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        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 15, 2015, Vol. 16, No. 116

                            Headlines

C Y P R U S

CYPRUS: DBRS Confirms 'B(low)' LT Currency Issuer Ratings


F R A N C E

BNP PARIBAS: Moody's Rates Additional Tier 1 Notes (P)Ba1(hyb)


G E R M A N Y

JUNO LTD: Fitch Lowers Rating on Class B Notes to 'Bsf'
MAUSER HOLDING: Moody's Affirms 'B3' Corporate Family Rating


G R E E C E

GREECE: IMF Pulls Technical Team Out of Bailout Talks


I C E L A N D

ICELAND: Creditors Await Vote Deal on Failed Banks' Settlements


I R E L A N D

ALME LOAN: Fitch Affirms 'B-sf' Rating on Class F Notes
BANK OF IRELAND: Moody's Rates Additional Tier1 Notes (P)B2
OCS OPERATIONS: High Court Appoints Provisional Liquidators


I T A L Y

BANCA CARIGE: S&P Affirms 'B-/C' Counterparty Credit Ratings
CMC DI RAVENNA: S&P Revises Outlook to Pos. & Affirms 'B' CCR


K A Z A K H S T A N

ALLIANCE POLIS: Fitch Affirms 'B' IFS Rating; Outlook Stable
KOMPETENZ JSC: Fitch Affirms 'B' IFS Rating, Outlook Stable


L U X E M B O U R G

ENDO LUXEMBOURG: Moody's Affirms 'Ba3' CFR, Outlook Negative
ENDO LUXEMBOURG: S&P Assigns 'BB' Rating to US$2.5BB Sr. Loan


R U S S I A

INTER RAO: Fitch Raises LT Issuer Default Rating From 'BB+'


S L O V E N I A

NOVA LJUBLJANSKA: Moody's Assigns Ba3(cr) CR Assessment Rating


S P A I N

AVANZA SPAIN: Moody's Withdraws 'B3' Corporate Family Rating


U K R A I N E

METINVEST BV: Bondholders Demand Repayment of US$100MM Debt
OSCHADBANK: Enters Into Debt Restructuring Deal with Creditors
UKRAINE: Creditors Express Concerns Over Jaresko's Debt Stance


U N I T E D   K I N G D O M

EPHIOS BONDCO: Fitch Assigns 'B(EXP)' IDR, Outlook Stable
GEMGARTO 2015-1: Moody's Rates GBP14.5MM Class X1 Notes 'B2'
HOCHSCHILD MINING: Moody's Says Inmaculada Project is Credit Pos
TESCO PLC: Needs GBP5B to Restructure Balance Sheet, Says Moodys
THE ARCHES: In Administration Following Closure Order


X X X X X X X X

* BOND PRICING: For the Week June 8, 2015 to June 12, 2015


                            *********


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C Y P R U S
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CYPRUS: DBRS Confirms 'B(low)' LT Currency Issuer Ratings
---------------------------------------------------------
DBRS Inc. has confirmed the long-term foreign and local currency
issuer ratings for the Republic of Cyprus at B (low).  DBRS has
also confirmed the short-term foreign and local currency issuer
ratings at R-5.  The trend on all ratings remains Stable.

At B (low), Cyprus' ratings reflect the depth of Cyprus'
challenges and continued heavy reliance on external funding.
Fiscal performance has exceeded expectations, and Cypriot
authorities have successfully reformed domestic bankruptcy and
foreclosure laws.  This has enabled a material improvement in the
debt profile and the government's liquidity position, which
benefits from ECB policies.  However, parliamentary opposition
has resulted in delays in enacting critical reforms.  Effective
restructuring of non-performing loans, now 157% of GDP, is
crucial.  A deep decline in property prices from current levels
could pose significant challenges for the banks.  Initial signs
of economic stabilization are emerging, but the recovery remains
reliant on external demand.

Continued strong economic and fiscal performance could lead to an
upgrade.  Accelerating progress on NPL resolution, privatization
and efforts to encourage foreign investment could also provide
support to the ratings.  Additional efforts to extend the debt
maturity profile and limit gross financing needs in the post-
program period are also likely to have a positive impact.  On the
other hand, a prolonged period of weak growth, particularly if
combined with fiscal policy slippages or additional bank support
costs, could result in downward pressure on the ratings.
External factors, including political developments between Cyprus
and Turkey and between the EU and Russia, could also have an
impact on creditworthiness.  Though direct financial linkages
have been significantly reduced, developments in Greece could
also have an impact.

Cyprus joined the EU in 2004 and adopted the euro in 2008.
Policy measures adopted in the process of EU accession and more
recently as part of the economic adjustment program have helped
to bolster public finances, strengthen domestic institutions, and
enhance the attractiveness of Cyprus as a business center and
tourist destination.  Support from EU partners helps to enhance
growth prospects, as regular EU budget transfers and long-term
infrastructure financing from the European Investment Bank help
to increase investment.  Moreover, the EUR10 billion program
agreed with the European Commission, European Central Bank and
International Monetary Fund in 2013 has cushioned the impact of
the financial crisis and recession and given Cypriot authorities
space to tackle fiscal challenges.  Given the Republic's strong
performance under the eurogroup/IMF program thus far, Cyprus is
unlikely to need the full amount of support available under its
existing program.

Cyprus' low tax environment remains attractive to foreign
corporations.  Business owners from Russia and other former CIS
countries continue to incorporate in Cyprus for tax and other
reasons in spite of the losses imposed on foreign bank depositors
in 2013.  Although Cyprus' advantages are not unique and could be
eroded by external competitors or by regulatory changes in
creditor countries, DBRS expects the business services sector to
remain an important source of employment and income for the
Cypriot economy.

Cyprus' geographic location makes the island a relatively
convenient summer tourist destination for Europeans.  Rising
household incomes in Eastern Europe should continue to provide a
stable source of growth in tourist arrivals.  The declining ruble
and Russian recession have had a significant impact on overall
tourism receipts, but this has been partially offset by increased
tourism from the UK and other countries.  Tourism will remain
highly seasonal and vulnerable to economic downturns, but focused
and pragmatic public and private sector efforts to expand the
island’s appeal could generate long-term benefits.

Within the next decade, exploitation of offshore natural gas
deposits could provide a major new source of income for the
island economy.  The government estimates that current proven
reserves are likely to bring in net revenue of close to EUR 20
billion over the next 20 years (over 110% of 2013 GDP).  If
managed prudently, the associated financial inflows could help to
significantly reduce Cyprus' vulnerability to shocks.  In
addition, related investment and lower domestic energy costs
could have ancillary benefits for the Cypriot economy.  The pace
of development of the gas sector could nonetheless be affected by
relations with Turkey.

In spite of these strengths, Cyprus faces several near-term
challenges. General government debt is expected to peak at 108%
of GDP next year.  Although the fiscal adjustment appears largely
complete at this stage, continued fiscal discipline and stronger
economic growth will be essential to bring debt down to more
manageable levels over time.  Gross financing requirements
through mid-2016 should be comfortably met through official
financing, and the government hopes to take advantage of lower
market interest rates to extend debt maturities and minimize
financing needs in the post-program period (2016-18).  A
prolonged deterioration in market conditions could present
significant challenges given Cyprus' heavy reliance on external
funding.

Private sector debt ratios are also at historically high levels
and suggest that growth will be constrained by further
deleveraging.  Household and corporate balance sheets have been
damaged in the crisis, including through the bail-in of uninsured
depositors.  Real estate prices are still declining and the
ultimate impact of the decline on household wealth, domestic
savings, and bank solvency is not yet clear.  Financial
institutions will need to significantly reduce outstanding
domestic credit or identify significant new sources of funding.

Cyprus' small and relatively undiversified economy will remain
heavily dependent on external demand for the foreseeable future.
DBRS expects only gradual improvements from efforts to extend the
tourist season and remains concerned that competition from other
Mediterranean locations may dampen growth in the sector.  If
growth in tourism and business registrations slows significantly,
the economy could face gradually declining output for years to
come as the domestic deleveraging process continues.  Russian
demand is particularly important, though additional shocks from
Europe could also have negative effects on Cyprus.



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F R A N C E
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BNP PARIBAS: Moody's Rates Additional Tier 1 Notes (P)Ba1(hyb)
--------------------------------------------------------------
Moody's Investors Service assigned a (P)Ba1(hyb) rating to the
perpetual fixed-rate resettable additional Tier 1 notes of BNP
Paribas (A1 Stable).

The (P)Ba1(hyb) rating assigned to the notes is based on BNP
Paribas' creditworthiness. The rating is three notches below the
bank's baa1 adjusted baseline credit assessment (BCA). One of the
three notches reflects loss severity under our loss-given failure
(LGF) analysis and two notches reflect the higher risk associated
with the non-cumulative coupon skip mechanism. The positioning of
BNP Paribas' (P)Ba1(hyb) rating also takes into consideration the
principal write-down feature triggered if the group's Core Equity
Tier 1 (CET1) capital ratio falls below 5.125%, in combination
with the Tier 1 notes' deeply subordinated claim in liquidation.

The principal methodology used in this rating was Banks published
in March 2015.



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G E R M A N Y
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JUNO LTD: Fitch Lowers Rating on Class B Notes to 'Bsf'
-------------------------------------------------------
Fitch Ratings has downgraded Juno (Eclipse 2007-2) LTD's class A
and B notes as:

   -- EUR114.3 mil. class A (XS0299976323 and XS0302319370):
      downgraded to 'Asf' from 'AAsf'; placed on Rating Watch
      Negative

   -- EUR68.3 mil. class B (XS0299976752 and XS0302320386): to
      'Bsf' from 'BBsf'; placed on Rating Watch Negative

The transaction is a fully funded synthetic securitization of
initially 17 commercial mortgage loans originated by Barclays
Bank PLC (Barclays; A/Stable/F1), of which five are outstanding.
Barclays also acts a protection buyer under a credit default swap
(CDS) entered into with the issuer as protection seller.  Ninety
per cent of the collateral by loan balance is office, with the
remainder warehouse or light industrial.  The properties are in
Germany, Italy and Belgium.

Four loans representing two-thirds of the reference portfolio are
defaulted (mainly for failing to repay at maturity), with three
(Prins Boudewijn, Le Croissant and Seaford, some 16% of the pool)
still in special servicing.  The Obelisco loan (one-third of the
pool) has so far not been transferred but performance has been
deteriorating.  Collateral for the Neumarkt loan has been
liquidated already (although proceeds have not been released from
the insolvency process).  Final maturity of the notes is in
November 2022.

The downgrade reflects excessive counterparty risk.  External
support for Barclays is viewed by Fitch as possible but no longer
such that it can be relied upon.

The downgrade and Rating Watch Negative further reflect the tight
liquidity of the transaction.  This is exacerbated by the stalled
CDS settlement for Neumarkt, the deduction of "funding costs" by
Barclays for all defaulted loans, and potential rising fees owed
to the special servicer - particularly if Obelisco were to enter
special servicing.  Fitch has placed the ratings on Watch
Negative as it monitors over the next six months for any
escalation of these risks, most notably progress on Neumarkt and
Obelisco.

KEY RATING DRIVERS

Credit-link to Barclays
All of the proceeds from the issuance of the notes provide
funding to Barclays.  While the bank account with Barclays is
subject to replacement rating triggers, a jump-to-default of
Barclays would lead to note default.  Such an exposure to a
single counterparty is viewed as excessive, and Fitch no longer
considers the bank as benefiting from implied state support
capable of mitigating this linkage.  Accordingly Fitch is capping
the rating of the class A notes at Barclay's Issuer Default
Ratings (IDRs) of 'A'/Stable/'F1'.

Tight Liquidity
Issuer income has fallen as more loans enter default.  This is
because in spite of the swap counterparty's requirement to
forward on any income received from defaulted loans to the
issuer, it can deduct any "funding costs" first.  Theoretically,
these underlying funding costs should refer to the underlying
cost of the funds provided by the issuer (ie the rate on the bank
account).  However, Fitch has been informed by the swap
counterparty that the funding costs being deducted do not equal
this rate: while linked to 3 mil. Euribor, the reset date appears
to have been fixed, loan by loan, at the date of default up to
the date of expected completion of the work-out.  Moreover Fitch
is not aware of any party that is scrutinizing this.

Given subsequent declines in 3 mil. Euribor have reduced the
interest earned on the bank account (in which the note collateral
is held), the issuer has been left short of funds (no CDS income
is being received for defaulted loans -- quite unlike a true sale
CMBS where the issuer owns the debt service).  With the risk of
administrative costs rising further (special servicing fees are
0.25% of loan balance), the issuer is heavily reliant on
liquidity facility drawings to cover interest.

The liquidity facility commitment stands at EUR7.3 mil., of which
EUR4.6 mil. is drawn.  This leaves the issuer with an undrawn
amount of EUR2.7 mil. (1.1% of the portfolio balance), enough to
cover three or four interest payments.  The issuer's liquidity
position is thus highly sensitive to the timing of recoveries
from defaulted loans.

Deteriorating Loan Performance
Neumarkt (EUR122 million): No information update has been
provided since Fitch's last rating action in June 2014.  The
collateral, an inner-city shopping centre in Cologne, was
liquidated in August 2011, with resultant proceeds implying a
EUR16 million loss.  However, these sale proceeds are being held
back by the German insolvency administrator pending clarity on
how to allocate certain rental income.  This has delayed
settlement of the CDS, although Barclays is not making any
premium payments under it, which given the loan accounts for half
the portfolio is contributing greatly to the liquidity strains.
The accumulated rental income could mitigate the loss amount,
although this may be thwarted by default penalty interest being
charged on the loan.

Obelisco (EUR82.1 mil.): The borrower, an Italian real estate
fund whose maturity has been extended by three years, is
negotiating for an extension of the loan, which is backed by 10
properties in Milan, Rome and Bari, mainly offices with a small
exposure to logistics/industrial assets.  The reported interest
coverage ratio (ICR) has dropped to 0.78x (although Fitch
believes this figure is being recalculated) on account of hefty
operating expenses at the fund level (not helped by 20% vacancy)
as well as reductions in rent demanded by existing tenants.
Reported LTV of 42.5% is overly optimistic based on the implied
yields; reports that active marketing efforts have failed to
elicit sufficient interest since 2013 support this.

Le Croissant (EUR15.8 mil.): The loan is secured by an office in
Brussels, fully let to the European Commission until June 2020.
In Fitch's view, property remarketing efforts will be hampered by
the short remaining term to lease expiry (no break), making a
loss quite likely.

Seaford Portfolio (EUR11 million): The loan is secured by six
fully-let logistics properties in various locations across
Germany.  LTV as per the most recent valuation of November 2013
is at some 140%. Marketing efforts post loan default have faced
various setbacks, including the geographical dispersion of the
properties, the portfolio size and the low weighted average lease
term to expiry (no break) of some two years.

Prins Boudewijn (EUR10.7 million): The loan is secured by a
multi-let office near Antwerp that is 10% vacant.  A valuation
from November 2014 puts the LTV at 80.8%.

Fitch estimates 'Bsf' recovery proceeds totaling EUR211 million.

RATING SENSITIVITIES

A settlement of the stalled resolution of Neumarkt loan would
allow issuer collateral to be released for class A note
redemption, while preventing further loan default interest
charges compounding principal loss.  It would also relieve the
liquidity strains somewhat.  On the other hand, without clarity
by the time Fitch reviews the rating watch (no later than six
months after this date), the notes face the risk of being further
downgraded. If Obelisco also formally defaults, there is a risk
the notes will default.  Should the servicer agree instead to
extend the loan, precedent suggests this would also prolong the
related CDS income for this loan; such an outcome should give the
issuer more time in which to recover the proceeds from Neumarkt,
and thereby ease rating pressure.

The ratings notes would also be negatively impacted by rising
issuer costs or further falls in 3M Euribor.

Due to the quality of the properties, the excessive counterparty
exposure and the tight liquidity, upgrades are highly unlikely in
the near to medium term.  Any downgrade in the IDR of Barclays
would lead to a corresponding downgrade of the class A 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 and the transaction.  There were no findings that were
material to this 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.


MAUSER HOLDING: Moody's Affirms 'B3' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service affirmed a B2 rating to the proposed
EUR89 million (equivalent) add-on to the EUR445 senior secured
1st lien term loan due June 2021 of Mauser Holding S.a r.l., a
subsidiary of Mauser Holding GmbH. The company's B3 Corporate
Family, B3-PD Probability of Default and existing debt ratings
are affirmed. The ratings outlook is stable.

Proceeds from the EUR89 million (equivalent) senior secured 1st
lien add-on term loan, along with proceeds from a new factoring
program, will be used to fund a shareholder dividend of EUR185
million. The sponsor's original equity investment was
approximately EUR242 million. Terms and conditions of the add-on
loan are expected to be identical to the existing 1st lien term
loan due June 2021.

Mauser Holding GmbH

  -- Affirmed corporate family rating, B3

  -- Affirmed probability of default rating, B3-PD

Mauser Holding S.a r.l. (Luxembourg) and co-borrower Mauser US
Corporate LLC (Delaware)

  -- Affirmed $320 million senior secured 1st lien term loan USD
     tranche due June 2021, B2 LGD3

  -- Affirmed EUR534 (includes EUR89 add-on) million senior
     secured 1st lien term loan due June 2021, B2 LGD3

  -- Affirmed EUR150 million multicurrency senior secured credit
     facility due June 2019, B2 LGD3

  -- Affirmed EUR50 million senior secured capex facility due
     June 2021, June B2 LGD3

  -- Affirmed $402 million senior secured 2nd lien term loan due
     June 2022, Caa2 LGD5

The ratings outlook is stable.

The ratings are subject to the receipt and review of the final
documentation.

The B3 Corporate Family Rating ("CFR") reflects Mauser's weak
credit metrics, exposure to cyclical end markets, financial
aggressiveness, and acquisitiveness. Mauser has a primarily
commoditized product line, significant exposure to cyclical end
markets and operates in a fragmented and competitive industry.

Strengths in Mauser's credit profile include the company's scale
and geographic and product diversity relative to most
competitors. The rating is also supported by the company's
exposure to some blue chip customers. The company's revenue is
relatively small, but much larger than most competitors in the
fragmented industry.

Mauser's liquidity is considered adequate reflecting anticipated
weak free cash flow counterbalanced by anticipated full
availability on the revolver at the close of the proposed
dividend financing. The EUR150 million multicurrency revolver is
expected to be undrawn at the close of the transaction and
expires July 2019. The company also has a EUR50 million capex
facility which is also expected to be EUR20 million drawn at the
close and expires July 2021. The company is also expected to have
a EUR100 million accounts receivable securitization facility
which expires June 2020 and will have approximately EUR12 million
of availability at the close of the transaction. The only
financial covenant is a springing first lien leverage covenant of
6.75 times which triggers when the revolver is drawn more than
30%. Term loan amortization is 1% annually. The majority of U.S.
assets and certain assets in Germany, Luxembourg and the
Netherlands are secured leaving little alternative sources of
liquidity. Working capital builds through the first calendar half
and peaks in July. The nearest significant debt maturity is the
revolver in July 2019.

What Could Change the Rating - Up:

An upgrade is unlikely over the horizon given that the company is
weakly positioned in the rating category. The rating could be
upgraded if Mauser sustainably improves credit metrics within the
context of a stable operating and competitive environment. An
upgrade would also be contingent upon the maintenance of good
liquidity including an increase in the size of the company's
revolver. Specifically, Mauser would need to improve debt to
EBITDA to below 6.0 times, free cash flow to debt to the positive
mid-single digits, and the EBIT margin to the high single digits.

What Could Change the Rating - Down:

The rating could be downgrade if Mauser fails to improve credit
metrics, the operating and competitive environment deteriorates
and/or financial policies become more aggressive. Continued
acquisition activity or another dividend could also result in a
downgrade. Specifically, the rating could be downgraded if debt
to EBITDA remains above 7.0 times and free cash flow to debt
remains below 1%.

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

Mauser Group headquartered in Bruhl, Germany, is a global
supplier of rigid packaging products and services for industrial
use. The Company supplies its customers through 92 facilities in
18 countries across North America, Europe and various emerging
markets. For the 12 months ended September 30, 2014, the company
generated almost approximately EUR1.2 billion in net sales.
Mauser is a portfolio company of Clayton, Dublier & Rice.



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GREECE: IMF Pulls Technical Team Out of Bailout Talks
-----------------------------------------------------
Peter Spiegel, Shawn Donnan and Kerin Hope at The Financial Times
report that on June 11, hours after Alexis Tsipras, Greece's
prime minister, held an inconclusive, late-night meeting with his
French and German counterparts in Brussels, the International
Monetary Fund finally intervened.  It announced it was pulling
its technical team out of the talks -- a move intended to inject
urgency into the negotiations, the FT relates.  The gesture arose
out of frustration with what one official described as an "air of
unreality" around the talks, the FT says.

In a late-night meeting on the 13th floor of the European
Commission headquarters in Brussels, Jean-Claude Juncker, the
commission's president, presented a five-page plan for Greece
that had been hammered out days earlier among Europe's most
powerful leaders in private talks at the chancellery in Berlin,
the FT relates.

If Mr. Tsipras -- who had flown in especially for the session --
could accept the deal, or something close to it, the country
would soon gain access to EUR7.2 billion in bailout aid and avoid
defaulting on its debts, the FT notes.

After the four-hour session, Mr. Juncker thought he had a deal:
Mr. Tsipras had accepted new budget surplus targets that were
tougher than Athens had hoped but lower than the existing bailout
program, the FT recounts.  Mr. Tsipras disagreed with raising
taxes on energy and many of the pension cuts, but agreed to
return with a counter-proposal that would identify cuts elsewhere
to make up the difference, the FT relays.

When a Greek counter-offer finally arrived -- hand-delivered on
June 8 by some of Mr. Tsipras's closest advisers, including Nikos
Pappas, his long-time political aide-de-camp -- EU officials were
stunned, the FT discloses.  Instead of proposing a redistribution
of cuts, as Mr. Tsipras had promised, Athens wanted to
renegotiate lower budget surpluses, the FT relays.
.
"The disappointment in the incompetence and deviousness is
immense," fumed one senior eurozone official, the FT relates.
Mr. Juncker, incensed at what he viewed as Mr. Tsipras's
double-dealing, told a meeting of his fellow commissioners in
Strasbourg earlier last week that Greece had "lost the European
Commission", the FT discloses.

According to the FT, one officials said since June 8, team
members had not held a single meeting with their Greek
counterparts.

The prospect of the IMF leaving the bargaining table is
particularly troubling for Berlin, the FT says.  It has been
adamant throughout the crisis that the fund -- whose technical
skills and rigor it values over those of the commission -- should
remain fully involved in the talks, the FT notes.

The IMF's concerns grew in part because of the increasingly
political nature of the discussions, according to the FT.
Gerry Rice, a spokesman for the fund, as cited by the FT, said on
June 11 that the key sticking points remained pensions, taxes and
Greece's financing needs.

But the IMF is also frustrated that the European side has been
unwilling to address the issue of Greece's debt pile seriously,
the FT relays.

According to the IMF's calculations, putting the Greek economy on
a sustainable path now requires -- at the very least -- an
extension of the maturities on Greece's outstanding debts, the FT
notes.  But European officials, wary of public opinion, have been
reluctant to discuss even that, the FT states.



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I C E L A N D
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ICELAND: Creditors Await Vote Deal on Failed Banks' Settlements
---------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that creditors in
Iceland's failed banks probably won't get to vote on a deal to
release their trapped cash until late this year.

The winding up committees of Kaupthing Bank hf, Glitnir Bank hf
and LBI hf are all currently planning meeting that take place as
late as October, Bloomberg relays, citing the banks'
spokespersons.

Iceland on June 8 gave the creditors a choice if they want to
facilitate creditor settlements and cash in on their investments,
Bloomberg relates.  They can either provide "stability payments"
of about US$3.8 billion or face a one-time 39% tax, Bloomberg
says.  The Finance Ministry, as cited by Bloomberg, said the
latter option could wind up costing the estates as much as US$5.1
billion.

Kempner Capital Management and Taconic Capital Advisors, are
shooting for the first option, Bloomberg notes.

"There's no firm date on the next creditors' meeting but
according to schedule it's supposed to take place in October,"
Bloomberg quotes Pall Benediktsson, a spokesman for LBI, as
saying in a telephone interview.  "With the recent developments
the meeting might be moved up and take place sooner."

Johannes R. Johannsson and Steinunn Gudbjartsdottir said similar
schedules are expected by the winding up committees of Kaupthing
and Glitnir, Bloomberg relates.

According to a time line drafted for an earlier composition
proposal "the process will take between four and six months,"
Mr. Gudbjartsdottir, as cited by Bloomberg, said in a telephone
interview.  "Four months if everything goes according to plan and
runs smoothly.  It's tight, but possible.  It's also tight given
that we now have to adjust the documents to a different
criteria."

Kaupthing's creditors may end up attending a meeting in
Reykjavik, Iceland's capital, sooner than previously anticipated,
Bloomberg notes.



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ALME LOAN: Fitch Affirms 'B-sf' Rating on Class F Notes
-------------------------------------------------------
Fitch Ratings has affirmed ALME Loan Funding II Limited as:

   -- EUR223.5 mil. class A affirmed at 'AAAsf'; Outlook Stable
   -- EUR40.8 mil. class B affirmed at 'AA+sf'; Outlook Stable
   -- EUR20.6 mil. class C affirmed at 'A+sf'; Outlook Stable
   -- EUR23.3 mil. class D affirmed at 'BBBsf'; Outlook Stable
   -- EUR25.9 mil. class E affirmed at 'BBsf'; Outlook Stable
   -- EUR11.3 mil. class F affirmed at 'B-sf'; Outlook Stable
   -- EUR37 mil. subordinated notes: not rated

ALME Loan Funding II Limited is an arbitrage cash flow
collateralized loan obligation (CLO).  Net proceeds from the
issuance of the notes were used to purchase a EUR374.1 mil.
portfolio of European leveraged loans and bonds.  The portfolio
is managed by Apollo Management International LLP and the
reinvestment period is scheduled to end in 2018.

KEY RATING DRIVERS

The affirmation reflects the transaction's stable performance.
There have been no reported defaults and the transaction is
passing all portfolio profile and collateral quality tests.  The
current portfolio is EUR0.4 mil. above target par and credit
enhancement has increased marginally for all rated notes.

Since closing the transaction has increased the minimum weighted
average spread from 3.8% to 4% and reduced the minimum weighted
average recovery rate from 69.5% to 67.2%.  The transaction
covenants represent a compliant matrix point and the current
levels are within the thresholds.  As of May 5, 2015, the
weighted average recovery rate was 70.1%, 2.9% above the
covenant.  The weighted average rating factor and weighted
average spread were above their covenants by 0.83% and 0.36%,
respectively.

The portfolio is of higher rating quality than the target
portfolio but is of lower recovery quality.  Assets rated 'BB-'
or above represent 19% of the portfolio while assets rated 'CCC'
represent less than 1%.  Peripheral exposure, defined as exposure
to countries with a Country Ceiling below 'AAA', is 8.75% and
resides within Italy and Spain.  Peripheral exposure is currently
1.25% below the covenant of 10%.  There are currently no fixed
rate obligations in the portfolio.

RATING SENSITIVITIES

A 25% increase in the expected obligor default probability would
lead to a downgrade of up to three notches for the rated notes.
A 25% reduction in the expected recovery rates would lead to a
downgrade of up to four 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 and the transaction.  There were no findings that were
material to this 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.

The majority of the underlying assets have ratings or credit
opinions from Fitch and/or other Nationally Recognized
Statistical Rating Organizations and/or European Securities and
Markets Authority registered rating agencies.  Fitch has relied
on the practices of the relevant Fitch groups and/or other rating
agencies to assess the asset portfolio information.

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.


BANK OF IRELAND: Moody's Rates Additional Tier1 Notes (P)B2
-----------------------------------------------------------
Moody's Investors Service assigned a provisional (P)B2 (hyb)
rating to the fixed rate perpetual contingent temporary write-
down additional tier1 (AT1) securities to be issued by Bank of
Ireland (BOI, Baa2 Stable, Baa2 Stable, ba2).

The (P)B2(hyb) rating assigned to the notes is based on BOI's
creditworthiness and is placed three notches below the bank's ba2
adjusted BCA, one notch for loss severity under our Advanced Loss
Given Failure analysis and two notches to reflect the higher risk
associated with the non-cumulative coupon skip mechanism either
at the bank's discretion or mandatorily upon insolvency or if
there are insufficient distributable items. The positioning of
BOI's (P)B2 (hyb) rating also takes into consideration the
principal write-down feature triggered if the group's or the
bank's Core Equity Tier 1 (CET1) capital ratio falls below
5.125%, at or close to the point of non-viability, in combination
with other parity loss absorbing instruments.

Moody's issues provisional ratings in advance of the final
release of the Terms and Conditions of the deal and these ratings
reflect Moody's preliminary credit opinion regarding the
transaction only. Upon a conclusive review of the final versions
of all the documents and legal opinions, Moody's will endeavour
to assign a definitive rating to the AT1 securities. A definitive
rating may differ from a provisional rating.

  -- Pref. Stock Non-cumulative Preferred Stock, assigned
     (P)B2(hyb)

The principal methodology used in this rating was Banks published
in March 2015.


OCS OPERATIONS: High Court Appoints Provisional Liquidators
-----------------------------------------------------------
Aodhan O'Faolain at Irish Independent reports that the High Court
has appointed joint provisional liquidators to OCS Operations
Ltd., the company that operates Clerys department store in
Dublin.

Mr. Justice Paul Gilligan appointed insolvency practitioners
Eamon Richardson and Kieran Wallace of KPMG as joint provisional
liquidators of the company, Irish Independent relates.

The company petitioned the court for the liquidators appointment
saying the store must immediately cease trading to prevent any
further debts arising, Irish Independent relays.

According to Irish Independent, the court heard the company is
unlikely to have sufficient monies to make upcoming payments,
including those due early next week, and is unable to pay its
debts.

The company, as cited by Irish Independent, said the liquidators
would be best placed to preserve the value of the business, deal
with employees, the concession holders and creditors.

The judge said he was satisfied to make the appointment as the
firm was "balance sheet insolvent" and appeared to be in "severe
financial difficulty", Irish Independent notes.

OCS Operations Ltd. employs 130 people while approximately
another 330 are employed by the 50 concession holders, who
operate from department store, according to Irish Independent.



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


BANCA CARIGE: S&P Affirms 'B-/C' Counterparty Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
'B-/C' long- and short-term counterparty credit ratings on Italy-
based Banca Carige SpA (Carige).  At the same time, S&P removed
the ratings from CreditWatch with negative implications, where it
placed them on Oct. 30, 2014.  The outlook is stable.

S&P has also raised to 'CCC-' from 'CC' the ratings on Carige's
subordinated debt.

The affirmation of the long- and short-term counterparty credit
ratings reflects S&P's view that the EUR850 million capital
increase that Carige will shortly finalize will allow it to
improve its solvency position and absorb the still-high credit
losses S&P expects it to post in the next 18-24 months.

S&P estimates that the capital increase will improve Carige's
risk-adjusted capital (RAC) ratio by about 200 basis points (bps)
from 3.7% as of December 2014.  The upcoming capital increase is
part of Carige's capital plan agreed with the European Central
Bank (ECB) to cover the EUR814 million capital shortfall that
emerged from the October 2014 ECB/European Banking Authority
stress test.  In line with the plan, Carige has also disposed of
its insurance subsidiaries (Carige Assicurazioni and Carige Vita
Nuova) for EUR310 million, EUR170 million below book value.

S&P believes that the completion of the capital increase should
address certain risks to Carige's solvency.  That said, S&P
anticipates that Carige will likely remain constrained by its
poor asset quality and weak pre-provision profitability, given
S&P's view of the high economic risk that prevails in Italy.  S&P
therefore expects Carige's RAC ratio to be only slightly above 5%
by the end of 2016.

S&P's forecast incorporates its opinion that:

   -- Carige's pre-provision profitability will continue to
      suffer from ongoing loan deleveraging, low interest rates,
      and the still higher-than-peers' cost of funding, although
      this is decreasing.

   -- Carige will accumulate credit losses of about 4.2%-4.4% by
      the end of 2016 due to the still-high inflow of
      nonperforming assets (NPAs), especially in the small and
      midsize enterprise (SME) and construction portfolios, which
      account for about 33% and 60% of its NPAs respectively,
      according to S&P's estimates.  Carige's risk-weighted
      assets (RWAs) will decrease due to ongoing deleveraging and
      the disposal of insurance subsidiaries.

As a result of the above factors, S&P has revised upward its
assessment of Carige's capital and earnings to "moderate" from
"weak" and subsequently revised up the stand-alone credit profile
(SACP) for Carige to 'b-' from 'ccc+'.  S&P has not raised the
issuer credit rating on Carige at this time, however, due to the
application of a negative notch of adjustment.

This adjustment reflects S&P's opinion that:

   -- Carige will take some time to return to profitability.  S&P
      do not expect Carige to be profitable in the next 18-24
      months due to low pre-provision income and high credit
      losses.  Carige's loss-absorption capacity is very low at
      40-60bps in 2015 and 2016 according to S&P's forecasts,
      indicating low earnings capacity.  Despite the capital
      increase, Carige's quality of capital remains weak with
      deferred tax assets (DTAs) accounting for about 39% of its
      pro forma total adjusted capital (TAC), including the
      capital increase.

   -- Carige's higher-than-peers' level of NPAs -- accounting for
      a very high 29.8% of loans at March 2015 -- represents a
      substantial burden to the turnaround process undertaken by
      new management in 2014.

S&P has raised its ratings on Carige's nondeferrable subordinated
debt instruments to 'CCC-' from 'CC'.  The 'CCC-' rating on these
instruments reflects S&P's view that Carige's improved solvency,
all other things being equal, reduces the likelihood of these
instruments defaulting in the short term.  The 'CCC-' rating is
consistent with the scenario outlined for a 'CCC+' rating in
S&P's "Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC'
Ratings" and the deduction of two notches to reflect the degree
of subordination S&P typically factors in in the case of a
speculative-grade issuer.

The stable outlook reflects S&P's view that Carige's improved
capitalization reduces the risk to its solvency position.
Carige's enhanced capitalization counterbalances the possibility
that S&P could remove the one notch of uplift that it includes in
the long-term rating for extraordinary government support by
year-end 2015 if S&P considers that such support is less
predictable under the new EU legislative framework (the EU Bank
Recovery and Resolution Directive).

S&P could raise the long-term rating on Carige if S&P perceives
that its asset quality will improve and NPAs start to decline,
thus reducing execution risk to its turnaround process and
contributing to restoring its earnings capacity and profitability
more in line with that of its peers.

S&P could also raise the rating if it sees a reduction in
Carige's liquidity risks and if it reduces its reliance on short-
term funding sources, including ECB funding.

S&P could lower the long-term rating on Carige if S&P anticipates
setbacks in its restructuring and turnaround process, which could
make it more difficult for Carige to return to profitability, or
could take longer than originally anticipated, which would lead
S&P to question the long-term viability of Carige's business
model.


CMC DI RAVENNA: S&P Revises Outlook to Pos. & Affirms 'B' CCR
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Italy-
based engineering and construction (E&C) company CMC di Ravenna
(CMC) to positive from stable.  At the same time, S&P affirmed
its 'B' long-term corporate credit rating and its issue rating on
the company's debt.  The recovery rating on this debt remains
unchanged at '4', at the higher end of the 30%-50% recovery
range.

The outlook revision reflects S&P's view that CMC's business risk
profile will continue to gradually strengthen over the next year,
as contract and earnings diversity improve and as profitability
remains relatively stable.  If this trend continues and leverage
metrics remain in line with current levels, S&P could raise the
ratings by one notch to 'B+' within the next year.  If the trend
in diversity does not continue, if margins reduce, or if leverage
metrics weaken, S&P could revise the outlook back to stable.

S&P's base-case operating scenario assumes that CMC will continue
to execute its backlog of existing contracts, and win new
business domestically and internationally.  S&P forecasts:

S&P's base case assumes:

   -- Revenue growth of about 5% in 2015 and 2% in 2016.
   -- Stable reported EBITDA margins of about 10%-11%.
   -- Funds from operations (FFO) of around EUR90 million.
   -- Capital expenditures (capex) of EUR70 million-EUR80 million
      per year.
   -- Limited working capital outflows.
   -- Broadly neutral free operating cash flow (FOCF).
   -- Small dividend payments.

Based on these assumptions, S&P arrives at these credit measures
for 2015 and 2016:

   -- A ratio of FFO to adjusted debt of 13%-15%.
   -- A ratio of adjusted debt to EBITDA of about 4.5x.

S&P's assessment of CMC's "weak" business risk profile is
unchanged, and remains constrained by the moderately high risks
inherent in the cyclical, fragmented, and competitive engineering
and construction sector.  In civil engineering, competitive
tenders, and large projects provide little insight into contract
risk and potential execution issues.  CMC's performance is tied
to the spending cycle on infrastructure, including in Italy where
austerity measures continue.  As the company has expanded its
activities outside Italy (which accounted for 53% of its backlog
on March 31, 2015) its exposure to country risks has increased,
notably in Africa and other emerging markets.

CMC is small, by global standards, and its scope of activities is
still quite limited, which may limit its competitiveness compared
with larger and more-diversified peers.  In S&P's view, CMC's
profitability is average for the sector.  CMC has had limited
contract and profit diversity, but this is improving, which S&P
expects to continue.

Supportive factors for CMC's business risk profile remain the
company's well-established expertise and market position in
transportation and infrastructure projects, often funded by
governments or multilateral institutions; low-level of fixed-
price contacts, which reduces execution risks; good track record
in project execution; and the visibility of revenues provided by
a contract backlog of EUR3.2 billion as of March 31, 2015, which
is equivalent to about 3.0x 2014 revenues.

S&P's assessment of CMC's financial risk profile as "aggressive"
is unchanged.  The assessment is constrained by S&P's forecast
leverage metrics during 2015 and 2016 (FFO to adjusted debt of
13%-15% and adjusted debt to EBITDA of about 4.5x).  S&P also
sees broadly neutral FOCF as we expect operating cash flows to be
used to fund working capital needs and capex requirements, with
broadly stable adjusted debt.  The company plans to reduce net
working capital in coming years and to lower capex from the level
seen in 2015.  However, 2015 saw greater investment in working
capital and capex than S&P had expected and higher adjusted debt,
although CMC's leverage metrics were in line with S&P's forecast
for the year.

As of Dec. 31, 2014, adjusted debt was EUR625 million, including
the impact of a number of analytical adjustments in S&P's debt
calculations; in particular, S&P excludes reported cash and treat
trade receivables factoring and accrued interest as debt.  S&P
also adds back to EBITDA and FFO the effect of full consolidation
of profits generated by CMC's minority interest in the South
African Ingula project, which in 2014 was EUR31 million.  As this
project reaches completion, this positive adjustment will likely
reduce.  For 2014, the ratios of FFO to adjusted debt and debt to
EBITDA were 15% and 4.2x, respectively.

The rating continues to incorporate a one-notch downward
adjustment from the 'b+' anchor for S&P's "negative" comparable
ratings analysis, whereby S&P reviews an issuer's credit
characteristics in aggregate.  This reflects S&P's view that
CMC's business risk profile has historically been weakened by the
company's small scale and limited profit diversity.  However, as
indicated in the positive outlook, S&P sees this factor and CMC's
business risk profile as gradually strengthening, which may cause
S&P to remove this adjustment in future.

S&P expects CMC's liquidity to remain "adequate."  S&P
anticipates that sources of liquidity will exceed uses of
liquidity by more than 1.2x in 2015 and 2016.  Other supportive
factors include sound relationships with banks, and S&P's
expectation of sufficient financial covenant headroom.

That said, the headroom within the liquidity assessment is quite
limited, due to short-term debt of about EUR200 million on
March 31, 2015.  S&P anticipates that CMC will reduce its short-
term debt through additional medium-term bank facilities and cash
inflows in due course.  If it does not reduce short-term debt in
this way soon, S&P may reassess its view of liquidity.

S&P anticipates the company will have the following principal
liquidity sources over the next 12 months:

   -- Reported cash and cash equivalents of about EUR70 million
      on March 31, 2015 (after deducting about EUR40 million that
      S&P assess as unavailable);

   -- EUR49 million undrawn under CMC's EUR100 million revolving
      credit facility maturing in December 2017;

   -- Forecast cash FFO of about EUR80 million; and

   -- Some working capital inflows from existing projects.

S&P anticipates the company will have the following principal
liquidity uses over the next 12 months:

   -- Short-term debt of about EUR200 million on March 31, 2015,
      which S&P expects the company to reduce through additional
      medium-term bank facilities and cash inflows in due course;

   -- Capex of around EUR60 million per year;

   -- Dividends of around EUR2 million per year; and

   -- Peak intrayear working capital needs of around EUR10
      million.

CMC's current banking facilities include financial covenants,
notably:

   -- Reported net financial debt to shareholder's funds of less
      than 3.0x;

   -- Reported net financial debt to EBITDA of less than 4.75x;
      and

   -- EBITDA to net financial charges of more than 2.5x.

S&P understands from management that the company was in
compliance with all financial covenants at year-end 2014.

CMC has access to over EUR100 million in undrawn short-term
uncommitted credit facilities -- S&P do not include these as a
source of liquidity.  However, S&P acknowledges that CMC has
successfully rolled these facilities over in the past.

The positive outlook reflects the possibility that S&P could
raise the rating to 'B+' within the next year, if contract and
earnings diversity continues to improve, its profitability is
relatively stable, and it maintains leverage metrics in line with
current levels.

S&P expects CMC to remains focused on executing its backlog of
existing contracts and gaining new orders, while managing the
associated risks.  During 2015 and 2016, S&P envisage limited
revenue growth and stable margins.  S&P expects FOCF to be
broadly neutral, with largely stable Standard & Poor's-adjusted
debt levels.  S&P expects CMC to continue to demonstrate credit
ratios which are in line with the rating, that is, adjusted debt
to EBITDA of 4x-5x and adjusted FFO to debt of 12%-20%.

S&P could raise the rating if diversity continues to improve,
CMC's profitability remains relatively stable, and it maintains
leverage metrics in line with current levels, supported by
broadly neutral FOCF.  This could lead S&P to remove the negative
comparable ratings analysis modifier.

S&P could revise the outlook back to stable if the positive trend
in diversity does not continue or if profitability is reduced.
S&P could also revise the outlook to stable if it expects
leverage metrics to be sustainably weaker, with adjusted debt to
EBITDA of around 5x and adjusted FFO to debt of around 12%.  A
reassessment of CMC's liquidity position -- for example, if
short-term bank lines are not reduced as S&P expects, or if
working capital or capex needs are higher than S&P anticipates --
could also trigger a revision of the outlook to stable.



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


ALLIANCE POLIS: Fitch Affirms 'B' IFS Rating; Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed JSC IC Alliance Polis's Insurer
Financial Strength rating at 'B' and National IFS rating at
'BB+(kaz)'.  The Outlooks are Stable.

KEY RATING DRIVERS

The ratings reflect Alliance Polis's weak operating performance,
its capital score under Fitch's Prism capital model, which is
below 'somewhat weak', and the moderate quality of its investment
assets.  The ratings also take into account the track record of
capital support from the existing shareholder and reduced
uncertainty over the workers' compensation (WC) reserving risk.

In 2014, Alliance Polis reported a KZT1.2 billion net loss, which
was a combination of a negative KZT1.6 billion underwriting
result and positive investment income.  This was a significant
improvement from the KZT2.7 billion net loss and KZT3.3 bil.
underwriting loss in 2013, when the insurer experienced a major
negative reserve development for the WC line.  Net of this one-
off reserve development, Alliance Polis's underwriting
performance also moderately improved in 2014 from 2013 mainly due
to expense economies.

The insurer's combined ratio improved to 129% in 2014 from 239%
in 2013 largely due to the reduced volatility in the WC loss
ratio. However, net of the WC line, the insurer's loss ratio
deteriorated to 54% in 2014 from 45% in 2013.  A release of the
claims case reserve in the general third-party liability line was
the key driver of a better loss ratio in 2013.  With an average
loss ratio of 47% in 2009-2012, the insurer demonstrates
relatively stable underwriting discipline in the non-WC
portfolio.

In 4M15, the insurer reported a KZT0.5 billion loss, a weakening
from the KZT0.3 billion loss in 4M14 due to lower investment
income.  The combined ratio improved to 124% from 144% in the
same period driven by a stronger loss ratio, while other
components remained the same.

In May 2015, Kazakhstan enforced the long-standing regulations on
professional diseases, disability and WC insurance.  The changes
have been positive for the insurers exposed to WC insurance, as
coverage will be reduced and a moderate release of the line's
incurred-but-not-reported reserves is expected.  Fitch does not
expect this release to have a major immediate effect on Alliance
Polis's net result.  The schedule and amount of the reserve
release should be available after the next regular actuarial
review.

Alliance Polis's combined ratio continues to be pressured by
administrative expenses, which remained large at 59% in 2014.
This was an improvement from 69% in 2013 in the context of 94%
growth of gross written premium (GWP) in 2014 after a reduction
by 25% in 2013.  The premium growth was relatively diversified,
with compulsory motor third-party liability, health and property
lines being the drivers of growth.  Positively, GWP growth was
accompanied by stable levels of acquisition costs.  Fitch
believes that a reduction in the expense ratio, either through a
cut in expenses or expense economies made at the point of
business growth, would be essential for a healthier underwriting
result.

The net loss has continued to erode Alliance Polis's equity,
although the shareholder's support has largely limited the amount
of the erosion.  In accordance with the commitment, the
shareholder injected KZT1 billion of capital in 4Q14.  As a
result, equity had shrunk only by 11% to KZT3.2 bil. at end-2014
in the context of a negative return on adjusted equity (ROAE) of
35% in 2014 (2013: minus 53%).  The loss-making performance has
reduced the capital further to KZT2.8bil. at end-4M15.  In
response, the shareholder plans to support the insurer with a
further KZT1 bil. in 2H15.

Despite the capital erosion, the insurer's regulatory capital
remains strong with the solvency margin at 174% at end-4M15 (end-
2014: 142%).  The required capital component under the regulatory
solvency formula continues to be driven by the local minimum
capital requirement in absolute terms.  The volume of business
has been too low so far to determine the required capital under
this Solvency I-like formula, but may well overrun the minimum
capital in 2015.

From a Prism factor-based capital model perspective, Alliance
Polis's risk-adjusted capital score remains below 'somewhat weak'
based on 2014 results.  It demonstrates a moderate negative trend
compared with 2013.  Target capital has increased, driven by 81%
growth of net written premiums (NWP) in 2014 from 2013, whereas
available capital has moderately shrunk.  Asset risk has remained
fairly stable, as the insurer continues to focus on the deposits
and bonds of local banks, predominantly rated in speculative
grade.

On the positive side, Fitch notes reduced uncertainty from the
employers' liability litigation and the related pressure of the
reserving risk on the insurer's risk-adjusted capital position.
Based on the continuing strong growth of NWP at 51% and a non-
annualized ROAE at minus 17% in 4M15, Fitch considers any
significant strengthening of Alliance Polis's Prism capital score
as unlikely in 2015 even with the planned KZT1 bil. capital
injection in 2H15.

RATING SENSITIVITIES

Key rating triggers that could result in an upgrade include an
improvement in the insurer's operating performance to at least a
positive net profit, with continuing balanced premium growth and
a healthier underwriting result, and no weakening in the risk-
adjusted capital position from the current level, as assessed by
Fitch's capital model.

The ratings could be downgraded if Fitch's view of the
shareholder's continuing willingness to support the company
changes and capital continues to be rapidly eroded.


KOMPETENZ JSC: Fitch Affirms 'B' IFS Rating, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based Kompetenz Joint Stock
Company's Insurer Financial Strength rating at 'B' and its
National IFS rating at 'BB(kaz)'.  The Outlooks are Stable.

KEY RATING DRIVERS
The ratings reflect Kompetenz's limited financial flexibility,
continuing loss-making underwriting performance, a business
strategy that Fitch believes is challenging to execute, and the
moderate quality of its investment assets.  However, the ratings
also reflect the insurer's adequate capital position, and its
more conservative investment strategy than local peers.

Fitch continues to see the operating environment as a difficult
one in which to execute Kompetenz's growth strategy.  This is
because the company has neither an affiliation with a large local
industrial group nor exclusive access to bancassurance
distribution channels, both being common business models for
insurers in Kazakhstan.  At the same time, Fitch also believes
that Kompetenz's financial flexibility is limited by the insurer
being the main operating company of an individual shareholder.

Kompetenz encountered a stretched regulatory capital position and
was below the minimum compliant 100% solvency margin from end-
3Q14 till end-1Q15, due to negative operating cash flow and
moderate growth of reserves in line with business volumes.  The
margin was restored to 101% at end-4M15 due to reserve release,
which strengthened the available capital under the regulator's
Solvency I-like formula.

Kompetenz reported a deterioration of its net loss to KZT379 mil.
in 2014 from KZT316 million in 2013 (restated from KZT184 million
net loss in 2013 due to the write-off of KZT132 million
subrogation receivables).  With its combined ratio at 159% in
2014 and 191% in 2013 (restated from 165% in 2013 due to the
reduction of the subrogation income), the underwriting result
remains the key factor behind the insurer's net losses.

In 4M15 Kompetenz's net profit improved to KZT148 mil. from a net
loss of KZT100 million in 4M14, largely due to a significant
release of loss reserves for the workers' compensation (WC) line.
The combined ratio reduced to 79% in 4M15 from 210% in 4M14,
additionally benefiting from reduced administrative expenses as
net written premiums written (NWP) in 4M15 rose 176%.  However,
the recent growth has been fairly undiversified and has been
mainly achieved through compulsory motor third-party liability
insurance.  This line accounted for 49% of NWP in 4M15, up from
17% in 2013 and in line with 51% in 2014.

Adverse loss reserve development for the WC line has been the key
reason behind Kompetenz's poor underwriting results since 2012,
when the insurer, as with other local non-life insurers,
discontinued the line due to regulatory changes.  The existing WC
liabilities are being managed on a run-off basis.  The long-tail
nature of WC risks and a significant increase in claims frequency
has affected most underwriters in the country over the last three
years.  The line contributed 55pp to Kompetenz's combined ratio
of 191% in 2013 and 49pp to its 159% combined ratio in 2014.

In May 2015 Kazakhstan enforced the long-standing regulations on
professional diseases, disability and WC insurance.  The changes
have been positive for the insurers exposed to WC insurance, as
coverage will be reduced and a moderate release of the line's
incurred-but-not-reported reserves is expected.  According to
Kompetenz's expectations, this release is likely to have a
sustained modestly positive effect on the underwriting result.
The reserve release should be confirmed at the next regular
actuarial review.

From a Prism factor-based capital model perspective, Kompetenz's
risk-adjusted capital score remains below 'somewhat weak' based
on 2014 results.  It demonstrates a moderately negative trend
compared with 2013.  Target capital has increased, driven by 81%
growth of NWP in 2014, while available capital has shrunk.  Asset
risk has remained fairly stable, as the insurer continues to
focus on fixed-income instruments, predominantly rated in
speculative grade.  On the positive side, Fitch notes reduced
uncertainty from the employers' liability reserving risk on the
insurer's risk-adjusted capital position.

Based on the continuing strong growth of NWP and a modest non-
annualized return on adjusted equity of 9% in 4M15, Fitch
believes a significant strengthening of Kompetenz's Prism capital
score is unlikely in 2015.

RATING SENSITIVITIES

Key rating triggers that could result in an upgrade include a
sustained improvement in the insurer's net result to positive
territory, diversified premium growth and no further weakening of
its Prism factor-based capital model score.

The ratings could be downgraded if the insurer's regulatory
solvency margin remains exposed to non-compliance risks on a
prolonged basis and fails to improve its operating performance on
a sustainable basis.



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


ENDO LUXEMBOURG: Moody's Affirms 'Ba3' CFR, Outlook Negative
------------------------------------------------------------
Moody's Investors Service confirmed the ratings of Endo
Luxembourg Finance I Company S.a.r.l. including the Corporate
Family Rating and Probability of Default Rating at Ba3 and Ba3-
PD, respectively. The rating on the existing senior secured debt
was downgraded to Ba1 and the rating on the existing senior
unsecured debt was confirmed at B1. Moody's also affirmed the
SGL-2 Speculative Grade Liquidity Rating. The rating outlook is
negative. This resolves the review initiated on May 18, 2015
following the announcement that Endo would acquire Par
Pharmaceutical Holdings, Inc. for US$8.05 billion in cash and
equity.

Moody's also assigned a Ba1 to the proposed senior secured term
loan B that will be used, in part, to fund the acquisition of
Par. Moody's also assigned a B1 to the senior unsecured notes
that Endo will issue to acquire Par.

The confirmation of the Corporate Family Rating reflects the
improvement in Endo's scale and diversity following the
acquisition of Par and the significant amount of equity (nearly
half the purchase price of Par) that will be used to fund the
transaction.

However, despite the large equity contribution, financial
leverage will rise significantly given the high valuation
attributed to Par. The negative outlook reflects Moody's concern
that adjusted debt to EBITDA could remain elevated (around 5x)
for a protracted period of time because Endo's cash flow
available for debt repayment will be constrained by litigation
payments. Further, Moody's expects that Endo will continue to be
acquisitive and the negative outlook reflects the risk that free
cash will be deployed to fund acquisitions in lieu of debt
repayment.

The downgrade of the senior secured debt reflects the higher
proportion of secured debt in the capital structure following the
acquisition of Par.

Ratings confirmed:

Issuer: Endo Luxembourg Finance I Company S.Ö.r.l.

  -- Probability of Default Rating, at Ba3-PD

  -- Corporate Family Rating, at Ba3

Issuer: Endo Finance Co.

  -- Senior Unsecured, at B1 (LGD 5) from B1 (LGD4)

Issuer: Endo Finance LLC

  -- Senior Unsecured, at B1 (LGD 5) from B1 (LGD4)

Ratings Downgraded:

Issuer: Endo Luxembourg Finance I Company S.Ö.r.l.

  -- Senior Secured Bank Credit Facility, to Ba1 (LGD2) from
     Baa3 (LGD2)

Ratings Assigned:

Issuer: Endo Luxembourg Finance I Company S.Ö.r.l.

  -- New Senior Secured Term Loan B, Ba1 (LGD 2)

  -- New Senior Secured Bridge Loan, Ba1 (LGD2)

Issuer: Endo Finance LLC

  -- New Senior Unsecured Notes, B1 (LGD5)

Rating Affirmed:

Issuer: Endo Luxembourg Finance I Company S.Ö.r.l.

  -- Speculative Grade Liquidity Rating at SGL-2

The outlook is negative.

The Ba3 Corporate Family Rating reflects Endo's strong scale and
diversity by product, and its good balance between branded and
generic drugs, all of which will be enhanced following the Par
acquisition. The ratings are also supported by Endo's
demonstrated willingness to use equity to partially fund
acquisitions, and Moody's expectation that the company will
generate strong free cash flow once Endo has gotten past its
litigation-related payments.

The ratings are constrained by the high financial leverage
stemming from the company's aggressive M&A strategy. The rating
is further constrained by the risk of operating disruption
stemming from integrating multiple acquisitions at once and the
risk that synergies are not achieved as Endo expects. The rating
is also constrained by the high valuations that Endo has been
willing to pay for acquisitions, which could limit returns or
lead to impairments if growth does not materialize as Endo
expects. Further, litigation-related cash outflows and declines
in Endo's older branded products (Lidoderm, Voltaren Gel) will
likely constrain deleveraging over the near-term.

Moody's could downgrade the ratings if the company experiences
operating set-backs or does not use divestiture proceeds or
available free cash to repay debt. Specifically, if Endo fails to
reduce debt to EBITDA below 4.5x over the next 12-18 months,
Moody's could downgrade the ratings.

While not expected over the near-term, Moody's could upgrade the
ratings if Endo moves past its mesh litigation and repays debt
such that free cash flow to debt is expected to be sustained
above 15% and debt/EBITDA is sustained below 3.5 times.

Headquartered in Luxembourg, Endo Luxembourg Finance I Company
S.a.r.l. ("Endo") is a subsidiary of Endo International plc,
which is headquartered in Dublin, Ireland (collectively "Endo").
Endo is a specialty healthcare company offering branded and
generic pharmaceuticals. Pro forma for the acquisition of Par,
Moody's estimate Endo will generate net revenues of over $4
billion.

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


ENDO LUXEMBOURG: S&P Assigns 'BB' Rating to US$2.5BB Sr. Loan
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue-level
rating to Endo International PLC's subsidiary Endo Luxembourg
Finance Co. I S.a.r.l's new US$2.5 billion senior secured term
loan B and new US$1.0 billion asset sale bridge facility.  The
recovery rating on this debt is '1', indicating S&P's expectation
for very high (90% to 100%) recovery of principal in the event of
payment default.

The 'BB' issue-level rating and '1' recovery rating on the
US$1 billion senior secured revolving credit facility (which has
been increased from US$750 million) and the amended US$1.1
billion term loan A remain unchanged.

The new term loan B and the asset sale bridge facility will have
the same guarantee and collateral package as the existing credit
facilities.

The asset sale bridge facility has a one-year term.  In addition,
the documentation will provide for the mandatory prepayment of
the asset sale bridge facility once the proceeds from the sale of
the American Medical Systems (AMS) business are received.

S&P's 'B+' rating on Endo's senior unsecured debt remains on
CreditWatch with negative implications.  S&P will resolve its
CreditWatch and publish a full recovery analysis once the details
of the unsecured component of the Par Pharmaceutical acquisition
financing are announced.

The corporate credit rating on Endo is 'B+' and the outlook is
stable.

RATINGS LIST

Endo International PLC
Corporate Credit Rating                     B+/Stable/--

New Rating

Endo Luxembourg Finance Co. I S.a.r.l
$2.5 Bil. Senior Secured Term Loan B        BB
   Recovery Rating                           1
$1.0 Bil. Asset Sale Bridge Facility        BB
   Recovery Rating                           1



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


INTER RAO: Fitch Raises LT Issuer Default Rating From 'BB+'
-----------------------------------------------------------
Fitch Ratings has upgraded Russian utility company PJSC Inter
RAO's Long-term Issuer Default Ratings to 'BBB-' from 'BB+'.  The
Outlook on the Long-term IDRs is Negative.

The rating action is driven by the upgrade of Inter RAO's
standalone rating to 'BB+' from 'BB', reflecting improved credit
metrics and Fitch's expectations that the company will maintain a
robust financial profile over 2015-2018.  The standalone rating
also incorporates the company's strong market position, multiple
assets, fairly strong efficiency compared with the Russian
average and expected contribution to cash flow stability of
operations under capacity supply agreements (CSA).

At the same time, Fitch assesses the inherent risk in the
unpredictable regulatory framework of the Russian utilities
sector as high, which constrains Russian utilities' standalone
ratings to speculative-grade.

Inter RAO's 'BBB-' rating incorporates a one-notch uplift for
state support from its standalone rating of 'BB+' due to the
continued strength of the ties between the company and the
Russian Federation (BBB-/Negative), its indirect majority
shareholder (51.12%).  The Negative Outlook is constrained by
that of the sovereign's.

KEY RATING DRIVERS

Robust Financial Profile
Inter RAO reported stronger-than-expected financial results for
2014, and we expect it will maintain a solid financial profile
over the forecast horizon of 2015-2018, driven mainly by the
commissioning of new CSA projects with favorable economics, cost
optimization and firmer performance of the supply business.  This
supported an upgrade of its standalone rating to 'BB+' from 'BB'.

Fitch forecast funds from operations (FFO) net adjusted leverage
to remain below 1.5x over 2015-2018 and FFO fixed charge cover to
be above 7x from 2016.  This is despite our assumptions of
largely modest electricity price growth from 2015 below inflation
and high interest rates for new debt.  Although the company
forecasts a significant moderation of capex from 2017 to about
maintenance levels following the completion of the investment
cycle in CSA projects over 2015-2016, we assume capex over 2017-
2018 will remain in line with the average over 2011-2014.

Positive FCF Expected
In contrast to most other Russian utilities rated by Fitch, it
expects Inter RAO to reach positive free cash flow (FCF) from
2016, mainly driven by the completion of its substantial
investment program.  Fitch expects FCF to remain negative in
2015.  The planned completion of expansion capex should
contribute to Inter RAO's ability and financial flexibility to
adapt to potential external economic or regulatory shocks.  Fitch
considers the company's dividend policy, which envisages a payout
ratio of 25% of IFRS net income over 2016-2018 as moderate, and
include dividend payments in our FCF calculation.

Strong Business Profile
The standalone rating is underpinned by Inter RAO's strong market
position as the third-largest power generation company in Russia
and among the largest utilities in Europe by installed electric
capacity and the largest domestic power retail company as well as
by its virtual monopoly in cross-border power trading.

Inter RAO accounted for 13% of the Russian electricity generation
market and 15% of the Russian electricity supply market in 2014.
It operates multiple assets, which should reduce the risk of cash
flow volatility due to, for example, unexpected outage.  Fitch
assess the efficiency of the group's assets as being above the
Russian average.

CSAs Drive EBITDA Growth
Stable earnings and a guaranteed return for capacity sales under
CSAs (typically for 10 years from plant commissioning) are the
key factors that mitigate Inter RAO's exposure to market risk,
support stable cash flow generation and enhance its business
profile. Fitch estimates that the newly commissioned units
operating under CSAs contributed above 20% of Inter RAO's 2014
EBITDA and that they should contribute above 40% of company's
EBITDA by 2016-2017 once all new capacity under the CSA framework
is commissioned.  The company expects 13%-14% rate of return on
its newly built projects.

Gas Dominates Fuel Mix
Inter RAO's fuel mix is dominated by gas (78% in 2014) followed
by coal (21% in 2014).  From 2016 almost all the company's gas
needs will be supplied by Rosneft Oil Company under a 25-year
contract signed in 2012 providing for annual gas supplies of up
to 35bcm.

We believe that supplier concentration risk is mitigated by
domestic gas prices in Russia being regulated by the Federal
Tariff Service (FTS) as well as by the long-term nature of the
contract with Rosneft and by high interdependence between the
company and Rosneft.  This is due to the latter's contracted
supplies to Inter RAO accounting for about 62% of its 2014 gas
production.  In 2014 Rosneft produced 56.7bcm of gas.

Manageable FX Risks
Fitch assess Inter RAO's currency risk as manageable due to the
company's generation of a reasonable portion of revenue in
foreign currency and strong financial profile, which has
significant headroom to absorb FX shocks.  Inter RAO remains
exposed to foreign currency fluctuations as about 32% of its
total debt at end-2014 was denominated in US dollars and euro.
Although only around 8% of revenues are dollar-linked or dollar-
denominated, it amounted to about RUB57 bil. in 2014, which is
sufficient to cover its foreign currency-denominated debt of
RUB34 bil.  As of end-2014, 26% of cash and cash equivalents of
around RUB21 bil. were denominated in US dollars and euro,
partially mitigating the company's FX exposure.

Sufficient Liquidity
Inter RAO is better positioned in liquidity compared with its
Russian peers, most of which achieve a satisfactory liquidity
profile mainly because of their reliance on credit lines from
Russian banks, albeit at high interest rates.  Inter RAO's cash
position of RUB81.7 bil. at end-2014 was sufficient to cover its
short-term maturities of RUB42.9 bil..  Its debt repayment
schedule is not onerous and is fairly balanced.  The group also
has access to uncommitted credit facilities of RUB94 bil. (RUB40
bil. at Inter RAO group's level).  Fitch do not consider Inter
RAO's portfolio of equity stakes valued at about USD252 million
as imminent liquidity but believe that asset disposals could
serve as an additional cushion for capex funding or debt
repayment.

One-Notch Uplift for State Support
Inter RAO's 'BBB-' rating benefits from a one-notch uplift for
state support as Fitch continues to assess the strategic,
operational, and to a lesser extent legal ties between the
company and its ultimate majority shareholder, the Russian
Federation, as fairly strong.  This is due to strategic
importance of Inter RAO to the country's electricity production
and supply as well as the track record of tangible state support,
provided largely in kind.  The Negative Outlook on Inter RAO's
Long-term IDRs reflects that of the sovereign's.

Unpredictable Regulatory Framework
Russia's unpredictable and inconsistent regulatory framework is
characterized by political interference and frequent changes in
the tariff-setting mechanisms and is a key credit risk for
Russian utilities.  The high regulatory risk constrains the
utilities' standalone ratings to speculative-grade.  Since Inter
RAO mainly operates in non-regulated markets, Fitch expects
regulatory changes to have a more limited impact compared with
Russian regulated network utilities.  Nevertheless, we expect any
tariff changes in the regulated segment and/or political risk,
for example, the tariff freeze for regulated utilities in 2014 or
elections in 2012, to have an indirect adverse impact on
competitive markets.

KEY ASSUMPTIONS

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

   -- Domestic GDP decline of 4.5% and inflation of 15% in 2015
   -- Electricity consumption to decline slower than GDP
      contraction
   -- Electricity tariffs to increase below inflation
   -- Debt split by FX assumed to be in line with 2014 breakdown
   -- Capex in line with management's forecast over 2015-2016 and
      in line with the historical average from 2017
   -- Dividend payments of 25% of IFRS net income over 2016-2018

RATING SENSITIVITIES

Positive: Future developments that could lead to positive rating
action include:
   -- A revision of the sovereign's Outlook to Stable
   -- A more transparent and predictable regulatory framework,
      coupled with the company's strong financial profile, which
     could be positive for the standalone rating.

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

   -- Evidence of weaker state support and/or Russia's downgrade
   -- Aggressive debt-funded acquisitions and/or more ambitious
      capex program resulting in deterioration of the financial
      profile (eg FFO net adjusted leverage above 2.5x and FFO
      fixed charge cover below 5x on a sustained basis), which
      could be negative for the standalone rating.

Full List of Rating Actions

-- Long-term foreign and local currency IDRs: upgraded to 'BBB-'
    from 'BB+', Outlook Negative

-- Short-term foreign and local currency IDRs: upgraded to 'F3'
    from 'B'

-- National Long-term rating: upgraded to 'AA+(rus)' from
    'AA(rus)', Outlook Stable



===============
S L O V E N I A
===============


NOVA LJUBLJANSKA: Moody's Assigns Ba3(cr) CR Assessment Rating
--------------------------------------------------------------
Moody's Investors Service concluded its rating reviews on three
banks in Slovenia: Nova Ljubljanska banka d.d. (NLB), Nova
Kreditna banka Maribor d.d. (NKBM) and Abanka Vipa d.d. (Abanka).
The reviews, initiated on March 17, 2015, followed the
introduction of the rating agency's revised bank rating
methodology published on March 16, 2015.

In light of the revised banking methodology, Moody's rating
actions generally reflect the following considerations (1) the
"Weak" macro profile of Slovenia (Baa3 stable); (2) the banks'
modest core financial ratios; (3) the protections offered to
depositors and senior creditors as assessed by Moody's Advanced
Loss Given Failure (LGF) analysis, reflecting the benefit of
instrument volume and subordination protecting creditors from
losses in the event of resolution; and (4) Moody's view of a
moderate likelihood of government support for the three
institutions.

Moody's has taken the following actions on the Slovenian banks:

  -- Upgraded three banks' long-term local and foreign-currency
     deposit ratings

  -- Affirmed three banks' short-term local and foreign-currency
     deposit ratings

  -- Upgraded three banks' baseline credit assessments (BCAs)

  -- Assigned positive outlooks to the deposit ratings of two
     banks and stable outlook to one bank

Moody's has also assigned Counterparty Risk Assessments (CR
assessments) to three Slovenian banks, in line with its revised
bank rating methodology.

The revised methodology includes several elements that Moody's
has developed to help accurately predict bank failures and
determine how each creditor class is likely to be treated when a
bank fails and enters resolution. These new elements capture
insights gained from the crisis and the fundamental shift in the
banking industry and its regulation.

(1) THE "WEAK" MACRO PROFILE OF SLOVENIA

Slovenian banks operate in a medium-size economy characterized
with low economic strength, high institutional strength and
medium susceptibility to event risk. The positive effect of
improving economic conditions is partly offset by weak demand for
credit and legacy portfolio of non-performing loans. The "weak"
Macro Profile weighs down on the banks' individual financial
ratios and thus constrains their BCAs.

(2) THE BANKS' MODEST CORE FINANCIAL RATIOS

The Slovenian banks' BCAs (the average asset-weighted BCA stands
at caa1) reflect their modest core financial ratios, including a
high, albeit declining, level of problem loans, good capital
ratios, weak profitability and good liquidity metrics.

(3) PROTECTION OFFERED TO SENIOR CREDITORS, AS CAPTURED BY
    MOODY'S ADVANCED LGF LIABILITY ANALYSIS

Under its revised methodology, Moody's applies its Advanced LGF
analysis to the liability structures of banks subject to
operational resolution regimes. Moody's expects that Slovenia, as
a member of the European Union, will introduce bank resolution
legislation in line with the EU Bank Recovery and Resolution
Directive (BRRD). Accordingly, Moody's applies its Advanced LGF
analysis to these banks' liability structures. For one bank
included in this rating action, this analysis results in "low"
loss given failure for long-term deposits, taking into account
the banks' substantial volume of deposit funding and the volume
of securities subordinated to deposits in their liability
structures. For the other two banks Advanced LGF analysis does
not provide an uplift from the banks' BCAs.

(4) MODERATE LIKELIHOOD OF GOVERNMENT SUPPORT

Moody's considers the three affected Slovenian institutions,
which are the largest banks in the country, domestically
important due to their market shares and/or government ownership.
However, given the expected implementation of a new bank recovery
and resolution legislation in Slovenia, the rating agency implies
only moderate government support assumption for the three banks.

Nova Ljubljanska banka d.d.:

The upgrade of the bank's deposit ratings to B2/Not Prime from
Caa1/Not Prime reflects the combination of the following: (1)
upgrade of the bank's BCA to caa1 from caa2; (2) the Advanced LGF
analysis that provides one notch of uplift from the bank's BCA;
and (3) Moody's assumption of moderate government support to NLB
being the largest bank in Slovenia, which also provides one notch
of rating uplift. The bank benefits from a large volume of
deposits, and limited senior and subordinated debt, resulting in
low loss given failure.

The upgrade of NLB's BCA to caa1 from caa2 reflects the bank's
improved credit profile following its restructuring and
recapitalization in 2013. NLB had a Return on Assets (RoA) of
0.55% in 2014, compared to a negative 10.5% in 2013. Moody's
expects that the improving economic conditions in Slovenia (Baa3
stable) will help NLB in working out its high level of problem
loans, which accounted for 30.2% of the bank's gross loans at
year-end 2014. NLB's capital adequacy (Tier 1 ratio was 17.6% at
year-end 2014) will likely remain good supported by limited
lending growth and modest profitability. NLB is largely deposit
funded with net loans-to-deposits ratio of 79% at year-end 2014.

The outlook on the bank's long-term deposit ratings is positive,
reflecting the improvement in asset quality and capitalization.

Nova Kreditna banka Maribor d.d.:

The upgrade of the bank's deposit ratings to B3/Not Prime from
Caa1/Not Prime reflects the combination of the following: (1)
upgrade of the bank's BCA to caa1 from caa2; (2) the Advanced LGF
analysis that provides no uplift from the bank's BCA; and (3)
Moody's assumption of moderate government support to NKBM being
the second largest bank in Slovenia, which provides one notch of
rating uplift.

The upgrade of NKBM's BCA to caa1 from caa2 reflects the bank's
improved credit profile following its restructuring and
recapitalization in 2013. NKBM had a Return on Assets (RoA) of
0.53% in 2014, compared to a negative 14.2% in 2013. Moody's
expects that the improving economic conditions in Slovenia will
help NKBM in working out its high level of problem loans, which
accounted for 40.3% of the bank's gross loans at year-end 2014.
NKBM's capital adequacy (Tier 1 ratio was 23.3% as reported at
year-end 2014) will likely remain good supported by limited
lending growth and moderate profitability. NKBM is predominantly
deposit funded with net loans-to-deposits ratio of 67% at year-
end 2014.

NKBM, which was nationalized as part of the government effort to
recapitalize and restructure the largest banks, is in the process
of privatization, which will likely be completed by the end of
2015. Moody's will assess the implications of the bank's
ownership change on its credit profile as soon as they
materialize.

The outlook on the bank's long-term deposit ratings is positive,
reflecting the improvement in asset quality and capitalization.

Abanka Vipa d.d.:

The upgrade of the bank's deposit ratings to B3/Not Prime from
Caa1/Not Prime reflects the combination of the following: (1)
upgrade of the bank's BCA to caa1 from caa2; (2) the Advanced LGF
analysis that provides no uplift from the bank's BCA; and (3)
Moody's assumption of moderate government support to Abanka being
the third largest and government controlled commercial bank in
Slovenia, which provides one notch of rating uplift.

The upgrade of Abanka's BCA to caa1 from caa2 reflects the bank's
improved credit profile following its restructuring and
recapitalization in 2013 and 2014. Following the transfer of most
of its problem loans to Slovenia's Bank Asset Management Company
(BAMC) Abanka's problem loans declined to 13.76% of the bank's
gross loans at year-end 2014 from 46.13% at year-end 2013. Abanka
reported a large EUR188 million of loss in 2014, mainly driven by
high credit costs from the loan portfolio clean-up. However, the
bank's profitability was also negatively affected by declining
revenues. As of year-end 2014, Abanka reported a strong Tier 1
ratio of 18.78%.

Abanka is in the process of merging with Banka Celje d.d. -- a
smaller Slovenian bank nationalized and restructured by the
government. Whilst the merger of the two banks will increase
Abank'a market shares and may improve operational efficiency in
the long-term, the integration costs of the two banks will likely
weigh on Abanka's profitability over the next 12-18 months.

The outlook on the bank's long-term deposit ratings is stable,
reflecting the improvement in asset quality and capitalization,
but also uncertainties arising from the upcoming merger.

Moody's has also assigned CR Assessments to NLB, NKBM and Abanka.
CR Assessments are opinions of how counterparty obligations are
likely to be treated if a bank fails and are distinct from debt
and deposit ratings in that they (1) consider only the risk of
default rather than expected loss; and (2) apply to counterparty
obligations and contractual commitments rather than debt or
deposit instruments. The CR Assessment is an opinion of the
counterparty risk related to a bank's covered bonds, contractual
performance obligations (servicing), derivatives (e.g., swaps),
letters of credit, guarantees and liquidity facilities.

The CR Assessments for the Slovenian banks are four notches above
their adjusted BCAs, and reflect the seniority of the
counterparty obligations and the volume of liabilities
subordinated to them under Moody's Advanced LGF framework.

The banks' ratings could be upgraded in case of (1) a sustained
improvement in profitability; (2) materially stronger capital
positions; and/or (3) a significant reduction in problem loans.

Downward rating pressure could emerge if (1) credit underwriting
standards deteriorate noticeably; and/or (2) further asset
quality and profitability pressures emerge owing to a potential
weakening in the operating environment.

List of Affected Credit Ratings:

Nova Ljubljanska banka d.d.

  -- Long-term local and foreign-currency deposit ratings
     upgraded to B2 from Caa1

  -- Not Prime short-term local and foreign-currency deposit
     ratings affirmed

  -- BCA and adjusted BCA upgraded to caa1 from caa2

  -- CR Assessment of Ba3 (cr) / Not Prime (cr) assigned

  -- Positive outlook assigned to long-term deposit ratings

Nova Kreditna banka Maribor d.d.

  -- Long-term local and foreign-currency deposit ratings
     upgraded to B3 from Caa1

  -- Not Prime short-term local and foreign-currency deposit
     ratings affirmed

  -- BCA and adjusted BCA upgraded to caa1 from caa2

  -- CR Assessment of Ba3 (cr) / Not Prime (cr) assigned

  -- Positive outlook assigned to long-term deposit ratings

Abanka Vipa d.d.

  -- Long-term local and foreign-currency deposit ratings
     upgraded to B3 from Caa1

  -- Not Prime short-term local and foreign-currency deposit
     ratings affirmed

  -- BCA and adjusted BCA upgraded to caa1 from caa2

  -- CR Assessment of Ba3 (cr) / Not Prime (cr) assigned

  -- Stable outlook assigned to long-term deposit ratings

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



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


AVANZA SPAIN: Moody's Withdraws 'B3' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has withdrawn all of Avanza Spain
S.A.U.'s ratings, as follows:

  -- Avanza's B3 corporate family rating (CFR);

  -- Avanza's B2-PD probability of default rating (PDR);

  -- The B2 rating of Avanza's EUR315 million senior secured
     fixed rate bonds due 2018 issued by AG Spring Finance
     Limited (Senior Secured Notes); and

  -- The Caa1 rating of Avanza's EUR175 million of senior
     unsecured fixed rate bonds due 2019 issued by AG Spring
     Finance II Limited (Senior Notes)

Avanza's tender offer to repurchase its outstanding bonds expired
on April 27, 2015. The company is planning to refinance the
tender offers received, 81.6% of the Senior Secured Notes and
87.9% of the Senior Notes, and remove the key information
covenants from the finance agreements. While we note that the
Avanza will continue to publish its Annual Report, this is not
sufficient information to maintain our ratings given the
company's financial structure. Avanza's ratings were on review
for downgrade prior to their withdrawal.

Moody's has withdrawn the rating because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating.



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


METINVEST BV: Bondholders Demand Repayment of US$100MM Debt
-----------------------------------------------------------
Luca Casiraghi at Bloomberg News reports that Metinvest BV is now
under siege by creditors from London and New York.

Bondholders who own about 1% of the company's US$3.1 billion in
debt are demanding Metinvest pay more than US$100 million that
came due last month, Bloomberg discloses.  The company, though,
is running out of money as it struggles to keep foundries and
mines open in the war-torn region of Ukraine called Donbas,
Bloomberg says.

According to Bloomberg, if the two sides can't reach an
agreement, controlling shareholder Rinat Akhmetov -- Ukraine's
wealthiest man -- may get caught up in a lengthy legal battle
that could do as much damage to the business as mortar shells.
In the worst case, he risks losing control of Metinvest,
Ukraine's biggest company, Bloomberg states.

Funds such as Marathon Asset Management and Noster Capital
abstained from a June 1 vote on a company plan to restructure
US$114 million in bonds due for repayment in May, thereby
scuttling the proposal, Bloomberg relates.  Another vote has been
scheduled for June 26, and the bondholder group is attempting to
reach the 25% threshold needed to block the company's plan,
Bloomberg relays, citing two people familiar with the matter, who
asked not to be identified speaking about private deliberations.

The funds want to be repaid at face value before Metinvest
negotiates the restructuring of US$3 billion in bank debt and
bonds maturing in the next four years, including money owed to
lenders such as Deutsche Bank AG and ING Groep NV, Bloomberg
notes.  Metinvest is proposing to pay 2015 bondholders 25% of
face value now and the balance next year -- but it's unlikely
they'll get full value if the company agrees to a restructuring
deal with the banks, according to Bloomberg.

"Given Metinvest's current cash flow projections, there is no
more repayment headroom that we can offer," Bloomberg quotes
Aleksey Kutepov, chief financial officer of Metinvest, as saying
in an e-mail.  "We'll seek to preclude a bankruptcy scenario that
would make everyone lose."

Metinvest BV is Ukraine's largest steelmaker.


OSCHADBANK: Enters Into Debt Restructuring Deal with Creditors
--------------------------------------------------------------
Natasha Doff and Marton Eder at Bloomberg News report that The
State Savings Bank of Ukraine reached an agreement with a
creditor group to restructure US$1.3 billion of debt even as
talks over the nation's sovereign debt remain deadlocked.

AT Oschadbank, as the lender is known, said in a statement the
bank agreed with creditors holding about half the debt to extend
maturities on its 2016 and 2018 dollar-denominated bonds and a
2017 subordinated loan by seven years and to raise coupons on all
three securities, Bloomberg relates.

The statement said principal will be repaid in installments
starting 2019, Bloomberg notes.

The deal comes as wider restructuring talks aimed at reprofiling
US$19 billion of sovereign debt came to a standstill last week
amid a disagreement over whether a deal should include a
principal writedown, Bloomberg relays.  Oschadbank is one of
three state-owned companies in Ukraine's restructuring program
that face a maturity extension only, and no principal reduction,
on their bonds, Bloomberg states.

The Finance Ministry, as cited by Bloomberg, said in an e-mailed
statement on June 12 the agreement is in line with the objectives
of an International Monetary Fund bailout program for Ukraine.

Members of the creditor committee include VR Capital Group Ltd.,
Franklin Templeton, Black River Asset Management LLC, Oaktree
Capital Management LP, Pioneer Investment Management Ltd. and
Spinnaker Capital Ltd., Bloomberg discloses.

JSC Oschadbank is one of the largest financial institutions of
Ukraine.


UKRAINE: Creditors Express Concerns Over Jaresko's Debt Stance
--------------------------------------------------------------
Elaine Moore and Roman Olearchyk at The Financial Times report
that Ukraine's largest creditors say they are deeply concerned by
the country's declaration that it may stop making debt payments
unless investors agree to a restructuring plan, as a crucial
deadline looms over negotiations.

Talks between the two sides have stalled in recent weeks with
both accusing the other of intransigence, the FT relays.  This
week, Kiev is due to make two payments that could determine the
success of a US$40 billion plan to avoid financial collapse as a
one-year war with Russian-backed separatists in breakaway eastern
regions has plunged the country's economy into deep recession,
the FT discloses.

On June 17, Ukraine must pay US$39 million in interest to
investors holding a bond that matures in 2016, the FT says.
Three days later it is due to pay out US$75 million for a US$3
billion bond sold to Russia during the regime of Ukraine's former
pro-Russian president, the FT notes.

A committee of investors with over half of the country's debt say
they have already provided Ukraine with a restructuring plan that
Kiev refuses to discuss, the FT states.

"Minister Jaresko has been in possession of a detailed IMF-
compliant solution from the Bond Committee for over a month," the
FT quotes the committee as saying in a statement on June 11.  "We
are deeply concerned about the stance the minister is taking,
which is not in the interests of Ukraine.  We are ready and
willing to start talks at any time."

The committee, which includes US asset manager Franklin
Templeton, says their plan exceeds the US$15.3 billion debt
relief targeted by the government and International Monetary
Fund, the FT discloses.  Bonds repayments would be extended by 10
years and interest payments due over the next four years halted,
the FT states.  A small slice of the debt could also be swapped
for bonds that link repayments to improvements in the country's
economy, the FT notes.

However Kiev has argued that this would deplete the central
bank's foreign exchange reserves and damage long-term growth.
Ukraine's debt levels are unsustainable, according to Finance
Minister Natalie Jaresko, who wants creditors to accept a haircut
on their money and is thought to be targeting a 40 per cent
reduction, the FT relates.

According to the FT, in addition to coupon payments due
throughout the year Ukraine faces repaying a US$500 million bond
in September and then a US$3 billion bond to Russia in December
plus close to US$600 million to the IMF.

A person close to the situation, as cited by the FT, said
investors rejected the idea that their proposal would deplete
reserves and put the country in crisis, saying that to do so
would neither be right nor make sense, as it would destroy their
investment.



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


EPHIOS BONDCO: Fitch Assigns 'B(EXP)' IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has assigned Ephios Bondco PLC, the new holding
company of France-based clinical laboratory services group Labco
SA (Labco; B+/ RWN), an expected Issuer Default Rating (IDR) of
'B(EXP)'.  The Outlook is Stable.  Ephios Bondco PLC is the new
debt-issuing entity set up as part of the acquisition of Labco by
private equity firm Cinven.

Fitch has also assigned Ephios' proposed senior secured notes due
2022 'B+(EXP)'/'RR3' and its planned super senior revolving
credit facility (RCF) 'BB-(EXP)'/'RR2'.  The new instruments --
alongside equity provided by Cinven -- will be used to redeem
Labco's existing debt, pay for the acquisition as well as for
premium and fees.  The debt proceeds will be down-streamed by way
of intercompany loans to Labco SA, the French holding company,
among others, guaranteeing the notes.  The final ratings are
contingent upon closing of the acquisition and receipt of final
documents conforming to information already received by Fitch.

The IDR of 'B(EXP)' reflects Ephios' expected high funds from
operations (FFO) adjusted gross leverage of around 8.0x at
closing of the transaction, pro forma for acquisitions already
completed in 2015.  Fitch forecasts that this ratio will remain
above 6.5x at least until 2018, which it believes is no longer
commensurate with an IDR of 'B+', as previously assigned to Labco
before the buy-out.  The 'B(EXP)' IDR is, however, supported by a
business risk profile that is commensurate with a 'BB' category,
along with Ephios' high profitability and positive free cash flow
(FCF) generation.  Fitch also estimates enhanced financial
flexibility derived from slightly improved coverage metrics,
assuming the company refinances its legacy 8.5% senior secured
notes at a lower coupon.

KEY RATING DRIVERS FOR THE IDR

Weak Financial Metrics
Following the cancellation of the IPO in May 2015, we considered
Labco's rating headroom was low given the company's high
financial leverage.  The proposed capital structure backing the
Cinven buy-out keeps the FFO adjusted gross leverage materially
above 6.5x until 2018 under our forecasts, which was one of
Fitch's guidelines for a negative action.  Fitch believes such
high leverage is more commensurate with a low single 'B' IDR.
However, such aggressive financial leverage is partly offset by
our expectations of Ephios' positive FCF and improved FFO fixed
charge cover towards 2.0x by 2018 (up from forecast 1.6x in
2015), thereby supporting a 'B(EXP)' IDR and its Stable Outlook.

Subdued Organic Performance
Fitch expects the pricing environment to remain challenging in
Ephios' key markets.  Sustained reimbursement pressures by
ultimate payers such as governments and insurance companies are
likely to constrain organic growth prospects in the medium term.
However, as volumes are resilient to economic cycles, underpinned
by broadly favorable demographics and socio-economic factors,
Fitch expects large European players such as Ephios to withstand
the negative impact of tariff pressure on their profitability
margins.  This will be achieved through economies of scale and
operational efficiencies generated within regional and technical
platforms.

Successful M&A Key to Deleveraging
Given the weak organic growth environment across France and
Iberia, Ephios' continued ability to source and execute low-risk
bolt-on acquisitions of laboratories at attractive multiples and
extract planned synergies is critical to supporting mild
deleveraging prospects and, as a result, the ratings over the
long term.  Absent such M&A, Fitch expects higher organic growth
to come from the UK and Italian businesses but consider their
medium-term contribution to the group's EBITDA and impact on
deleveraging as limited.  Any large, transformational M&A would
be considered as event risk.

Leading Clinical Laboratory Services Group
Ephios is the largest clinical laboratory services company in
France for routine tests and in Iberia for routine and specialty
testing.  It is also a pan-European player, with its presence in
Belgium and Italy, and to a lesser extent, the UK and
Switzerland. In Fitch's view, Ephios' earnings profile benefits
from this geographical diversity as it reduces the group's
exposure to single healthcare systems.

KEY RATING DRIVERS FOR THE INSTRUMENTS

Weak Creditor Protection
The proposed RCF and the senior secured notes will share the same
security package, primarily comprising share pledges over Ephios
Bondco PLC, Ephios France and Labco SA as well as over
subsidiaries representing around 61% of the consolidated EBITDA
as of end-March 2015.  The RCF will, however, only include a
single leverage covenant and the senior secured notes are
protected by incurrence-based covenants, subject to permitted
baskets.

Going Concern Distressed Valuation
Fitch expects a going-concern restructuring to yield stronger
recoveries for creditors than liquidation in a default scenario.
Fitch assumes a distressed sale of the group as a whole at Ephios
France or Labco SA level as a liquidation of individual labs
could prove challenging given laboratory ownership regulatory
constraints and clinical pathologists' pre-emptive rights in
France.  Therefore, Fitch has valued the group on the basis of a
6.0x multiple applied to an EBITDA that is 20% below the last 12-
month consolidated EBITDA as of end-March 2015, adjusted for
acquisitions already completed and adding back UK operations
start-up costs.

Above-average Recoveries for Noteholders
The expected ratings of 'B+(EXP)'/'RR3' for the planned senior
secured notes reflect above-average recovery prospects for
noteholders in a default scenario but also their contractual
subordination to the new RCF and certain other obligations of
non-guarantor subsidiaries up to EUR20 million in the debt
waterfall.  Fitch has also assigned the proposed RCF expected
ratings of 'BB-(EXP)'/'RR2', with 'RR2' being the ceiling for the
facility.  This is due to the French jurisdiction, as we believe
France is the group's "Centre of Main Interest".

KEY ASSUMPTIONS

Fitch's expectations are based on the agency's internally
produced, conservative rating case forecasts.  They do not
represent the forecasts of rated issuers individually or in
aggregate.  Key Fitch forecast assumptions include:

   -- Low to mid-single digit organic growth in key markets;
   -- Sustained EBITDA margin around 18.5%;
   -- Impact of launch of UK activities, strikes in France and
      increase of VAT in Spain on 2015 EBITDA and FFO margins;
   -- 8.5% senior secured notes due 2018 refinanced at a lower
      coupon;
   -- Up to EUR40m of bolt-on acquisitions per year after 2015.

RATING SENSITIVITIES

Positive: Future developments that could, individually or
collectively lead to a positive rating action include:

   -- Meaningful deleveraging such that FFO adjusted gross
      leverage (pro forma for acquisitions) falls to and remains
      below 6.5x, combined with FFO fixed charge cover above 1.8x
      on a sustained basis;
   -- Positive FCF as a proportion of sales sustainably in the
      high single digits;
   -- More conservative financial policy reflected in lower M&A
      spending, or conservatively funded growth strategy by
      existing cash flows or equity funds.

Negative: Future developments that could, individually or
collectively lead to a negative rating action include:

   -- FFO adjusted gross leverage (pro forma for acquisitions)
      above 8.0x on a sustained basis;
   -- FFO fixed charge cover (pro forma for acquisitions) below
      1.3x on a sustained basis;
   -- FCF margin falling to slightly positive territory while
      maintaining a debt-funded acquisition strategy;
   -- Large, debt-funded and margin-dilutive acquisitions,
      combined with profitability erosion in key markets,
      reflecting a more challenging operating environment.

LIQUIDITY AND DEBT STRUCTURE

Fitch expects Ephios' liquidity to be satisfactory.  Under the
new capital structure, Ephios will have access to a new RCF of
EUR140 million, which can be used for general corporate purposes
as well as for bolt-on acquisitions.  The refinancing of the
existing debt would enable the group to extend its debt
maturities to 2022, allowing the group and its new owners to
focus on a successful strategy execution.

FULL LIST OF RATING ACTIONS

Ephios Bondco PLC

   -- IDR 'B'(EXP), Stable Outlook
   -- Super senior RCF 'BB-(EXP)'/'RR2'
   -- Senior secured notes 'B+(EXP)'/'RR3'


GEMGARTO 2015-1: Moody's Rates GBP14.5MM Class X1 Notes 'B2'
------------------------------------------------------------
Moody's Investors Service assigned definitive long-term credit
ratings to notes issued by Gemgarto 2015-1 Plc:

  -- GBP423.0 million Class A mortgage backed floating rate notes
     due February 2047, Definitive Rating Assigned Aaa (sf)

  -- GBP19.3 million Class B mortgage backed floating rate notes
     due February 2047, Definitive Rating Assigned Aaa (sf)

  -- GBP19.3 million Class C mortgage backed floating rate notes
     due February 2047, Definitive Rating Assigned Aa1 (sf)

  -- GBP21.8 million Class D mortgage backed floating rate notes
     due February 2047, Definitive Rating Assigned A2 (sf)

  -- GBP14.5 million Class X1 floating rate notes due February
     2047, Definitive Rating Assigned B2 (sf)

Moody's has not assigned ratings to the GBP9.7M Class Z,
GBP4.9M Class X2 mortgage backed fixed rate notes due February
2047 and the Certificates.

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

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

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

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

MILAN CE of 10%: this is higher than the UK Prime RMBS sector
average and follows Moody's assessment of the loan-by-loan
information taking into account the historical performance
available and the following key drivers: (i) although Moody's
have classified the loans as prime, it believes the borrowers
often have characteristics which could lead to them being
declined from a high street lender; (ii) the weighted average
CLTV of 73.09%, (iii) the very low proportion of interest-only
loans (1.5%); and (iii) the absence of any buy-to-let, right-to-
buy, shared equity, fast track or self-certified loans.

At closing the mortgage pool balance will consist of GBP483
million of loans. The total reserve fund will be funded to 2.0%
of the initial mortgage pool balance and will be topped up to
2.5% of the Class A and B notes outstanding balance plus 2.0% of
the Class C and D notes initial balance by trapping principal.
The total reserve fund will be split into the Liquidity Reserve
Fund and the Non Liquidity Reserve Fund. The Liquidity Reserve
Fund Required Amount will be equal to 2.5% of Class A and Class B
outstanding amount and will be available only to cover senior
expenses and Class A and Class B interest. The Non Liquidity
Reserve Fund will be equal to the difference between the total
reserve fund and the Liquidity Reserve Fund, and will be used to
cover interest shortfall for Class A to D notes and to cure PDL,
subject to certain conditions being met.

Operational risk analysis: Kensington Mortgage Company Limited
("KMC", not rated) will be acting as servicer. KMC will sub-
delegate certain primary servicing obligations to HomeLoan
Management (HML). In order to mitigate the operational risk,
there will be a back-up servicer facilitator, and Wells Fargo
Bank, N.A. (Aa2/P-1) will be acting as a back-up cash manager
from close. To ensure payment continuity over the transaction's
lifetime the transaction documents incorporate estimation
language whereby the cash manager can use the three most recent
servicer reports to determine the cash allocation in case no
servicer report is available. The transaction also benefits from
principal to pay interest for the Classes A to D.

Interest rate risk analysis: Credit Suisse International (A1/P-1)
will be the swap counterparty for the fixed-rate mortgages in the
transaction. The floating-rate loans will be unhedged. Moody's
has taken into consideration the absence of basis swap in its
cash flow modelling.

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

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

The ratings address the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Notes by the legal final
maturity. Moody's ratings address only the credit risks
associated with the transaction. Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors.

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

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

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


HOCHSCHILD MINING: Moody's Says Inmaculada Project is Credit Pos
----------------------------------------------------------------
Moody's Investors Service commented that Hochschild Mining plc
announcement of the first production coming out of the Inmaculada
project in Peru is credit positive for Hochschild, because it
will bring in new production capacity (estimated at 12 million
silver equivalent ounces per year) and at the same time reduce
Hochschild's average costs. The announcement has no immediate
impact on the company's Ba3 ratings. Credit metrics -
particularly margins and interest coverage - will remain
pressured as a consequence of weak commodity prices (namely
silver and gold), but metrics related to capital expenditures
will gradually improve.


TESCO PLC: Needs GBP5B to Restructure Balance Sheet, Says Moodys
----------------------------------------------------------------
Graham Ruddick at The Telegraph, citing an analysis by Moody's,
reports that Tescco needs to raise more than GBP5 billion in
order to reduce the pressure on its stretched balance sheet.

According to The Telegraph, the size of the requirement shows
that a fundamental restructuring of Tesco's balance sheet still
needs to take place, despite the fact it has already cut
thousands of jobs, closed its defined benefit pension scheme and
is shutting its head office in Cheshunt.

The company racked up a GBP6.4 billion pre-tax loss in the last
year -- one of the biggest in British corporate history -- and is
also sitting on debts of GBP22 billion including its pension
deficit and rental commitments, The Telegraph discloses.

Moody's, the credit rating agency, now ranks Tesco's debt as junk
and says that, at its current level of profitability -- Britain's
biggest retailer needs to raise more than GBP5 billion just to
get its investment grade credit rating back, The Telegraph
relays.

"It has a relatively high level of debt -- also of adjusted debt,
such as the pension deficit and operating leases.  It is a
relatively high-leveraged company.  That was acceptable for an
investment grade company until now because they had decent profit
margins," The Telegraph quotes Sven Reinke, senior analyst at
Moody's, as saying.

Mr. Reinke, as cited by The Telegraph, said that Tesco needs to
reduce its adjusted debt to earnings before interest, tax
depreciation and amortization ratio from more than six times to
less than 4.5 times just to get its credit rating back.

That means that if profits stay at same level -- and City
analysts expect Tesco to lose money in the UK this year -- then
it will have to raise GBP5 billion, The Telegraph notes.

Tesco PLC is a British multinational grocery and general
merchandise retailer headquartered in Cheshunt, Hertfordshire,
England, United Kingdom.


THE ARCHES: In Administration Following Closure Order
-----------------------------------------------------
The Guardian reports that The Arches is to go into
administration, following the decision of city of Glasgow's
licensing authorities to force it to close following police
complaints about disorder, including drug use, at the venue.

According to The Guardian, the club's management said club nights
generated the majority of the Arches' revenue, and without them
the business is "untenable".

As well as a nightclub, The Arches has put on gigs, theatre
performances and operates a restaurant and cafe, The Guardian
notes.  All its forthcoming events have been suspended, The
Guardian discloses.

The Arches -- a non-profit venue -- had been a major venue for
electronic music in particular, with Daft Punk playing their
first UK show there in 1997.



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


* BOND PRICING: For the Week June 8, 2015 to June 12, 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.


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