---

        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, August 10, 2015, Vol. 16, No. 156

                            Headlines

A U S T R I A

CARINTHIA: Moody's Lowers Senior Unsecured Debt Ratings to B3
HETA ASSET: Moody's Changes Outlook on Ca Ratings to Developing
HYPO TIROL BANK: Moody's Raises Sub. Debt Ratings to Ba2
PFANDBRIEFBANK AG: Moody's Affirms Ba1 Sr. Unsecured Debt Rating


F I N L A N D

TALVIVAARA: Gov't to Restart Mine After Investor Talks Fail


G E O R G I A

LIBERTY BANK: S&P Assigns 'B/B' Counterparty Credit Ratings


G E R M A N Y

DEUTSCHE LUFTHANSA: S&P Rates EUR500MM Jr. Sub. Hybrid Notes 'BB'
IMTECH DEUTSCHLAND: Files for Insolvency After Rescue Talks Fail
TALISMAN-4 FINANCE: Fitch Cuts Ratings on 3 Note Classes to 'Dsf'


G R E E C E

GREECE: Privatization Fund Agreed, Nears MOU Deal with Creditors


I R E L A N D

HARVEST CLO XII: Fitch Assigns 'B-sf' Rating to Class F Notes


I T A L Y

SIENA PMI: Moody's Assigns Ba1(sf) Rating to Class C Notes
TELECOMUNICAZIONI SPA: Moody's Affirms B2 Corp. Family Rating


K A Z A K H S T A N

MANGISTAU ELECTRICITY: Fitch Affirms 'BB+' IDR, Outlook Negative


L U X E M B O U R G

NEMERA DEVELOPMENT: S&P Puts 'B' CCR on CreditWatch Developing


M O L D O V A

BANCA DE ECONOMII: Moldovan Government to Commence Liquidation


N E T H E R L A N D S

AERCAP HOLDINGS: Fitch Affirms 'BB+' IDR & Revises Outlook Pos.
SIMED INTERNATIONAL: Put on World Bank Corruption List


R U S S I A

GIALIT POLIS: Insurance & Reinsurance Licenses Suspended
RUSSIAN INSURANCE: Insurance & Reinsurance Licenses Suspended


S P A I N

BBVA RMBS 3: Moody's Cuts Rating on EUR63.6MM A3c Notes to B3(sf)


S W I T Z E R L A N D

SK SPICE: S&P Assigns 'B' LT Corp. Credit Rating, Outlook Stable


U K R A I N E

UKRAINE: Debt Restructuring Talks to Continue This Week


X X X X X X X X

* BOND PRICING: For the Week August 3, 2015 to August 7, 2015


                            *********



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


CARINTHIA: Moody's Lowers Senior Unsecured Debt Ratings to B3
-------------------------------------------------------------
Moody's Investors Service downgraded the State of Carinthia's
issuer and senior unsecured debt ratings to B3 from Ba2. The
outlook remains negative.

RATINGS RATIONALE

RATIONALE FOR DOWNGRADE

The downgrade of Carinthia reflects the state's increased
susceptibility to event risk following the Austrian
Constitutional Court's decision on July 28, 2015 to declare the
Hypo Reorganisation Act (Hyposanierungsgesetz; HaaSanG)
unconstitutional. Moody's believes that the ruling has
substantially increased the risks faced by Carinthia's senior
unsecured creditors as it:

(1) reinstates the guarantee on subordinated debt originally
    issued by the former Hypo Alpe Adria bank (now Heta) and
    guaranteed by Carinthia, which had been voided by the law;

(2) sets high legal hurdles for the federal government to void
    the guarantees on the senior and subordinated debt originally
    issued by Hypo Alpe Adria and guaranteed by Carinthia,
    suggesting these guarantees will remain valid;

(3) makes it increasingly unlikely that Carinthia would be able
    to prioritise its senior unsecured creditors ahead of its
    obligations under the guarantees as it appears the
    guarantees, if called, would rank pari passu with senior
    unsecured obligations.

Carinthia's guarantees on Heta debt instruments total EUR11.0
billion or more than five times Carinthia's annual operating
revenues. While the payment moratorium imposed by the Financial
Markets Authority (FMA) on Heta's debt remains in place until
May 31, 2016, preventing guarantees from being called, the
reinstated validity of the guarantee and the uncertainty around
the outcome make it more unlikely that Carinthia could honor its
obligations. Moody's view that it would be difficult for
Carinthia to prioritize its senior unsecured creditors ahead of
those benefiting from the guarantees, implies that senior
unsecured creditors now face very similar risks to those faced by
investors holding the guaranteed debt. This conclusion is
reflected in the baseline credit assessment (BCA) of caa3
assigned to Carinthia.

Carinthia's B3 ratings benefit from a three-notch uplift from its
BCA, reflecting Moody's view of a strong probability of support
from the federal government in the event of acute liquidity
stress. Moody's has lessened its expectation of liquidity support
to reflect the challenges now faced by the federal government in
orchestrating an outcome that imposes losses on holders of the
guaranteed debt while ensuring no losses for Carinthia's senior
unsecured creditors (of which the federal government is the
largest). As explained above, Moody's believes that achieving
this outcome is now highly unlikely, given the court ruling and
the federal government could be faced with a decision to either
bail out or impose losses on all creditors. In Moody's view, the
probability of an outcome where all creditors are supported
equally is now less certain.

RATIONALE FOR NEGATIVE OUTLOOK

Moody's negative outlook reflects the ongoing uncertainty
surrounding the resolution of Heta and the risk that the
guarantees get called.

WHAT COULD CHANGE THE RATING - UP

Upward pressure on the rating could develop only after a
significant reduction of contingent liabilities or evidence of
reduced risk from guarantees being triggered.

WHAT COULD CHANGE THE RATING - DOWN

Downward pressure could develop from unexpected negative knock-on
effects during the resolution of Heta under the FMA's action plan
or other actions taken by public authorities and related legal
consequences for Carinthia.

In particular, downward pressure could stem from any developments
which lead to an immediate triggering of the full guarantees.
Also any other development of the resolution process, which would
create an unexpected financial burden for Carinthia or stress its
liquidity would create downward pressure.

The publication of this rating action deviates from the
previously scheduled release date in the sovereign release
calendar published on www.moodys.com. The reason for the
deviation is Moody's view that the Austrian Constitutional
Court's decision is credit negative for the State of Carinthia.

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

Sovereign Issuer: Austria, Government of

GDP per capita (PPP basis, US$): 46,420 (2014 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 0.3% (2014 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 1.5% (2014 Actual)

Gen. Gov. Financial Balance/GDP: -2.4% (2014 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: 1.8% (2014 Actual) (also known as
External Balance)

External debt/GDP: [not available]

Level of economic development: Very High level of economic
resilience

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On August 4, 2015, a rating committee was called to discuss the
rating of the State of Carinthia. The main points raised during
the discussion were: The issuer has become increasingly
susceptible to event risks.

The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.


HETA ASSET: Moody's Changes Outlook on Ca Ratings to Developing
---------------------------------------------------------------
Moody's Investors Service changed the outlook on the Ca
Carinthian-state-guaranteed senior unsecured debt ratings of Heta
Asset Resolution AG's (Heta) to developing from negative.
Concurrently, Moody's has affirmed these ratings, as well as the
entity's C Carinthian-state-guaranteed subordinated debt ratings.

The rating action follows the declaration by the Austrian
Constitutional Court on July 28, 2015 that unconstitutional
legislation (the Hypo Reorganisation Act (HaaSanG)) was
introduced in August 2014, allowing the government to (1) bail-in
Heta's subordinated debt holders, and (2) declare void the State
of Carinthia's (Carinthia, B3 negative) deficiency guarantees on
that portion of Heta's subordinated debt.

RATINGS RATIONALE

-- RATIONALE FOR DEVELOPING OUTLOOK

The developing outlook reflects uncertainties surrounding the
extent to which Carinthia will honor its deficiency guarantee,
given (1) the Court's ruling that guaranteed bondholders cannot
be selectively discriminated against other senior Carinthian
creditors; (2) the continued unwillingness of the Austrian
government to provide financial support which could be used by
Carinthia to honor the guarantees; and (3) continued uncertainty
regarding the potential for higher expected bondholder losses
during the resolution process of Heta.

Furthermore, Moody's believes that the Court's decision declaring
the cancellation of deficiency guarantees as unconstitutional,
generally results in a positive value for the beneficiaries of
such deficiency guarantees. However, the rating agency believes
that the rationale underpinning the Court's conclusion leaves the
Austrian government room to explore other options that avoid
Carinthia's insolvency and share losses among Heta's creditors.
In Moody's view, the Court's ruling will not reduce government
efforts to find alternative measures.

-- AFFIRMATION OF CARINTHIAN-STATE-GUARANTEED SENIOR AND
SUBORDINATED DEBT

The affirmation of Heta's Carinthian-state-guaranteed senior and
subordinated ratings at Ca and C, respectively, reflects Moody's
unchanged assessment that expected losses will be in the 35%-65%
and the greater-than-65% range, respectively, following the
Court's repeal of the HaaSanG.

The HaaSanG, which was implemented in August 2014 by the Austrian
government, paved the way for the nationalized Austrian lender,
Heta, to be transferred to an unregulated wind-down entity (GSA)
and led to the termination of its banking license pursuant to the
Austrian Banking Act (Heta continues to hold a special banking
license pursuant to the Federal Act to create a wind-down
entity). The law allowed the recapitalization of Heta through the
full write-down of all subordinated debt maturing on or before 30
June 2019, notwithstanding the existence of Carinthia's
deficiency guarantee, which was declared null and void.

The Court has now repealed this legislation in its entirety and
declared the unequal treatment of junior creditors by a set cut-
off date of June 30, 2019 unconstitutional and a violation of
property rights. The Court's decision will lead to a charge of
around EUR800 million for Heta, to be booked in its half-year
statements and thus increasing its negative equity, which the
entity reported at EUR7.0 billion at year-end 2014 (local GAAP
accounting).

In Moody's view, the court ruling will not change the potential
haircut that Heta's senior unsecured creditors may face as result
of its wind-down. These creditors may ask Carinthia as the
guarantor of the deficiency guarantee to compensate them for the
difference. The ruling sends a strong signal that the value of
the deficiency guarantee cannot be fully eliminated by law in
hindsight by isolated measure.

In its ruling, the Court did not address the payment moratorium
introduced on March 1, 2015 by Austria's Financial Market
Authority (FMA) on Heta's unsecured obligations. This moratorium
remains in place until May 2016.

Heta's case is atypical because it is not a bank as defined by
the EU's Capital Requirements Regulation (CRR). However, the
application of the EU's Bank Recovery and Resolution Directive
(BRRD) resolution directive to this entity has only been possible
as a result of a discretionary additional article included during
the transposition of BRRD into Austrian law. The Federal Act to
create a wind-down entity (GSA) was not repealed by the
constitutional court. At end-2014 (local GAAP accounting), Heta's
liability structure was dominated by EUR8.6 billion debt
securities issued. Almost all of this legacy debt carries a
deficiency guarantee from Carinthia.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Upward ratings pressure on Heta's Carinthian-state-guaranteed
senior unsecured debt ratings could result from Moody's
assessment of a higher probability that the guarantor is willing
and able to honor the deficiency guarantee and/or if the expected
loss assumptions would be significantly lowered as result of
higher recovery rates during the wind-down of Heta.

Moody's would consider downgrading the ratings if the expected
loss assumptions on these instruments were higher than currently
expected.

LIST OF AFFECTED RATINGS

The following ratings of Heta were affirmed:

-- Carinthian-state-guaranteed senior unsecured debt ratings at
    Ca, with developing outlook

-- Carinthian-state-guaranteed subordinated debt ratings at C


HYPO TIROL BANK: Moody's Raises Sub. Debt Ratings to Ba2
--------------------------------------------------------
Moody's Investors Service upgraded the deficiency-guaranteed
long-term debt ratings of UniCredit Bank Austria AG (UBA) by two
notches to A3, the deficiency-guaranteed long-term debt and
deposit ratings of Hypo Tirol Bank AG (Hypo Tirol) by two notches
to Baa2 and of Vorarlberger Landes- und Hypothekenbank AG (VLH)
by one notch to A3. Moody's has also upgraded the state-
guaranteed short-term deposit rating of Hypo Tirol to Prime-2
from Not-Prime and affirmed the state-guaranteed short-term
deposit rating of VLH at Prime-2.

Concurrently, the rating agency has upgraded the deficiency-
guaranteed subordinate debt ratings of UBA to Baa3 from Ba2, of
Hypo Tirol to Ba2 from B1, and of VLH to Baa3 from Ba1.

The deficiency-guaranteed long-term debt ratings of UBA continue
to carry a stable outlook while the deficiency-guaranteed long-
term debt and deposit ratings of Hypo Tirol and VLH continue to
carry a negative outlook, in line with the unguaranteed debt and
deposit ratings of these issuers.

The rating actions reflect Moody's view that hurdles to a full
cancellation of any deficiency-guarantees on bank debt have
significantly risen following the Austrian Constitutional Court's
ruling published on July 28, 2015, which repealed the Hypo
Reorganisation Act (HaaSanG) and thereby reinstated deficiency
guarantees on subordinated debt issued by Hypo Alpe Adria, the
predecessor of Heta Asset Resolution AG (Heta, Carinthian-state-
guaranteed senior debt Ca developing).

RATINGS RATIONALE

-- UPGRADE OF UBA'S, HYPO TIROL'S AND VLH'S BACKED RATINGS

The upgrades of UBA's, Hypo Tirol's and VLH's deficiency-
guarantee-backed long-term ratings follow the Austrian
Constitutional Court's announcement on July 28, which declared as
unconstitutional legislation introduced in August 2014. This
legislation had (1) allowed the government to bail-in selected
subordinated Heta debt holders and (2) declared void the
deficiency guarantees of the State of Carinthia (Carinthia, B3
negative) on that portion of the bank's subordinated debt.

Moody's believes that, beyond its direct implications for Heta's
debt, the ruling establishes very narrow criteria for a reduction
of Austrian deficiency guarantees and bars attempts to fully
invalidate such guarantees in the future. Without direct legal
force, the ruling comments made by the Court clarify that any
reduction in the deficiency-guaranteed amounts would need to be
determined within an equitable and comprehensive debt
restructuring framework applied to the guarantor of such debt.

With selective debt and guarantee cancellation having been
declared unconstitutional and against the background of the
Court's comments on such selective actions, Moody's expects that
Austrian regional authorities will possess greater degrees of
freedom to support full repayment of deficiency-guaranteed debt
amounts. In the cases of Hypo Tirol and UBA, such additional
flexibility coincides with strong guarantor capacity to meet
potential payment requirements upon crystallization of losses
covered by contingent deficiency guarantees.

However, the rating agency notes the risk that the beneficiaries
of the deficiency guarantee may not receive such payments in a
timely fashion due to actions by the legislator or the Austrian
resolution authority, as demonstrated in the case of Heta's
ongoing payment moratorium.

The two-notch upgrade of Hypo Tirol's and UBA's deficiency-
guaranteed senior and subordinate instruments, resulting from an
increase in the probability of support to 'high' from 'low',
reflects both the increased probability of full ultimate
repayment and the risk of these payments not being timely.

For VLH, the one-notch upgrade of the bank's backed long-term
senior and subordinate instruments, resulting from an increase in
the probability of support to 'moderate' from 'low', reflects the
higher weight of deficiency guaranteed debt in comparison to
Vorarlberg's regional gross domestic product and the State of
Vorarlberg's (unrated) decision taken earlier this year not to
participate in a joint support effort for Pfandbriefbank
(Oesterreich) AG (Pfandbriefbank, Backed Senior Unsecured debt
Ba1 negative).

-- RATIONALE FOR RATING OUTLOOKS ON BACKED SENIOR DEBTS AND
DEPOSITS

The outlooks on the banks' state-guaranteed ratings follow the
respective outlooks on each bank's non-guaranteed long-term
ratings, which is negative in the case of Hypo Tirol and VLH and
stable for UBA.

The negative rating outlooks on Hypo Tirol's and VLH's long-term
ratings reflect remaining uncertainties around the support
measures for Pfandbriefbank under the statutory multi-recourse
joint and several liability scheme of its member banks and
related Austrian federal states.

The stable outlook on UBA's senior debt and deposit ratings
reflects Moody's expectations that the bank's ultimate parent,
UniCredit SpA (deposits Baa1 stable/senior unsecured Baa1 stable,
baseline credit assessment (BCA) ba1), will remain fully
committed to its Austrian subsidiary, and UBA's liability
structure will remain broadly unchanged.

WHAT COULD MOVE THE RATINGS UP/DOWN

-- Hypo Tirol and VLH

The negative outlooks reflect the absence of upward rating
pressure on the banks' backed and non-backed long-term ratings.
However, the backed ratings of Hypo Tirol and VLH could be
upgraded upon an increase in the support probabilities for these
instruments or upon an upgrade in the banks' standalone BCAs.

The backed ratings of Hypo Tirol and VLH could be downgraded upon
a decrease in the support probabilities for these instruments,
upon a downgrade in the banks' standalone BCAs or in the case of
a decline in uplift for senior debts -- including backed
instruments -- as a result of Moody's Loss Given Failure (LGF)
analysis.

-- UBA

The backed ratings of UBA could be upgraded upon an increase in
the support probabilities for these instruments; an upgrade in
the bank's adjusted BCA or an increase in uplift for senior debts
-- including backed instruments -- as a result of Moody's LGF
analysis.

The backed ratings of UBA could be downgraded upon a decrease in
the support probabilities for these instruments; or a downgrade
in the bank's adjusted BCA.

LIST OF AFFECTED RATINGS

UniCredit Bank Austria AG (UBA)

The following ratings were upgraded:

-- Backed long-term debt ratings to A3 from Baa2, with stable
    outlook

-- Backed subordinate debt ratings, including issuance by
    Creditanstalt AG, to Baa3 from Ba2

All the above ratings are backed by the City of Vienna (Aaa
stable).

Hypo Tirol Bank AG (Hypo Tirol)

The following ratings were upgraded:

-- Backed long-term debt and deposit ratings to Baa2 from Ba1,
    with negative outlook

-- Backed short-term deposit ratings to Prime-2 from Not-Prime

-- Backed subordinated debt ratings to Ba2 from B1

All the above ratings are backed by the State of Tyrol (unrated).

Vorarlberger Landes- und Hypothekenbank AG (VLH)

The following ratings were upgraded:

-- Backed long-term debt and deposit ratings to A3 from Baa1,
    with negative outlook

-- Backed subordinated debt ratings to Baa3 from Ba1

The following ratings were affirmed:

-- Backed short-term deposit ratings of Prime-2

All the above backed ratings are backed by the State of
Vorarlberg (unrated).

All the other ratings of the above listed banks are unaffected by
this rating action.


PFANDBRIEFBANK AG: Moody's Affirms Ba1 Sr. Unsecured Debt Rating
----------------------------------------------------------------
Moody's Investors Service affirmed Pfandbriefbank (Oesterreich)
AG's (Pfandbriefbank) backed senior unsecured debt at Ba1 with
negative outlook.

The rating action follows the declaration by the Austrian
Constitutional Court on July 28, 2015 that unconstitutional
legislation (the Hypo Reorganisation Act (HaaSanG)) was
introduced in August 2014, allowing the government to (1) bail-in
Heta Asset Resolution AG's (Heta, Carinthian State guaranteed
senior unsecured debt rated Ca, outlook developing) subordinated
debt holders, and (2) declare void the State of Carinthia's
(Carinthia, B3 negative) deficiency guarantees on that portion of
Heta's subordinated debt.

The negative outlook on Pfandbriefbank's backed senior unsecured
ratings continues to reflect Moody's assessment of negative
credit pressure on the supporting member banks' creditworthiness,
which is unaffected by the Court's declaration.

RATINGS RATIONALE

The affirmation of Pfandbriefbank's senior ratings at Ba1 with
negative outlook reflects Moody's view that negative pressure on
the individual creditworthiness of its member banks is sustained,
despite the strong signal from the constitutional court that the
value of the deficiency guarantee cannot be fully eliminated by
law in hindsight by isolated measure. The uncertainty around Heta
remains a key driver for the negative outlooks assigned to the
Austrian Landeshypothekenbanken.

The mentioned uncertainties are linked to the extent to which
Carinthia will honor its deficiency guarantee, given (1) the
Court's ruling that guaranteed bondholders cannot be selectively
discriminated against other senior Carinthian creditors; (2) the
continued unwillingness of the Austrian government to provide
financial support which could be used by Carinthia to honor the
guarantees; and (3) continued uncertainty regarding the potential
for higher expected bondholder losses during the resolution
process.

Pfandbriefbank came under stress after the regulator in Austria
(Aaa stable) imposed a payment moratorium on the liabilities of
Heta to which Pfandbriefbank has a EUR1.2 billion exposure.

Given its business profile as a poorly capitalized issuing
vehicle for its member banks, i.e., the Austrian
Landeshypothekenbanken or their legal successors, Pfandbriefbank
relies fully on the performance of its concentrated assets to
service its liabilities. The Heta moratorium in March 2015
therefore impaired its liquidity and solvency. In April 2015, the
member banks and the majority -- but not all -- of the Austrian
Federal states agreed support measures that fully cover
Pfandbriefbank's Heta exposure and have therefore eliminated
immediate liquidity and solvency concerns for the entity.
However, the Austrian states' individual contributions were not
uniformly provided, as timely support has been withheld by
several states, undermining the reliability of the multi-recourse
support structure. Pfandbriefbank's liabilities are grandfathered
under a statutory joint and several guarantee from member banks
and their former guarantors, i.e. the relevant Austrian federal
states, according to Austrian federal law.

Moody's assesses the existing support agreement for
Pfandbriefbank as not fully reliable, demonstrated by the ongoing
lack of commitment by several federal states to honor their
obligations under the existing joint and several liability
framework. Pfandbriefbank's rating continues to be purely based
on the member bank's creditworthiness and does not include uplift
from public-sector entities.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Upward rating pressure could result from (1) a strengthening of
the member banks' credit profiles; and/or (2) a clarification of
the legal obligations of the Austrian federal member-states under
the guarantee framework, to the extent that this removes any
doubts over the full, unconditional liability of all parties to
support Pfandbriefbank in a timely fashion.

Negative rating pressure could arise if (1) any of the member
banks opts out of the agreed support measures for Pfandbriefbank,
in the absence of which the bank could be at risk of insolvency
and/or (2) the member banks' credit profiles weaken.



=============
F I N L A N D
=============


TALVIVAARA: Gov't to Restart Mine After Investor Talks Fail
-----------------------------------------------------------
Jussi Rosendahl at Reuters reports that the Finnish government
said it will take control of efforts to restart the troubled
nickel mine Talvivaara following failed talks with potential
private investors.

Talvivaara is going through debt restructuring while its key
subsidiary, which owns the mining assets, last year applied for
bankruptcy protection following a drop in nickel prices,
production disruptions and environmental problems, Reuters
relays.

According to Reuters, the government said a new state-owned
company, Terrafame, with budget injections of EUR209 million
(US$228 million), will buy the mining assets and will aim to
restart the mine next month in order to avert further
environmental damage at the site in northern Finland.

It said it was still searching for private investors and might
close the mine if no deal can be reached within two years,
Reuters notes.

"We aim to expand Terrafame's ownership base, and negotiations
with private investors continue," Reuters quotes Economy Minister
Olli Rehn as saying.

The government, as cited by Reuters, said it was continuing talks
about the listed parent company's possible role in Terrafame.

Talvivaara shares, suspended from trading, are owned by about
80,000 Finnish retail investors, Reuters discloses.

                     About Talvivaara Mining

Talvivaara Mining Co. Ltd. is a Finnish nickel producer.  It
filed for a corporate reorganization on Nov. 15, 2013, to raise
funds and avoid bankruptcy.  The company suffered from falling
nickel prices and a slow ramp-up at its mine in northern Finland,
forcing it to seek fundraising help from investors and creditors.



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


LIBERTY BANK: S&P Assigns 'B/B' Counterparty Credit Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B/B' long- and
short-term counterparty credit ratings to Georgia-based Liberty
Bank JSC.  The outlook is stable.

S&P bases its ratings on Liberty Bank on S&P's 'bb-' anchor -- or
starting point for the ratings -- of a commercial bank operating
only in Georgia.  The ratings incorporate S&P's view of the
bank's well-established retail franchise, despite its limited
diversification, and S&P's expectation that the bank's
capitalization will improve slightly on the back of earnings
retention and a moderation in prospective loan growth.  The
ratings also reflect the loan book's focus on retail segments,
which S&P considers a typically riskier segment than corporate
lending, for example.  The bank's funding and liquidity benefit,
in S&P's view, from the bank's relatively large customer deposit
base.

Liberty Bank's business position is supported by its well-
established retail franchise and sustainable revenues, balanced
against limited diversification of its business lines and some
uncertainties related to the bank's future strategy.  Liberty
Bank ranks No. 3 in Georgia in terms of total assets (Georgia
lari [GEL] 1.5 billion, or about US$839 million, as of Dec. 31,
2014), with 7.8% market share.  Liberty Bank's lending operations
are mostly represented by retail loans, about 58% of which are
loans to individuals who have a stream of regular inflows
into their accounts at the bank.  The bank's business focus is
somewhat unique for Georgia, because the bank has been granted
the sole right of distributing pensions and welfare payments
throughout the country.  S&P therefore believes that the
sustainability of the bank's core franchise is high and supports
the bank's revenues.

Although this leads to high granularity of the loan book, S&P
still believes that the bank's business line and geographic
concentrations expose the bank to a macroeconomic downturn in
Georgia, as well as to other negative changes in the operating or
regulatory environment.

S&P sees some uncertainties related to the bank's overall
strategy, due to the fact that 58.2% of the ordinary shares
outstanding remain encumbered by the order of Tbilisi City Court
in connection with civil litigation.  That said, share
encumbrance does not distort the bank's day-to-day operations, in
S&P's view.

S&P considers Liberty Bank's capital and earnings to be
"moderate," which is neutral for the rating on the bank.  S&P's
assessment is based on its assumption that the bank is likely to
slow its loan book growth to 5%-8% in the next two years, while
keeping return on equity at above 12%, mostly driven by core
earnings generation.  This would lead S&P's projected risk-
adjusted capital (RAC) ratio to exceed 5% within the next 12-18
months, up from 4.74% as of Dec. 31, 2014.

S&P believes that Liberty Bank's sustainable competitive position
in a protected market niche will enable the bank to keep its net
interest margin at about 10%, which S&P considers to be high.
S&P expects credit costs to remain above 4% of average customer
loans, reflecting the bank's retail specialization, pressures
from economic slowdown in Georgia, and seasoning of the bank's
rapidly accumulated loan book.

"We assess Liberty Bank's risk position as "moderate," mostly
driven by the specialization on a high-risk retail lending
segment (where the loans are mostly either unsecured or secured
by future cash flows rather than firm collateral).  The bank's
nonperforming loans (NPLs; loans overdue by 90 days or more and
problem loans that are restructured) comprised 8.6% of the total
loan book as of Dec. 31, 2014.  We expect, however, that the
economic slowdown and general pressures on asset quality in
Georgia's banking system could lead to a spike in the share of
the NPLs in Liberty Bank's loan book, although it is likely to
remain below 10% in the next 12-18 months.  At the same time,
since the bank does not provide loans in foreign currency, it is
less prone to negative devaluation effects, which are now
materializing in Georgia's banking system," S&P said.

Liberty Bank's funding is "average" and its liquidity "adequate,"
in S&P's opinion.  The bank is mostly funded by customer
deposits, with a relatively low level of single-name
concentration (the top 20 depositors contribute about 25% of
total customer deposits). The bank's loan-to-deposit ratio was at
a low 48% as of Dec. 31, 2014. The bank maintains an "adequate"
liquidity cushion, with cash and money market instruments
comprising about 28% of total assets as of Dec. 31, 2014.

S&P thinks that Liberty Bank has "moderate" systemic importance
in Georgia's banking sector, given its exclusive role in the
pension and social welfare distribution network.  However, the
counterparty credit rating on the bank is in line with S&P's
assessment of the bank's stand-alone credit profile because of
the Georgian sovereign rating level, as per S&P's bank rating
methodology.

The stable outlook reflects S&P's assumption that the bank will
continue to focus on its current market niche, moderate its
growth, and continue to demonstrate sustainable earnings
generation with return on equity above 12%.

S&P may take a negative rating action if it believes that the
bank is pursuing a more aggressive growth strategy, which could
lead to a weakening of its capital position (as measured by S&P's
RAC ratios), or if S&P observes notable deterioration of loan
book performance, increased provisioning needs, and depressed
earnings. Furthermore, S&P could downgrade Liberty Bank if S&P
sees that the uncertainties regarding the bank's ownership
constrain the bank's financial performance or strategic
continuity.

Rating upside is remote at this stage.  It could arise if the
operating environment in Georgia improved, or if the bank
diversified its business mix, which would improve the stability
of prospective earnings.



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


DEUTSCHE LUFTHANSA: S&P Rates EUR500MM Jr. Sub. Hybrid Notes 'BB'
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
issue rating to the EUR500 million optionally deferrable and
junior subordinated hybrid capital notes, due 2075, issued by
German airline Deutsche Lufthansa AG (BBB-/Stable/A-3).

With this issuance, Lufthansa has successfully returned to the
capital market after putting a previously announced issuance of
hybrid notes on hold in March this year.

S&P considers the hybrid notes to have "intermediate" equity
content until their first call date because they meet S&P's
criteria in terms of subordination, permanence, and deferability
at the company's discretion during this period.

S&P arrives at its 'BB' issue rating on the hybrid notes by
notching down from its 'BBB-' long-term rating on Lufthansa.  The
two-notch differential reflects S&P's notching methodology for
rating hybrid capital instruments, under which S&P deducts:

   -- One notch for subordination because S&P's long-term rating
      on Lufthansa is investment grade (that is, higher than
      'BB+'); and

   -- An additional notch for payment flexibility, to reflect
      that the deferral of interest is optional.

The notching reflects S&P's view that there is a relatively low
likelihood that the issuer will defer interest.  Should S&P's
view change, it may increase the number of notches it deducts to
derive the issue rating on the notes.

In addition, to reflect S&P's view of the notes' "intermediate"
equity content, it regards 50% of the related payments on the
notes as a fixed charge and 50% as equivalent to a common
dividend, in line with S&P's hybrid capital criteria.  The 50%
treatment of principal and accrued interest also applies to S&P's
adjustment of the issuer's reported debt.

KEY FACTORS IN S&P'S ASSESSMENT OF THE NOTES' PERMANENCE

Although the hybrid notes are long-dated, they can be called at
any time for changes in tax, gross-up, rating methodology, change
of control, or accounting events.

The issuer can redeem the notes for cash as of their first call
date, which S&P understands will be in five and a half years from
issuance, and on every reset date thereafter.  If the notes are
called, the issuer intends, but is not obliged, to replace them.
In S&P's view, this statement of intent mitigates the issuer's
ability to repurchase the notes on the open market.  Furthermore,
S&P sees a repurchase as unlikely, due to Lufthansa's commitment
to deleveraging.

S&P understands that the interest to be paid on the hybrid notes
will increase by 25 basis points 10.5 years from issuance, and by
a further 75 basis points after 25.5 years.  S&P considers the
cumulative 100 basis points as a material step-up, which is
currently unmitigated by any commitment to replace the respective
instruments at that time.  This step-up provides an incentive for
the issuer to redeem the notes on their first call date.

Consequently, in accordance with S&P's criteria, it will no
longer recognize the notes as having "intermediate" equity
content after their first call date because the remaining period
until their economic maturity would, by then, be less than 20
years.  However, S&P classifies the notes' equity content as
"intermediate" until their first call date, as long as S&P
believes that the loss of the beneficial "intermediate" equity
content treatment will not cause the issuer to call the notes at
that point.  The issuer's willingness to maintain or replace the
notes in the event of a reclassification of equity content to
"minimal" is underpinned by its statement of intent.

KEY FACTORS IN S&P'S ASSESSMENT OF THE NOTES' DEFERABILITY

In S&P's view, the issuer's option to defer payment on the hybrid
notes is discretionary.  This means that the issuer may elect not
to pay accrued interest on an interest payment date because it
has no obligation to do so.

However, any outstanding deferred interest payment will have to
be settled in cash if Lufthansa declares or pays an equity
dividend or interest on equally ranking notes and if Lufthansa
redeems or repurchases shares or equally ranking notes.  S&P sees
this as a negative factor.  That said, this condition remains
acceptable under S&P's methodology because, once Lufthansa has
settled the deferred amount, it can still choose to defer on the
next interest payment date.

KEY FACTORS IN S&P'S ASSESSMENT OF THE NOTES' SUBORDINATION

The hybrid notes (and coupons) constitute direct, unsecured, and
subordinated obligations of Lufthansa, ranking senior to common
shares.  They also rank pari passu with existing hybrid
instruments.


IMTECH DEUTSCHLAND: Files for Insolvency After Rescue Talks Fail
----------------------------------------------------------------
Toby Sterling and Yoruk Bahceli at Reuters report that Imtech
Deutschland GmbH & Co., the German unit of Dutch engineering
group Royal Imtech NV, has filed for insolvency after failing to
secure credit from lenders.

The announcement of the insolvency came hours after the company
said it was "considering all options" in the wake of the
subsidiary's liquidity crisis, Reuters relates.

According to Reuters, analysts had warned that options had become
limited for Imtech, once a darling of Amsterdam's medium-sized
stocks index, as it would have faced an uphill battle selling
operations at short notice, and a share issue would be a tough
sell.

Until Aug. 5, Imtech had been focused on discussions with its
financers, including an increase in liquidity for the group and
its subsidiaries, but failed to reach an agreement, Reuters
relays.

Imtech had said on July 28 it was close to an agreement with
creditors after making a first-half operating loss of EUR50
million on sales down 8% at EUR1.8 billion, Reuters recounts.

But on Aug. 4, the company said those financing plans were in
doubt due to German legal requirements, Reuters notes.

Imtech's fall from grace began in 2013 with writedowns at its
Polish and German operations and an accounting scandal that led
to hundreds of millions in losses and a management reshuffle,
Reuters discloses.

Imtech, as cited by Reuters, said in a statement Felix Colsman,
chairman of the board of Imtech Germany, will step down as a
member of the board of the parent company but will remain
chairman of the board of Imtech Germany.


TALISMAN-4 FINANCE: Fitch Cuts Ratings on 3 Note Classes to 'Dsf'
-----------------------------------------------------------------
Fitch Ratings has downgraded Talisman-4 Finance plc's class A, B
and C notes:

   -- EUR30.1 mil. class A (XS0263096389) downgraded to 'Dsf'
      from 'Bsf'; Recovery Estimate (RE) 100%

   -- EUR39.4 mil. class B (XS0263098161) downgraded to 'Dsf'
      from 'CCsf'; RE revised to 20% from 10%

   -- EUR39.4 mil. class C (XS0263098914) downgraded to 'Dsf'
      from 'Csf'; RE0%

   -- EUR3.8 mil. class D (XS0263099722) affirmed at 'Dsf'; RE0%

   -- EUR0 mil. class E (XS0263100835) affirmed at 'Dsf'; RE0%

   -- EUR0 mil. class F (XS0263101304) affirmed at 'Dsf'; RE0%

   -- EUR0 mil. class G (XS0263101569) affirmed at 'Dsf'; RE0%

The transaction is a securitization of originally eight
commercial mortgage loans secured on assets located in Germany.
As of the January 2015 interest payment date, only one loan
(DT12) remained. This loan, which was originally secured by 12
properties, failed to repay at maturity in July 2013 and has been
in special servicing since.

KEY RATING DRIVERS

The downgrade of the class A, B and C notes reflects the note
event of default at maturity on July 22, 2015.  The special
servicer has not managed to arrange the sale of the remaining
assets securing the DT12 loan in time for maturity, thus falling
short of expectations, and instead undertook a discounted payoff
(DPO) for six properties with an entity controlled by Summit
Group (the borrower) as well as a sale of six other properties to
third parties.

In a special notice published on July 16, 2015, the special
servicer announced that it had entered into a loan sale agreement
including a DPO on six properties.  The special servicer will
complete the sale of the remaining assets, in most cases at
already notarized prices.  Alternatively, it will sell them at
lower, contractually agreed prices on Dec. 15, 2015, to an entity
controlled by the borrower.

While this represents a severe loss of principal, the DPO
provides for execution of an exit to a long-running workout, and
should return principal in full to the class A investors.  Fitch
also anticipates a modest recovery for the class B notes, as
reflected in the Recovery Estimates.

RATING SENSITIVITIES

There is no prospect of changes in the ratings although the
Recovery Estimates are subject to variables including sale
proceeds, timing and costs.

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
===========


GREECE: Privatization Fund Agreed, Nears MOU Deal with Creditors
----------------------------------------------------------------
ANA-MPA reports that the Greek government and the quartet of the
country's creditors on Aug. 7 agreed on the terms of setting up a
new privatization fund which will replace the existing Hellenic
Republic Asset Development Fund (HRADF), thus concluding a part
of the negotiating agenda.

Finance ministry officials told ANA-MPA that the agreement
envisages the set-up of a fund which will create a reserve of
assets worth EUR50 billion in the next 30 years.  This will be
essentially a state investment fund that will operate completely
different from HRADF and will be based on the sovereign fund
models in Norway and Australia, ANA-MPA notes.

The fact that the fund will have the time to build its asset
reserves of EUR50 billion over a period of 30 years will allow
the state to implement an asset utilization program, offering
more time for more favorable terms in the future, ANA-MPA states.
The country's creditors, like the International Monetary Fund,
have relaxed their targets on privatization proceeds (the IMF
expects earnings of EUR1.5 billion by 2018, while the Commission
expects EUR2.5 billion), ANA-MPA relays.  HRADF was expected to
raise EUR6.0 billion from privatizations by 2018, according to
ANA-MPA.

Out of the EUR50 billion of assets in the Fund, 50% will be used
as bank collateral (it is estimated around EUR10 billion-EUR25
billion will be needed depending on banks' recapitalization
needs), while the remaining 50% will be equally distributed to
growth (25%) and debt servicing (25%), ANA-MPA discloses.

The new fund will be based in Athens, it will be controlled by
the Greek government while the European Commission will have a
supervisory role, ANA-MPA says.

                  Memorandum of Understanding

According to Deutsche Presse-Agentur, Greece's creditors have
agreed amongst themselves a draft bailout memorandum that they
now hope to finalize with Athens in the coming days, sources said
on Aug. 8, amid growing pressure on the two sides to strike a
deal.

When asked whether an agreement was within reach, Greek Economy
Minister Giorgos Stathakis said that reports to this effect
"could be" correct, DPA notes.

The two sides are under pressure to strike a deal and give Greece
access to bailout funds by Aug. 20, when it is supposed to make a
EUR3.2-billion (US$3.5-billion) debt repayment to the ECB, DPA
states.

"The goal of the [creditor] institutions is to agree a memorandum
of understanding with the Greeks by Tuesday, Aug. 11," DPA quotes
a eurozone source as saying on condition of anonymity.

The bailout agreement would then have to be endorsed by eurozone
finance ministers, as well as the Greek parliament and
legislatures in some other eurozone countries, according to DPA.

The memorandum of understanding would spell out the economic
reforms that Greece would have to implement in exchange for the
rescue aid, DPA says.  The institutions have approved 27-page
draft that now has to be agreed with Athens, DPA relays, citing
an EU source.

The commission has been describing progress in the negotiations
as "satisfactory", DPA discloses.

Brussels officials have indicated that in case a bailout
agreement does not materialize in time for Aug. 20, the EU may
grant Greece a new round of short-term aid to keep the country
afloat, DPA notes.  According to DPA, sources have said a
decision on whether such bridge financing is needed will likely
be made by early next week.  Athens already received a three-
month loan of up to EUR7 billion last month, DPA recounts.

Meanwhile, Jeremy Gaunt and Elizabeth Pineau at Reuters report
that Greek Prime Minister Alexis Tsipras and French President
Francois Hollande agreed on Aug. 6 that a new bailout for Greece
could and should be agreed soon after Aug. 15.

The Telegraph's Mehreen Khan reports that Germany, however, will
not rush talks over an EUR86 billion rescue package for Greece as
it seeks further guarantees before providing its taxpayer money
to keep the cash-strapped country in the eurozone.

Opening up a potential rift with its creditor partners, finance
ministry officials in Berlin are said to favor providing another
EUR5 billion bridging loan to Greece, buying time to extend talks
with the Leftist Syriza government, The Telegraph discloses.

According to The Telegraph, officials told Germany's Sueddeutsche
Zeitung, "It is better to negotiate [with Greece] for two or
three weeks longer and then have a sensible program . . . A
further bridge loan is better than just a half-finished program".

A spokeswoman for the ministry, as cited by The Telegraph, said
that "a range of issues remain to be settled, especially around
future conditionality".

The position is at odds with comments made by Messrs. Hollande
and Tsipras, who have insisted that talks over a new three-year
"Memorandum of Understanding" can be concluded by Aug. 15, The
Telegraph notes.

The Greek parliament could vote on a new agreement as early as
Aug. 18, The Telegraph relays, citing a government official on
Aug. 7.



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


HARVEST CLO XII: Fitch Assigns 'B-sf' Rating to Class F Notes
-------------------------------------------------------------
Fitch Ratings has assigned Harvest CLO XII Limited notes final
ratings, as:

Class A-1: 'AAAsf'; Outlook Stable
Class A-2: 'AAAsf'; Outlook Stable
Class B-1: 'AA+sf'; Outlook Stable
Class B-2: 'AA+sf'; Outlook Stable
Class C: 'A+sf'; Outlook Stable
Class D: 'BBBsf'; Outlook Stable
Class E: 'BB+sf'; Outlook Stable
Class F: 'B-sf'; Outlook Stable
Subordinated notes: not rated

Harvest CLO XII Limited is a cash flow collateralized loan
obligation (CLO).

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality

Fitch expects the average credit quality of obligors to be in the
'B' category.  Fitch has credit opinions or public ratings on the
entire identified portfolio.  The Fitch-weighted average rating
factor of the initial portfolio is 32.0.

High Recovery Expectations

At least 90% of the portfolio will comprise senior secured
obligations.  Recovery prospects for these assets are typically
more favorable than for second-lien, unsecured and mezzanine
assets.  Fitch has assigned Recovery Ratings (RRs) to all of the
assets in the identified portfolio.  The Fitch-weighted average
RR of the initial portfolio is 71.5%.

Tighter Concentration Covenants

Senior secured loan obligor exposure is limited to 2.5% of the
aggregate collateral balance, while unsecured senior and second-
lien/mezzanine exposure is subject to a 1.5% limit (both without
exceptions).  The maximum Fitch industry exposure is restricted
to 15% for the largest industry, and 35% for the top three.
These covenants compare favorably with other transactions.

Limited Interest Rate Risk

Unhedged fixed-rate assets cannot exceed 5% of the portfolio
while fixed-rate liabilities represent 4.5% of target par.
Consequently, interest rate risk is naturally hedged for most of
the portfolio through floating-rate liabilities.

TRANSACTION SUMMARY

Net proceeds from the notes were used to purchase a EUR400
million portfolio of European leveraged loans and bonds.  The
portfolio is managed by 3i Debt Management Investments Limited.
The reinvestment period is scheduled to end in 2019.

The transaction documents may be amended subject to rating agency
confirmation or noteholder approval.  Where rating agency
confirmation relates to risk factors, Fitch will analyze the
proposed change and may provide a rating action commentary if the
change has a negative impact on the ratings.  Such amendments may
delay the repayment of the notes as long as Fitch's analysis
confirms the expected repayment of principal at the legal final
maturity.

If in the agency's opinion the amendment is risk-neutral from a
rating perspective Fitch may decline to comment.  Noteholders
should be aware that confirmation is considered to be given if
Fitch declines to comment.

RATING SENSITIVITIES

A 25% increase in the obligor default probability would lead to a
downgrade of up to three notches for the rated notes.  A 25%
reduction in expected recovery rates would lead to a downgrade of
up to four notches for the rated notes.

DUE DILIGENCE USAGE

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

DATA ADEQUACY

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

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



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


SIENA PMI: Moody's Assigns Ba1(sf) Rating to Class C Notes
----------------------------------------------------------
Moody's Investors Service assigned the following ratings to ABS
SME notes issued by SIENA PMI 2015 S.r.l (the "Issuer"):

  EUR296,000,000 Class A1A Asset-Backed Floating Rate Notes due
  November 2055, Assigned Aa2(sf)

  EUR592,000,000 Class A1B Asset-Backed Floating Rate Notes due
  November 2055, Assigned Aa2(sf)

  EUR300,000,000 Class A2A Asset-Backed Floating Rate Notes due
  November 2055, Assigned Aa2(sf)

  EUR150,000,000 Class A2B Asset-Backed Floating Rate Notes due
  November 2055, Assigned Aa2(sf)

  EUR390,000,000 Class B Asset-Backed Floating Rate Notes due
  November 2055, Assigned A3(sf)

  EUR270,100,000 Class C Asset-Backed Floating Rate Notes due
  November 2055, Assigned Ba1(sf)

Moody's has not assigned ratings to the EUR 840,000,000 Class D
Asset-Backed Floating Rate Notes due November 2055, which were
issued.

SIENA PMI 2015S.r.l. is a cash securitization of loans originated
by the banks belonging to the Banca Monte dei Paschi di Siena
Group (MPS) and granted to individual entrepreneurs and small and
medium-sized enterprises (SME) domiciled mainly in the central
and northern regions of Italy.

RATINGS RATIONALE

According to Moody's, the ratings take into account, among other
factors, (i) the loan-by-loan evaluation of the underlying
portfolio, also complemented by the historical performance
information as provided by the originator; (ii) the structural
features of the transaction, with the inclusion of a EUR34.56
million amortizing cash reserve, funded at time of assigning of
ratings, designed to provide both liquidity and credit coverage
to the Class A1, Class A2 and Class B and (iii) the sound legal
structure of the transaction.

Moody's notes as credit strengths of the transaction its static
nature as well as the structure's efficiency, which provides for
the application of all cash collections to repay the Class A1 and
A2 notes should the portfolio performance deteriorate beyond
certain limits. Other credit strengths include (i) the credit
enhancement provided by the excess spread, the high subordination
of the senior notes and the reserve fund; and (ii) the
appointment of a back-up servicer facilitator from day one.

Moody's notes that the transaction also features a number of
credit weaknesses, such as: (i) the transaction does not have a
hedging mechanism to compensate for interest and payment
frequency mismatches between the assets and the notes; (ii) there
is exposure to commingling risk in light also of a large
concentration of payments from the underlying assets in certain
periods; (iii) there is exposure to set-off risk as most of the
obligors have deposits, bonds or have entered into derivative
contracts with MPS; (iv) the portfolio is granular but the top
borrower represents more than 4% of the initial pool (V) there is
some industry concentration as more than 43% of the obligors
belong to the top two sectors, namely Construction & Building and
Beverage, Food & Tobacco (according to Moody's industry
classification); (vi) the overall collateralization ratio of the
portfolio is low (i.e. only 12% of the portfolio benefits from
1st lien mortgage) (vi) subject to certain restricted conditions
MPS will remain active in some servicing activities even after
its revocation as the servicer, including holding the collection
account and managing the cash collections.

As of the valuation date (June 26, 2015), the portfolio principal
balance amounted to EUR3,002 million. The portfolio is composed
of 24,683 loans contracts granted to 22,497 obligors, mainly
small and medium-sized companies. The loans were originated
mainly between 1998 and 2015, with a weighted average seasoning
of 2.85 years and a weighted average remaining life of
approximately 7.46 years. The interest rate is floating for
88.38% of the pool while the remaining part of the pool bears a
fixed interest rate. The weighted average spread on the floating
portion is 3.11%, while the weighted average interest on the
fixed portion is 5.37%.

In its quantitative assessment, Moody's assumed an inverse normal
default distribution for this securitized portfolio due to its
level of granularity. The rating agency derived the default
distribution, namely the relevant main inputs such as the mean
default probability and its related standard deviation, via the
analysis of: (i) the characteristics of the loan-by-loan
portfolio information, complemented by the available historical
vintage data; (ii) the potential fluctuations in the
macroeconomic environment during the lifetime of this
transaction; and (iii) the portfolio concentrations in terms of
industry sectors and single obligors. Moody's assumed the
cumulative default probability of the portfolio to be equal to
16.45% (equivalent to B2) with a coefficient of variation (i.e.
the ratio of standard deviation over mean default rate) of
40.28%. The rating agency has assumed stochastic recoveries with
a mean recovery rate of 35% and a standard deviation of 20%. In
addition, Moody's has assumed the prepayments to be 5% per year.

Moody's believes that the data quality received from the
originator was of sufficient quality to assign the ratings.
Moody's adjusted it's assumptions , taking into account the
results of the AUP, as the results were not in line with Moody's
cross sector methodology "Global Structured Finance Data Quality
Evaluation Approach" published in March 2015.

The transaction is modelled via Moody's ABSROM cash flow model
which evaluates all default scenarios that are then weighted
considering the probabilities of such default scenarios occurring
-- as defined by the transaction-specific default distribution.
On the recovery side, Moody's assumes a stochastic (normal)
recovery distribution which is correlated to the default
distribution. In each default scenario, the corresponding loss
for each class of notes is calculated given the incoming cash
flows from the assets and the outgoing payments to third parties
and noteholders. Therefore, the expected loss for each tranche is
the sum product of (i) the probability of occurrence of each
default scenario; and (ii) the loss derived from the cash flow
model in each default scenario for each tranche. As such, Moody's
analysis encompasses the assessment of stressed scenarios.

Moody's used CDOROM to determine the coefficient of variation of
the default distribution for this transaction. The Moody's
CDOROM(TM) model is a Monte Carlo simulation, which takes
borrower specific Moody's default probabilities as input. Each
borrower reference entity is modelled individually with a
standard multi-factor model incorporating intra- and inter-
industry correlation. The correlation structure is based on a
Gaussian copula. In each Monte Carlo scenario, defaults are
simulated.

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

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

Factors or circumstances that could lead to a downgrade of the
rating affected by today's action would be (1) the worse-than-
expected performance of the underlying collateral; (2)
deterioration in the credit quality of the counterparties,
especially MPS acting as servicer; and (3) an increase in Italy's
sovereign risk.

Factors or circumstances that could lead to an upgrade of the
ratings affected by today's action would be a decline in Italy's
sovereign risk.

Moody's also tested other set of assumptions under its Parameter
Sensitivities analysis. At the time the rating was assigned, the
model output indicated that the Class A2 would have achieved an
A2 rating if the mean default rate was as high as 21.4% with a
recovery rate assumption of 25% (all other factors unchanged).
Additionally Moody's observed that under the same stressed
assumptions Class B and C notes would have achieved a Baa3 and B1
ratings, respectively. For more details, please refer to the full
Parameter Sensitivity analysis included in the New Issue Report
of the transaction.

Parameter Sensitivities provide a quantitative, model-indicated
calculation of the number of notches that a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial rating process differed. The analysis assumes
that the deal has not aged. It is not intended to measure how the
rating of the security might migrate over time, but rather, how
the initial rating of the security might differ as certain key
parameters vary.


TELECOMUNICAZIONI SPA: Moody's Affirms B2 Corp. Family Rating
-------------------------------------------------------------
Moody's Investors Service changed the outlook on Wind
Telecomunicazioni S.p.A's and its rated subsidiary to positive
from stable. At the same time, Moody's has affirmed all ratings
at Wind, namely the B2 corporate family rating (CFR), the B2-PD
probability of default rating (PDR), the Ba3 rating on the
company's bank facilities as well as the Ba3 rating on the senior
secured notes and the Caa1 rating on the senior unsecured notes,
both issued at Wind Acquisition Finance S.A.

The change in outlook to positive follows the announcement by
VimpelCom Ltd (Ba3 stable) and CK Hutchison Holdings Limited (A3
stable) that they have entered into an agreement to combine Wind
(100% owned by VimpelCom) and 3-Italia (100% owned by Hutchison)
under a 50/50 owned joint venture. The initial transaction which
will involve bringing the individual companies under a common
ownership-structure is expected to conclude around mid-2016, and
be followed with a full merger of the telecom businesses in 2017,
subject to regulatory review and approval. Moody's believes that
the ultimate combination of the telecom businesses will create a
stronger competitor with a less leveraged financial profile, as
reflected in the change in Wind's outlook to positive.

RATINGS RATIONALE

The change in outlook to positive from stable reflects Moody's
expectation that a successful combination of Wind and 3-Italia
will result in the creation of the largest Italian mobile
operator by number of subscribers with a market share of around
36% (as estimated by Wind and based on March 2015 numbers). The
positive outlook also reflects (i) the improved ownership
structure with Hutchison owning a material and strategic share of
the combined group; (ii) deleveraging expectations (combined
adjusted leverage of around 4.5x based on 2014 results) as 3-
Italia will be contributed to the JV on a debt free basis as well
as the material synergies the merged entity is expected to be
able to extract; (iii) the substantial improvements in 4G/LTE
coverage which will allow the combined group to more effectively
respond to Telecom Italia's (Ba1 negative) and Vodafone's (Baa1
stable) current networks expansion plans.

Moody's notes that 3-Italia will be contributed to the joint
venture along with interest free shareholder loans. As per Wind's
outstanding debt's terms and condition, these loans will need to
be restructured to meet certain subordination criteria. The
current outlook change assumes that the final terms of these
shareholder loans will lead to them being granted full equity
credit under Moody's own criteria for analyzing hybrid
instruments.

Wind's B2 CFR reflects (1) the company's high leverage, at 5.1x
Moody's adjusted debt/EBITDA at the end of March 2015; (2)
continuing pressures on the company's revenues in 2015 as the
Italian macro-economic outlook remains weak and the Italian
telecommunications market continues to absorb the effects of
aggressive pricing that occurred in 2013; (3) the uncertainty
over operators' success in generating sufficient revenue growth
from data usage to counter the declining voice and SMS trends;
and (4) weak free cash flow generation relative to the large debt
burden of the company.

Wind's B2 CFR also reflects (1) the company's solid and growing
revenue share of the telecommunications services market in Italy
and its strong competitive positioning vis-Ö-vis its main
competitors, Telecom Italia S.p.A. (Ba1, negative) and Vodafone
Group Plc (Baa1, stable); (2) a diversified business model, with
the company being active in mobile, fixed-line voice and
broadband internet; (3) expectations for improved cash flow
generation as the past refinancing transactions are expected to
yield savings on cash interest costs; and (4) the back-ended
nature of Wind's debt's maturity profile with no maturities
before 2019.

Wind has adequate liquidity supported by a long and back-ended
maturity profile, positive free cash flow generation and EUR400
million of availability under the new RCF, which does not require
Wind to test for maintenance covenants as long as drawing remain
below EUR140 million. Moody's notes that Wind's free cash flow
generation remains low relative to the carried quantum of debt
and, in the medium term, is unlikely to allow the company to
meaningfully reduce its leverage.

What Could Change the Rating UP:

Wind's ratings could be upgraded if the expected benefits to the
company's operating and financial profiles are achieved as a
result of the successful completion of the proposed transaction
such that (i) the company's leverage decreases below 5.0x. A
rating upgrade would also require the company to generate
meaningful free cash flow so that RCF/Debt as adjusted by Moody's
were to increase towards 10%.

What Could Change the Rating DOWN:

"We could downgrade Wind's ratings if the company's leverage were
to increase towards 6.0x, or if WIND's free cash flow generation
were to materially deteriorate as a result of lower than expected
performance."

The principal methodology used in these ratings was Global
Telecommunications Industry published in December 2010. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Wind Telecomunicazioni S.p.A is a leading alternative integrated
telecoms operator in Italy. The company provides wireless, fixed-
line voice, internet, broadband and data services. Based on
number of subscribers, Wind is the third-largest Italian mobile
operator, with 21.4 million subscribers, the second-largest
fixed-line operator, with 2.8 million voice subscribers of which
2.4 million are direct customers, and the second-largest
broadband provider, with 2.2 million subscribers (all figures as
of March 31, 2015). As of March 2015, the company reported LTM
revenue of EUR4.6 billion and EBITDA of EUR1.78 billion.



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


MANGISTAU ELECTRICITY: Fitch Affirms 'BB+' IDR, Outlook Negative
----------------------------------------------------------------
Fitch Ratings has affirmed the Kazakhstan-based Mangistau
Electricity Distribution Company JSC's (MEDNC) Long-term Issuer
Default Rating (IDR) at 'BB+' with a Negative Outlook.  Fitch has
also assigned MEDNC's proposed KZT2.5 bil. senior unsecured notes
due 2025 a 'BBB-(EXP)' expected local currency senior unsecured
rating.

The expected senior unsecured rating is in line with MEDNC's
Long-term local currency IDR of 'BBB-'.  The bonds will
constitute a direct and unsecured obligation of the company.
MEDNC will use the proceeds of the bond to finance its investment
program.  The final bond's rating is contingent upon the receipt
of final documentation conforming materially to information
already received.

The Negative Outlook reflects Fitch's assessment of weakening
ties between MEDNC and its ultimate parent, Kazakhstan
(BBB+/Stable). This is due to the planned sale of the full 75%
stake owned by 100% state-owned JSC Samruk-Energy (BBB-/Stable)
in MEDNC over the medium term as well as expected material
deterioration of the company's credit metrics over 2015-2018 due
to debt-funded large capex imposed by the state.  Consistent
evidence of weakening links between the company and ultimate
parent would result in Fitch shifting to a bottom-up rating
approach from the currently applied top-down assessment.  MEDNC's
ratings are currently notched down three levels from the
sovereign's.

KEY RATING DRIVERS

Ambitious Debt-Funded Capex

MEDNC plans to embark on a substantial capex program approved by
the government of KZT28.5 billion for 2015-2018.  As a result,
Fitch expects the company's free cash flow (FCF) to remain
significantly negative for 2015-2018.  The company plans to
finance the investment program mostly with borrowed funds.  MEDNC
expects to issue KZT2.5 billion, KZT11.6 billion and KZT2.3
billion of domestic bonds in 2015, 2016 and 2017, respectively.

Capex will be spent on the construction of two new electricity
distribution grids Aktau-Karazhanbas and Aktau-Uzen for KZT13
billion and the reconstruction of existing distribution lines and
substations.  These two new grids aim to service the expected
higher capacity needs of Aktau's existing oil refining companies,
and a fourth refinery, which is scheduled to be constructed in
Aktau Region over the medium term.

Fitch considers MEDNC's planned large-scale investments to be
opportunistic as the refinery projects, which are expected to
drive electricity demand, have not been implemented yet and may
be postponed due to lower oil prices and the slowdown of the
Kazakh economy.  As a result, Fitch believes MEDNC's new grids
construction project could face high execution risk, which may be
exacerbated by reliance on external funding from domestic markets
or domestic banks, as well as by volume risk, which may or may
not be fully reflected in tariffs.

Deteriorating Standalone Profile

Fitch expects that the implementation of the aggressive
investment program, which will be funded by significant debt, is
likely to lead to a material deterioration of MEDNC's credit
metrics and, as a result, its standalone profile.  Fitch now
assess the company's standalone profile as commensurate with the
mid-'B' rating category.  Fitch expects funds flow from
operations (FFO) gross adjusted leverage to increase to around 3x
by end-2015 and remain well above 5x over 2016-2017 under the
agency's conservative assumptions.  At end-2014 MEDNC reported
FFO gross adjusted leverage of 2.0x, up from 1.3x at end-2013.

Weakening Ties May Change Rating Approach

The Negative Outlook is driven by weakening links between MEDNC
and its majority shareholder Samruk-Energy and ultimately the
state.  This is due to the planned sale of Samruk-Energy's stake
in MEDNC and lack of commitment by the state to provide financial
support to the company, whose credit metrics are likely to
substantially deteriorate due to high capex imposed by the state.

Consistent evidence of weakening links with the ultimate parent
leading to deterioration of MEDNC's credit metrics such that FFO
gross adjusted leverage remains above 5x over 2015-2019 would
result in Fitch adopting a bottom-up rating approach from the
current top-down approach.

MEDNC's ratings are currently notched down from Kazakhstan's by
three notches, reflecting moderately strong links between the
company and its ultimate parent.  Samruk-Energy does not view
MEDNC as strategic and is likely to sell its stake in MEDNC in
2016-2017.

Favorable Tariffs

MEDNC's tariffs are approved by Kazakhstan's Agency on Regulating
Natural Monopolies and Competition Protection in conjunction with
the company's capex program.  At present, MEDNC's tariffs are
approved for five years 2015-2019 based on an assumed tariff
growth of 0.3%-15.3% per annum, which Fitch views positively.
The tariff system for transmission and distribution segments,
which is predominantly based on benchmarking efficiency, results
in favorable tariffs for MEDNC.

Near-Monopoly Position

MEDNC's credit profile is supported by the company's near-
monopoly position in electricity transmission and distribution in
the Region of Mangistau, one of Kazakhstan's strategic oil- and
gas-producing regions.  It is also underpinned by prospects for
economic development and expansion in the region, in relation to
both oil and gas and transportation, and by favorable long-term
tariffs.

Small Scale, Concentrated Customer Base

The business profile is constrained by MEDNC's small scale of
operations limiting its cash flow generation capacity, its high
exposure to a single industry (oil and gas) and, within that,
high customer concentration (the top four customers represented
over 64% of 2014 revenue).  The latter is somewhat mitigated by
the state ownership of some customers, and by prepayment terms
under transmission and distribution agreements.

RATING SENSITIVITIES

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

   -- Negative rating action on Kazakhstan's ratings.

   -- Weakening links with the ultimate parent - the state,
      including but not limited to a reduction of Samruk-Energy's
      stake in MEDNC to less than 50% or an elevated dividend
      payout, insufficient tariffs and increased capex
      contributing to weaker credit metrics such that FFO gross
      adjusted leverage remains above 5.0x on a sustained basis.

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

   -- Stronger links with the ultimate parent.

   -- Enhancement of the business profile, such as
      diversification and scale with only modest increase in
      leverage, which would be positive for the standalone
      profile.

For the sovereign rating of Kazakhstan, MEDNC's ultimate parent,
Fitch outlined the following sensitivities in its rating action
commentary of May 1, 2015:

The Outlook is Stable, meaning that the downside and upside risks
are evenly balanced.  However, these risk factors individually,
or collectively, could trigger negative rating action:

   -- Policy mismanagement and/or a prolonged fall in oil prices
      leading to a decline in sovereign net foreign assets
      accompanied by reduced economic and financial stability

   -- Renewed weakness in the banking sector, which leads to
      contingent liabilities for the sovereign

   -- A political risk event

Conversely, these factors, individually or collectively, could
result in positive rating action:

   -- Moves to strengthen monetary and exchange rate policy

   -- An effective restructuring of banks' balance sheets

   -- Steps to reduce the vulnerability of the public finances to
      future oil price shocks, for example, by reducing the non-
      oil deficit, currently estimated at more than 9% of GDP

   -- Substantial improvements in governance and institutional
      strength.

KEY ASSUMPTIONS

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

   -- Domestic GDP growth of 1.8% in 2015 and 2.5%-4% in 2016-
      2018 and inflation of 6.2% in 2015 and 5.5% over 2016-2018

   -- Electricity distribution tariff growth in line with
      government-approved level

   -- Cost inflation in line with expected CPI

   -- Capital expenditure in line with government-approved level

   -- Dividend payments of 15% of IFRS net income over 2016-2018

LIQUIDITY AND DEBT STRUCTURE

Fitch views MEDNC's liquidity as manageable, comprising solely
cash as the company does not have any available credit lines.  At
end-2014, MEDNC's cash balance of KZT1.1 billion was sufficient
to cover short-term maturities of KZT314 million. Cash balances
are mostly held in local currency with domestic banks including
Halyk Bank of Kazakhstan (BB/Stable) and Nurbank.

At end-2014, most of MEDNC's debt was represented by two
unsecured fixed-rate bonds of KZT1.7 billion and KZT2.4 billion
maturing in 2023 and in 2024, respectively.  The rest of the debt
is represented by interest-free loans with maturity up to 2036
from MEDNC's customers to co-finance new network connections.
MEDNC benefits from limited foreign-exchange risks and from the
absence of interest-rate risks.

MENDC's ambitious capex program will be funded by additional debt
over the medium term.  MEDNC has some track record in accessing
the domestic bond market.  During 2014 MEDNC issued KZT2.4
billion of bonds to partly finance its substantial capex needs
(KZT3 billion) for the year.

FULL LIST OF RATING ACTIONS

  Long-term foreign currency IDR: affirmed at 'BB+', Outlook
  Negative

  Long-term local currency IDR: affirmed at 'BBB-', Outlook
  Negative

  National Long-term rating: affirmed at 'AA(kaz)', Outlook
  Negative

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

  Foreign currency senior unsecured rating: affirmed at 'BB+'

  Local currency senior unsecured rating, including that on
  KZT1.7bn and KZT2.4bn bonds, affirmed at BBB-'

  Expected local currency senior unsecured rating on the proposed
  KZT2.5bn notes assigned at 'BBB-(EXP)'



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


NEMERA DEVELOPMENT: S&P Puts 'B' CCR on CreditWatch Developing
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'B'
long-term corporate credit rating on Nemera Development S.A., a
Luxembourg-registered manufacturer of rigid plastic packaging and
delivery solutions for the health care industry, on CreditWatch
with developing implications.

S&P also placed on CreditWatch developing the 'B' issue ratings
on Nemera Development's senior secured first-lien facilities.
These comprise a $415 million first-lien term loan due in 2021
and a US$65 million committed revolving credit facility, as well
as a US$140 million senior secured second-lien term loan due in
2022.

The CreditWatch placement reflects S&P's uncertainty over how
Nemera will use the proceeds it receives from the disposal of
Centor, its U.S.-based prescription retail packaging business.
Under S&P's criteria, it uses a developing designation for
unusual situations in which future events are sufficiently
unclear that S&P could either raise or lower the rating.

If the transaction goes through as planned, Nemera will be a
smaller and less diversified company, which could potentially
have a negative impact on its business risk profile.  In 2014,
Centor supplied about one-third of Nemera's consolidated sales
and about two-thirds of its gross profits, highlighting Centor's
stronger profitability.  There are also great uncertainties
regarding the impact of the sale on Nemera's financial risk
profile.  S&P understands that Nemera had about US$531 million of
outstanding debt as of June 30, 2015, and that about $451 million
of this belonged to Centor, while the remaining Nemera Devices
business held about $80 million, resulting in a stand-alone post-
transaction debt-to-EBITDA for Nemera of about 2x.  However, S&P
is still lacking guidance from management and its owners about
whether this leverage level will be sustained or whether a new
capital structure will be put in place.

S&P is yet to analyze the remaining Nemera Devices business on a
stand-alone basis, but believes that the business risk profile
could potentially weaken.  Although Nemera will still enjoy a
strong market position in the favorable health care packaging
industry, following the disposal, its profitability would fall
and its geographical and product diversification benefits would
be significantly reduced.

S&P will engage in further discussions with Nemera's management
over the coming months to understand the uses of the sale
proceeds and the capital structure of the remaining group going
forward.  In addition, S&P will analyze the stand-alone business
risk profile of Nemera and the financial policy of the
shareholders so that the likely direction of any potential
ratings movement becomes clearer to S&P.

S&P intends to resolve the CreditWatch once the transaction
closes, which is expected to occur before the end of November
2015.



=============
M O L D O V A
=============


BANCA DE ECONOMII: Moldovan Government to Commence Liquidation
--------------------------------------------------------------
SeeNews reports that the Moldovan government said will start a
process to liquidate three local banks from which US$1 billion
(EUR918 million) went missing in November and plans to complete
the process by Oct. 9.

According to SeeNews, the government's press office said in a
statement posted on its website on Aug. 5 the announcement was
made by Moldovan Prime Minister Valeriu Strelet after a meeting
of the national committee for financial stability, CNSF.

The three banks -- Banca de Economii, Banca Sociala and Unibank,
are currently placed under special supervision, SeeNews
discloses.

Earlier this year, a report by independent US investigative
consultancy Kroll indicated companies and individuals tied to
businessman Ilan Shor took control of the three banks during
2012-2014 and then allegedly issued in November massive loans to
companies affiliated with Shor, SeeNews recounts.

The report said the transactions ultimately contributed to the
banks' collapse at the end of 2014, with a combined loan exposure
of nearly MDL18 billion (US$938 million/EUR861 million), of which
MDL4.7 billion relates to future interest payments, SeeNews
relays.

Kroll was engaged by Moldova's central bank in January to conduct
a scoping phase of investigation into certain transactions
involving the three banks, SeeNews notes.



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


AERCAP HOLDINGS: Fitch Affirms 'BB+' IDR & Revises Outlook Pos.
---------------------------------------------------------------
Fitch Ratings has affirmed the long-term Issuer Default Rating
(IDR) and senior unsecured debt ratings of AerCap Holdings N.V.
at 'BB+'.  The Rating Outlook has been revised to Positive from
Stable.

These actions are being taken in conjunction with a broader
industry review conducted today by Fitch, which includes five
aircraft leasing companies.

KEY RATING DRIVERS

IDRS

The affirmation of AerCap's Long-term IDR of 'BB+' is supported
by the company's scale, franchise, global platform and mixed
fleet strategy following the acquisition of International Lease
Finance Corp. (ILFC) in May 2014, a robust funding and liquidity
profile including increased unsecured funding, and a strong
management team.  Rating constraints include the average age of
the fleet (7.6 years at 1Q'15), elevated leverage on a Fitch-
adjusted debt-to-tangible equity basis (pro forma 4.6x at 1Q'15),
modestly weaker unencumbered asset coverage of unsecured debt
relative to investment grade peers, the monoline nature of the
business and the reliance on wholesale funding sources.

The Positive Outlook reflects deleveraging and fleet optimization
undertaken by AerCap, combined with Fitch's expectation of
further deleveraging over the outlook horizon.  Fitch also
believes execution/integration risk associated with the ILFC
acquisition has significantly abated given that the company has
successfully combined the ILFC fleet into the portfolio and
largely completed the staff integration.

Share Repurchase Slows De-Leveraging

AER has continued to reduce balance sheet leverage via retained
earnings, but Fitch believes that this metric remains consistent
with the 'BB+' rating at this time, particularly following
AerCap's US$750 million share repurchase in June 2015.  AER
funded the share repurchase in part with US$500 million of long-
term subordinated debt from American International Group, Inc.
(AIG) in connection with a June secondary public offering of AER
shares by AIG.  Fitch previously stated that positive rating
momentum could slow if AerCap reinstituted share repurchase
activity before deleveraging plans were completed.  Fitch
anticipates that balance sheet leverage will continue to decline
organically over the next 12-to-24 months.

AerCap's balance sheet leverage increased materially following
the ILFC transaction, primarily as a result of the assumption of
ILFC's existing debt and acquisition-related purchase accounting.
Leverage declined during the integration and as a result of the
build-up of retained earnings.  The company plans to maintain a
conservative capital policy with a targeted debt-to-equity ratio
(as calculated by the company) of approximately 2.7x to 3.0x, but
at times has deviated from this target through opportunistic M&A
activity and share repurchases.  The reported debt to equity
ratio on this basis was 3.2x as of March 31, 2015.  Good
visibility into future earnings and operating cash flows
underpins the company's de-leveraging plan.

Fitch believes that the best measure of financial leverage for
the company is adjusted debt-to-tangible equity.  This measure
adjusts debt by ascribing 50% equity credit to the company's
subordinated notes per Fitch's hybrids criteria and reducing the
fair market value for ILFC debt, which was a result of purchase
accounting. This measure also adjusts equity by reducing the fair
value of the company's order book, which was also a result of
purchase accounting, as well as intangible assets, and non-
controlling interests.  These adjustments are more reflective of
the economic value of the balance sheet than the reported debt-
to-equity ratio in Fitch's opinion.

Fitch calculates that the adjusted debt-to-tangible equity ratio
was 4.6x as of March 31, 2015 pro forma for the share repurchase
and June senior unsecured notes offering, down slightly from 4.7x
as of June 30, 2014 but up from 4.2x as of March 31, 2015.
However, there is additional potential value imbedded in AER's
order book, which is not reflected in this ratio.  This potential
value is a result of AER's agreements to purchase next generation
aircraft below current appraised values and placements across a
diversified lessee base under long term leases.  Fitch projects
that adjusted debt-to-tangible equity ratio could decline to
around 3.0x over the next several years, which would be
consistent with a 'BBB' category rating on a quantitative basis.

ILFC Integration Significantly Completed

AerCap consummated the ILFC transaction over a year ago for a
consideration consisting of US$2.4 billion in cash and
approximately 97.6 million of AER ordinary shares, for a total
value of approximately US$7 billion (excluding a special
distribution paid by ILFC to AIG).  The company has completed the
transfer of operations and key members of legacy ILFC staff from
the U.S. to Ireland and reaped significant tax benefits by
re-domiciling the vast majority of ILFC's assets to Ireland and
transferring ILFC's large deferred tax liability to AIG.  It has
integrated the legacy ILFC and AerCap platforms related to
processes and systems.  AER continues to phase out employees with
short-term contracts, most of which will terminate in 2015 and
incurred severance and compensation expenses related to the ILFC
transaction of $4.4 million in 1Q'15.  Fitch expects that the
last of such charges will be incurred during 3Q15.

Large Platform with Strong Utilization, Mixed Fleet Strategy

AerCap has a scalable operating platform and its utilization
rates remained excellent at 99.4% in 1Q'15, up from 99.2% in
2014.  The strong utilization rates are indicative, in part, of
strong demand for the company's assets, but also broader industry
trends in terms of growing air travel, increased used of aircraft
leasing and improving airline financial condition.  As of
March 31, 2015, the company owned 1,133 aircraft across the age,
size and manufacturer spectrums.  In addition, AER continues to
have of one of the largest order books in the industry, including
some of the most in-demand aircraft in the market, placed at
attractive prices and delivery slots.  The 368 next generation
aircraft on order were comprised of Boeing 737-800, 737-8Max,
787-8 and 787-9, Airbus A320-NEO, 321-NEO and 350-900, and
Embraer 190 and 195.

During 2Q'15, AER purchased four wide-bodies including three
Boeing 787s and one Airbus A350, and seven narrow-bodies Boeing
737-800s.  AerCap signed an agreement with Boeing for an order of
100 Boeing 737 MAX 8 aircraft with deliveries starting in 2019.
Additionally, signed purchase and leaseback agreements for four
Boeing 737 MAX 8 aircraft.  Also in 2Q'15, AER sold and parted
out 14 planes including two Boeing 787-8s, six 757-200s, one 767-
300ER, one Airbus A320, two Airbus A319s and two A321s.  The
overall bias in AerCap's fleet management strategy has been
towards expanding what Fitch considers tier-1 aircraft,
indicative of improving asset quality.

Nevertheless, the long-term nature of the orders could create a
future liability that may need to be funded at a time when
capital is not available on favorable terms.  Furthermore, given
the cyclical nature of the aviation market and continual
technological advances, the contracted purchase price of the
aircraft could potentially exceed the market value on the
delivery date.

Favorable Asset Yields

Reported annualized net spreads increased year-over-year to 9.7%
in 1Q'15 from 8.7% in 1Q'14 but were slightly down from 10.1% in
3Q'14 (the first full quarter after the closing of the ILFC
transaction).  Net spreads are defined by Fitch as net interest
margin (basic lease rents less interest expense, excluding the
non-cash charges relating to the mark-to-market of interest rate
caps and swaps) divided by flight equipment held for operating
lease, net investment in finance and sales-type leases and
maintenance rights intangible assets.  Fitch defined yield on
assets have trended around 14% over the past several quarters.
Strong underlying fundamentals in the aircraft leasing industry
including rising passenger growth and the reduction in AER's
customers' fuel costs should continue to support strong asset
yields, at least in the near term.

Robust Liquidity and Strong Access to Capital

AER's liquidity position remains strong with sources (unsecured
revolver, other undrawn commitments, AIG revolving credit
facility, and unrestricted cash pro forma the share repurchase)
covering uses by 1.5x through March 31, 2016.  Total sources of
liquidity totaled approximately US$10 billion on a pro forma
basis as of March 31, 2015.  Fitch views this as an appropriate
liquidity framework given AerCap's significant purchase
commitments and debt maturities.

Since the ILFC transaction, AER's unsecured debt levels have
continued to outpace secured debt levels, further expanding
financial flexibility.  Secured debt to total assets was 30% as
of March 31, 2015 pro forma for the share repurchase program and
June unsecured bond offering; the company has articulated a
target of secured debt to total assets not greater than 30%.

AER has strong access to multiple sources of capital.  Through
subsidiaries, the company issued $4.4 billion of unsecured notes
between Jan. 1, 2014 and July 30, 2015, at a weighted average
spread of 238 basis points and AER also has proven access to the
secured debt markets including bank debt.

KEY RATING DRIVERS

SENIOR UNSECURED DEBT

The equalization of the unsecured debt with AerCap and ILFC's
IDRs reflects material unsecured debt as a portion of total debt,
as well as the availability of unencumbered assets.  The
company's unencumbered aircraft provide support to unsecured
creditors, although unencumbered asset coverage of unsecured debt
is viewed as slightly weaker relative to investment grade peers.

KEY RATING DRIVERS

SENIOR SECURED DEBT

AerCap's senior secured bank debt and ILFC's senior secured notes
ratings of 'BBB-' are one-notch above the long-term IDR, and
reflect the aircraft collateral backing these obligations which
suggest very strong recovery prospects.

The ratings of the senior secured term loans of Flying Fortress,
Inc., Delos Finance SARL, and Temescal Aircraft Inc., which are
wholly owned subsidiaries of ILFC, are equalized with the IDR of
ILFC.  These secured term loans are secured via a pledge of stock
of the subsidiaries and related affiliates and are guaranteed by
ILFC on a senior unsecured basis.  The ratings on these secured
term loans are not notched above ILFC's IDR due to the lack of a
perfected first priority claim on aircraft provided to support
repayment of the term loans.  Furthermore, there is a risk of
substantive consolidation of Flying Fortress, Inc., Delos Finance
SARL and related affiliates in the event of an ILFC bankruptcy.

KEY RATING DRIVERS

HYBRID DEBT

The ILFC preferred stock ratings of 'B+' incorporate a three-
notch differential between the long-term IDR and preferred stock
rating reflecting the going-concern loss absorption nature of the
instruments.

RATING SENSITIVITIES

IDRS, SENIOR UNSECURED DEBT, SENIOR SECURED DEBT AND HYBRID DEBT
Positive rating actions could result from a further and sustained
reduction in balance sheet leverage below current levels, a
continued improvement of the fleet profile in line with the
company's long-term targeted average fleet age of six years,
improved unencumbered asset coverage of unsecured debt, and
maintenance of robust liquidity particularly with respect to
near-term funding obligations.

With respect to leverage, Fitch expects to continue to focus
primarily on the adjusted metric outlined herein, but in the
context of the evolving profile of the fleet, the ongoing
placement of, demand for, and valuation of AerCap's order book
and the degree of visibility into AerCap's deleveraging
capability over the outlook horizon.  Depending on how these
variables evolve, it is possible that ratings could be upgraded
before leverage decreases below 3.0x on a Fitch-adjusted debt-to-
tangible equity basis.

Negative rating actions could result from capital actions such as
share repurchases (aside from potential additional share
repurchases related to AIG's remaining approximately 5% interest
in AerCap's ordinary shares), which would delay the company's
reduction in leverage towards the 2.7x-3.0x target as defined by
the company.  Negative rating pressure could also arise from a
sustained deterioration in financial performance and/or operating
cash flows, higher than expected repossession activity,
difficulty re-leasing aircraft at economical rates, a reduction
in available liquidity, and/or inability to maintain or improve
the fleet profile.

The ratings of the senior secured debt, senior unsecured debt and
hybrid debt are sensitive to changes in AerCap's IDR and the
relative recovery prospects of the instruments.

Fitch has affirmed these ratings:

AerCap Holdings N.V.
   -- Long-term IDR at 'BB+'; Outlook revised to Positive from
      Stable.

AerCap Ireland Capital Limited
AerCap Global Aviation Trust
AerCap Aviation Solutions B.V.
   -- Senior unsecured notes at 'BB+'.

International Lease Finance Corp.
   -- Long-term IDR at 'BB+'; Outlook revised to Positive from
      Stable;
   -- $3.9 billion senior secured notes at 'BBB-';
   -- Senior unsecured notes at 'BB+';
   -- Preferred stock at 'B+'.

Flying Fortress Inc.
   -- Senior secured term loan at 'BB+'.

Delos Finance SARL
   -- Senior secured term loan at 'BB+'.

ILFC E-Capital Trust I
   -- Preferred stock at 'B+'.

ILFC E-Capital Trust II
   -- Preferred stock at 'B+'

AerCap B.V.
AerCap Dutch Aircraft Leasing I B.V.
AerCap Dutch Aircraft leasing IV B.V.
AerCap Dutch Aircraft Leasing VII B.V.
AerCap Engine Leasing Limited
AerCap Ireland Limited
AerCap Partners 767 Limited
AerCap Partners I Limited
AerFunding 1 Limited
AerLift Leasing Jet Limited
AerVenture Leasing 1 Limited
Bluesky Aircraft Leasing Limited
CelestialFunding Limited
Cielo Funding Limited
Cielo Funding II Limited
Flotlease MSN 973 Limited
Genesis Portfolio Funding 1 Limited
Harmonic Aircraft Leasing Limited
Harmony Funding BV
Limelight Funding Limited
Melodic Aircraft Leasing Limited
Monophonic Aircraft Leasing Limited
Parilease / Jasmine Aircraft Leasing Limited
Philharmonic Aircraft Leasing Limited
Polyphonic Aircraft Leasing Limited
Quadrant MSN 5869 Limited
Renaissance Aircraft Leasing Limited
Rouge Aircraft Leasing Limited
Sapa Aircraft Leasing 2 BV
Sapa Aircraft Leasing BV
Skyfunding II Limited
SkyFunding Limited
SoraFunding Limited
Sunflower Leasing Co., Ltd
Symphonic Aircraft Leasing Limited
Triple Eight Aircraft Leasing Limited
Tulip Leasing Co., Ltd.
Wahaflot Leasing 3699 (Bermuda) Limited
Westpark 1 Aircraft Leasing Limited
Worldwide Aircraft Leasing Limited
   -- Senior secured bank debt at 'BBB-'.

In addition, Fitch has assigned these ratings:

Temescal Aircraft Inc.
   -- Senior secured term loan 'BB+'.

Excalibur One 77B LLC
NimbusFunding BV
StratusFunding Limited
StratocumulusFunding BV
   -- Senior secured bank debt 'BBB-'.

Fitch has withdrawn the 'BBB-' rating on GLS Atlantic Alpha
Limited's senior secured bank debt as this obligation has been
repaid and the rating is no longer relevant to the agency's
coverage.


SIMED INTERNATIONAL: Put on World Bank Corruption List
------------------------------------------------------
DutchNews.nl reports that the Financieele Dagblad on Aug. 7 said
Simed International was placed on a World Bank blacklist in March
because of corruption.

According to DutchNews.nl, sources told the paper the company,
which has since gone bankrupt, had tried on multiple occasions to
bribe World Bank staff.

The paper said Simed was primarily involved in projects in
developing countries and had annual turnover of some EUR120
million, DutchNews.nl notes.

The bribery related to several projects in eastern Europe,
DutchNews.nl discloses.  The paper said although the sums
involved were relatively small, this was enough to blacklist the
company, DutchNews.nl relays.

Simed went into receivership in mid-April and was declared
bankrupt a week later, DutchNews.nl recounts.  Among the
creditors is ABN Amro, which has a claim of EUR123 million,
DutchNews.nl discloses.

Simed International is a Dutch company which builds hospitals all
over the world.



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


GIALIT POLIS: Insurance & Reinsurance Licenses Suspended
--------------------------------------------------------
The Bank of Russia, by its Order No. OD-2015 dated August 6,
2015, suspended the insurance and reinsurance licenses of
Insurance Company Gialit Polis, LLC.

The decision is taken due to the insurer's failure to duly meet
the Bank of Russia instruction, particularly, financial stability
and solvency requirements in terms of creating insurance
reserves, procedure and conditions to invest equity and insurance
reserve funds.  The decision becomes effective the day it is
published in the Bank of Russia Bulletin.

The suspension of license prohibits the insurance agent from
entering into new contracts of insurance and introducing
amendments resulting in increase in insurance agent's obligations
under the current contracts.

The insurance company must accept notifications of claim and meet
its obligations.


RUSSIAN INSURANCE: Insurance & Reinsurance Licenses Suspended
-------------------------------------------------------------
The Bank of Russia, by its Order No. OD-2014 dated August 6,
2015, suspended the insurance and reinsurance licenses of PJSC
Russian Insurance Centre (registration number in the unified
state register of insurance agents 0159).

The decision is taken due to the insurer's failure to duly meet
the Bank of Russia instruction, particularly, financial stability
and solvency requirements in terms of creating insurance reserves
and equity, procedure and conditions to invest equity and
insurance reserve funds.  The decision becomes effective the day
it is published in the Bank of Russia Bulletin.

The suspension of license prohibits the insurance agent from
entering into new contracts of insurance and introducing
amendments resulting in increase in insurance agent's obligations
under the current contracts.

The insurance company must accept notifications of claim and meet
its obligations.



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


BBVA RMBS 3: Moody's Cuts Rating on EUR63.6MM A3c Notes to B3(sf)
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of the class A3a
notes in BBVA RMBS 3, FTA a Spanish residential mortgage-backed
securities (RMBS) transaction and the Series B notes in FTA PYMES
Santander 4, a Spanish asset-backed securities (ABS) transaction
comprising loans granted to small- and medium-sized enterprises
(SMEs). At the same time, Moody's has downgraded three notes in
BBVA RMBS 3, FTA.

RATINGS RATIONALE

The upgrades reflect the current A3 long-term deposit ratings of
the issuer account banks, which are Banco Bilbao Vizcaya
Argentaria, S.A. (BBVA) (for BBVA RMBS 3, FTA) and Banco
Santander S.A. (Spain) (for FTA PYMES Santander 4). Moody's
upgraded BBVA and Banco Santander S.A. (Spain) deposit rating on
June 17, 2015. Following the upgrades, the ratings on the
aforementioned issuer account banks no longer constrain our
ratings on BBVA RMBS 3, FTA's class A3a notes nor FTA PYMES
Santander 4's Series B notes. Moody's has therefore upgraded the
ratings on these tranches.

The downgrades in BBVA RMBS 3, FTA reflect a decrease in the
credit enhancement available. The Principal Deficiency Ledger
(PDL) has increased to EUR 214.3 Million in May 2015 up from EUR
208.1 Million in the payment date of November 2014.

BBVA RMBS 3, FTA

Moody's has decreased slightly its lifetime loss expectation (EL)
to 10.2% from 11.4% over original pool balance, to reflect a
better collateral performance than implied by the previous
assumption, as delinquencies decreased. Moody's has maintained
its MILAN credit enhancement assumption at 22.5%.

Despite the improvement in the delinquency trend, the PDL, mainly
driven by cumulative defaults, has increased and reduced credit
enhancement available to the junior notes.

FTA PYMES SANTANDER 4

Moody's has revised its volatility assumption for this
transaction to 46.1% from 44.8%, to take into account the shorter
weighted-average life of the portfolio. The unchanged default
probability (DP) on the current balance of 9.9%, combined with a
recovery rate of 35% and a volatility assumption of 46.1%,
corresponds to an unchanged portfolio credit enhancement of 20%.
Given the 4.65% of defaults that have already occurred and the
assumed 9.9% future defaults as a proportion of the current pool
balance, Moody's has reduced its assumed DP over the life of the
transaction to 6.4% from 9.9%.

Principal Methodologies:

The principal methodology used in rating BBVA RMBS 3, FTA was
Moody's Approach to Rating RMBS Using the MILAN Framework
published in January 2015.

The analysis undertaken by Moody's at the initial assignment of a
rating for an RMBS security may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

The principal methodology used in rating FTA PYMES SANTANDER 4
was Moody's Global Approach to Rating SME Balance Sheet
Securitizations published in January 2015.

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) lower sovereign risk; (2) better-than-
expected performance of the underlying collateral; (3)
deleveraging of the capital structure; and (4) improvements in
the credit quality of the transactions' counterparties.

Conversely, factors or circumstances that could lead to a
downgrade of the ratings include (1) higher sovereign risk; (2)
worse-than-expected performance of the underlying collateral; (3)
deterioration in the notes' available credit enhancement; and (4)
deterioration in the credit quality of the transactions'
counterparties.

LIST OF AFFECTED RATINGS

Issuer: BBVA RMBS 3, FTA

EUR1200M A1 Notes, Downgraded to B2 (sf); previously on Feb 23,
2015 Affirmed B1 (sf)

EUR595.5M A2 Notes, Downgraded to B2 (sf); previously on Feb 23,
2015 Affirmed B1 (sf)

EUR681M A3a Notes, Upgraded to Aa2 (sf); previously on Feb 23,
2015 Upgraded to Aa3 (sf)

EUR136.2M A3b Notes, Affirmed Baa2 (sf); previously on Feb 23,
2015 Upgraded to Baa2 (sf)

EUR63.6M A3c Notes, Downgraded to B3 (sf); previously on Feb 23,
2015 Affirmed B2 (sf)

EUR27.2M A3d Notes, Affirmed Caa1 (sf); previously on Sep 24,
2014 Affirmed Caa1 (sf)

Issuer: FTA PYMES SANTANDER 4

EUR397.5M Series B Notes, Upgraded to Aa2 (sf); previously on Jan
23, 2015 Upgraded to Aa3 (sf)



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


SK SPICE: S&P Assigns 'B' LT Corp. Credit Rating, Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Switzerland-headquartered specialty
chemicals producer SK Spice Holding S.a.r.l. (Archroma).  The
outlook is stable.

At the same time, S&P assigned its 'B' issue rating to the senior
secured first-lien facilities, issued by Archroma's subsidiary SK
Spice.  The facilities include a US$220 million term loan A due
2020, EUR200 million term loan B due 2021, and US$75 million
revolving credit facility, in line with S&P's corporate credit
rating.  The recovery rating is '3', indicating S&P's expectation
of meaningful recovery, in the higher half of our 50%-70% range,
in the event of a payment default.

These ratings are in line with the preliminary ratings S&P
assigned on June 18, 2015.

The ratings reflect S&P's assessment of Archroma's business risk
profile as "weak" and its financial risk profile as "highly
leveraged," as S&P's criteria define these terms.

Archroma, owned by New York-based private equity firm SK Capital,
is a specialty chemicals producer for the textile, paper, and
emulsions sectors, with about US$1.4 billion in sales.  In S&P's
view, the company is mainly exposed to end markets with below-
average growth prospects, such as the textile and paper
industries.  These markets are highly competitive and partly
oversupplied, which is indicated by Archroma's only modest
capacity utilization rates and profitability that is below
average compared with the wider specialty chemicals industry
(with a mid-single-digit EBITDA margin).  In addition, the
company faces a high risk of substitution in some of its
products.

Positively, Archroma commands leading market shares in several
more attractive and somewhat higher growth niches of the textile
and paper chemicals industry, its sales are well diversified in
terms of customers and geographies, with a strong footprint in
the higher-growth Asian markets.  Archroma closed its acquisition
of BASF's textile chemicals business, with sales of US$190
million, on July 1, 2015.  This transaction is beneficial for
Archroma's business risk profile, in S&P's opinion, because it
increases the company's market share and product portfolio and
strengthens its technological edge.  In addition, as no
production assets will be transferred in the BASF textile
chemicals transaction, the utilization rate of Archroma's own
production assets should improve.  Finally, S&P recognizes that
the company's application know-how and customer specification
should help protect its position in the value chain.

"Our base-case assumptions for Archroma have not changed
materially since the preliminary rating on June 18, 2015.  Our
calculations of the core ratios are unchanged, and the company's
interest coverage ratio remains strong for the rating despite
higher interest payments, with EBITDA covering interest by about
3.0x in 2015 (pro forma the acquisition) versus 3.4x we projected
when assigning the preliminary rating.  We continue to forecast
adjusted debt to EBITDA of about 7.8x in fiscal 2015, pro forma
BASF textile chemicals at 6.3x, improving to about 5.1x in fiscal
2016.  We anticipate funds from operations to debt at about 6% in
fiscal 2015, rising to 10% in fiscal 2016," S&P said.

The stable outlook reflects S&P's view that Archroma will
successfully integrate the BASF textile chemicals business,
improve its profitability through cost optimization and
efficiency measures, and gradually reduce its adjusted debt-to-
EBITDA ratio to the lower part of the 5x-6x range by Sept. 30,
2016, which S&P views as commensurate with the current rating.

S&P could raise the rating if Archroma improves and sustains its
adjusted debt-to-EBITDA ratio below 5x, with EBITDA over $120
million following the successful integration of BASF textile
chemicals.  An upgrade would also be dependent on the company
improving FOCF generation as a result of higher profitability and
easing restructuring charges.

If Archroma's adjusted debt-to-EBITDA ratio remained above 6x --
for example, because of unexpected acquisitions or shareholder
distributions -- or if its liquidity deteriorated, S&P could
consider a downgrade.


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


UKRAINE: Debt Restructuring Talks to Continue This Week
-------------------------------------------------------
Karin Strohecker at Reuters reports that Ukraine's biggest group
of creditors and Finance Minister Natalia Yaresko's team will
meet on Aug. 12 in San Francisco to continue talks on
restructuring the country's debt.

Talks to restructure US$23 billion of Ukraine's external public
debt have dragged on for more than four months, Reuters relates.

The Finance Ministry sent a fresh offer to a creditor group on
Aug. 4, but a source told Reuters that creditors saw the debt
proposal as unacceptable.

According to Reuters, Kiev has described this week as the
absolute deadline for an agreement.



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


* BOND PRICING: For the Week August 3, 2015 to August 7, 2015
-------------------------------------------------------------

Issuer             Coupon    Maturity Currency     Price
------             ------    -------- --------     -----
Grupo Isolux Cors     6.63    4/15/2021    EUR     65.23
CSN Resources SA      6.50    7/21/2020    USD     75.00
CHC Helicopter SA     9.25   10/15/2020    USD     64.00
NBG Finance PLC       4.38    4/30/2019    EUR     46.01
Piraeus Group Fin     5.00    3/27/2017    EUR     40.25
Alpha Credit Grou     3.38    6/17/2017    EUR     50.75
Heta Asset Resolu     4.38    1/24/2017    EUR     63.50
Ukraine Governmen     9.25    7/24/2017    USD     58.63
Russian Standard     13.00    4/10/2020    USD     49.03
Andrade Gutierrez     4.00    4/30/2018    USD     61.50
Hema Bondco I BV      6.25    6/15/2019    EUR     67.63
Petrobras Global      5.63    5/20/2043    USD     73.66
Public Power Corp     5.50     5/1/2019    EUR     68.76
Ajecorp BV            6.50    5/14/2022    USD     76.01
Algeco Scotsman G    10.75   10/15/2019    USD     69.21
QGOG Constellatio     6.25    11/9/2019    USD     62.00
Afren PLC             6.63    12/9/2020    USD      3.14
Ukraine Governmen     6.88    9/23/2015    USD     61.00
OAS Investments G     8.25   10/19/2019    USD     18.00
Metinvest BV         10.25    1/31/2016    USD     70.00
ERB Hellas PLC        4.25    6/26/2018    EUR     40.06
CHC Helicopter SA     9.38     6/1/2021    USD     48.75
CGG SA                6.50     6/1/2021    USD     74.88
Norske Skogindust     7.00    6/26/2017    EUR     73.25
CGG SA                1.75     1/1/2020    EUR      9.32
Heta Asset Resolu     4.25   10/31/2016    EUR     63.50
Hema Bondco II BV     8.50   12/15/2019    EUR     31.84
Indo Energy Finan     6.38    1/24/2023    USD     64.00
Banca delle March     0.94     6/1/2017    EUR     38.00
Yuksel Insaat AS      9.50   11/10/2015    USD     53.51
Russian Standard     11.50    1/17/2024    USD     43.38
Hellenic Republic     5.00    3/11/2019    EUR     63.88
Far East Capital      8.00     5/2/2018    USD     61.25
Banco Espirito Sa     7.13   11/28/2023    EUR      6.63
Ukraine Governmen     4.95   10/13/2015    EUR     60.50
Bank of New York      4.23   12/30/2099    EUR     23.88
Public Power Corp     4.75     5/1/2017    EUR     72.00
Heta Asset Resolu     2.75    5/31/2016    CHF     63.06
EnQuest PLC           5.50    2/15/2022    GBP     71.00
HSH Nordbank AG       0.83    2/14/2017    EUR     74.07
HSH Nordbank AG/L     2.31                 EUR     18.14
Afren PLC            11.50     2/1/2016    USD      2.00
Alcatel-Lucent        4.25     7/1/2018    EUR      4.13
Peugeot SA            4.45     1/1/2016    EUR     29.57
Brunswick Rail Fi     6.50    11/1/2017    USD     58.00
Privatbank CJSC V     9.38    9/23/2015    USD     69.66
Afren PLC            10.25     4/8/2019    USD      3.36
CGG SA                6.88    1/15/2022    USD     76.50
Nordea Bank AB        0.70                 EUR     73.40
Avangardco Invest    10.00   10/29/2015    USD     47.50
ING Groep NV          1.57                 EUR     72.46
Ukraine Governmen     7.75    9/23/2020    USD     57.44
Ukraine Governmen     7.50    4/17/2023    USD     59.00
Takko Luxembourg      9.88    4/15/2019    EUR     46.00
Ukraine Railways      9.50    5/21/2018    USD     69.00
Athens Urban Tran     4.85    9/19/2016    EUR     70.13
Paragon Offshore      7.25    8/15/2024    USD     31.13
Banque Federative     1.40                 EUR     65.40
OSX 3 Leasing BV     13.00    3/20/2015    USD     52.00
HSH Nordbank AG       7.25                 USD     24.00
Metinvest BV          8.75    2/14/2018    USD     58.30
DTEK Finance PLC      7.88     4/4/2018    USD     44.25
Neopost SA            3.38                 EUR     54.88
Immigon Portfolio    10.00                 EUR      0.65
Alcatel-Lucent        0.13    1/30/2020    EUR      4.54
Hellenic Railways     4.68   10/29/2015    EUR     78.88
Bank of New York      4.49   12/15/2050    EUR     63.66
Banca delle March     1.14    6/15/2016    EUR     41.25
Ukraine Governmen     7.80   11/28/2022    USD     59.00
Assystem              4.50                 EUR     27.47
Hema Bondco I BV      5.24    6/15/2019    EUR     65.78
ING Groep NV          1.17                 EUR     71.40
Piraeus Group Fin     1.83    7/20/2016    EUR     20.00
CGG SA                1.25     1/1/2019    EUR     25.47
Metinvest BV         10.50   11/28/2017    USD     61.01
HSH Nordbank AG       0.79    2/14/2017    EUR     74.09
Air France-KLM        2.03    2/15/2023    EUR     10.57
Santander Interna     2.00                 USD     45.38
SOITEC                6.75    9/18/2018    EUR      1.61
OGX Austria GmbH      8.50     6/1/2018    USD      0.01
Mriya Agro Holdin     9.45    4/19/2018    USD     16.25
WPE International    10.38    9/30/2020    USD     10.75
Hellenic Republic     5.25     2/1/2016    JPY     70.38
Ukraine Governmen     7.95    2/23/2021    USD     59.00
Caixa Terrassa So     1.43                 EUR     63.79
City of Kyiv Via      9.38    7/11/2016    USD     51.00
Commercial Bank P     5.80     2/9/2016    USD     57.63
Faurecia              3.25     1/1/2018    EUR     35.66
Ukraine Governmen     6.58   11/21/2016    USD     58.50
Aegon NV              1.51                 NLG     58.52
Norske Skog Holdi     8.00    2/24/2021    EUR     55.75
Heta Asset Resolu     0.06    5/31/2016    EUR     63.35
Codere Finance Lu     8.25    6/15/2015    EUR     71.50
DTEK Finance PLC     10.38    3/28/2018    USD     47.68
UKRLANDFARMING PL    10.88    3/26/2018    USD     44.50
Eurobank Ergasias     1.59     6/8/2017    EUR      2.17
Ukraine Governmen     6.25    6/17/2016    USD     58.50
Ukraine Governmen     6.75   11/14/2017    USD     58.13
IMMOFINANZ AG         4.25     3/8/2018    EUR      4.49
Paragon Offshore      6.75    7/15/2022    USD     32.50
Far East Capital      8.75     5/2/2020    USD     61.25
Tonon Luxembourg     10.50    5/14/2024    USD     59.25
Econocom Group SA     1.50    1/15/2019    EUR     11.58
Orpea                 1.75     1/1/2020    EUR     73.04
First Ukrainian I    11.00   12/31/2018    USD     55.03
City of Kiev Ukra     8.00    11/6/2015    USD     52.63
Heta Asset Resolu     0.74    1/24/2017    EUR     17.50
Hellenic Republic     3.80     8/8/2017    JPY     69.63
Rothschilds Conti     0.96                 EUR     61.73
Hellenic Republic     5.20    7/17/2034    EUR     58.88
Ukreximbank Via B     7.49     2/9/2023    USD     62.88
CNP Assurances        1.25                 EUR     66.25
Etablissements Ma     2.75     7/1/2021    EUR      9.34
Capital Raising G     7.50                 EUR     11.01
OGX Austria GmbH      8.38     4/1/2022    USD      0.01
Credit Agricole S     0.71                 EUR     67.34
Aralco Finance SA    10.13     5/7/2020    USD      2.38
Etablissements Ma     1.63     7/1/2019    EUR     14.43
Lambay Capital Se     6.25                 GBP      1.45
ESFIL-Espirito Sa     5.25    6/12/2015    EUR      1.20
Touax SA              6.00    7/10/2020    EUR     19.40
Hellenic Railways     4.03    3/17/2017    EUR     69.38
Singulus Technolo     7.75    3/23/2017    EUR     42.51
Hellenic Republic     5.00    8/22/2016    JPY     69.63
Virgolino de Oliv    10.50    1/28/2018    USD      2.00
Santander Finance     0.62                 EUR     68.09
Hellenic Republic     6.14    4/14/2028    EUR     63.75
Pescanova SA          5.13    4/20/2017    EUR      3.22
Le Noble Age          4.88     1/3/2016    EUR     21.35
BPCE SA               1.07                 EUR     65.88
Financing of Infr     9.00    12/7/2017    USD     57.50
Nexity SA             0.63     1/1/2020    EUR     50.33
Nexans SA             4.00     1/1/2016    EUR     55.01
ATF Capital BV       10.00                 USD     67.50
NTRP Via Interpip    10.25     8/2/2017    USD     25.04
Lloyds Bank PLC       0.48                 USD     62.79
NIBC Bank NV          0.67                 EUR     61.25
Phosphorus Holdco    10.00     4/1/2019    GBP      2.50
Rothschilds Conti     0.69                 USD     52.75
Banque Federative     0.83                 EUR     65.48
Hellenic Railways     5.01   12/27/2017    EUR     68.13
Hellenic Republic     2.09    7/25/2057    EUR     22.25
HSBC Bank PLC         0.60                 USD     62.70
Renaissance Credi    13.50    5/22/2019    USD     75.00
Privatbank CJSC V    10.88    2/28/2018    USD     66.07
Finance and Credi     9.25    1/25/2019    USD      9.88
Pescanova SA          8.75    2/17/2019    EUR      3.37
Standard Chartere     0.56                 USD     60.29
Afren PLC             6.63    12/9/2020    USD     45.50
HSBC Bank PLC         0.75                 USD     62.58
Espirito Santo Fi     6.88   10/21/2019    EUR      0.04
Candyking Holding     5.00    1/29/2018    SEK     67.00
Mriya Agro Holdin    10.95    3/30/2016    USD     16.00
Praktiker AG          5.88    2/10/2016    EUR      0.07
Immigon Portfolio     8.98    7/26/2018    EUR     57.63
Global PVQ SE         6.75   10/21/2015    EUR      0.67
Alpha Credit Grou     1.68     2/1/2017    EUR      4.31
Ageasfinlux SA        1.34                 EUR     64.79
Barclays Bank PLC     0.69                 USD     63.88
Financing of Infr     7.40    4/20/2018    USD     57.25
HSBC Bank PLC         0.75                 USD     62.86
Hellenic Republic     5.25     2/1/2016    JPY     70.38
Banco Espirito Sa     2.64                 EUR      9.63
Caisse Federale d     1.17                 EUR     64.15
Jyske Bank A/S        1.38                 EUR     65.00
Sydbank A/S           1.14                 EUR     64.75
Cooperatieve Cent     0.50   11/26/2021    ZAR     55.49
Hellenic Railways     4.50    12/6/2016    JPY     69.50
Heta Asset Resolu     4.35    11/3/2016    EUR     17.88
BLT Finance BV        7.50    5/15/2014    USD      5.00
Credit Mutuel Ark     1.33                 EUR     63.67
Grupo Isolux Cors     6.63    4/15/2021    EUR     65.08
NIBC Bank NV          2.13                 USD     70.65
Talvivaara Mining     4.00   12/16/2015    EUR      1.00
Hybrid Raising Gm     6.63                 EUR     11.00
Bank Nadra via ND     8.25    7/31/2018    USD      7.00
Afren PLC            11.50     2/1/2016    USD      2.16
SNS Bank NV          11.25                 EUR      1.26
Norwegian Energy      6.50     3/6/2018    NOK     80.50
Espirito Santo Fi     3.13    12/2/2018    EUR      1.30
Koninklijke Lucht     0.75                 CHF     35.00
Pierre & Vacances     3.50    10/1/2019    EUR     38.49
Island Drilling C     9.50     4/3/2018    USD     59.13
Cirio Holding Lux     6.25    2/16/2004    EUR      2.94
Barclays Bank PLC     0.63                 USD     64.00
Afren PLC            10.25     4/8/2019    USD      2.45
Banco Espirito Sa     0.16                 EUR     15.33
BOA Offshore AS       8.11   12/18/2018    NOK     68.13
Ekotechnika GmbH      9.75    5/10/2018    EUR      9.25
Barclays Bank PLC     1.56                 GBP     72.33
KA Finanz AG          5.43    2/13/2024    EUR     57.38
IKB Deutsche Indu     5.63    3/31/2017    EUR     21.00
Popular Capital S     1.34                 EUR     54.00
Minicentrales Dos     6.45    4/14/2028    EUR     73.88
International Ind     9.00     7/6/2011    EUR      0.48
Heta Asset Resolu     0.09    5/31/2016    EUR     62.79
Hypo Tirol Bank A     0.41    7/23/2026    EUR     60.25
Scandinavian Airl     2.38                 CHF     30.75
TAG Immobilien AG     6.50   12/10/2015    EUR     10.96
Takko Luxembourg      6.98    4/15/2019    EUR     45.09
Phones4u Finance      9.50     4/1/2018    GBP     38.02
Alpine Holding Gm     6.00    5/22/2017    EUR      0.00
Hellenic Republic     4.50    11/8/2016    JPY     69.13
Hellenic Bank PCL    10.00                 EUR     48.63
Norshore Atlantic    12.00   12/21/2018    USD     57.08
Virgolino de Oliv    10.88    1/13/2020    USD     19.25
BNP Paribas SA        0.48                 USD     60.96
Societe Air Franc     2.75     4/1/2020    EUR     20.24
Norske Skog Holdi     8.00    2/24/2023    USD     54.00
Corporate Commerc     8.25     8/8/2014    USD      2.35
Air Berlin Financ     1.50    4/11/2027    EUR     70.00
Orco Property Gro     7.00    11/7/2019    EUR     78.13
Nordea Bank Norge     0.56                 USD     63.44
Dexia SA              4.89                 EUR     15.25
Barclays Bank PLC     1.18    3/21/2033    USD     66.80
Breeze Finance SA     6.71    4/19/2027    EUR     44.00
Vseukrainsky Akts     9.00    6/14/2019    USD      2.58
Banco Espanol de      0.61                 EUR     67.87
RENE LEZARD Mode      7.25   11/25/2017    EUR     21.60
Petrol AD             8.38    1/26/2017    EUR      5.00
Commerzbank Holdi     0.81                 USD     64.25
SNS Bank NV           6.25   10/26/2020    EUR      2.48
Paragon Offshore      7.25    8/15/2024    USD     33.26
Laurel GmbH           7.13   11/16/2017    EUR     30.13
Heta Asset Resolu     1.91    9/29/2016    JPY     61.88
Atlantic Offshore     8.88    5/16/2018    NOK     72.51
Metinvest BV         10.25    1/31/2016    USD     70.75
Astana Finance BV     7.88     6/8/2010    EUR     15.65
Norske Skog Holdi     8.00    2/24/2021    EUR     56.25
Jasper Explorer P    13.50    5/27/2016    USD      5.13
Dexia Credit Loca     4.30                 EUR      8.50
National Westmins     0.69                 USD     64.00
JZ Capital Partne     6.00    7/30/2021    GBP     10.90
Teak Holz Interna     5.00    8/31/2015    EUR     30.00
More & More AG        8.13    6/11/2018    EUR     43.88
Banco Pastor SA       2.39                 EUR     61.88
Alpha Credit Grou     6.00    5/20/2017    EUR     50.75
Barclays Bank PLC     1.95    5/31/2033    USD     69.95
Lloyds Bank PLC       0.50                 USD     62.93
Ukraine Governmen     9.25    7/24/2017    USD     58.48
Lehman Brothers U     5.13                 EUR      0.05
Noreco Norway AS      6.50     3/6/2018    NOK     75.00
Ideal Standard In    11.75     5/1/2018    EUR     38.38
Norske Skogindust     7.13   10/15/2033    USD     43.50
Hellenic Railways     0.25    5/24/2016    EUR     70.75
Depfa Funding III     1.35                 EUR     57.38
Lloyds Bank PLC       2.33    1/31/2033    USD     69.75
Travel24.com AG       7.50    9/17/2017    EUR     50.05
Danske Bank Oyj       0.73                 EUR     65.10
Barclays Bank PLC     1.44    3/28/2033    USD     65.00
Kaupthing Bank Hf     9.00                 USD      0.13
Lehman Brothers T     6.00    11/2/2035    EUR     16.25
MS Deutschland Be     6.88   12/18/2017    EUR     14.91
Virgolino de Oliv    11.75     2/9/2022    USD      2.00
BDT Media Automat     8.13    10/9/2017    EUR     63.63
Ukraine Governmen     5.00   12/20/2015    USD     59.75
Windreich GmbH        6.50    7/15/2016    EUR     10.88
Standard Chartere     0.65                 USD     60.40
Jyske Bank A/S        0.74                 EUR     65.88
National Westmins     0.56                 USD     64.00
SiC Processing Gm     7.13     3/1/2016    EUR      2.42
Kezizalog Zrt         7.75    10/1/2018    EUR      1.06
Den Norske Credit     0.56                 USD     62.88
Lehman Brothers T     7.00    5/17/2035    EUR     19.00
Northland Resourc     4.00   10/15/2020    USD      0.13
Ajecorp BV            6.50    5/14/2022    USD     71.85
Saphir Finance PL     6.85                 GBP      1.38
Agroton Public Lt     6.00    7/14/2019    USD     28.13
Cirio Finanziaria     8.00   12/21/2005    EUR      1.66
IKB Deutsche Indu     4.70    3/31/2017    EUR     18.00
Immigon Portfolio     0.74    6/18/2018    EUR     66.88
Lloyds Bank PLC       2.42    2/22/2033    USD     67.68
Hellas Telecommun     8.50   10/15/2013    EUR      0.00
Sairgroup Finance     4.38     6/8/2006    EUR     16.75
Telecare Service      7.03    5/23/2018    SEK     73.75
Hellenic Railways     4.50    12/6/2016    JPY     70.13
Barclays Bank PLC     4.39   12/23/2033    USD     74.16
Barclays Bank PLC     0.38   12/28/2040    EUR     65.19
Belfius Bank SA/N     1.93                 FRF     69.75
Minicentrales Dos     4.81   11/29/2034    EUR     73.88
Royal Bank of Sco     0.69                 USD     59.75
APP International    11.75    10/1/2005    USD      2.95
Heta Asset Resolu     5.92    2/22/2022    EUR     16.38
Rena GmbH             8.25    7/11/2018    EUR      8.63
Dannemora Mineral    11.75    3/22/2016    USD      0.67
Lehman Brothers T     6.00    2/15/2035    EUR     19.00
Kaupthing Bank Hf     6.50     2/3/2045    EUR      0.00
Svyaznoy Bank ZAO    12.00     8/6/2015    RUB     60.01
Deutsche Morgan G     0.69                 USD     58.00
Alliance Oil Co O     8.85     6/4/2021    RUB     57.21
Lehman Brothers T     8.25    3/16/2035    EUR     19.00
Norske Skogindust     7.13   10/15/2033    USD     43.50
LBI HF                6.25                 EUR      0.00
Espirito Santo Fi     9.75   12/19/2025    EUR      1.38
EDOB Abwicklungs      7.50     4/1/2012    EUR      0.00
Societe Alsacienn     1.63     1/1/2022    EUR     59.70
Lloyds Bank PLC       0.69                 USD     63.00
Russian Standard     13.00    4/10/2020    USD     48.88
GNB - Cia de Segu     2.19   12/19/2022    EUR     70.00
Hellenic Republic     5.00    8/22/2016    JPY     69.88
Piraeus Bank SA       0.93     2/9/2017    EUR     44.93
Windreich GmbH        6.50     3/1/2015    EUR     10.88
Portigon AG           7.46   12/31/2019    EUR     15.70
Abanka Vipa DD Vi     1.88                 EUR      0.45
Kaupthing Bank Hf     7.13    5/19/2016    USD      0.00
Pohjola Bank Oyj      0.64                 EUR     66.90
OGX Austria GmbH      8.50     6/1/2018    USD      0.02
Glitnir HF            6.69    6/15/2016    USD      0.02
Banco Espirito Sa     2.82                 EUR     15.75
Kaupthing Bank Hf     7.63    2/28/2015    USD     21.50
Lehman Brothers U     5.75                 EUR      0.00
Sidetur Finance B    10.00    4/20/2016    USD     13.75
Metinvest BV         10.50   11/28/2017    USD     63.00
Kaupthing Bank Hf     5.75    10/4/2011    USD     21.75
Tonon Luxembourg     10.50    5/14/2024    USD     58.63
Pescanova SA          6.75     3/5/2015    EUR      3.47
TGC-2 OJSC           12.00   10/10/2018    RUB     72.51
International Ind    11.00    2/19/2013    USD      0.40
Ukraine Governmen     7.80   11/28/2022    USD     58.35
PNE Wind AG           3.75   10/10/2019    EUR      2.90
BNP Paribas SA        2.24    4/30/2033    USD     65.13
LBI HF                6.10    8/25/2011    USD     11.13
AK Transneft OAO     11.50     7/3/2025    RUB     60.01
Deutsche Bank AG/     2.23    3/15/2033    USD     66.70
Mox Telecom AG        7.25    11/2/2017    EUR      2.64
KPNQwest NV          10.00    3/15/2012    EUR      0.50
Financing of Infr     8.38    11/3/2017    USD     57.38
Mechel                8.40    5/27/2021    RUB     60.02
Ukraine Railways      9.50    5/21/2018    USD     68.75
Codere Finance Lu     9.25    2/15/2019    USD     71.38
Hema Bondco I BV      6.25    6/15/2019    EUR     67.20
Alpine Holding Gm     5.25     7/1/2015    EUR      0.00
Ukraine Governmen     6.88    9/23/2015    USD     60.72
Societe Generale      0.50                 USD     62.19
Hellenic Republic     0.76    8/10/2019    EUR     54.74
Sazka AS              9.00    7/12/2021    EUR      4.86
friedola Gebr Hol     7.25    4/11/2017    EUR     38.75
Ukraine Governmen     7.75    9/23/2020    USD     57.52
National Westmins     0.75                 USD     64.00
Indo Energy Finan     6.38    1/24/2023    USD     65.41
Frey                  6.00   11/15/2022    EUR     22.20
Barclays Bank PLC     1.68    4/19/2033    USD     66.50
Teksid Aluminum L    11.38    7/15/2011    EUR      0.12
EXER D GmbH           5.70     2/1/2016    EUR     60.00
Piraeus Group Fin     2.23   10/27/2034    EUR     20.00
Alpha Credit Grou     1.64     3/8/2017    EUR      4.31
Centrosolar Group     7.00    2/15/2016    EUR      2.75
Heta Asset Resolu     0.45   12/18/2030    EUR     10.25
Dexia Kommunalban     4.88   12/31/2016    EUR     19.80
Cirio Finance Lux     7.50    11/3/2002    EUR      7.88
Norske Skog Holdi     8.00    2/24/2023    USD     53.88
Codere Finance Lu     9.25    2/15/2019    USD     71.38
Aralco Finance SA    10.13     5/7/2020    USD      4.50
Hellenic Republic     2.27     2/7/2022    EUR     51.14
Petromena ASA         9.75    5/24/2016    NOK      1.04
Talvivaara Mining     9.75     4/4/2017    EUR      0.09
Hema Bondco II BV     8.50   12/15/2019    EUR     32.00
Heta Asset Resolu     0.54   11/29/2032    EUR     16.63
Espirito Santo Fi     5.13    5/30/2016    EUR      1.12
Standard Chartere     0.69                 GBP     60.42
Bank of Scotland      0.63                 USD     62.90
DNB Bank ASA          0.56                 USD     62.83
Metinvest BV          8.75    2/14/2018    USD     55.69
Cirio Del Monte N     7.75    3/14/2005    EUR      1.45
Piraeus Bank SA       0.93   12/27/2016    EUR     48.00
Rena GmbH             7.00   12/15/2015    EUR      8.63
PA Resources AB      12.25     4/5/2016    NOK      4.99
Northland Resourc    15.00    7/15/2019    USD      1.07
PA Resources AB      13.50     3/3/2016    SEK      5.00
Societe Generale      1.92                 EUR     68.00
Penell GmbH Elekt     7.75    6/10/2019    EUR     11.00
Svensk Exportkred     7.00    9/26/2022    RUB     80.55
Dexia Kommunalban     5.63   12/31/2017    EUR     11.00
Far East Capital      8.00     5/2/2018    USD     64.00
Svensk Exportkred     0.50    1/31/2022    ZAR     53.62
OGX Austria GmbH      8.38     4/1/2022    USD      0.01
Ukraine Governmen     7.95    2/23/2021    USD     58.50
Paragon Offshore      6.75    7/15/2022    USD     42.50
Region of Puglia      0.53     2/6/2023    EUR     74.83
Italy Government      0.40    7/31/2045    EUR     75.26
Kaupthing Bank Hf     5.75    10/4/2011    USD     21.75
Strenesse AG          9.00    3/15/2017    EUR     53.25
Golden Gate AG        6.50   10/11/2014    EUR     39.60
Mechel               10.00    8/25/2020    RUB     72.01
UniCredit Bank Au     0.51    8/20/2033    EUR     62.00
getgoods.de AG        7.75    10/2/2017    EUR      5.38
SAir Group            2.13    11/4/2004    CHF     10.75
Gunther Zamek Pro     7.75    5/15/2017    EUR      0.63
Lehman Brothers T     6.00     3/4/2015    USD      4.80
Global PVQ Nether     5.75    5/26/2014    EUR     27.50
Kaupthing Bank Hf     6.25                 EUR      0.00
Lehman Brothers T     7.25    10/5/2035    EUR     19.00
Lehman Brothers T     6.00    3/18/2015    USD     19.00
Heta Asset Resolu     4.25    5/31/2016    EUR     62.50
Banco Pinto & Sot     0.95                 EUR     31.00
Kamaz OJSC           13.50    6/12/2020    RUB     60.07
Societe Centrale      9.00     7/1/2016    EUR      7.12
KPNQwest NV           7.13     6/1/2009    EUR      0.50
Standard Chartere     0.69                 USD     60.16
Barclays Bank PLC     2.79     4/9/2028    USD     72.00
IM Skaugen SE        10.26    4/11/2017    NOK     47.25
GNB - Cia de Segu     3.49                 EUR     68.05
SAG Solarstrom AG     6.25   12/14/2015    EUR     45.00
Barclays Bank PLC     3.12    6/17/2033    USD     66.01
Accentro Real Est     7.75    6/25/2017    EUR      3.10
LBI HF                7.43                 USD      0.00
Heta Asset Resolu     5.73   12/10/2021    EUR     15.75
Heta Asset Resolu     4.63     3/4/2018    EUR     61.88
IT Holding Financ     9.88   11/15/2012    EUR      0.24
Codere Finance Lu     8.25    6/15/2015    EUR     71.38
Ukraine Governmen     7.50    4/17/2023    USD     58.57
State of Carinthi     0.74    7/20/2017    CHF      0.20
Depfa Funding IV      5.03                 EUR     56.75
Allied Irish Bank     0.73   10/24/2035    EUR     23.13
Barclays Bank PLC     0.69                 USD     63.00
Assystem              4.00     1/1/2017    EUR     22.48
OAS Investments G     8.25   10/19/2019    USD     18.00
Virgolino de Oliv    10.88    1/13/2020    USD     17.88
Deutsche Bank AG/    11.50    8/31/2015    USD     26.25
Ukraine Governmen     6.75   11/14/2017    USD     58.38
Lloyds Bank PLC       1.45    4/26/2033    USD     60.00
Rosselkhozbank OJ    13.10    7/14/2025    RUB     60.01
Kommunekredit         0.50    5/11/2029    CAD     71.05
Glitnir HF            3.00    6/30/2010    EUR     27.25
TradeDoubler AB       6.75   12/20/2018    SEK     73.63
Solarworld AG         6.13    1/21/2017    EUR     31.13
KA Finanz AG          4.44   12/20/2030    EUR     61.63
Gazprom Capital L     7.55    2/15/2018    RUB     60.01
Alpine Holding Gm     5.25    6/10/2016    EUR      0.00
Global PVQ Nether     1.38    4/30/2012    EUR     27.50
Brunswick Rail Fi     6.50    11/1/2017    USD     53.00
Depfa Funding II      6.50                 EUR     56.88
LBI HF                4.65                 EUR      0.00
Bank Nederlandse      0.50    7/12/2022    ZAR     52.76
Lehman Brothers T     5.00    9/22/2014    EUR     19.00
Governo Portugues     2.75                 EUR     60.00
Glitnir HF            6.00     3/5/2012    GBP     27.25
Northland Resourc     4.00   10/15/2020    NOK      0.13
Heta Asset Resolu     7.50    5/27/2024    ATS     16.63
Accentro Real Est     6.25    3/27/2019    EUR      2.68
Astana Finance BV     9.00   11/16/2011    USD     15.65
Rusfinans Bank OO    12.00    6/30/2020    RUB     61.34
Region of Piemont     0.21   11/27/2036    EUR     61.01
Bank Julius Baer      9.75   11/13/2015    USD     63.20
Kaupthing Bank Hf     3.00    2/12/2010    CHF     21.63
KPNQwest NV           8.88     2/1/2008    EUR      0.50
Schneekoppe GmbH      6.45    9/20/2015    EUR      5.84
Public Power Corp     5.50     5/1/2019    EUR     69.34
Barclays Bank PLC     4.93    11/1/2031    USD     70.00
Region of Abruzzo     0.44    11/7/2036    EUR     65.73
Credit Suisse AG/    11.00    12/3/2015    USD     55.49
Mriya Agro Holdin     9.45    4/19/2018    USD     16.63
Solen AG              7.50     4/8/2016    EUR      2.01
Federal Grid Co U     8.25    9/15/2020    RUB     60.01
Takko Luxembourg      9.88    4/15/2019    EUR     46.75
EuroChem Mineral     12.40    6/26/2018    RUB     60.66
NOS SGPS SA           2.56    11/9/2019    EUR    106.94
Bashneft PAO          8.35   12/13/2016    RUB     67.07
Danske Bank Oyj       1.59                 EUR     73.00
Heta Asset Resolu     4.88    9/18/2017    EUR     16.75
Financing of Infr     7.40    4/20/2018    USD     56.52
Ukraine Governmen     4.95   10/13/2015    EUR     59.71
Seabird Explorati     6.00   12/18/2015    USD     27.00
Kaupthing Bank Hf     6.75                 EUR      0.00
Ukraine Governmen     6.25    6/17/2016    USD     58.22
Bulgaria Steel Fi    12.00     5/4/2013    EUR      1.00
Nationwide Buildi     1.07                 GBP     70.00
Lehman Brothers T     2.88    3/14/2013    CHF     16.25
Cooperatieve Cent     0.50    7/30/2043    MXN     17.58
Lehman Brothers T     5.00    3/18/2015    EUR     19.00
KA Finanz AG          4.90    6/23/2031    EUR     68.88
LBI HF                3.20    5/10/2010    SKK      8.50
Espirito Santo Fi     5.05   11/15/2025    EUR      2.00
Privatbank CJSC V    10.88    2/28/2018    USD     66.63
IM Skaugen SE         9.75    6/30/2016    NOK     52.60
Barclays Bank PLC     4.11    2/28/2034    USD     72.00
Cyprus Popular Ba     1.74    5/26/2016    EUR      3.04
BLT Finance BV       12.00    2/10/2015    USD     10.50
Mifa Mitteldeutsc     7.50    8/12/2018    EUR      3.18
SAG Solarstrom AG     7.50    7/10/2017    EUR     45.00
Club Mediterranee     6.11    11/1/2015    EUR     16.03
SU-155 KAPITAL OO    13.25    2/23/2016    RUB     26.30
Glitnir HF            4.38     2/5/2010    EUR     27.25
A-TEC Industries      8.75   10/27/2014    EUR      2.00
Public Power Corp     4.75     5/1/2017    EUR     72.90
Heta Asset Resolu     5.27     4/7/2028    EUR     16.88
Raiffeisen Bank I     4.50    9/28/2035    EUR     65.75
Raiffeisenbank ZA    11.35    6/11/2018    RUB     60.01
Alpha Credit Grou     1.98     2/1/2017    EUR     50.75
Hellenic Bank PCL    11.00                 EUR     48.63
Equity Release Fu     1.98    4/26/2038    GBP     72.50
VEB-Leasing OAO       8.50     3/1/2018    RUB     56.03
Solarworld AG         6.38    7/13/2016    EUR     32.13
UKRLANDFARMING PL    10.88    3/26/2018    USD     49.02
Kaupthing Bank Hf     5.25    7/18/2017    BGN     21.63
Finmek Internatio     7.00    12/3/2004    EUR      0.13
SNS Bank NV           2.73                 EUR      1.26
Magnit PJSC          12.10    5/11/2018    RUB     61.02
Ukraine Governmen     6.58   11/21/2016    USD     58.24
Virgolino de Oliv    10.50    1/28/2018    USD      0.90
Santander Finance     2.00                 EUR     34.25
Orient Express Ba    13.60     8/9/2018    RUB     50.80
Rusfinans Bank OO    10.88    8/22/2019    RUB     60.01
Razgulyai-Finans     11.30   10/17/2018    RUB     60.01
Mechel                8.40     6/1/2021    RUB     58.62
City of Kyiv Via      9.38    7/11/2016    USD     52.50
Governo Portugues     3.00                 EUR     73.00
LBI HF                6.10    8/25/2011    USD     11.00
Banco Espirito Sa    10.00    12/6/2021    EUR      6.63
Far East Capital      8.75     5/2/2020    USD     60.19
Czerwona Torebka      6.66    4/15/2016    PLN     67.00
Heta Asset Resolu     0.32    8/12/2017    EUR     60.88
Kaupthing Bank Hf     6.13    10/4/2016    USD     21.63
Heta Asset Resolu     0.20     4/9/2043    EUR     60.00
Den Norske Credit     0.53                 USD     62.76
Karlie Group GmbH     6.75    6/25/2018    EUR     60.00
Moscow United Ele    13.20    4/23/2025    RUB     61.01
DF Deutsche Forfa     7.88    5/27/2020    EUR     10.00
Virgolino de Oliv    11.75     2/9/2022    USD      1.10
SMP Bank OAO         12.00    5/23/2017    RUB     60.08
Investkredit Bank     3.55    4/12/2022    EUR     74.70
Heta Asset Resolu     5.03    1/26/2017    EUR     15.00
Artea                 6.00     8/4/2019    EUR     14.05
Alpha Credit Grou     2.00   11/28/2032    EUR     50.75
Lehman Brothers T     5.10     5/8/2017    HKD     19.00
Credit Agricole C     0.50    2/28/2018    RUB     74.93
Glitnir HF            6.38    9/25/2012    USD     27.25
VEB-Leasing OAO       8.60     4/2/2021    RUB     65.03
Polyus Gold OJSC     12.10     7/3/2025    RUB     61.07
Kaupthing Bank Hf     7.50     2/1/2045    USD      0.00
Rosneft OAO          17.40    12/3/2020    RUB     60.11
Del Monte Finance     6.63    5/24/2006    EUR      7.98
ECA                   2.50     1/1/2018    EUR      9.15
Solon SE              1.38    12/6/2012    EUR      0.33
Ukraine Governmen     5.00   12/20/2015    USD     59.75
Raiffeisenlandesb     4.40    4/17/2024    EUR     75.50
Heta Asset Resolu     0.25    3/29/2017    EUR     61.50
Magnit PJSC          12.10    5/11/2018    RUB     61.02
Mechel               10.00    8/25/2020    RUB     72.30
La Veggia Finance     7.13   11/14/2004    EUR      0.00
Gazprom PAO          16.30   10/21/2043    RUB     60.01
Banco Espirito Sa     1.54    5/27/2018    EUR      6.63
Cooperatieve Cent     0.50   10/30/2043    MXN     15.49
Alpha Credit Grou     6.00    7/29/2020    EUR     50.75
Heta Asset Resolu     0.09    1/24/2017    EUR     63.00
SV Patrimonia         4.00    4/19/2016    EUR     50.00
Breeze Finance SA    11.75    4/19/2027    EUR      3.00
CRC Breeze Financ     6.11     5/8/2016    EUR     54.38
LBI HF                2.25    2/14/2011    CHF      8.50
Heta Asset Resolu     3.42    11/7/2016    EUR     61.50
HSBC Bank PLC         0.50    2/24/2027    NZD     59.82
Heta Asset Resolu     0.31    9/26/2043    EUR     62.50
Heta Asset Resolu     1.62    6/30/2019    CHF     61.00
Atari SA              0.50    9/30/2015    EUR      1.31
SNS Bank NV           6.63    5/14/2018    EUR      2.47
Atari SA              7.50    2/17/2020    EUR      0.28
Glitnir HF            1.63    3/11/2009    CHF     27.25
Otkritie Bank OJS    13.20   12/13/2017    RUB     60.42
Santander Finance     2.00                 EUR     36.50
Immigon Portfolio     4.25     9/7/2020    EUR     30.00
Global PVQ Nether     1.38    4/30/2012    EUR     23.88
Deutsche Bank AG/     6.69    6/30/2034    USD     75.00
Banco Comercial P     5.00                 EUR     46.00
Region of Abruzzo     0.28    11/7/2031    EUR     71.99
ADLER Real Estate     6.00    6/30/2017    EUR     13.75
Bashneft PAO         12.00    5/19/2025    RUB     60.06
Glitnir HF            3.25    8/15/2016    EUR     27.25
Rostelecom PJSC      11.70    5/20/2025    RUB     60.06
Heta Asset Resolu     4.70     4/2/2018    EUR     60.88
Lehman Brothers T     8.50     7/5/2016    EUR     19.00
Heta Asset Resolu     5.04    2/15/2023    EUR     62.50
Mechel                8.40    5/27/2021    RUB     60.08
DTEK Finance PLC      7.88     4/4/2018    USD     44.00
BKN biostrom AG       7.50     6/5/2016    EUR      1.32
WPE International    10.38    9/30/2020    USD      8.38
Raiffeisenlandesb     5.00     7/1/2026    EUR     71.88
Espirito Santo Fi     5.05   11/15/2025    EUR      1.30
Kaupthing Bank Hf     6.13    10/4/2016    USD     21.63
Municipality Fina     0.50    3/28/2018    BRL     74.03
Federal Grid Co U     7.95     7/6/2023    RUB     73.02
DEIKON GmbH           1.00   11/16/2016    EUR     32.50
Rena Lange Holdin     8.00   12/12/2017    EUR      0.73
UniCredit Bank Au     0.47   12/27/2031    EUR     64.00
Heta Asset Resolu     4.54    9/22/2017    EUR     62.50
Financing of Infr     8.38    11/3/2017    USD     56.43
LBI HF                3.00    12/7/2010    CHF      8.50
Alpha Credit Grou     2.00    4/27/2024    EUR     50.75
Cerruti Finance S     6.50    7/26/2004    EUR      0.93
Credit Suisse AG/     7.00    8/14/2015    USD     49.17
Immigon Portfolio     3.50    1/14/2019    EUR     68.63
Codere Finance Lu     8.25    6/15/2015    EUR     71.38
UniCredit Bank Au     0.47   10/31/2031    EUR     66.75
OBRAZOVANIE AKIB     14.50    5/31/2018    RUB     60.00
Lehman Brothers T     6.65    8/24/2011    AUD     19.00
LBI HF                7.75    2/22/2016    USD      8.50
CBo Territoria        6.00     1/1/2020    EUR      4.01
UniCredit Bank Au     0.49   12/31/2031    EUR     70.25
Credit Suisse AG/     0.56                 USD     63.07
Alpha Credit Grou     0.49    2/21/2021    EUR     50.75
Heta Asset Resolu     0.14    2/17/2017    EUR     61.38
Financing of Infr     9.00    12/7/2017    USD     56.38
AKB Derzhava OJSC     9.75    7/10/2023    RUB     60.27
Allied Irish Bank     5.25    3/10/2035    GBP     26.50
Powszechne Towarz     7.79     8/1/2016    PLN     32.00
Russlavbank AKB Z    12.25    7/30/2018    RUB     60.01
Hamburgische Land     0.36    1/22/2041    EUR     60.70
RusHydro JSC         12.75    4/15/2025    RUB     62.14
AK Transneft OAO     12.50   12/21/2015    RUB     60.07
AK Transneft OAO     11.75    10/1/2019    RUB     60.01
Russian Railways     11.65     5/3/2030    RUB     60.07
Investkredit Bank     7.00    7/24/2022    EUR     63.69
Rosneft OAO           7.95   12/11/2023    RUB     65.00
Heta Asset Resolu     6.94    6/10/2017    EUR     59.75
Sairgroup Finance     6.63    10/6/2010    EUR     17.13
Cooperatieve Cent     0.50   11/30/2027    MXN     42.80
Lehman Brothers T     4.50     5/2/2017    EUR      4.80
UBS AG/London         9.25   12/10/2015    CHF     57.58
Lehman Brothers T     5.25    5/26/2026    EUR      4.80
Freshwater Financ     6.06   10/17/2036    GBP     63.88
Emova Group           4.30     5/2/2022    EUR      6.00
Deutsche Bank AG      2.50    6/28/2033    USD     71.58
Immigon Portfolio     5.27     2/8/2027    EUR     62.75
Kommunalbanken AS     0.50     3/2/2018    BRL     75.39
GFI Informatique      5.25     1/1/2017    EUR      6.54
Lehman Brothers T    11.00   12/20/2017    AUD      4.80
Kommunekredit         0.50   10/22/2019    BRL     64.29
Lehman Brothers T     4.00    2/16/2017    EUR     16.25
IVG Immobilien AG     5.80                 EUR      0.00
Heta Asset Resolu     0.25    3/29/2017    EUR     62.50
Immigon Portfolio     6.00    3/30/2017    EUR      1.00
Svensk Exportkred     0.50    8/28/2018    BRL     70.01
Comune di Verona      0.18    12/1/2026    EUR     62.74
ADLER Real Estate     6.00   12/27/2018    EUR     13.50
Phones4u Finance      9.50     4/1/2018    GBP     37.63
Heta Asset Resolu     0.30    3/12/2043    EUR     58.88
KPNQwest NV           8.13     6/1/2009    USD      0.50
Heta Asset Resolu     0.06    5/31/2016    EUR     62.50
City of Kiev Ukra     8.00    11/6/2015    USD     52.63
Lehman Brothers T     4.00   10/24/2012    EUR      4.80
Lehman Brothers T     4.00    12/2/2012    EUR      4.80
Lehman Brothers T     6.00   10/30/2012    EUR      4.80
Russian Railways      8.20    3/21/2028    RUB     60.01
Lehman Brothers T     1.00     5/9/2012    EUR      4.80
Heta Asset Resolu     0.81    5/31/2016    EUR     62.13
Rosneft OAO          14.90    12/3/2020    RUB     61.41
Lehman Brothers T     3.03    1/31/2015    EUR      4.80
Lehman Brothers T     1.75     2/7/2010    EUR      4.80
Kommunekredit         0.50   12/14/2020    ZAR     65.10
Bank Nederlandse      0.50     8/9/2022    MXN     66.96
Kaupthing Bank Hf     9.75    9/10/2015    USD     21.63
Heta Asset Resolu     5.80    6/17/2017    EUR     62.50
UniCredit Bank Au     0.33    1/25/2031    EUR     69.25
Lehman Brothers T     5.00    2/16/2015    EUR     19.00
Eksportfinans ASA     0.50     5/9/2030    CAD     26.38
Glitnir HF            6.33    7/28/2011    USD     27.25
Vontobel Financia     5.84     9/9/2016    EUR     34.68
Immigon Portfolio     0.99    5/20/2025    EUR     19.63
Fast Finance SA       8.66    9/27/2016    PLN     70.00
Region of Molise      0.45   12/15/2033    EUR     66.56
Heta Asset Resolu     0.03    1/24/2017    EUR     62.50
SAir Group            6.25    4/12/2005    CHF     10.88
Immigon Portfolio     3.50    3/20/2018    EUR     73.50
Credit Europe Ban    11.40    6/26/2017    RUB     57.07
Commerzbank AG        5.00    9/27/2019    EUR     62.76
Heta Asset Resolu     0.83    5/28/2017    EUR     60.88
Lehman Brothers T     7.60    1/31/2013    AUD      4.80
Lloyds Bank PLC       4.77     7/5/2033    USD     72.21
Lehman Brothers T     8.25    12/3/2015    EUR      4.80
UniCredit Bank AO     6.75     9/1/2015    RUB     60.02
Mriya Agro Holdin    10.95    3/30/2016    USD     16.00
Alpha Credit Grou     1.50   12/18/2028    EUR     50.75
Mobile TeleSystem     5.00    6/29/2021    RUB     65.13
Marine Subsea AS      9.00   12/16/2019    USD      0.50
Heta Asset Resolu     0.23    5/10/2017    EUR     62.50
Codere Finance Lu     8.25    6/15/2015    EUR     71.50
Kalvebod PLC          2.00     5/1/2016    DKK     91.00
Wlodarzewska SA       9.16    5/15/2016    PLN     75.00
Novolipetsk Steel    11.50    6/26/2025    RUB     60.01
Agentstvo po Ipot    12.50    4/18/2018    RUB     61.21
Cooperatieve Cent     0.50   10/29/2027    MXN     43.98
ECM Real Estate I     5.00    10/9/2011    EUR     10.38
DekaBank Deutsche     0.12    6/23/2034    EUR     71.38
Bank Otkritie Fin    12.25    1/13/2022    RUB     60.37
Bulgaria Steel Fi    12.00     5/4/2013    EUR      1.00
Lehman Brothers T     8.88    1/28/2011    HKD     19.00
Atari SA              0.10     4/1/2020    EUR      2.20
Rossetti JSC         11.90     6/9/2025    RUB     60.01
RZD Rasvytie vokz    12.50   10/21/2016    RUB     35.00
Montepio Holding      5.00                 EUR     50.00
Lehman Brothers T     5.00    2/27/2014    EUR     19.00
JP Morgan Structu    14.00   11/23/2029    ZMW
Heta Asset Resolu     0.28    8/28/2017    EUR     62.50
Lehman Brothers T     7.00     6/6/2017    EUR      4.80
HSBC Bank PLC         0.50    4/27/2027    NZD     59.16
Lehman Brothers T     5.00     5/2/2022    EUR      4.80
A-TEC Industries      2.75    5/10/2014    EUR      2.00
Rosbank PJSC          0.01     4/4/2016    RUB     65.00
Bosnia & Herzegov     2.50    6/30/2023    BAM     75.00
SAir Group            0.13     7/7/2005    CHF     10.88
Heta Asset Resolu     0.14     2/9/2017    EUR     62.50
Anglian Water Ser     1.09    1/26/2057    GBP     72.78
WGF Westfaelische     6.35    12/1/2016    EUR      6.61
wige MEDIA AG         6.00    3/17/2019    EUR      1.90
Bank Julius Baer     13.20    2/26/2016    USD     72.05
Immigon Portfolio     5.05     8/5/2030    EUR     22.63
UBS AG               14.75   12/29/2015    EUR     64.77
Lehman Brothers T     1.46    2/19/2012    JPY     19.00
Lehman Brothers T     6.00    3/14/2011    EUR     19.00
Heta Asset Resolu     0.29    3/10/2018    EUR     62.50
WGF Westfaelische     6.35     8/1/2017    EUR      2.06
Freshwater Financ     6.18    4/20/2035    GBP     66.63
Otkritie Holding     14.00     5/3/2018    RUB     60.01
Glitnir HF            4.75   10/15/2010    USD     27.25
Wlodarzewska SA       9.17    5/15/2016    PLN     41.00
Lehman Brothers T     7.50     5/2/2017    EUR      4.80
CaixaBank SA          1.80                 EUR    100.13
Raiffeisen Centro     5.00    4/18/2016    EUR     65.81
Barclays Bank PLC     0.50    4/24/2023    MXN     61.31
Transcapitalbank     13.00     6/6/2018    RUB     60.00
Heta Asset Resolu     0.14    8/11/2017    EUR     62.50
Bank Nederlandse      0.50     6/7/2022    ZAR     51.88
Municipality Fina     0.50    6/19/2024    ZAR     44.21
OL Groupe SA          7.00   12/28/2015    EUR      7.20
DEMIRE Real Estat     6.00   12/30/2018    EUR      4.66
Barclays Bank PLC     3.50    12/7/2015    EUR     65.79
Lehman Brothers T     8.00   10/17/2014    EUR      4.80
Bashneft PAO         12.10     6/3/2025    RUB     60.01
BLT Finance BV        7.50    5/15/2014    USD      5.00
Credit Europe Ban    11.25     9/5/2016    RUB     59.88
DeltaCredit Bank     10.35     5/6/2024    RUB     60.02
Credit Suisse AG/     7.50    8/14/2015    USD     55.33
Lehman Brothers T     8.00    2/16/2016    EUR      4.80
HSBC Bank PLC         0.50    1/29/2027    NZD     60.02
JP Morgan Structu    12.00   11/24/2021    ZMW
Credit Suisse AG/     9.00    8/31/2015    USD     61.46
RESO-Garantia Ins    14.00    9/13/2022    RUB     60.02
Heta Asset Resolu     0.20    7/28/2017    EUR     62.50
Cooperatieve Cent     0.50   12/29/2027    MXN     43.86
Immigon Portfolio     4.81    7/29/2025    EUR     61.00
Rostelecom PJSC      10.50     6/7/2018    RUB     60.02
Rosneft OAO          11.90    1/18/2021    RUB     60.06
Deutsche Bank AG/     0.50     3/9/2018    BRL
DEIKON GmbH           1.00     7/1/2016    EUR     32.50
Leonteq Securitie    11.80    2/17/2016    USD     71.11
Santander Finance     2.00                 USD     19.25
SU-155 KAPITAL OO    13.25    2/23/2016    RUB     25.04
Alpha Credit Grou     6.00    4/11/2018    EUR     50.75
HSBC Bank PLC         0.50   10/30/2026    NZD     61.02
Heta Asset Resolu     0.75    9/20/2017    EUR     16.63
Northland Resourc    15.00    7/15/2019    USD      1.07
Kommunalbanken AS     0.50    5/27/2022    ZAR     53.82
Credit Suisse AG/     7.80    7/16/2025    USD      9.65
Svensk Exportkred     0.50    8/25/2021    ZAR     60.76
Heta Asset Resolu     0.27     4/9/2018    EUR     62.50
Petromena ASA        10.85   11/19/2014    USD      1.04
Rosselkhozbank OJ    13.10    7/15/2025    RUB     60.01
Kaupthing Bank Hf     5.90                 EUR      0.13
Heta Asset Resolu     0.03    5/31/2016    EUR     62.50
HSBC Bank PLC         0.50    9/28/2018    IDR     73.10
Heta Asset Resolu     4.07    3/21/2017    EUR     62.50
Kaupthing Bank Hf     1.80   10/20/2009    JPY     21.63
Santander Finance     2.00                 USD     19.13
Hellenic Republic     3.38    7/17/2017    EUR     73.93
Kristensen German     7.00   12/31/2015    DKK      2.00
Synergy Classic V     2.00     8/2/2015    USD     49.81
Heta Asset Resolu     0.18    5/17/2017    EUR     62.50
Heta Asset Resolu     3.90    1/24/2017    EUR     61.63
Fonciere Volta SA     4.50    7/30/2020    EUR      2.45
Immigon Portfolio     3.78    8/25/2033    EUR     15.25
Agrokompleks OOO     12.50   12/10/2015    RUB     60.10
Municipality Fina     0.50   12/14/2018    TRY     70.68
Heta Asset Resolu     0.10    7/18/2017    EUR     62.50
BNP Paribas SA        0.50     5/6/2021    MXN     70.31
Republic of Bashk     7.75    9/18/2020    RUB     58.01
Raiffeisen-Holdin     5.08                 EUR     72.88
RESO-Garantia Ins     9.20    3/24/2023    RUB     59.01
HSBC Bank PLC         0.50   12/29/2022    AUD     73.56
Heta Asset Resolu     0.23    5/17/2017    EUR     62.50
Heta Asset Resolu     5.68     7/5/2017    EUR     62.50
Russian Railways     17.90    9/20/2039    RUB      6.80
Svensk Exportkred     0.50    4/25/2019    BRL     64.83
KFW                   0.25    10/6/2036    CAD     37.42
Vnesheconombank       9.75    8/16/2029    RUB     60.01
A-TEC Industries      5.75    11/2/2010    EUR      2.00
Barclays Bank PLC     0.50    3/13/2023    RUB     43.32
Agentstvo po Ipot     7.75    10/1/2026    RUB     58.01
Svensk Exportkred     0.50    2/22/2022    ZAR     53.00
United Aircraft C     8.00    3/17/2020    RUB     60.02
UniCredit Bank AO    10.15   10/23/2015    RUB     60.02
Bank Otkritie Fin     9.25    8/23/2015    RUB     60.00
Immigon Portfolio     3.09   10/15/2020    EUR     50.75
Immigon Portfolio     5.26     2/5/2025    EUR     34.38
Province of Milan     0.30   12/22/2033    EUR     69.93
Heta Asset Resolu     3.72    3/15/2017    EUR     62.50
Sidetur Finance B    10.00    4/20/2016    USD     11.50
Hellas Telecommun     8.50   10/15/2013    EUR      0.00
Konservenfabrik Z     8.00     4/1/2016    EUR      0.00
Exane Finance         1.75    4/28/2016    EUR     38.77
Municipality Fina     0.50   11/21/2018    TRY     71.43
URALSIB Leasing C    10.25    3/21/2019    RUB     60.02
Societe Generale     15.16     9/2/2015    USD     60.01
Absolut Bank OAO     11.50    4/29/2020    RUB     60.01
Phosphorus Holdco    10.00     4/1/2019    GBP      2.50
VEB-Leasing OAO      11.50   10/20/2021    RUB     60.01
Rosselkhozbank OJ    10.90   10/11/2022    RUB     60.02
Rosselkhozbank OJ    10.90   10/13/2022    RUB     60.12
Northland Resourc    12.25    3/26/2016    USD      1.07
Immigon Portfolio     4.78     6/7/2030    EUR     21.63
Enemona AD-Kozlod    10.00    4/28/2017    BGN      0.22
LBI HF                4.40    11/3/2009    CZK      8.50
Heta Asset Resolu     0.05    5/31/2016    EUR     62.50
Baltic Leasing OO    13.50     7/1/2021    RUB     60.01
Takko Luxembourg      6.98    4/15/2019    EUR     45.10
Rusfinans Bank OO    10.75    6/10/2019    RUB     60.02
Sviaz Bank OAO       13.75    11/1/2015    RUB     60.04
Oberoesterreichis     0.30    4/25/2042    EUR     50.38
Heta Asset Resolu     0.30    2/10/2018    EUR     62.50
World of Building     7.70    6/25/2019    RUB      5.00
Province of Bresc     0.35    6/30/2036    EUR     67.02
RusHydro JSC         11.85     7/4/2018    RUB     60.02
CARPEVIGO AG          8.25    6/30/2016    EUR     29.50
Bank Nederlandse      0.50    5/12/2021    ZAR     62.43
Ideal Standard In    11.75     5/1/2018    EUR     38.38
HSBC Bank PLC         0.50     2/5/2018    RUB     75.34
Lehman Brothers T    10.44   11/22/2008    CHF      4.80
Heta Asset Resolu     0.25    4/22/2018    EUR     62.50
UniCredit Bank Au     0.37    1/24/2031    EUR     64.00
Heta Asset Resolu     0.28     3/4/2018    EUR     62.50
Lehman Brothers T     9.25    6/20/2012    USD      4.80
Svensk Exportkred     0.50    3/15/2022    ZAR     52.66
Rusfinans Bank OO    11.40    10/2/2019    RUB     60.01
JP Morgan Structu    13.00   11/25/2024    ZMW
Glitnir HF            3.25    9/15/2015    EUR     27.25
Notenstein Privat     9.40     1/6/2016    USD     73.77
TransFin-M PAO       13.50     6/4/2025    RUB     66.66
Raiffeisen Versic     5.08                 EUR     46.75
UniCredit Bank AO     8.60    2/11/2016    RUB     70.05
ffk environment G     7.25     6/1/2016    EUR      3.15
Lehman Brothers T     7.00   11/26/2013    EUR     19.00
RSL Communication    10.13     3/1/2008    USD      1.25
Transcapitalbank     15.00    3/15/2016    RUB     60.69
Province of Trevi     0.18   12/31/2034    EUR     66.70
Diversified Finan     2.18    7/27/2016    EUR     61.91
Russian Railways     16.80     6/8/2028    RUB     60.01
RusHydro JSC         11.85     7/4/2018    RUB     60.01
Kommunalbanken AS     0.50    11/8/2018    BRL     70.24
Heta Asset Resolu     0.30    8/21/2017    EUR     62.50
Leonteq Securitie    12.10   10/22/2015    USD     24.57
Immigon Portfolio     0.89    2/11/2019    EUR     58.38
Caisse Centrale d     7.00    9/10/2015    EUR     15.39
UTair-Finans OOO     13.00   11/13/2015    RUB     31.00
Immigon Portfolio     1.24     3/1/2022    EUR     35.75
Municipality Fina     0.50     8/8/2029    NZD     58.08
Salvator Grundbes     9.50                 EUR     40.00
MirLand Developme     5.50    9/30/2019    ILS     38.50
Rosneft OAO          11.90    1/18/2021    RUB     60.06
Kommunekredit         0.50    7/30/2027    TRY     26.46
Credit Suisse AG/     8.25    9/30/2015    CHF     56.39
HSBC Bank PLC         0.50    12/8/2026    AUD     58.24
Immigon Portfolio     4.21    1/25/2033    EUR     17.25
UTair-Finans OOO     13.00   11/13/2015    RUB     31.09
Deutsche Bank AG/     0.50    10/5/2021    IDR     68.84
Immigon Portfolio     1.52    2/19/2018    EUR     73.13
Cooperatieve Cent     0.50    1/31/2033    MXN     29.75
Araratbank OJSC       8.00    6/11/2018    USD     25.61
Glitnir HF            3.30    6/10/2010    EUR     27.25
Credit Europe Ban    11.36     6/5/2018    RUB     60.06
Leonteq Securitie    18.00     2/9/2016    CHF     61.63
LBI HF                6.00     6/6/2017    EUR      8.50
Heta Asset Resolu     4.40    6/20/2017    EUR     62.50
Municipality Fina     0.50    5/31/2022    ZAR     51.12
Interregional Dis    12.42    5/23/2025    RUB     60.01
hkw personalkonze     8.25   11/15/2016    EUR      2.31
Maritime Joint St    15.00     3/9/2016    RUB     60.42
TGK-1 OAO            12.90    2/14/2022    RUB     60.03
Lehman Brothers T     8.00   12/31/2010    USD      4.80
Rosselkhozbank OJ    12.50   11/27/2018    RUB     65.02
Heta Asset Resolu     0.20     7/1/2017    EUR     62.50
Investkredit Bank     0.52    3/14/2020    EUR     70.41
SAir Group            4.25     2/2/2007    CHF     10.88
Solarwatt GmbH        7.00    11/1/2015    EUR     14.50
Mortgage Agent Ab     8.90    8/12/2041    RUB     75.00
Kaupthing Bank Hf     7.13    5/19/2016    USD      0.00
DeltaCredit Bank      8.65     7/4/2018    RUB     59.03
Rusfinans Bank OO    13.90    4/24/2018    RUB     62.27
Russian Highways     12.40    4/22/2042    RUB     12.05
Heta Asset Resolu     0.09    3/15/2017    EUR     62.50
B&N Bank JSC         18.00    1/18/2021    RUB     62.63
Lehman Brothers T     7.38    9/20/2008    EUR      4.80
Lehman Brothers T    15.00    3/30/2011    EUR      4.80
Immigon Portfolio     2.15    3/25/2019    EUR     62.38
Southern Urals Co    10.00    2/23/2016    RUB     59.53
LBI HF                4.75    5/31/2013    EUR      8.50
Veniti SA             9.70    3/28/2016    PLN     50.00
Svensk Exportkred     0.50   12/17/2027    USD     74.24
Lehman Brothers T    11.00   12/20/2017    AUD      4.80
Heta Asset Resolu     0.26     4/2/2018    EUR     55.75
Landes-Hypotheken     0.37    3/20/2043    EUR     58.00
UniCredit Bank Au     0.44    1/22/2031    EUR     64.50
Lehman Brothers T     4.00    7/20/2012    EUR      4.80
Bank Otkritie Fin    16.25     4/7/2020    RUB     60.06
Araratbank OJSC       8.50    6/14/2016    USD     25.72
Russian Railways     12.40    2/28/2040    RUB     60.01
Kaupthing Bank Hf     7.90     2/1/2016    EUR     21.63
Hellenic Republic     4.75    4/17/2019    EUR     67.47
Svensk Exportkred     0.50    6/28/2022    ZAR     50.79
Reso-Leasing OOO     10.40    9/21/2023    RUB     60.09
Powszechne Towarz     6.66    11/8/2015    PLN      3.30
Federal Grid Co U     8.00     1/7/2028    RUB     70.01
UNGP-Finance OOO     10.00    4/20/2021    RUB     60.00
Medved-Finans OOO    12.50    8/22/2016    RUB     61.50
Dresdner Bank AG      0.65   11/19/2029    EUR     63.63
Mechel                8.00     2/9/2021    RUB     57.55
Province of Bresc     0.52   12/22/2036    EUR     66.64
Novolipetsk Steel    10.00     9/5/2022    RUB     60.02
SAir Group            5.50    7/23/2003    CHF     10.88
Heta Asset Resolu     0.08     8/1/2017    EUR     62.00
LBI HF                2.75    3/16/2011    EUR      8.50
Transcapitalbank     13.00    5/30/2023    RUB     61.17
Immigon Portfolio     1.75     9/9/2020    EUR     47.25
Moscow United Ele    11.00    9/12/2024    RUB     60.01
Notenstein Financ     6.20    9/25/2015    CHF     58.37
Societe Generale      9.00    4/29/2016    CHF     53.35
Ingra DD              6.13    12/6/2016    HRK     12.99
Reso-Leasing OOO     16.00    2/17/2016    RUB     60.01
Immigon Portfolio     4.20    2/22/2033    EUR     17.13
Sviaz Bank OAO       12.25    12/9/2021    RUB     60.01
Nutritek Internat     8.75   12/11/2008    USD      2.00
Strommen Spareban     2.52                 NOK     45.21
Glitnir HF            5.44   12/22/2015    USD     27.25
RSL Communication    12.00    11/1/2008    USD      1.25
Rosneft OAO           7.95   12/11/2023    RUB     65.00
BRFkredit A/S         0.90    10/1/2044    DKK     56.14
Svensk Exportkred     0.50    4/24/2029    AUD     55.88
IT Holding Financ     9.88   11/15/2012    EUR      0.24
UWC Finance          16.00    9/10/2019    RUB     60.01
Kaupthing Bank Hf     0.80    2/15/2011    EUR     21.63
Lehman Brothers T     6.00    5/12/2017    EUR      4.80
DZ Bank AG Deutsc    16.00    3/29/2016    EUR     74.67
HSBC Bank PLC         0.50   12/29/2026    AUD     69.76
Immigon Portfolio     3.88    3/15/2022    EUR     43.13
LBI HF                7.43                 USD      0.00
UBS AG               14.75   12/29/2015    EUR     72.47
Kommunekredit         0.50    9/19/2019    BRL     64.72
Glitnir HF            6.00     8/1/2015    ISK     27.25
Rinol AG              5.50   10/15/2006    DEM      0.00
Lehman Brothers T     4.00    7/27/2011    EUR      4.80
LBI HF                7.25     4/2/2011    EUR      8.50
LBI HF                7.00     4/2/2010    EUR      8.50
Svensk Exportkred     0.50    3/28/2029    AUD     65.90
Vnesheconombank       2.00    6/18/2021    RUB     58.77
Credit Suisse AG/     8.00   11/29/2019    USD      8.78
Kaupthing Bank Hf     6.40   12/15/2015    EUR     21.63
Glitnir HF            3.00     4/1/2010    CZK     27.25
LBI HF                6.75    8/18/2015    EUR      8.50
Leonteq Securitie     8.04    4/11/2016    CHF     63.54
RusHydro JSC         11.85     7/4/2018    RUB     60.01
Kaupthing Bank Hf     1.99     7/5/2012    JPY     21.63
Glitnir HF            5.25     5/2/2017    ISK     27.25
Barclays Bank PLC     0.50    1/28/2033    MXN     31.39
Immigon Portfolio     5.21    2/13/2026    EUR     31.13
Bamble Sparebank      2.68                 NOK     53.09
Credit Suisse AG/     7.00     9/7/2015    CHF     70.93
Credit Suisse AG/    10.25    8/14/2015    CHF     71.89
SAir Group            6.25   10/27/2002    CHF     12.13
Immigon Portfolio     4.90    8/18/2025    EUR     61.30
Immigon Portfolio     1.55    5/18/2020    EUR     50.13
Societe Generale      2.95     8/1/2016    USD     59.10
Svensk Exportkred     0.50    8/28/2020    TRY     58.53
Lehman Brothers T     3.35   10/13/2016    EUR      4.80
Lehman Brothers T    10.00     1/3/2012    BRL      4.80
Republika Srpska      1.50    9/25/2026    BAM     70.50
Oravita City Coun     2.63    6/15/2027    RON     72.00
Municipality Fina     0.50   11/25/2020    ZAR     63.06
PCZ SA               11.00   10/31/2015    PLN      1.02
Kommunekredit         0.50    2/20/2020    BRL     60.72
Drangedal Spareba     2.61                 NOK     70.85
Lehman Brothers T     2.50    11/9/2011    CHF      4.80
Raiffeisen-Holdin     5.10                 EUR     63.00
Immigon Portfolio     1.32     2/8/2019    EUR     61.88
Rosneft OAO           8.90     2/6/2024    RUB     55.05
Glitnir HF            5.31   12/24/2012    USD     27.25
SAir Group            5.13     3/1/2003    CHF     11.00
Credit Suisse AG      8.50    6/10/2016    USD      9.20
Russian Railways     16.80    5/29/2035    RUB     60.01
Immigon Portfolio     4.26    3/22/2024    EUR     34.13
International Fin    15.50    4/26/2016    RUB     60.11
HSBC Bank PLC         0.50    5/29/2020    IDR     62.25
Municipality Fina     0.50     5/8/2029    AUD     54.32
Credit Suisse AG/     1.64     6/1/2042    USD     52.76
Waste Management     18.30    6/15/2022    RUB     60.02
Glitnir HF            4.75   10/15/2010    USD     27.25
Salvator Grundbes     9.50   12/31/2021    EUR     11.50
EFG International     7.20    2/25/2019    EUR     73.26
Lehman Brothers T     5.00    5/12/2011    CHF      4.80
Lehman Brothers T     7.39     5/4/2017    USD      4.80
Russian Railways     15.30   10/11/2038    RUB     60.01
Immigon Portfolio     2.00    4/24/2020    EUR     51.38
Araratbank OJSC       9.00   10/20/2015    USD     25.27
Vontobel Financia     4.45    4/15/2016    EUR     70.40
Leonteq Securitie    13.00     9/2/2015    CHF     38.55
Svensk Exportkred     0.50    6/26/2019    TRY     65.99
Credit Suisse AG/     8.00     2/8/2016    USD     61.15
Lehman Brothers T     0.50   12/20/2017    AUD      4.80
Immigon Portfolio     0.99     7/3/2019    EUR     57.25
Lehman Brothers T     7.60    3/26/2009    EUR      4.80
Leonteq Securitie     6.89   12/30/2015    USD     60.95
e-Kancelaria Grup     9.00    12/4/2015    PLN      1.52
Glitnir HF            3.00   12/15/2009    EUR     27.25
Eksportfinans ASA     0.25    7/14/2033    CAD     18.38
Glitnir HF            3.45    8/22/2010    CZK     27.25
PCZ SA               10.00    4/15/2016    PLN      2.10
Leonteq Securitie    20.00    1/26/2016    CHF     33.51
B&N Bank JSC         18.00    1/18/2021    RUB     62.63
Immigon Portfolio     1.80    5/24/2018    EUR     70.75
Tatfondbank OAO      14.50    5/28/2025    RUB     61.02
Interregional Dis    12.42    5/23/2025    RUB     60.01
Bashneft PAO         12.00     5/9/2025    RUB     60.06
Notenstein Financ     7.19     5/6/2019    EUR     72.29
MirLand Developme     7.21    5/31/2020    ILS     39.65
Bank National Fac    12.30   10/17/2016    RUB     60.33
Russian Railways     16.00    8/18/2033    RUB     60.01
Raiffeisen Centro     2.40   12/19/2016    EUR     60.08
Windreich GmbH        6.25     3/1/2015    EUR     10.88
Immigon Portfolio     5.00   12/12/2018    EUR     72.63
Vontobel Financia     5.60   12/29/2015    EUR     66.05
City of Hunedoara     2.43    8/15/2026    RON     70.00
Municipiul Timiso     1.29    5/12/2026    RON     73.00
Lehman Brothers T     5.55    3/12/2015    EUR      4.80
Immigon Portfolio     1.29     3/1/2018    EUR     72.50
Hypo Tirol Bank A     0.14    3/28/2043    EUR     55.25
RSL Communication     9.88   11/15/2009    USD      1.25
MirLand Developme     8.50    8/31/2016    ILS     41.00
Arizk                 3.00   12/20/2030    RUB     34.31
Espirito Santo Fi     5.63    7/28/2017    EUR      2.07
Societe Generale      0.50    5/30/2023    MXN     63.30
Agentstvo po Ipot    10.89   10/15/2030    RUB     60.01
Bank Nederlandse      0.50    8/15/2022    ZAR     54.08
HSBC Bank PLC         0.50    5/31/2019    IDR     68.33
Glitnir HF            3.00   10/31/2015    EUR     27.25
Immigon Portfolio     5.50    8/26/2025    EUR     33.75
Russian Railways     12.40    2/28/2040    RUB     60.01
Bank Julius Baer      9.00    10/8/2015    CHF     36.90
Bank Julius Baer     10.00    5/20/2016    USD     55.85
Credit Suisse AG/     8.00     6/6/2016    USD     58.51
Lehman Brothers T     4.00    4/13/2011    CHF      4.80
Kaupthing Bank Hf     1.65     7/5/2010    JPY     21.63
EFG International    12.86   10/30/2017    EUR     60.57
Intertekhelektro-     8.50    4/21/2020    RUB     60.00
Credit Suisse AG/    11.00    8/28/2015    USD     36.23
DeltaCredit Bank     10.55     6/5/2024    RUB     60.01
Agentstvo po Ipot    10.89    1/15/2029    RUB     60.01
Credit Suisse AG/     6.00    1/29/2016    CHF     58.59
Lehman Brothers T    11.00   12/20/2017    AUD      4.80
Lehman Brothers T     6.30   12/21/2018    USD      4.80
LBI HF                8.65     5/1/2011    ISK      8.50
Hypo Tirol Bank A     0.12     6/1/2033    EUR     65.25
Union Technologie     0.10     1/1/2020    EUR      3.30
KPNQwest NV           8.88     2/1/2008    EUR      0.50
Ecureuil Vie Deve     0.94                 EUR     21.38
Barclays Bank PLC     4.17     1/5/2017    EUR     42.32
ING Bank NV           5.05    10/7/2024    EUR     69.31
Bank Nederlandse      0.50    9/20/2022    MXN     66.67
Leonteq Securitie     5.20    11/7/2016    CHF     64.71
Glitnir HF            0.50   11/26/2009    EUR     27.25
SpareBank 1 Sore      2.41                 NOK     71.78
Svensk Exportkred     0.50    8/29/2029    AUD     66.52
ENEL RUSSIA PJSC     12.10    5/22/2025    RUB     60.01
MT-Energie GmbH &     8.25     4/4/2017    EUR     10.42
Municipality Fina     0.50    4/26/2022    ZAR     51.83
Tatfondbank OAO      14.00   12/11/2024    RUB     60.11
Otkritie Holding     13.00   10/12/2017    RUB     60.01
Glitnir HF            5.86    7/28/2016    GBP     27.25
Leonteq Securitie     8.16    4/14/2016    EUR     61.67
Leonteq Securitie    10.94     4/7/2016    USD     54.28
UBS AG/London        13.50    2/18/2016    CHF     57.69
Lehman Brothers T     3.86    9/21/2011    SGD     16.25
Lehman Brothers T     7.59   11/22/2009    MXN     19.00
LBI HF                4.38   10/20/2008    EUR      8.50
LBI HF                4.32    1/31/2010    EUR      8.50
Metallurgical Com    15.00     9/8/2016    RUB     60.01
MirLand Developme     6.00   11/30/2017    ILS     39.70
Chelyabinsk Pipe     10.00    8/25/2015    RUB     60.01
EFG International     6.00   11/30/2017    EUR     47.47
Glitnir HF            6.38    9/25/2012    USD     27.25
Immigon Portfolio     5.03    6/11/2019    EUR     68.00
Glitnir HF            3.75    1/15/2010    EUR     27.25
Vontobel Financia     5.00    9/23/2016    EUR     63.42
T-Generation CJSC    12.00    6/14/2019    RUB     60.01
Municipality Fina     0.50    7/30/2029    AUD     66.45
Svensk Exportkred     0.50    6/29/2029    AUD     66.16
Svensk Exportkred     0.50    6/20/2029    AUD     64.46
Lehman Brothers T     0.50   12/20/2017    AUD      4.80
City of Baile Her     2.50   12/16/2020    RON     75.00
COFIDUR SA            0.10   12/31/2024    EUR     15.05
RSL Communication    10.50   11/15/2008    USD      1.25
Lehman Brothers T     4.60   10/11/2017    ILS     19.00
SAir Group            2.75    7/30/2004    CHF     10.75
DZ Bank AG Deutsc     7.75    9/11/2015    EUR     68.75
Vontobel Financia     4.85   12/11/2015    EUR     66.86
JP Morgan Structu     1.55    11/6/2015    USD     60.36
2C Partners SA        9.25    5/12/2017    PLN     72.00
Glitnir HF            3.00    10/4/2011    EUR     27.25
Glitnir HF            5.00    3/14/2012    EUR     27.25
Lehman Brothers T     3.50    9/29/2017    EUR      4.80
HSBC Bank PLC         0.50    7/30/2019    IDR     67.26
HSBC Bank PLC         0.50     6/9/2023    MXN     64.82
Efesk Group          13.25    6/14/2016    RUB     60.02
Vontobel Financia     8.00    12/4/2015    EUR     67.20
Municipality Fina     0.50    3/17/2025    CAD     74.07
Lehman Brothers T     6.50    7/24/2026    EUR      4.80
Lehman Brothers T     4.35     8/8/2016    SGD     19.00
Glitnir HF            4.85    4/26/2012    EUR     27.25
Russian Bank for      9.20    8/11/2022    RUB     60.08
HYPO NOE Gruppe B     2.50    3/10/2045    EUR     85.24
UniCredit Bank AG     7.50    9/24/2015    EUR     73.70
UBS AG/London         9.75    5/13/2016    CHF     62.39
Notenstein Privat    16.20     8/3/2015    USD     58.99
UBS AG/London        10.75    2/18/2016    CHF     72.53
LBI HF                4.53    4/24/2012    EUR      8.50
LBI HF                4.34     3/1/2011    EUR      8.50
SU-155 KAPITAL OO    13.25    2/23/2016    RUB     24.62
Glitnir HF            5.25     5/2/2014    ISK     27.25
Lehman Brothers T     8.00   10/23/2008    USD      4.80
Leonteq Securitie     8.00    8/15/2016    CHF     66.49
BNP Paribas SA        0.50   11/16/2032    MXN     34.19
Lehman Brothers T     0.50   12/20/2017    USD      4.80
Lehman Brothers T     6.25     9/5/2011    EUR      4.80
Haltdalen Spareba     2.55                 NOK     55.95
Nesset Sparebank      2.56                 NOK     57.87
Glitnir HF            6.00     8/1/2010    ISK     27.25
Immigon Portfolio     6.60     5/6/2023    EUR     46.50
RSL Communication     9.13     3/1/2008    USD      1.25
Lehman Brothers T     8.28    3/26/2009    USD      4.80
HSBC Bank PLC         0.50    11/9/2018    IDR     72.86
Russian Highways      9.75   11/29/2016    RUB     60.10
EFG International     6.48    5/29/2018    EUR     56.48
HSBC Bank PLC         0.50   10/30/2018    IDR     72.60
Notenstein Financ     1.00    9/17/2019    CHF     74.75
Barclays Bank PLC     2.50     3/7/2017    EUR     55.07
Kaupthing Bank Hf     5.80     9/7/2012    EUR     21.63
Skue Sparebank        2.45                 NOK     72.32
Province of Rovig     0.30   12/28/2035    EUR     67.20
BNP Paribas SA        6.30    5/28/2021    RUB     76.62
Leasing-Experts S     9.00    9/17/2016    PLN     63.85
Glitnir HF            0.01     5/6/2009    JPY     27.25
Glitnir HF            6.69    6/15/2016    USD      0.02
Glitnir HF            6.84   12/15/2015    EUR      0.02
Russian Railways     17.70    9/19/2033    RUB     60.01
Dolomite Capital     12.03   12/20/2019    ZAR     55.49
Deutsche Bank AG     10.00   10/22/2015    EUR     74.90
Bank Julius Baer      7.00    9/12/2016    CHF     71.10
UniCredit Bank AG     6.00     7/4/2016    EUR     74.93
Leonteq Securitie     7.55     3/9/2016    USD     69.93
e-Kancelaria Grup    10.00    11/6/2015    PLN      1.55
Lehman Brothers T     4.95   10/25/2036    EUR      4.80
Lehman Brothers T     4.00   11/24/2016    EUR      4.80
MORTGAGE AGENT AH     9.00     9/9/2045    RUB     72.25
Lehman Brothers T     5.12    4/30/2027    EUR      4.80
BNP Paribas SA        6.64    4/26/2021    RUB     78.24
Lehman Brothers T     6.00    5/23/2018    CZK      4.80
Kaupthing Bank Hf     4.90    5/29/2017    EUR     21.63
Driver & Bengsch      8.50   12/31/2027    EUR      0.01
Banque Cantonale      4.25    8/28/2015    CHF     49.38
Kaupthing Bank Hf     3.75    2/15/2024    ISK     21.63
HSBC Bank PLC         0.50    2/24/2023    AUD     73.90
Central European      7.80    8/16/2015    ILS     12.80
Lehman Brothers T     5.50   11/30/2012    CZK      4.80
Lehman Brothers T     6.00   10/30/2012    USD      4.80
Bank Nederlandse      0.50    6/22/2021    ZAR     62.02
Lehman Brothers T     0.50   12/20/2017    AUD      4.80
Province of Milan     0.05   12/20/2042    EUR     53.22
Lehman Brothers T     6.25   11/30/2012    EUR      4.80
Lehman Brothers T     8.00    3/21/2018    USD      4.80
Lehman Brothers T    11.75     3/1/2010    EUR      4.80
Lehman Brothers T    10.00    5/22/2009    USD      4.80
Lehman Brothers T     5.00   11/22/2012    EUR      4.80
SpetsStroyFinance     8.50    5/30/2016    RUB     60.00
Immigon Portfolio     1.61    7/20/2018    EUR     68.38
e-Kancelaria Grup     8.00   10/17/2016    PLN      0.05
Lehman Brothers T     6.60     2/9/2009    EUR      4.80
Glitnir HF            5.25   10/23/2011    ISK     27.25
LBI HF                5.44     9/3/2018    EUR      0.01
Lehman Brothers T     4.87    10/8/2013    USD      4.80
NIBC Bank NV         25.98     5/7/2029    EUR     63.66
Kaupthing Bank Hf     5.00    11/8/2013    EUR     21.63
Lehman Brothers T     3.50   10/24/2011    USD      4.80
Kaupthing Bank Hf     0.95   10/20/2010    JPY     21.63
Kaupthing Bank Hf     5.00     1/4/2027    SKK     21.63
Lehman Brothers T     7.50    2/14/2010    AUD      4.80
Lehman Brothers T     5.50    4/23/2014    EUR      4.80
Delta-Finance OOO    10.00    1/19/2021    RUB     60.00
UTair-Finans OOO      9.50    7/21/2016    RUB     20.04
ECM Real Estate I     5.00    10/9/2011    EUR     10.38
Leonteq Securitie     6.00    9/29/2015    EUR     69.24
Federal Grid Co U    16.30    3/23/2050    RUB     60.01
Federal Grid Co U    16.30    3/23/2050    RUB     60.01
SAir Group            2.75    7/30/2004    CHF     10.88
e-Kancelaria Grup     8.07    9/15/2016    PLN      1.00
Deutsche Bank AG      9.00    9/11/2015    EUR     34.73
Przedsiebiorstwo      9.01    3/31/2016    PLN     69.73
Societe Generale      0.50     4/4/2024    MXN     59.02
Deutsche Bank AG      5.80    9/23/2015    EUR     72.17
Credit Suisse AG/     9.00    12/3/2024    USD      9.70
UBS AG/London         7.50   11/19/2015    CHF     63.29
Leonteq Securitie     8.75    11/6/2015    GBP     66.40
Societe Generale      2.50    10/7/2016    EUR     59.57
Hellenic Republic     4.50     7/3/2017    JPY     70.25
Lehman Brothers T     3.00    6/23/2009    EUR     19.00
Immigon Portfolio     5.45     8/2/2019    EUR     72.70
LBI HF                3.45   12/18/2033    JPY      0.01
Glitnir HF            2.25    2/15/2011    EUR     27.25
Municipality Fina     0.25    6/28/2040    CAD     29.17
Muehl Product & S     6.75    3/10/2005    DEM      1.73
Glitnir HF            2.75    3/31/2010    EUR     27.25
Pongs & Zahn AG       8.50                 EUR      0.32
Kaupthing Bank Hf     1.75     6/7/2016    EUR     21.63
Glitnir HF            4.50     1/9/2012    EUR     27.25
LBI HF                4.34   12/22/2025    EUR      8.50
Lehman Brothers T     8.25     2/3/2016    EUR      4.80
Glitnir HF            2.00    1/30/2009    CHF     27.25
Glitnir HF            2.57   12/31/2013    EUR     27.25
Lloyds Bank PLC       0.50    7/26/2028    MXN     45.40
Republika Srpska      1.50   12/24/2025    BAM     73.31
Commerzbank AG        2.00     2/3/2016    EUR     53.89
Agrokompleks OOO     15.00    7/29/2019    RUB     61.00
LBI HF                4.00    9/23/2015    EUR      8.50
EDOB Abwicklungs      7.50     4/1/2012    EUR      0.00
Lehman Brothers T     4.60     7/6/2016    EUR      4.82
Kommunalbanken AS     0.50    9/20/2018    BRL     71.08
Republika Srpska      1.50   12/15/2023    BAM     71.80
Polyplast OAO/Mos    15.90     6/6/2018    RUB     60.01
Vontobel Financia     9.75   10/23/2015    EUR     61.30
JP Morgan Structu    12.20    9/30/2015    USD     63.18
MRSK Yuga PJSC       13.50     6/8/2020    RUB     60.01
UBS AG/London        12.00    5/23/2016    CHF     67.16
Bank Julius Baer     13.70    5/13/2016    USD     62.15
Lehman Brothers T     2.50   12/15/2011    GBP      4.80
Leonteq Securitie    11.00     5/4/2016    USD     74.98
Russian Railways     17.40   11/29/2028    RUB     60.01
Glitnir HF           10.00    6/28/2017    USD     27.25
Leonteq Securitie    29.61   10/26/2017    EUR     47.25
UBS AG               12.50   12/29/2015    EUR     52.15
LBI HF                3.00   10/22/2015    EUR      8.50
Barclays Bank PLC     0.50    3/19/2021    MXN     72.37
Credit Suisse AG/    10.25    8/28/2015    USD     46.17
Societe Generale      0.50    5/22/2024    MXN     58.34
UniCredit Bank AO    10.15   10/27/2015    RUB     60.07
Lehman Brothers T     7.00    9/20/2011    USD      4.80
Delta-Finance OOO    10.00   12/18/2015    RUB     60.01
City of Siret Rom     2.75     3/1/2028    RON     61.00
Kaupthing Bank Hf     7.70    10/2/2011    EUR     21.63
Rosneft OAO           8.90     2/6/2024    RUB     56.69
Gold-Zack AG          7.00   12/14/2005    EUR     12.01
Delta-Finance OOO    10.00   12/17/2020    RUB     60.00
Credit Suisse AG/     8.50    10/8/2015    USD     70.14
Notenstein Financ    15.00   10/20/2015    USD     68.18
Immigon Portfolio     3.50    5/23/2022    EUR     39.25
LBI HF                6.75    2/18/2015    EUR      8.50
Notenstein Privat     8.20   10/20/2016    USD     56.84
BNP Paribas Emiss    10.00    3/24/2016    EUR     74.97
Cooperatieve Cent     0.50    8/21/2028    MXN     41.68
Lehman Brothers T     4.05    9/16/2008    EUR      4.80
Lehman Brothers T     4.50     3/6/2013    CHF      4.80
Lehman Brothers T     4.00    4/24/2009    USD      4.80
Lehman Brothers T     9.00    6/13/2009    USD      4.80
Lehman Brothers T     9.00    3/17/2009    GBP      4.80
Lehman Brothers T     7.00   11/28/2008    CHF      4.80
Lehman Brothers T     3.85    4/24/2009    USD      4.80
Lehman Brothers T     7.25    10/6/2008    EUR      4.80
Lehman Brothers T    10.50     8/9/2010    EUR      4.80
Lehman Brothers T     8.00    5/22/2009    USD      4.80
Lehman Brothers T     4.50    7/24/2014    EUR      4.80
Lehman Brothers T     5.75    6/15/2009    CHF      4.80
Lehman Brothers T     7.50   10/24/2008    USD      4.80
Lehman Brothers T    10.00    3/27/2009    USD      4.80
Lehman Brothers T     5.00   10/24/2008    CHF      4.80
Lehman Brothers T     7.00    4/14/2009    EUR      4.80
Lehman Brothers T     6.00   10/24/2008    EUR      4.80
Lehman Brothers T     7.75    1/30/2009    EUR      4.80
Lehman Brothers T     0.25    7/21/2014    EUR      4.80
Lehman Brothers T    11.00    6/29/2009    EUR      4.80
Lehman Brothers T     8.00     8/3/2009    USD      4.80
Lehman Brothers T     5.50    6/15/2009    CHF      4.80
Lehman Brothers T     1.50   10/25/2011    EUR      4.80
Province of Trevi     0.05   12/31/2034    EUR     65.24
Lehman Brothers T    11.00   12/19/2011    USD      4.80
Province of Teram     0.15   12/30/2030    EUR     71.33
LBI HF                4.28   11/19/2010    EUR      8.50
Glitnir HF            3.50   10/30/2012    EUR     27.25
LBI HF                3.34    5/11/2012    EUR      8.50
Lehman Brothers T     5.00    4/24/2017    EUR      4.80
HSBC Bank PLC         0.50    12/2/2022    AUD     74.75
Kaupthing Bank Hf     4.53    4/24/2012    EUR     21.63
Kaupthing Bank Hf     4.47   10/27/2010    EUR     21.63
Lehman Brothers T     4.25    5/15/2010    EUR      4.80
Lehman Brothers T     0.80   12/30/2016    EUR      4.80
Immigon Portfolio     4.80     5/9/2025    EUR     32.13
Agentstvo po Ipot    11.03   12/15/2029    RUB     60.01
Kaupthing Bank Hf     0.69    5/21/2011    JPY     21.63
Kaupthing Bank Hf     4.50    1/17/2011    EUR     21.63
Lehman Brothers T     6.00    2/14/2012    EUR      4.80
Lehman Brothers T     7.00    2/15/2012    EUR      4.80
Lehman Brothers T     4.69    2/19/2017    EUR      4.80
Lehman Brothers T     4.10    2/19/2010    EUR      4.80
Lehman Brothers T     6.60    2/22/2012    EUR      4.80
Lehman Brothers T     5.20    3/19/2018    EUR      4.80
Lehman Brothers T     5.00    2/28/2032    EUR      4.80
Lehman Brothers T    14.90    9/15/2008    EUR      4.80
Lehman Brothers T     1.28    11/6/2010    JPY     19.00
Barclays Bank PLC     2.33     1/2/2041    USD     74.36
Razgulyai-Finans     11.30    10/3/2018    RUB     57.02
Rusfinans Bank OO    11.60   11/10/2015    RUB     60.02
Lehman Brothers T     8.60    7/31/2013    GBP      4.80
Lehman Brothers T     8.28    7/31/2013    GBP      4.80
Lehman Brothers T     7.50    7/31/2013    GBP      4.80
Lehman Brothers T     7.32    7/31/2013    GBP      4.80
Barclays Bank PLC     1.99    12/1/2040    USD     71.70
Lehman Brothers T     4.10    8/23/2010    USD      4.80
Lehman Brothers T     7.75    2/21/2016    EUR      4.80
Lehman Brothers T     8.00   12/27/2032    JPY      4.80
Lehman Brothers T     1.50     2/8/2012    CHF      4.80
Immigon Portfolio     0.80   10/15/2019    EUR     53.38
Immigon Portfolio     4.50   10/21/2020    EUR     55.38
Lehman Brothers T     0.01    9/20/2011    USD      4.80
HSBC Trinkaus & B    12.40    6/24/2016    EUR     71.87
HSBC Trinkaus & B    12.40    6/24/2016    EUR     71.87
HSBC Trinkaus & B     8.20    6/24/2016    EUR     74.20
HSBC Trinkaus & B    10.60    1/22/2016    EUR     71.72
HSBC Trinkaus & B     9.20    4/22/2016    EUR     72.98
Barclays Bank PLC     0.50    3/26/2021    MXN     72.27
Deutsche Bank AG      7.20   12/22/2015    EUR     74.70
LBBW                  5.50   12/29/2015    EUR     72.33
HSBC Bank PLC         0.50    4/11/2023    MXN     65.61
Societe Generale      0.50    4/30/2023    RUB     42.61
LBBW                  4.50   12/29/2015    EUR     72.67
LBBW                  4.00    8/28/2015    EUR     73.11
LBBW                  5.00    3/29/2016    EUR     73.32
LBBW                  2.50    6/24/2016    EUR     73.64
LBBW                  4.00    6/24/2016    EUR     68.87
LBBW                  3.55    8/25/2017    EUR     71.35
LBBW                  3.65    8/28/2015    EUR     74.37
LBBW                  3.75    9/22/2017    EUR     69.84
LBBW                  2.50    7/22/2016    EUR     65.24
LBBW                  3.50    7/22/2016    EUR     62.99
LBBW                  2.50    7/22/2016    EUR     74.92
LBBW                  4.00    7/22/2016    EUR     70.23
LBBW                  3.90    9/22/2017    EUR     68.47
LBBW                  4.50   10/23/2015    EUR     71.97
LBBW                  2.00    9/25/2015    EUR     73.57
National Capital     11.50    3/18/2016    RUB     60.01
Deutsche Bank AG      7.20   12/22/2015    EUR     74.60
Deutsche Bank AG      6.20   12/22/2015    EUR     74.20
Deutsche Bank AG      6.20    6/21/2016    EUR     71.70
Deutsche Bank AG      5.20    6/21/2016    EUR     70.80
Deutsche Bank AG      7.20    6/21/2016    EUR     72.60
Deutsche Bank AG      5.20    3/22/2016    EUR     71.00
Deutsche Bank AG      5.20   12/22/2015    EUR     73.80
Deutsche Bank AG      6.20   12/22/2015    EUR     70.40
Deutsche Bank AG      5.20   12/22/2015    EUR     70.00
Deutsche Bank AG      7.20   12/22/2015    EUR     70.70
Deutsche Bank AG      7.20    3/22/2016    EUR     72.30
Deutsche Bank AG      5.20    6/21/2016    EUR     74.30
Deutsche Bank AG      5.20    9/20/2016    EUR     71.70
Deutsche Bank AG      7.20    9/20/2016    EUR     74.00
Deutsche Bank AG      5.20    3/22/2016    EUR     74.70
Deutsche Bank AG      6.20    9/20/2016    EUR     72.90
Deutsche Bank AG      6.20    3/22/2016    EUR     71.70
Deutsche Bank AG      6.20   12/22/2015    EUR     74.30
Deutsche Bank AG      5.20   12/22/2015    EUR     74.00
Deutsche Bank AG      5.20    6/21/2016    EUR     74.00
Deutsche Bank AG      6.20    6/21/2016    EUR     74.90
HSBC Bank PLC         0.50     3/1/2018    RUB     74.69
Vontobel Financia    16.90   12/11/2015    EUR     73.60
Credit Agricole C     0.50     3/6/2023    RUB     43.75
DZ Bank AG Deutsc    13.75    9/25/2015    EUR     74.86
Societe Generale      0.50     4/3/2023    RUB     43.17
BNP Paribas Emiss     7.50   10/22/2015    EUR     73.63
Zapsibcombank OAO    11.50    2/25/2016    RUB     60.11
Banca di Cividale     0.09    10/2/2036    EUR     62.57
Lehman Brothers T     4.00    5/30/2010    USD      4.80
Lehman Brothers T     4.00    5/17/2010    USD      4.80
Lehman Brothers T     2.48    5/12/2009    USD      4.80
Lehman Brothers T     2.25    5/12/2009    USD      4.80
Lehman Brothers T     7.50    6/15/2017    USD      4.80
Lehman Brothers T     6.00   12/30/2017    EUR      4.80
Lehman Brothers T     4.10    6/10/2014    SGD     16.25
Immigon Portfolio     5.10     7/5/2022    EUR     45.75
Kaupthing Bank Hf     0.20    7/12/2009    JPY     21.63
LBBW                  4.25    8/28/2015    EUR     58.29
LBBW                  5.25    8/28/2015    EUR     54.23
LBBW                  6.50    8/28/2015    EUR     50.25
LBBW                  3.50    8/28/2015    EUR     60.83
Raiffeisen Centro     2.80   11/14/2016    EUR     59.58
Societe Generale      5.00    11/7/2016    EUR     73.31
HSBC Bank PLC         0.50     4/3/2023    AUD     73.75
Leonteq Securitie     6.25   11/13/2015    CHF     51.31
Leonteq Securitie     5.60   11/20/2015    GBP     47.81
Leonteq Securitie     7.60   11/20/2015    USD     29.69
Barclays Bank PLC     3.50     2/5/2016    EUR     65.88
Windreich GmbH        6.75     3/1/2015    EUR     10.88
Bank Julius Baer      3.90   11/30/2015    CHF     52.30
Lehman Brothers T     5.00    8/16/2017    EUR     19.00
Lehman Brothers T     2.50    8/23/2012    GBP      4.80
Sparebanken Din       2.52                 NOK     72.76
Ofoten Sparebank      2.50                 NOK     70.32
Lehman Brothers T     3.00    8/13/2011    EUR      4.80
Lehman Brothers T     6.00    9/20/2011    EUR      4.80
Lehman Brothers T    18.25    10/2/2008    USD      4.80
Lehman Brothers T     3.40    9/21/2009    HKD      4.80
Lehman Brothers T     4.00   10/12/2010    USD      4.80
Zurcher Kantonalb     3.76    1/25/2016    CHF     47.10
Leonteq Securitie     5.25    2/26/2016    CHF     55.30
Leonteq Securitie     3.90     3/1/2016    EUR     52.93
Leonteq Securitie     3.10     3/1/2016    EUR     44.06
Leonteq Securitie     4.50     4/4/2016    EUR     37.81
Lehman Brothers T    12.22   11/21/2017    USD      4.80
Lehman Brothers T     4.80   11/16/2012    HKD      4.80
Lehman Brothers T    14.90   11/16/2010    EUR      4.80
Lehman Brothers T    16.00    10/8/2008    CHF      4.80
Immigon Portfolio     5.23    12/5/2022    EUR     43.75
Klaebu Sparebank      2.57                 NOK     67.33
Leonteq Securitie     5.00    5/23/2016    CHF     62.03
Notenstein Privat     6.00    5/24/2016    EUR     72.42
UBS AG               14.50   12/29/2015    EUR     72.66
UBS AG               14.25   12/29/2015    EUR     59.67
Societe Generale      4.00    6/26/2017    EUR     50.36
Leonteq Securitie     6.20    7/15/2016    EUR     66.47
Barclays Bank PLC     1.64     6/3/2041    USD     69.73
e-Kancelaria Grup     9.00    8/19/2016    PLN      1.55
BNP Paribas SA        0.50    1/31/2018    RUB     75.50
HSBC Trinkaus & B    17.20    9/25/2015    EUR     72.85
Deutsche Bank AG      4.20    7/20/2016    EUR     74.50
Municipality Fina     0.50     2/7/2018    BRL     74.99
Goldman Sachs & C     8.00    8/26/2015    EUR     63.54
Goldman Sachs & C    10.00    8/26/2015    EUR     63.66
Goldman Sachs & C    11.00    8/26/2015    EUR     63.72
Goldman Sachs & C    11.00    8/26/2015    EUR     63.72
Goldman Sachs & C     5.00    8/26/2015    EUR     63.36
Goldman Sachs & C     6.00    8/26/2015    EUR     63.42
UniCredit Bank AG     4.25    8/14/2015    EUR     35.62
UBS AG/London         5.00     8/6/2015    USD     48.53
DZ Bank AG Deutsc    10.75    8/28/2015    EUR     72.29
DZ Bank AG Deutsc     9.50    8/28/2015    EUR     70.90
Landesbank Hessen     4.80    8/21/2015    EUR     67.40
DZ Bank AG Deutsc     8.00   12/28/2015    EUR     67.55
Bank Julius Baer      6.90    8/14/2015    EUR     66.70
Notenstein Privat    10.00    8/14/2015    USD     30.95
Leonteq Securitie     5.00    8/22/2016    CHF     63.61
Leonteq Securitie    13.00    8/25/2015    CHF     30.21
Vontobel Financia     9.20    9/25/2015    EUR     68.92
Raiffeisen Centro     6.95    1/20/2016    EUR     72.23
Commerzbank AG        6.25    6/23/2016    EUR     74.22
Commerzbank AG        6.75    6/23/2016    EUR     72.94
Commerzbank AG        7.25    6/23/2016    EUR     71.70
Commerzbank AG        8.00    6/23/2016    EUR     70.78
UBS AG/London         7.50    8/13/2015    CHF     36.11
DZ Bank AG Deutsc     5.25    9/25/2015    EUR     73.76
DZ Bank AG Deutsc     5.25   12/28/2015    EUR     73.93
Credit Suisse AG/     8.50    2/29/2016    USD     63.19
HSBC Trinkaus & B    10.00    9/25/2015    EUR     64.70
HSBC Trinkaus & B     6.50   12/28/2015    EUR     70.33
HSBC Trinkaus & B     7.00    8/28/2015    EUR     68.25
HSBC Trinkaus & B     6.50    9/25/2015    EUR     64.06
HSBC Trinkaus & B     8.50    8/28/2015    EUR     60.33
DekaBank Deutsche     3.40    6/10/2016    EUR     65.83
Commerzbank AG       10.00    8/27/2015    EUR     66.44
DZ Bank AG Deutsc     7.10     8/7/2015    EUR     61.97
DZ Bank AG Deutsc     9.10     8/7/2015    EUR     58.44
Goldman Sachs & C     7.00    8/26/2015    EUR     65.66
Notenstein Privat     9.10    8/29/2016    CHF     46.50
Notenstein Privat     9.10    8/29/2016    CHF     41.55
Bank Julius Baer      7.00    8/28/2015    USD     38.05
Leonteq Securitie    11.00    8/25/2015    USD     51.53
Vontobel Financia     8.00    8/28/2015    EUR     60.14
DZ Bank AG Deutsc     6.50    8/28/2015    EUR     63.46
DZ Bank AG Deutsc     5.00    8/28/2015    EUR     73.35
Leonteq Securitie    15.20    12/2/2015    CHF     39.91
Leonteq Securitie     8.00    12/8/2015    CHF     61.90
Leonteq Securitie    20.00    12/8/2015    USD     32.92
Raiffeisen Centro     7.25    9/26/2016    EUR     69.33
BNP Paribas Emiss     5.00    9/24/2015    EUR     71.89
BNP Paribas Emiss     6.00    9/24/2015    EUR     67.72
BNP Paribas Emiss     7.50    9/24/2015    EUR     64.07
BNP Paribas Emiss     9.00    9/24/2015    EUR     60.83
BNP Paribas Emiss     4.25   12/24/2015    EUR     74.72
BNP Paribas Emiss     5.00   12/24/2015    EUR     70.90
BNP Paribas Emiss     6.00   12/24/2015    EUR     67.48
BNP Paribas Emiss     7.25   12/24/2015    EUR     64.47
BNP Paribas Emiss     8.50   12/24/2015    EUR     61.76
BNP Paribas Emiss     6.75    9/24/2015    EUR     71.20
BNP Paribas Emiss     6.25   12/24/2015    EUR     72.67
Notenstein Privat     5.04    8/28/2017    CHF     62.52
Notenstein Privat    10.00     9/5/2016    CHF     46.31
Goldman Sachs & C     8.00    8/26/2015    EUR     67.83
HSBC Trinkaus & B     7.60    9/25/2015    EUR     66.38
HSBC Trinkaus & B     6.70    9/25/2015    EUR     66.25
HSBC Trinkaus & B     6.00    9/25/2015    EUR     66.15
HSBC Trinkaus & B     7.10   12/28/2015    EUR     68.09
HSBC Trinkaus & B     6.50   12/28/2015    EUR     67.85
HSBC Trinkaus & B     6.10   12/28/2015    EUR     67.69
HSBC Trinkaus & B     8.50    9/25/2015    EUR     57.59
HSBC Trinkaus & B     7.80    9/25/2015    EUR     57.49
HSBC Trinkaus & B     6.90    9/25/2015    EUR     57.35
HSBC Trinkaus & B     8.10   12/28/2015    EUR     59.09
HSBC Trinkaus & B     7.60   12/28/2015    EUR     58.89
HSBC Trinkaus & B     7.00   12/28/2015    EUR     58.65
HSBC Trinkaus & B     6.10   12/28/2015    EUR     58.29
Lehman Brothers T     3.00    9/13/2010    JPY     19.00
Notenstein Privat     6.10   12/30/2015    EUR     57.40
Notenstein Privat     6.50     7/2/2018    USD     70.62
Credit Suisse AG/     8.25    1/11/2016    CHF     39.22
Leonteq Securitie     8.00     7/7/2016    USD     44.25
Vontobel Financia     9.35    9/11/2015    EUR     72.00
Vontobel Financia     5.85    9/25/2015    EUR     63.92
Notenstein Privat     8.00    1/11/2016    EUR     70.18
Vontobel Financia     3.95    3/11/2016    EUR     70.16
Vontobel Financia     4.05   12/11/2015    EUR     69.12
Vontobel Financia     5.80   12/11/2015    EUR     65.21
Vontobel Financia     7.05    3/11/2016    EUR     63.56
Vontobel Financia     7.70   12/11/2015    EUR     61.93
Vontobel Financia     8.50    9/11/2015    EUR     60.01
Vontobel Financia     5.40    3/11/2016    EUR     66.51
Zurcher Kantonalb     8.80    1/14/2016    CHF     61.08
UBS AG                9.00     7/3/2017    CHF     57.03
UBS AG/London         3.80   12/23/2015    EUR     71.47
UBS AG/London         5.00   12/23/2015    EUR     68.59
Leonteq Securitie     9.40    10/8/2015    USD     62.43
Banque Cantonale      1.00     7/7/2016    CHF     22.17
Credit Suisse AG/     4.00     1/4/2016    EUR     62.71
HSBC Trinkaus & B    10.50    9/25/2015    EUR     69.85
HSBC Trinkaus & B    11.00    9/25/2015    EUR     72.32
HSBC Trinkaus & B    12.50    9/25/2015    EUR     54.54
HSBC Trinkaus & B     8.50    9/25/2015    EUR     58.74
HSBC Trinkaus & B    15.00    9/25/2015    EUR     46.72
HSBC Trinkaus & B    12.00    9/25/2015    EUR     50.54
HSBC Trinkaus & B     7.50    9/25/2015    EUR     57.58
HSBC Trinkaus & B    13.00    9/25/2015    EUR     70.29
HSBC Trinkaus & B    14.50    9/25/2015    EUR     66.72
HSBC Trinkaus & B    11.00    9/25/2015    EUR     72.45
HSBC Trinkaus & B    12.50    9/25/2015    EUR     62.58
HSBC Trinkaus & B    10.00    9/25/2015    EUR     67.07
HSBC Trinkaus & B     7.00    9/25/2015    EUR     72.33
Deutsche Bank AG      5.20    9/22/2015    EUR     54.20
Deutsche Bank AG      5.20   12/22/2015    EUR     55.50
Deutsche Bank AG      6.20    9/22/2015    EUR     54.30
Deutsche Bank AG      7.20    9/22/2015    EUR     54.50
Deutsche Bank AG      7.20   12/22/2015    EUR     60.40
Deutsche Bank AG      7.20   12/22/2015    EUR     56.30
Deutsche Bank AG      6.20    9/22/2015    EUR     58.40
Deutsche Bank AG      5.20    9/22/2015    EUR     58.30
Deutsche Bank AG      6.20   12/22/2015    EUR     60.00
Deutsche Bank AG      7.20    9/22/2015    EUR     58.60
Deutsche Bank AG      5.20   12/22/2015    EUR     59.60
Deutsche Bank AG      6.20   12/22/2015    EUR     55.90
Deutsche Bank AG      6.20    9/22/2015    EUR     74.70
Deutsche Bank AG      5.20    9/22/2015    EUR     71.40
Deutsche Bank AG      5.20    9/22/2015    EUR     57.30
Deutsche Bank AG      7.20    9/22/2015    EUR     57.60
Deutsche Bank AG      6.20    9/22/2015    EUR     57.50
Deutsche Bank AG      7.20    9/22/2015    EUR     54.80
Deutsche Bank AG      6.20    9/22/2015    EUR     54.70
Deutsche Bank AG      5.20    9/22/2015    EUR     54.50
Deutsche Bank AG      7.20    9/22/2015    EUR     52.20
Deutsche Bank AG      6.20    9/22/2015    EUR     52.10
Deutsche Bank AG      5.20    9/22/2015    EUR     51.90
Deutsche Bank AG      7.20    9/22/2015    EUR     49.90
Deutsche Bank AG      6.20    9/22/2015    EUR     49.80
Deutsche Bank AG      5.20    9/22/2015    EUR     49.60
Vontobel Financia     6.90    6/10/2016    EUR     65.16
Vontobel Financia     4.75    6/10/2016    EUR     69.57
Notenstein Privat    11.00    1/25/2016    USD     56.67
Deutsche Bank AG      4.50   12/22/2015    EUR     61.52
Credit Suisse AG/     8.00    1/29/2016    CHF     38.50
DZ Bank AG Deutsc     5.25    9/25/2015    EUR     60.46
UniCredit Bank AG     4.10    9/24/2015    EUR     58.43
UniCredit Bank AG     4.00    9/24/2015    EUR     60.72
Leonteq Securitie    11.52   10/28/2015    CHF     35.75
HSBC Trinkaus & B     5.65    2/22/2016    EUR     68.82
Deutsche Bank AG      5.20    8/26/2015    EUR     65.70
Deutsche Bank AG      6.20    8/26/2015    EUR     63.60
Deutsche Bank AG      7.20    8/26/2015    EUR     63.60
Deutsche Bank AG      5.20    8/26/2015    EUR     63.50
Deutsche Bank AG      6.20    8/26/2015    EUR     65.70
Deutsche Bank AG      7.20    8/26/2015    EUR     65.80
DZ Bank AG Deutsc    16.00    8/28/2015    EUR     37.87
DZ Bank AG Deutsc     6.75    8/28/2015    EUR     57.53
DZ Bank AG Deutsc     5.25    8/28/2015    EUR     63.07
Deutsche Bank AG      7.20   10/21/2015    EUR     64.70
Deutsche Bank AG      6.20   10/21/2015    EUR     64.50
Deutsche Bank AG      5.20   10/21/2015    EUR     64.30
Deutsche Bank AG      5.20   10/21/2015    EUR     66.50
Deutsche Bank AG      7.20   10/21/2015    EUR     66.90
Deutsche Bank AG      6.20   10/21/2015    EUR     66.70
Zurcher Kantonalb     6.30     8/6/2015    EUR     62.50
Zurcher Kantonalb     7.50     8/6/2015    EUR     63.32
UBS AG/London         7.20    1/20/2016    EUR     59.27
HSBC Trinkaus & B     8.50    9/25/2015    EUR     72.51
HSBC Trinkaus & B    12.50    9/25/2015    EUR     74.68
HSBC Trinkaus & B    12.50    9/25/2015    EUR     56.04
HSBC Trinkaus & B     8.50    9/25/2015    EUR     60.54
HSBC Trinkaus & B     6.50   12/28/2015    EUR     63.79
HSBC Trinkaus & B    14.00    9/25/2015    EUR     48.72
HSBC Trinkaus & B    10.50    9/25/2015    EUR     52.65
HSBC Trinkaus & B    13.00    9/25/2015    EUR     60.49
HSBC Trinkaus & B    10.00    9/25/2015    EUR     64.55
HSBC Trinkaus & B    14.50    9/25/2015    EUR     70.75
HSBC Trinkaus & B    12.00    9/25/2015    EUR     67.14
Zurcher Kantonalb    11.03     8/7/2015    CHF     46.78
Notenstein Privat     4.00     2/1/2016    EUR     52.47
UniCredit Bank AG     6.00    9/24/2015    EUR     64.00
UniCredit Bank AG     5.50    9/24/2015    EUR     66.10
UniCredit Bank AG     6.50    9/24/2015    EUR     62.04
UniCredit Bank AG     4.25    9/24/2015    EUR     73.45
UniCredit Bank AG     5.00    9/24/2015    EUR     68.36
UniCredit Bank AG     4.50    9/24/2015    EUR     70.78
DZ Bank AG Deutsc     7.50    9/25/2015    EUR     60.04
DZ Bank AG Deutsc     5.75    8/28/2015    EUR     64.92
DZ Bank AG Deutsc    10.00    8/28/2015    EUR     59.50
DZ Bank AG Deutsc     7.25    9/25/2015    EUR     70.52
Vontobel Financia     9.70    9/11/2015    EUR     69.08
Vontobel Financia     7.25   12/11/2015    EUR     73.45
Vontobel Financia     8.65   12/11/2015    EUR     71.07
Vontobel Financia     5.50    8/14/2015    EUR     62.43
Leonteq Securitie     9.60   11/18/2015    CHF     55.55
UBS AG/London        24.25   12/29/2015    EUR     68.59
UBS AG/London         9.00    9/25/2015    EUR     51.02
UBS AG/London        14.00   12/23/2016    EUR     67.83
UBS AG/London        23.75    6/24/2016    EUR     67.77
UBS AG/London         9.00   12/29/2015    EUR     74.50
UBS AG/London        13.25    6/24/2016    EUR     69.74
UBS AG/London        10.25    9/25/2015    EUR     46.46
UBS AG/London        24.75    9/25/2015    EUR     64.71
UBS AG/London         9.00   12/29/2015    EUR     59.15
UBS AG/London        14.75    9/25/2015    EUR     58.83
Vontobel Financia     6.55     9/4/2015    EUR     65.80
HSBC Trinkaus & B    13.00    9/25/2015    EUR     57.71
HSBC Trinkaus & B     9.00    9/25/2015    EUR     62.52
HSBC Trinkaus & B     7.00   12/28/2015    EUR     66.03
HSBC Trinkaus & B     7.50    8/28/2015    EUR     63.77
HSBC Trinkaus & B     8.00    8/28/2015    EUR     54.33
HSBC Trinkaus & B     8.50    8/28/2015    EUR     68.96
UBS AG/London        24.50    3/29/2016    EUR     67.68
UBS AG/London        22.25    6/24/2016    EUR     56.78
UBS AG/London        23.00   12/29/2015    EUR     74.51
UBS AG/London         7.75   12/22/2017    EUR     70.66
Bank Nederlandse      0.50    9/20/2022    ZAR     53.27
HSBC Bank PLC         0.50   12/20/2018    RUB     68.44
Societe Generale      0.50   11/29/2022    AUD     76.37
Societe Generale      0.50   12/21/2022    AUD     75.92
Lehman Brothers T     4.68   12/12/2045    EUR      4.80
Lehman Brothers T    13.00   12/14/2012    USD      4.80
Lehman Brothers T     4.82   12/18/2036    EUR      4.80
Lehman Brothers T     5.25     4/1/2023    EUR      4.80
Lehman Brothers T     7.25    6/20/2010    USD      4.80
Lehman Brothers T     8.80   12/27/2009    EUR      4.80
Glitnir HF            7.32   12/19/2012    USD     27.25
Kaupthing Bank Hf     7.00     1/3/2011    EUR     21.63
Immigon Portfolio     5.25   12/20/2022    EUR     43.63
Lehman Brothers T     4.00     1/4/2011    USD      4.80
LBI HF                5.25     6/5/2023    EUR      8.50
Lehman Brothers T     0.50   12/20/2017    AUD      4.80
Lehman Brothers T     0.50   12/20/2017    AUD     16.25
Lehman Brothers T     9.30   12/21/2010    EUR      4.80
Lehman Brothers T     0.50   12/20/2017    USD      4.80
Lehman Brothers T     0.50   12/20/2017    USD      4.80
Lehman Brothers T     0.50   12/20/2017    USD      4.80
Lehman Brothers T     5.38     2/4/2014    USD      4.80
Lehman Brothers T    11.00    2/16/2009    CHF      4.80
Lehman Brothers T    10.00    2/16/2009    CHF      4.80
Lehman Brothers T    13.00    2/16/2009    CHF      4.80
Lehman Brothers T     7.00    2/15/2010    CHF      4.80
Lehman Brothers T     6.00    2/19/2023    USD      4.80
Lehman Brothers T     1.00    2/26/2010    USD      4.80
Lehman Brothers T     4.00    3/10/2011    EUR      4.80
Kaupthing Bank Hf     7.63    2/28/2015    USD     21.50
Lehman Brothers T     8.00    3/19/2012    USD      4.80
Lehman Brothers T     7.05     4/8/2015    USD      4.80
Lehman Brothers T     7.80    3/31/2018    USD      4.80
Lehman Brothers T     9.50     4/1/2018    USD      4.80
Lehman Brothers T     7.15    3/21/2013    USD      4.80
Immigon Portfolio     1.37    1/28/2019    EUR     62.38
Lehman Brothers T    12.00    7/13/2037    JPY      4.80
Lehman Brothers T    10.00    6/11/2038    JPY      4.80
Lehman Brothers T     5.00    2/15/2018    EUR      4.80
Lehman Brothers T     9.00     5/6/2011    CHF      4.80
Lehman Brothers T    16.20    5/14/2009    USD      4.80
Lehman Brothers T    10.60    4/22/2014    MXN      4.80
Lehman Brothers T    16.00    11/9/2008    USD      4.80
Kaupthing Bank Hf     7.50     4/2/2011    EUR     21.63
Kaupthing Bank Hf     7.50    10/2/2010    EUR     21.63
Lehman Brothers T     9.75    6/22/2018    USD      4.80
Lehman Brothers T     4.60     8/1/2013    EUR      4.80
Lehman Brothers T     8.00    5/22/2009    USD      4.80
Lehman Brothers T    15.00     6/4/2009    CHF      4.80
Lehman Brothers T     7.60     3/4/2010    NZD      4.80
Lehman Brothers T    17.00     6/2/2009    USD      4.80
Lehman Brothers T    13.50     6/2/2009    USD      4.80
Lehman Brothers T    23.30    9/16/2008    USD      4.80
Lehman Brothers T     3.00     6/3/2010    EUR      4.80
Lehman Brothers T    12.40    6/12/2009    USD      4.80
Lehman Brothers T     2.00    6/28/2011    EUR      4.80
Lehman Brothers T     7.60    5/21/2013    USD      4.80
Lehman Brothers T    10.00    6/17/2009    USD      4.80
Lehman Brothers T     0.50     6/2/2020    EUR      4.80
Lehman Brothers T    11.00     7/4/2011    USD      4.80
Lehman Brothers T    11.00     7/4/2011    CHF      4.80
Lehman Brothers T    12.00     7/4/2011    EUR      4.80
Lehman Brothers T     5.50     7/8/2013    EUR      4.80
Kaupthing Bank Hf     4.95     5/6/2009    EUR     21.63
Lehman Brothers T    16.00   12/26/2008    USD      4.80
Lehman Brothers T    13.43     1/8/2009    ILS      4.80
Lehman Brothers T     0.50     7/2/2020    EUR      4.80
Lehman Brothers T     7.75     1/3/2012    AUD      4.80
Lehman Brothers T     3.10     6/4/2010    USD      4.80
Lehman Brothers T     2.50    8/15/2012    CHF      4.80
Lehman Brothers T    13.15   10/30/2008    USD      4.80
Lehman Brothers T     0.50     8/1/2020    EUR      4.80
Lehman Brothers T     6.00     8/7/2013    EUR      4.80
Glitnir HF            5.24   12/22/2010    USD     27.25
Lehman Brothers T     2.30     6/6/2013    USD      4.80
Lehman Brothers T     7.50    5/30/2010    AUD      4.80
Lehman Brothers T    11.00     5/9/2020    USD      4.80
Lehman Brothers T     4.30     6/4/2012    USD      4.80
Lehman Brothers T     4.00     6/5/2011    USD      4.80
Lehman Brothers T     6.00    6/21/2011    EUR      4.80
Lehman Brothers T     2.00    6/21/2011    EUR      4.80
RegionEnergoInves     8.50    5/30/2016    RUB     60.00
Energospetssnab L     8.50    5/30/2016    RUB     60.00
City of Predeal R     2.50    5/15/2026    RON     60.00
Immigon Portfolio     0.99     3/1/2021    EUR     41.63
BNP Paribas SA        0.50    2/13/2024    NZD     69.11
Glitnir HF            6.00   12/10/2009    ISK      0.02
Glitnir HF            6.20   12/20/2009    ISK      0.02
Glitnir HF            5.00     2/1/2011    ISK     27.25
Glitnir HF            5.00     2/1/2016    ISK     27.25
Kaupthing Bank Hf     7.00    7/24/2009    ISK     21.63
Kaupthing Bank Hf     8.00    6/22/2011    ISK      0.00
Kaupthing Bank Hf     7.00    4/28/2012    ISK      0.00
LBI HF                5.08     3/1/2013    ISK      8.50
Lehman Brothers T     4.05    9/16/2008    EUR      4.80
Kaupthing Bank Hf     6.50    10/8/2010    ISK     21.63
Kaupthing Bank Hf     7.50    12/5/2014    ISK     21.63
Lehman Brothers T     2.30    6/27/2013    USD      4.80
Lehman Brothers T     2.37    7/15/2013    USD      4.80
Lehman Brothers T     1.95    11/4/2013    EUR      4.80
Hypothekenbank Fr     0.26    6/30/2051    EUR     83.33
Lehman Brothers T     8.05   12/20/2010    HKD      4.80
KPNQwest NV           8.88     2/1/2008    EUR      0.50
Royal Bank of Sco     1.69   11/14/2016    GBP
Lehman Brothers T     5.00    3/13/2009    EUR      4.80
Lehman Brothers T     5.22     3/1/2024    EUR      4.80
Lehman Brothers T     3.20    3/19/2018    JPY      4.80
Lehman Brothers T     4.60    11/9/2011    EUR     19.00
Lehman Brothers T     3.50   12/20/2027    USD      4.80
Zurcher Kantonalb     5.00    9/17/2015    CHF     47.94
Lehman Brothers T     3.00    12/3/2012    EUR      4.80
Immigon Portfolio     5.21    12/6/2022    EUR     43.63
Lehman Brothers T    13.00    7/25/2012    EUR      4.80
Lehman Brothers T    10.00     8/2/2037    JPY      4.80
HSBC Bank PLC         0.50     2/2/2023    AUD     72.20
Lehman Brothers T     3.50   10/31/2011    USD      4.80
Lehman Brothers T     0.25   10/19/2012    CHF      4.80
Lehman Brothers T     1.68     3/5/2015    EUR      4.80
Lehman Brothers T    13.50   11/28/2008    USD      4.80
Lehman Brothers T     9.00    5/15/2022    USD      4.80
Lehman Brothers T     6.75     4/5/2012    EUR      4.80
Leonteq Securitie     6.11     1/7/2016    EUR     47.28
Leonteq Securitie     6.00     1/7/2016    EUR     27.00
Leonteq Securitie     7.00    1/22/2016    CHF     37.62
Totens Sparebank      3.01                 NOK     55.76
Immigon Portfolio     5.20     4/1/2020    EUR     61.63
Lehman Brothers T     3.50    6/20/2011    EUR      4.80
Lehman Brothers T     5.50    6/22/2010    USD     16.25
Lehman Brothers T    10.00   10/23/2008    USD      4.80
Lehman Brothers T    10.00   10/22/2008    USD      4.80
Lehman Brothers T     6.45    2/20/2010    AUD      4.80
Lehman Brothers T     6.60    5/23/2012    AUD      4.80
Lehman Brothers T     3.45    5/23/2013    USD      4.80
Lehman Brothers T    16.00   10/28/2008    USD      4.80
UNGP-Finance OOO     10.00   12/16/2020    RUB     60.00
Lehman Brothers T     6.85   12/22/2008    EUR      4.80
Lehman Brothers T     7.55   12/29/2008    USD      4.80
e-Kancelaria Grup     9.00   10/25/2016    PLN      1.00
LBBW                  3.00    9/25/2015    EUR     70.45
LBBW                  4.00    9/25/2015    EUR     68.33
LBBW                  3.40   11/24/2017    EUR     73.36
LBBW                  2.50    9/23/2016    EUR     74.08
LBBW                  3.50    9/23/2016    EUR     71.14
LBBW                  4.50    9/23/2016    EUR     68.69
Lehman Brothers T     5.25   11/21/2009    USD      4.80
Zurcher Kantonalb     4.25    4/19/2016    CHF     70.57
Glitnir HF            6.00   12/15/2012    GBP     27.25
Lehman Brothers T     1.50   10/12/2010    EUR      4.80
Lehman Brothers T     7.00   10/22/2010    EUR      4.80
TransFin-M PAO       10.50   11/27/2015    RUB     60.13
Leonteq Securitie    10.00    1/22/2016    USD     39.24
DZ Bank AG Deutsc     5.40   10/23/2015    EUR     71.89
DZ Bank AG Deutsc     4.40   10/23/2015    EUR     71.67
DZ Bank AG Deutsc     5.60   10/23/2015    EUR     65.53
DZ Bank AG Deutsc     3.90   10/23/2015    EUR     52.35
DZ Bank AG Deutsc     4.90   10/23/2015    EUR     49.81
DZ Bank AG Deutsc     5.80   10/23/2015    EUR     47.92
DZ Bank AG Deutsc     6.50   10/23/2015    EUR     70.38
DZ Bank AG Deutsc     6.00   10/23/2015    EUR     67.16
DZ Bank AG Deutsc     4.70   10/23/2015    EUR     63.87
DZ Bank AG Deutsc     5.90   10/23/2015    EUR     50.81
DZ Bank AG Deutsc     5.80   10/23/2015    EUR     48.43
DZ Bank AG Deutsc     4.70   10/23/2015    EUR     46.04
DZ Bank AG Deutsc     5.60   10/22/2015    EUR     73.66
DZ Bank AG Deutsc     5.60   10/22/2015    EUR     52.04
DZ Bank AG Deutsc     5.70   10/22/2015    EUR     74.73
DZ Bank AG Deutsc     6.60   10/22/2015    EUR     73.15
Vontobel Financia     3.70    9/25/2015    EUR     70.65
HSBC Trinkaus & B     8.40    9/25/2015    EUR     72.38
HSBC Trinkaus & B     7.80    9/25/2015    EUR     72.30
HSBC Trinkaus & B     7.10    9/25/2015    EUR     72.20
HSBC Trinkaus & B     7.90   12/28/2015    EUR     73.66
HSBC Trinkaus & B     7.50   12/28/2015    EUR     73.50
HSBC Trinkaus & B     7.00   12/28/2015    EUR     73.29
HSBC Trinkaus & B     5.90   12/28/2015    EUR     72.85
Leonteq Securitie     4.68    8/29/2017    CHF     61.35
Deutsche Bank AG      7.20    8/26/2015    EUR     70.70
Deutsche Bank AG      6.20    8/26/2015    EUR     68.10
Deutsche Bank AG      5.20    8/26/2015    EUR     68.00
Deutsche Bank AG      7.20    8/26/2015    EUR     68.10
Deutsche Bank AG      6.20   10/21/2015    EUR     71.50
Deutsche Bank AG      5.20   10/21/2015    EUR     71.30
Deutsche Bank AG      7.20   10/21/2015    EUR     71.70
Deutsche Bank AG      6.20   10/21/2015    EUR     69.00
Deutsche Bank AG      5.20   10/21/2015    EUR     68.80
Deutsche Bank AG      7.20   10/21/2015    EUR     69.20
UBS AG/London        24.75    3/29/2016    EUR     54.17
UBS AG/London        18.50   12/29/2015    EUR     56.07
UBS AG/London         5.75    6/24/2016    EUR     72.93
Goldman Sachs & C     6.00    8/26/2015    EUR     72.92
Goldman Sachs & C     7.00    8/26/2015    EUR     70.28
Goldman Sachs & C     9.00    8/26/2015    EUR     65.56
Goldman Sachs & C    14.00    8/26/2015    EUR     59.59
Commerzbank AG        4.50    8/27/2015    EUR     73.56
Commerzbank AG        5.50    8/27/2015    EUR     71.61
Commerzbank AG        6.50    8/27/2015    EUR     69.73
Commerzbank AG        7.50    8/27/2015    EUR     67.97
Commerzbank AG        8.50    8/27/2015    EUR     66.29
Commerzbank AG        9.75    8/27/2015    EUR     64.74
Commerzbank AG       12.00    8/27/2015    EUR     70.07
Leonteq Securitie     9.50     9/8/2016    USD     54.25
Leonteq Securitie     8.64     9/8/2016    CHF     54.79
DZ Bank AG Deutsc     7.75    9/25/2015    EUR     66.43
DZ Bank AG Deutsc     7.00   12/28/2015    EUR     68.25
Notenstein Privat     7.40   10/31/2016    CHF     39.59
UBS AG               14.25    9/25/2015    EUR     61.04
DZ Bank AG Deutsc     8.50    9/25/2015    EUR     65.76
Commerzbank AG        8.75    8/27/2015    EUR     57.09
Commerzbank AG       17.25    8/27/2015    EUR     63.71
Commerzbank AG        6.25    8/27/2015    EUR     69.57
Bank Julius Baer      7.40     9/9/2015    CHF     37.60
UniCredit Bank AG     4.50    9/24/2015    EUR     72.36
UniCredit Bank AG     5.20    9/24/2015    EUR     69.83
Vontobel Financia     5.80   12/28/2015    EUR     70.00
HSBC Trinkaus & B    10.80    9/25/2015    EUR     55.24
HSBC Trinkaus & B     8.80   10/23/2015    EUR     58.35
HSBC Trinkaus & B     6.00   12/28/2015    EUR     35.32
HSBC Trinkaus & B     6.00   12/28/2015    EUR     64.32
HSBC Trinkaus & B     6.00   12/28/2015    EUR     69.98
Vontobel Financia     6.45    9/11/2015    EUR     67.40
Vontobel Financia     8.05    9/11/2015    EUR     65.26
Commerzbank AG        6.00    8/27/2015    EUR     73.61
Commerzbank AG        9.25    8/27/2015    EUR     69.95
Vontobel Financia     5.10    9/11/2015    EUR     70.63
Vontobel Financia     7.80    9/11/2015    EUR     66.07
Commerzbank AG        6.00    8/27/2015    EUR     70.40
Republika Srpska      9.00    9/26/2027    BAM     67.21
UBS AG                8.25   12/22/2017    EUR     70.10
LBBW                  4.30    9/23/2016    EUR     69.88
Leonteq Securitie     8.64    8/25/2015    CHF      9.91
Notenstein Privat    10.12    8/26/2015    USD     55.46
LBBW                  4.00    9/25/2015    EUR     73.85
DZ Bank AG Deutsc     5.00    8/14/2015    EUR     73.16
Credit Suisse AG/     8.25    9/14/2015    CHF     72.48
Notenstein Privat     8.75    9/14/2015    EUR     67.71
DZ Bank AG Deutsc     7.25    8/14/2015    EUR     66.84
DekaBank Deutsche     3.40     3/5/2018    EUR     74.37
Goldman Sachs & C     7.00    9/23/2015    EUR     66.19
Goldman Sachs & C     7.00    9/23/2015    EUR     66.19
Goldman Sachs & C    10.00    9/23/2015    EUR     66.60
Goldman Sachs & C    10.00    9/23/2015    EUR     66.60
Goldman Sachs & C     7.00    9/23/2015    EUR     73.62
Goldman Sachs & C    10.00    9/23/2015    EUR     66.54
Goldman Sachs & C    11.00    9/23/2015    EUR     64.36
HSBC Trinkaus & B     7.50    9/25/2015    EUR     66.52
HSBC Trinkaus & B     6.50    9/25/2015    EUR     69.69
Credit Suisse AG/     7.50    9/25/2015    CHF     74.80
Leonteq Securitie     7.07    9/21/2015    CHF     38.90
DZ Bank AG Deutsc     8.00    9/11/2015    EUR     66.31
HSBC Trinkaus & B     7.00    9/25/2015    EUR     68.78
HSBC Trinkaus & B     7.00    9/25/2015    EUR     67.91
Goldman Sachs & C     8.00    9/23/2015    EUR     66.33
Goldman Sachs & C     8.00    9/23/2015    EUR     71.06
Leonteq Securitie     6.58    3/29/2016    EUR     68.15
DekaBank Deutsche     3.40    6/24/2016    EUR     67.82
Goldman Sachs & C    11.00    9/23/2015    EUR     66.74
Goldman Sachs & C    11.00    9/23/2015    EUR     66.74
Societe Generale      4.00    3/29/2016    EUR     54.08
DZ Bank AG Deutsc     7.00    9/25/2015    EUR     69.12
UBS AG/London        22.50   12/29/2015    EUR     74.14
Raiffeisen Centro     5.60    6/15/2016    EUR     70.19
DZ Bank AG Deutsc     8.00    9/11/2015    EUR     67.54
DZ Bank AG Deutsc     6.75    9/11/2015    EUR     67.41
DZ Bank AG Deutsc     5.25    9/11/2015    EUR     67.61
DZ Bank AG Deutsc     4.90    9/11/2015    EUR     74.76
DZ Bank AG Deutsc     5.80    9/11/2015    EUR     72.38
UniCredit Bank AG     4.00    9/24/2015    EUR     41.27
UniCredit Bank AG     4.00    9/24/2015    EUR     72.26
UniCredit Bank AG     4.00    9/24/2015    EUR     42.19
Deutsche Bank AG      5.20    8/26/2015    EUR     69.10
Deutsche Bank AG      6.20    8/26/2015    EUR     73.20
Deutsche Bank AG      5.20    8/26/2015    EUR     73.10
Deutsche Bank AG      6.20    8/26/2015    EUR     69.10
Deutsche Bank AG      6.20    8/26/2015    EUR     73.30
Deutsche Bank AG      6.20    8/26/2015    EUR     70.60
Deutsche Bank AG      5.20    8/26/2015    EUR     70.50
Deutsche Bank AG      5.20    8/26/2015    EUR     73.20
DZ Bank AG Deutsc     5.50   12/28/2015    EUR     74.07
DZ Bank AG Deutsc     7.30    9/11/2015    EUR     70.31
DekaBank Deutsche     3.20    5/20/2016    EUR     74.54
DZ Bank AG Deutsc     7.50    9/11/2015    EUR     69.09
Vontobel Financia     6.50    9/11/2015    EUR     68.27
Vontobel Financia     8.90    9/11/2015    EUR     64.00
Vontobel Financia    10.45    9/11/2015    EUR     62.74
Vontobel Financia     8.65    9/11/2015    EUR     65.81
Vontobel Financia     6.95    9/11/2015    EUR     69.26
Vontobel Financia     5.35    9/11/2015    EUR     73.13
Vontobel Financia     4.95    9/11/2015    EUR     64.47
Vontobel Financia     7.80    9/11/2015    EUR     64.76
Vontobel Financia     4.55    9/11/2015    EUR     63.92
Leonteq Securitie     6.70     6/6/2016    USD     57.11
Goldman Sachs & C     6.00   12/23/2015    EUR     74.85
Goldman Sachs & C     8.00   12/23/2015    EUR     71.70
Goldman Sachs & C    10.00   12/23/2015    EUR     65.67
Goldman Sachs & C     6.00   12/23/2015    EUR     72.34
Goldman Sachs & C     7.00   12/23/2015    EUR     70.24
Goldman Sachs & C     8.00   12/23/2015    EUR     68.30
Goldman Sachs & C     9.00   12/23/2015    EUR     66.56
DZ Bank AG Deutsc     5.75    9/25/2015    EUR     65.18
Vontobel Financia     6.05    9/25/2015    EUR     64.55
Vontobel Financia     4.40    9/25/2015    EUR     63.77
Vontobel Financia     9.20    9/25/2015    EUR     62.99
Vontobel Financia     5.90    9/25/2015    EUR     69.39
Vontobel Financia     5.85    9/25/2015    EUR     68.44
Deutsche Bank AG      7.20   12/22/2015    EUR     71.40
Deutsche Bank AG      7.20   12/22/2015    EUR     67.90
Deutsche Bank AG      5.20   12/22/2015    EUR     67.10
Deutsche Bank AG      6.20    9/22/2015    EUR     66.00
Deutsche Bank AG      7.20    9/22/2015    EUR     69.70
Deutsche Bank AG      7.20    9/22/2015    EUR     62.90
Deutsche Bank AG      6.20   12/22/2015    EUR     71.10
Deutsche Bank AG      7.20   12/22/2015    EUR     64.70
Deutsche Bank AG      5.20   12/22/2015    EUR     70.70
Deutsche Bank AG      6.20    9/22/2015    EUR     62.70
Deutsche Bank AG      5.20    9/22/2015    EUR     62.60
Deutsche Bank AG      5.20    9/22/2015    EUR     69.40
Deutsche Bank AG      5.20    9/22/2015    EUR     65.80
Deutsche Bank AG      6.20   12/22/2015    EUR     67.50
Deutsche Bank AG      5.20   12/22/2015    EUR     63.90
Deutsche Bank AG      5.20   12/22/2015    EUR     65.10
Deutsche Bank AG      6.20   12/22/2015    EUR     64.30
Deutsche Bank AG      7.20    9/22/2015    EUR     66.10
Deutsche Bank AG      6.20   12/22/2015    EUR     65.50
Deutsche Bank AG      7.20    9/22/2015    EUR     66.30
Deutsche Bank AG      5.20    9/22/2015    EUR     63.90
Deutsche Bank AG      6.20   12/22/2015    EUR     67.70
Deutsche Bank AG      6.20   12/22/2015    EUR     72.50
Deutsche Bank AG      7.20   12/22/2015    EUR     65.90
Deutsche Bank AG      6.20    9/22/2015    EUR     64.00
Deutsche Bank AG      5.20   12/22/2015    EUR     72.10
Deutsche Bank AG      5.20    9/22/2015    EUR     66.00
Deutsche Bank AG      5.20   12/22/2015    EUR     67.30
Deutsche Bank AG      7.20   12/22/2015    EUR     70.40
Deutsche Bank AG      5.20   12/22/2015    EUR     69.60
Deutsche Bank AG      7.20    9/22/2015    EUR     64.20
Deutsche Bank AG      7.20   12/22/2015    EUR     72.90
Deutsche Bank AG      6.20   12/22/2015    EUR     70.00
Deutsche Bank AG      5.20   12/22/2015    EUR     74.80
Deutsche Bank AG      7.20   12/22/2015    EUR     68.10
Deutsche Bank AG      6.20    9/22/2015    EUR     66.20
UBS AG                7.00   12/29/2015    EUR     70.12
UBS AG                9.75    9/25/2015    EUR     59.53
UBS AG               24.25    9/25/2015    EUR     37.17
UBS AG               22.25   12/29/2015    EUR     69.66
UBS AG               21.25   12/29/2015    EUR     73.75
UBS AG               12.00   12/29/2015    EUR     55.45
UBS AG               23.25    9/25/2015    EUR     72.21
UBS AG               22.25   12/29/2015    EUR     64.99
UBS AG               24.75    9/25/2015    EUR     48.88
UBS AG               22.50    9/25/2015    EUR     71.69
UBS AG               19.50   12/29/2015    EUR     71.35
UBS AG               12.50    9/25/2015    EUR     69.29
UBS AG               16.50    9/25/2015    EUR     61.71
UBS AG               23.50    9/25/2015    EUR     48.20
UBS AG               22.75    9/25/2015    EUR     63.84
UBS AG                6.25   12/29/2015    EUR     72.65
UBS AG               14.00    9/25/2015    EUR     70.24
UBS AG               11.00    9/25/2015    EUR     72.30
UBS AG               24.50    9/25/2015    EUR     61.57
UBS AG               21.75   12/29/2015    EUR     66.96
UBS AG               20.00   12/29/2015    EUR     68.77
UBS AG               23.25   12/29/2015    EUR     72.57
UBS AG               17.50    9/25/2015    EUR     45.24
UBS AG               24.25    9/25/2015    EUR     68.49
UBS AG               12.50   12/29/2015    EUR     68.97
UBS AG                9.50   12/29/2015    EUR     61.68
UBS AG               23.00   12/29/2015    EUR     52.91
UBS AG               11.25   12/29/2015    EUR     71.35
Barclays Bank PLC     4.17     1/5/2017    EUR
Bank Julius Baer      7.30    1/19/2016    CHF     63.55
Bank Julius Baer      7.50    1/19/2016    USD     63.20
Credit Suisse AG/     2.75    1/29/2019    SEK     59.80
UBS AG               24.00   12/29/2015    EUR     61.11
UBS AG               19.25    3/29/2016    EUR     68.40
UBS AG               19.75    6/24/2016    EUR     68.31
UBS AG               18.00    6/24/2016    EUR     70.96
UBS AG               17.50    6/24/2016    EUR     59.38
UBS AG               21.75    3/29/2016    EUR     53.62
UBS AG               24.50    9/25/2015    EUR     65.45
UBS AG               24.50   12/29/2015    EUR     65.85
UBS AG               22.00   12/29/2015    EUR     65.04
UBS AG               19.75    3/29/2016    EUR     69.13
UBS AG               22.50   12/29/2015    EUR     68.86
UBS AG               24.75    9/25/2015    EUR     59.13
UBS AG               23.75   12/29/2015    EUR     48.07
UBS AG               22.25    3/29/2016    EUR     64.56
UBS AG               20.00   12/29/2015    EUR     52.09
UBS AG               24.50    9/25/2015    EUR     72.96
UBS AG               22.75    9/25/2015    EUR     47.14
UBS AG               21.25    3/29/2016    EUR     66.71
UBS AG                8.75    3/29/2016    EUR     73.23
UBS AG               25.00   12/29/2015    EUR     60.00
UBS AG               25.00    9/25/2015    EUR     59.60
UBS AG               23.00   12/29/2015    EUR     55.69
UBS AG               24.25   12/29/2015    EUR     65.85
UBS AG               16.50    6/24/2016    EUR     60.68
UBS AG               21.25    3/29/2016    EUR     65.40
UBS AG               16.75    6/24/2016    EUR     72.93
UBS AG               24.50   12/29/2015    EUR     49.23
UBS AG               13.50    6/24/2016    EUR     64.55
UBS AG               23.50   12/29/2015    EUR     46.53
UBS AG               21.75   12/29/2015    EUR     64.52
UBS AG               18.75    3/29/2016    EUR     71.28
UBS AG               11.50    6/24/2016    EUR     67.66
UBS AG               17.25    6/24/2016    EUR     74.10
UBS AG               21.50    3/29/2016    EUR     70.23
UBS AG               23.75   12/29/2015    EUR     66.47
UBS AG               10.25    6/24/2016    EUR     70.33
UBS AG               13.25   12/29/2015    EUR     56.73
UBS AG                8.75    9/25/2015    EUR     69.64
Deutsche Bank AG      6.20    9/22/2015    EUR     69.60
Goldman Sachs & C     7.00   12/23/2015    EUR     71.31
Goldman Sachs & C    11.00   12/23/2015    EUR     63.13
Goldman Sachs & C    11.00   12/23/2015    EUR     63.25
UBS AG                8.50    6/24/2016    EUR     72.96
UBS AG                9.50   12/29/2015    EUR     59.90
UBS AG               14.75    3/29/2016    EUR     59.41
UBS AG                8.50   12/29/2015    EUR     71.73
UBS AG                7.25   12/29/2015    EUR     71.35
Raiffeisen Centro     9.41    1/20/2016    EUR     70.77
Raiffeisen Centro     8.24    1/20/2016    EUR     68.52
HSBC Trinkaus & B     6.00    12/6/2016    EUR     67.01
DZ Bank AG Deutsc     7.25    9/11/2015    EUR     68.70
HSBC Trinkaus & B     6.00    9/25/2015    EUR     73.64
UBS AG               18.50   12/29/2015    EUR     61.04
UBS AG               20.75   12/29/2015    EUR     57.64
UBS AG               12.25   12/29/2015    EUR     73.35
UBS AG               16.50    9/25/2015    EUR     63.90
UBS AG               13.50    9/25/2015    EUR     70.36
UBS AG               19.75   12/29/2015    EUR     64.76
UBS AG               20.50   12/29/2015    EUR     60.44
UBS AG               19.75   12/29/2015    EUR     59.30
UBS AG               23.00    9/25/2015    EUR     55.30
UBS AG               22.75   12/29/2015    EUR     59.26
UBS AG               13.50   12/29/2015    EUR     70.30
UBS AG               24.25    9/25/2015    EUR     72.08
UBS AG               22.75   12/29/2015    EUR     74.58
UBS AG                9.75    9/25/2015    EUR     69.41
UBS AG               18.00    9/25/2015    EUR     68.01
UBS AG               14.75    9/25/2015    EUR     56.45
UBS AG               10.75   12/29/2015    EUR     71.91
UBS AG               14.75    9/25/2015    EUR     59.18
UBS AG               14.75    6/24/2016    EUR     71.80
UBS AG               13.25    9/25/2015    EUR     51.61
Raiffeisen Centro     7.33    8/21/2015    EUR     60.03
Notenstein Privat    11.00    8/14/2015    CHF     40.96
Leonteq Securitie    13.72    8/14/2015    AUD     56.70
Credit Suisse AG/     8.75    8/24/2015    CHF     71.24
DZ Bank AG Deutsc     6.25    10/9/2015    EUR     69.82
UBS AG               20.50    6/24/2016    EUR     67.34
UBS AG               16.75   12/23/2016    EUR     74.44
UBS AG               17.00    6/24/2016    EUR     74.58
UBS AG               20.25    3/29/2016    EUR     69.41
UBS AG               24.25   12/29/2015    EUR     61.14
UBS AG               16.00   12/23/2016    EUR     63.20
UBS AG               18.75    6/24/2016    EUR     71.60
UBS AG               22.50    3/29/2016    EUR     63.98
UBS AG               18.25    3/29/2016    EUR     72.77
Notenstein Privat    11.00    8/28/2015    CHF     48.27
Credit Suisse AG/     7.75    8/28/2015    CHF     71.52
UBS AG                7.25    3/29/2016    EUR     73.64
UBS AG                7.75    6/24/2016    EUR     70.46
Kommunalbanken AS     0.50    2/23/2018    BRL     74.77
Kommunalbanken AS     0.50     2/2/2018    BRL     75.17
e-Kancelaria Grup     9.00   12/23/2015    PLN      2.00
UBS AG               13.83     5/5/2016    USD      7.71
DZ Bank AG Deutsc     5.00   10/23/2015    EUR     65.65
DZ Bank AG Deutsc     8.75   10/23/2015    EUR     60.77
Deutsche Bank AG      4.20   12/22/2015    EUR     60.80
Deutsche Bank AG      5.20   12/22/2015    EUR     61.20
Deutsche Bank AG      4.20    9/22/2015    EUR     59.80
Deutsche Bank AG      4.20    9/22/2015    EUR     63.70
Deutsche Bank AG      5.20    9/22/2015    EUR     59.90
Deutsche Bank AG      4.20   12/22/2015    EUR     64.80
Deutsche Bank AG      4.20    9/22/2015    EUR     65.90
Deutsche Bank AG      4.20   12/22/2015    EUR     66.90
Deutsche Bank AG      5.20    3/22/2016    EUR     68.60
Deutsche Bank AG      6.20    3/22/2016    EUR     69.20
Deutsche Bank AG      5.20    3/22/2016    EUR     66.40
Deutsche Bank AG      6.20    3/22/2016    EUR     67.10
Deutsche Bank AG      5.20    6/21/2016    EUR     67.70
HSBC Trinkaus & B    17.10    9/25/2015    EUR     42.26
HSBC Trinkaus & B    13.40    9/25/2015    EUR     44.90
HSBC Trinkaus & B    11.30   10/23/2015    EUR     47.18
Vontobel Financia     7.25   12/28/2015    EUR     70.58
Vontobel Financia     7.00   10/30/2015    EUR     71.10
Commerzbank AG        8.50   11/26/2015    EUR     69.78
Goldman Sachs & C    21.00   11/25/2015    EUR     65.48
Deutsche Bank AG      5.80   12/23/2015    EUR     73.53
Deutsche Bank AG      5.80   11/25/2015    EUR     73.12
Deutsche Bank AG      5.80   10/21/2015    EUR     72.61
Bank J Safra Sara    11.02   12/30/2015    EUR     72.05
Goldman Sachs Int     1.00    12/5/2017    SEK     13.63
DZ Bank AG Deutsc     6.00   11/27/2015    EUR     70.03
HSBC Trinkaus & B    10.90    8/28/2015    EUR     71.02
HSBC Trinkaus & B     9.50   11/27/2015    EUR     73.26
Commerzbank AG        3.00    12/3/2015    EUR     70.78
Leonteq Securitie     5.70    12/3/2015    USD     66.74
UniCredit Bank AG     4.10    6/24/2016    EUR     72.97
UniCredit Bank AG     4.25    6/24/2016    EUR     70.12
Deutsche Bank AG      5.20   11/25/2015    EUR     71.80
Deutsche Bank AG      5.20    3/22/2016    EUR     73.30
Deutsche Bank AG      6.20    3/22/2016    EUR     73.90
Deutsche Bank AG      5.20    3/22/2016    EUR     70.80
Deutsche Bank AG      5.20   10/21/2015    EUR     74.00
Deutsche Bank AG      6.20   11/25/2015    EUR     74.70
Deutsche Bank AG      6.20   11/25/2015    EUR     72.10
Deutsche Bank AG      5.20   11/25/2015    EUR     69.30
Deutsche Bank AG      6.20   11/25/2015    EUR     69.60
Deutsche Bank AG      5.20   11/25/2015    EUR     74.40
Deutsche Bank AG      6.20   10/21/2015    EUR     74.20
Deutsche Bank AG      6.20    3/22/2016    EUR     71.50
Commerzbank AG       12.00   11/26/2015    EUR     59.20
Commerzbank AG       10.00    9/24/2015    EUR     69.47
Commerzbank AG        8.50   11/26/2015    EUR     70.74
Deutsche Bank AG      7.20   11/25/2015    EUR     72.40
Deutsche Bank AG      7.20    3/22/2016    EUR     74.60
Deutsche Bank AG      7.20   11/25/2015    EUR     69.90
Deutsche Bank AG      7.20    3/22/2016    EUR     72.10
Vontobel Financia     6.00   12/11/2015    EUR     66.19
Vontobel Financia     4.55    9/11/2015    EUR     65.62
Zurcher Kantonalb     7.80   12/11/2015    CHF     70.43
Vontobel Financia     5.60   12/11/2015    EUR     74.82
Vontobel Financia     6.00    9/11/2015    EUR     73.43
DZ Bank AG Deutsc     7.00    6/24/2016    EUR     68.36
Zurcher Kantonalb     9.00   12/16/2015    EUR     71.52
Commerzbank AG        7.50   11/26/2015    EUR     68.62
Commerzbank AG        5.75   11/26/2015    EUR     74.44
Commerzbank AG        7.75   11/26/2015    EUR     71.25
Commerzbank AG       10.00   11/26/2015    EUR     68.50
Commerzbank AG       10.25   11/26/2015    EUR     67.16
Commerzbank AG       13.25   11/26/2015    EUR     63.38
Goldman Sachs & C     6.00    1/20/2016    EUR     68.00
Goldman Sachs & C     6.00    1/20/2016    EUR     68.00
Goldman Sachs & C     8.00    1/20/2016    EUR     68.93
Goldman Sachs & C    10.00    1/20/2016    EUR     69.85
Goldman Sachs & C    10.00    1/20/2016    EUR     69.85
Goldman Sachs & C    10.00    1/20/2016    EUR     69.85
Goldman Sachs & C     6.00    6/22/2016    EUR     68.26
Goldman Sachs & C     5.00    6/22/2016    EUR     73.13
Goldman Sachs & C     8.00    6/22/2016    EUR     70.02
Goldman Sachs & C     7.00    6/22/2016    EUR     69.14
Goldman Sachs & C    10.00    6/22/2016    EUR     71.78
Goldman Sachs & C    20.00    9/23/2015    EUR     73.44
Goldman Sachs & C    25.00    9/23/2015    EUR     70.20
Goldman Sachs & C    23.00   10/21/2015    EUR     71.75
Goldman Sachs & C    20.00   12/23/2015    EUR     74.56
Goldman Sachs & C    22.00   12/23/2015    EUR     60.91
Goldman Sachs & C    10.00    1/20/2016    EUR     69.90
Goldman Sachs & C    15.00    1/20/2016    EUR     65.96
Goldman Sachs & C    18.00    1/20/2016    EUR     63.86
Goldman Sachs & C    21.00    1/20/2016    EUR     62.15
Goldman Sachs & C    10.00    6/22/2016    EUR     72.00
Goldman Sachs & C    15.00    6/22/2016    EUR     67.08
Goldman Sachs & C    17.00    6/22/2016    EUR     65.85
Deutsche Bank AG      4.20    9/22/2015    EUR     73.40
Deutsche Bank AG      4.20   11/25/2015    EUR     74.10
Deutsche Bank AG      4.20   12/22/2015    EUR     74.40
Deutsche Bank AG      3.20    3/22/2016    EUR     74.60
Deutsche Bank AG      3.20    6/22/2016    EUR     72.90
Deutsche Bank AG      4.20    6/22/2016    EUR     73.80
Deutsche Bank AG      4.20   10/21/2015    EUR     73.70
Deutsche Bank AG      6.20   11/25/2015    EUR     67.30
Deutsche Bank AG      7.20   11/25/2015    EUR     67.60
Deutsche Bank AG      7.20    3/22/2016    EUR     69.80
Deutsche Bank AG      7.20    6/22/2016    EUR     69.50
Deutsche Bank AG      5.20    6/22/2016    EUR     74.70
Deutsche Bank AG      5.20    6/22/2016    EUR     72.20
Deutsche Bank AG      5.20    6/22/2016    EUR     69.90
Leonteq Securitie    11.00   12/15/2015    USD     55.78
Bank J Safra Sara     5.75   12/17/2015    CHF     66.36
Goldman Sachs & C     7.00    1/20/2016    EUR     70.78
DZ Bank AG Deutsc     8.75   12/28/2015    EUR     68.19
DZ Bank AG Deutsc     9.20   11/25/2015    EUR     67.44
Deutsche Bank AG      8.20   12/22/2015    EUR     73.30
Deutsche Bank AG      8.20    6/22/2016    EUR     74.90
HSBC Trinkaus & B     6.30    9/25/2015    EUR     72.30
HSBC Trinkaus & B    10.40   12/28/2015    EUR     66.57
HSBC Trinkaus & B     6.60   12/28/2015    EUR     72.51
HSBC Trinkaus & B    13.20   11/27/2015    EUR     63.50
HSBC Trinkaus & B     7.30    9/25/2015    EUR     74.03
Zurcher Kantonalb     5.60   11/18/2015    USD     66.50
Leonteq Securitie    11.00    12/4/2015    USD     70.86
Bank Julius Baer      7.90   11/20/2015    USD     44.10
Notenstein Privat     8.50   11/28/2016    CHF     48.93
Notenstein Privat     8.20    5/27/2016    CHF     55.20
Leonteq Securitie     6.00   11/28/2016    CHF     66.45
UniCredit Bank AG     4.25   12/24/2015    EUR     73.08
UniCredit Bank AG     4.20   12/24/2015    EUR     74.43
UniCredit Bank AG     4.50   12/24/2015    EUR     68.22
UniCredit Bank AG     4.45   12/24/2015    EUR     69.38
UniCredit Bank AG     4.40   12/24/2015    EUR     70.59
UniCredit Bank AG     4.30   12/24/2015    EUR     71.81
Goldman Sachs & C    25.00    8/26/2015    EUR     60.26
Leonteq Securitie    10.80   11/24/2015    CHF     69.93
DZ Bank AG Deutsc    10.25   11/27/2015    EUR     71.57
Commerzbank AG       11.25   11/26/2015    EUR     65.48
Commerzbank AG       14.25   11/26/2015    EUR     61.96
Zurcher Kantonalb     5.25    12/4/2015    CHF     69.07
UBS AG/London        11.50   11/26/2015    CHF     55.85
UBS AG/London        10.75   11/26/2015    CHF     55.61
Bank Julius Baer      6.50    12/4/2015    EUR     68.65
Goldman Sachs & C    19.00    9/23/2015    EUR     61.51
Goldman Sachs & C    25.00    8/26/2015    EUR     56.77
Goldman Sachs & C    24.00    9/23/2015    EUR     58.71
Goldman Sachs & C    18.00   10/21/2015    EUR     62.79
Goldman Sachs & C    22.00   10/21/2015    EUR     60.16
Goldman Sachs & C    13.00   12/23/2015    EUR     68.11
Goldman Sachs & C    20.00   11/25/2015    EUR     61.68
Goldman Sachs & C    19.00   12/23/2015    EUR     62.85
Goldman Sachs & C    16.00    3/23/2016    EUR     65.75
Commerzbank AG        7.00   10/22/2015    EUR     62.78
BNP Paribas Emiss    13.00   12/24/2015    EUR     57.95
BNP Paribas Emiss     7.00    9/24/2015    EUR     66.19
BNP Paribas Emiss     9.00    9/24/2015    EUR     66.47
BNP Paribas Emiss    14.00    9/24/2015    EUR     67.15
BNP Paribas Emiss     7.00   12/24/2015    EUR     67.95
BNP Paribas Emiss     8.00   12/24/2015    EUR     68.34
BNP Paribas Emiss    10.00   12/24/2015    EUR     69.11
BNP Paribas Emiss     9.00    1/21/2016    EUR     70.26
BNP Paribas Emiss     8.50   12/24/2015    EUR     73.54
BNP Paribas Emiss     9.00   12/24/2015    EUR     71.25
BNP Paribas Emiss    11.00   12/24/2015    EUR     69.70
BNP Paribas Emiss    12.00   12/24/2015    EUR     67.92
BNP Paribas Emiss     7.50    6/23/2016    EUR     74.32
BNP Paribas Emiss     9.50    6/23/2016    EUR     71.58
Vontobel Financia     8.00   11/27/2015    EUR     71.15
Vontobel Financia     8.55   12/28/2015    EUR     71.10
Vontobel Financia    10.25    9/25/2015    EUR     69.07
DZ Bank AG Deutsc     5.25   11/27/2015    EUR     72.14
Commerzbank AG        5.75    9/24/2015    EUR     72.67
Commerzbank AG        6.75    9/24/2015    EUR     70.84
Commerzbank AG        7.75    9/24/2015    EUR     69.14
Commerzbank AG        9.50    9/24/2015    EUR     55.60
Commerzbank AG       11.50    9/24/2015    EUR     53.02
Commerzbank AG       13.75    9/24/2015    EUR     50.76
BNP Paribas Emiss     9.00    1/21/2016    EUR     57.07
Leonteq Securitie     8.04    4/21/2016    USD     62.23
Goldman Sachs & C     6.00   11/25/2015    EUR     67.11
Goldman Sachs & C     7.00   11/25/2015    EUR     67.42
Goldman Sachs & C    10.00   11/25/2015    EUR     68.34
Goldman Sachs & C    12.00   11/25/2015    EUR     66.78
Leonteq Securitie    12.40    4/27/2016    CHF     53.72
Leonteq Securitie    10.40    4/27/2016    CHF     45.57
Bank Julius Baer     11.00   10/14/2015    CHF     44.50
UBS AG/London         7.50   10/15/2015    CHF     45.77
Commerzbank AG        8.50   10/22/2015    EUR     73.82
Commerzbank AG        9.50   10/22/2015    EUR     72.19
Commerzbank AG       10.50   10/22/2015    EUR     70.64
Leonteq Securitie     8.25    11/6/2015    EUR     69.66
UniCredit Bank AG     5.00   11/26/2015    EUR     70.45
UniCredit Bank AG     5.50   11/26/2015    EUR     68.20
UniCredit Bank AG     4.65   11/26/2015    EUR     72.94
UniCredit Bank AG     4.75   11/26/2015    EUR     72.29
UniCredit Bank AG     4.85   11/26/2015    EUR     71.67
UniCredit Bank AG     4.50   11/26/2015    EUR     73.57
UniCredit Bank AG     4.25   11/26/2015    EUR     74.16
UniCredit Bank AG     5.25   11/26/2015    EUR     69.30
UniCredit Bank AG     4.10   11/26/2015    EUR     74.81
Credit Suisse AG/     8.00   10/29/2015    CHF     63.59
DZ Bank AG Deutsc     8.75   10/23/2015    EUR     71.95
DZ Bank AG Deutsc     7.00   10/23/2015    EUR     57.49
Bank Julius Baer     14.20   10/28/2015    CHF     49.05
HSBC Trinkaus & B     8.70   12/28/2015    EUR     73.71
HSBC Trinkaus & B     9.50   10/23/2015    EUR     72.36
HSBC Trinkaus & B    11.60   10/23/2015    EUR     53.62
UBS AG/London         5.50   10/29/2015    USD     60.77
HSBC Trinkaus & B    11.90    9/25/2015    EUR     69.49
HSBC Trinkaus & B    17.00   12/28/2015    EUR     51.42
HSBC Trinkaus & B    11.90   12/28/2015    EUR     55.67
HSBC Trinkaus & B     8.70   12/28/2015    EUR     59.61
Notenstein Financ    12.00    11/3/2015    USD     63.51
Goldman Sachs & C     8.00    3/23/2016    EUR     74.96
Goldman Sachs & C     9.00    9/23/2015    EUR     71.30
Goldman Sachs & C    11.00   11/25/2015    EUR     73.47
Goldman Sachs & C    11.00   11/25/2015    EUR     73.47
Goldman Sachs & C    11.00   11/25/2015    EUR     73.47
Goldman Sachs & C    10.00    9/23/2015    EUR     74.03
Goldman Sachs & C    10.00   10/21/2015    EUR     74.83
Bank Julius Baer     13.70   11/11/2015    CHF     53.10
UBS AG/London        12.35    11/3/2015    CHF     49.95
UBS AG/London         8.48    11/3/2015    CHF     49.10
Vontobel Financia     9.70    9/25/2015    EUR     71.50
Commerzbank AG       12.75   10/22/2015    EUR     67.85
Commerzbank AG        7.00    9/24/2015    EUR     57.43
UBS AG/London        11.25    9/25/2015    EUR     64.65
UBS AG/London        14.50   12/29/2015    EUR     65.00
UBS AG/London        13.25   12/29/2015    EUR     68.42
UBS AG/London        10.25   12/29/2015    EUR     67.20
Bank Julius Baer      9.75   11/13/2015    USD     56.35
Bank Julius Baer     10.20   11/13/2015    USD     65.40
Leonteq Securitie     9.40   11/17/2015    CHF     65.53
Goldman Sachs & C     9.00    8/26/2015    EUR     68.12
Vontobel Financia     9.00   11/27/2015    EUR     70.49
Goldman Sachs & C    10.00    8/26/2015    EUR     73.16
DZ Bank AG Deutsc    11.00   10/23/2015    EUR     58.22
UBS AG/London         6.50    11/5/2015    USD     59.61
Lehman Brothers T     2.30    4/28/2014    JPY      4.80
Lehman Brothers T     4.00    2/28/2010    EUR      4.80
Lehman Brothers T     4.10    5/20/2009    USD      4.80
Lehman Brothers T     2.00    5/17/2010    EUR      4.80
Province of Trevi     0.28   12/31/2034    EUR     68.35
Lehman Brothers T     3.82   10/20/2009    USD      4.80
LBI HF                2.22   10/15/2019    JPY      8.50
Lehman Brothers T     2.75   10/28/2009    EUR      4.80
Lehman Brothers T     5.00    12/6/2011    EUR      4.80
LBI HF                1.68   12/22/2014    JPY      8.50
LBI HF                2.14     2/3/2020    JPY      8.50
Glitnir HF            5.35    5/11/2010    USD     27.25
Landeskreditbank      0.50    5/10/2027    CAD     76.34
Glitnir HF            3.00   11/30/2009    EUR     27.25
Lehman Brothers T     4.50     3/7/2015    EUR      4.80
Lehman Brothers T     4.50   12/30/2010    USD      4.80
Lehman Brothers T     7.00    7/11/2010    EUR      4.80
Glitnir HF            4.01     7/6/2009    HKD     27.25
Lehman Brothers T     5.00     8/1/2025    EUR      4.80
Lehman Brothers T     6.00    7/28/2010    EUR      4.80
Lehman Brothers T     6.00    7/28/2010    EUR      4.80
Lehman Brothers T     7.50     8/1/2035    EUR      4.80
Lehman Brothers T     4.90    7/28/2020    EUR      4.80
Glitnir HF            0.01     8/3/2009    JPY     27.25
Lehman Brothers T     4.15    8/25/2020    EUR      4.80
Glitnir HF            3.30    8/22/2012    EUR     27.25
Lehman Brothers T     6.00    12/6/2016    USD      4.80
Glitnir HF            6.75    3/27/2013    EUR     27.25
Lehman Brothers T     6.50    5/16/2015    EUR      4.80
Lehman Brothers T     3.00     8/8/2017    EUR      4.80
Lehman Brothers T     6.00    3/17/2011    EUR      4.80
Lehman Brothers T     4.70    3/23/2016    EUR      4.80
Lehman Brothers T     4.70    3/23/2016    EUR      4.80
Lehman Brothers T     8.00    4/20/2009    EUR      4.80
Glitnir HF            3.63     4/5/2009    EUR     27.25
Lehman Brothers T     2.00   11/16/2009    EUR      4.80
Lehman Brothers T     3.70     6/6/2009    EUR      4.80
UBS AG               13.07    3/18/2016    USD     31.66
LBI HF                3.11   11/10/2008    EUR      8.50
Kvinesdal Spareba     2.79                 NOK     76.47
Gjerstad Spareban     2.72                 NOK     74.94
Lehman Brothers T    10.00     1/4/2010    USD      4.80
Kaupthing Bank Hf     7.90    4/28/2016    EUR     21.63
Municipality Fina     0.50    2/22/2019    IDR     70.04
Societe Generale      0.50    6/12/2023    RUB     41.99
Leasing-Experts S     9.00     6/5/2016    PLN     69.89
BNP Paribas SA        0.50    9/29/2029    AUD     59.31
TransFin-M PAO       10.50    9/17/2019    RUB     60.01
HSBC Bank PLC         0.50    6/28/2019    IDR     68.19
Agentstvo po Ipot    11.27    11/1/2032    RUB     60.01
UBS AG/London        19.75    9/25/2015    EUR     74.02
Deutsche Bank AG      4.20    1/19/2016    EUR     74.60
Deutsche Bank AG      4.20    2/23/2016    EUR     75.00
Deutsche Bank AG      7.20   10/21/2015    EUR     74.40
Goldman Sachs & C    19.00    9/23/2015    EUR     70.11
Goldman Sachs & C    20.00   10/21/2015    EUR     69.49
Goldman Sachs & C    24.00    9/23/2015    EUR     66.14
Goldman Sachs & C    22.00   10/21/2015    EUR     67.74
Goldman Sachs & C    18.00   11/25/2015    EUR     70.77
Goldman Sachs & C    23.00   12/23/2015    EUR     67.88
Goldman Sachs & C    19.00   12/23/2015    EUR     70.42
Goldman Sachs & C    15.00    1/20/2016    EUR     74.47
Goldman Sachs & C    18.00    1/20/2016    EUR     71.42
Goldman Sachs & C    19.00    3/23/2016    EUR     71.12
Goldman Sachs & C    22.00    1/20/2016    EUR     69.19
Goldman Sachs & C    18.00    6/22/2016    EUR     73.07
Goldman Sachs & C    15.00    6/22/2016    EUR     74.20
DZ Bank AG Deutsc    14.50    8/28/2015    EUR     60.20
DZ Bank AG Deutsc    13.50    8/28/2015    EUR     63.78
DZ Bank AG Deutsc    14.00    8/28/2015    EUR     74.96
UBS AG/London        15.00    8/26/2015    EUR     72.69
DZ Bank AG Deutsc     8.80   12/23/2015    EUR     67.15
Commerzbank AG       10.75   12/24/2015    EUR     65.28
Commerzbank AG       14.75   12/24/2015    EUR     60.92
Commerzbank AG        8.25   12/24/2015    EUR     71.94
UBS AG/London        11.75    6/24/2016    EUR     68.56
UBS AG/London        16.50    3/29/2016    EUR     64.06
UBS AG/London        10.25    6/24/2016    EUR     70.14
UBS AG/London         9.00    6/24/2016    EUR     72.16
UBS AG/London         7.50    6/24/2016    EUR     74.17
DZ Bank AG Deutsc     8.25   12/28/2015    EUR     59.33
DZ Bank AG Deutsc     8.00    1/22/2016    EUR     66.68
Goldman Sachs & C    24.00    9/23/2015    EUR     73.25
Goldman Sachs & C    25.00   10/21/2015    EUR     72.84
Goldman Sachs & C    25.00   11/25/2015    EUR     72.93
Goldman Sachs & C    24.00   12/23/2015    EUR     74.47
UBS AG/London         6.75   12/28/2015    CHF     72.25
Bank Julius Baer     12.80    1/29/2016    USD     49.75
Societe Generale      5.10     9/5/2017    EUR     61.61
Commerzbank AG       14.75    1/21/2016    EUR     72.69
Commerzbank AG       10.25    1/21/2016    EUR     70.52
Commerzbank AG        7.25    1/21/2016    EUR     74.27
DZ Bank AG Deutsc     7.25    9/23/2015    EUR     68.04
DZ Bank AG Deutsc    10.50    9/23/2015    EUR     68.49
BNP Paribas Emiss    19.00    9/24/2015    EUR     74.67
Commerzbank AG       14.50   10/22/2015    EUR     69.72
Commerzbank AG       13.50    1/21/2016    EUR     71.48
Commerzbank AG        8.50   12/24/2015    EUR     73.40
Commerzbank AG       11.25   12/24/2015    EUR     69.34
Commerzbank AG       14.25   12/24/2015    EUR     65.85
UBS AG/London        13.00    3/29/2016    EUR     67.17
UBS AG/London        14.75    3/29/2016    EUR     65.50
UBS AG/London        11.00    3/29/2016    EUR     68.91
UBS AG/London         9.25    3/29/2016    EUR     71.06
UBS AG/London         8.00    3/29/2016    EUR     73.79
UBS AG/London        14.75    6/24/2016    EUR     66.04
Commerzbank AG        8.25   10/22/2015    EUR     74.73
Commerzbank AG        9.25   10/22/2015    EUR     73.06
Commerzbank AG       10.50   10/22/2015    EUR     71.56
DZ Bank AG Deutsc     7.75   11/27/2015    EUR     68.70
DZ Bank AG Deutsc     7.50   11/27/2015    EUR     64.91
DZ Bank AG Deutsc     9.75   11/27/2015    EUR     73.25
Banque Cantonale     17.75   11/17/2015    CHF     48.50
Societe Generale     17.60   11/17/2015    EUR     49.70
Commerzbank AG        7.75   10/22/2015    EUR     69.54
Commerzbank AG        9.50   10/22/2015    EUR     66.19
Commerzbank AG       11.50   10/22/2015    EUR     63.21
Commerzbank AG       13.75   10/22/2015    EUR     60.67
Commerzbank AG       15.75   10/22/2015    EUR     58.29
UBS AG/London        11.75   11/12/2015    CHF     49.02
Vontobel Financia     8.00    12/4/2015    EUR     74.33
HSBC Trinkaus & B    14.70   12/28/2015    EUR     64.98
HSBC Trinkaus & B     8.00    3/25/2016    EUR     72.72
HSBC Trinkaus & B     9.20   11/27/2015    EUR     70.66
HSBC Trinkaus & B     6.60    9/25/2015    EUR     67.98
HSBC Trinkaus & B    17.50   12/28/2015    EUR     55.64
HSBC Trinkaus & B    13.70   12/28/2015    EUR     58.88
HSBC Trinkaus & B    10.00   12/28/2015    EUR     63.12
HSBC Trinkaus & B     6.60   12/28/2015    EUR     68.62
HSBC Trinkaus & B    13.90    8/28/2015    EUR     57.56
HSBC Trinkaus & B    12.40   11/27/2015    EUR     60.00
Leonteq Securitie    12.40     2/3/2016    CHF     42.68
Vontobel Financia    10.15    9/25/2015    EUR     74.76
Notenstein Privat    10.00    4/29/2016    CHF     57.94
Goldman Sachs & C    14.00    8/26/2015    EUR     73.62
Goldman Sachs & C    13.00    9/23/2015    EUR     74.54
Goldman Sachs & C    13.00    9/23/2015    EUR     74.54
Goldman Sachs & C    10.00   10/21/2015    EUR     74.91
Goldman Sachs & C    14.00    8/26/2015    EUR     73.40
Goldman Sachs & C    16.00    8/26/2015    EUR     70.82
Goldman Sachs & C    15.00    9/23/2015    EUR     72.02
Goldman Sachs & C    14.00   10/21/2015    EUR     72.99
Goldman Sachs & C    13.00   11/25/2015    EUR     74.04
Commerzbank AG        8.50   10/22/2015    EUR     71.81
DZ Bank AG Deutsc     7.75   11/27/2015    EUR     60.87
Leonteq Securitie     9.07     5/3/2016    GBP     61.11
Zurcher Kantonalb     7.00    11/3/2015    EUR     74.35
UBS AG/London         9.06   10/23/2015    CHF     49.85
UBS AG/London        12.88   10/23/2015    CHF     50.80
UBS AG/London         7.54   10/23/2015    CHF     68.65
DZ Bank AG Deutsc     8.75    9/25/2015    EUR     73.18
DZ Bank AG Deutsc     8.75   11/27/2015    EUR     74.90
Notenstein Financ     7.00   10/23/2015    USD     44.23
Commerzbank AG        8.00   10/22/2015    EUR     74.27
Leonteq Securitie     3.00    9/19/2019    CHF     72.38
Zurcher Kantonalb     5.75    11/6/2015    CHF     66.24
Leonteq Securitie    10.00   11/10/2015    CHF     64.83
Lehman Brothers T     4.20    12/3/2008    HKD     16.25
Immigon Portfolio     1.55    5/18/2020    EUR     50.63
Immigon Portfolio     1.55    5/18/2020    EUR     50.63
e-Kancelaria Grup    10.00   10/23/2015    PLN     60.00
Lehman Brothers T     2.40    6/20/2011    JPY      4.80
Lehman Brothers T     1.60    6/21/2010    JPY      4.80
UBS AG               13.75    9/25/2015    EUR     68.68
UBS AG               23.25    9/25/2015    EUR     73.72
UBS AG               14.50    9/25/2015    EUR     72.52
UBS AG                7.25   12/29/2015    EUR     68.92
UBS AG                6.50   12/29/2015    EUR     72.47
UBS AG               16.00    9/25/2015    EUR     46.89
UBS AG               22.75   12/29/2015    EUR     40.63
UBS AG               23.75    9/25/2015    EUR     36.73
UBS AG               24.50    9/25/2015    EUR     52.82
UBS AG                7.50    9/25/2015    EUR     68.01
UBS AG               10.00   12/29/2015    EUR     60.22
UBS AG                8.25   12/29/2015    EUR     65.77
UBS AG               24.75    9/25/2015    EUR     68.80
UBS AG               19.25    9/25/2015    EUR     72.32
UBS AG               20.25    9/25/2015    EUR     41.06
UBS AG               23.25    9/25/2015    EUR     68.54
UBS AG               22.50    9/25/2015    EUR     56.10
UBS AG               12.75   12/29/2015    EUR     53.82
UBS AG                6.50    9/25/2015    EUR     72.21
UBS AG               19.75   12/29/2015    EUR     43.65
UBS AG               20.50   12/29/2015    EUR     65.32
UBS AG               18.25    9/25/2015    EUR     69.10
UBS AG               23.50    9/25/2015    EUR     64.00
UBS AG               20.00    9/25/2015    EUR     65.83
UBS AG               24.75    9/25/2015    EUR     57.84
UBS AG               24.75    9/25/2015    EUR     61.28
UBS AG               23.25    9/25/2015    EUR     60.24
Landesbank Berlin     6.00   11/27/2015    EUR     68.70
Lehman Brothers T     3.63     3/2/2012    EUR      4.80
LBI HF                4.08    3/16/2015    EUR      8.50
Lehman Brothers T     0.75    3/29/2012    EUR      4.80
Lehman Brothers T     5.00     9/1/2011    EUR      4.80
Lehman Brothers T     3.00    8/15/2017    EUR      4.80
Lehman Brothers T     3.50    9/19/2017    EUR      4.80
LBI HF                7.20    4/27/2026    EUR      0.01
Lehman Brothers T     8.50     7/6/2009    CHF      4.80
Lehman Brothers T     7.50    9/13/2009    CHF      4.80
LBI HF                4.40   11/30/2035    EUR      0.01
Lehman Brothers T     5.10    6/22/2046    EUR      4.80
e-Kancelaria Grup    10.00    6/27/2016    PLN      1.55
Republika Srpska      1.50   12/22/2023    BAM     72.54
Lehman Brothers T     6.70    4/21/2011    USD      4.80
Lehman Brothers T     3.00    9/12/2036    JPY     19.00
Lehman Brothers T    16.80    8/21/2009    USD      4.80
Lehman Brothers T    14.10   11/12/2008    USD      4.80
Lehman Brothers T     5.25     7/8/2014    EUR      4.80
Lehman Brothers T     4.00    8/11/2010    USD     19.00
Lehman Brothers T     6.72   12/29/2008    EUR      4.80
Lehman Brothers T     7.06   12/29/2008    EUR      4.80
Lehman Brothers T     7.63    7/22/2011    HKD      4.80
KPNQwest NV           7.13     6/1/2009    EUR      0.50
KPNQwest NV           7.13     6/1/2009    EUR      0.50
Housing Financing     2.70     1/1/2020    ISK     69.09
HSBC Trinkaus & B    19.00    9/25/2015    EUR     69.33
HSBC Trinkaus & B    14.80   12/28/2015    EUR     72.46
HSBC Trinkaus & B    12.60    3/25/2016    EUR     74.27
HSBC Trinkaus & B    19.60    9/25/2015    EUR     72.26
UBS AG/London         6.50    6/10/2016    USD     65.28
EFG International    11.12   12/12/2016    USD     72.44
DZ Bank AG Deutsc     7.00    2/26/2016    EUR     68.68
Leonteq Securitie     9.00    2/16/2016    EUR     70.37
Vontobel Financia     7.95   12/28/2015    EUR     71.87
Lehman Brothers T     4.50     8/2/2009    USD      4.80
Glitnir HF            6.33    7/28/2011    USD     27.25
Glitnir HF            5.86    7/28/2016    GBP     27.25
Glitnir HF            6.31    7/28/2011    USD     27.25
Glitnir HF            6.31    7/28/2011    USD     27.25
Kommunalbanken AS     0.50    8/15/2018    BRL     72.33
Mortgage Agent AH    10.50    6/13/2047    RUB     60.06
HSBC Bank PLC         0.50    7/30/2027    NZD     58.17
Lehman Brothers T     0.50    2/16/2009    EUR      4.80
Lehman Brothers T     4.25    3/13/2021    EUR      4.80
Glitnir HF            4.85     4/6/2012    EUR     27.25
Kaupthing Bank Hf     5.40    3/22/2014    ISK      0.00
Vontobel Financia     6.80    9/25/2015    EUR     61.31
DZ Bank AG Deutsc    10.25    9/25/2015    EUR     67.35
Goldman Sachs & C     5.00   10/21/2015    EUR     73.77
Goldman Sachs & C     6.00   10/21/2015    EUR     71.29
Goldman Sachs & C    10.00   10/21/2015    EUR     65.17
Goldman Sachs & C    13.00   10/21/2015    EUR     61.73
Goldman Sachs & C     6.00    3/23/2016    EUR     73.79
Goldman Sachs & C     8.00    3/23/2016    EUR     70.37
Goldman Sachs & C     8.00    3/23/2016    EUR     68.22
Goldman Sachs & C    10.00    3/23/2016    EUR     65.43
Commerzbank AG        8.50    8/27/2015    EUR     64.80
Vontobel Financia     5.00     5/6/2016    EUR     71.60
Goldman Sachs & C     6.00    9/23/2015    EUR     66.05
Goldman Sachs & C     6.00    9/23/2015    EUR     73.47
Goldman Sachs & C     7.00    9/23/2015    EUR     69.58
Goldman Sachs & C    10.00    9/23/2015    EUR     63.11
Goldman Sachs & C    11.00    9/23/2015    EUR     60.31
Deutsche Bank AG      6.20    6/21/2016    EUR     68.60
Deutsche Bank AG      5.20    6/21/2016    EUR     65.60
Deutsche Bank AG      6.20    6/21/2016    EUR     66.50
Deutsche Bank AG      6.20    9/22/2015    EUR     60.10
Deutsche Bank AG      6.20   12/22/2015    EUR     61.60
Commerzbank AG        5.00    9/24/2015    EUR     66.85
Commerzbank AG        6.00    9/24/2015    EUR     65.21
Commerzbank AG        7.00    9/24/2015    EUR     63.64
Commerzbank AG        8.25    9/24/2015    EUR     62.22
Commerzbank AG        9.25    9/24/2015    EUR     60.84
Commerzbank AG        7.50    9/24/2015    EUR     62.01
Commerzbank AG        9.25    9/24/2015    EUR     59.06
Commerzbank AG       11.25    9/24/2015    EUR     56.45
Commerzbank AG        9.50    9/24/2015    EUR     72.26
Commerzbank AG       23.75    9/24/2015    EUR     71.03
Commerzbank AG       26.75    9/24/2015    EUR     64.79
UniCredit Bank AG     4.00   12/28/2015    EUR     61.30
Notenstein Financ     8.68     4/1/2016    USD     41.20
Bank Julius Baer      8.25    10/9/2015    USD     47.40
Bank Julius Baer     10.50    10/9/2015    USD     61.75
UniCredit Bank AG     4.00   10/22/2015    EUR     68.52
UniCredit Bank AG     4.20   10/22/2015    EUR     67.39
UniCredit Bank AG     4.80   10/22/2015    EUR     63.18
UniCredit Bank AG     5.00   10/22/2015    EUR     62.21
UniCredit Bank AG     4.60   10/22/2015    EUR     64.16
UniCredit Bank AG     4.50   10/22/2015    EUR     65.21
UniCredit Bank AG     5.20   10/22/2015    EUR     60.36
UniCredit Bank AG     4.40   10/22/2015    EUR     66.29
Bank Julius Baer     10.60    10/9/2015    USD     52.50
Leonteq Securitie    13.40    1/14/2016    CHF     71.10
Zurcher Kantonalb     7.02    10/9/2015    CHF     51.51
Goldman Sachs & C     8.00    9/23/2015    EUR     60.20
Vontobel Financia     7.05   10/23/2015    EUR     64.68
Vontobel Financia     4.75   10/23/2015    EUR     68.69
Leonteq Securitie     5.20    10/6/2015    USD     74.58
Leonteq Securitie    13.60     1/6/2016    CHF     48.46
Vontobel Financia     4.10   12/11/2015    EUR     71.62
Vontobel Financia     4.05    3/11/2016    EUR     72.61
Vontobel Financia     3.30    3/11/2016    EUR     74.78
Vontobel Financia    27.95    9/25/2015    EUR     66.19
DZ Bank AG Deutsc     5.60    10/7/2015    EUR     52.66
Credit Suisse AG/     8.38   10/15/2015    USD     69.57
Leonteq Securitie     9.00     4/8/2016    USD      8.32
Deutsche Bank AG      3.20    9/22/2015    EUR     73.30
Deutsche Bank AG      3.20    9/22/2015    EUR     70.60
Deutsche Bank AG      3.20    9/22/2015    EUR     68.10
Deutsche Bank AG      3.20    9/22/2015    EUR     65.70
Deutsche Bank AG      3.20   12/22/2015    EUR     74.00
Deutsche Bank AG      3.20   12/22/2015    EUR     71.30
Deutsche Bank AG      3.20   12/22/2015    EUR     68.90
Deutsche Bank AG      3.20   12/22/2015    EUR     66.50
Deutsche Bank AG      3.20    8/26/2015    EUR     73.10
Deutsche Bank AG      3.20    8/26/2015    EUR     70.40
Deutsche Bank AG      3.20   10/21/2015    EUR     73.50
Deutsche Bank AG      3.20   10/21/2015    EUR     70.80
Deutsche Bank AG      3.20   11/25/2015    EUR     73.80
Deutsche Bank AG      3.20   11/25/2015    EUR     71.10
Deutsche Bank AG     10.00    8/26/2015    EUR     59.90
Deutsche Bank AG     10.00    9/22/2015    EUR     60.60
Deutsche Bank AG     10.00   10/21/2015    EUR     61.40
Deutsche Bank AG     10.00   11/25/2015    EUR     62.40
Deutsche Bank AG     10.00   12/22/2015    EUR     63.10
Leonteq Securitie     9.00   10/20/2015    CHF     49.88
BNP Paribas Emiss     7.25   10/22/2015    EUR     64.19
BNP Paribas Emiss     7.00    1/21/2016    EUR     64.80
Zurcher Kantonalb     4.50    9/25/2015    CHF     63.57
Leonteq Securitie    10.00    9/17/2015    USD     42.58
Bank Julius Baer      8.10    9/25/2015    USD     55.00
Bank Julius Baer      8.25    9/18/2015    CHF     37.40
Goldman Sachs & C    11.00    3/23/2016    EUR     62.58
Goldman Sachs & C    11.00    9/23/2015    EUR     60.61
Goldman Sachs & C    11.00    9/23/2015    EUR     60.61
Goldman Sachs & C    11.00    9/23/2015    EUR     60.61
Goldman Sachs & C    11.00   10/21/2015    EUR     61.47
Goldman Sachs & C    11.00   10/21/2015    EUR     61.47
Goldman Sachs & C     9.00    3/23/2016    EUR     64.82
Goldman Sachs & C     9.00    3/23/2016    EUR     64.82
Goldman Sachs & C     9.00    3/23/2016    EUR     64.82
Notenstein Privat     5.50    9/26/2016    CHF     66.52
Notenstein Privat     5.00    9/26/2016    CHF     67.71
DZ Bank AG Deutsc     5.60    3/30/2017    EUR     66.45
Leonteq Securitie    20.00   12/29/2015    CHF     37.29
Leonteq Securitie     5.05    9/22/2015    CHF     60.67
Vontobel Financia     8.00   12/28/2015    EUR     63.44
DZ Bank AG Deutsc    10.25    9/25/2015    EUR     66.54
DZ Bank AG Deutsc     6.25    9/25/2015    EUR     57.97
DZ Bank AG Deutsc     5.75    9/25/2015    EUR     74.64
DZ Bank AG Deutsc     7.10    9/23/2015    EUR     73.42
DZ Bank AG Deutsc     5.40    9/23/2015    EUR     54.59
DZ Bank AG Deutsc     4.80   12/23/2015    EUR     57.80
DZ Bank AG Deutsc     5.70    9/23/2015    EUR     52.65
DZ Bank AG Deutsc     5.70    9/23/2015    EUR     50.13
DZ Bank AG Deutsc     4.60    9/23/2015    EUR     47.73
DZ Bank AG Deutsc     5.10   12/23/2015    EUR     56.81
DZ Bank AG Deutsc     5.10   12/23/2015    EUR     54.21
DZ Bank AG Deutsc     4.40   12/23/2015    EUR     51.51
DZ Bank AG Deutsc     2.20   12/23/2015    EUR     64.29
DZ Bank AG Deutsc     3.50   12/23/2015    EUR     61.15
DZ Bank AG Deutsc     2.60    9/23/2015    EUR     52.87
DZ Bank AG Deutsc     3.10    9/23/2015    EUR     50.54
DZ Bank AG Deutsc     4.80    9/23/2015    EUR     50.78
DZ Bank AG Deutsc     2.70   12/23/2015    EUR     55.61
DZ Bank AG Deutsc     4.60   12/23/2015    EUR     53.87
DZ Bank AG Deutsc     3.20   12/23/2015    EUR     53.32
DZ Bank AG Deutsc     7.60    9/23/2015    EUR     71.07
DZ Bank AG Deutsc     6.60    9/23/2015    EUR     72.43
DZ Bank AG Deutsc     6.00    9/23/2015    EUR     67.64
DZ Bank AG Deutsc     4.90   12/23/2015    EUR     74.13
Commerzbank AG        6.50    8/27/2015    EUR     66.53
Commerzbank AG        8.75    8/27/2015    EUR     63.27
Commerzbank AG       10.75    8/27/2015    EUR     52.27
Commerzbank AG        8.50    8/27/2015    EUR     54.84
HSBC Trinkaus & B     6.60    9/25/2015    EUR     66.38
HSBC Trinkaus & B     7.70   10/23/2015    EUR     64.95
Bank Julius Baer      8.85    9/25/2015    CHF     41.05
Notenstein Privat     8.00    10/3/2016    CHF     68.90
Bank Julius Baer      7.00    10/2/2015    USD     66.55
Vontobel Financia     7.60    9/25/2015    EUR     60.79
Vontobel Financia     7.45   12/28/2015    EUR     73.84
Vontobel Financia     8.50    9/25/2015    EUR     72.25
Leonteq Securitie    11.20   12/29/2015    CHF     44.82
Leonteq Securitie     8.20   12/29/2015    CHF     63.26
Commerzbank AG        5.60    9/29/2015    EUR     61.07
Goldman Sachs & C     8.00    9/23/2015    EUR     69.71
Credit Suisse AG/     7.60   10/15/2015    CHF     57.58
HSBC Trinkaus & B     7.00    9/25/2015    EUR     65.95
Credit Suisse AG/     7.00   10/29/2015    CHF     74.16
Deutsche Bank AG      5.20    9/22/2015    EUR     71.40
Deutsche Bank AG      7.20    9/22/2015    EUR     71.70
Deutsche Bank AG      5.20    9/22/2015    EUR     67.60
Deutsche Bank AG      7.20    9/22/2015    EUR     67.90
Deutsche Bank AG      6.20    9/22/2015    EUR     71.50
Deutsche Bank AG      6.20    9/22/2015    EUR     67.70
Deutsche Bank AG      7.20    9/22/2015    EUR     71.20
Deutsche Bank AG      6.20    9/22/2015    EUR     71.00
Deutsche Bank AG      6.20    9/22/2015    EUR     68.50
Deutsche Bank AG      5.20    9/22/2015    EUR     68.40
Deutsche Bank AG      7.20    9/22/2015    EUR     68.70
Deutsche Bank AG      7.20    9/22/2015    EUR     73.90
Deutsche Bank AG      5.20    9/22/2015    EUR     70.90
Deutsche Bank AG      6.20    9/22/2015    EUR     73.70
Deutsche Bank AG      5.20    9/22/2015    EUR     73.60
Commerzbank AG        1.88    4/22/2016    EUR     71.62
Goldman Sachs & C     9.00    9/23/2015    EUR     73.83
Goldman Sachs & C    12.00    9/23/2015    EUR     66.59
Credit Suisse AG/     7.00    11/2/2015    CHF     74.77
Credit Suisse AG/     8.63    11/2/2015    CHF     74.63
Leonteq Securitie    11.60    8/12/2015    USD     42.93
HSBC Trinkaus & B     6.50    9/25/2015    EUR     71.01
UBS AG/London         5.50    7/10/2017    CHF     72.88
DZ Bank AG Deutsc     5.00    9/25/2015    EUR     70.96
UBS AG/London        11.25    8/27/2015    CHF     36.41
Commerzbank AG       10.75    8/27/2015    EUR     54.39
Commerzbank AG        5.75    8/27/2015    EUR     72.92
Commerzbank AG        7.75    8/27/2015    EUR     69.22
Commerzbank AG       10.00    8/27/2015    EUR     65.93
Commerzbank AG       10.25    8/27/2015    EUR     72.56
Commerzbank AG       14.00    8/27/2015    EUR     72.68
Commerzbank AG       20.50    8/27/2015    EUR     56.75
Commerzbank AG       23.75    8/27/2015    EUR     50.95
Commerzbank AG        8.25    8/27/2015    EUR     66.14
UniCredit Bank AG     4.50    9/24/2015    EUR     68.43
UniCredit Bank AG     4.00    9/24/2015    EUR     70.47
UniCredit Bank AG     5.00    9/24/2015    EUR     71.10
UniCredit Bank AG     5.60    9/24/2015    EUR     65.64
UniCredit Bank AG     6.00    9/24/2015    EUR     67.46
UniCredit Bank AG     4.25    9/24/2015    EUR     73.72
UniCredit Bank AG     5.00    9/24/2015    EUR     67.49
UniCredit Bank AG     5.60    9/24/2015    EUR     68.63
UniCredit Bank AG     6.25    9/24/2015    EUR     66.35
UniCredit Bank AG     5.20    9/24/2015    EUR     66.53
UniCredit Bank AG     6.00    9/24/2015    EUR     64.77
UniCredit Bank AG     4.25    9/24/2015    EUR     69.43
Commerzbank AG        6.75    8/27/2015    EUR     60.10
Vontobel Financia     6.40    9/25/2015    EUR     68.53
DZ Bank AG Deutsc     5.70     9/7/2015    EUR     61.94
HSBC Trinkaus & B     7.10    9/25/2015    EUR     60.66
HSBC Trinkaus & B     6.00   12/28/2015    EUR     56.65
HSBC Trinkaus & B     8.00   10/23/2015    EUR     67.19
HSBC Trinkaus & B     7.40   12/28/2015    EUR     68.36
HSBC Trinkaus & B     6.00   12/28/2015    EUR     38.50
HSBC Trinkaus & B    11.50    9/25/2015    EUR     70.02
Vontobel Financia     5.10    9/11/2015    EUR     69.74
Commerzbank AG       11.75    8/27/2015    EUR     66.64
Notenstein Privat     7.20     9/3/2015    EUR     38.26
Vontobel Financia     7.00   12/11/2015    EUR     67.81
BNP Paribas Emiss     5.10   10/21/2015    EUR     65.00
Leonteq Securitie    12.00   12/15/2015    CHF     44.44
Leonteq Securitie     8.00   12/15/2015    CHF     61.48
Commerzbank AG        6.00    8/27/2015    EUR     72.59
Credit Suisse AG/     8.00    3/16/2016    USD     65.33
Commerzbank AG        6.50    8/27/2015    EUR     64.72
Commerzbank AG        6.00    8/27/2015    EUR     63.39
BNP Paribas Emiss     6.25    9/24/2015    EUR     64.25
BNP Paribas Emiss     6.00   12/24/2015    EUR     66.47
HSBC Trinkaus & B    10.20   10/23/2015    EUR     55.84
Commerzbank AG        9.75    8/27/2015    EUR     62.84
Vontobel Financia     6.95   12/28/2015    EUR     65.95
Vontobel Financia     6.25   12/28/2015    EUR     74.19
Vontobel Financia     7.45    9/25/2015    EUR     72.94
Commerzbank AG        8.50    8/27/2015    EUR     74.13
Commerzbank AG        9.50    8/27/2015    EUR     72.30
Commerzbank AG       10.75    8/27/2015    EUR     70.59
Goldman Sachs & C     7.00   10/21/2015    EUR     69.00
Goldman Sachs & C     8.00   10/21/2015    EUR     66.92
Goldman Sachs & C     7.00    3/23/2016    EUR     69.74
Goldman Sachs & C     5.00   10/21/2015    EUR     64.14
Goldman Sachs & C     6.00   10/21/2015    EUR     64.35
Goldman Sachs & C     7.00   10/21/2015    EUR     64.57
Goldman Sachs & C     8.00   10/21/2015    EUR     64.78
Goldman Sachs & C     9.00   10/21/2015    EUR     64.99
Goldman Sachs & C     9.00   10/21/2015    EUR     64.99
Goldman Sachs & C     9.00   10/21/2015    EUR     64.99
Goldman Sachs & C     5.00    3/23/2016    EUR     66.21
Goldman Sachs & C     6.00    3/23/2016    EUR     66.84
Goldman Sachs & C     7.00    3/23/2016    EUR     67.47
Goldman Sachs & C     7.00    3/23/2016    EUR     67.47
Goldman Sachs & C     8.00    3/23/2016    EUR     68.11
Goldman Sachs & C     8.00    3/23/2016    EUR     68.11
Goldman Sachs & C     8.00    3/23/2016    EUR     68.11
Bank Julius Baer      8.20    9/23/2015    CHF     40.00
Vontobel Financia     8.10   12/28/2015    EUR     62.46
Vontobel Financia     9.45    9/25/2015    EUR     60.48
UniCredit Bank AG     4.00   12/17/2015    EUR     71.68
Goldman Sachs & C     5.00   12/23/2015    EUR     65.00
Goldman Sachs & C     6.00   12/23/2015    EUR     65.39
Goldman Sachs & C     7.00   12/23/2015    EUR     65.77
Goldman Sachs & C     8.00   12/23/2015    EUR     66.16
Goldman Sachs & C     8.00   12/23/2015    EUR     66.16
Goldman Sachs & C     9.00   12/23/2015    EUR     66.54
Goldman Sachs & C     9.00   12/23/2015    EUR     66.54
BNP Paribas Emiss     7.00   10/22/2015    EUR     47.35
BNP Paribas Emiss     9.00   10/22/2015    EUR     58.15
Raiffeisen Centro     7.55    1/20/2016    EUR     62.55
Raiffeisen Centro     5.98    1/20/2016    EUR     65.28
Raiffeisen Centro     6.29    1/20/2016    EUR     60.30
Goldman Sachs & C    12.00    9/23/2015    EUR     74.29
UniCredit Bank AG     7.00    9/24/2015    EUR     74.22
UniCredit Bank AG     5.25    9/24/2015    EUR     46.80
UniCredit Bank AG     4.25    9/24/2015    EUR     49.05
UniCredit Bank AG     5.40    9/24/2015    EUR     46.27
UniCredit Bank AG     6.75    9/24/2015    EUR     74.66
UniCredit Bank AG     4.00    9/24/2015    EUR     67.34
UniCredit Bank AG     4.50    9/24/2015    EUR     65.47
UniCredit Bank AG     6.50    9/24/2015    EUR     61.39
UniCredit Bank AG     5.50    9/24/2015    EUR     62.93
UniCredit Bank AG     5.75    9/24/2015    EUR     45.23
UniCredit Bank AG     4.80    9/24/2015    EUR     47.91
UniCredit Bank AG     5.00    9/24/2015    EUR     63.72
UniCredit Bank AG     4.90    9/24/2015    EUR     47.62
UniCredit Bank AG     4.75    9/24/2015    EUR     48.21
DZ Bank AG Deutsc    13.25    9/21/2015    EUR     74.75
Vontobel Financia    17.20    4/22/2016    EUR     70.77
HSBC Trinkaus & B     9.80    9/25/2015    EUR     74.44
UBS AG/London         4.00    3/29/2016    CHF     72.35
UniCredit Bank AG     4.60    3/24/2016    EUR     73.47
UniCredit Bank AG     5.00    3/24/2016    EUR     71.29
UniCredit Bank AG     4.80    3/24/2016    EUR     72.37
UniCredit Bank AG     4.50    3/24/2016    EUR     74.64
LBBW                  4.00    8/25/2017    EUR     69.08
LBBW                  3.00    9/28/2018    EUR     72.67
Commerzbank AG        9.50    9/24/2015    EUR     74.31
DZ Bank AG Deutsc     6.00    3/29/2016    EUR     69.59
Commerzbank AG       10.25    3/24/2016    EUR     73.43
Commerzbank AG       12.00    3/24/2016    EUR     71.92
DZ Bank AG Deutsc    10.50   10/23/2015    EUR     73.85
DZ Bank AG Deutsc    15.00   10/23/2015    EUR     67.68
Goldman Sachs & C    24.00    1/20/2016    EUR     74.20
Leonteq Securitie    25.00    3/16/2016    CHF     60.59
EFG International     9.10    3/23/2016    USD     61.61
DZ Bank AG Deutsc    13.00    9/21/2015    EUR     74.67
DZ Bank AG Deutsc    11.00    9/21/2015    EUR     74.41
DZ Bank AG Deutsc     8.75    9/21/2015    EUR     74.12
DZ Bank AG Deutsc    10.00    9/21/2015    EUR     74.32
Deutsche Bank AG      4.20   12/22/2015    EUR     74.50
Deutsche Bank AG      5.50   12/22/2015    EUR     70.10
Deutsche Bank AG      5.50    3/22/2016    EUR     71.20
Deutsche Bank AG      5.50    6/21/2016    EUR     71.10
Deutsche Bank AG      4.20    6/21/2016    EUR     74.30
Deutsche Bank AG      5.50   12/22/2015    EUR     72.00
Deutsche Bank AG      5.50    3/22/2016    EUR     73.00
Deutsche Bank AG      5.50    6/21/2016    EUR     72.00
Commerzbank AG       10.25    3/24/2016    EUR     74.77
DZ Bank AG Deutsc     5.50    2/26/2016    EUR     72.23
Vontobel Financia    10.45    3/29/2016    EUR     74.54
Vontobel Financia    12.80   12/28/2015    EUR     72.98
Vontobel Financia    17.00    9/25/2015    EUR     70.38
DZ Bank AG Deutsc     8.50    3/29/2016    EUR     74.74
HSBC Trinkaus & B    23.10    9/25/2015    EUR     67.99
HSBC Trinkaus & B    17.30   12/28/2015    EUR     71.50
HSBC Trinkaus & B    14.40    3/25/2016    EUR     73.55
Vontobel Financia     5.00    4/22/2016    EUR     71.63
DZ Bank AG Deutsc     9.30    9/25/2015    EUR     72.90
DZ Bank AG Deutsc     5.50    3/29/2016    EUR     74.74
HSBC Trinkaus & B    11.00    9/23/2016    EUR     73.08
HSBC Trinkaus & B     9.90    2/26/2016    EUR     72.22
HSBC Trinkaus & B    10.00    5/27/2016    EUR     73.22
EFG International     7.19     5/6/2019    EUR     71.11
DZ Bank AG Deutsc    10.25    8/28/2015    EUR     63.28
DZ Bank AG Deutsc    14.25    8/28/2015    EUR     68.74
HSBC Trinkaus & B    14.80   10/23/2015    EUR     74.34
HSBC Trinkaus & B    14.70    9/25/2015    EUR     70.78
DZ Bank AG Deutsc    15.75    8/28/2015    EUR     74.31
HSBC Trinkaus & B    19.70    9/25/2015    EUR     67.47
HSBC Trinkaus & B    15.60   12/28/2015    EUR     70.84
HSBC Trinkaus & B    11.80   10/23/2015    EUR     73.46
Bank Julius Baer     12.00     2/5/2016    USD     60.70
HSBC Trinkaus & B    13.60    3/25/2016    EUR     73.16
HSBC Trinkaus & B    11.40   11/27/2015    EUR     74.43
Leonteq Securitie    20.00    2/23/2016    USD     37.42
Bank Julius Baer     10.00    2/26/2016    USD     55.65
UBS AG               16.50    6/24/2016    EUR     74.46
Bank Julius Baer     12.90     3/4/2016    USD     61.95
Bank Julius Baer     11.50     3/4/2016    USD     66.10
HSBC Trinkaus & B    15.60    9/25/2015    EUR     73.12
HSBC Trinkaus & B    22.50    9/25/2015    EUR     65.75
HSBC Trinkaus & B    15.80    9/25/2015    EUR     69.23
HSBC Trinkaus & B    16.90   12/28/2015    EUR     69.22
HSBC Trinkaus & B    12.60   12/28/2015    EUR     71.88
HSBC Trinkaus & B    14.20    3/25/2016    EUR     71.15
HSBC Trinkaus & B    10.90    3/25/2016    EUR     73.40
HSBC Trinkaus & B    11.20   11/27/2015    EUR     72.88
Leonteq Securitie    21.00     3/9/2016    USD     50.93
Leonteq Securitie    15.00     3/9/2016    USD     67.74
Vontobel Financia     7.25   12/28/2015    EUR     73.43
Vontobel Financia     5.15   12/28/2015    EUR     72.60
Commerzbank AG        7.00    2/25/2016    EUR     70.54
Commerzbank AG       10.00    2/25/2016    EUR     67.14
DZ Bank AG Deutsc    16.00    9/25/2015    EUR     73.22
DZ Bank AG Deutsc    14.00    9/25/2015    EUR     62.35
DZ Bank AG Deutsc    15.50    9/25/2015    EUR     70.52
BNP Paribas Emiss    18.00   10/22/2015    EUR     68.61
BNP Paribas Emiss    13.00   12/24/2015    EUR     73.73
BNP Paribas Emiss    12.00    6/23/2016    EUR     73.46
BNP Paribas Emiss    11.00   10/22/2015    EUR     74.38
BNP Paribas Emiss    16.00   10/22/2015    EUR     71.57
BNP Paribas Emiss    19.00   10/22/2015    EUR     68.71
BNP Paribas Emiss    22.00   10/22/2015    EUR     67.21
BNP Paribas Emiss    14.00   12/24/2015    EUR     73.43
BNP Paribas Emiss    17.00   12/24/2015    EUR     71.15
BNP Paribas Emiss    16.00    3/24/2016    EUR     72.36
BNP Paribas Emiss    13.00    6/23/2016    EUR     74.68


                            *********

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 * * *