reflected in Fitch core
capital (FCC)/weighted risks ratios that span a broad range from
12% at LB to 30% (BB) at end-2014. Regulatory capitalization at
end-1Q15 was in the same range, from 12% at BoG to 28% at HBG,
with ratios partly reflecting loan book dollarization rates, as
the National Bank of Georgia applies a 175% risk weight to foreign
currency loans.

Asset quality metrics remain reasonable, with non-performing loan
ratios (NPLs, loans overdue by 90 days) ranging from 0.5% to 6% of
gross loans at end-2014 and restructured loans also moderate.
However, these figures do not capture the impact of the
significant devaluation of the lari in 2015 (by 20% year to date).
Fitch expects credit losses to pick up in the medium term due to
the low share of naturally hedged borrowers (e.g. pure exporters,
receiving their revenues in foreign currency) in the banks' loan
portfolios.

Liquidity is adequate, underpinned by high levels of liquid assets
on balance sheets, which provide the banks with solid buffers to
absorb unexpected funding outflows. Devaluation has had a limited
effect on banks' liquidity cushions, as conversion of deposits
into foreign currency and outflows were not significant in 4Q14-
1Q15. In addition, refinancing risk is generally limited,
reflecting typically moderate levels of wholesale funding
(borrowed primarily from international financial institutions) and
granular, well-spread funding maturities. The exception is BoG's
eurobond issue, which matures in 2017 and comprises a significant
14% of the bank's non-equity funding.

Margins should remain reasonably wide in the medium term,
supported by growth in higher-margin lending, although higher GEL
deposit rates and competition will moderately impact spreads.
However, asset quality will be the single most important driver of
banks' performance through the cycle.

BoG's and TBC's 'bb-' VRs are further supported by their well-
established and dominant franchises. At end-1Q15, the two banks
(on a consolidated basis) accounted for over 60% of sector assets.
PCBG's VR is at the same level as those of BoG and TBC,
notwithstanding PCBG's significantly smaller size, and reflects
the bank's superior track record of asset quality through the
cycle, solid performance, robust corporate governance and fairly
conservative risk management, resulting from its participation in
the ProCredit group of banks.

LB's VR of 'b' reflects its niche franchise and moderate loss
absorption capacity, particularly in light of its focus on
potentially risky retail lending. It also considers concentration
and volatility in the funding base resulting from significant
government, municipal and corporate funding. There is also some
uncertainty regarding LB's future ownership, strategy and
governance, as a majority stake in the bank is now controlled by
three private individuals, following the foreclosure of pledged
shares. However, this is balanced by the bank's improving
performance, growing scale, the status of exclusive payment agent
for the distribution of social payments and a low level of foreign
currency-denominated loans in the loan portfolio.

BB's 'b' VR is constrained by the bank's small size, currently
limited franchise and short track record as a member of the
Chinese Hualing Group. Positively, the rating also reflects the
bank's solid capital ratios and sound asset quality to date.
However, based on the bank's growth targets, Fitch estimates that
BB's capital ratios will fall to levels more in line with those of
its peers by 2017.

BOG's, TBC's, LB's and BB's SUPPORT RATINGS AND SUPPORT RATING
FLOORS

The affirmation of BoG's, TBC's and LB's '4' Support Ratings and
'B' Support Rating Floors (SRFs) reflects Fitch's view of the
limited probability of support being available from the Georgian
government, in case of need. The Support Ratings and SRFs are also
constrained by the potentially limited ability of the authorities
to provide support, in particular in foreign currency.

In Fitch's view, the authorities would likely have a high
propensity to support BoG and TBC in light of the banks' systemic
importance, and LB given its social function as the country's
primary distributor of pensions and social benefits. LB's Support
Rating and SRF also consider the support made available to the
bank in 2009.

BB's Support Rating of '5' and SRF of 'No Floor' reflect the
bank's limited systemic importance, in light of which support
cannot be relied upon, in Fitch's view.

PCBG'S and HBG's IDRS AND SUPPORT RATINGS

The affirmation of PCBG's and HBG's Long-term IDRs at 'BB' and
'BB-', respectively, and Support Ratings at '3', reflect Fitch's
view of the moderate probability of support for these entities
from the banks' majority shareholders, ProCredit Holding AG & Co.
KGaA (PCH, BBB/Stable) and Halyk Bank of Kazakhstan (HBK,
BB/Stable).

Fitch views the propensity of PCH to provide support to PCBG as
high, but PCBG's ability to receive and utilise this support could
be restricted by transfer and convertibility restrictions, as
reflected in Georgia's Country Ceiling of 'BB'.

The one-notch differential between HBK's and HBG's IDRs reflects
the cross-border nature of the parent-subsidiary relationship, and
the so far limited track record and contribution of the Georgian
subsidiary to overall group performance.

RATING SENSITIVITIES

A marked deterioration in the operating environment, in particular
if this led to negative action on the sovereign ratings, could put
downward pressure on all of the banks' IDRs and VRs. A material
weakening of asset quality and ratios and/or banks' loss
absorption capacity would also be negative for the VRs.

There is very limited upside potential for BoG, TBC and PCBG's
VRs, and hence for the IDRs of BoG and TBC, as these are already
at the same level as the sovereign.

LB's VR, and hence its Long-term IDR, could be upgraded if the
bank (i) is able to sustain the recent improvement in performance
in a more difficult operating environment; (ii) maintains current
capital levels and reasonable asset quality metrics; and (iii)
does not suffer any material deterioration in its governance
and/or risk appetite as a result of the change in ownership.

BB's VR, and hence also its Long-term IDR, could benefit from an
extended track record of profitable growth, reasonable management
of the risks of rapid expansion and a strengthening of the bank's
franchise.

HBG's Long-term IDR is sensitive to any changes in the Long-term
IDR of HBK. PCBG's Long-term IDRs are sensitive to a change in
Georgia's Country Ceiling.

The rating actions are as follows:

Bank of Georgia

Long-term foreign and local currency IDRs: affirmed at 'BB-';
Outlook Stable

Short-term foreign and local currency IDRs: affirmed at 'B'

Viability Rating: affirmed at 'bb-'

Support Rating: affirmed at 4

Support Rating Floor: affirmed at 'B'

Senior unsecured debt: affirmed at 'BB-'

TBC Bank

Long-term foreign currency IDR: affirmed at 'BB-'; Outlook Stable

Short-term foreign currency IDR: affirmed at 'B'

Viability Rating: affirmed at 'bb-'

Support Rating: affirmed at '4'

Support Rating Floor: affirmed at 'B'

ProCredit Bank (Georgia)

Long-term foreign and local currency IDRs: affirmed at 'BB';
Outlook Stable

Short-term foreign and local currency IDRs: affirmed at 'B'

Viability Rating: affirmed at 'bb-'

Support Rating: affirmed at '3'

JSC Liberty Bank

Long-term foreign currency IDR affirmed at 'B'; Outlook Stable

Short-term foreign currency IDR affirmed at 'B'

Viability Rating: affirmed at 'b'

Support Rating: affirmed at '4'

Support Rating Floor: affirmed at 'B'

JSC Basisbank

Long-term foreign currency IDR affirmed at 'B'; Outlook Stable

Short-term foreign currency IDR affirmed at 'B'

Viability Rating: affirmed at 'b'

Support Rating: affirmed at '5'

Support Rating Floor: affirmed at 'No floor'

Halyk Bank Georgia

Long-term Issuer Default Rating: affirmed at 'BB-', Outlook Stable

Short-term Issuer Default Rating: affirmed at B

Support Rating: affirmed at '3'



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


ASIAN BAMBOO: Management Board Opts to File Insolvency Petition
---------------------------------------------------------------
Asian Bamboo AG disclosed that the Management Board decided to
file a petition for insolvency proceedings on May 28 with the
local court of Hamburg, following a decision of the local court of
Hamburg to appoint a preliminary insolvency administrator.  The
Management Board will continue to search for a solution in the
best interest of all stakeholders and wishes to emphasize that its
petition for insolvency proceedings -- as well as the court's
decision -- is no decision to liquidate the company but should
rather open up more options to facilitate a solution.

                    About Asian Bamboo AG

Asian Bamboo currently owns long-term leasing rights for 36 bamboo
plantations with a total size of 48,123 hectares (ha).

Since November 16, 2007, Asian Bamboo has been listed on the Prime
Standard of the Frankfurt Stock Exchange under the ticker symbol
"5AB".  In addition, the stock is traded as an ADR under the
ticker symbol "ASIBY".  The Company's financial statements are
audited by Deloitte and its registered office is located in
Hamburg, Germany.



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


FRIGOGLASS SAIC: Moody's Affirms B2 CFR; Outlook Developing
-----------------------------------------------------------
Moody's Investors Service affirmed Greek manufacturer Frigoglass
SAIC's B2 corporate family rating and B2-PD probability of default
rating and has changed the outlook to developing from stable,
following the announcement of the possible disposal of Frigoglass'
glass business. Concurrently, Moody's has affirmed the B2 senior
unsecured rating assigned to the notes issued by Frigoglass
Finance B.V. and due 2018.

"Frigoglass's credit profile would improve if the company
successfully executes its planned disposal of its glass division,
as the sale would allow material deleveraging and improve group
liquidity," says Lorenzo Re, a Moody's Vice President - Senior
Analyst - and lead analyst for Frigoglass. "However, we see
increasing negative pressure on Frigoglass's rating on the back of
a persisting weak operating performance, especially in its cooler
business, and the group's deteriorating liquidity situation.
Therefore, the failure to complete the planned disposal would
result in strong negative pressure on the rating"

The rating action primarily reflects Frigoglass's announcement (on
Friday May 22) that it has reached an agreement with the GZI
group, a major beverage can producer in West Africa, to sell its
glass business, which comprises activities in Nigeria and Dubai.
GZI will pay Frigoglass a net cash consideration of US$225 million
(EUR200 million), US$200 million of which it will pay at closing
and US$25 million in two tranches over the following two years.
Moody's expects that the sale, which remains subject to customary
conditions and to the buyer raising the necessary financing, will
be finalized in H2 2015. Frigoglass will use the proceeds of the
sale to reduce leverage.

Moody's considers the disposal to be credit positive, as it will
allow Frigoglass to reduce its EUR303 million gross debt (as of
December 2014). In addition, the deal would materially improve the
group's current liquidity situation, which is weak as a result of
the limited availability on the company's EUR50 million revolving
facilities (EUR24.4 million drawn as of March 2015) and to the
tight headroom under its financial covenants. However, it remains
unclear how Frigoglass will materially pay down its debt,
considering that it comprises mostly of EUR250 million notes
maturing in 2018.

Moody's expects that Frigoglass's post-sale business profile will
deteriorate but remain in line with a rating at the mid- to high-
end of the B category. The glass business, which accounted for 30%
of consolidated revenue and 53% of adjusted EBITDA (i.e., before
one-off restructuring charges) in 2014, is currently an important
source of risk diversification. Since 2013, sales in the glass
business have been increasing while they have deteriorated in the
cooler sector.

The ongoing difficult market conditions for the cooler business
are negatively affecting Frigoglass's revenue and profitability
and increasing negative pressure on the company's current rating.
Despite recent restructuring measures and other cost savings
initiatives, Q1 2015 results were weak with EBITDA dropping by 25%
from the previous year, owing also to one-off factors. In this
context, Moody's expects that, absent the disposal, it would be
very difficult for Frigoglass to materially reduce its leverage
(measured by Moody's adjusted debt/EBITDA) from the 6.1x of end-
2014, a level that is high for the current B2 rating.

The developing outlook reflects the potential binary impact on the
rating of the recent announced disposal transaction against a
background of weak operating performance and tight liquidity due
principally to covenant pressure. Moody's will therefore focus on
the successful execution of the disposal and on the effective
reduction of gross debt, as announced by management. Failure to
close the deal or reduce gross debt with the proceeds would likely
result in immediate material negative pressure on the rating.
Conversely, the completion of the deal would be credit positive
and comfort the company in its current rating with some potential
moderate upward pressure.

The current guidance provides that upward pressure on the rating
could develop if Moody's adjusted debt/EBITDA ratio were to
improve to below 4.5x, retained cash flow/net debt were to be
above 10% and EBITA interest cover were to trend toward 2x, along
with an improvement of the group's liquidity.

On the other hand, downward pressure could result if its (1)
Moody's adjusted debt/EBITDA ratio were to remain around 6.0x,
with free cash flow generation remaining negative on a sustained
basis; or (2) liquidity position were to deteriorate further, with
Frigoglass being unable to maintain, or restore as required,
sufficient headroom under its financial covenants. Moody's
comments that this guidance may be reassessed post-transaction to
reflect the change in perimeter and business risk profile.

The principal methodology used in these ratings was the 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.

Incorporated in Greece, Frigoglass SAIC has a widespread global
presence, with a focus on countries in both Western and Eastern
Europe, Africa and the Middle East, and Asia and Oceania. The
group produces beverage refrigerators for global players in the
beverage industry, with key customers including Coca-Cola Company
bottlers, major brewers, Pepsi and dairy companies. Truad
Verwaltungs A.G. owns approximately 45% of Frigoglass and is a
long-term investor in the group. Truad Verwaltungs A.G. is a trust
representing the interests of the Leventis family and no member
has a majority vote.


GREECE: Bailout Talks Ongoing, Varoufakis Seeks 30-Year Loan
------------------------------------------------------------
Nikos Chrysoloras at Bloomberg News reports that Greek officials
and creditor institutions are locked in talks for another weekend
as both sides work against a payment deadline to avert default and
a euro-region exit.

According to Bloomberg, the European Commission's vice president,
Jyrki Katainen, told Finland's YLE TV1, "The key issue is to
resolve the situation so that Greece can remain a member of the
euro area."

"Unfortunately over the past six months things have turned for the
worse in Greece, purely for political reasons."

The standoff between Greece's anti-austerity coalition and
creditors over the terms attached to the country's emergency loans
has triggered a liquidity squeeze, tipping the economy into a
double-dip recession, Bloomberg notes.

With just four weeks before a euro-area-backed bailout expires,
Finance Ministry officials have told Greece there's no time to get
a disbursement approved by the currency bloc's parliaments
unless they reach at least a technical agreement by the beginning
of June, Bloomberg relays.

"If the Greek government refuses to engage in the reform process,
it is playing with the future of the country," Bloomberg quotes
Klaus Regling, managing director of the European Stability
Mechanism, as saying.  "The risk is then great that past
sacrifices will have been in vain."

Failure to reach an agreement that will pave the way for the
disbursement of bailout funds risks leaving Europe's most-indebted
state unable to meet payments to its creditors, Bloomberg notes.

According to Bloomberg, Economy Minister George Stathakis said in
an interview with the Real News newspaper published on May 29
Greece will be able to scrape together enough cash to make a
payment of about EUR300 million (US$329 million) due to the IMF on
June 5.

"The country has been servicing its loans through internal
resources for the past year,"

Mr. Stathakis, as cited by Bloomberg, said.  "It will do the same
this time."

                   "Waiting for An Accident"

The Telegraph's Szu Ping Chan reports that Jose Manuel Barroso,
former head of the European Commission, has warned European
policymakers must stop "waiting for an accident" to happen in
Greece and work towards a deal with Athens to avoid the country's
exit from the eurozone.

Mr. Barroso, who led the EC for a decade, said that politicians
had taken "too long" to find a solution, which had left Greece in
danger of defaulting on its debt, The Telegraph relates.

"Sometimes I get the impression that people are waiting for an
accident so that they can really focus [on] avoiding a bigger
disaster.  It's too long this time that has been taken to find a
solution.  I believe it's important now to find that solution,"
The Telegraph quotes Mr. Barroso as saying.

Mr. Barroso has previously warned that a Greek exit could trigger
the start of disintegration of the euro, The Telegraph relays.
It breaks a taboo and sets a precedent," he said in April, The
Telegraph recounts.

Speaking on the BBC's Andrew Marr Show on May 31, Mr. Barroso, as
cited by The Telegraph, said: "It will certainly be negative for
Greece and the euro area if there is a default or if there is a
Grexit.  But I believe that a solution can still be found."

                           Fresh Loan

According to The Telegrpah, Yanis Varoufakis, Greece's finance
minister, is seeking a fresh 30-year loan from the eurozone's
rescue fund to replace debt held by the ECB.  He told Greek
newspaper Avghi that the government was lobbying for a low
interest loan from the European Stability Mechanism (ESM) with
similar terms to its existing EUR133 billion ESM loan, The
Telegrpah discloses.

Mr. Varoufakis said the government wanted a "combination of debt
restructuring, investment injections and reforms that go beyond
the inhumane practice of cutting pensions, benefits and wages",
The Telegraph relays.


NAVIOS MARITIME: S&P Assigns 'B+' CCR, Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Marshall Islands-registered owner and
operator of oil tankers Navios Maritime Midstream Partners L.P.
The outlook is stable.

In addition, S&P assigned its 'BB-' issue rating to Navios
Midstream's proposed US$205 million term loan.  The recovery
rating on the loan is '2', reflecting S&P's expectation of
substantial recovery, in the lower half of the 70%-90% range, in
the event of payment default.

The rating on the proposed term loan is based on preliminary
information and is subject to S&P's satisfactory review of the
final documentation.

The rating on Navios Midstream reflects S&P's assessment of the
company's business risk profile as "weak" and its financial risk
profile as "significant."  S&P's assessment assumes that the
company will complete as proposed its debt-funded acquisition of
two additional very large crude carriers (VLCCs).

The key consideration in our business risk profile assessment is
S&P's view of the shipping industry's "high" risk, owing to its
capital intensity, high fragmentation, frequent imbalances between
demand and supply, lack of meaningful supply discipline, and
charter rate volatility.  The company's relatively narrow business
scope and diversity -- with a business model currently built
around four VLCCs -- and its concentrated charterer base also
constrain S&P's assessment.

S&P considers these risks to be partly offset by the company's
likely low volatility of profitability owing to its conservative
chartering policy, competitive break-even rates, and limited
exposure to fluctuations in revenues through time-charter
contracts.  Furthermore, in S&P's business risk assessment, it
recognizes the medium-term visibility on revenues offered by the
average remaining contract duration of seven years on Navios
Midstream's current four contracted vessels.  These combined
factors largely counterbalance the industry's cyclical swings in
the medium term.  In addition, S&P notes the profit-sharing
provisions in Navios Midstream's charter arrangements, which
provide potential upside should the spot market charter rates
improve above their contracted rates.

S&P views Navios Midstream's financial risk profile as
"significant," reflecting the company's relatively high Standard &
Poor's-adjusted debt.  The proposed transaction stipulates that
the company will raise a US$205 million term loan B, repay US$124
million of existing credit facilities, and acquire two vessels
from Navios Maritime Acquisition Corp. for about US$73 million.
This will be partly offset by more vessel operating days owing to
the expanding fleet and the resulting EBITDA increase.
Accordingly, S&P forecasts that Navios Midstream's adjusted ratio
of funds from operations (FFO) to debt will be about 25%-28%,
which is commensurate with the "significant" financial risk
profile.

S&P adjusts downward Navios Midstream's anchor score of 'bb-'
using S&P's comparable rating analysis modifier to reach the 'B+'
corporate credit rating.  This is to reflect the company's small
absolute size and limited scope of business operations, which S&P
believes makes it susceptible to adverse movements in the tanker
market -- especially if the developments occur at a time when its
ships are near the end of its charters.  In addition, S&P sees
some concentration risk in Navios Midstream's customer base, with
one key customer accounting for a significant proportion of
revenues in 2015.  In S&P's opinion, the loss or downsizing of
this contract could adversely affect the company's operating
performance.

S&P's base case assumes:

   -- Global growth--which we view as heavily correlated with
      global oil demand--to be a bit stronger this year and next,
      despite a continuing slowdown in China, as the U.S., the
      eurozone, Japan, and India all grow faster.  Revenues in
      line with contracted vessels' daily rates provided by
      Navios Midstream and for the vessels due for rechartering,
      according to S&P's forecast time charter rates.

   -- Time charter rate for VLCCs of $45,000 per day in 2015-
      2017.

   -- Increasing vessel operating days during 2015 and 2016
      compared with 2014, resulting from two new vessels to be
      acquired in July 2015.  If the transaction is successfully
      completed, capital expenditure (capex) of about $73 million
      in 2015 to acquire two vessels from Navios Maritime
      Acquisitions, which will be funded mostly with net proceeds
      from a new debt on a loan-to-value basis of about 80%-85%
      and partly by the non-cash quity offering.

   -- If the transaction is successfully completed, incremental
      annual EBITDA from these two new vessels of about $20
      million-$25 million.

   -- Further potential additions to the fleet (beyond the two
      vessels, as proposed) to be funded in such a way as to
      support credit measures consistent with a "significant"
      financial risk profile.

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

   -- A weighted-average ratio of Standard & Poor's-adjusted FFO
      to debt of 25%-28% in 2015-2016.

   -- A weighted-average ratio of adjusted debt to EBITDA of
      3.7x-3.0x in 2015-2016.

The stable outlook on Navios Midstream reflects S&P's view that,
despite the likely further vessel acquisitions, the company will
maintain its credit metrics at levels commensurate with the
rating, supported by its medium- to long-term time-charter
profile, predictable cost structure, and use of conservative
funding to expand its fleet.  Specifically, S&P forecasts that the
company will achieve an adjusted FFO-to-debt ratio at above 20%,
which S&P considers to be commensurate with the rating.
Furthermore, given the inherent volatility of the sector in which
Navios Midstream operates, S&P considers the company's
consistently "adequate" liquidity -- with sources covering uses by
at least 1.2x for the following 12 months -- to be a critical and
stabilizing rating factor.

"We could downgrade Navios Midstream if we considered that the
ratio of adjusted FFO to debt was falling sustainably below 20%.
This could stem from unexpected operating underperformance, for
example due to a loss of or damage to one of the vessels without
proper and timely compensation from the insurer, or delayed
payments or nonpayment under the current charter agreements, or if
the company was forced to reemploy the majority of its vessels at
rates well below the currently contracted rates.  Moreover, the
rating may come under pressure if Navios Midstream pursued
significant and largely debt-funded investments in additional
tonnage, beyond our base-case assumptions, or more aggressive
shareholder distributions than we currently forecast, which would
weaken the company's credit metrics and liquidity," S&P said.

S&P could consider a positive rating action if the company's
operating performance improved significantly, such that FFO to
debt rose above 30% on a sustainable basis.  That said, S&P
believes the scope for such an improvement in the financial risk
profile over the next 12-18 months is limited, given S&P's
expectations of periodic partly debt-funded additions to the fleet
and a fairly aggressive dividend payout.

S&P could also consider an upgrade if it removes its comparable
rating analysis modifier.  This could happen if Navios Midstream
materially increased its business scope and delivered sustained
EBITDA growth.



=============
H U N G A R Y
=============


HUNGARIAN EXPORT: Fitch Affirms 'BB+' Long-term IDR
---------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings
(IDRs) of the Hungarian Export Import Bank (Hexim) and MFB
Hungarian Development Bank Private Limited Company (MFB) at 'BB+'
and of Kereskedelmi es Hitelbank Zrt (K&H) at 'BBB-'. The Outlooks
have been revised to Positive from Stable.

The rating actions follow the revision of the Outlook on the
Hungarian sovereign.

K&H's Viability Rating is unaffected by these rating actions.

KEY RATING DRIVERS

IDRS, SUPPORT RATINGS
Hexim's and MFB's IDRs are equalized with those of the Hungarian
sovereign, reflecting Fitch's view of a moderate probability of
state support for either bank, if required. The agency believes
that the government's propensity to support Hexim and MFB is
strong. However, its ability to provide support is moderate, as
reflected in the sovereign ratings.

Fitch's view of support for Hexim and MFB is based on their
strategic policy role to support Hungarian exports (Hexim) and
domestic economic growth (MFB), full state ownership and state
guarantees for their obligations. Fitch also takes into
consideration each bank's dedicated legal acts that govern their
tasks, scope of activities and relationship with the state.

K&H's IDRs and Support Rating reflect Fitch's opinion that there
is a high probability that it would be supported, if required, by
its sole shareholder, KBC Bank (A-/Stable/a-). This is based on
the strategic importance of the Central and Eastern European
region for KBC and K&H's relatively resilient performance in an
otherwise difficult operating environment. Accordingly, K&H could
be rated within one notch of its parent, if country risks allow.

K&H's IDRs remain capped at one notch above the Hungarian
sovereign as we believe that the numerous government interventions
in the banking sector amplify country risks for banks operating
locally. These constrain Fitch's confidence that the bank's
ability to service its debt and/or the parent bank's readiness to
continue providing support would withstand a sovereign default.

The Positive Outlook on all banks' Long-term IDRs reflects that on
the Hungarian sovereign.

RATING SENSITIVITIES

IDRS, SUPPORT RATINGS
The IDRs of the three banks are sensitive to changes to the
Hungarian sovereign ratings. Consequently, a potential upgrade of
Hungary would result in an upgrade of the banks' IDRs.

Hexim's and MFB's ratings are also sensitive to the state's
propensity to support them, which Fitch believes is unlikely to
change in the foreseeable future.

K&H's ratings could come under pressure if parental support is
delayed when needed, or should further onerous domestic bank
regulation and weak market prospects make the shareholder's
commitment to its subsidiary less certain. K&H's IDRs could be
upgraded if Fitch concludes that country risks for Hungarian banks
have materially reduced. This could happen if the government
establishes a track record of less punitive regulation of the
banking sector and the operating environment stabilizes.

The rating actions have only considered the parts of the criteria
that deal with support.

The rating actions are as follows:

Hexim

Long-term IDR: affirmed at 'BB+'; Outlook revised to Positive from
Stable

Short-term IDR: affirmed at 'B'

Support Rating: affirmed at '3'

Support Rating Floor: affirmed at 'BB+'

Senior unsecured debt long-term rating: affirmed at 'BB+'

Senior unsecured debt short-term rating: affirmed at 'B'

MFB

Long-term IDR: affirmed at 'BB+'? Outlook revised to Positive from
Stable

Short-term IDR: affirmed at 'B'

Support Rating: affirmed at '3'

Support Rating Floor: affirmed at 'BB+'

Senior unsecured debt long-term rating: affirmed at 'BB+'

K&H

Long-term IDR: affirmed at 'BBB-', Outlook revised to Positive
from Stable
Short-term IDR: affirmed at 'F3'

Support Rating: affirmed at '2'

Viability Rating: unaffected, at 'bb-'


MFB HUNGARIAN: Moody's Assigns (P)Ba1 Sr. Unsecured Debt Rating
---------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba1 long-term
foreign-currency senior unsecured debt rating to MFB Hungarian
Development Bank Ltd.'s (MFB) planned Euro-denominated bond
issuance.

The provisional rating assigned to the senior debt obligations of
MFB is in line with Hungary's Ba1 government bond rating. MFB is a
bank that is owned and guaranteed by the Hungarian government, and
that plays a vital role in the government's policy to support
domestic economic development.

Moody's assumes a very high probability of support from the
Hungarian government for MFB, reflected in the framework of
explicit and irrevocable state guarantees for funding and foreign-
currency risk. In addition, Moody's acknowledges that the
Hungarian government has historically provided capital support to
MFB.

As Moody's issues provisional ratings in advance of the final
issuance of the notes, these ratings only represent the rating
agency's preliminary credit opinion and do not immediately apply
to the issued securities. The rating on the debt notes issued will
be subject to Moody's review of the terms and conditions set forth
in the final base and supplemental offering circular and pricing
supplements of the notes to be issued. A definitive rating may
differ from a provisional rating if the terms and conditions of
the issuance are materially different from those of the
preliminary prospectus reviewed.

Taking into account the government guarantee on MFB's liabilities,
Moody's expect that the debt and deposit ratings of MFB will move
in line with the rating of the Hungarian government.

The principal methodology used in this rating was Government-
Related Issuers published in October 2014.



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


KENMARE RESOURCES: Says Future Not Dependent on Iluka Takeover
--------------------------------------------------------------
Geoff Percival at Irish Examiner reports that Kenmare Resources
chief, Michael Carvill, has said that the company's future is not
dependent on it being taken over and says it has a viable
independent future if not acquired.

Speaking directly after the mining firm's AGM in Dublin, on
May 28, Mr. Carvill, as cited by Irish Examiner, said that the
board is not building its business plan around what may or may not
be forthcoming in the form of any offer from Australian company,
Iluka Resources or any other potential investor.  He said cost
reduction, debt management and generally placing Kenmare in a
position to be able to reward shareholders when market conditions
improve are the current main priorities, Irish Examiner relates.

Kenmare, which owns and operates the Moma titanium mine in
Mozambique, has expressed openness to an approach from Perth-based
Iluka and is remaining open to dialogue, in the best interests of
its shareholders, Irish Examiner notes.

A revised non-binding takeover proposal, from Iluka, values a
potential takeover of Kenmare at around EUR265 million, Irish
Examiner discloses.

According to Irish Examiner, Iluka's managing director, David Robb
said that for the Kenmare offer to proceed, his board "need to
have confidence around the financial merit and the value creation
opportunity for our shareholders and our ability to manage
Kenmare's operation for the benefit of all stakeholders."  That
suggested that any deal is in its very early stages, Irish
Examiner states.

Kenmare made a EUR91 million loss last year and has been
struggling with falling product prices and muted demand for
ilmenite, Irish Examiner recounts.  However, management told
shareholders the firm is well-placed for an anticipated pick-up,
adding its restructured debt arrangements have been "very
helpful", Irish Examiner relays.

Kenmare Resources is an exploration company based in Dublin.


TALISMAN-6: Fitch Cuts Rating on Class F Notes to 'Dsf'
-------------------------------------------------------
Fitch Ratings has downgraded Talisman-6 Finance plc's class F
notes and affirmed the others, as follows:

EUR359.4 million class A (XS0294187306) affirmed at 'CCCsf';
revised Recovery Estimate (RE) to 100% from 85%

EUR79.9 m class B (XS0294187991) affirmed at 'CCsf' revised RE to
90% from 0%

EUR83.3 million class C (XS0294188882) affirmed at 'Csf'; RE 0%

EUR59.9 million class D (XS0294189005) affirmed at 'Csf'; RE 0%

EUR12.5 million class E (XS0294189427) affirmed at 'Csf'; RE 0%

EUR12.1 million class F (XS0294189690) downgraded to 'Dsf' from
'Csf'; RE 0%

The transaction is the securitization of nine commercial mortgage
loans originated by ABN AMRO Bank NV (A/Stable/F1). Since closing,
two loans have repaid in full (Kiwi and Strawberry loans), one
loan repaid with a loss (Pineapple loan). The remaining six loans
defaulted and are currently being specially serviced by Hatfield
Philips International. The six loans have a cumulative balance of
EUR607.1 million and are secured by a portfolio valued at EUR562.6
million.

KEY RATING DRIVERS

The affirmation of the class A to E notes is driven by the stable
performance of the pool. The revised RE on the class A and B notes
reflects the significant progress achieved in working out the
Orange loan, the largest loan in the pool (54.3% of the pool). The
downgrade of the class F notes is the result of the EUR3.9 million
loss allocation at the October 2014 IPD of the Pineapple loan.

Since Fitch's last rating action, the special servicer notarized
the sale of a portfolio of 127 properties backing the Orange loan
for an undisclosed amount that will likely result in the repayment
in full of the Orange senior loan as per the special notice the
special servicer published on 19 December 2014. The special
servicer expects the transaction to close by 3Q15 and the final
recovery determination by mid-2016. Fitch views the workout of the
Orange loan as positive for the transaction. However, any delay in
the distribution of the recovery proceeds could result in a note
event of default due to the approaching legal final maturity in
October 2016.

On the rest of the loan pool, sales progress has been made on all
the loans by the special servicer. Significant principal payments
should materialize in the upcoming payment periods.

The class D, E and F notes will suffer losses once write-offs of
EUR40.2m from the Cherry loan and EUR46.4 million from the Mango
loan are formally allocated to the noteholders.

RATING SENSITIVITIES

A protracted workout of the remaining loans prior to legal final
maturity in October 2016 is likely to result in further downgrade.

Fitch's estimated 'Bsf' recovery amount is EUR450.7m.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action



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


BANCO POPOLARE: Moody's Affirms Ba3 Deposit & Sr. Debt Rating
-------------------------------------------------------------
Moody's Investors Service confirmed Banco Popolare Societa
Cooperativa's (Banco Popolare) Ba3 long-term deposit and senior
debt ratings, and assigned a stable outlook. This rating action
reflects the upgrade of the bank's standalone baseline credit
assessment (BCA) to b2 from b3, the implementation of Moody's new
bank rating methodology and specifically the advanced Loss Given
Failure (LGF) analysis, and lower government support assumptions.
Furthermore, Moody's assigned to Banco Popolare a Counterparty
Risk Assessment (CR Assessment) of Ba2(cr)/Not Prime(cr).

This rating action concludes the review initiated on March 17,
2015.

Moody's said that the upgrade of Banco Popolare's BCA was
triggered by the rating agency's expectation of improving
profitability following the bank's strengthened loan loss coverage
of non-performing loans, and by more robust capital levels. At the
same time, the rating agency noted Banco Popolare's still weak
asset quality.

Moody's noted that Banco Popolare's loan loss coverage improved in
2014. Between 2011 and 2013, Banco Popolare reported very weak
loan loss reserves of around 40% of problem loans. Moody's says
that the very high loan loss provisions required by the European
Central Bank's (ECB) Comprehensive Assessment led to a
significantly higher coverage of problem loans, which reached 51%
as at December 2014 (see notes 1 and 2 at the end of this press
release).

At the same time, Moody's views Banco Popolare's asset quality as
still very weak, with problem loans representing 17.4% of the
bank's gross loans. Moody's adds that Banco Popolare's problem
loan ratio increased significantly, with an average 13% growth
over the last five years. The high level of non-performing loans
continues to constrain the level of the bank's BCA.

Banco Popolare's deteriorating asset quality has impacted the
bank's pre-provision profitability, with an increasing proportion
of assets becoming non performing and therefore non-interest
generating. In 2014, the bank reported pre-provision profit of
EUR1.1 billion, compared to EUR1.3 billion pre-provision profit
reported in 2013 and 2012.

Deteriorating asset quality, and the need to increase loan loss
coverage, also impacted Banco Popolare's cost of credit; loan loss
charges rose from slightly over 80bp of loans between 2009 and
2011, to 140bp in 2012, 193bp in 2013, and 435bp in 2014.
According to Banco Popolare's reports, close to half of the
elevated loan loss charges in 2014 resulted from the ECB
Comprehensive Assessment.

For 2015, excluding extraordinary items, Moody's expects Banco
Popolare's pre-provision profitability to remain stable, and the
cost of risk to reduce from the very high levels of the last two
years. This reduction should in turn improve Banco Popolare's
profitability. At the same, the rating agency notes that it is
unlikely that Banco Popolare will report a cost of credit in line
with pre-crisis levels, and that the bank's profitability will
remain under pressure.

In 2014, ahead of the ECB Comprehensive Assessment, Banco Popolare
increased its capital by EUR1.5 billion, which led to a Common
Equity Tier 1 (CET1) ratio under Basel III of 12.0% as at December
2014, including a 10bp positive impact from the merger of its
fully-owned subsidiary Banca Italease in 1Q 2015; this is
equivalent to Moody's Tangible Common Equity / adjusted risk-
weighted assets of 10.3%. Moody's says that Banco Popolare's
capital adequacy now has a significant buffer over the prudential
9.4% minimum CET1 imposed by the ECB.

Moody's says that the confirmation of Banco Popolare's deposit and
senior unsecured debt ratings derives from the upgrade of the BCA,
the introduction of the rating agency's Loss Given Failure (LGF)
analysis, and revised government support assumptions.

Banco Popolare is subject to the EU Bank Resolution and Recovery
Directive (BRRD), which Moody's considers to be an Operational
Resolution Regime. The rating agency's standard assumptions, which
are applied to Banco Popolare, assume residual tangible common
equity of 3% and losses post-failure of 8% of tangible banking
assets, a 25% run-off in junior wholesale deposits, a 5% run-off
in preferred deposits, and a 25% probability of deposits being
preferred to senior unsecured debt. Under these assumptions, Banco
Popolare's deposits and senior unsecured debt are likely to face
very low loss-given-failure, due to the loss absorption provided
by subordinated debt and, potentially, by senior unsecured debt
should deposits be treated preferentially in a resolution, as well
as the substantial volume of deposits themselves. This provides
two notches of uplift for deposits and senior unsecured above the
b2 BCA.

At the same time, Moody's says that the introduction of the BRRD
has demonstrated a reduction in the willingness of EU governments
to bail-out banks, and this led to a lower expectation of
government support. Banco Popolare is the fourth largest bank in
Italy (Baa2 stable), but significantly smaller than the largest
two banks; as such, Moody's says that it does not consider Banco
Popolare to be a systemically important bank. The rating agency
reduced its assumption of government support for Banco Popolare to
low from high; the new assumption leads to no notches of uplift,
from three notches previously.

Moody's says that the one-notch upgrade of Banco Popolare's junior
instruments derives from the one-notch upgrade of the bank's BCA,
as well as the instruments' high loss-given-failure level. The
rating on Banco Popolare's subordinated debt remains one notch
below the BCA; the ratings on the bank's junior subordinate debt
and preferred stock (the latter also issued by backed vehicles)
remain two and three notches below the BCA respectively,
reflecting high expected loss severity as well as higher
instrument-specific probability of default compared with senior
subordinated debt.

Moody's has withdrawn the outlooks on all subordinated debt
ratings for Banco Popolare and related backed vehicles for its own
business reasons.  Outlooks are now only assigned to long-term
senior debt and deposit ratings, indicating the direction of any
rating pressures.

The outlook on the deposit and senior unsecured rating is stable,
reflecting the still fragile economic recovery in Italy. After a
GDP reduction of 1.7% in 2013 and 0.4% in 2014, Moody's says it
expects Italian GDP to grow by less than 1% in both 2015 and 2016.
Any downward revision of the scenario would likely offset the
positive trend in profitability.

As part of the actions, Moody's has assigned a Ba2(cr)/Not
Prime(cr) CR Assessment to Banco Popolare and its London branch,
three notches above the BCA. Banco Popolare's CR Assessment is
driven by the bank's b2 BCA, and by substantial bail-in-able debt
and deposits likely to support the operating obligations.

The CR Assessment, which is not a rating, reflects an issuer's
probability of defaulting on certain bank operating liabilities,
such as covered bonds, derivatives, letters of credit and other
contractual commitments. In assigning the CR Assessment, Moody's
evaluates the issuer's standalone strength and the likelihood,
should the need arise, of affiliate and government support, as
well as the anticipated seniority of counterparty obligations
under Moody's advanced Loss Given Failure framework. The CR
Assessment also assumes that authorities will likely take steps to
preserve the continuity of a bank's key operations, maintain
payment flows, and avoid contagion should the bank enter a
resolution.

Moody's said that Banco Popolare's ratings could be upgraded
following a return to sustainable profitability, together with
stabilising asset quality.

Banco Popolare's ratings could be downgraded following further
losses in 2015, or following a further material deterioration in
asset quality.

Note 1: Unless noted otherwise, data in this report is sourced
from company reports and Moody's Banking Financial Metrics.

Note 2: Problem loans include non-performing loans (sofferenze),
watchlist (incagli), restructured (ristrutturati), and past-due
(scaduti); Moody's adjust these numbers and only incorporate 30%
of the watchlist category as an estimate of those over 90 days
overdue.

Confirmations:

Issuer: Banco Popolare Societa Cooperativa

  -- Senior Unsecured Deposit Rating, Confirmed at Ba3

  -- Issuer Rating, Confirmed at Ba3

  -- Senior Unsecured Medium-Term Note Program, Confirmed at
     (P)Ba3

  -- Senior Unsecured Regular Bond/Debenture, Confirmed at Ba3

Issuer: Banco Popolare Luxembourg S.A.

  -- Senior Unsecured Medium-Term Note Program, Confirmed at
     (P)Ba3

Issuer: Banca Italease S.p.A., now merged into Banco Popolare
Societa Cooperativa

  -- Senior Unsecured Regular Bond/Debenture, Confirmed at Ba3

Upgrades:

Issuer: Banco Popolare Societa Cooperativa

  -- Baseline Credit Assessment, Upgraded to b2 from b3

  -- Adjusted Baseline Credit Assessment, Upgraded to b2 from b3

  -- Subordinate Medium-Term Note Program, Upgraded to (P)B3 from
     (P)Caa1

  -- Subordinate Regular Bond/Debenture, Upgraded to B3 from Caa1

  -- Pref. Stock Non-cumulative Preferred Stock, Upgraded to Caa2
     (hyb) from Caa3 (hyb)

Issuer: Banca Popolare di Lodi Investor Trust III

  -- Pref. Stock Non-cumulative Preferred Stock, Upgraded to Caa2
     (hyb) from Caa3 (hyb)

Issuer: Banca Italease Capital Trust

  -- Pref. Stock Non-cumulative Preferred Stock, Upgraded to Caa2
     (hyb) from Caa3 (hyb)

Issuer: Banca Italease S.p.A., now merged into Banco Popolare
Societa Cooperativa

  -- Subordinate Regular Bond/Debenture, Upgraded to B3 from Caa1

Assignments:

Issuer: Banco Popolare Societa Cooperativa

  -- Counterparty Risk Assessment, Assigned Ba2(cr); NP(cr)

Issuer: Banco Popolare Societa Cooperativa, London Br

  -- Counterparty Risk Assessment, Assigned Ba2(cr); NP(cr)

Outlook:

Issuer: Banco Popolare Societa Cooperativa

  -- Outlook, Changed To Stable From Rating Under Review

Issuer: Banco Popolare Luxembourg S.A.

  -- Outlook, Changed To Stable From Rating Under Review

Issuer: Banca Popolare di Lodi Investor Trust III

  -- Outlook, Changed To No Outlook From Rating Under Review

Issuer: Banca Italease Capital Trust

  -- Outlook, Changed To No Outlook From Rating Under Review

Issuer: Banca Italease S.p.A., now merged into Banco Popolare
Societa Cooperativa

  -- Outlook, Changed To Stable From Rating Under Review

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



=================
L I T H U A N I A
=================


AIR LITUANICA: To File for Bankruptcy Following Financial Woes
--------------------------------------------------------------
Xinhua reports that Air Lituanica, which recently cancelled its
flights, on May 28 said the company plans to file for bankruptcy.

Nerijus Jukna, new director of the company, has decided to address
to the board of the carrier for approval to open bankruptcy
proceedings, Xinhua relates.

Mr. Jukna, who is a lawyer with experience in bankruptcy cases,
replaced former Air Lituanica director Gytis Gumuliauskas on
May 25, Xinhua discloses.

According to Xinhua, the carrier, which currently employs 49
people, also said it is reorganizing its resources and planning to
dismiss around one third of its staff, including a few executives.

The airliner ceased flying on May 22 due to financial problems,
Xinhua relays.  Air Lituanica last year suffered a loss of around
EUR10 million (US$10.89 million), Xinhua says, citing BNS news
agency.

Air Lituanica, established by the municipality of capital Vilnius,
started its services in 2013.  It was headquartered in Vilnius and
based at Vilnius Airport.



=================
M A C E D O N I A
=================


ALPOS: IGM Trade Buys Significant Portion of Bankruptcy Estate
--------------------------------------------------------------
The Slovenian Times reports that IGM Trade, a Macedonian company
specializing in ferrous metals, has bought a significant portion
of the bankruptcy estate of Alpos.

IGM Trade paid just over EUR2 million for land and a 3,000 m2
building of Alpos's tube production facility, along with the
equipment, The Slovenian Times relays, citing the May 26 filing
with the Agency for Public Legal Services.

The price is significantly below initial estimates, The Slovenian
Times notes.  It was initially set at EUR14.5 million and dropped
to EUR6.3 million by the third auction, whereupon the bankruptcy
administrator opted for solicitation of bids, The Slovenian Times
discloses.

The sale was coordinated with two creditors, Heta Asset Resolution
and Gorica Leasing, The Slovenian Times relates.

Alpos is a Sentjur-based a steel tubes specialist.  It had annual
sales of EUR75 million in 2013, the latest year for which data are
available, according to The Slovenian Times.



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


HALCYON STRUCTURED 2007-I: Moody's Affirms E Notes Rating at Ba3
----------------------------------------------------------------
Moody's Investors Service upgraded the rating on the following
notes issued by Halcyon Structured Asset Management European CLO
2007-I B.V.:

  -- EUR51 million B Notes, Upgraded to Aa1 (sf); previously on
     Sep 27, 2011 Upgraded to Aa3 (sf)

  -- EUR36 million C Notes, Upgraded to A2 (sf); previously on
     Sep 27, 2011 Upgraded to Baa1 (sf)

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

  -- EUR150 million (current outstanding balance EUR70.48M) A1
     Notes, Affirmed Aaa (sf); previously on May 24, 2007
     Assigned Aaa (sf)

  -- EUR90 million A2 Notes, Affirmed Aaa (sf); previously on
     Sep 27, 2011 Upgraded to Aaa (sf)

  -- EUR37.5 million D Notes, Affirmed Ba1 (sf); previously on
     Sep 27, 2011 Upgraded to Ba1 (sf)

  -- EUR22.5 million (current outstanding balance EUR14.87M) E
     Notes, Affirmed Ba3 (sf); previously on Sep 27, 2011
     Upgraded to Ba3 (sf)

  -- EUR150 million (current outstanding balance EUR71.76M) VFN-1
     Notes, Affirmed Aaa (sf); previously on May 24, 2007
     Assigned Aaa (sf)

Halcyon Structured Asset Management European CLO 2007-I B.V.,
issued in May 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 July 2013.

The upgrades to the ratings are primarily the result of the
deleveraging that have occurred over the last two payment dates.
The Class A1 and the Senior Secured Floating Rate VFN notes both
have amortized approximately by EUR149 million or 51% of its
initial balance. As a result of the deleveraging, over-
collateralization (OC) ratios have increased. According to the
March 2015 trustee report the Senior, Class B, Class C, Class D
and Class E OC ratios are 167.4%, 137.3%, 121.8%, 109.0% and
104.6% compared to 145.3%, 127.7%, 117.7%, 108.8% and 104.3%
respectively in March 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 analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR314.1 million,
GBP25.9 million and USD18.2 million, principal proceeds balance of
EUR28.0 million, GBP2.4 million and USD7.2 million, defaulted par
of EUR1.1 million, a weighted average default probability of 23.2%
(consistent with a WARF of 3,374), a weighted average recovery
rate upon default of 46.7% for a Aaa liability target rating, a
diversity score of 26 and a weighted average spread of 4.2%. The
GBP and USD-denominated liabilities are naturally hedged by the
GBP and USD assets, respectively.

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 90.6% 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 a lower weighted average recovery rate in the
portfolio. 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 behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties because of embedded ambiguities.

Additional uncertainty about performance is due to the following:

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

- Around 26% 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-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analyzed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market
prices. Recoveries higher than Moody's expectations would have a
positive impact on the notes' ratings.

- 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.



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


BANCO COMERCIAL PORTUGUES: S&P Affirms 'B+/B' CCRS
--------------------------------------------------
Standard & Poor's Ratings Services said that it has taken the
rating actions on four of the Portuguese banks it rates:

   -- It revised to stable from negative the outlook on Banco
      Comercial Portugues S.A. (Millennium bcp) and affirmed the
      'B+/B' long- and short-term counterparty credit ratings on
      the bank.

   -- S&P affirmed the 'BB-/B' long- and short-term counterparty
      credit ratings on Caixa Geral de Depositos S.A. (CGD).  The
      outlook remains stable.

   -- S&P maintained the 'BB-' long-term counterparty credit
      ratings on Banco BPI S.A. (BPI) and its core subsidiary
      Banco Portugues de Investimento S.A. on CreditWatch
      developing, where they were placed on March 11, 2015.  S&P
      affirmed the 'B' short-term counterparty credit rating on
      both institutions.

The rating actions follow completion of S&P's review of the
Portuguese banks S&P rates, with the exception of Banco Santander
Totta S.A., which S&P reviewed in March.

The revision of the outlook on Millennium bcp to stable from
negative reflects S&P's expectation that it will continue to
gradually reduce its reliance on European Central Bank (ECB)
financing, thanks to the bank's ongoing deleveraging and limited
refinancing needs, which could lead to a potential improvement of
S&P's view of Millennium bcp's liquidity.  The latter would result
in a stronger stand-alone credit profile (SACP), which would
offset the likely removal by year-end of the one notch of uplift
for government support that S&P currently incorporates into its
ratings on the bank.  The outlook revision to stable also takes
into account that S&P no longer considers that the bank's
turnaround could prove more difficult and lengthier than
originally expected.

The long-term rating on BPI, and that on its core subsidiary Banco
Portugues de Investimento, remain on CreditWatch developing as the
outcome of the tender offer from Spanish bank Caixabank S.A., and
its implications, remain uncertain.  Contrary to S&P's previous
expectations, the removal of existing limitations on voting rights
at BPI was not discussed in the general shareholders' meeting held
on April 29.  This decision is a key determinant of whether
Caixabank's tender offer will be successful, as the bid is
conditional on the removal of these limitations.  The
shareholders' meeting has been reconvened on June 17 to discuss
this specifically.  At that point, S&P expects to have greater
visibility on the likelihood of the tender offer progressing and
to be able to evaluate the implications of the subsequent
scenarios for BPI.  The affirmation of the short-term rating on
BPI reflects that, at present, S&P considers that the upside or
downside potential for the long-term counterparty credit rating
will likely be limited to one notch.

S&P has also affirmed its 'BB-/B' counterparty credit ratings on
CGD and maintained its 'b+' SACP for the bank.  At their current
level, the ratings remain supported by CGD's leading banking
franchise in Portugal, sound retail-funding profile, and
comfortable liquidity, as well as S&P's view of the very high
likelihood of the bank benefiting from extraordinary government
support in case of need.  However, the ratings also factor in
S&P's view of CGD's weak capitalization, limited profitability
prospects, weaker asset quality, and management depth and
strategic focus, which in our opinion lag peers.

OUTLOOK

Banco Comercial Portugues S.A. (Millennium bcp)

The stable outlook balances:

   -- The possibility that S&P would reconsider by the end of
      this year the likelihood of the bank benefiting from
      further extraordinary government support as resolution
      regimes are implemented, following the approval of the EU
      Recovery and Resolution Directive, with S&P's expectation
      that the bank will continue to reduce its dependence on ECB
      funding and maintain a funding profile weighted toward
      long-term funding sources.

Although in S&P's base case it expects the ratings to remain
unchanged over the outlook horizon, S&P could raise them if
potential extraordinary government support for Millennium bcp's
senior unsecured creditors is effectively unchanged following the
implementation of the EU bank resolution framework; or if the bank
has a large enough buffer of subordinated instruments to offset
bail-in risk.  S&P could also consider an upgrade if Millennium
bcp takes additional capital-enhancing measures, which, in
combination with improved earnings generation, lead to stronger
solvency, with the bank's risk-adjusted capital (RAC) ratio
improving sustainably above 5%, or if the bank proves successful
in its turnaround.

Conversely, S&P could lower the ratings if the bank does not
reduce its dependence on ECB funding or if it increases its
recourse to short-term funding, failing to improve its liquidity
position.  S&P could also lower the ratings if it anticipates
material setbacks in the bank's turnaround, which could suggest
that the process may prove more difficult and lengthier than
originally expected.

Caixa Geral de Depositos S.A. (CGD)

The stable outlook on Caixa Geral de Depositos (CGD) reflects
S&P's expectations that CGD's stand-alone creditworthiness will
remain broadly unchanged and that its role to and link with the
Portuguese government will be preserved.

S&P expects CGD to maintain its sound franchise in Portugal
although S&P believes it will still take some time until the bank
manages to meaningfully improve its weak profitability.  S&P
anticipates that CGD's asset quality will improve gradually, but
that it will continue to underperform the system average in
Portugal.  S&P expects the bank's solvency position to remain
broadly in line with current levels.  S&P forecasts CGD's RAC
ratio to stay between 4.0% and 4.5% over the next 12-18 months, as
a result of stable assets and profits at just around break-even.
The latter reflects weak revenue generation under the current low
interest rate environment and provisioning needs that S&P
anticipates will continue above normalized levels.

As a government-related entity, S&P believes that the likelihood
of CGD receiving timely and sufficient support from the government
if needed remains very high.  This potential extraordinary
government support contributes to stabilizing the ratings on CGD
at the current level, even if -- contrary to S&P's current
expectations -- its SACP were to deteriorate by one notch.

S&P could upgrade CGD if it raised the sovereign credit rating on
Portugal by one notch and, simultaneously, CGD was able to
strengthen its stand-alone creditworthiness.  In S&P's view, this
would be more likely to happen if the bank were to strengthen its
capital position above S&P's current expectations.

Conversely, S&P could lower the ratings on CGD if it concludes
that the importance of CGD's role to or link with the Portuguese
government weakened.  This could be the case if the final
resolution regime for European banks raised meaningful impediments
for the government's provision of extraordinary support to CGD.

CREDITWATCH

Banco BPI S.A. (BPI)

The CreditWatch developing placement on BPI reflects the
possibility that S&P could raise, affirm, or lower the long-term
ratings on BPI depending on the outcome of Caixabank's tender
offer and subsequent developments, and S&P's assessment of their
likely impact on the bank's business and financial profiles.

S&P could raise the long-term rating by one notch if Caixabank
acquires BPI and S&P considers BPI to be at least moderately
strategic to its parent (which S&P believes is likely if the
acquisition goes ahead).  In that case, the ratings on BPI could
benefit from one notch of uplift, reflecting S&P's view of the
likelihood of BPI receiving financial support from its parent if
needed.  Potential uplift is limited to one notch as the ratings
will be capped at the level of the sovereign credit rating on
Portugal.  This is because generally only core subsidiaries can be
rated higher than the host country where they are domiciled based
on parent support.

S&P could lower the long-term rating on BPI if the failure of
Caixabank's tender offer were to lead to meaningful changes in the
bank's shareholder structure -- which has been stable and
supportive in the past -- and, as a result, to its strategic
direction, resulting in higher risks for the bank.

Finally, S&P could affirm the ratings if Caixabank's tender offer
is declined, but BPI maintains a cohesive, supportive shareholding
structure, and a strategy that S&P believes will entail contained
business and financial risks.

RATINGS LIST

Outlook Revised

               To                From
Banco Comercial Portugues S.A.
Counterparty credit rating
               B+/Stable/B       B+/Negative/B

Remain On CreditWatch
Banco BPI S.A.
Banco Portugues de Investimento S.A.
Long-term Counterparty credit rating
               BB-/Watch Dev

Affirmed
Caixa Geral de Depositos S.A.
Counterparty credit rating
               BB-/Stable/B

Banco BPI S.A.
Banco Portugues de Investimento S.A.
Short-term Counterparty credit rating
               B

N.B. -- this list does not include all ratings affected.



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


PROBUSINESSBANK: Moody's Alters Outlook on B3 Ratings to Negative
-----------------------------------------------------------------
Moody's Investors Service affirmed ProbusinessBank's B3 long-term
local and foreign-currency deposit ratings and changed the outlook
of these ratings to negative from stable, owing to the rapid
deterioration of the bank's asset quality and profitability, and
its weakening capital buffer.

The ratings are aligned with the bank's b3 baseline credit
assessment (BCA) and do not incorporate any uplift from external
support. ProbusinessBank's b3 BCA was affirmed. Concurrently,
Moody's affirmed ProbusinessBank's Not Prime short-term local and
foreign-currency deposit ratings. The bank's provisional senior
unsecured local and foreign-currency MTN program ratings of (P)B3,
provisional subordinated local and foreign-currency MTN program
ratings of (P)Caa1 and provisional short-term local-and foreign-
currency MTN program ratings of (P)Not Prime were also affirmed.

Moody's assessment of ProbusinessBank's ratings is primarily based
on the bank's audited financial statements for 2014 prepared under
IFRS, as well as information received from the bank.

Moody's has also assigned long-term and short-term Counterparty
Risk Assessments (CR Assessment) of B2(cr)/Not Prime(cr) to
ProbusinessBank, following the rating agency's publication of its
revised Banks methodology.

Moody's says that the change of outlook on ProbusinessBank's
deposit ratings reflects (1) the heightened risks in the bank's
loan portfolio that have caused a rapid deterioration of the
bank's asset quality and profitability; and (2) its weakening
capital buffer, which, coupled with substantial net IFRS losses
posted in 2014 and insufficient coverage of problem loans by loan
loss reserves, reveals overall weak loss-absorption capacity.

According to the rating agency, ProbusinessBank's asset-quality
metrics are weak, as the proportion of problem loans in the bank's
loan book remains high. At January 1, 2015, loans to retail
customers and Small and Medium Sized entities (SMEs), which
account for 65% of the bank's total gross loan portfolio and
mainly comprise unsecured consumer loans, included 20.5% share of
loans overdue by more than 90 days. These overdue loans were only
82% covered by loan-loss reserves, which represents low coverage
compared to the average of more than 100% that most of other
retail banks report. In the segment of large corporate borrowers,
the proportion of impaired loans was 19.4% as of the same
reporting date. The coverage of impaired large corporate loans by
loan loss reserves was close to 100%, however, "watch-list" loans
granted to large corporates accounted for another 8.8% of the
total gross corporate portfolio at January 1, 2015 and the current
hostile operating environment will exert further negative pressure
on corporate borrowers' financial standing. As such, Moody's
expects that further credit losses in this segment will
crystallize.

ProbusinessBank reported RUB3 billion (US$54 million) IFRS loss in
2014 translating into a negative Return on average equity (ROAE)
of 21.1%. Heightened credit costs was the main driver for the
negative ROAE, as the bank's ratio of loan loss provisions to
average gross loans grew to 11.2% in 2014 from 8.3% in 2013. The
rating agency expects that losses will continue into 2015, given
the need for further provisions as a result of asset-quality
deterioration coupled with the low level of coverage of problem
loans by loan loss reserves. Furthermore, ProbusinessBank's high
exposure to market risk will also add volatility to the bank's
financial performance. Market risk arises owing to the bank's
investments in securities and non-core real-estate property
accounting for 315% and 16%, respectively, of its Tier 1 capital
as at Jan. 1, 2015.

ProbusinessBank's Basel II total and Tier 1 capital adequacy
ratios, as reported under consolidated IFRS, stood at 12.5% and
8.16%, respectively, at Jan. 1, 2015, a low buffer, in Moody's
view, given the insufficient loan loss reserves and the credit
costs looming in 2015. The rating agency considers that
ProbusinessBank's capital buffer needs further augmentation to
preserve the entity's financial sustainability.

Further downward pressure might develop on ProbusinessBank's
ratings as a result of (1) failure to recover and sustain
profitability; and/or (2) failure to match any further
deterioration of asset quality with an adequate increase in
capital and/or loan loss reserves.

ProbusinessBank's B3 ratings are unlikely to be upgraded in the
next 12 to 18 months given the negative outlook on the ratings.
The rating agency might revise the outlook on the bank's deposit
and debt ratings to stable if it observes a sustainable
stabilisation of the bank's asset quality, profitability and
capital adequacy.

As part of the actions, Moody's has also assigned long-term and
short-term CR Assessments of B2(cr)/Not Prime(cr) to
ProbusinessBank.

The CR Assessment reflects an issuer's ability to avoid defaulting
on certain senior operating bank obligations and other contractual
commitments, but it is not a rating. The CR Assessment takes into
account the issuer's standalone strength as well as the likelihood
of affiliate and government support in the event of need,
reflecting the anticipated seniority of counterparty obligations
in the liabilities hierarchy. The CR Assessment also takes into
account other steps authorities can take in order to preserve the
key operations of a bank in the event of a resolution.

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

Headquartered in Moscow, Russia, ProbusinessBank reported total
assets of RUB188 billion (US$3.3 billion) and total equity of
RUB15.2 billion (US$271 million) under audited IFRS as at  January
1, 2015.



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


VAHOSTAV-SK: Court Okays Restructuring Plan
-------------------------------------------
The Slovak Spectator reports that a court has approved the
restructuring plan of Vahostav-SK, which owes millions of euros to
creditors and was on the brink of bankruptcy.

This means that the company can continue to trade, but the court's
verdict has not removed doubts about the company's ties to
oligarch Juraj Siroky, an alleged sponsor of the ruling Smer
party, and the murky businesses behind it, The Slovak Spectator
relates.

According to The Slovak Spectator, Marian Moravcik, Vahostav-SK's
general director, as quoted by the TASR newswire, said "The
court's decision demonstrates that there are no legal reasons for
challenging the restructuring process."

"The company can therefore carry out the plan that was recently
approved by creditors."

The approval of the restructuring plan means that the company,
which employs about 1,500 people, gets more time to settle its
debts, can continue its business and compete for new state highway
tenders, The Slovak Spectator discloses.  Otherwise it would go
bankrupt, its assets would be sold and the resulting proceeds
would be used to settle its debts, The Slovak Spectator states.

Based on the approved restructuring plan, banks that are creditors
of Vahostav-SK will get back 85% of their claims, while small
unsecured creditors will get 18.75%, The Slovak Spectator relays.

In total, the company owes its creditors EUR136 million, of which
it should pay about EUR44 million over five years, The Slovak
Spectator discloses.  Small creditors should get their first
payment in 2016, The Slovak Spectator notes.

Vahostav is a Slovak construction company.



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


AEROSVIT: PrivatBank Seeks to Recover UAH3-Bil. of Money Owed
-------------------------------------------------------------
UkrainianJournal.com reports that PrivatBank owner Ihor Kolomoisky
is seeking to recover in court about UAH3 billion in debts from
affiliated Kiev-based AeroSvit airlines, which has ceased
operation.

Kiev region's economic court is considering a case opened at the
request of Dnipropetrovsk-based Tenak LLC on the bankruptcy of
AeroSvit airlines, UkrainianJournal.com relays, citing a court
announcement in the state register of court rulings.

AeroSvit was a Ukrainian private airline.

On March 4, 2015, the Economic Court of Kyiv region initiated a
case on the bankruptcy of AeroSvit, which ceased operations in
early 2013.  The decision was made due to the airline's inability
to pay debts in the amount of UAH4.44 million to Tenak LLC.
Leonid Talan was again appointed airline asset manager.



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


FCT ERIDAN 2010-01: Fitch Affirms 'BB+sf' Rating on Class B Debt
----------------------------------------------------------------
Fitch Ratings has affirmed FCT Eridan 2010-01 as follows:

EUR179.3 million Class A (ISIN FR0010979385): affirmed at 'AAAsf';
Outlook Stable

EUR35.0 million Class B (ISIN FR0010979393): affirmed at 'BB+sf';
Outlook Stable

KEY RATING DRIVERS

The affirmations reflect the transaction's stable performance. The
share of loans in arrears of more than 90 days increased to 0.15%
of the outstanding portfolio balance from 0.07% one year ago.
However, the level of arrears remains minimal in absolute terms.

The notes have accumulated limited additional credit enhancement
since closing despite the portfolio factor standing at 31.4% as of
March 2015. The benign portfolio performance means that portfolio
proceeds (with the exception of recoveries) are distributed pro
rata to the notes, reducing the benefit of deleveraging. The
transaction is designed to switch to fully sequential amortization
should portfolio performance deteriorate.

Fitch has applied a rating cap to the class B notes, in line with
its 'Criteria for Rating Caps in Structured Finance Transactions'
published in May 2014. Under the sequential and accelerated
amortization scenarios, the class B notes could experience
temporary interest shortfalls as allowed by the transaction's
documentation.

RATING SENSITIVITIES

A 25% increase in the obligor default probability would lead to a
downgrade of up to two notches for the rated notes.

A 25% reduction in expected recovery rates would lead to a
downgrade of up two notches for the rated notes.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool in the transaction. There were no findings that were material
to the analysis. Fitch has not reviewed the results of any third
party assessment of the asset portfolio information or conducted a
review of origination files as part of its ongoing monitoring.

Fitch did not undertake a review of the information provided about
the underlying asset pool ahead of the transaction's initial
closing. The subsequent performance of the transaction over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

SOURCES OF INFORMATION
The information below was used in the analysis.

  - Loan-by-loan data provided by European Data Warehouse as
    at March 31, 2015

  - Transaction reporting provided by France Titrisation as at
    March 31, 2015


KERLING PVC: S&P Revises Outlook to Positive & Affirms 'B-' CCR
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on U.K.-headquartered polyvinyl chloride (PVC) and caustic
soda producer Kerling PLC to positive from developing.

At the same time, S&P affirmed its 'B-' long-term corporate credit
rating.  S&P also affirmed the 'B-' issue ratings on Kerling's
senior secured notes.  The recovery rating on this debt is
unchanged at '4', at the lower end of the range.

The outlook revision follows conditional clearance of the proposed
Inovyn joint venture granted by the European Commission (EC) in
May 2014, subject to the divestment of a package of remedy assets,
and S&P's view that the EC is likely to approve ICIG
(International Chemical Investors Group) as the proposed buyer of
the remedy assets.  In S&P's view, the combined entity would have
better credit quality than Kerling, if the EC approval is extended
to ICIG and the 50%/50% Inovyn joint venture between Ineos and
Solvay is formed as planned in late June.

S&P assumes the starting pro-forma EBITDA for Inovyn in the region
of EUR250 million for the last 12 months to June 2015.  This
assumes a strong anticipated performance in the first half of
2015, enhanced by recent peaks in PVC prices as a result of force
majeure outages at competitor plants.  This should lead to a
Standard & Poor's adjusted net debt-to-EBITDA ratio at about 5x
for the combined entity, well below Kerling's own last 12-months
leverage of 8.7x at March 31, 2015.  S&P understands that Solvay
would contribute its PVC activities on a debt-free basis, with
only a certain amount of pension liabilities transferred to
Inovyn, and hence S&P assumes adjusted debt at about EUR1.4
billion.  In addition, S&P also believes that important synergies
stemming from the combination of the assets could contribute to
further significant EBITDA upside -- estimated to exceed EUR300
million in 2016.  The group's combined market share and expected
improving profitability should also result in a stronger
competitive position for Inovyn in the European PVC industry.

As part of the formation of the joint venture, S&P notes that
Kerling intends to sell its 50% stake in the Rafnes cracker to its
sister company Ineos Group Holdings S.A. for about EUR200 million.
S&P understands that the cash proceeds will largely be used to
make a pre-payment of EUR175 million to Solvay on the formation of
the joint venture.

Furthermore, payout to Solvay may increase once the latter exits
the joint venture in three years.  The exit mechanism builds in
certain upside and downside potential for the amount due to Solvay
at exit, depending on three-year average EBITDA reported by
Inovyn.  This consequently points to risk of future re-leveraging
of the joint venture, if it is successful in raising its EBITDA.
However, S&P is assuming that there would be some mechanism in the
joint venture exit agreement that limits incurrence of debt to
fund the exit payment, which S&P factors into its expectation of
future leverage and thus the rating.

The positive outlook reflects S&P's view that it could raise the
rating on Kerling in the next 12-18 months, once the new entity
demonstrates a track record of sustainable improvement in EBITDA
and timely delivery of synergies.  S&P believes this could lead to
adjusted leverage reducing to about 4x, that is within the range
of 3.0x-4.5x S&P considers as commensurate with a 'B' rating,
depending on S&P's view of prevailing industry cycles.  Rating
upside is also conditioned upon improved liquidity of the joint
venture, which implies timely refinancing of the large maturity of
its February 2017 notes.  Finally, re-leveraging risk as a result
of the Solvay exit agreement will likely limit more substantial
rating upside above the 'B' rating over the medium term.

Conversely, S&P could revise the outlook to negative if leverage
of the joint venture remained closer to 5x.  S&P would also lower
the rating on Kerling if the EC does not approve the buyer of the
remedy assets, a condition to its approval of the joint venture.
In such a scenario, S&P believes that Kerling's leverage would
remain at current unsustainable levels, which in S&P's view would
make it more difficult for Kerling to deliver comparably
significant uplift to EBITDA.  In addition, rating downside could
occur if Inovyn's liquidity tightened, for example if the maturity
of the EUR785 million bond due in February 2017 was not refinanced
at least one year in advance or if Kerling's securitization
program was not extended.


TITAN LADDERS: Increased Competition Prompts Administration
-----------------------------------------------------------
Insider Media reports that Titan Ladders Ltd., which employs 44
people, is set to enter administration after being hit by
increased competition from the internet and overseas
manufacturers.

According to Insider Media, Tim Ball -- tim.ball@mazars.co.uk --
partner at the Bristol office of accountants Mazars, is now
advising the company's directors and assisting them with the
process of placing the business into administration.

"It is very sad to see another long established British
manufacturing business struggling to compete with overseas
competition and internet sales," Insider Media quotes Mr. Ball as
saying.

"A number of redundancies have already taken place and the company
will enter administration in the coming days.  The proposed
administrators are actively seeking a buyer for the business and
assets."

Titan Ladders Ltd. is an independent ladder manufacturer.  The
business is based at three sites in Yatton, South of Bristol, and
in Clevedon, North Somerset.  It manufactures and sells ladders
for trade, industrial and domestic use, in aluminium, timber,
fibreglass and steel.  It has an annual turnover of about GBP5.5
million.



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


* BOND PRICING: For the Week May 25, 2015 to May 29, 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 * * *