TCREUR_Public/150706.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, July 6, 2015, Vol. 16, No. 131

                            Headlines


B U L G A R I A

CORPORATE COMMERCIAL: Insolvency Start Date Set as June 20, 2014


G E R M A N Y

PROKON REGENERATIVE: Investors Vote for Cooperative Option
TALISMAN 7 PLC: Fitch Affirms 'Csf' Rating on Class F Notes


G R E E C E

ATHENS CITY: Moody's Lowers Issuer Rating to 'Caa3'
EUROBANK ERGASIAS: Fitch Cuts Senior Debt Rating to 'CC'
GREECE: Referendum No Vote May Get Narrow Win, EU Warns of Risks
GREECE: Fitch Lowers Ratings on SF Transactions & Covered Bonds
GREEK BANKS: Moody's Reviews Caa3 Ratings on 5 Institutions

NATIONAL BANK: Fitch Lowers Senior Debt Rating to 'CC'
PROVIDE GEMS 2002-1: Fitch Affirms Csf Ratings on 2 Note Classes


I R E L A N D

CLERYS: Concession Holders to Object to Liquidator Appointment
WILLIAM GRANT: Shuts Down Clonmel Site, 50 Jobs Affected


I T A L Y

ITALIAN BANKS: Fitch Affirms 'BB' IDR on 4 Institutions


N E T H E R L A N D S

GARDA CLO: Moody's Affirms 'Caa1(sf)' Rating on Class F Notes
LEOPARD CLO III: Moody's Affirms Caa3 Rating on Class E2 Notes
UNIFY HOLDINGS: Moody's Withdraws Caa1 Corporate Family Rating


R U S S I A

URALSIB OJSC: S&P Cuts Rating to 'B' on Weak Financial Results


S W I T Z E R L A N D

NORD ANGLIA: Moody's Assigns 'B1' Rating to Senior Secured Notes


U K R A I N E

UKRAVTO PJSC: Board Opts to Close Four Branches to Cut Costs


U N I T E D   K I N G D O M

AFREN PLC: Seeks U.S. Recognition of Restructuring in London
AIB GROUP: S&P Affirms 'BB' Counterparty Credit Rating
BRIDGE HOLDCO 4: S&P Lowers Rating to 'B-', Outlook Negative
CHESHIRE BESPOKE: Rescued Out of Liquidation
DRAYTON OLD LODGE: Goes Into Liquidation

EATON VANCE CDO X: S&P Raises Ratings on 2 Note Classes to BB-
EDCON HOLDINGS: Moody's Cuts Rating on Sr. Unsecured Notes to Ca
LOOK RETAIL: Moody's Raises Corporate Family Rating to 'B2'
MARSTON'S ISSUER: Fitch Affirms 'BB+' Rating on Class B Notes
MM CATERERS: To Stay Open After Buyer Found for Business

TAURUS CMBS 2014-1: Fitch Affirms 'BBsf' Rating on Class C Notes


X X X X X X X X

* BOND PRICING: For the Week June 29, 2015 to July 3, 2015


                            *********


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


CORPORATE COMMERCIAL: Insolvency Start Date Set as June 20, 2014
----------------------------------------------------------------
SeeNews reports that the Sofia Court of Appeal decided on July 3
to set June 20, 2014, as the starting date of the insolvency of
Corporate Commercial Bank, overruling an earlier decision.

The Sofia Court of Appeal said in a statement posted on its Web
site that the court's decision can be appealed before the Supreme
Court of Cassation after it has been entered in the Registry
Agency, SeeNews relates.

According to SeeNews, the date of the bank's insolvency is
crucial for the legitimacy of deals for the purchase of unsecured
deposits concluded after June 2014 that allowed creditors to get
back part of their money.

In June 2014, the Bulgarian National Bank placed Corporate
Corpbank under special supervision over risk of insolvency and
appointed two conservators after it notified the central bank it
had run out of liquidity, SeeNews recounts.  Payments and all
types of banking operations were suspended, SeeNews relates.  In
November, the central bank delicensed Corpbank and said it would
seek the bank's insolvency after it was found to have a negative
own capital, SeeNews relays.

In April, the Sofia City Court declared Corpbank insolvent,
setting November 6, 2014 as the starting date of the insolvency,
SeeNews discloses.  Its decision was appealed by the prosecuting
magistracy and the central bank, among others, SeeNews relates.

               About Corporate Commercial Bank AD

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

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



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


PROKON REGENERATIVE: Investors Vote for Cooperative Option
----------------------------------------------------------
Deutsche Welle reports that in a gesture of commitment to a green
energy future, Prokon Regenerative Energien GmbH's investors have
voted to retain ownership by turning it into a cooperative.

According to Deutsche Welle, 2,000 people representing about
75,000 investors showed up in Hamburg on July 2 for a special
creditors' vote to decide the future of Prokon.

The company had been handled by Dietmar Penzlin, a lawyer
specialized in managing firms through an insolvency process,
since it registered for bankruptcy a year and a half ago,
Deutsche Welle notes.

Mr. Penzlin, Deutsche Welle says, presented the investors with a
choice: Turn the company into a cooperative owned by its
investors and creditors, accepting all the risks and benefits of
ownership -- or sell it to EnBW, Germany's third largest
electricity company for EUR550 million (US$610 million).

Nearly 90% of the votes -- including the majority of all eight of
the investors' clubs -- went for the cooperative option, Deutsche
Welle relates.  With that, the deal was sealed, Deutsche Welle
notes.  According to Deutsche Welle, Prokon's investors and
creditors have converted their claims on the company into
ownership shares.  Rather than being folded into a big power
company, Prokon will carry on building and operating wind farms
as an independent cooperative, Deutsche Welle states.

Most of the creditors will be compensated for their claims on
Prokon with two distinct instruments: Membership in the ownership
cooperative -- whose value was estimated at 23.3% of the nominal
value of their claims -- plus fixed-interest corporate bonds with
a 15-year maturity, whose value was estimated at a further 34.5%
of the nominal value of claims, Deutsche Welle discloses.

Creditors who do not want to become members of the ownership
cooperative will be paid out 23.3% of the nominal value of their
claims in cash, as well as being given Prokon bonds, Deutsche
Welle says.

Prokon Regenerative Energien GmbH is a German wind park operator.

In May 2014, the district court at Itzehoe in northern Germany
commenced insolvency proceedings for Prokon's renewable energy
division.  The court said the company's regenerative energy
business faced claims of EUR391 million (US$542 million),
compared with liquid funds of just EUR19 million.  The Company
was sent over the edge after allegations that it was attracting
investors with the prospects of making annual returns on their
investments of at least 6% without giving sufficient warning of
the risks.


TALISMAN 7 PLC: Fitch Affirms 'Csf' Rating on Class F Notes
-----------------------------------------------------------
Fitch Ratings has revised the Outlook on Talisman 7 plc's class B
and C notes to Stable from Negative and affirmed all ratings as
follows:

  EUR66 million class B: affirmed at 'BBsf'; Outlook revised to
   Stable from Negative;

  EUR84.2 million class C: affirmed at 'Bsf'; Outlook revised to
   Stable from Negative;

  EUR66.5 million class D: affirmed at 'CCCsf'; Recovery estimate
   (RE) 30%

  EUR47.1 million class E: affirmed at 'CCsf'; RE 0%

  EUR68.9 million class F: affirmed at 'Csf'; RE 0%

  EUR44.8 million class G: not rated

  EUR10.7 million class H: not rated

  EUR12.5 million class I: not rated

  EUR0 million class J: not rated

This transaction was originally a securitization of 10 commercial
mortgage loans originated by ABN AMRO Bank NV with a cumulative
balance of EUR1,826 million at closing.  At end-June 2015, six
loans, all in special servicing, backed the notes.  The loans
themselves were backed by 56 properties located in Germany with a
current market value (MV) of EUR221.9 million.

KEY RATING DRIVERS

Over the last 12 months, the class A notes (EUR94.4 million) have
been paid in full and the class B notes have amortized to EUR66
million from EUR87.3 million through asset sales.  The individual
performance of the properties backing the portfolio remains
largely unchanged. The successful sales efforts, along with the
sequential pay-down, are the reason for the Outlook revision.
This, combined with the upcoming final legal maturity in April
2017, underpins the affirmation of the ratings.

The Mozart loan asset sale (largest loan in the portfolio,
EUR190.4 million part of a EUR360.5 million whole loan) has
progressed with 17 asset sales over the last one year, leaving 17
mixed-use properties located around Germany in the portfolio.
Fitch understands from the issuer that sale agreements for a
further five assets have been signed.  The sales pace, combined
with sale prices on average being close to the assets' respective
valuations, partially mitigates the transaction's increasing
leverage.  The transaction's loan-to-value has increased to
167.1% from 121% over the last 12 months due to properties being
sold below the respective original allocated loan amounts.

The Eschborn office asset securing the Brahms loan was sold for
EUR23.4 million in January 2014.  The proceeds were distributed
to noteholders on the April 2014 interest payment date (IPD).
The Brahms borrower is going through insolvency proceedings and
minor further recoveries (around EUR30k) are expected.
Nevertheless when the loan is fully resolved a loss of around
EUR20 million will be allocated to the class H and I notes.

With all loans in special servicing and undergoing different
stages of resolution, expected recoveries are highly dependent on
the short-term market conditions for secondary and tertiary real
estate in Germany.  Although investor interest has returned to
this market sector after years of subdued demand, the achievable
prices are still well below those seen in 2005-2007, when these
loans were originated.  This level of stress is reflected by the
transaction's below-investment grade ratings.  The transaction
benefits from a further EUR68 million credit enhancement provided
by the class G to I notes.

RATING SENSITIVITIES

Lower-than-expected recoveries in the remaining notes or an
adverse turn in market sentiment for secondary and tertiary
assets in Germany could prompt negative rating actions on the
notes.

Fitch estimates 'Bsf' collateral proceeds at EUR180 million.

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.



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


ATHENS CITY: Moody's Lowers Issuer Rating to 'Caa3'
---------------------------------------------------
Moody's Public Sector Europe downgraded the issuer rating of the
City of Athens to Caa3 from Caa2, and placed the rating on review
for further downgrade.

This rating action reflects Moody's assessment of the increase in
systemic risk following the weakening of Greece's credit profile
as captured in the downgrade of the sovereign bond rating to Caa3
from Caa2 and placement of the rating on review for downgrade on
July 1, 2015.

RATINGS RATIONALE

Moody's rating action on the City of Athens reflects Moody's
assessment of the increase in systemic risk following the
weakening of Greece's credit profile as captured in the downgrade
of the sovereign bond rating.

The downgrade of the rating on the City of Athens reflects its
close macroeconomic and financial linkages with the Greek
government. It implies significant limitations for the city's
administration to act independently from the sovereign and does
not permit its credit quality to be stronger than that of the
sovereign.

The city remains exposed to potential adverse decisions from the
central government in the current delicate context that could
range from the reduction of ordinary transfers to the
appropriation of the city's liquidity. At present 40% of the
city's operating budget stems from central government transfers
while capex is entirely funded by central government grants and
EU funds.

The central government enacted an emergency decree in April 2015,
requiring public sector bodies to transfer their cash reserves to
the central bank. This decree does not have an immediate
implication on Athens' liquidity position, as the city currently
holds its cash reserves in the state-owned Deposits and Loans
Fund, which doesn't fall under this decree. Moody's will monitor
the impact of any measure taken by the Greek government, which
could put pressure on the city's liquidity position.

Notwithstanding the city's commitment to fiscal consolidation in
the last few years, Athens is also exposed to the country's
challenging socio-economic environment. The difficult economic
conditions challenge the city's own-source revenue collection and
make revenue-raising initiatives difficult to implement. Moody's
believes that potential cuts in central government transfers will
be difficult to absorb within the city's budget.

Moody's notes that Athens' moderate debt burden, representing 38%
of operating revenue at year-end 2014, and a favorable debt
profile support the city's commitment to service its debt
obligations on a timely basis. The city's current cash reserves
of EUR14 million remain tight, but sufficient to cover Athens'
debt servicing costs of EUR11 million falling due in H2 2015.

FOCUS OF REVIEW FOR POSSIBLE DOWNGRADE

The review for downgrade will focus on growing systemic risks, as
reflected in the sovereign bond rating and the related impact the
sovereign review might have on the city's finances. The
conclusion of the review for possible downgrade will be linked to
the conclusion of the review at the sovereign level.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Should the sovereign credit quality deteriorate, the issuer
rating of the City of Athens will follow the sovereign rating
action.

In turn, if systemic pressures decrease, the review on the City
of Athens' rating will likely lead to a confirmation of its
current ratings.

The sovereign action required the publication of this credit
rating action on a date that deviates from the previously
scheduled release date in the sovereign release calendar.

The specific economic indicators, as required by EU regulation,
are not available for Athens, City of. The following national
economic indicators are relevant to the sovereign rating, which
was used as an input to this credit rating action.

Sovereign Issuer: Greece, Government of

GDP per capita (PPP basis, US$): 25,859 (2014 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 0.8% (2014 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): -2.6% (2014 Actual)

Gen. Gov. Financial Balance/GDP: -3.5% (2014 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: 0.9% (2014 Actual) (also known as
External Balance)

External debt/GDP: [not available]

Level of economic development: Moderate level of economic
resilience

Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.

On July 1, 2015, a rating committee was called to discuss the
rating of the Athens, City of. The main points raised during the
discussion were: The systemic risk in which the issuer operates
has materially increased.


EUROBANK ERGASIAS: Fitch Cuts Senior Debt Rating to 'CC'
--------------------------------------------------------
Fitch Ratings has downgraded the state-guaranteed long-term
senior debt rating of National Bank of Greece S.A. (NBG, 'RD')
and Eurobank Ergasias S.A. (Eurobank, 'RD') to 'CC' from 'CCC'.
Their short-term state-guaranteed senior debt rating has been
affirmed at 'C'.

The rating actions follow the downgrade of Greece's sovereign
Long-term foreign currency Issuer Default Rating.  The banks'
other ratings are unaffected and remain driven by the factors
noted in our rating action commentary.

KEY RATING DRIVERS

GUARANTEED SENIOR DEBT

The government-guaranteed debt issuances are senior unsecured
instruments that bear the full guarantee of the Greek state.
Fitch rates guaranteed debt at the higher of the senior unsecured
debt ratings of the issuer ('C' for both NBG and Eurobank) and
the guarantor's Long-term foreign currency IDR.  Fitch has no
reason to believe that these guaranteed programs and issues will
be treated differently to the other obligations of the Greek
state.

RATING SENSITIVITIES

GUARANTEED SENIOR DEBT

Greek banks' government-guaranteed debt ratings are sensitive to
any changes in Greece's sovereign ratings.

The rating actions are:

NBG:

  State-guaranteed debt (XS0920832846): downgraded to 'CC' from
  'CCC'

Eurobank:

  State-guaranteed debt (XS0922876882): downgraded to 'CC' from
  'CCC'

  Long-term state-guaranteed debt program: downgraded to 'CC'
  from 'CCC'

  Short-term state-guaranteed debt program: affirmed at 'C'

ERB Hellas PLC:

  Long-term state-guaranteed debt program: downgraded to 'CC'
  from 'CCC'

  Short-term state-guaranteed debt program: affirmed at 'C'

ERB Hellas (Cayman Islands) Ltd.:
  Long-term state-guaranteed debt program: downgraded to 'CC'
  from 'CCC'

  Short-term state-guaranteed debt program: affirmed at 'C'


GREECE: Referendum No Vote May Get Narrow Win, EU Warns of Risks
----------------------------------------------------------------
Nikos Chrysoloras, Matthew Campbell, and Jenny Paris at Bloomberg
News report that Greek pollsters are forecasting a narrow win for
the "no" side in the July 5 referendum, endorsing Prime Minister
Alexis Tsipras's call to defy creditors over more austerity as
the country veers toward an exit from the euro.

Four informal surveys published as voting finished estimated the
lead for "no" at three or four percentage points, Bloomberg
relates.

All opinion polls produced similar results, showing the "no" vote
leading with an average of 52% compared with 48% in favor of
"yes," Elias Nikolakopoulos, a professor of politics and
electoral sociology at the University of Athens, as cited by
Bloomberg, said on Mega TV.

Mr. Tsipras had urged his compatriots to vote against further
austerity after calling the vote only a little more than a week
ago, arguing Greece could stay in the euro under better terms
despite the result, Bloomberg recounts.  Most European leaders
characterized the referendum as a de facto decision on euro
membership and a "yes" as an easier route out of economic misery,
Bloomberg notes.

According to Bloomberg, European leaders will have to spring into
action as soon as a result is known, after a week in which
negotiations with Greece were largely put on hold.  German
Chancellor Angela Merkel and French President Francois Hollande
are due to meet in Paris today, July 6,, while the European
Central Bank is scheduled to discuss extending further liquidity
to Greek banks, Bloomberg discloses.

                         "Armageddon"

Meanwhile, The Telegraph's Ambrose Evans-Pritchard reports that
Martin Schulz, the president of the European Parliament, has
warned Greece risks a collapse of the medical system, power
black-outs, and an import blockade, if the Greek people reject
creditor demands in the July 5 referendum.

Mr. Schulz said the EU authorities may have to prepare emergency
loans to keep basic public services functioning and to prevent
the debt-stricken country spinning out of control this week, The
Telegraph relays.

Without new money, salaries won't be paid, the health system will
stop functioning, the power network and public transport will
break down, and they won't be able to import vital goods because
nobody can pay," The Telegraph quotes Mr. Schulz as saying.

Mr. Schulz earlier called for the elected Syriza government to be
replaced by "technocrat" rule until stability is restored, The
Telegraph recounts.


GREECE: Fitch Lowers Ratings on SF Transactions & Covered Bonds
---------------------------------------------------------------
Fitch Ratings, on July 2, 2015, downgraded 18 tranches of seven
Greek RMBS, one ABS tranche and four covered bond programs issued
by Alpha Bank AE (Alpha, Issuer Default Rating (IDR): RD/RD;
Viability Rating (VR): f), National Bank of Greece S.A. (NBG,
IDR: RD/RD; VR: f), which has Programme I and Programme II, and
Piraeus Bank S.A. (Piraeus, IDR: RD/RD; VR: f) to 'CCC' from
'B-'.

The rating actions follow the downgrade of Greece's IDR to 'CC'
and revision of the Country Ceiling to 'CCC', as well as the
downgrade of Greek banks.

KEY RATING DRIVERS

Lower Country Ceiling

As a result of the Country Ceiling revision to 'CCC' from 'B-',
Fitch has downgraded 18 RMBS tranches to 'CCCsf', the highest
achievable rating for Greek issuance.

Sovereign-linked Rating

Aeolos S.A. is a Greek ABS transaction guaranteed by the Greek
government and backed by receivables from Greek airspace route
charges.  Fitch downgraded the notes to 'CCsf' from 'CCCsf',
reflecting the strength of the connection to the Greek sovereign.
The terms of the notes include a provision for noteholders to
call an event of default if the sovereign defaults on other
obligations.  This option was not exercised when the Greek
sovereign defaulted in 2012 and there appears little benefit for
noteholders to exercise the option in the event of any future
default.

Country Ceiling and Banks' IDRs

The downgrade of covered bonds reflect the lower Country Ceiling,
as well as the downgrade of Piraeus', NBG's and Alpha's IDRs to
'RD' and their VR to 'f'.

Mitigated Transfer and Convertibility Risk

Fitch believes that the capital controls put in place may
restrict money transfers to offshore-based SPVs, which could
heighten the risk of missed interest payments on the securities.
This risk is mitigated by the available cash reserves, currently
held with 'A'-rated offshore banks, that provide sufficient
liquidity to support interest on the securities for several
payment periods.  This was considered in determining the rating
uplift over the sovereign IDR.

Suspended Discontinuity Caps

Given that Greek covered bonds issuers' 'RD' IDRs reflect an
uncured payment default on other obligations than the covered
bonds, Fitch no longer uses the IDR as a starting point for its
covered bonds credit risk assessment.  As a result, Fitch has
suspended its Discontinuity Cap (D-Cap) and IDR uplift analysis,
which generally determines the maximum rating notch uplift from
the IDR of the issuing entities to the covered bond rating on a
probability of default (PD) basis.

RATING SENSITIVITIES

Further changes in the sovereign rating and/or in the Country
Ceiling will affect the rating of the highest rated SF tranches
and covered bond program.

If strict capital controls that prevent payments to the issuers
are in place for a period that extends beyond Fitch's
expectations, further negative rating actions may be taken.

The ratings of the covered bond programs are also sensitive to
changes to the Greek banks' IDRs.

DUE DILIGENCE USAGE

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the RMBS and ABS transactions.  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 pools ahead of the transactions'
initial closing.  The subsequent performance of the transactions
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.


GREEK BANKS: Moody's Reviews Caa3 Ratings on 5 Institutions
-----------------------------------------------------------
Moody's Investors Service, on July 2, 2015, placed on review for
downgrade the Caa3/(P)Caa3 long-term deposit and senior unsecured
debt ratings of five Greek banks: National Bank of Greece SA,
Piraeus Bank SA, Eurobank Ergasias SA, Alpha Bank AE and Attica
Bank SA. These banks' respective baseline credit assessments
(BCAs) were also downgraded to ca from caa3.

The BCA downgrade is driven by 1) the significant deterioration
in banks' funding and liquidity in recent weeks, and 2) the
current bank closures and associated capital controls, which
constitute a deposit default in Moody's opinion.

The rating review will assess the risk of losses for depositors
and senior unsecured creditors, in the context of the uncertainty
surrounding the availability of the emergency liquidity
assistance (ELA) to Greek banks and the increased risk of the
country's possible exit from the euro area. The Caa3 deposit
ratings are in line with Greece's deposit ceiling, and
incorporate potential losses stemming from the immediate
pressures implied by the bank holiday, deposit withdrawal
limitations and capital controls recently put in place, alongside
the risks of a broad insolvency of the banking system.

The rating agency has also assigned Counterparty Risk Assessments
(CR Assessments) of Caa3(cr)/NP(cr) to the above Greek banks, and
has placed all the long-term Caa3(cr) CR Assessments on review
for downgrade.

RATINGS RATIONALE

-- DOWNGRADE OF BCAs PRIMARILY DRIVEN BY THE IMPOSED BANK
    HOLIDAY AND CAPITAL CONTROLS RESULTING IN A DEPOSIT DEFAULT

The BCAs of all rated Greek banks were downgraded to ca from caa3
as the bank holiday, along with the associated deposit withdrawal
limitations and capital controls, constitute a default on
deposits in Moody's opinion. According to the rating agency's
bank rating methodology, a BCA of ca is consistent with such an
event, indicating the banks' highly speculative standalone
financial strength. Despite a certain degree of difference
amongst the financial fundamentals of the five banks, the
systemic nature of the capital controls and the underlying
liquidity stress affects all rated Greek banks equally.

The bank holiday follows the significant deterioration of all
banks' funding and liquidity, with accelerated deposit outflows
taking place in the last few weeks, as Greek households are
concerned about the prospect of forced redenomination of their
deposits into a new currency. Moody's estimates that domestic
private-sector deposits have declined by around EUR44 billion
since the end of last November to approximately EUR120 billion.
Outflows in the last two weeks alone were in excess of EUR8
billion.

In response to the persistent decline in deposits, the ECB had in
recent weeks allowed the Bank of Greece to gradually increase the
amount of ELA provided to the Greek banking sector. However, the
ECB's decision on 28 June to freeze the ELA limit at around EUR89
billion heightens liquidity risk and leaves the banks without an
alternative funding source. Moody's estimates that the Greek
banking system is now more reliant on funding from the
Eurosystem, either in the form of ELA or regular funding, than on
domestic private-sector customer deposits.

In addition, Moody's considers that the deteriorating credit
conditions associated with the capital controls, and the
significantly reduced economic activity in the first half of the
year, will exert more pressure on banks' already very weak asset
quality. Consequently, the rating agency expects banks' potential
losses in 2015 to further increase solvency risk, and likely
trigger the need for a new round of recapitalization for the
banking system.

-- RATING REVIEW TO ASSESS EXPECTED LOSSES

The rating review will primarily focus on the assessment of the
risk of losses for banks' deposits and senior unsecured debt
obligations. The Caa3 ratings are in line with Greece's deposit
ceiling, and incorporate potential losses stemming from the
immediate pressures implied by the bank holiday, deposit
withdrawal limitations and capital controls recently put in
place, alongside the risks of a broad insolvency of the banking
system. The review for downgrade will assess the implications of
the outcome of the referendum for Greece's willingness and
ability to reach agreement with its official sector creditors. A
"No" vote would likely increase the risk of exit from the euro
area and currency redenomination, which would lead to significant
losses for bank depositors and creditors.

Moody's believes that political events in the next few weeks will
be critical for the availability of the ELA to Greek banks from
the ECB, and for the banking system to remain within the
eurosystem. The continued availability of ELA to meet funding
needs could limit the risk of losses for bank depositors and
creditors to levels consistent with the current Caa3 ratings.

-- ASSIGNMENT OF COUNTERPARTY RISK ASSESSMENTS

Moody's has also assigned CR Assessments of Caa3(cr)/NP(cr) to
National Bank of Greece SA, Piraeus Bank SA, Eurobank Ergasias
SA, Alpha Bank AE and Attica Bank SA, and has placed all the
long-term Caa3(cr) CR Assessments on review for downgrade. 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 Assessment takes into account the issuer's standalone
strength as well as the likelihood of affiliate and government
support in the event of need, reflecting the anticipated
seniority of these obligations in the liabilities hierarchy. The
CR Assessment also incorporates other steps authorities can take
to preserve the key operations of a bank should it enter a
resolution.

For Greek banks, the CR Assessment is positioned one notch above
the banks' Adjusted BCAs, based on the cushion against default
provided to the senior obligations represented by the CR
Assessment by subordinated instruments. The main difference with
Moody's Advanced Loss Given Failure (LGF) approach used to
determine instrument ratings is that the CR Assessment captures
the probability of default on certain senior obligations, rather
than expected loss, therefore Moody's focus purely on
subordination and take no account of the volume of the instrument
class.

The CR Assessment for Greek banks does not benefit from any
government support, in line with Moody's support assumptions on
deposits and senior unsecured debt. This reflects the rating
agency's view that operating activities and obligations reflected
by the CR Assessment are unlikely to benefit from any support
provisions from resolution authorities to senior unsecured debt
or deposits.

The review on the Greek banks' CR Assessments will follow the
associated review on the banks' deposit and debt ratings.

WHAT COULD MOVE THE RATINGS UP/DOWN

An assessment of higher expected losses due to potentially
protracted capital controls, in conjunction with risks regarding
the availability of central bank funding mainly in the form of
ELA, could prompt a downgrade of the banks' ratings. In addition,
the ratings could also be downgraded if the rating agency
considers that the risk of a potential exit from the euro area,
and risk of redenomination, has increased considerably.

Greek banks' ratings could be confirmed if the rating agency
considers that potential deposit losses could be contained at
levels consistent with a Caa3 rating and if default risks for
senior unsecured bond holders do not increase materially. As
signaled by the review for downgrade, upside potential for Greek
banks' ratings is currently very limited.

THE SPECIFIC RATING CHANGES IMPLEMENTED TODAY ARE AS FOLLOWS:

Issuer: Alpha Bank AE

Adjusted Baseline Credit Assessment, Downgraded to ca from caa3

Baseline Credit Assessment, Downgraded to ca from caa3

Long-Term Bank Deposit Ratings, Placed on Review for Downgrade,
currently Caa3

Senior Unsecured Medium-Term Note Program, Placed on Review for
Downgrade, currently (P)Caa3

Backed Senior Unsecured Medium-Term Note Program, Placed on
Review for Downgrade, currently (P)Caa3

Subordinate Multiple Medium-Term Note Program, Placed on Review
for Downgrade, currently (P)Ca

Counterparty Risk Assessment Long-term, Assigned Caa3(cr);
Placed Under Review for Downgrade

Counterparty Risk Assessment Short-term, Assigned NP(cr)

Outlook, Changed To Rating Under Review From Negative

Issuer: Alpha Credit Group plc

Backed Senior Unsecured Regular Bond/Debenture, Placed on Review
for Downgrade, currently Caa3

Backed Subordinate Regular Bond/Debenture, Placed on Review for
Downgrade, currently Ca

Backed Senior Unsecured Medium-Term Note Program, Placed on
Review for Downgrade, currently (P)Caa3

Backed Subordinate Medium-Term Note Program, Placed on Review
for Downgrade, currently (P)Ca

Outlook, Changed To Rating Under Review From Negative

Issuer: Alpha Group Jersey Limited

Backed Senior Unsecured Medium-Term Note Program, Placed on
Review for Downgrade, currently (P)Caa3

Backed Subordinate Medium-Term Note Program, Placed on Review
for Downgrade, currently (P)Ca

Backed Pref. Stock Non-cumulative, Placed on Review for
Downgrade, currently Ca (hyb)

Outlook, Changed To Rating Under Review From Negative

Issuer: Emporiki Group Finance Plc

Backed Senior Unsecured Regular Bond/Debenture, Placed on Review
for Downgrade, currently Caa3

Outlook, Changed To Rating Under Review From Negative

Issuer: Attica Bank S.A.

Adjusted Baseline Credit Assessment, Downgraded to ca from caa3

Baseline Credit Assessment, Downgraded to ca from caa3

Long-Term Bank Deposit Ratings, Placed on Review for Downgrade,
currently Caa3

Counterparty Risk Assessment Long-term, Assigned Caa3(cr);
Placed Under Review for Downgrade

Counterparty Risk Assessment Short-term, Assigned NP(cr)

Outlook, Changed To Rating Under Review From Negative

Issuer: Eurobank Ergasias S.A.

Adjusted Baseline Credit Assessment, Downgraded to ca from caa3

Baseline Credit Assessment, Downgraded to ca from caa3

Long-Term Bank Deposit Ratings, Placed on Review for Downgrade,
currently Caa3

Senior Unsecured Medium-Term Note Program, Placed on Review for
Downgrade, currently (P)Caa3

Backed Senior Unsecured Medium-Term Note Program, Placed on
Review for Downgrade, currently (P)Caa3

Subordinate Multiple Medium-Term Note Program, Placed on Review
for Downgrade, currently (P)Ca

Counterparty Risk Assessment Long-term, Assigned Caa3(cr);
Placed Under Review for Downgrade

Counterparty Risk Assessment Short-term, Assigned NP(cr)

Outlook, Changed To Rating Under Review From Negative

Issuer: ERB Hellas (Cayman Islands) Limited

Backed Senior Unsecured Regular Bond/Debenture, Placed on Review
for Downgrade, currently Caa3

Backed Senior Unsecured Medium-Term Note Program, Placed on
Review for Downgrade, currently (P)Caa3

Backed Subordinate Medium-Term Note Program, Placed on Review
for Downgrade, currently (P)Ca

Outlook, Changed To Rating Under Review From Negative

Issuer: ERB Hellas Funding Limited

Backed Pref. Stock Non-cumulative, Placed on Review for
Downgrade, currently Ca (hyb)

Outlook, Changed To No Outlook From Negative

Issuer: ERB Hellas PLC

Backed Senior Unsecured Regular Bond/Debenture, Placed on Review
for Downgrade, currently Caa3

Backed Subordinate Regular Bond/Debenture, Placed on Review for
Downgrade, currently Ca

Backed Senior Unsecured Medium-Term Note Program, Placed on
Review for Downgrade, currently (P)Caa3

Backed Subordinate Medium-Term Note Program, Placed on Review
for Downgrade, currently (P)Ca

Outlook, Changed To Rating Under Review From Negative

Issuer: National Bank of Greece S.A.

Adjusted Baseline Credit Assessment, Downgraded to ca from caa3

Baseline Credit Assessment, Downgraded to ca from caa3

Long-Term Bank Deposit Ratings, Placed on Review for Downgrade,
currently Caa3

Backed Senior Unsecured Regular Bond/Debenture (Government
Guaranteed), Downgraded to Caa3 Placed Under Review for further
Downgrade from Caa2 Negative;

Backed Senior Unsecured Medium-Term Note Program, Placed on
Review for Downgrade, currently (P)Caa3

Pref. Stock Non-cumulative, Placed on Review for Downgrade,
currently Ca (hyb)

Counterparty Risk Assessment Long-term, Assigned Caa3(cr);
Placed Under Review for Downgrade

Counterparty Risk Assessment Short-term, Assigned NP(cr)

Outlook, Changed To Rating Under Review From Negative

Issuer: National Bank of Greece Funding Limited

Backed Pref. Stock Non-cumulative, Placed on Review for
Downgrade, currently Ca (hyb)

Outlook, Changed To No Outlook From Negative

Issuer: NBG Finance plc

Backed Senior Unsecured Regular Bond/Debenture, Placed on Review
for Downgrade, currently Caa3

Backed Subordinate Regular Bond/Debenture, Placed on Review for
Downgrade, currently Ca

Backed Senior Unsecured Medium-Term Note Program, Placed on
Review for Downgrade, currently (P)Caa3

Backed Subordinate Medium-Term Note Program, Placed on Review
for Downgrade, currently (P)Ca

Outlook, Changed To Rating Under Review From Negative

Issuer: Piraeus Bank S.A.

Adjusted Baseline Credit Assessment, Downgraded to ca from caa3

Baseline Credit Assessment, Downgraded to ca from caa3

Long-Term Bank Deposit Ratings, Placed on Review for Downgrade,
currently Caa3

Senior Unsecured Medium-Term Note Program, Placed on Review for
Downgrade, currently (P)Caa3

Subordinate Multiple Medium-Term Note Program, Placed on Review
for Downgrade, currently (P)Ca

Counterparty Risk Assessment Long-term, Assigned Caa3(cr);
Placed Under Review for Downgrade

Counterparty Risk Assessment Short-term, Assigned NP(cr)

Outlook, Changed To Rating Under Review From Negative

Issuer: Piraeus Group Capital Limited

Backed Pref. Stock Non-cumulative, Placed on Review for
Downgrade, currently Ca (hyb)

Outlook, Changed To No Outlook From Negative

Issuer: Piraeus Group Finance Plc

Backed Senior Unsecured Regular Bond/Debenture, Placed on Review
for Downgrade, currently Caa3

Backed Subordinate Regular Bond/Debenture, Placed on Review for
Downgrade, currently Ca

Backed Senior Unsecured Medium-Term Note Program, Placed on
Review for Downgrade, currently (P)Caa3

Backed Subordinate Medium-Term Note Program, Placed on Review
for Downgrade, currently (P)Ca

Outlook, Changed To Rating Under Review From Negative

The short-term NP/(P)NP ratings for all the banks above were not
affected by today's rating action.

All banks affected by the rating actions are headquartered in
Athens, Greece:

-- National Bank of Greece SA reported total consolidated assets
    of EUR119.3 billion as of March 2015

-- Piraeus Bank SA reported total consolidated assets of EUR88.5
    billion as of March 2015

-- Eurobank Ergasias SA reported total consolidated assets of
    EUR77.5 billion as of March 2015

-- Alpha Bank SA reported total consolidated assets of EUR73
    billion as of March 2015

-- Attica Bank SA reported total consolidated assets of EUR3.9
    billion as of March 2015


NATIONAL BANK: Fitch Lowers Senior Debt Rating to 'CC'
------------------------------------------------------
Fitch Ratings has downgraded the state-guaranteed long-term
senior debt rating of National Bank of Greece S.A. (NBG, 'RD')
and Eurobank Ergasias S.A. (Eurobank, 'RD') to 'CC' from 'CCC'.
Their short-term state-guaranteed senior debt rating has been
affirmed at 'C'.

The rating actions follow the downgrade of Greece's sovereign
Long-term foreign currency Issuer Default Rating.  The banks'
other ratings are unaffected and remain driven by the factors
noted in our rating action commentary.

KEY RATING DRIVERS

GUARANTEED SENIOR DEBT

The government-guaranteed debt issuances are senior unsecured
instruments that bear the full guarantee of the Greek state.
Fitch rates guaranteed debt at the higher of the senior unsecured
debt ratings of the issuer ('C' for both NBG and Eurobank) and
the guarantor's Long-term foreign currency IDR.  Fitch has no
reason to believe that these guaranteed programs and issues will
be treated differently to the other obligations of the Greek
state.

RATING SENSITIVITIES

GUARANTEED SENIOR DEBT

Greek banks' government-guaranteed debt ratings are sensitive to
any changes in Greece's sovereign ratings.

The rating actions are:

NBG:

  State-guaranteed debt (XS0920832846): downgraded to 'CC' from
  'CCC'

Eurobank:

  State-guaranteed debt (XS0922876882): downgraded to 'CC' from
  'CCC'

  Long-term state-guaranteed debt program: downgraded to 'CC'
  from 'CCC'

  Short-term state-guaranteed debt program: affirmed at 'C'

ERB Hellas PLC:

  Long-term state-guaranteed debt program: downgraded to 'CC'
  from 'CCC'

  Short-term state-guaranteed debt program: affirmed at 'C'

ERB Hellas (Cayman Islands) Ltd.:

  Long-term state-guaranteed debt program: downgraded to 'CC'
  from 'CCC'

  Short-term state-guaranteed debt program: affirmed at 'C'


PROVIDE GEMS 2002-1: Fitch Affirms Csf Ratings on 2 Note Classes
----------------------------------------------------------------
Fitch Ratings has upgraded two tranches of Provide GEMS 2002-1
Plc and affirmed two tranches.

The transaction is a synthetic securitization of second lien
mortgage loans originated by Rheinische Hypothekenbank, now part
of Hypothekenbank Frankfurt AG (A-/Negative/F1).

KEY RATING DRIVERS

Improved Performance

Over the past 12 months, the performance of the underlying assets
in the portfolio has improved.  The volume of credit events,
which make up nearly a quarter of the portfolio, has reduced to
EUR11.0 million from EUR25.9 million.  Of the EUR14.8 million
credit events that have left the portfolio, 58.5% was due to
ineligibility with the transaction representations and
warranties, while the remaining 41.5% was due to a sale of the
underlying properties.

Given the second-lien nature of the loans in the portfolio, it is
not unusual that loss severities on the underlying loans remain
high and on a cumulative basis are reported at 90%.  Therefore,
in its analysis of the transaction, Fitch assumed 0% recovery on
the remaining and any future credit events across all rating
scenarios.  Despite these stresses, the analysis showed that the
credit enhancement available to the class B and C notes was
sufficient to withstand higher ratings, as reflected in their
upgrade to 'AAAsf' and 'BBsf', respectively.

Exposure to Loss Allocation

As of June 2015, the class D notes had allocated losses amounting
to 21.5% of the issuance amount compared with 6% 12 months ago.
Meanwhile, losses are allocated to the full outstanding balance
of the class E notes.  While Fitch believes that further losses
are likely to be allocated to the class D notes, the agency has
conducted sensitivity analysis that shows that the likelihood of
loss allocation to the full balance of class D notes has
decreased.  This view is further reflected in the revision in the
Recovery Estimate for the class D notes to 40%.

Operational Risk

Fitch has not been provided with current full information on the
servicing operations, structure or strategies for the
transaction. Nevertheless, Fitch believes that the performance of
the pool, its seasoning and the good quality of investor reports
provided by Hypothekenbank Frankfurt AG, mitigates this risk.
The agency is in continuous dialogue with Hypothekenbank
Frankfurt to try and obtain up to date information on servicing.

RATING SENSITIVITIES

A sudden deterioration in asset performance that leads to credit
events and losses for the structure beyond Fitch's assumptions
would put pressure on credit enhancement, particularly at the
bottom end of the structure.

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.

Fitch has taken these rating actions:

  Class B (XS0145701289) upgraded to 'AAAsf' from 'AAsf'; Outlook
  Stable

  Class C (XS0145701792) upgraded to 'BBsf' from 'CCCsf'; Outlook
  Stable

  Class D (XS0145701875) affirmed at 'Csf'; Recovery Estimate
  revised to 40% from 0%

  Class E (XS0145702170) affirmed at 'Csf'; Recovery Estimate 0%



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


CLERYS: Concession Holders to Object to Liquidator Appointment
--------------------------------------------------------------
Irish Independent reports that concession holders who are owed
nearly EUR1 million from the Clerys closure will object to the
appointment of the liquidator in the High Court today, July 6.

According to Irish Independent, the group of 15 concession
holders, who are out of pocket to the tune of more than
EUR750,000, will object to Kieran Wallace and Eamonn Richardson
of KPMG being named as liquidator of OCS Operations Ltd. -- the
company that ran Clerys.

The landmark department store on Dublin's O'Connell Street closed
down earlier this month, Irish Independent recounts.

Natrium, the company which bought Clerys from Gordon Bros. this
month, moved swiftly to put OCS Operations Ltd., which ran
Clerys, into liquidation, Irish Independent relays.

Messrs. Wallace and Richardson were quickly appointed as
liquidators but as creditors of the business, the concession
holders can object to their appointment, Irish Independent
relates.

The objection, which may not succeed, will likely mean the
concession holders taking on a legal bill estimated at EUR20,000
if it fails, Irish Independent notes.

Clerys is a Dublin-based retailer.  The company owns three home
furnishings stores, in Leopardstown and Blanchardstown in Dublin,
and in Naas, Co Kildare.


WILLIAM GRANT: Shuts Down Clonmel Site, 50 Jobs Affected
--------------------------------------------------------
Irish Examiner reports that up to 50 jobs at William Grant and
Sons are being lost in Tipperary.

The company is shutting down production at its Clonmel site and
moving operations to Offaly, Irish Examiner relates.

Some 40% of the jobs will be lost by this September, with the
remainder to go by September 2016, Irish Examiner discloses.

William Grant and Sons manufactures Tullamore Dew.



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


ITALIAN BANKS: Fitch Affirms 'BB' IDR on 4 Institutions
-------------------------------------------------------
Fitch Ratings, on July 2, 2015, affirmed the ratings of Credito
Emiliano (Credem), Banca Popolare di Sondrio (BPS), Banco di
Desio e della Brianza (Desio) and Credito Valtellinese (Creval).
The Outlooks on Credem and BPS have been revised to Stable from
Negative.

Credem's Long-term Issuer Default Rating (IDR) and senior debt
ratings are affirmed at 'BBB+'; BPS's and Desio's at 'BBB', and
Creval's at 'BB'.

The rating actions follow a periodic review of these four Italian
medium-sized banking groups.

KEY RATING DRIVERS

IDRS, VIABILITY RATINGS (VRs) AND SENIOR DEBT

Credem

Credem's 'BBB+' Long-term IDR reflects the bank's healthy asset
quality domestically, sound capitalization and resilient
profitability as captured by the bank's Viability Rating (VR) of
'bbb+'.

Asset quality is the strongest among rated Italian banks, with
impaired loans accounting for 5.7% of gross loans at end-1Q15.
Coverage of impaired loans is acceptable at 54% and compares well
with peers.

Credem reported an operating profit of EUR208 million in 2014,
with an operating return on average equity (ROAE) of about 9%,
and EUR98 million in 1Q15.  The bank's performance is sustained
by strong revenue generation from both interest and commission
income and by low loan impairment charges (LICs) as a result of
its strong asset quality.  Operating expenses, however, remain
high.

Capitalization is sound, with a Fitch Core Capital (FCC) and CET1
ratio of about 11% at end-1Q15.  Fitch views the bank's
capitalization as strong also in light of the low level of
unreserved impaired loans, which account for only 31% of FCC,
significantly lower than other Italian banks.

The Outlook revision to Stable from Negative reflects Fitch's
expectations of continued sound financial performance and no
material deterioration in asset quality.  The Stable Outlook also
reflects the normalization in the operating environment and
financial markets in Italy after years of economic recession.

BPS

The Outlook revision to Stable from Negative reflects Fitch's
expectation of a stabilization in BPS's asset quality and of a
modest recovery in the profitability of its core lending
activities, supported by lower LICs.  BPS's IDRs and VR reflect
the bank's strengthened capitalization, a still manageable level
of impaired loans, despite the deterioration experienced
throughout the domestic recession, and adequate funding.

BPS's capitalization was strengthened in 2014 through a EUR342
million capital increase.  The FCC ratio improved to 10.3% at
end-2014 -- from 8.4% at end-2013 -- which Fitch considers
acceptable given BPS's prudent risk appetite and lower impaired
loan ratio compared with its immediate peers.  Unreserved
impaired loans accounted for 56.4% of FCC at end-2014, which
compares well with other domestic peers in the same rating range.

The stock of impaired loans increased at a slower pace in 2014
and amounted to 13.1% of total gross loans at end-1Q15, a level
that continues to compare favorably with domestic peers.
Coverage of impaired loans improved further to 54% at end-1Q15
from 52% at end-2013 and is among the highest for Italian medium-
sized banks rated by Fitch.  Loans to the real estate and
construction sectors have been declining progressively,
signalling a more prudent risk appetite, although exposure to
market risk has increased in recent years in view of its large
investments in Italian government bonds.

BPS's operating performance has been more resilient throughout
the domestic recession than most of its domestic peers.  In 2014
revenues from its core lending activities continued to be
negatively influenced by low interest rates and low volumes but
net interest income benefitted from lower funding costs and
interest earned on securities.

Gains from its securities portfolio continued to contribute
materially to operating revenues but we believe this is not
sustainable.  LICs remained high in 2014 but were stable over
2013, including the EUR162 million provisions related to the
ECB's Asset Quality Review.  Fitch expects LICs to reduce in
2015, reflecting the bank's already conservative provisioning and
improving quality of new lending.  BPS's cost/income ratio was on
a moderately improving trend at 39% in 1Q15 (43% at end-2013),
showing the bank's ability to keep operating costs under control.

BPS's funding structure is adequate, in Fitch's view.  The bank
relies on ample and stable retail funding (88% of total non-
equity funding at end-1Q15) while ECB funding utilization is
contained (at 3% of total assets).  BPS diversified its funding
structure through the use of covered bonds in 2014.

Desio

Desio's ratings reflect the bank's acceptable capitalization, and
more resilient profitability than most peers and adequate funding
profile.  The ratings also reflect deteriorated asset quality
after the acquisition of Banca Popolare di Spoleto (BPSpoleto)
which, however, remains better than system-average, and the
bank's fairly small franchise.

At end-1Q15 Desio's FCC ratio stood at 11% and its tangible
equity accounted for a high 7.5% of tangible assets.  Fitch
considers Desio's capitalization as acceptable but unreserved
impaired loans as a share of FCC which surged above 80% at end-
1Q15 from around 40% before the acquisition of BPSpoleto.

Desio's profitability is resilient.  The bank's revenue
generation capacity should benefit, in the coming quarters, from
higher loan volumes and the bank's ability to keep net interest
margins stable.  Additional benefits to operating revenues should
come from aligning BPSpoleto's commercial strategies with those
of the parent.  Control over operating costs remains strong.
LICs, which eroded more than 75% of the pre-impairment operating
profit in 2014, should decline but remain exposed to asset
quality dynamics.

Desio's funding is adequate.  Customer funding accounts for above
90% of total non-equity funding and has a track record of
stability, despite the large presence of SME deposits, resulting
in liquidity coverage ratios just being above the regulatory
minimum.  Liquidity is underpinned by unencumbered eligible
assets amounting to 12% of total assets at end-1Q15.

Desio's impaired loans ratio reached 15.7% of gross loans at end-
1Q15, which is high internationally but still compares adequately
with its domestic peers.  Desio's prudent lending policies have
been implemented at BPSpoleto and should mitigate future asset
quality pressure.  BPSpoleto's legacy impaired loans remain a
risk but are abundantly covered by reserves.

Loan loss reserves for Desio improved to 54% of impaired loans at
end-1Q15, one of the highest ratios among direct domestic peers,
from 43% at end-2013, and are complemented by adequate
collateral. The group's loan book remains well-diversified by
borrower and by industry.  Geographical diversification has
improved with the acquisition of BPSpoleto.

Creval

Creval's IDRs and VR reflect the bank's weak asset quality with a
high level of gross and unreserved impaired loans in relation to
capital, as well as its strengthened capital and adequate funding
and liquidity.  Profitability remains weak; however, Fitch sees
early signs of recovery in pre-impairment profit, reflecting
stabilization in the operating environment and lending volumes,
improving operating efficiency and competitive pricing
strategies.

Fitch believes asset quality remains Creval's major weakness and
a drag on its capital and ratings.  The stock of impaired loans
rose to a high 23% of gross loans at end-1Q15, above the average
for direct peers, from 16% at end-2013.  Loan loss reserve
coverage of 44% at the same date remains weak in Fitch's view.

Extensive use of collateral means problem loans are fully
covered, but collateral is in the form of real estate, which is
exposed to the risk of valuation decline and a long disposal
process. Creval's larger-than-average exposure to real estate and
construction sectors is mitigated by the fragmented nature of
individual exposures.  Fitch expects impaired loans to continue
to increase, albeit at a slower pace, as the legacy portfolio
deteriorates further in 2015-2016.

The bank's capital strengthened following a EUR400 million
capital increase in 1H14.  Its phased-in CET1 and total capital
ratios stood at 11.1% (8.8% at end-2013) and 13.6%, respectively,
at end-1Q15.  However, Creval's capitalization remains under
pressure, given the material size of its unreserved impaired
loans, which represented a high 134% of FCC at end-1Q15.

Creval reported net losses of EUR322 million at end-2014 due to
exceptionally high LICs (EUR708 million), entirely eroding its
pre-impairment profit, but also an extraordinary EUR131 million
of impairment of its goodwill and intangibles and an additional
EUR44 million of non-recurring provisions for layoffs.  Fitch
expects a normalization of operating profitability in 2015.
Fitch acknowledges a stabilization in net interest income (NII)
throughout 2014 and in 1Q15, but this is attributable to cheap
ECB funding and interest on securities.  Gains from the
securities portfolio, which Fitch considers a volatile source of
income, continued to support profitability in 1Q15 but less than
at other domestic peers.

Funding and liquidity are adequate in Fitch's opinion.  The bank
benefits from large and stable customers' funding which accounted
for 71% of total non-equity funding at end-2014.  Liquidity
remains acceptable, underpinned by unencumbered ECB eligible
assets representing 14% of total assets.

SUPPORT RATING AND SUPPORT RATING FLOOR (ALL BANKS)

The SRs and SRFs reflect Fitch's view that senior creditors can
no longer rely on receiving full extraordinary support from the
sovereign in the event that a bank becomes non-viable.  In
Fitch's view, the EU's Bank Recovery and Resolution Directive
(BRRD) and the Single Resolution Mechanism (SRM) for eurozone
banks are now sufficiently progressed to provide a framework for
resolving banks that is likely to require senior creditors
participating in losses, if necessary, instead of or ahead of a
bank receiving sovereign support.

In the EU, BRRD has been effective in member states since 1
January 2015, including minimum loss absorption requirements
before resolution financing or alternative financing (eg,
government stabilization funds) can be used.  Full application of
BRRD, including the bail-in tool, is required from 1 January
2016.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES (ALL BANKS)

Subordinated debt and other hybrid capital are all notched down
from the banks' respective VRs in accordance with Fitch's
assessment of each instrument's respective non-performance and
relative loss severity risk profiles.

Credem's subordinated callable Tier 2 debt is rated one notch
below the bank's VR of 'bbb+'.  The notes are notched down once
for loss severity to reflect below-average recovery prospects.
No notching is applied for non-performance risk since a write-
down of the notes will only occur once the point of non-viability
is reached and there is no coupon flexibility prior to non-
viability.

RATING SENSITIVITIES

IDRS, VRs AND SENIOR DEBT (ALL BANKS)

Material deterioration in asset quality and capital, which Fitch
currently does not expect for any of the banks, could lead to the
ratings being downgraded.  Similarly, a deterioration of funding
and liquidity profiles would put pressure on the ratings.

Improvements in the profitability of the banks' commercial
activities and a material reduction in the level of impaired
loans and capital at risk could over time lead to the ratings
being upgraded.  For Credem, an upgrade of the VR to the 'a'
category is unlikely since we consider its business model as a
regional commercial bank as a constraint.

The banks' Long-term IDRs are potentially sensitive to Fitch's
assessment of the level of protection offered to senior creditors
by outstanding loss-absorbing junior instruments.

In the case of Creval, the size of its junior debt buffer, which
was close to 7% of risk-weighted assets at end-2014 was therefore
fairly close to the minimum EU Pillar I total capital
requirement. Further strengthening of this buffer could
eventually justify a one-notch uplift of the IDR from the VR.
However, a lack of plans to enlarge the junior debt buffer
currently does not warrant an IDR upgrade.

SUPPORT RATING AND SUPPORT RATING FLOOR (ALL BANKS)

Any upgrade to the SRs and upward revision to the SRFs would be
contingent on a positive change in the sovereign's propensity to
support its banks.  While not impossible, this is highly unlikely
in Fitch's view.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES (ALL BANKS)

The ratings of the instruments are primarily sensitive to a
change in the banks' VRs, which drive the ratings, but also to a
change in Fitch's view of non-performance or loss severity risk
relative to the respective banks' viability.

The rating actions are:

Credito Emiliano

  Long-term IDR: affirmed at 'BBB+'; Outlook Revised to Stable
  from Negative
  Short-term IDR: affirmed at 'F2'
  Viability Rating: affirmed at 'bbb+'
  Support Rating: affirmed at '5'
  Support Rating Floor: affirmed at 'No Floor'
  Long-term senior unsecured debt (EMTN): affirmed at 'BBB+'
  Subordinated Tier 2 debt: affirmed at "BBB"

Banco di Desio e della Brianza

  Long-term IDR: affirmed at 'BBB'; Outlook Stable
  Short-term IDR: affirmed at 'F3'
  Viability Rating: affirmed at 'bbb';
  Support Rating: affirmed at '5'
  Support Rating Floor: affirmed at 'No Floor'

Banca Popolare di Sondrio

  Long-term IDR: affirmed at 'BBB'; Outlook Revised to Stable
   from Negative
  Short-term IDR: affirmed at 'F3'
  Viability Rating: affirmed at 'bbb'
  Support Rating: affirmed at '5'
  Support Rating Floor: affirmed at 'No Floor'

Credito Valtellinese

  Long-term IDR: affirmed at 'BB'; Outlook Stable
  Short-term IDR: affirmed at 'B'
  Viability Rating: affirmed at 'bb'
  Support Rating: affirmed at '5'
  Support Rating Floor: affirmed at 'No Floor'
  Senior unsecured notes and EMTN: affirmed at 'BB'/'B'



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


GARDA CLO: Moody's Affirms 'Caa1(sf)' Rating on Class F Notes
-------------------------------------------------------------
Moody's Investors Service has taken rating actions on the
following classes of notes issued by Garda CLO B.V.:

EUR254,000,000 (current balance EUR60,190,976) Class A Senior
Floating Rate Notes due 2022, Affirmed Aaa (sf); previously on
Sep 8, 2014 Upgraded to Aaa (sf)

EUR22,000,000 Class B Senior Floating Rate Notes due 2022,
Upgraded to Aaa (sf); previously on Sep 8, 2014 Upgraded to Aa2
(sf)

EUR21,000,000 Class C Deferrable Interest Floating Rate Notes due
2022, Upgraded to A3 (sf); previously on Sep 8, 2014 Affirmed
Baa2 (sf)

EUR14,000,000 Class D Deferrable Interest Floating Rate Notes due
2022, Affirmed Ba2 (sf); previously on Sep 8, 2014 Affirmed Ba2
(sf)

EUR13,000,000 (current balance EUR 6,845,605) Class E Deferrable
Interest Floating Rate Notes due 2022, Affirmed B1 (sf);
previously on Sep 8, 2014 Downgraded to B1 (sf)

EUR6,000,000 Class F Deferrable Interest Floating Rate Notes due
2022, Affirmed Caa1 (sf); previously on Sep 8, 2014 Downgraded to
Caa1 (sf)

Garda CLO B.V., issued in February 2007, is a single currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European loans. It is predominantly composed of
senior secured loans. The portfolio is managed by 3i Debt
Management Ltd, and this transaction ended its reinvestment
period in April 2013.

RATINGS RATIONALE

According to Moody's, the upgrade of the Class B and Class C
notes is primarily a result of the pay-down of Class A notes by
EUR81.2 million (32% of closing balance) since the last rating
action in September 2014. As a result of this deleveraging, the
overcollateralization ratios (or "OC ratios") of the senior notes
have increased significantly. As per the trustee report dated May
2015, the Class B, Class C, and Class D OC ratios are reported at
161.33%, 128.50%, and 113.15%, respectively, versus July 2014
levels of 134.63%, 119.30%, and 110.88%.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having
(a) a EUR pool with performing par and principal proceeds balance
of EUR136.0 million, defaulted par of EUR10.3 million , a
weighted average default probability of 23.9% (consistent with a
WARF of 3280 over a weighted average life of 4.5 years), a
weighted average recovery rate upon default of 46.0% for an Aaa
liability target rating, a diversity score of 25 and a weighted
average spread of 3.56%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For an Aaa liability target rating,
Moody's assumed that 86.8% of the portfolio exposed to senior
secured corporate assets would recover 50% upon default, while
the 3.9% of non first-lien loan corporate assets would recover
15% and the 9.3% of structured finance assets would recover
21.2%. In each case, historical and market performance and a
collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analyzing.

Moody's notes that the portfolio includes a few investments in
securities that mature after the maturity date of the notes.
Based on the May 2015 trustee report, such securities currently
total EUR12.3 million (9.24%) of reported performing par.


LEOPARD CLO III: Moody's Affirms Caa3 Rating on Class E2 Notes
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Leopard CLO III B.V.:

  EUR18 Million (current balance 0.1M) C1 Notes, Upgraded to
  Aaa(sf); previously on Oct 7, 2014 Upgraded to Aa3 (sf)

  EUR11 Million (current balance 0.1M) C2 Notes, Upgraded to
  Aaa(sf); previously on Oct 7, 2014 Upgraded to Aa3 (sf)

  EUR16.25 Million D Notes, Upgraded to Baa2 (sf); previously on
  Oct 7, 2014 Affirmed B2 (sf)

Moody's also affirmed the ratings of the following notes:

  EUR6.25 Million (current balance 4.7M) E1 Notes, Affirmed
  Caa3 (sf); previously on Oct 7, 2014 Affirmed Caa3 (sf)

  EUR4 Million (current balance 3.1M) E2 Notes, Affirmed
  Caa3 (sf); previously on Oct 7, 2014 Affirmed Caa3 (sf)

Leopard CLO III B.V., issued in April 2005, is a single currency
Collateralized Loan Obligation ("CLO") backed by a portfolio of
mostly high yield senior secured European loans managed by M&G
Investment Management Limited. This transaction passed its
reinvestment period in October 2010.

RATINGS RATIONALE

The upgrade to the ratings is primarily the result of the
deleveraging that has occurred over the last two payment dates
since last rating action in October 2014 which was based on
August 2014 data.

Over the last two payment dates the Class A1 notes and class B
notes have fully redeemed their outstanding amounts, EUR18.5
million and 14.5 million, respectively. The Class C notes have
amortized approximately by EUR27.8 million or 99.5% of the
closing balance. As a result of the substantial deleveraging,
over-collateralization (OC) ratios of all but the most junior
rated notes have increased. According to the May 2015 trustee
report the Class C, Class D and Class E OC ratios are 13,209.4%,
120.9%, and 81.6% compared to 130.8%, 103.7% and 94.2%
respectively in August 2014.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR23.4 million,
a weighted average default probability of 24.1% (consistent with
a WARF of 3,680), a weighted average recovery rate upon default
of 43.5% for a Aaa liability target rating, a diversity score of
8 and a weighted average spread of 3.37%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed a recovery of 50% for 81.5% of the portfolio
exposed to first-lien senior secured corporate assets upon
default and of 15% for the remaining non-first-lien loan
corporate assets upon default. In each case, historical and
market performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.


UNIFY HOLDINGS: Moody's Withdraws Caa1 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn the Caa1 corporate family
rating (CFR) and the Caa1-PD probability of default rating (PDR)
of Unify Holdings B.V. for its own business reasons. At the time
of the withdrawal, all the aforementioned ratings carried a
negative outlook.

RATINGS RATIONALE

Unify Holdings B.V. ("Unify", formerly Enterprise Networks
Holdings B.V.) is a leading global provider of communications-
related products and services to enterprises, including
businesses, government agencies and other organizations. The
company's solutions unify multiple networks, devices and
applications into single platforms in order to simplify and
enhance how enterprises communicate. The Group currently operates
under two business segments, (i) Product House, which includes
various subcategories such as Clients and Devices (phones), Voice
Communications and Collaboration Applications, Contact Center,
Applications and Security and (ii) Services, which integrates and
operates the company's voice and Unified Communications solutions
in customer environments and the cloud.

Unify is jointly owned by private equity firm The Gores Group
(51%) and Siemens Aktiengesellschaft (A1, stable) (49%). While
the holding company is registered in Amsterdam, Netherlands, the
corporate headquarters of the group are in Munich, Germany. Unify
generated revenues of EUR1.4 billion in financial year ending 30
September 2014 (FY14).



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


URALSIB OJSC: S&P Cuts Rating to 'B' on Weak Financial Results
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating
on Russian Bank URALSIB (OJSC) to 'B' from 'B+'.  At the same
time, S&P placed its 'B/B' long- and short-term ratings on
CreditWatch with negative implications.

The downgrade reflects the bank's continued weak financial
performance and -- as a result -- additional pressure on its
capital and profitability, which constrains the bank's loss
absorption capacity amid the economic recession in Russia.  The
CreditWatch placement also reflects S&P's view that the recently
deteriorated economic environment in Russia may intensify
pressure on the bank's financials, especially its asset quality
and earnings capacity.  S&P believes in particular that a
materially increased cost of funding and higher credit costs are
weighing on the bank's already weak financial profile.

"We observe that the bank has experienced a structural decline in
the earnings power of its core business over the past five years,
resulting in accumulated net losses of Russian ruble (RUB)19
billion ($350 million) for the period 2010-2014, before minority
interest, or about 50% of the bank's reported shareholder equity
as of Dec. 31, 2014.  This also includes RUB5.6 billion of net
losses made by the consolidated leasing segment of the bank.  The
losses for the first quarter of 2015 under Russian GAAP
constituted another RUB4 billion.  As of June 1, 2015, the bank's
regulatory capital adequacy ratio stood at 10.7%, just above the
minimal requirement of 10%, leaving URALSIB with limited room for
the absorption of potential additional losses in the absence of
remedial actions.  We believe that the ultimate beneficiary of
the bank, Mr. Tsvetkov, and the management, may consider actions
to restore the bank's financial profile, possibly via core equity
support, including the possibility of attracting third-party
investments.  We believe that, even if capital improvement
initiatives were taken, it wouldn't be sufficient to maintain the
bank's ratings at 'B+'," S&P said.

"Given increased credit and funding costs, we expect the bank to
demonstrate net losses in 2015 of the same magnitude as in 2014.
We believe that URALSIB's currently "very weak" capitalization,
as our criteria define the term, allows only limited room for
maneuver in the event of stress.  We project that URALSIB's risk-
adjusted capital (RAC) ratio under our methodology will remain
below 2% in the next 12-18 months," S&P noted.

"The long-term counterparty credit rating is one notch higher
than the bank's stand-alone credit profile, which we assess at
'b-'. This reflects our current view of URALSIB's 'moderate'
systemic importance and the Russian government's 'supportive'
stance toward the domestic banking sector.  Given the bank's wide
franchise across the country and material penetration in the
retail segment, notably in the regions, we think that the failure
of URALSIB would result in a loss of confidence in the Russian
banking system.  For this reason, we believe there is a
'moderate' likelihood that the Russian government would support
URALSIB if needed.  At the same time, we acknowledge that if we
were to see material deterioration of the bank's market presence,
we could revise our assessment of URALSIB's systemic importance,"
S&P said.

S&P aims to resolve the CreditWatch within the next three months.
During this time S&P expects to have more clarity on the bank's
capital plans and its ability to address the erosion of its
capital buffer.  S&P could lower the ratings if it sees that
losses are not balanced by capital support from the existing
beneficiary or participation of third party, or other remedial
actions.  Absence or insufficient support could rapidly place the
creditworthiness of the bank under severe pressure, as it could
bring its statutory capital ratios at risk of breach of
regulatory requirements.

S&P could take a negative rating action if the economic outlook
further weakened and capital markets remained volatile, making
operating conditions even more difficult for Russian banks.
These risks could put substantial pressure on URALSIB's profits
and asset quality, especially if its margins and cost efficiency
were to weaken further.  A more challenging operating environment
could also further complicate management's capacity to
sustainably turn around the business.  S&P could also take a
negative rating action if it was to see a gradual decrease of the
bank's currently "moderate" systemic importance as a result of a
substantial loss of market share.

S&P could affirm the ratings if it considers that the bank is
able to reduce losses, and the erosion in the capital buffer is
sufficiently offset by remedial actions.



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


NORD ANGLIA: Moody's Assigns 'B1' Rating to Senior Secured Notes
----------------------------------------------------------------
Moody's Investors Service assigned a definitive B1 rating to Nord
Anglia Education, Inc's (NAE, B1 Stable) CHF200 million senior
secured notes.

At the same time, Moody's has affirmed the ratings on NAE's
senior secured term loan B and revolving credit facility.

The outlook for the ratings is stable.

RATINGS RATIONALE

Moody's definitive rating on the bonds obligation follows NAE's
completion of its CHF200 million note issuance, the final terms
and conditions of which are consistent with Moody's expectations.

The credit facility and the bonds are issued by Nord Anglia
Education Finance LLC, guaranteed by NAE, and rank pari passu and
pro rata with each other.

The senior secured term loan B was upsized to US$900 million from
US$860 million, while the senior secured bond was downsized from
CHF235 million to CHF200 million, resulting in NAE's overall
leverage remaining consistent with previous expectations.

The provisional rating was assigned on June 12, and Moody's
ratings rationale was set out in a press release published on the
same day.

NAE used the net proceeds from the bond and upsized credit
facility to fund the acquisition of six schools from Meritas
Schools Holdings LLC (B3 stable).

Nord Anglia Education, Inc. is headquartered in Hong Kong and
operates 41 international premium schools in Asia, Europe, the
Middle East, and North America, with over 32,000 students ranging
in level from pre-school through to secondary school. NAE also
provides outsourced education and training contracts with
governments and curriculum products through its Learning Services
division. Pro forma for the acquisition of the Meritas schools,
NAE generated annual revenue of about US$810 million as of 1 May
2015.



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


UKRAVTO PJSC: Board Opts to Close Four Branches to Cut Costs
------------------------------------------------------------
Interfax-Ukraine reports that PJSC UkrAVTO Ukrainian Automobile
Corporation is going to close four large branches in connection
with operational needs.

The decision was taken by the corporation's board on June 30, the
company reported in the information disclosure system of the
National Securities and the Stock Commission, Interfax-Ukraine
relates.

Universal Motors Group, which is an official dealership for TAT
and JAC trucks, and I-VAN and ZAZ buses, as well as Illichivsk
logistics center and Kyiv's largest licensed customs warehouse
"UkrAVTO Kyiv Main Center" will be closed, Interfax-Ukraine
discloses.

The corporation will also close UAK-1, a filling station chain
operator, Interfax-Ukraine notes.

The corporation told Interfax-Ukraine that "the company had to
take measures to adapt its structure to new conditions to reduce
operational costs because of a dramatic reduction in sales on the
market of new cars in the country."

"These branches stopped working long ago, therefore a decision
was taken to liquidate them," Interfax-Ukraine quotes UkrAVTO's
press service as saying.

PJSC UkrAVTO Ukrainian Automobile Corporation is a large operator
in the Ukrainian vehicle market.



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


AFREN PLC: Seeks U.S. Recognition of Restructuring in London
------------------------------------------------------------
Afren plc filed a Chapter 15 bankruptcy petition (Bankr. D. Del.
Case No. 15-11452) on July 2, 2015, in the United States, to seek
recognition of its restructuring proceedings in England.

Afren (LSE: AFR) is a London-based company specializing in oil
and gas exploration and production.  The company is listed on the
Main Market of the London Stock Exchange.

Judge Kevin Gross presides over the U.S. case.  L. John Bird,
Esq., and Jeffrey M. Schlerf, Esq., at Fox Rothschild LLP, serve
as counsel to the Debtor in the U.S. case.

Alfren's operations are focused in Africa, primarily in Nigeria.
Since its IPO in March 2005, Afren has rapidly expanded its
portfolio across six countries: Nigeria, Sao Tome & Principe JDZ,
Gabon, Republic of the Congo, Cote d'Ivoire, Ghana and Iraqi
Kurdistan.

In March 2015, Afren reported lenders approved a three month
payment deferral for a US$300 million debt facility.  Afren said
it won a payment deferral for a US$50 million amortization
payment for a US$300 million Ebok debt facility that was due
January 31.

On March 4, 2015, Afren defaulted on its 2016 bonds after
refusing to make a US$15 million interest payment in order to
preserve cash for an ongoing capital structure review.

On March 12, 2015, Afren inked a recapitalization plan with its
lenders to secure US$300 million in funding.  They entered the
deal with noteholders under its 2016, 2019 and 2020 notes and a
majority of the lenders under its existing US$300 million Ebok
credit facility.  The agreement provides US$300 million of net
total funding before the end of June 2015.

On June 30, 2015, the High Court of Justice in England and Wales
issued an order granting the Company certain directions in
relation to a scheme of arrangement under Part 26 of the UK
Companies Act 2006.  The proposed scheme of arrangement relates
to the proposed financial restructuring of the Company's (a)
11.5% senior secured notes due Feb. 1, 2016 (b) 10.25% senior
secured notes due April 8, 2019 and (c) 6.625% senior secured
notes due Dec. 9, 2020.

The Court's directions include permission to convene a single
meeting for Scheme Creditors for the purpose of considering and,
if thought fit, approving the scheme of arrangement.  The Scheme
Meeting will be held on July 29, 2015.

Alan Linn was recently named as the Company's CEO.

            Chairman Statement at Annual Meeting

Egbert Imomoh, the chairman of the Board, opened the June 25,
2015, annual general meeting with this statement:

     "Just over a year ago when I spoke at the last AGM, little
was I aware that of what the year held in stock for us. The
events that have radically changed our Company commenced when the
Board discovered that our former CEO, Osman Shahenshah, and our
former COO Shahid Ullah had received payments undisclosed and
unknown to the Board.  They were immediately suspended and
following a very thorough investigation of the situation their
contracts with the Company were terminated.  This necessitated
Toby Hayward stepping in as the interim CEO and me as executive
chairman whilst we commenced the search for a new CEO.

     "Events following their dismissal, including the Company's
inability to complete the planned refinancing of its debt
obligations in the second half of 2014, and the sharp decline in
oil prices from over US$100/bbl in August 2014 to under US$50 per
barrel in January 2015, placed significant pressure on the
Group's liquidity position, resulting in the Group having net
current liabilities of US$459 million as at 31 December 2014.
Early this year, we reviewed our strategic options in respect of
the Barda Rash field in the Kurdistan region of Iraq after
disappointing operational results (early water breakthrough and
production of hydrogen sulphide) at the field and a significant
reserves and resources downgrade.  This eliminated gross 2P
reserves whilst gross 2C resources fell from 1,243 mmbbls to
around 250 mmbbls. This movement in reserves in the field led to
a material impairment charge in the year ended December 31, 2014
of US$933 million, which contributed to the unprecedented pre-tax
loss of US$1,955 million last year.

    "Average net production for year ended December 31, 2014 was
31,819 bopd (excluding Barda Rash), a decrease of 32% from 47,112
bopd for the year ended 31 December 2013, this was due to
achieving cost recovery on Ebok in the first quarter of 2014, and
delays in achieving production rampup across Afren's producing
asset base in Nigeria.  There was also a 42% decrease in revenue
from US$1,644 million for the year ended 31 December 2013 to
US$946 million in the year ended December 31, 2014 reflecting
lower production volumes and share of production, and the impact
of lower realised oil prices during the second half of 2014.

     "The Company recorded a loss after tax of US$1,651 million
in the year ended December 31, 2014, mainly due to a reduction in
revenue given the fall in oil prices, a material impairment
charge of US$1,112 million in respect of the carrying value of
the Company's production and development assets and the impact of
the curtailment of future capital expenditure on our exploration.

     "In response to the very adverse situation that developed,
the interim management took decisive action in reviewing our
capital structure and operating/capital expenditure.  We took the
strategic decision to concentrate on the lower cost production
capacity in our Nigerian portfolio.  We are focused on delivering
on this strategy, and have therefore lowered our full 2015
capital expenditure to US$0.4 billion.  We are confident that, in
conjunction with our proven operational capabilities, the
strategy will create value for all our stakeholders in the near
future.

     "In March, we announced the terms of a financial
restructuring which had been agreed with our creditors, and which
provided essential additional funding to the Group  -- without
this funding, I can genuinely say that we would not be here
today.  Last week, we published the full prospectus explaining
the terms of the restructuring and how shareholders can
participate in this for the benefit of your Company.  I strongly
encourage you all to read the document that has been sent to you,
which explains why your Board believes that this is the only
viable option to secure Afren's future and to provide an
opportunity for shareholders to realise value in their investment
in the Company.  Your Board also unanimously recommends that you
vote in favour of the restructuring at the extraordinary general
meeting to be held on July 24, because a "No Vote" will mean
shareholders will receive no return at all.

     "In the first quarter of this year Afren achieved an average
net production of 36,035 bopd, which is above our guidance range
of 23,000 to 32,000 bopd for 2015.  The Company delivered revenue
of US$130 million and operating cash flows before movements in
working capital of US$59 million, down from US$269 million and
US$169 million respectively in Q1 2014.  The fall in revenue was
due to a lower realised oil prices and production liftings from
Ebok utilized to settle a net profit interest (NPI) liability
which is part of the agreement.

     "As we have moved forward, a key requisite has been renewing
the management team.  I am therefore delighted to welcome Alan
Linn as the new Chief Executive Officer.  His proven turnaround
experience and excellent grasp of operational matters will be
invaluable.  He has a firm vision of where he wishes to take the
Company.  We have also recently appointed Dave Thomas as our COO
and proposed new executive director, who has significant
executive and operational experience in the international
oil and gas industry. I would also like to thank Toby Hayward for
his steady leadership in adverse circumstances.

     "On behalf of the Board, I would like to re-iterate my
thanks to Darra Comyn, Peter Bingham, John St John and Ennio
Sganzerla, who have all stepped down as Executive and Non-
Executive Directors since the last AGM. They all have made
considerable contributions to Afren and its development.

      "Additionally, as announced this morning, I shall be
stepping down as Chairman with effect from the close of this
Annual General Meeting, together with Iain McLaren, Toby Hayward,
Patrick Obath and Sheree Bryant as Non-Executive Directors.  My
thanks also go out to each of Iain, Toby, Patrick and Sheree.
David Frauman, an experienced restructuring lawyer and director,
will become nonexecutive chairman with immediate effect from the
close of this meeting. As previously announced, the Company has
commenced the search for a Chief Financial Officer and is also
seeking to appoint additional non-executive directors to the
Board.

     "The internal changes go beyond the Board movements. All of
our internal processes have been reviewed and amended where
necessary to ensure compliance with corporate governance best
practice.  We have run comprehensive training for our employees
and contractors in anti-bribery and corruption laws, and are
confident that we now have a robust infrastructure in place to
avoid the failures of the past.

     "I would also like to say a few words about our corporate
responsibility activities. In 2014 the Board identified CSR as
one of the five key strategic priorities needed to fulfil our
vision, and the Board of Directors adopted a new CSR strategy.
Our approach was generated by taking as the framework industry
guidance on sustainability produced by IPIECA and identifying
where current performance did not meet stakeholder expectations.
The strategy design process identified a series of high priority
issues and recommendations to address these gaps. These are
reflected in our targets and aims for 2014 and 2015. More detail
can be found in our annual report.

     "In summary, the last 12 months have been far from what we
planned and results have been disappointing and have led to a
very sharp drop in our share price and a loss of confidence by
stakeholders. However I believe the Company can face the future
with confidence given the quality of our assets, the good
relationship with our partners, the injection of capital and the
attraction of very competent people into the Company. I want to
thank our shareholders, bondholders, partners, staff and all
other stakeholders for their patience and forbearance in what has
been a very difficult period for the Company. I would like to end
by re-iterating the new Board's commitment and determination to
regain the confidence of all our stakeholders, and set Afren back
on the course to value growth once more and where it truly
belongs."


AIB GROUP: S&P Affirms 'BB' Counterparty Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
ratings on U.K. banks.  Specifically, it:

   -- Affirmed the ratings and maintained the stable outlooks on
      Barclays Bank PLC (Barclays; A-/Stable/A-2); FCE Bank PLC
      (FCE; BBB/Stable/--); HSBC Bank PLC (AA-/Stable/A-1+);
      Lloyds Bank PLC (Lloyds; A/Stable/A-1); Nationwide Building
      Society (A/Stable/A-1); and Royal Bank of Scotland PLC
      (BBB+/Stable/A-2).  Affirmed the ratings and maintained the
      negative outlook on AIB Group (U.K.) PLC (AIB UK;
      BB/Negative/B) and Santander UK PLC (A/Negative/A-1); and

   -- Maintained the CreditWatch with negative implications on
      the 'BBB+' long-term rating on Clydesdale Bank PLC.

The affirmations reflect S&P's view of decreasing credit risk in
the U.K. economy from the perspective of the domestic banking
system.  S&P believes that private sector credit, of which
household debt is the largest element, has reduced significantly
relative to GDP.  S&P expects this to reduce further over the
next two years, albeit modestly.  As such, S&P considers that
household and corporate sector leverage is becoming less high
risk for the U.K. banking system.  The best reflection of this
improved operating environment, for banks, is the low level of
domestic loan losses.  Loan impairment charges fell to
exceptionally low levels across all asset classes in 2014, and
S&P now has a growing degree of confidence that they will remain
low this year and next.

S&P is affirming the ratings on eight U.K.-based banking groups.
The outlook on all of these institutions is stable, with the
exception of AIB Group (UK), which has a negative outlook in
relation to its parent, and Santander UK, which has a negative
outlook with respect to its build-up of its additional loss-
absorbing capacity (ALAC) buffer.  While each case is different,
S&P believes that a positive economic risk trend is insufficient
to warrant an outlook revision, at this time, for any of these
institutions.  This reflects a combination of S&P's view of their
projected risk-adjusted capital (RAC) ratio, their related risk
position, and, where appropriate, S&P's projection of their ALAC.

S&P is maintaining the ratings on Clydesdale Bank on CreditWatch
with negative implications while S&P continues to assess whether
there is an improvement in Clydesdale's stand-alone credit
profile to offset the reduction in extraordinary group support
from its parent, in relation to its announced demerger and IPO.

U.K. private sector leverage has been steadily reducing since the
financial crisis as both businesses and households have sought to
put their finances in order.  S&P's preferred measure for the
U.K. is a more conservative ratio of household debt and corporate
debt to GDP, unlike private sector credit to GDP for other
European banking systems, because S&P's assessment is intended to
capture total leverage, including those risks not borne by the
banking system directly.  That is, S&P includes student debt
within household debt because it expects it to grow in
importance.  S&P also includes bond financing within corporate
debt because it estimates that over one-half of U.K. corporate
financing is sourced from the capital markets.

S&P calculates its metric to be 161% at end-2014, down from 194%
at end-2009.  Furthermore, S&P expects this metric to trend
closer to its 150% threshold for a stronger assessment of credit
risk in the economy by end-2016.  This is because S&P expects GDP
growth to more than match private sector credit growth.  S&P
assumes GDP growth of 2.8% in 2015 and 2.6% in 2016,
respectively.  According to Bank of England data, the current
annual rate of credit growth for total lending to individuals is
a fairly modest 2.4% through end-May 2015, but lending to
nonfinancial businesses remains negative (mainly owing to ongoing
commercial real estate deleveraging by banks).  S&P don't
anticipate an acceleration in total credit growth as it don't
foresee a significant increase in credit demand or a relaxation
in most banks' risk appetite.

Another indicator of reducing credit risk is the ratio of
household to gross disposable income, which S&P calculates to
have improved to about 130% at March 31, 2015 from a peak of 151%
in 2008.  The composition of household debt has also improved
over this period, with a greater proportion of secured
residential mortgage debt (and of a lower risk profile than
before), a 17% reduction in the stock of typically higher risk
consumer credit, and a growing role for student debt (for which
the banking system does not bear the direct risk).  Given the
recent rebound in U.K. real wage growth (average earnings are
currently growing at 2.7% per year, well above minimal levels of
inflation), S&P don't expect this metric to deteriorate for the
foreseeable future.

"Credit losses on domestic lending in 2014 were around 13 basis
points (bps), which is way below long-term U.K. averages.  Our
updated credit loss estimates assume only a modest deterioration
to 23 bps in 2015 and 28 bps in 2016, respectively, as
provisioning charges normalize and base rates start to rise in
2016.  That said, we think that loan losses will remain very
manageable for banks -- total loan impairments are unlikely to
exceed 10% of revenues for most banks, in our view -- and
therefore should not impede their ability to build capital.  In
fact, our base-case assumption may be too conservative if U.K.
monetary policy is little changed and if unemployment continues
to fall throughout 2016.  But, our estimates attempt to capture
our long-term experience that in benign times banks tend to
loosen underwriting standards and accelerate credit growth, which
in turn can often lead to credit problems later on.  A shift in
U.K. economic policy or external shocks can also exacerbate
this," S&P said.

"Ongoing features of U.K. economic risk are the economic
imbalances which arise from its housing and mortgage markets.
The U.K. has a history of volatile house prices. Some of the
features that were prevalent in past housing booms, namely high
demand and a lack of housing supply -- but not excessive credit
growth, or weakening underwriting standards -- returned to drive
up real estate prices to double-digit levels from mid-2013 to
mid-2014. Fortunately, house price growth has subsequently
ameliorated, helped by tougher regulatory requirements on new
lending procedures, affordability pressures, and possible
borrower caution ahead of the May 2015 General Election.  Our
base-case assumption is that nominal house prices will rise by
about 4% this year and next, but note that lack of supply remains
an issue and demand may pick up as real wage growth accelerates,"
S&P added.

"The risk of a faster-than-expected rise in base rates and that
house prices on average are high relative to historic norms, at
over 5x average income, is a concern.  We take some comfort from
the unusually high prevalence of fixed rate mortgages in recent
vintages, which will help to mitigate any near-term impact of
rising rates, the reduced volume of high loan-to-value (LTV) and
high income multiple mortgages, at the behest of the Bank of
England, as well as the generally sound LTV profile of banks'
total mortgage books," S&P noted.

One potential risk S&P sees for the U.K. banking system is the
decision of the newly elected Conservative majority government to
hold a referendum on the U.K.'s EU membership by 2017.  S&P's
concern that this represents a risk to growth prospects for the
U.K.'s financial services sector relates more to the prominent
role in the economy of the diverse activities of the City of
London (and related employment spread across the country) rather
than the fortunes of the domestic banking system per se.  Even
so, if weaker growth prospects for financial services and export
sectors do emerge, as well as for the wider economy, this could,
over time, harm U.K. banks' revenue growth and loan loss
prospects.

In light of decreasing credit risk in the economy, S&P has
revised upward its trend for economic risk to positive from
stable.  An upward revision of the economic risk score would
depend on S&P's metric of household and corporate debt-to-GDP
improving sustainably below our 150% threshold, which in turn
would lead to a revision of S&P's assessment of credit risk in
the economy to "intermediate" from "high," as S&P's criteria
define these terms. Under S&P's base case, it expects a
continuation of the accommodative monetary policy, solid economic
growth, and low-single-digit total credit growth.

"We maintain our view of a stable trend for industry risk.  The
domestic reform agenda is well advanced and banks should now have
more clarity on their future operating environment; the one
exception to this is the full implementation of ring fencing
plans.  We remain concerned about the ongoing and high level of
conduct and litigation charges. Litigation risk remains an
important factor in our ratings assessment of the largest four
banks, in particular, a risk that is hard to quantify or specify
the timing of provisions being booked; conduct risk continues to
weigh on both the earnings outlook and the reputation of several
more lenders.  The largest source of conduct and litigation
provisions has arisen from payment protection insurance (PPI),
which we calculate to be about GBP27 billion to date.  Reported
industrywide PPI customer payouts in the first four months of
2015 (GBP1.8 billion) are actually higher than in the same period
in 2014, which in our view indicates that provisioning
requirements will linger for many banks," S&P said.

BICRA SCORE SNAPSHOT*

United Kingdom          To                 From
BICRA Group             3                  3
Economic Risk           4                  4
Economic resilience     Very low risk      Very low risk
Economic imbalances     Intermediate risk  Intermediate risk
Credit risk in the economy
                        High risk          High risk

Industry Risk           3                  3
Institutional framework Intermediate risk  Intermediate risk
Competitive dynamics    Intermediate risk  Intermediate risk
Systemwide funding      Low risk           Low risk

Trends
Economic risk trend     Positive           Stable
Industry risk trend     Stable             Stable

* Banking Industry Country Risk Assessment (BICRA) economic risk
  and industry risk scores are on a scale from 1 (lowest risk) to
  10 (highest risk).

RATINGS LIST

AFFIRMED

AIB Group (U.K.) PLC
Counterparty Credit Rating   BB/Negative/B

Barclays Bank PLC
Counterparty Credit Rating   A-/Stable/A-2

Clydesdale Bank PLC
Counterparty Credit Rating   BBB+/Watch Neg/A-2

FCE Bank PLC
Counterparty Credit Rating   BBB/Stable/--

HSBC Bank PLC
Counterparty Credit Rating   AA-/Stable/A-1+

Lloyds Bank PLC
Counterparty Credit Rating   A/Stable/A-1

Nationwide Building Society
Counterparty Credit Rating   A/Stable/A-1

Royal Bank of Scotland PLC
Counterparty Credit Rating   BBB+/Stable/A-2

Santander UK PLC
Counterparty Credit Rating   A/Negative/A-1

NB: This list does not include all ratings affected.


BRIDGE HOLDCO 4: S&P Lowers Rating to 'B-', Outlook Negative
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term credit
rating on Bridge Holdco 4 Ltd., the holding company of U.K.-based
wire rope manufacturer Bridon (together referred to as Bridon) to
'B-' from 'B'.  The outlook is negative.

"We also lowered to 'B-' from 'B' our issue rating on the
company's proposed first-lien facilities, comprising the U.S.
dollar-equivalent of a GBP180 million first-lien facility and a
US$40 million revolving credit facility (RCF).  The recovery
rating on the first-lien facilities remains at '3', indicating
our expectation of meaningful (50%-70%) recovery prospects in the
event of a payment default.  We see recovery prospects at the
higher end of the range.  We also lowered the rating on the
company's U.S. dollar-equivalent of a GBP70 million second-lien
facility to 'CCC' from 'CCC+'.  The recovery rating on this
facility is still '6', indicating our expectation of negligible
(0%-10%) recovery prospects in the event of a payment default,"
S&P said.

"The downgrade reflects our expectation that operating conditions
for Bridon will remain difficult for the next quarters due to
weak demand from oil and gas end markets (through which Bridon
has historically generated about one-third of group revenues).
We anticipate that Bridon will see a marked deterioration of
earnings as a result.  In addition, this will likely lead to
tightening headroom under its financial maintenance covenant over
the coming quarters.  Should a breach occur, it could mean that
the company cannot rely on the RCF for cash drawings in the
second half of 2015, which will substantially reduce its
financial flexibility. Although we currently do not assume that
Bridon relies on access for cash drawings, we estimate that its
ratio of liquidity sources to needs will decline to less than
1.2x in 2016, which has prompted our reassessment of the
company's liquidity to "less than adequate" from "adequate"
previously," S&P added.

"We assess Bridon's financial risk profile as "highly leveraged,"
based on our view of its sizable debt, expected weak free cash
flow generation, and aggressive capital structure following its
leveraged buyout by private equity company Ontario Teachers'
Pension Plan.  For Dec. 31, 2014, and pro forma for this buyout,
we calculate a Standard & Poor's adjusted debt-to-EBITDA ratio of
about 8x.  Our leverage calculation includes financial debt of
GBP250 million (excluding a US$40 million undrawn RCF) and about
GBP28 million of debt adjustments related to operating leases and
pension obligations.  We do not include in our debt calculation
the GBP18.2 million shareholder loan, since it qualifies for
equity treatment under our criteria.  This is because the loan is
stapled to equity, deeply subordinated to all existing and future
debt instruments, and no mandatory cash payments are associated
with the loan," S&P noted.

"We continue to think that Bridon's "weak" business risk profile
assessment is primarily constrained by the company's limited
business diversification as a pure manufacturer of wire ropes,
with a limited scope of operations and modest sales of about
GBP248.9 million in 2014.  We also view negatively the company's
exposure to cyclical end markets, such as oil and gas, mining,
and general industrial markets (through which Bridon generates
about three-quarters of total sales).  The company faces stiff
competition from a number of direct peers, such as WireCo
WorldGroup Inc. and Radaelli.  However, we view these risks as
partly mitigated by Bridon's generally high share of recurring
revenues that allowed the company to show relatively stable
margins over recent years with EBITDA margins in the range of
13.5%-15.0% over 2009-2014.  We also view positively the
company's sound niche market positions.  Overall, Bridon has
long-term customer relationships and good geographic
diversification," S&P added.

The negative outlook reflects the risk of a downgrade because of
the repercussions tied to tightening headroom under financial
covenants, as per S&P's forecasts for 2015-2016.  This could
restrict the group's ability to rely on its RCF for cash drawings
should Bridon perform worse than S&P's current forecasts, which
would sharply reduce Bridon's financial flexibility.  S&P
considers this to be a major risk given the weak and uncertain
outlook in oil and gas markets.

S&P could lower the rating if the company is generating
significantly more negative FOCF than currently expected due to
prolonged weak conditions in oil and gas markets, or the
company's failure to effectively reduce capex and control working
capital levels.  S&P could also lower the rating if it believes
that the company is likely to breach its financial covenants
without looking for other sources of additional funding.

S&P could revise the outlook to stable if the company manages its
liquidity proactively.  S&P would also need to observe no further
significant downside to its current base-case scenario that would
lead to even higher-than-currently-projected leverage ratios.


CHESHIRE BESPOKE: Rescued Out of Liquidation
--------------------------------------------
Tara Hounslea at Drapers reports that Cheshire Bespoke was
rescued out of liquidation.

The assets of bespoke tailoring business Cheshire Bespoke and
London menswear store Lutwyche have been sold to its founder Tony
Lutwyche and a consortium of new investors, according to Drapers.


DRAYTON OLD LODGE: Goes Into Liquidation
----------------------------------------
Eastern Daily Press reports that Drayton Old Lodge, the company
operating a Norfolk weddings-and-events venue, has gone into
liquidation following a meeting of creditors.

Drayton Old Lodge, off Drayton High Road, near Norwich, will
however remain open while its long-term future is resolved with
all wedding and function bookings being honored, according to
Eastern Daily Press.

The 12 members of staff and 25 office tenants in the former NHS
building have also been told there will be no immediate impact on
them, the report notes.

The report relates that John Barnard, who was the major
shareholder and biggest financial loser in the liquidation, said
he was "hopeful" of buying the assets of Drayton Lodge Norwich
Ltd and transferring them into a new company, Drayton Old Lodge
Ltd.

The report notes that Mr. Barnard said: "The bank wants to
support the business going forward."

A shadow had hung over the business since Broadland District
Council refused a planning application for a permanent marquee on
the site, the report says.

Permission for the marquee runs out in September and the company
has been unable to take bookings for it after that time, the
report discloses.

In 2012, the company was granted planning permission for a
permanent function room in an ambitious scheme that would have
seen the site developed into a 30-bedroom hotel, the report
relays.

However, Mr. Barnard, whose family had previously built up
Bawburgh Golf Club, said: "We tried to seek interested parties in
what would have been a GBP6 million development but with the
difficult economic climate we had no success," the report
discloses.

Mr. Barnard Zhad been the leader in a four-strong consortium
which had taken over Drayton Lodge in 2006, enjoying success in
the early years.

However, the planning difficulties had led to a decline in
bookings in recent times, Mr. Zhad said, the report notes.

The financial difficulties had been made worse by the
complications of multiple ownership, the report relays.

Mr. Zhad said there remained the long-term plan of developing the
site into a "higher end hotel," the report discloses.

Before then, it would be possible to run smaller functions and
weddings in rooms inside the building; it would also be possible
to put up a marquee on a specified number of days each year, the
report notes.

It is understood there are fewer than 10 creditors; the
liquidators are London firm FRP Advisory, the report adds.


EATON VANCE CDO X: S&P Raises Ratings on 2 Note Classes to BB-
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Eaton Vance CDO X PLC's class B to E notes.

At the same time, S&P has affirmed its ratings on the VFN and the
class A notes.

The rating actions follow S&P's credit and cash flow analysis of
the transaction using data from the trustee report dated May 2015
and the application of its relevant criteria.

This is a multicurrency transaction, which is currently in its
amortization phase.  The reinvestment period ended on Feb. 22,
2014.  With partial deleveraging of the senior notes, the
available credit enhancement for all classes of notes has
increased since S&P's previous review on May 21, 2014.

The portfolio is well diversified, in S&P's view, with more than
290 obligors, with exposure ranging from 0.01% to 2.25% of the
portfolio (excluding cash).  Based on the trustee report's data,
more than 60% of the assets are U.S. dollar-denominated and the
rest are euro-denominated (with a very small portion denominated
in British pound sterling).  In S&P's view, the portfolio's
credit quality has improved since our previous review.  The
portfolio's percentage of 'CCC' rated assets (debt obligations of
obligors rated 'CCC+', 'CCC', and 'CCC-') has increased to 1.97%
from 1.80% s a percentage of the total portfolio excluding cash.
The proportion of defaulted assets (obligors rated 'CC', 'SD'
[selective default], or 'D') has also decreased during the same
period.

Given the portfolio's improved credit quality, the scenario
default rates (SDRs) have also decreased.  The SDRs represent the
stressed level of cumulative asset defaults commensurate, in
S&P's view, with economic stresses assumed at different rating
levels. The SDRs at a given rating level increase or decrease
with changes in the underlying collateral characteristics of the
portfolio, including changes in obligor ratings and maturity
composition, issuer, industry, and country concentrations.

All classes of notes continue to pass their overcollateralization
tests.  The portfolio also includes 3.6% of structured finance
assets, for which S&P has applied its criteria for rating
collateralized debt obligations (CDOs) of asset-backed
securities.

Eaton Vance CDO X has a dual-currency liability structure.  The
term notes and the variable funding notes fund both the euro-
denominated assets and the U.S. dollar-denominated assets to
create a natural hedge.  To address the risk arising from
defaults on euro- and U.S. dollar-denominated assets, the issuer
entered into option swaps at closing with Citibank N.A.  As the
downgrade provisions in the options agreement are not in line
with S&P's current counterparty criteria, the maximum rating on
the notes that the counterparty can support is no higher than one
notch above S&P's 'A' long-term issuer credit rating on the
counterparty.  For rating scenarios above this level, S&P's cash
flow analysis has to show that the available credit enhancement
for the notes is sufficient to withstand losses, if the
counterparty fails to perform and the transaction is exposed to
foreign currency risk.  S&P's cash flow analysis indicates that
the nonperformance of the option provider would not constrain its
ratings on the class A, B, and VFN notes.

The portfolio's reported weighted-average spread is 3.24%, a
reduction from 3.52% since S&P's previous review.  Because the
transaction entered its amortization phase, S&P believes the
portfolio is exposed to the risk of a weighted-average spread
reduction.  Therefore, in scenarios above S&P's original ratings
on the notes, it assumed the portfolio of assets paid a
covenanted weighted-average spread of 2.90%, instead of the
current weighted-average spread.

"We conducted our cash flow analysis to determine the break-even
default rate (BDR) for each rated class of notes at each rating
level.  The BDR represents our estimate of the maximum level of
gross defaults, based on our stress assumptions, that a tranche
can withstand and still fully pay interest and repay principal to
the noteholders.  We used the portfolio balance that we consider
to be performing, the reported weighted-average spread, and the
weighted-average recovery rates calculated in accordance with our
current corporate CDO criteria.  We applied various cash flow
stress scenarios using our standard default patterns and timings
for each rating category assumed for each class of notes,
combined with different interest stress scenarios as outlined in
our criteria.  We also applied high and low correlation and lower
recovery sensitivity tests to the notes at each rating level,"
S&P noted.

"We performed our supplemental tests under our corporate CDO
criteria, which are intended to address both event risk and model
risk.  These tests assess whether a CDO tranche has sufficient
credit enhancement (not counting excess spread) to withstand
specified combinations of underlying asset defaults based on the
ratings on the underlying assets, with a predefined recovery
rate," S&P said.

S&P's ratings on the class A, B, and VFN notes address the timely
payment of interest and ultimate payment of principal.  S&P's
ratings on the class C, D, and E notes address the ultimate
payment of principal and interest.

Considering the abovementioned factors, S&P's cash flow analysis
indicates that the available credit enhancement for the class B,
C, D, and E notes is commensurate with higher ratings than those
previously assigned.  S&P has therefore raised its ratings on
these classes of notes.

The available credit enhancement for the class A and the VFN
notes can support the currently assigned ratings.  S&P has
therefore affirmed its 'AAA (sf)' ratings on these classes of
notes.

Eaton Vance CDO X is a cash flow CDO transaction that securitizes
loans granted to primarily speculative-grade corporate firms.
The transaction closed in March 2007 and Eaton Vance Management
is the manager.

RATINGS LIST

Eaton Vance CDO X PLC
EUR325 mil, US$231.51 mil senior secured variable-
and floating-rate notes

                                 Rating           Rating
Class      Identifier            To               From
VFN        27829KAA5             AAA (sf)         AAA (sf)
A-1        27829KAB3             AAA (sf)         AAA (sf)
A-2        27829KAC1             AAA (sf)         AAA (sf)
B-1        27829KAD9             AAA (sf)         AA (sf)
B-2        27829KAE7             AAA (sf)         AA (sf)
C-1        27829KAF4             AA+ (sf)         A (sf)
C-2        27829KAG2             AA+ (sf)         A (sf)
D-1        27829KAH0             BBB+ (sf)        BBB- (sf)
D-2        27829KAJ6             BBB+ (sf)        BBB- (sf)
E-1        27829KAK3             BB- (sf)         B+ (sf)
E-2        27829KAL1             BB- (sf)         B+ (sf)


EDCON HOLDINGS: Moody's Cuts Rating on Sr. Unsecured Notes to Ca
----------------------------------------------------------------
Moody's Investors Service downgraded to Ca from Caa3 the EUR425
million senior unsecured notes due 2019 (Senior Notes) issued by
Edcon Holdings Limited's (Edcon) and the probability of default
rating to Ca-PD from Caa1-PD. In addition, Moody's has affirmed
Edcon's global scale corporate family rating (CFR) at Caa1 and
the senior secured notes due 2018 issued by Edcon Limited at
Caa1. The outlook on all ratings has been changed to negative
from stable.

The rating actions follow Edcon's announcement on June 30, 2015,
inviting the bond holders of the Senior Notes, in broad terms, to
exchange its debt holdings at below par value with an improved
position within the capital structure (the exchange offer).

RATINGS RATIONALE

The downgrade of the senior notes is capturing the higher
expected loss that will be incurred as a result of the proposed
exchange while the downgrade of the PDR to Ca-PD reflects Moody's
view that under its definition of default, the proposed exchange
offer, will constitute a default under an instrument within the
company's broader capital structure.

The negative outlook reflects Moody's view that Edcon's proposed
capital restructuring is in transition creating limited
visibility on the final outcome and the impact on the CFR and
rated debt instruments. The exchange offer also creates
uncertainly around the broader implications on Edcon and its
overall credit profile.

Following the expiry of the settlement date on or before 31
December 2015 Moody's will assess the implications of the new
capital structure on Edcon's credit profile and assigned ratings.

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

List of Affected Ratings

Downgrades:

Issuer: Edcon Holdings Limited

Probability of Default Rating, Downgraded to Ca-PD from Caa1-PD

BACKED Senior Unsecured Regular Bond/Debenture, Downgraded to Ca
from Caa3

Affirmations:

Issuer: Edcon Holdings Limited

Corporate Family Rating, Affirmed Caa1

Issuer: Edcon Limited

BACKED Senior Secured Regular Bond/Debenture, Affirmed Caa1

Outlook Actions:

Issuer: Edcon Holdings Limited

Outlook, Changed To Negative From Stable

Issuer: Edcon Limited

Outlook, Changed To Negative From Stable

The Local Market analyst for this rating is Dion Bate, 27-11-217-
5472.


LOOK RETAIL: Moody's Raises Corporate Family Rating to 'B2'
-----------------------------------------------------------
Moody's Investors Service upgraded New Look Retail Group
Limited's corporate family rating (CFR) to B2 from B3 and
probability-of-default rating (PDR) to B2-PD from B3-PD.
Concurrently, Moody's has assigned a definitive B1 rating to New
Look Secured Issuer plc's fixed and floating rate Senior Secured
Notes due 2022 totaling approximately GBP1,000 million
equivalent, and a definitive Caa1 rating to the GBP200 million
Senior Notes due 2023 issued by New Look Senior Issuer plc; in
each of these cases these ratings are one notch higher than the
provisional ratings assigned prior to closing of the transaction.
The outlook on all these ratings is stable. Ratings of the bonds
previously issued by New Look Bondco I plc have been withdrawn
following prepayment.

RATINGS RATIONALE

The rating action concludes the review for upgrade initiated on
June 16, 2015 following the publication on June 15, 2015 of the
updated cross-sector methodology "Financial Statement Adjustments
in the Analysis of the Non-Financial Corporations"
http://www.moodys.com/viewresearchdoc.aspx?docid=PR_327853

The upgraded B2 CFR reflects (1) New Look's exposure to fashion
risk, even though it only has a moderate presence in the high
fashion segment and uses its flexible supply chain to replicate
fashion trends more quickly; as well as (2) the competitive
environment in the company's core European markets, which
pressure like-for-like sales growth in a number of countries. The
rating is also constrained by the company's leverage, which on a
Moody's adjusted basis is approximately 5.4x.

The B2 CFR also positively reflects New Look's position as one of
the UK's leading apparel retailers, with the company benefiting
from (1) good brand recognition in the value fashion category;
(2) a degree of international diversification, especially across
Western Europe and the Middle East through both wholly owned
stores and franchises; and (3) a fast growing e-commerce platform
and improving operational performance supported by the ongoing
roll-out of its 'concept store' refurbishment program.

Moody's considers that New Look's liquidity profile is
satisfactory overall. It is supported by expected positive free
cash flow generation over the next 12 months and access to a
GBP100 million revolving credit facility (RCF) which Moody's
expects will remain undrawn, as has been the case historically
with the previous facility of GBP75 million. This, together with
New Look's cash balances, should be sufficient to cover the
company's seasonal working capital requirements. The new RCF
contains a net leverage covenant, tested only to the extent the
facility is drawn by more than 25%, under which New Look is
expected to have comfortable covenant headroom.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook on the ratings reflects Moody's view that in
addition to the company's own operational initiatives and focus,
New Look's performance will continue to benefit from the positive
consumer sentiment in the UK, notwithstanding the still
challenging environment in a number of its European markets, and
the extent to which the planned roll-out in China will prove
successful remaining uncertain.

WHAT COULD CHANGE THE RATING UP/DOWN

The ratings could be upgraded if New Look sustains revenue growth
and maintains margins, with for instance, a reported EBITDA
margin in the mid-teens in percentage terms, leading to a
reduction in Moody's adjusted debt/EBITDA to sustainably below
5.0x.

Negative pressure could build if New Look fails to deleverage
such that Moody's adjusted debt/EBITDA rose above 6.0x or
EBITA/interest expense decreases below 1.5x. Concerns about the
company's ability to generate positive free cash flow, liquidity
or access its RCF could also result in a downgrade.

Headquartered in London and Weymouth (with its registered office
in Weymouth), UK, New Look Retail Group Limited is a value
fashion retailer selling a range of apparel, accessories and
footwear primarily for women. The company had total revenue and
reported adjusted EBITDA of over GBP1.4 billion and GBP 212.4
million respectively from continuing operations in the financial
year ended March 28, 2015.


MARSTON'S ISSUER: Fitch Affirms 'BB+' Rating on Class B Notes
-------------------------------------------------------------
Fitch Ratings has revised the Outlook on Marston's Issuer Plc's
class A and B notes to Negative from Stable and affirmed their
ratings at 'BBB+' and 'BB+' respectively.  The liquidity facility
has been affirmed at 'BBB+'.

The revision of the Outlook to Negative is primarily based on the
securitized estate's underperformance versus the Fitch base case
and increased uncertainty around long-term profit forecasts due
to material changes to the tenanted estate.  The securitized
estate's trailing-12-month (TTM) April 2015 EBITDA fell by 6.6%
yoy (on a 52-week adjusted basis) to GBP117.8 mil. whereas
Fitch's base case assumed marginal growth.  The decline has
largely been driven by the tenanted business, as a consequence of
the large disposal of weaker tenanted pubs (decline of 21.7% in
the average number of tenanted pubs vs. 15.9% under Fitch's base
case).  This particularly affected class A metrics, as disposal
proceeds have been used to repay the subordinate AB tranche, pay
swap breakage costs and were partially reserved without
deleveraging at the class A level.

The disposal of tenanted pubs primarily affected the Fitch-
calculated class A metrics, as proceeds were used to repay the
subordinated AB tranche, pay swap breakage costs and were
partially reserved without deleveraging at the class A level.
The repayment of class AB benefited the Fitch-calculated class B
metrics but did not fully offset the impact on the sale of
tenanted pubs.  The Fitch-calculated credit metrics are still
within the 'BBB' range as per Fitch's UK WBS criteria for the
class A notes and the 'BB' range for the class B notes, but
further deterioration could lead to a downgrade.

Fitch's updated forecast base case debt service coverage ratio
(DSCR) is 1.6x for the class A notes and 1.4x for the class B
notes (2014 forecast: 1.8x and 1.6x, respectively).  The main
drivers of the lowered forecast are:

   -- Significantly lower number of securitized pubs in the
      tenanted estate (although Fitch has given credit to the
      continuing conversion of tenanted pubs to the franchise
      model which is expected to result in higher growth).
   -- Overall increased uncertainty around long-term profit
      forecasts due to material changes to the composition of the
      tenanted estate following larger disposals and ongoing
      conversions to the franchise model (despite the positive
      trend highlighted above).
   -- For the managed estate: slightly lower growth expectations
      compared with 2014 due to the long-term trends in the UK
      economy and pub sector.

KEY RATING DRIVERS

Industry Profile - Midrange

Fitch views the operating environment as 'weaker'.  While the pub
sector in the UK has a long history, trading performance for some
assets has shown significant weakness in the past.  The sector is
highly exposed to discretionary spending, strong competition
(including from the off-trade), and other macro factors such as
minimum wages, rising utility costs and potential changes in
regulation (with the proposed statutory code in the
tenanted/leased segment).

Regulatory uncertainty has reduced significantly following the
enactment of the change in legislation governing the beer tie,
which resulted in the introduction of a statutory code with a
market rent only option (MRO).  While the MRO breaks the tied
model that requires tenants to buy beer from the pubcos, recent
clarification that the MRO does not impact franchise pubs
supports Marston's strategy to focus on the franchise model.

The barriers to entry are viewed as 'midrange'.  Licensing laws
and regulations are moderately stringent, and managed pubs and
tenanted pubs (i.e., non-full repairing and insuring) are fairly
capital-intensive.  However, switching costs are generally viewed
as low, even though there may be some positive brand and captive
market effects.

Fitch views the sustainability of the sector as 'midrange' with
the strong pub culture in the UK expected to persist, thereby
taking a large portion of the eating-drinking-out market.  In
relation to demographics, mild forecast population growth in the
UK is a credit positive.

Company Profile - Midrange

Financial performance is viewed as 'midrange'.  TTM EBITDA to
April 2015 for the securitized estate fell by 8% (6.6% on a 52-
week adjusted basis) to GBP117.8 million from GBP128.5 million.

Fitch considers company operations to be 'midrange'.  Fitch has
given credit to management's strong pro-activeness in turning
around its tenanted business, including being the first to launch
the hybrid tenanted/managed pubs with their RA (franchise
agreement) and tracker agreements.  Results suggest that
converted pubs experience a strong uplift in sales (double digit
in many cases).

Fitch views transparency as 'midrange'.  While financial
reporting still follows the managed/tenanted format, without
separating out the franchise pubs, there is still some
uncertainty about the exact impact of increased franchise pubs on
profitability and flexibility.  However, information is
sufficient to be able to form a view on key trends.

Dependence on operator is viewed as 'midrange'.  Due to the large
size of the estate, operator replacement is not viewed as
straightforward but should be possible within a reasonable period
of time.

Fitch views asset quality as 'midrange'.  The pubs are reasonably
well-maintained.  In the past few years, management has
channelled disposal proceeds into debt repayment (repayment of
the GBP80 million AB facility in January 2014) and some capex.
In the TTM to April 2015, Marston's spent GBP18 million on
maintenance capex for the securitized estate, which is above the
covenant level and slightly higher than its peers, Spirit and
M&B.  The secondary market is reasonably strong.

Debt Structure: Class A: Stronger; Class B: Midrange
The debt profile is viewed as 'stronger' for the class A and B
notes with all tranches being fully amortizing.  The liquidity
facility covers almost two years of debt service.  Positive
factors include 100% fixed or hedged debt, although there is some
derivatives MTM exposure.

Fitch views the security package as 'stronger' for the class A
notes and 'midrange' for the class B notes.  The security package
is strong with comprehensive first ranking fixed and floating
charges over borrower assets.  Class A is the senior ranking
controlling creditor, with the class B lower ranking resulting in
a 'midrange' assessment.

Structural features are viewed as 'stronger' for Class A and
Class B.  Stronger features include a greater than 18-month
liquidity facility, highly rated financial counterparties with
adequate downgrade language and a clear orphan SPV.  Marston's
also benefits from a non-ambivalent set of covenants and moderate
restricted payment and default covenants relative to the
industry.

RATING SENSITIVITIES

The Outlook could be revised back to Stable if Fitch Base Case
DSCR returns to 1.8x for class A and 1.5x for class B.  This
could be due to strong managed division growth, more pubs being
introduced into the securitized perimeter (managed or tenanted /
franchise) and continued success of the franchise model.

A further deterioration of the Fitch Base Case DSCRs (below 1.6x
for class A and below 1.4x for class B) could lead to a
downgrade.

SUMMARY OF CREDIT

The transaction is a securitization of both managed and tenanted
pubs operated by Marston's comprising 279 managed pubs and 1,006
tenanted pubs.


MM CATERERS: To Stay Open After Buyer Found for Business
--------------------------------------------------------
SFP on July 3 disclosed that an Italian Restaurant in London
obliged to enter into administration two weeks ago has managed to
stay open, thanks to the work of the nationwide insolvency
practitioners SFP in finding a buyer for the business and its
assets.

M.M. Caterers Limited, the name behind a chic Italian restaurant
near St. Pauls, suffered a downturn in revenues caused by a
number of factors, including poor trading during the London
Olympics that saw fewer customers through its doors.

Although the business entered a Company Voluntary Arrangement
("CVA") in May 2013, that CVA was breached in April 2015 and the
directors entered into administration to save the business.

Licensed insolvency practitioners Simon Plant --
simonp@sfpgroup.com -- and Daniel Plant -- danielp@sfpgroup.com
-- of SFP were appointed to manage the administration and having
valued the business, immediately set about trying to sell it as a
going concern.  Before being appointed, the SFP Directors sought
potential interest, and post appointment reviewed the property
leases and liaised with local landlords.

Daniel Plant reports that a buyer has now been found and the
business remains open: "This is a very successful outcome for a
restaurant with a proud reputation in London since the early
1960s," he says, "and shows the value in consulting with an IP
early in the process.

"The hospitality sector is fiercely competitive, and even well-
established businesses can sometimes struggle.  What is
particularly unfortunate in this case, is that the restaurant's
troubles coincided with the Olympics, when perhaps they may have
expected to have enjoyed a boom time."


TAURUS CMBS 2014-1: Fitch Affirms 'BBsf' Rating on Class C Notes
----------------------------------------------------------------
Fitch Ratings has affirmed Taurus CMBS UK 2014-1 Limited's class
A, B and C notes due 2022 as follows:

  EUR124.2 mil. class A (XS1082235299) affirmed at 'Asf'; Outlook
   Stable

  EUR45.4 mil. class B (XS1082235612) affirmed at 'BBB-sf';
   Outlook Stable

  EUR27.4 mil. class C (XS1082235703) affirmed at 'BBsf'; Outlook
   Stable

Taurus CMBS UK 2014-1 Limited is the securitization of a 95%
participation in a GBP222.7 million commercial loan granted by
Merrill Lynch to 13 cross-defaulted and cross-collateralized
borrowers to acquire a portfolio of 132 retail, office, leisure
and logistics assets located throughout the UK.  The collateral
constitutes a distressed portfolio of mainly secondary and
tertiary quality assets.  The sponsor's business plan envisages
an asset liquidation strategy with quarterly amortization
targets. Three assets were sold prior to closing in July 2014.

KEY RATING DRIVERS

The affirmation reflects the stable performance of the sole
securitized loan since closing.

By the May 2015 payment date, 10 of the 129 assets at closing
have been sold, with little impact on the geographic
diversification of the portfolio.  The resulting principal
repayment of EUR14.5 million kept the loan in line with the
quarterly maximum repayment target. Failure to miss such a target
would not constitute an event of default.  Instead, a full cash
sweep would apply and amortize the notes sequentially, while
sales proceeds are applied on a pro rata basis.  Furthermore, two
one-year loan extensions would no longer be available past loan
maturity in May 2017.

The loan-to-value (LTV) ratio stood at 64.2% in May 2015,
slightly reduced from 65% at closing due to applicable release
premiums on sold assets (20% for the stronger assets, 10%
otherwise).  The ratio is based on a 2014 valuation and compares
with a 79% LTV covenant.  The interest coverage ratio stood at
2.5x, slightly up from 2.3x at closing.  Income remains granular,
with no tenant accounting for more than 2.6% of total income.  By
value, the top 10 assets account for almost 54% of the portfolio.

Fitch expects a full loan repayment in 'Bsf' and 'BBsf' stresses.

RATING SENSITIVITIES

Further downturn of the secondary/ tertiary UK property markets
beyond Fitch's expectations may result in Outlook revision and/or
a downgrade.

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 last 12 months 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.



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


* BOND PRICING: For the Week June 29, 2015 to July 3, 2015
----------------------------------------------------------

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


                            *********

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

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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *