TCREUR_Public/150921.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, September 21, 2015, Vol. 16, No. 186

                            Headlines

F R A N C E

TECHNICOLOR SA: Moody's Changes Ratings Outlook to Positive


G R E E C E

GREECE: Greeks Vote to Decide on Bailout Implementation Leader


H U N G A R Y

FHB MORTGAGE: Moody's Affirms Ba1 Ratings on Covered Bonds


I R E L A N D

IVORY CDO: S&P Lowers Ratings on 2 Note Classes to 'CC(sf)'


I T A L Y

ALITALIA SPA: Chief Executive Steps Down Year Following Rescue


L U X E M B O U R G

BOARDRIDERS SA: Moody's Assigns Caa2 Corporate Family Rating


N E T H E R L A N D S

ABN AMRO: Fitch Rates EUR1-Bil. Additional Tier 1 Notes 'BB+'


P O L A N D

HAWE: Won't File for Bankruptcy Following Standstill Agreement


P O R T U G A L

MAGELLAN MORTGAGES 1: S&P Lowers Rating on Class C Notes to B-
MAGELLAN MORTGAGES 4: S&P Cuts Rating on Class D Notes to B-
SAGRES STC: S&P Lowers Ratings on 3 Note Classes to B-


R U S S I A

LENTA LLC: Fitch Assigns 'BB-' Rating to RUB5-Bil. Bonds
TUSARBANK JSC: Placed Under Provisional Administration


S P A I N

GRUPO EMBOTELLADOR: Fitch Lowers IDR to 'B+', Outlook Negative


T U R K E Y

TURKCELL ILETISIM: S&P Raises CCR From 'BB+, Outlook Stable
VESTEL ELEKTRONIK: S&P Affirms 'B-' CCR, Outlook Stable


U K R A I N E

BANK FINANCE: Declared Insolvent, Deposit Fund Takes Over
FERREXPO PLC: US$174 Million Tied Up in Insolvent Bank
KERNEL HOLDING: Fitch Affirms 'CCC' IDR, Outlook Stable
MHP SA: Fitch Affirms 'CCC' Long-Term Issuer Default Ratings
MRIYA AGRO: Plans to Complete Debt Restructuring Talks by 2016


U N I T E D   K I N G D O M

DUKINFIELD PLC: Moody's Assigns Ba1 Def. Rating to Cl. E Debt
EXPRO HOLDINGS: S&P Lowers CCR to 'CCC+', Outlook Stable
LOTUS: Gets Breathing Space in Insolvency Proceedings
ROYAL BANK OF SCOTLAND: Moody's Rates AT1 Securities 'B1(hyb)'
SOHO HOUSE: S&P Affirms 'B-' CCR, Outlook Remains Negative


X X X X X X X X

* Moody's: Securitisation Seen as New Funding Source for EU Cos.
* Moody's: EMEA HY Bond Market Slow to Resume After Summer Break
* BOND PRICING: For the Week Sept. 14, 2015 to Sept. 18, 2015


                            *********



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F R A N C E
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TECHNICOLOR SA: Moody's Changes Ratings Outlook to Positive
---------------------------------------------------
Moody's Investors Service changed the outlook on Technicolor
S.A.'s ratings to positive from stable and has affirmed
concurrently the B1 ratings of the group. The change in outlook
reflects the group's most recent acquisitions (including The Mill
and Cisco's Connected Devices division) as well its intention to
launch a EUR225 million capital increase (by way of rights issue)
as part of a combined debt and equity financing package. The
affirmed ratings include the B1 corporate family rating (CFR),
the B1-PD probability of default rating (PDR) and the B1 rating
for the senior secured term loans issued by Tech Finance & Co
S.C.A.. The outlook on Tech Finance & Co S.C.A.'s ratings has
also been changed to positive from stable.

RATINGS RATIONALE

"The outlook change to positive on Technicolor's ratings reflects
the strengthening of the group's position in Entertainment
Services and Connected Homes while the use of equity will support
ongoing deleveraging efforts," says Scott Phillips, a Moody's
Vice President -- Senior Analyst and lead analyst for
Technicolor.

The Mill, established in 1990, provides digital visual effects
(VFX) for advertisements made for television, the internet,
outdoor advertising screens and mobile devices with customers
that include both advertising agencies and global brands. In
2014, the company generated revenues of EUR135 million and was
acquired by Technicolor for EUR259 million. Cisco Connected
Devices (CCD) manufactures cable set-top boxes and cable modems
and gateways, and is forecast to generate revenues of
approximately USD1.8 billion this year. Through these
acquisitions, Moody's believes that the business risk profile of
Technicolor will improve significantly and their contribution
will help offset an expected decline in profitability of the
group's Technology division, as MPEG-2 licenses expire.

Alongside the acquisition of The Mill, Technicolor announced that
it will launch an incremental term loan (of EUR375 million) and a
rights issue (of up to EUR225 million). Syndication of the term
loan is expected to commence immediately while the launch of the
rights issue will occur in October after the publication of the
group's Q3 revenues. Moody's understands that both the debt and
equity offerings are fully underwritten by a consortium of global
banks. The rating agency believes that the use of equity within
the overall financing package will support the group's commitment
to deleveraging with debt / EBITDA (as adjusted by Moody's and
excluding the contribution from MPEG-2 licensing) expected to
fall below 4x by the end of 2016.

The B1 CFR is supported by (1) the increased scale and market
share in Technicolor's Connected Home and Entertainment Services
division, which we expect to at least partially compensate for
Technicolor's declining MPEG-2 licensing revenues, (2) the highly
complementary geographic footprint and customer portfolio of the
acquired businesses (3) a successfully concluded turnaround in
the existing Connected Homes division; (4) the stable performance
of the group's Entertainment Service division, which is
generating positive cash flows; (5) a track record of
deleveraging the group's balance sheet over the past four years;
and (6) the company's commitment to maintaining a conservative
capital structure, in order to preserve its current rating.

Nevertheless, these positives are partly offset by (1) the
execution risk of turning around the declining sales of Cisco
Connected Devices; (2) possible delays and the occurrence of
additional costs in the process of achieving the targeted
synergies and integrating the acquired assets; (3) decreasing
revenues, profitability and cash flow generation in the
Technology segment, reflecting primarily the expiry of MPEG-2
licensing revenues, which will drop to nil in 2017 (accounting
for 45% of revenues in Technicolor's Technology division in
2014); (4) ongoing declines in Standard Definition DVD activity,
partially offset by growth in the Blu-ray(TM) segment, as well as
by expansion in the company's Production Services activities; and
(5) the strong competitiveness of the set up box industry and the
risk of technological change in its different markets.

WHAT COULD CHANGE THE RATING -- UP/DOWN

Technicolor's rating could be upgraded once the company has (1)
integrated successfully The Mill and Cisco's Connected Devices
division; (2) maintained recent performance in its Entertainment
Services division; and (3) developed additional profits in its
Technology segment through new licensing agreements. Sustained
leverage below 4.0x (based on Moody's-adjusted figures and
excluding the estimated EBITDA contribution from the MPEG2
licensing agreement), could also lead to positive rating
pressure. Conversely, a failure to successfully execute the
proposed rights issue, a failure to sustain debt/EBITDA in the
range of 4.5x -5.0x (also excluding the MPEG-2 contribution) or a
weakening of the company's liquidity could also put pressure on
the ratings.

Technicolor S.A., headquartered in Issy-les-Moulineaux, France,
is a leading provider of solutions for the creation, management,
delivery and access of video for the Communication, Media &
Entertainment industries operating in three business segments:
Technology, Entertainment Services and Connected Home. The
largest of these in terms of earnings is the Technology segment.
Total revenues for 2014 were approximately EUR3.4 billion.



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G R E E C E
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GREECE: Greeks Vote to Decide on Bailout Implementation Leader
--------------------------------------------------------------
Christos Ziotis, Paul Tugwell and Matthew Campbell at Bloomberg
News report that Greeks began voting on Sept. 20 in a general
election to determine who will lead efforts to implement European
bailout agreements and restore economic normalcy to the
continent's most indebted country.

Former Prime Minister Alexis Tsipras's Coalition of the Radical
Left, or Syriza, has a slight lead over the center-right New
Democracy in the latest opinion surveys, Bloomberg relates.

With neither party likely to win an outright majority, the winner
will probably have to negotiate a governing coalition with
smaller factions in the 300-seat parliament, Bloomberg states.
Greece's new government will then need to turn to the task of
reassuring European creditors, led by Germany, that budget cuts,
tax increases and economic reforms they demanded in exchange for
an EUR86 billion (US$97 billion) bailout deal will continue to be
carried out, Bloomberg says.

Voting in Kipseli, a working-class Athens neighborhood,
Mr. Tsipras called on Greeks to "seal the transition to a
new era" by supporting Syriza, Bloomberg relays.  New Democracy
leader Evangelos Meimarakis, as cited by Bloomberg, said he
expected voters to "drive away the greyness, the falsehood, the
misery," as he cast his ballot in the middle-class suburb of
Marousi.

The vote is Greece's sixth national election since 2009,
including July's surprise referendum on austerity measures
demanded by creditors, Bloomberg notes.

According to Bloomberg, both Syriza and New Democracy support the
bailout agreement and will push to implement its terms, though a
number of smaller parties don't share that view.



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H U N G A R Y
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FHB MORTGAGE: Moody's Affirms Ba1 Ratings on Covered Bonds
----------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 ratings on the
covered bond ratings issued by FHB Mortgage Bank Co. Plc. (the
issuer, long term deposits Caa1; adjusted baseline credit
assessment Caa2, counterparty risk (CR) assessment B2(cr)).

RATINGS RATIONALE

The rating action follows the downgrade of FHB Mortgage Bank Co.
Plc.'s CR assessment to B2(cr) from B1(cr) on September 15, 2015.
However, the positive impact of a material reduction in the level
of foreign exchange risk across the program offset the negative
impact of the downgrades CR assessment on the covered bond
rating.

Previously, the covered bondholders had significant exposure to
refinancing and foreign-exchange risk, mainly linked to the high
portion of foreign currency-denominated assets in the cover pool
(swiss franc and euro).

Currently, the conversion of the foreign currency-denominated
loans in Q2 2015 under Hungarian law led to a significant
reduction in the foreign currency-denominated loans in the cover
pool (1.9% as of June 30, 2015). This, combined with a proportion
of foreign currency-denominated covered bonds, standing at 5.6%,
contributes to a low foreign exchange risk exposure.

In this context, Moody's considers the rating constraint of two
notches over the covered bond (CB) anchor, which Moody's
previously used to capture foreign-exchange and refinancing
risks, to be no longer necessary. Moody's has therefore affirmed
the covered bonds' Ba1 ratings based on the expected loss
modelling and the current timely payment indicator of "very
improbable" together with the Issuer's counterparty risk
assessment of B2(cr).

KEY RATING ASSUMPTIONS/FACTORS

Moody's determines covered bond ratings using a two-step process:
an expected loss analysis and a TPI framework analysis.

EXPECTED LOSS: Moody's uses its Covered Bond Model (COBOL) to
determine a rating based on the expected loss on the bond. COBOL
determines expected loss as (1) a function of the probability
that the issuer will cease making payments under the covered
bonds (a CB anchor event); and (2) the stressed losses on the
cover pool assets following a CB anchor event.

The CB anchor for this program is CR assessment plus1 notch. The
CR assessment reflects an issuer's ability to avoid defaulting on
certain senior bank operating obligations and contractual
commitments, including covered bonds.

Moody's may use a CB anchor of CR assessment plus one notch in
the European Union or otherwise where an operational resolution
regime is particularly likely to ensure continuity of covered
bond payments

The cover pool losses for this program's mortgage covered bonds
are 32.3%%. This is an estimate of the losses Moody's currently
models following a CB anchor event. Moody's splits cover pool
losses between market risk of 19.7% and collateral risk of 12.5%.
Market risk measures losses stemming from refinancing risk and
risks related to interest-rate and currency mismatches (these
losses may also include certain legal risks). Collateral risk
measures losses resulting directly from cover pool assets' credit
quality. Moody's derives collateral risk from the collateral
score, which for this program is currently 18.7%.

The over-collateralization in the cover pool is 35.3 %, of which
FHB Mortgage Bank Co. Plc. provides 13% on a "committed" basis.
The minimum OC level consistent with the Ba1 rating target is 0%,
(number in present value terms). These numbers show that Moody's
is not relying on "uncommitted" OC in its expected loss analysis.

For further details on cover pool losses, collateral risk, market
risk, collateral score and TPI Leeway across covered bond
programs rated by Moody's please refer to "Moody's Global Covered
Bonds Monitoring Overview", published quarterly. All numbers in
this section are based on Moody's most recent modelling (based on
data, as of June 30, 2015).

TPI FRAMEWORK: Moody's assigns a "timely payment indicator"
(TPI), which measures the likelihood of timely payments to
covered bondholders following a CB anchor event. The TPI
framework limits the covered bond rating to a certain number of
notches above the CB anchor.

For FHB Mortgage Bank Co. Plc.'s covered bonds, Moody's has
assigned a TPI of Very Improbable.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING:

The CB anchor is the main determinant of a covered bond program's
rating robustness. A change in the level of the CB anchor could
lead to an upgrade or downgrade of the covered bonds. The TPI
Leeway measures the number of notches by which Moody's might
lower the CB anchor before the rating agency downgrades the
covered bonds because of TPI framework constraints.

The TPI assigned to this program's covered bonds is Very
Improbable. The TPI Leeway for this program's covered bonds is
limited, and thus any reduction of the CB anchor may lead to a
downgrade of the covered bonds.

A multiple-notch downgrade of the covered bonds might occur in
certain circumstances, such as (1) a country ceiling or sovereign
downgrade capping a covered bond rating or negatively affecting
the CB Anchor and the TPI; (2) a multiple-notch downgrade of the
CB Anchor; or (3) a material reduction of the value of the cover
pool.



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I R E L A N D
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IVORY CDO: S&P Lowers Ratings on 2 Note Classes to 'CC(sf)'
-----------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Ivory CDO Ltd.

Specifically, S&P has:

   -- Raised to 'BBB+ (sf)' from 'BBB- (sf)' its rating on the
      class A-1 notes;

   -- Lowered to 'CC (sf)' from 'CCC- (sf)' its ratings on the
      class D and E notes; and

   -- Affirmed its 'BB+ (sf)', 'B+ (sf)', and 'CCC- (sf)' ratings
      on the class A-2, B, and C notes, respectively.

The rating actions follow S&P's credit and cash flow analysis of
the transaction using data from the trustee report dated July 1
2015.

S&P subjected the capital structure to our cash flow analysis to
determine the break-even default rate for each class of notes at
each rating level.  In S&P's analysis, it used the reported
portfolio balance that it considers to be performing, the current
weighted-average spread, and the weighted-average recovery rates
that S&P calculated in accordance with its criteria.  S&P applied
various cash flow stress scenarios, using different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

The transaction's post-reinvestment period began in December
2012. The deleveraging of the class A-1 notes has resulted in
higher available credit enhancement for the class A-1, A-2, and B
notes compared with S&P's previous review on July 21, 2014.

The available credit enhancement for the class C, D, and E notes
has decreased due to a lower aggregate collateral balance and
increased deferred interest for the class C, D, and E notes.  The
deferred interest is capitalized (i.e., added to the notes'
principal amount) and accrues interest.

The overcollateralization tests for all classes of notes are
failing, as was the case at the previous review.

The proportion of assets that S&P considers to be defaulted
(rated 'CC', 'C', 'SD' [selective default], or 'D') has increased
to 17.72% from 10.65% of the portfolio balance since S&P's
previous review.  The proportion of assets that S&P rates in the
'CCC' category ('CCC+', 'CCC', and 'CCC-') has increased to
17.03% from 15.34%, over the same period.  However, the overall
credit quality of the portfolio has marginally improved and, as a
result, the scenario default rates (SDRs) have decreased for each
rated class of notes at each rating level.  The SDR is the
minimum level of portfolio defaults that S&P expects each tranche
to be able to support the specific rating level using CDO
Evaluator.

Due to the class A1 notes' amortization and lower scenario
default rates, S&P considers the increased available credit
enhancement for the class A1 notes to be commensurate with a
higher rating than previously assigned.  S&P has therefore raised
to 'BBB+ (sf)' from 'BBB- (sf)' its rating on the class A1 notes.

S&P's cash flow analysis indicates that the available credit
enhancement for the class A-2, B, and C notes is commensurate
with the currently assigned ratings.  S&P has therefore affirmed
its 'BB+ (sf)', 'B+ (sf)', and 'CCC- (sf)' ratings on the class
A-2, B, and C notes, respectively.

S&P has also lowered its ratings on the class D and E notes as
they continue to defer interest and are undercollateralized.  In
S&P's view, there is a significant probability that these notes
will not repay the entire principal amount due at maturity.  S&P
has therefore lowered to 'CC (sf)' from 'CCC- (sf)' its ratings
on the class D and E notes.

Ivory CDO is a cash flow mezzanine collateralized debt obligation
(CDO) of structured finance securities transaction, comprising a
portfolio of predominantly CDO and mortgage-backed securities
tranches.  It is managed by Chenavari Credit Partners LLP.

RATINGS LIST

Class              Rating
            To                From

Ivory CDO Ltd.
EUR200 Million Asset-Backed Floating-Rate Notes

Rating Raised

A-1         BBB+ (sf)         BBB- (sf)

Ratings Lowered

D           CC (sf)           CCC- (sf)
E           CC (sf            CCC- (sf)

Ratings Affirmed

A-2         BB+ (sf)
B           B+ (sf)
C           CCC- (sf)



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I T A L Y
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ALITALIA SPA: Chief Executive Steps Down Year Following Rescue
--------------------------------------------------------------
James Politi at The Financial Times reports that Alitalia chief
executive Silvano Cassano has stepped down abruptly for "personal
reasons", ushering in fresh uncertainty at Italy's flagship
airline after last year's rescue by Etihad of the United Arab
Emirates.

Mr. Cassano's exit prompted the board to hand his powers to Luca
di Montezemolo, Alitalia's chairman who is also leading Rome's
bid for the 2024 summer Olympic Games, until a permanent
successor is found, the FT relates.

In a statement, Mr. Montezemolo, as cited by the FT, said
Alitalia would move into the "next phase of our business
transformation strategy under new leadership".

The loss of Mr. Cassano -- after just one year in the job --
marks the latest chapter in the tumultuous corporate history of
Alitalia, which has not reported a full-year profit since 2002,
the FT notes.

Last year's investment by Etihad -- which valued the Italian
carrier at EUR1.7 billion -- initially generated hopes of a
turnround and a return to earnings by 2017, the FT recounts.

But Mr. Cassano's departure will raise fears that the transition
is not going as smoothly as planned when Etihad took its
49%stake, and the target for a return to profitability might
slip, the FT says.

In January, James Hogan, Etihad chief executive, warned that this
was "the last chance" to save Alitalia, which required a "radical
change in its way of working to lower costs and boost
productivity", the FT relays.

Alitalia insisted that it still expected to reach profitability
by 2017, the FT discloses.

                        About Alitalia

Alitalia-Compagnia Aerea Italiana has navigated its way through
a successful restructuring.  After filing for bankruptcy
protection in 2008, Alitalia found additional investors, acquired
rival airline Air One, and re-emerged as Italy's leading airline
in early 2009.  Operating a fleet of about 150 aircraft, the
airline now serves more than 75 national and international
destinations from hubs in Fiumicino (Rome), Milan, Turin, Venice,
Naples, and Catania.  Alitalia extends its network as a member of
the SkyTeam code-sharing and marketing alliance, which also
includes Air France, Delta Air Lines, and KLM.  An Italian
investor group owns a majority of the company, while Air France-
KLM owns 25%.



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L U X E M B O U R G
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BOARDRIDERS SA: Moody's Assigns Caa2 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service downgraded Quiksilver, Inc.'s
Probability of Default rating to Ca-PD from Caa2-PD and assigned
a limited default ("/LD") designation to reflect the September 9,
2015 commencement of voluntary proceedings for relief under
chapter 11 of the United States Bankruptcy Code for its U.S.
subsidiaries ("Debtors"). Moody's also downgraded the ratings on
the company's US$280 million secured notes due 2018 to Ca from
Caa1 and US$225 million unsecured notes due 2020 to C from Ca.
Quiksilver's Caa2 Corporate Family Rating was affirmed, and the
company's Speculative Grade Liquidity rating was unchanged at
SGL-4. The rating outlook is developing. Subsequent to the
actions, Moody's will withdraw all ratings on Quiksilver's U.S.
entities due to bankruptcy.

Concurrently, Moody's assigned a Caa2 Corporate Family Rating,
Caa2-PD Probability of Default rating and SGL-4 Speculative Grade
Liquidity Rating to Quiksilver's indirect subsidiary, Boardriders
S.A. ("Boardriders"), and affirmed the Caa2 rating on the
company's EUR 200 million senior unsecured notes due 2017. The
rating outlook is developing.

The downgrade of Quiksilver's ratings and assigned "/LD"
designation reflect commencement of voluntary proceedings for
relief under chapter 11 of the United States Bankruptcy Code for
the company and its U.S. subsidiaries, as well as the limited
recovery prospects for holders of the 2018 and 2020 notes.
Pursuant to the terms of the proposed Plan Sponsorship Agreement
("PSA") with Oaktree Capital Management, L.P. ("Oaktree"), if
approved by the Bankruptcy Court, Quiksilver's 2018 and 2020
notes would be extinguished. Holders of the 2018 secured notes
would then receive new common equity in the restructured company
and holders of the 2020 unsecured notes would receive $7.5
million in cash to be shared with holders of general unsecured
claims. Quiksilver will continue to operate as a "debtor-in-
possession" under the jurisdiction of the Bankruptcy Court, which
has approved immediate access to $115 million of a proposed $175
million debtor-in-possession financing that expires on February
6, 2016.

Quiksilver's European and Asia-Pacific businesses and operations
are not part of the bankruptcy filing and Boardrider's 2017 notes
remain outstanding. A majority of Boardriders' noteholders have
agreed to waive any technical default arising from the chapter 11
filing, and the ability to accelerate was rescinded for a period
of up to 210 days starting September 9, 2015. The PSA also
provides that upon the exit of bankruptcy, the Debtors must
launch an exchange offer in respect of the 2017 Notes, with terms
and conditions that are yet to be determined.

Rating Actions:

Quiksilver, Inc.:

-- Corporate Family Rating affirmed at Caa2, to be subsequently
    withdrawn due to bankruptcy

-- Probability of Default Rating downgraded to Ca-PD/LD from
    Caa2-PD, to be subsequently withdrawn due to bankruptcy

-- Speculative Grade Liquidity unchanged at SGL-4, to be
    subsequently withdrawn due to bankruptcy

Quiksilver, Inc. and QS Wholesale, Inc.:

-- US$280 million senior secured notes due 2018 downgraded to Ca
    (LGD3) from Caa1 (LGD3), to be subsequently withdrawn due to
     bankruptcy

-- US$225 million senior unsecured notes due 2020 downgraded to
    C (LGD6) from Ca (LGD6), to be subsequently withdrawn due to
    bankruptcy

Boardriders S.A:

-- Corporate Family Rating assigned at Caa2

-- Probability of Default Rating assigned at Caa2-PD

-- Speculative Grade Liquidity Rating assigned at SGL-4

-- EUR200 million notes due 2017 affirmed at Caa2 (LGD3)

Outlook Actions:

Quiksilver, Inc.:

-- Ratings outlook changed to Developing from Stable, to be
    subsequently withdrawn due to bankruptcy

Boardriders S.A:

-- Ratings outlook changed to Developing from Stable

RATINGS RATIONALE

Boardrider's Caa2 Corporate Family Rating reflects the company's
high probability of default and weak liquidity. Using
Quiksilver's non-guarantor subsidiaries as a proxy, Boardrider's
operating performance, while better than its U.S. operations, has
deteriorated over the past several years, and its credit metrics
are weak. Moody's estimates that interest coverage
(EBITA/Interest) is well below 1x. At this level, Boardrider's
capital structure is unsustainable and the risk of a default,
including a distressed exchange, remains high. Balance sheet cash
and committed availability was relatively modest as of July 31,
2015, and its maturity profile is relatively short with credit
lines expiring in October 2016 and the Boardrider notes maturing
in December 2017.

The developing outlook considers the uncertainty regarding the
impact on Debtors' restructuring on Boardriders' capital
structure. Ratings could be downgraded if the probability of
default increases, either through a distressed exchange of its
notes, an acceleration or restructuring. An upgrade would require
a conclusion of the U.S. bankruptcy case, which would provide
more clarity on the company's future capital structure. An
upgrade would also require the maintenance of adequate liquidity
through a successful refinancing of its capital structure and
improved operating performance such that interest coverage
improves to 1.0x.

Boardriders S.A. is a Luxembourg-based indirect subsidiary of
Quiksilver, Inc., which designs and distributes branded apparel,
footwear, accessories, and related products under brands
including Quiksilver, Roxy and DC. Boardriders generated
approximately $920 million of revenues in the twelve month period
ended July 31, 2015.



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N E T H E R L A N D S
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ABN AMRO: Fitch Rates EUR1-Bil. Additional Tier 1 Notes 'BB+'
-------------------------------------------------------------
Fitch Ratings has assigned ABN AMRO Bank NV's EUR1 billion issue
of additional Tier 1 notes a final rating of 'BB+'.

The final rating is in line with the expected rating Fitch
assigned to the notes on Sept. 9, 2015.

KEY RATING DRIVERS

The notes are CRD IV-compliant perpetual non-cumulative
additional Tier 1 instruments.  The notes are subject to
automatic temporary write-down if ABN AMRO Group N.V.'s
consolidated common equity Tier 1 (CET1) ratio falls below 7% or
ABN AMRO Bank's standalone CET1 falls below 5.125%, and any
coupon payments may be cancelled at the discretion of the bank.

The rating is five notches below ABN AMRO Bank's Viability Rating
(VR).  This reflects two notches for loss severity in light of
the notes' deep subordination and three notches for additional
non-performance risk relative to the VR given a high write-down
trigger and fully discretionary coupons.  ABN AMRO Group's
consolidated phased-in CET1 ratio (where the 7% trigger applies)
was 14.2% (fully-loaded CET1 ratio of 14%) at end-June 2015.

Fitch expects the Dutch regulator to impose restrictions on
interest payments on the notes should ABN AMRO Group's capital
ratio approach the estimated Pillar 1 limit of 10% CET1 ratio
phased in by 2019 (4.5% minimum CET1 plus 2.5% capital
conservation buffer plus 3% systemic risk buffer).  Given ABN
AMRO's solid capital position, the current level of distributable
items and Fitch's expectations for their evolution, Fitch has
limited the notching for non-performance to three notches.

Given the securities are perpetual, their deep subordination,
coupon flexibility and going concern mandatory write down of the
instruments, Fitch has assigned 100% equity credit.

RATING SENSITIVITIES

The notes' rating will likely move in tandem with ABN AMRO Bank's
VR.  The latter is sensitive to a weakening of the bank's earning
generation or asset quality affecting its capital or access to or
cost of wholesale funding.  The notes' rating is also sensitive
to changes in Fitch's assessment of their non-performance risk
relative to that captured in the bank's VR.



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P O L A N D
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HAWE: Won't File for Bankruptcy Following Standstill Agreement
--------------------------------------------------------------
Reuters reports that Hawe SA resolved not to file the motion for
bankruptcy with possibility of creditors' agreement, following
the standstill agreement signed on Sept. 14.

The company informed about its plans to file for bankruptcy on
Sept. 2, Reuters recounts.

According to Reuters, the standstill agreement has been signed
between Hawe capital group companies (debtors) and Polish
Industrial Development Agency.

As per standstill agreement, by Sept. 30, parties will sign final
agreement on terms and deadlines of debt repayment by Hawe group
companies, Reuters discloses.

Hawe group companies (debtors) include Mediatel SA, HAWE Telekom
sp. z o.o. and HAWE SA, Reuters notes.

Hawe is a Polish telecommunication company.



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


MAGELLAN MORTGAGES 1: S&P Lowers Rating on Class C Notes to B-
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B- (sf)' from
'BBB+ (sf)' its credit rating on Magellan Mortgages No. 1 PLC's
class C notes.  At the same time, S&P has affirmed its 'BBB+
(sf)' ratings on the class A and B notes.

Upon publishing S&P's updated criteria for Portuguese residential
mortgage-backed securities (RMBS criteria), it placed those
ratings that could potentially be affected "under criteria
observation".

Following S&P's review of this transaction, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.

The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that it has received as
of June 2015.  S&P's analysis reflects the application of its
RMBS criteria.

This transaction features a non-amortizing reserve fund, which
currently represents 7.35% of the outstanding balance of the
notes.  The notes are currently amortizing sequentially.

The transaction's performance is in line with S&P's Portuguese
RMBS index.  Loans in arrears for more than 365 days are written
off.  The transaction features a loss-based principal deficiency
ledger.

After applying S&P's RMBS criteria to this transaction, its
credit analysis results show a decrease in the weighted-average
foreclosure frequency (WAFF) and an increase in the weighted-
average loss severity (WALS) for each rating level.

Rating level    WAFF (%)    WALS (%)
AAA                10.00       17.06
AA                  7.50       14.22
A                   6.09       10.50
BBB                 4.50        9.48
BB                  2.96        7.20
B                   2.46        6.07

The decrease in the WAFF is mainly due to seasoning, as the
updated criteria give greater credit to well-seasoned pools.  The
transaction has a weighted-average seasoning of 182 months, which
means that most of the loans will have a 0.5x adjustment.  In
addition, S&P used the weighted-average original loan-to-value
(OLTV) ratio in the WAFF calculation, which in this transaction
is low at 59.18%.

The increase in the WALS is mainly due to the application of
S&P's revised market value decline assumptions and the indexing
of its valuations under its RMBS criteria.  The overall effect is
an increase in the required credit coverage for each rating
level.

Following the application of S&P's RMBS criteria and considering
its criteria for rating single-jurisdiction securitizations above
the sovereign foreign currency rating (RAS criteria), S&P has
determined that its assigned rating on each class of notes in
this transaction should be the lower of (i) the rating as capped
by S&P's RAS criteria and (ii) the rating that the class of notes
can attain under S&P's RMBS criteria.

In this transaction, S&P's unsolicited long-term sovereign credit
rating on Portugal (BB/Positive/B) constrains its ratings on the
class A and B notes.

Under S&P's RAS criteria, it applied a hypothetical sovereign
default stress test to determine whether a tranche has sufficient
credit and structural support to withstand a sovereign default
and so repay timely interest and principal by legal final
maturity.

S&P's RAS criteria designate the country risk sensitivity for
RMBS as "moderate".  Under S&P's RAS criteria, this transaction's
notes can therefore be rated four notches above the sovereign
rating, if they have sufficient credit enhancement to pass a
minimum of a "severe" stress.  However, as all six of the
conditions in paragraph 44 of the RAS criteria are met, S&P can
assign ratings in this transaction up to a maximum of six notches
(two additional notches of uplift) above the sovereign rating,
subject to credit enhancement being sufficient to pass an
"extreme" stress.

The Royal Bank of Scotland PLC (RBS; BBB+/Stable/A-2) is the bank
account provider, liquidity facility provider, and swap
counterparty for Magellan Mortgages No. 1.  The liquidity
facility is drawn to cash in an issuer's account held with RBS,
and S&P has considered this situation by modeling the currently
drawn fees. Therefore, S&P's rating on the class A notes in this
transaction is weak-linked to its long-term ICR on RBS as the
bank account provider.

Under S&P's RMBS criteria, the class A notes have sufficient
available credit enhancement to withstand the stresses that are
commensurate with a 'AAA' rating level.  Under S&P's RMBS
criteria, all of the conditions in paragraph 44 of the RAS
criteria are met.  Under S&P's RAS criteria, the class A notes
are consequently eligible for a maximum six-notch rating uplift
above the sovereign.  However, because S&P's rating on the class
A notes in this transaction is weak-linked to its long-term ICR
on RBS, as the bank account provider, S&P has affirmed its 'BBB+
(sf)' rating on the class A notes.

The class B notes can support the stresses that S&P applies at a
'AA+' rating level.  However, because the class B notes are not
the most senior tranche outstanding in the transaction, not all
of the conditions in paragraph 44 of the RAS criteria are met.
Consequently, S&P can assign a rating to the class B notes up to
a maximum of four notches above the sovereign rating.  S&P has
therefore affirmed its 'BBB+ (sf)' rating on the class B notes.

The class C notes can no longer support the stresses that S&P
applies at their currently assigned rating level.  Furthermore,
under S&P's cash flow analysis, this class of notes cannot
support the stresses that it applies at the 'B' rating level, due
to a combination of the application of stresses under S&P's RMBS
criteria and the current level of drawn fees in the liquidity
facility.  S&P has therefore lowered to 'B- (sf)' from 'BBB+
(sf)' its rating on the class C notes.

S&P also considers credit stability in its analysis.  To reflect
moderate stress conditions, S&P adjusted its WAFF assumptions by
assuming additional arrears of 8% for one- and three-year
horizons.  This did not result in S&P's rating deteriorating
below the maximum projected deterioration that it would associate
with each relevant rating level, as outlined in its credit
stability criteria.

In S&P's opinion, the outlook for the Portuguese residential
mortgage and real estate market is not benign and S&P has
therefore increased its expected 'B' foreclosure frequency
assumption to 3.33% from 2.00%, when it applies its RMBS
criteria, to reflect this view.  S&P bases these assumptions on
its expectation of modest economic growth, continuing high
unemployment, and house price appreciation for the remainder of
2015 and 2016.

On the back of the weak macroeconomic conditions, S&P doesn't
expect the performance of the transactions in its Portuguese RMBS
index to significantly improve in 2015.

Magellan Mortgages No. 1 is a Portuguese RMBS transaction, which
closed in December 2001 and securitizes first-ranking mortgage
loans that Banco Commercial Portugues originated.

RATINGS LIST

Class              Rating
            To                From

Magellan Mortgages No. 1 PLC
EUR1 Billion Mortgage-Backed Floating-Rate Notes

Rating Lowered

C           B- (sf)           BBB+ (sf)

Ratings Affirmed

A           BBB+ (sf)
B           BBB+ (sf)


MAGELLAN MORTGAGES 4: S&P Cuts Rating on Class D Notes to B-
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Magellan Mortgages No. 4 PLC's class A, B, and D notes.  At the
same time, S&P has affirmed its rating on the class C notes.

Upon publishing, S&P's updated criteria for Portuguese
residential mortgage-backed securities (RMBS criteria), it placed
those ratings that could potentially be affected "under criteria
observation".

Following S&P's review of this transaction, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.

The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that it has received as
of June 2015.  S&P's analysis reflects the application of its
RMBS criteria.

This transaction features an amortizing reserve fund, which
currently represents 1.83% of the outstanding balance of the
notes.  The notes are currently amortizing pro rata.  This
transaction features a provisioning mechanism for loans
approaching default.  This mechanism traps an increasing amount
of cash within the transaction as loans move through delinquency
toward default.

The transaction's performance is in line with S&P's Portuguese
RMBS index.  Defaults are defined as mortgage loans in arrears
for more than 365 days in this transaction.  The net default
ratio is 1.27%.  Unlike other Portuguese RMBS transactions that
S&P rates, the servicer does not report gross cumulative
defaults.  Prepayment levels remain low and the transaction is
unlikely to pay down significantly in the near term, in S&P's
opinion.

After applying S&P's RMBS criteria to this transaction, its
credit analysis results show an increase in the weighted-average
foreclosure frequency (WAFF) and an increase in the weighted-
average loss severity (WALS) for each rating level.

Rating level    WAFF (%)    WALS (%)
AAA                20.45       23.81
AA                 15.11       20.48
A                  12.36       14.40
BBB                 8.98       11.37
BB                  5.63        9.37
B                   4.69        7.65

The increase in the WAFF is mainly due to the use of the original
loan-to-value (OLTV) ratio in the default calculations.  The
weighted-average OLTV ratio is relatively high, with 72.29% of
the outstanding pool balance having an OLTV ratio of above 70%.
This means that, in line with S&P's RMBS criteria, most of the
pool is penalized, as the weighted-average OLTV ratio is above
the 73% threshold.  At the same time, seasoning partially offsets
the negative effect of geographic concentration and the weighted-
average OLTV ratio.  This is because S&P's RMBS criteria give
greater credit to well-seasoned pools.  The transaction has a
weighted-average seasoning of 130 months, which means that most
of the loans will have a 0.5x adjustment.

The increase in the WALS is mainly due to the application of
S&P's revised market value decline assumptions and the indexing
of its valuations under its RMBS criteria.  The overall effect is
an increase in the required credit coverage for each rating
level.

Following the application of S&P's RMBS criteria and considering
its criteria for rating single-jurisdiction securitizations above
the sovereign foreign currency rating (RAS criteria), S&P has
determined that its assigned rating on each class of notes in
this transaction should be the lower of (i) the rating as capped
by S&P's RAS criteria and (ii) the rating that the class of notes
can attain under its RMBS criteria.

In this transaction, S&P's unsolicited long-term sovereign credit
rating on Portugal (BB/Positive/B) constrains its ratings on the
class A and B notes.

Under S&P's RAS criteria, it applied a hypothetical sovereign
default stress test to determine whether a tranche has sufficient
credit and structural support to withstand a sovereign default
and so repay timely interest and principal by legal final
maturity.

S&P's RAS criteria designate the country risk sensitivity for
RMBS as "moderate".  Under S&P's RAS criteria, this transaction's
notes can therefore be rated four notches above the sovereign
rating, if they have sufficient credit enhancement to pass a
minimum of a "severe" stress.  However, as not all of the
conditions in paragraph 44 of the RAS criteria are met, S&P
cannot assign any additional notches of uplift to the ratings in
this transaction.

"Under our RMBS criteria, the class A notes have sufficient
available credit enhancement to withstand the stresses that are
commensurate with a 'AA' rating level.  However, due to the new
assumptions we apply under our RMBS criteria, not all of the
conditions in paragraph 44 of the RAS criteria are met.  Under
our RAS criteria, the class A notes are consequently eligible for
a maximum four-notch rating uplift above the sovereign.  At our
Dec. 19, 2014 review, our rating on the class A notes was capped
at five notches above the sovereign rating.  We have therefore
lowered to 'BBB+ (sf)' from 'A- (sf)' our rating on the class A
notes," S&P said.

The class B notes can support the stresses that S&P applies at a
'BBB' rating level.  However, the class B notes cannot support
any additional stresses under S&P's RAS criteria.  S&P has
therefore lowered to 'BB (sf)' from 'BBB+ (sf)' its rating on the
class B notes, in line with its rating on the sovereign.

The available credit enhancement for the class C notes is not
sufficient to pass a minimum of a severe stress, and can
therefore not achieve any uplift above the sovereign rating.
Consequently, S&P has affirmed its 'BB (sf)' rating on the class
C notes.

The class D notes can no longer support the stresses that S&P
applies at their currently assigned rating level.  Furthermore,
under S&P's cash flow analysis, this class of notes cannot
support the stresses that it applies at the 'B' rating level.
S&P has therefore lowered to 'B- (sf)' from 'B (sf)' its rating
on the class D notes.

S&P also considers credit stability in its analysis.  To reflect
moderate stress conditions, S&P adjusted its WAFF assumptions by
assuming additional arrears of 8% for one- and three-year
horizons.  This did not result in S&P's rating deteriorating
below the maximum projected deterioration that it would associate
with each relevant rating level, as outlined in its credit
stability criteria.

In S&P's opinion, the outlook for the Portuguese residential
mortgage and real estate market is not benign and S&P has
therefore increased its expected 'B' foreclosure frequency
assumption to 3.33% from 2.00%, when it applies its RMBS
criteria, to reflect this view.  S&P bases these assumptions on
its expectation of modest economic growth, continuing high
unemployment, and house price appreciation for the remainder of
2015 and 2016.

On the back of the weak macroeconomic conditions, S&P don't
expect the performance of the transactions in its Portuguese RMBS
index to significantly improve in 2015.

Magellan Mortgages No. 4 is a Portuguese RMBS transaction, which
closed in July 2006 and securitizes first-ranking mortgage loans
that Banco Commercial Portugues originated.

RATINGS LIST

Class       Rating            Rating
            To                From

Magellan Mortgages No. 4 PLC
EUR1.522 Billion Mortgage-Backed Floating-Rate Notes

Ratings Lowered

A           BBB+ (sf)         A- (sf)
B           BB (sf)           BBB+ (sf)
D           B- (sf)           B (sf)

Rating Affirmed

C           BB (sf)


SAGRES STC: S&P Lowers Ratings on 3 Note Classes to B-
------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
SAGRES STC - Pelican Mortgages No 3's class A, B, C, and D notes.

Upon publishing S&P's updated criteria for Portuguese residential
mortgage-backed securities (RMBS criteria), it placed those
ratings that could potentially be affected "under criteria
observation".

Following S&P's review of this transaction, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.

The downgrades follow S&P's credit and cash flow analysis of the
most recent transaction information that it has received as of
June 2015.  S&P's analysis reflects the application of its RMBS
criteria.

This transaction features an amortizing reserve fund, which
currently represents 1.10% of the outstanding balance of the
notes.  It has amortized and reached its floor of EUR3,187,500.
The notes are currently amortizing pro rata.  This transaction
features a provisioning mechanism for loans approaching default.
This mechanism traps an increasing amount of cash within the
transaction as loans move through delinquency toward default.

Total delinquencies at 0.45% are on average lower for this
transaction than S&P's Portuguese RMBS index.  Defaults are
defined as mortgage loans in arrears for more than 365 days in
this transaction.  The net cumulative default ratio is 0.17%,
according to the June 2015 servicer report.  Prepayment levels
remain low and in line with the Portuguese RMBS index.  The
transaction is unlikely to pay down significantly in the near
term, in S&P's opinion.

After applying S&P's RMBS criteria to this transaction, its
credit analysis results show an increase in the weighted-average
foreclosure frequency (WAFF) and an increase in the weighted-
average loss severity (WALS) for each rating level.

Rating level    WAFF (%)    WALS (%)
AAA                18.63       20.16
AA                 13.75       17.14
A                  11.29       11.75
BBB                 8.17        9.04
BB                  5.12        7.26
B                   4.29        5.74

The increase in the WAFF is mainly due to the original loan-to-
value (OLTV) ratio applied under S&P's RMBS criteria.  The
weighted-average OLTV ratio is 77.25%, with 68.01% of the
outstanding pool balance having an OLTV ratio of above 70%.  This
means that, in line with S&P's RMBS criteria, most of the pool is
penalized, as the weighted-average OLTV ratio is above the 73%
threshold.  However, the negative effect has been mitigated by
the credit given to well-seasoned pools and the decrease in
arrears. The transaction has a weighted-average seasoning of 136
months, and all of the loans are more than 10 years seasoned,
which means that all the pool will have a 0.5x adjustment.

The increase in the WALS is mainly due to the application of
S&P's revised market value decline assumptions and the indexing
of its valuations under its RMBS criteria.  The overall effect is
an increase in the required credit coverage for each rating
level.

Following the application of S&P's RMBS criteria and considering
its criteria for rating single-jurisdiction securitizations above
the sovereign foreign currency rating (RAS criteria), S&P has
determined that its assigned rating on each class of notes in
this transaction should be the lower of (i) the rating as capped
by S&P's RAS criteria and (ii) the rating that the class of notes
can attain under its RMBS criteria.

In this transaction, S&P's unsolicited long-term sovereign credit
rating on Portugal (BB/Positive/B) constrains its rating on the
class A notes.

Under S&P's RAS criteria, it applied a hypothetical sovereign
default stress test to determine whether a tranche has sufficient
credit and structural support to withstand a sovereign default
and so repay timely interest and principal by legal final
maturity.

S&P's RAS criteria designate the country risk sensitivity for
RMBS as "moderate".  Under S&P's RAS criteria, this transaction's
notes can therefore be rated four notches above the sovereign
rating, if they have sufficient credit enhancement to pass a
minimum of a "severe" stress.  However, as not all of the
conditions in paragraph 44 of the RAS criteria are met, S&P
cannot assign any additional notches of uplift to the ratings in
this transaction.

Under S&P's RMBS criteria, the class A notes have sufficient
available credit enhancement to withstand the stresses that are
commensurate with a 'BBB-' rating level.  However, due to the new
assumptions S&P applies under its RMBS criteria, not all of the
conditions in paragraph 44 of the RAS criteria are met--these
conditions were partially met at our Feb. 5, 2015 review.  Under
S&P's RAS criteria, the class A notes are not eligible for any
uplift above the sovereign.  S&P has therefore lowered to
'BB (sf)' from 'BBB+ (sf)' its rating on the class A notes, in
line with its rating on the sovereign.

The class B, C, and D notes no longer support the stresses that
S&P applies at their currently assigned rating levels.
Furthermore, under S&P's cash flow analysis, these classes of
notes cannot support the stresses that it applies at the 'B'
rating level.  S&P has therefore lowered to 'B- (sf)' from
'BB (sf)' its ratings on the class B and C notes and to 'B- (sf)'
from 'B+ (sf)' its rating on the class D notes.

S&P also considers credit stability in its analysis.  To reflect
moderate stress conditions, S&P adjusted its WAFF assumptions by
assuming additional arrears of 8% for one- and three-year
horizons.  This did not result in S&P's rating deteriorating
below the maximum projected deterioration that it would associate
with each relevant rating level, as outlined in S&P's credit
stability criteria.

In S&P's opinion, the outlook for the Portuguese residential
mortgage and real estate market is not benign and S&P has
therefore increased its expected 'B' foreclosure frequency
assumption to 3.33% from 2.00%, when S&P applies its RMBS
criteria, to reflect this view.  S&P bases these assumptions on
its expectation of modest economic growth, continuing high
unemployment, and house price appreciation for the remainder of
2015 and 2016.

On the back of the weak macroeconomic conditions, S&P don't
expect the performance of the transactions in its Portuguese RMBS
index to significantly improve in 2015.

Pelican Mortgages No 3 is a Portuguese RMBS transaction, which
closed in March 2007 and securitizes first-ranking prime mortgage
loans originated by Caixa Economica Montepio Geral.

RATINGS LIST

Class       Rating            Rating
            To                From

SAGRES STC - Pelican Mortgages No 3
EUR762.375 Million Mortgage-Backed Floating-Rate Securitization
Notes (Pelican
Mortgages No. 3)

Ratings Lowered

A           BB (sf)           BBB+ (sf)
B           B- (sf)           BB (sf)
C           B- (sf)           BB (sf)
D           B- (sf)           B+ (sf)



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


LENTA LLC: Fitch Assigns 'BB-' Rating to RUB5-Bil. Bonds
--------------------------------------------------------
Fitch Ratings has assigned Russian retailer Lenta LLC's recently
issued RUB5 billion bonds a senior unsecured rating of
'BB-'/'RR4' (Recovery Rating) and a National senior unsecured
rating of 'A+(rus)'.

Similar to its rouble bonds issued in August 2015, Lenta's new
bonds do not feature an irrevocable public offer (akin to a put
option) from holding company Lenta Ltd.  However, Fitch does not
consider these bonds structurally subordinated to other senior
unsecured obligations as Lenta LLC is the major operating company
within the group, generating 100% the group's revenues and EBITDA
and holding close to 100% of the group's assets.

The bond is rated in line with Lenta's Long-term local currency
IDR of 'BB-' (which is on Positive Outlook) as prior-ranking
debt, represented by a secured loan, is less than 2x (estimated
at 0.2x in last 12 months to June 2015) of group EBITDA and Fitch
expects the debt mix to remain unchanged over the medium term.

KEY RATING DRIVERS

Average Recoveries for Unsecured Bondholders

The bond rating reflects average recovery expectations in case of
default.  Fitch has not applied any notching to the senior
unsecured rating compared with the Long-term IDR as prior-ranking
debt constitutes less than 2x of group EBITDA -- the maximum
threshold under Fitch's criteria before triggering subordination
of unsecured creditors.  The company's debt composition has
improved substantially after the refinancing of a VTB loan this
year as secured debt fell to RUB4.6 billion at end-June 2015
(0.2x EBITDA) from RUB37.7 billion at end-2014 (1.8x).

Russia's Leading Hypermarket Operator

Lenta's Long-term IDR reflects the company's moderate market
position and scale, as Russia's sixth-largest food retailer and
third largest large-format operator (after Auchan and Metro) as
measured by 2014 sales.  Lenta's current small size (EBITDAR of
EUR439 million in 2014) is mitigated by the company's consistent
market share gains, strong growth opportunities and low
competition compared with developed markets due to the fragmented
nature of the Russian food retail market.  A successful execution
of its growth strategy will likely strengthen Lenta's market
position and scale in the 'BB' rating category.

Limited Format Diversification

Fitch expects the company to remain focused on its hypermarket
format over the medium term, with supermarkets accounting for
less than 10% of sales by 2018 (2014: 3%).  At the same time,
Lenta's wide geographic diversification across Russian regions
and a continued reduction in reliance on the St. Petersburg
market is positive for the credit profile.  St Petersburg is one
of the most competitive markets in Russia, and accounted for 27%
of sales in 2014.

Robust Margins

Lenta has a strong track record of fast revenue growth, driven by
both like-for-like (LFL) sales growth and new store roll-outs,
while maintaining a strong EBITDA margin.  However, Fitch's
rating forecasts factor in a moderate decline in EBITDA margin to
10%-10.8% (2014: 11.1%) over the medium term as a result of
increasing operating lease expenses and gross margin sacrifices
to support its price-led business model.  These profitability
metrics, however, will remain strong compared with Russian and
European food retail peers.

Subdued Consumer Sentiment

Hypermarket operators are usually exposed to the high cyclicality
of their business.  However, Lenta's focus on promotions and its
low share of non-food sales in revenues will enable the company
to maintain LFL sales growth in the current period of weak
consumer spending as customers trade down.  Fitch expects this
consumer behavior will prevail in 2015-2016.  Erosion of consumer
purchasing power should also facilitate customer migration from
traditional retail to federal retail chains, such as Lenta.

Low Leverage

Fitch expects Lenta's funds from operations (FFO) adjusted gross
leverage to decrease to 3.1x in 2015 (2014: 3.9x), after its
holding company Lenta Ltd raised RUB12.6 billion net secondary
public offering proceeds in March to repay debt and fund
expansion at Lenta.  Although Fitch expects free cash flow (FCF)
to remain negative over the medium term due to planned high
capex, further deleveraging to 2.8x-2.9x (FFO adjusted gross
leverage) will be supported by growing operating cash flows and
maintenance of a negative working capital position.  Fitch
expects Lenta to fund 70%-80% of capex for 2016-2018 with
internally generated cash flows.

Strong Interest Coverage Metrics

Lenta's FFO fixed charge cover (2014: 2.6x) is strong relative to
Russian peers as a result of a high proportion of self-owned
selling space, which leads to low operating lease expenses.
Fitch expects FFO fixed charge coverage to remain strong for the
ratings, despite increased cost of funding and planned growth of
leased space due to new supermarket openings.

LIQUIDITY AND DEBT STRUCTURE

At end-June 2015 unrestricted cash of RUB12.1 billion, together
with available committed undrawn credit lines of RUB7.3 billion,
were sufficient to cover expected negative FCF and RUB16.3bn
short-term debt.

KEY ASSUMPTIONS

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

   -- Annual revenue growth of close to 30% driven by high
      single-digit LFL sales growth (driven both by footfall and
      average shopping basket growth) and selling space CAGR of
      20% over 2015-2018

   -- EBITDA margin decreasing to around 10%-10.8% as a result of
      increasing share of leased space in store portfolio and
      margin sacrifices

   -- Capex at around 9%-11% of revenue
   -- No external dividends paid by Lenta Ltd funded by
      Lenta LLC.
   -- Neutral to negative FCF margin
   -- No large-scale debt-funded M&A

RATING SENSITIVITIES

Negative: Future developments that could lead to a revision of
the Outlook to Stable include:

   -- Slowdown in store roll-outs, deterioration in LFL
      performance relative to close peers, reflecting a
      challenging operating environment, or materialization of
      execution risks in its growth strategy.

   -- No evidence of sustained deleveraging based on FFO adjusted
      gross leverage (2014: 3.9x).

Future developments that could lead to a downgrade include:

   -- A sharp contraction in LFL sales growth relative to close
      peers along with material failure in executing expansion
      plan.
   -- EBITDA margin erosion to below 7%.
   -- FFO-adjusted gross leverage above 4.5x on a sustained
      basis.
   -- FFO fixed charge cover below 2.0x (2014: 2.6x).
   -- Deterioration of liquidity position as a result of high
      capex, worsened working capital turnover and weakened
      access to local funding.

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

   -- Solid execution of expansion plan and LFL sales growth
      relative to peers leading to improved market position in
      Russia's food retail sector.
   -- Maintaining EBITDA margin at around 9%.
   -- FFO-adjusted gross leverage below 3.5x on a sustained
      basis.
   -- FFO fixed charge coverage of 2.5x on a sustained basis.


TUSARBANK JSC: Placed Under Provisional Administration
------------------------------------------------------
The Bank of Russia, by its Order No. OD-2480 dated September 18,
2015, revoked the banking license Moscow-based credit institution
JSC TUSARBANK from September 18, 2015.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- due to the credit institution's failure to
comply with federal banking laws and Bank of Russia regulations,
all capital adequacy ratios below 2%, non-ability to meet
monetary obligations to its creditors and the application of
measures envisaged by the Federal Law "On the Central Bank of the
Russian Federation (Bank of Russia)".

TUSARBANK implemented high-risk lending policy and did not create
loss provisions adequate to the risks assumed. Due to a poor
quality of assets which did not generate sufficient cash flow,
TUSARBANK did not execute its obligations to depositors.
Besides, after TUSARBANK complied with the supervisor's
requirement to create loss provisions adequate to the risks
assumed, the bank's capital adequacy ratios were reduced to a
critical level.  In these circumstances, guided by Article 20 of
the Federal law "On Banks and Banking Activities", the Bank of
Russia performed its obligation and revoked the banking license
from the credit institution.

The Bank of Russia, by its Order No. OD-2481 dated September 18,
2015, appointed a provisional administration to TUSARBANK for the
period until the appointment of a receiver pursuant to the
Federal Law "On the Insolvency (Bankruptcy)' or a liquidator
under Article 23.1 of the Federal Law "On Banks and Banking
Activities".  In accordance with federal laws, the powers of the
credit institution's executive bodies are suspended.

JSC TUSARBANK is a member of the deposit insurance system.  The
revocation of the banking license is an insured event as
stipulated by Federal Law No. 177-FZ "On the Insurance of
Household Deposits with Russian Banks" in respect of the bank's
retail deposit obligations, as defined by legislation.

As of September 1, 2015, TUSARBANK ranked 191st by assets in the
Russian banking system.



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


GRUPO EMBOTELLADOR: Fitch Lowers IDR to 'B+', Outlook Negative
--------------------------------------------------------------
Fitch Ratings has downgraded Grupo Embotellador Atic S.A.'s
Issuer Default Ratings to 'B+' and Ajecorp B.V.'s senior
unsecured notes to 'B+'.  Fitch has also assigned the bonds a
Recovery Rating of 'RR4'.

The downgrade reflects the negative impact of currency
depreciations in the majority of markets in which Atic operates
as well as the Fitch's overall negative view on economic growth
in Latin America.  These factors should continue to result in
negative free cash flow for the company.

KEY RATING DRIVERS

Currencies Significantly Impacting Results

As of March 31, 2015, Atic had EUR47 million of cash versus
EUR550 million of debt.  Fitch expects Atic to generate about
EURO100 million of EBITDA in 2015.  Fitch anticipates that the
company's operations in Colombia and Indonesia will significantly
underperform 2014 due to the significant depreciation of the
Colombian peso and Indonesian rupiah.  The cash flow of the
company's Peruvian operations, which is a key market for the
company, will also suffer when measured in euros due to the
weakness of the Nuevo sol.  The aforementioned currencies are not
expected to materially strengthen in the near term.

Negative View on Regional GDP Growth

Fitch has an overall negative view of GDP growth for the region;
Atic is in the majority of these markets.  The company has
restructured operations in Brazil and Mexico.  These business
generated larges losses last year, and Fitch's projections
incorporate significant improvement in the performance of these
two countries.  A similar strategy has been implemented in
Thailand and Indonesia, where, like in the Latin American
markets, economic growth has slowed and the respective currencies
have fallen relative to the U.S. dollar.  Fitch expects markets
that have performed well, such as Central America and Ecuador, to
continue to grow.  Markets where Atic's product offering is more
diversified and the level of currency depreciation has been less
pronounced such as Peru should post some improvement.

KEY ASSUMPTIONS

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

   -- No material appreciation of the Peruvian Nuevo sol,
      Brazilian real, Colombian peso, Mexican peso and Indonesia
      rupiah from current levels;
   -- Little to no revenue growth in 2015 and 2016;
   -- EBITDA margin around 11%;
   -- Maintenance capex of about USD50 million;
   -- Negative free cash flow of around EUR30 million in 2015
      falling to negative EUR10 million in 2016 and 2017.

RATING SENSITIVITIES

Atic's ratings could face downward pressure if weak volumes or
further currency volatility cause a significant deterioration in
credit metrics.  Failure to reach breakeven EBITDA in Brazil and
Mexico could also lead to a negative rating action.

A positive rating action is not likely in the near term.

LIQUIDITY

Atic's liquidity has declined to EUR47 million (USD50 million) as
of March 31, 2015, from EUR55 million (USD67 million) in 2014
while its short-term debt has increased to EUR99 million from
EUR89 million; total debt was EUR550 million.  Net leverage was
5.7x in EUR terms during the March 31 LTM.  Fitch does not expect
a significant improvement in liquidity for the next 12-24 months.

Atic has working capital facilities for about USD150 million
available for use.  There are no major debt amortizations until
its senior unsecured notes come due in 2022.

Fitch has taken these rating actions:

Grupo Embotellador Atic S.A.

   -- Foreign currency IDR downgraded to 'B+' from 'BB';
   -- Local currency long-term IDR downgraded to 'B+' from 'BB'.

Ajecorp B.V.
   -- Senior unsecured notes downgraded to 'B+' from 'BB' and
      assigned a Recovery Rating of 'RR4'.

The Rating Outlook is Negative.



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


TURKCELL ILETISIM: S&P Raises CCR From 'BB+, Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Turkey's largest mobile telecommunications
operator Turkcell Iletisim Hizmetleri A.S. (Turkcell) to 'BBB-'
from 'BB+'.  The outlook is stable.

The upgrade primarily reflects the improvement in Turkcell's
corporate governance following resolution of the long-lasting
conflict between its shareholders.  During 2015, the group's
board of directors has proven to be effective in decision-making
and appears to be fully functioning.  In particular, it has set
clear financial policy targets: S&P understands that Turkcell
aims to keep leverage well inside a run-rate range of 1.0x-2.0x
reported net debt to EBITDA, distribute cash dividends of at
least 50% of distributable net profits per fiscal year, and set
up a long-term capital structure through the issuance of up to $3
billion with maturity between five and 10 years.  On Sept. 16,
2015, the company signed a $1 billion-equivalent long-term club
loan.  As a result, S&P believes that uncertainty over the
company's capital structure development has declined and it
subsequently has revised up its management and governance
assessment to "fair" from "weak."

The stable outlook reflects S&P's expectation of solid operating
performance in Turkey as well as maintenance of a Standard &
Poor's-adjusted debt-to-EBITDA ratio in the 1.5x-2.0x range,
coupled with an FFO-to-debt ratio above 50%.  The stable outlook,
however, also factors in the expected materially negative
discretionary cash flow in 2015-2017 due to large spectrum
payments and additional investment in LTE mobile networks.

S&P could lower the rating if Turkcell pursued very large debt-
financed acquisitions or shareholder returns that would result in
a Standard & Poor's-adjusted debt-to-EBITDA ratio above 2.0x over
a sustained period, coupled with an FFO-to-debt ratio below 50%
and expectations of negative FOCF generation.

S&P could raise the rating if the company demonstrates a longer
track record of sticking to its new financial policy targets,
coupled with maintenance of a Standard & Poor's-adjusted debt-to-
EBITDA ratio below 1.5x and FFO-to-debt ratio above 60%.  Rating
upside would also be supported by a narrowing of the currency
mismatch between its debt and revenues.  In addition, an upgrade
would be contingent on our transfer and convertibility (T&C)
assessment on Turkey remaining at 'BBB'.  This is because the
rating on Turkcell, as a non-export company, cannot exceed S&P's
T&C assessment, under its criteria.


VESTEL ELEKTRONIK: S&P Affirms 'B-' CCR, Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Turkey-
based brown and white goods manufacturer Vestel Elektronik Sanayi
Ve Ticaret A.S. to stable from positive.  At the same time, S&P
affirmed its 'B-' long-term corporate credit rating on the
company.

The outlook revision primarily reflects Vestel's far higher
reliance on short-term financing than S&P anticipated, partly
owing to sizeable intragroup lending to its parent company, Zorlu
Holding.  In S&P's view, the company's gradually improving
operating results, partly helped by the recent marked
depreciation of the Turkish lira against hard currencies, are
offset by its aggressive liquidity management that relies heavily
on continued access to short-term financing.  In the first half
of 2015, Vestel's short-term debt increased by Turkish lira (TRY)
1.6 billion to TRY2.1 billion ($0.7 billion) compared with year-
end 2014. As a result, 81% of Vestel's gross financial debt was
short-term as of June 30, 2015, compared with 28% at year-end
2014.

Nevertheless, the company posts overall solid operating
performance and is one of the largest exporters in Turkey.  S&P
consequently expects that Vestel will continue to have solid
access to local banks and short-term loans to finance its working
capital requirements.  Therefore, S&P continues to view its
liquidity as "less than adequate" rather than "weak."

S&P's assessment of Vestel's business risk profile reflects its
volatile operating margins and cash flow generation, largely
because of fierce competition and uneven demand in the consumer
electronics sector.  That said, Vestel's market share in liquid
crystal display (LCD) TV sales in Europe has increased over the
past several years, and the company has become the largest B-
brand producer of LCD TVs in Europe.  Yet, the company still
largely depends on its key suppliers, which S&P sees as another
main weakness in Vestel's business risk profile.

S&P's assessment of Vestel's financial risk profile primarily
incorporates its high Standard & Poor's adjusted gross debt to
EBITDA and strong reliance on various forms of short-term
financing.  In addition, S&P expects the company's credit ratios
and cash flow generation will remain highly volatile because it
is exposed to demand swings and its margins and revenues are
vulnerable to currency fluctuations.  This is partly offset by
S&P's expectations of modest positive free operating cash flow
(FOCF) and solid cash interest coverage ratios of between 3x and
4x in 2015-2016.

The Standard & Poor's adjusted gross debt figure is higher than
Vestel's reported gross financial debt primarily because of S&P's
standard adjustments.

In S&P's base case, it assumes:

   -- Annual revenue growth of 3%-6% in 2015-2016, compared with
      25% growth in 2014, when revenues received a boost from
      increasing sales before the FIFA World Cup in Brazil.  In
      2015-2016, S&P expects solid underlying demand for Vestel's
      main products and additional revenue growth from new
      products, such as smart phones.

   -- A gross profit margin of about 21%-22% in 2015-2016,
      compared with 20% in 2014, due to a better product mix,
      with a shift toward mid-to-high end products, lower raw
      material prices, favorable currency effects because of the
      weakening Turkish lira against hard currencies, as well as
      various measures to improve its brand image and
      recognition, such as store upgrades or improved sales and
      after-sales services.

   -- Moderately increasing capital expenditures of TRY400
      million-TRY500 million in 2015-2016, compared with TRY395
      million in 2014.

   -- No dividend distributions, as in previous years.

   -- Modestly positive working capital inflows for the full
      years 2015 and 2016.

   -- Rollover of short-term credit facilities.

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

   -- Modestly improving Standard & Poor's-adjusted EBITDA margin
      toward 7%-8% in 2016, compared with 5.5% in 2014.

   -- A Standard & Poor's-adjusted debt-to-EBITDA ratio of about
      6x-7x at year-end 2015 and 4x-5x in 2016, compared with 6x
      at year-end 2014.

   -- Slightly positive Standard & Poor's-adjusted free operating
      cash flow in 2015 and 2016.

The stable outlook on Vestel reflects S&P's view that the company
is moving to sharply reduce its short-term debt in the second
half of 2015, such that its liquidity sources will likely largely
cover its liquidity uses over the 12 months started June 30,
2015.  S&P thinks Vestel will report markedly lower short-term
debt at year-end, primarily following working capital
improvements, active refinancing of short-term domestic bank
loans, and reduced lending to Zorlu Holding.  In addition, S&P
expects Vestel will generate at least roughly break-even free
operating cash flow in 2015-2016.

S&P could lower the rating if Vestel is unable to materially
reduce its currently very high short-term debt in the next six
months.  Furthermore, declining revenues and margin prospects due
to weaker demand or tighter availability of consumer financing in
Turkey, adverse currency swings, or heightened competition could
prompt a lower rating.  In particular, Standard & Poor's adjusted
EBITDA margins sustainably below 4% and significantly negative
FOCF for more than 12 months, coupled with a continued "less than
adequate" liquidity, could trigger a downgrade.

A positive rating action on Vestel would hinge on an EBITDA
margin consistently above 6%-7%, an adjusted debt leverage ratio
of below 5x at year-end, and sustainably positive FOCF of more
than TRY100 million per year.  S&P do not see "adequate"
liquidity as an absolute requirement for a one-notch upgrade, but
the likely full coverage of liquidity uses, such as capital
expenditures and short-term debt, throughout the fiscal year
would be a key consideration for raising the rating.



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


BANK FINANCE: Declared Insolvent, Deposit Fund Takes Over
---------------------------------------------------------
Interfax-Ukraine reports that the National Bank of Ukraine on
Sept. 17 decided to place public joint-stock company Bank Finance
and Credit, which is under control of MP Kostiantyn Zhevaho, in
the category of insolvent banks.

"Bank Finance and Credit took liabilities to support the bank's
liquidity thanks to sale of non-profile assets of the shareholder
and observe the level of mandatory reserves and other
requirements . . . When the shareholder did not fulfill its
liabilities, we reacted quickly.  The bank was declared insolvent
and transferred to the fund [the Individuals' Deposit Guarantee
Fund]," Interfax-Ukraine quotes NBU Governor Valeriya Gontareva
as saying on its Website.

Ms. Gontareva, as cited by Interfax-Ukraine, said that NBU had
been working on the financial readjustment program both with top
managers of the bank and its majority shareholder.  She said that
the bank had problems for seven months, and during the whole
period the shareholder observed all the recommendations of the
NBU, Interfax-Ukraine relays.

The regulator said these measures, however, were not enough, and
the shareholder failed to fulfill its written liabilities to
support liquidity and requirements in the agreed terms, in
particular, for reserves, regulatory capital adequacy and
liquidity, Interfax-Ukraine notes.

"When it was time to pay debts and sell assets, the shareholder
did not do this in the proposed term.  I want to say that this
bank is not systemic, and placing it to the category of insolvent
banks brings no threat to stability of the country's banking
sector," Interfax-Ukraine quotes Ms. Gontareva as saying.

The bank's liabilities to individuals as of July 1, 2015 totaled
UAH16.98 billion, including UAH11.61 billion pegged to foreign
currency, Interfax-Ukraine discloses.

Bank Finance and Credit was founded in 1990.  Bank Finance and
Credit ranked 10th among 127 operating banks in the country as of
July 1, 2015, in terms of total assets worth UAH 38.882,
according to the National Bank of Ukraine.


FERREXPO PLC: US$174 Million Tied Up in Insolvent Bank
------------------------------------------------------
Jesse Riseborough at Bloomberg News reports that Ferrexpo Plc,
the fifth largest supplier of iron-ore pellets to the steel
industry, revealed it has US$174 million tied up in an insolvent
Ukrainian bank that's controlled by its biggest shareholder.

According to Bloomberg, Ferrexpo said in a statement the
company's transactional lender, Bank Finance & Credit JSC, was
declared insolvent by the National Bank of Ukraine in an
announcement after the close of business on Sept. 17.  The
company said the bank is controlled by its largest shareholder,
founder and chief executive officer Kostyantin Zhevago, Bloomberg
notes.

The company has US$280 million in cash, of which $174 million was
held at Bank F&C, Bloomberg discloses.  It said the rest is held
offshore and the company's operations aren't currently affected,
Bloomberg relays.  Ferrexpo's net debt was US$653 million as of
June 30, Bloomberg states.

Ferrexpo plc is a Swiss-based iron-ore producer operating in
Ukraine.  It is listed on the London Stock Exchange.

As reported by the Troubled Company Reporter-Europe on July 15,
2015, Fitch Ratings downgraded Ferrexpo plc's Long-term and
Short-term Issuer Default Ratings (IDR) to 'RD' (Restricted
Default) from 'C'.  The downgrade to 'RD' follows Ferrexpo's
successful completion of its exchange offer and consent
solicitation in respect of its 2016 bonds.  Subsequently, Fitch
assigned the company a Long-term IDR of 'CCC' and Short-term IDR
of 'C'.  Fitch said the Outlook on the Long-term IDR is Stable.

On July 15, 2015, The Troubled Company Reporter-Europe reported
that Standard & Poor's Ratings Services said it raised its long-
term corporate credit rating on Ukraine-based iron ore producer
Ferrexpo PLC to 'CCC+' from 'SD' (selective default).  S&P said
The outlook is negative.


KERNEL HOLDING: Fitch Affirms 'CCC' IDR, Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed Ukraine-based grain trader and
sunflower seed processor Kernel Holding S.A.'s long-term foreign
and local currency Issuer Default Ratings (IDRs) at 'CCC'.  Its
National Long-term rating was upgraded to 'A-(ukr)' from
'BBB+(ukr)'.  The Outlook for the National rating is Stable.

The ratings reflect political and economic uncertainty in
Ukraine, where Kernel's assets and operations are mainly based,
and which may threaten the company's financial flexibility and
ability to meet its debt obligations.  The company has a number
of strong credit factors, including an export-oriented business
model and a large portion of cash balances kept outside Ukraine.
Nevertheless, Fitch considers these factors are not sufficiently
strong to justify rating the company above the Country Ceiling
'CCC', especially in light of its liquidity and refinancing
risks.

Absent the current Country Ceiling constraint, the business and
financial profile of Kernel would allow its ratings to return to
the 'B' category.

The upgrade of the National rating reflects better-than-expected
operating performance and material deleveraging achieved in FY15
(ended June 2015), as well as the generally stronger credit
profile we now project for FY16-18.

KEY RATING DRIVERS

Country Ceiling Constraint

Kernel's IDRs remains constrained by Ukraine's Country Ceiling
and local currency IDR of 'CCC', despite the group's strong
credit profile with a high share of export revenue (92% in
9MFY15) and a large portion of cash held outside Ukraine.  The
large amount of short-term debt and insufficiency of offshore
cash balances to cover the next six to 18 months of debt service
do not provide enough support for the ratings to be above the
Country Ceiling.

In addition, the reliance on domestically sourced inputs (grain
and sunflower seeds) and on the country's infrastructure leaves
Kernel highly exposed to the local economy and to the risk of
imposition of regulatory constrains or higher fiscal burdens.

Record Margins in FY15

For FY15, Fitch expects Kernel to have achieved a record EBITDA
margin of above 17%, driven by a turnaround in farming operations
and exceptionally strong crushing margins.  While in FY16-FY18
the EBITDA margin is likely to return to normalized levels of
10%-11%, this should enable the company to generate operating
cash flows of around USD130 million-USD150 million annually,
sufficient to cover both capex and planned dividend payments.

Strong Deleveraging

Fitch expects a material reduction in Kernel's funds from
operations (FFO) adjusted gross leverage to 1.7x in FY15 (FY14:
4.8x) as a result of strong operating performance, substantially
ahead of Fitch's expectations.  Assuming that capex will
intensify from FY16, Fitch projects FFO adjusted gross leverage
will remain at around 3.0x over the medium term, which is
slightly higher the median for 'BBB' rating category based on
Fitch's Commodity Processing and Trading Companies Navigator.

Moderate Diversification

As a sunflower seed processor and a grain trader, Kernel is
focused only on few commodities, primarily sunflower oil and
meal, corn, wheat and barley.  In terms of sourcing geographies
Kernel remains largely reliant on Ukraine, although some
diversification benefit is provided from its Russian grain
trading and sunflower seed processing operations (9MFY15: 16% of
total revenue).

Fitch sees some risks of a contraction in Ukrainian harvest due
to reduced sowing campaign financing over the next two years.  At
the same time, Fitch believes Kernel would be able to manage such
risks due to its leading market position and access to external
liquidity, while other crushers and traders may face liquidity
problems.

Asset-Heavy Business Model

Compared with global soft commodity processors and traders,
Kernel operates on a stronger FFO margin of 7%-9%.  The reason is
Kernel's asset-heavy business model with substantial processing
operations (relative to trading) and infrastructure assets as
well as integration into farming.  The group's asset structure
and integration within operating segments allows the company to
retain leading market positions in sunflower oil and grain
exports and are positive for Kernel's credit profile.

KEY ASSUMPTIONS

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

   -- Weak international soft commodity prices over the medium
      term
   -- EBITDA margin up to 17% in FY15 and returning to 10%-11%
      thereafter
   -- Stable dividends at USD19.9m over FY16-FY19
   -- Capex not exceeding 4% of revenues over FY16-FY19
   -- M&A spending not exceeding USD50m p.a.
   -- No material reduction in VAT reimbursements related to
      exports
   -- Cancellation of Ukraine's special VAT regime for
      agricultural producers from 2016 (relevant for the farming
      segment), despite that the government has not announced
      plans to do so
   -- Adequate liquidity

RATING SENSITIVITIES

Positive: An upgrade of the local currency IDR is unlikely unless
there is a sustained improvement in the operating environment.
An upgrade of the foreign currency IDR is contingent on Ukraine's
Country Ceiling being revised higher.

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

   -- A liquidity shortage caused by limited available bank
      financing of working capital investments or by refinancing
      at more onerous terms than expected.

   -- A severe shock from soft commodity prices, export
      restrictions, material reduction in VAT refunds or limited
      crop availability in Ukraine leading to material
      deterioration of Kernel's credit metrics.

LIQUIDITY

As of end-March 2015, Kernel's liquidity position was weak as
Fitch-adjusted unrestricted cash balances of USD83 million, and
expected positive free cash flow were not sufficient to cover
Kernel's short-term debt of USD463 million.  However, its
liquidity position is supported by the recent renewal of pre-
export and pre-crop financing facilities with a total maximum
limit of USD645m, which should fully cover the company's working
capital needs for FY16.  Readily marketable inventories (RMI)
could further support liquidity (Fitch-estimated RMI of USD222m
as of end-March 2015).


MHP SA: Fitch Affirms 'CCC' Long-Term Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has affirmed Ukraine-based poultry and agricultural
producer MHP S.A.'s Long-term foreign and local currency Issuer
Default Ratings (IDRs) at 'CCC'.

The affirmation reflects the political and economic uncertainty
in Ukraine, where MHP's assets and operations are based, and
which may threaten the company's financial flexibility and
ability to meet its debt obligations.  High reliance on the
domestic market and exposure to FX and refinancing risk keep the
ratings constrained by the Ukraine's Country Ceiling 'CCC'.  At
the same time, in 2014 and 1H15 MHP demonstrated resilience to
the political and economic turmoil in Ukraine due to its
vertically integrated business model, leading market position in
Ukraine and growing exports.

KEY RATING DRIVERS

Country Ceiling Constraint

MHP's IDRs remain constrained by Ukraine's Country Ceiling and
local currency rating due to the company's high proportion of
domestic sales and material FX risks.  Without the Country
Ceiling constraint, MHP's business and financial profile would
allow its ratings to return to the 'B' category.

Strong Business Model

Fitch expects MHP to retain its strong market position as the
leading poultry and convenience food and processed meat producer
in Ukraine thanks to its larger scale, better access to bank
financing and higher degree of vertical integration than its
local competitors.  Growing exports (1H15: 44% of revenue) and
the company's ability to expand and diversify export markets are
other strong drivers of MHP's business profile.

Material FX Mismatch

MHP's exports are growing but hard-currency profits, which Fitch
estimates at around 30% of EBITDA, are still insufficient to
fully mitigate FX risks as all of the company's debt is in hard
currency.  Material FX mismatch will continue to weigh on MHP's
credit profile, although 2014 and 1H15 performance proved that
the company's vertically integrated business model and ability to
increase domestic selling prices and grow exports enabled it to
contain a decline in revenues and profits amid currency
headwinds.

EBITDA Reduction

Fitch expects EBITDA to drop to around USD450 million in 2015
(2014: USD502 million) as the impact of hrivnya depreciation on
domestic revenues will be stronger than benefits from lower grain
production costs.  These costs were fixed in hrivnya at end-2014
before the exchange rate surged.  A further reduction in EBITDA
to around USD400 million in 2016-2017 is premised on growth in
USD-linked costs and to a greater extent on our assumption of
cancellation of special VAT regime for agriproducers from 2016,
as requested by the IMF but not yet enacted by Ukraine's
government.  MHP's income arising from the difference in VAT on
sales and purchases was 11% and 18% of 1H15 and 2014 EBITDA,
respectively.

Higher Leverage

After a drop to 2.3x in 2014, Fitch expects funds from operations
(FFO) adjusted leverage to increase to 2.9x in 2015 and peak at
3.8x in 2016-2017 due to lower EBITDA, large investments in new
production capacity and land bank expansion, and dividends, which
can be up to 50% of net income.  Fitch's projections do not
include a potential purchase of a European poultry producer,
which the company may undertake if it finds an appropriate
target.

Fitch-estimated FFO adjusted leverage ratios in 2016-2017 will
correspond to a net debt to EBITDA ratio slightly above the
Eurobond covenant of 3.0x.  However, Fitch expects management to
undertake cash preservation measures, especially in the event of
cancellation of the special VAT regime, which Fitch understands
is not currently assumed in the company's budget but factored
into our projections.

Adequate Recoveries for Unsecured Bondholders

The senior unsecured rating is in line with MHP's Long-term IDR
of 'CCC', reflecting superior recovery prospects given default,
capped at 'RR4' for the Ukraine jurisdiction.  Although the
Eurobond is issued by the holding company MHP S.A, while the rest
of the unsecured debt is raised primarily by operating companies,
no subordination issues exist as the Eurobond is covered by
suretyships from operating companies, altogether accounting for
around 90% of the group's EBITDA in 2014.

Parent-Subsidiary Linkage

The Long-term IDR's of OJSC Myronivsky Hliboproduct, MHP S.A.'s
95.4% owned subsidiary, are equalised with those of the parent
due to strong strategic and legal ties between companies.
Myronivsky Hliboproduct is a marketing and sales company for
goods produced by the group in Ukraine.  Strong legal linkage
with the rest of the group is ensured by the presence of cross-
default/ cross-acceleration provisions in Myronivsky
Hliboproduct's major loan agreements and suretyships from
operating companies, generating a substantial portion of the
group's EBITDA.

KEY ASSUMPTIONS

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

   -- UAH/ USD at 22 in 2015-2016
   -- Increases in domestic poultry prices lagging behind
      Ukraine's CPI
   -- No recovery in grain and sunflower oil prices
   -- Cancellation of the special VAT regime for agricultural
      producers from 2016
   -- EBITDA margin within 28%-30% in 2016-2018 vs. 39% projected
      in 2015 (2014: 36%)
   -- Capex at 14%-20% of sales in 2015-2017
   -- Annual dividends not exceeding USD50 million-USD90 million
      in 2016-2018
   -- No M&A
   -- Adequate liquidity

RATING SENSITIVITIES

Positive: An upgrade of the local currency IDR would only be
possible if Fitch considers there has been a sustained
improvement in the issuer's operating environment.  An upgrade of
the foreign currency IDR would only be possible if Ukraine's
Country Ceiling was raised.

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

   -- Liquidity shortage caused by limited available bank
      financing of working capital investments or by refinancing
      at more onerous terms than expected.

   -- Further significant hryvnia depreciation, sustained
      operational underperformance or larger than expected capex
      and dividends resulting in material weakening of MHP's
      credit metrics.

LIQUIDITY

Weak but Manageable Liquidity

As at end-June 2015 MHP had Fitch-adjusted cash balances of
USD56 million and undrawn committed lines of USD35 million, which
were insufficient to cover USD190 million of short-term debt and
expected negative free cash flow.  USD104 million of short-term
debt was related to working capital facilities, which are usually
renewed annually.  Fitch expects the company to succeed in its
ongoing negotiations on extension and refinancing of its short-
term maturities, given its strong credit profile and track record
of debt refinancing, including USD235m Eurobond in April 2015.

FULL LIST OF RATING ACTIONS

MHP S.A.

Long-term foreign currency IDR: affirmed at 'CCC'
Long-term local currency IDR: affirmed at 'CCC'
Foreign currency senior unsecured rating: affirmed at 'CCC';
Recovery Rating of 'RR4'

OJSC Myronivsky Hliboproduct (MHP S.A.'s 95.4% owned subsidiary)

Long-term foreign currency IDR: affirmed at 'CCC'
Long-term local currency IDR: affirmed at 'CCC'
National Long-term rating: affirmed at 'A+(ukr)', Stable Outlook


MRIYA AGRO: Plans to Complete Debt Restructuring Talks by 2016
--------------------------------------------------------------
Interfax-Ukraine reports that Mriya Agroholding plans to finish
talks on debt restructuring with its creditors by 2016.

"Talks are at the active phase.  Agreements have been reached
with some creditors . . . The talks are constructive, but they
have not been yet finished.  We hope to complete them by the end
of this year," Interfax-Ukraine quotes Mriya CEO Simon
Cherniavsky as saying at the 6th Large Farm Management
international conference in Kyiv on Sept. 17.

He said that in 2015, the agroholding will fulfill its
liabilities to land owners in full, Interfax-Ukraine relates.

In August 2014, Mriya reported arrears worth US$9 million of
interest earnings and nearly US$120 million of debt held under
the company's obligations, Interfax-Ukraine relays.  Mriya's
total debt equaled US$1.3 billion when the company's bankruptcy
was announced, Interfax-Ukraine discloses.

Mriya's creditors have not agreed on debt restructuring programs,
Interfax-Ukraine notes.  In January 2015, a temporary liquidator
from British Virgin Islands was appointed to run Mriya under a
court ruling, Interfax-Ukraine recounts.  Operational control
over the agroholding was passed to creditors who elected new top
managers of the company, Interfax-Ukraine relays.

Mriya Agro Holding is a Ukrainian agriculture company.



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


DUKINFIELD PLC: Moody's Assigns Ba1 Def. Rating to Cl. E Debt
-------------------------------------------------------------
Moody's Investors Service has assigned definitive long-term
credit ratings to Notes issued by Dukinfield PLC:

GBP326.4M Class A Mortgage Backed Floating Rate Notes due August
2045, Definitive Rating Assigned Aaa (sf)

GBP37.9M Class B Mortgage Backed Floating Rate Notes due August
2045, Definitive Rating Assigned Aa1 (sf)

GBP33.3M Class C Mortgage Backed Floating Rate Notes due August
2045, Definitive Rating Assigned Aa3 (sf)

GBP16.1M Class D Mortgage Backed Floating Rate Notes due August
2045, Definitive Rating Assigned A3 (sf)

GBP25.3M Class E Mortgage Backed Floating Rate Notes due August
2045, Definitive Rating Assigned Ba1 (sf)

Moody's assigned provisional ratings to these notes on August 28,
2015.

Moody's has not assigned ratings to the GBP20.7M Class F Mortgage
Backed Floating Rate Notes due August 2045 and Class Z
Certificates due August 2045.

The portfolio backing this transaction consists of UK non-
conforming residential loans originated by Future Mortgages
Limited (not rated, undergoing a name change to Dukinfield
Mortgages Limited, 97.04% of loans), Rooftop Mortgages Limited
(not rated, 1.54% of loans), Southern Pacific Mortgages Limited
(not rated, 0.77% of loans), Amber Homeloans Limited (not rated,
0.37% of loans), Citibank International Limited (A1/P-1, 0.17% of
loans), Citifinancial Europe Plc (not rated, 0.06% of loans); and
Citibank Trust Limited (not rated, 0.05% of loans).

On the closing date Future Mortgages Limited sold the portfolio
to Dukinfield PLC.

RATINGS RATIONALE

The ratings take into account the credit quality of the
underlying mortgage loan pool, from which Moody's determined the
MILAN Credit Enhancement (CE) and the portfolio expected loss, as
well as the transaction structure and legal considerations. The
expected portfolio loss of 5.0% and the MILAN CE of 21% serve as
input parameters for Moody's cash flow model, which is based on a
probabilistic lognormal distribution.

Portfolio expected loss of 5.0%: this is lower than UK pre-crisis
non-conforming securitizations and is based on Moody's assessment
of the lifetime loss expectation taking into account: (i) the
high seasoning of 8.1 years on average, (ii) the relatively low
arrears levels of 9.32% compared with the sector average, (iii)
the originators' limited historical performance, (iv) the current
macroeconomic environment and our view of the future
macroeconomic environment in the UK; and (v) benchmarking with
similar transactions in the UK non-conforming sector.

MILAN CE of 21%: this is slightly lower than the UK non-
conforming sector average and follows Moody's assessment of the
loan-by-loan information taking into account the historical
performance and the following key drivers: (i) the high WA
current LTV of 81.54% of the pool, (ii) the presence of around
17.5% of loans which were granted one or several arrears
capitalizations or a loan modification, which we see as a
negative feature, (iii) the presence of a relatively low
proportion of self-certified borrowers (33.8%) and borrowers with
CCJs at origination (5.4%) compared with the non-conforming
sector average; and (iv) positive features such as a WA seasoning
of 8.1 years and months current data showing that around 60% of
the loans in the pool have not been in arrears since January
2011.

At closing the mortgage pool balance consists of GBP459.7 million
of loans. The reserve fund is funded to 2.5% of the initial
mortgage pool balance and will build up to 3.0% of the initial
mortgage pool balance through the accumulation of excess spread.
Thereafter, the reserve fund required amount will equal the
greater of (i) 4.5% of the outstanding principal amount of Class
A notes and (ii) 3.0% of the initial mortgage pool balance.

Operational Risk Analysis: Pepper (UK) Limited ("Pepper") is
acting as servicer and is not rated by Moody's. In order to
mitigate the operational risk, the transaction has a back-up
servicer facilitator (Structure Finance Management Limited (Not
rated)); Homeloan Management Limited (Not rated) is acting as
back-up servicer and Elavon Financial Services Limited acting
though its UK Branch, is acting as an independent cash manager
from close. To ensure payment continuity over the transaction's
lifetime the transaction documents incorporate estimation
language whereby the cash manager can use the three most recent
servicer reports to determine the cash allocation in case no
servicer report is available. Class A notes benefit from
principal to pay interest and the equivalent of 2 quarters of
liquidity through the reserve fund. The reserve fund also
provides slightly less than 2 quarters of liquidity to Class B to
E notes.

Interest Rate Risk Analysis: The transaction is unhedged and
98.6% of the pool balance are floating rate mortgages linked to
three-month sterling Libor. Moody's has taken the absence of
basis swap into account in its cashflow modelling.

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 with respect to
Class A Notes, ultimate payment of interest to Class B to E Notes
and ultimate payment of principal with respect to Class A to E
Notes by legal final maturity.

Moody's Parameter Sensitivities: If the portfolio expected loss
was increased from 5.0% to 8.75% of current balance, and the
MILAN CE was increased from 21% to 29.4%, the model output
indicates that the Class A notes would still achieve Aaa(sf)
assuming that all other factors remained equal. Moody's Parameter
Sensitivities quantify the potential rating impact on a
structured finance security from changing certain input
parameters used in the initial rating. The analysis assumes that
the deal has not aged and is not intended to measure how the
rating of the security might change over time, but instead what
the initial rating of the security might have been under
different key rating inputs.

Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged and is not intended
to measure how the rating of the security might migrate over
time, but rather how the initial rating of the security might
have differed if key rating input parameters were varied.
Parameter Sensitivities for the typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.

The principal methodology used in these ratings was Moody's
Approach to Rating RMBS Using the MILAN Framework published in
January 2015. Please see the Credit Policy page on www.moodys.com
for a copy of this methodology.

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

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

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


EXPRO HOLDINGS: S&P Lowers CCR to 'CCC+', Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on U.K.-based oilfield services
company Expro Holdings U.K. 3 Ltd. (Expro) to 'CCC+' from 'B-'.
The outlook is stable.

At the same time, S&P lowered its issue ratings on Expro's
revolving credit facility (RCF) and term loan B to 'B-' from 'B'.
The recovery rating on these facilities is unchanged at '2',
indicating S&P's expectation of recovery in the higher half of
the 70%-90% range.

S&P also lowered its issue rating on Expro's mezzanine facility
to 'CCC' from 'CCC+'.  The recovery rating on this loan is
unchanged at '5', indicating S&P's expectation of recovery in the
lower half of the 10%-30% range.

S&P has removed the corporate credit and issue ratings from
CreditWatch, where they were placed with negative implications on
June 3, 2015.

The downgrade mainly reflects S&P's view that Expro's leverage
will remain very high and unsustainable in the long term.  This
is supported by S&P's forecast of Standard & Poor's-adjusted debt
to EBITDA of 8x or higher in the fiscal years ending March 31,
2016, and March 31, 2017, after 8.3x in fiscal 2015; in
calculating debt S&P has not netted cash balances.  S&P also
projects that free operating cash flow (FOCF) will be materially
negative at about minus US$100 million annually in fiscals 2016
and 2017.

In S&P's view, the deterioration in credit metrics is largely
driven by falling EBITDA, due to the very challenging market
conditions in the oil and gas sector.  Low oil prices are
resulting in lower capital expenditure (capex) and operating
expenditure cuts at Expro's clients in S&P's opinion.  S&P
believes the difficult conditions are likely to continue into
2016, likely impeding growth in revenue and margins in fiscal
2016.  S&P notes the potential for further pressure because oil
prices are currently lower than it assumes and could remain so
for some time.

S&P recognizes that the company's liquidity position has improved
materially over the past three months through a new shareholder
equity injection of US$334 million and a covenant reset on more
favorable terms, including no test on the leverage covenant until
March 31, 2017.  S&P also understands that Expro is implementing
robust cost-savings measures to offset the negative impact of low
oil prices, reduced demand for its services, and price pressure
on new contracts.

S&P takes into account its view of Expro's sizable debt,
materially negative FOCF, and aggressive capital structure, which
includes a mezzanine facility accruing payment-in-kind (PIK)
interest: one tranche due in 2021 accrues PIK interest at 8.5%
per year and the other maturing in 2018, PIK interest of 6.5% per
year.  This compares with 6.5% PIK interest on the entire
facility before the recent agreement with lenders.  Cash interest
conditions have not changed.  The mezzanine debt amounted to
close to $1 billion at the end of March 2015.

S&P also considers the company's relatively small size (EBITDA
was about US$300 million in fiscal 2015), its participation in
the highly cyclical, competitive, and fragmented oilfield
services industry, and its reliance on the exploration spending
of oil and gas companies.  Moreover, S&P factors in the capital-
intensive nature of Expro's business and its growth-oriented
strategy.  S&P views capex as relatively high, and anticipate
that it may reduce significantly in fiscal 2016, potentially to
$100 million from approximately US$200 million in fiscal 2015.

These weaknesses are only partly counterbalanced by Expro's
leading market position, healthy geographic diversification, low
exposure to competition, good track record in health and safety,
and diversified, blue-chip customer base.

S&P also views Expro's shareholders as supportive, as
demonstrated by the recent equity injection, and S&P do not
foresee any dividend payments or share buybacks over the next few
years.

The stable outlook reflects S&P's view that Expro's liquidity
should remain stable in the near term, despite very high
leverage, and that the company will successfully implement cost-
cutting initiatives should oil prices remain depressed for a long
period.

S&P could take a positive rating action if Expro's leverage
reduced materially beyond its current expectations, with debt to
EBITDA sustainably lower than 7x, while market conditions
improve, likely alongside a pickup in oil prices.  However, this
would be contingent on there being no material deterioration in
liquidity and a visible improvement in FOCF generation.

S&P sees a downgrade as remote in the near term, given its view
that the company can cover its liquidity needs with available
cash and bank lines and that covenant pressure is unlikely.
However, if leverage remains higher and oil prices lower than S&P
expects for several quarters, without the company cutting costs,
it would consider lowering the ratings.


LOTUS: Gets Breathing Space in Insolvency Proceedings
-----------------------------------------------------
BBC News reports that Lotus has been given seven days breathing
space in insolvency proceedings brought by Revenue and Customs.

The Formula 1 team, based in Enstone, Oxfordshire, is facing
administration over a GBP900,000 unpaid tax bill, BBC discloses.

Mr. Justice Birss, at London's High Court, said he would allow
time for a deal to be signed that could provide "significant
funding" to the company, BBC relates.

But he added, it would be the last time he would grant an
adjournment, BBC notes.

Earlier, lawyers for HMRC told the judge that a further delay in
the case, which has been adjourned once already, was not
appropriate, BBC relays.

But Lotus, which is reported to be in takeover talks with former
owner Renault, argued if the administration order was made
immediately the company would cease to trade and it would cost
400 jobs, according to BBC.

HMRC brought the case because of unpaid income tax and National
Insurance for June 2015, BBC recounts.

Lotus is an Enstone-based Formula One team.


ROYAL BANK OF SCOTLAND: Moody's Rates AT1 Securities 'B1(hyb)'
--------------------------------------------------------------
Moody's Investors Service has assigned a B1(hyb) rating to the
US$3.15 billion dual-tranche high trigger additional tier 1 (AT1)
notes issued by The Royal Bank of Scotland Group plc ('RBSG', LT
senior unsecured debt Ba1) on 10 August 2015.

These perpetual non-cumulative AT1 securities rank junior to all
liabilities of RBSG, including subordinated liabilities other
than parity securities, but they rank senior to common shares and
existing mandatory convertible notes. Coupons may be cancelled on
a non-cumulative basis at the issuer's option and on a mandatory
basis, subject to the availability of distributable items, the
meeting of solvency conditions and regulatory discretion. The
principal of the securities will convert into equity if RBSG's
consolidated fully-loaded Basel III Common Equity Tier 1 (CET1)
capital ratio falls below 7%.

The rating for these AT1 securities was initiated by Moody's and
was not requested by the rated entity. Whilst RBSG is a
participating issuer, subject to Moody's definition of
participation as referring to the relationship that Moody's
maintains with the rated entity, it did not engage in dialogue or
exchanged information with Moody's regarding this specific rating
action for these securities.

RATINGS RATIONALE

The B1(hyb) rating assigned to RBSG's AT1 securities is based on
the likelihood of RBSG's capital ratio reaching the conversion
trigger, the probability of a bank-wide failure and loss
severity, if either or both these events occur. Moody's assesses
these probabilities using an approach that is model-based,
incorporating the group's creditworthiness, its most recent CET1
ratio and qualitative considerations, particularly with regard to
how the bank may manage its CET1 ratio on a forward-looking
basis. Moody's rates these notes to the lower of the model-based
outcome and RBSG's non-viability security rating, which also
captures the risk of coupon suspension on a non-cumulative basis.
Moody's approach to rating high-trigger contingent capital
securities is described in its "Banks" rating methodology,
published on 16 March 2015.

RBSG is not a banking operating entity and, as such, Moody's does
not assign a baseline credit assessment (BCA) to it. However, the
rating agency estimates that the group's intrinsic financial
strength corresponds to the ba1 BCA of its main operating entity
The Royal Bank of Scotland plc ('RBS plc', LT deposits A3; LT
senior unsecured A3; BCA ba1), which accounts for the vast
majority of RBSG's assets. In addition, the group's last reported
fully-loaded Basel III CET1 ratio was 12.3%, as at end-June 2015.
Moody's used these two values as inputs to its model, which leads
to an output of Ba3(hyb).

The model output was then compared to the B1(hyb) rating on the
issuer's non-viability security, which is positioned based on
Moody's advanced Loss Given Failure (LGF) analysis and also
captures the risk of coupon suspension on a non-cumulative basis
as well as the probability of a bank failure. The 'high trigger'
security rating is constrained by the rating on the non-viability
security, leading to the assignment of a B1(hyb) rating to RBSG's
'high trigger' AT1 securities.

The outcome of Moody's model sensitivity analysis on RBSG, which
considers changes to the group-level CET1 ratio, confirms that
the B1(hyb) rating is resilient under the main plausible
scenarios.

The rating agency also notes that the instruments contain a
clause according to which the notes are permanently and fully
written-down in the case of a trigger breach, following a
takeover by an entity that is incorporated or established in an
OECD member state, for which an equity conversion is not agreed
upon within 7 calendar days of the acquisition, or a takeover by
an entity which is not incorporated or established in an OECD
member state. Moody's believes that the probability of these
events occurring is very low and considers that the associated
risks are already factored into the assigned rating level.

WHAT COULD CHANGE THE RATING UP/DOWN

The rating of RBSG's AT1 notes is currently constrained by the
rating on the issuer's non-viability security, which in turn
could be upgraded if RBS plc's ba1 BCA were to increase.

Conversely, a downgrade of the rating on this instrument could
materialise if RBS plc's BCA was reduced and/or if RBSG's
consolidated fully-loaded Basel III CET1 ratio were to decline
substantially, on a sustained basis. Moody's would also
reconsider the rating in the event of an increased probability of
a coupon suspension.

Assignments:

Issuer: The Royal Bank of Scotland Group plc

Pref. Stock Non-cumulative, Assigned B1(hyb)


SOHO HOUSE: S&P Affirms 'B-' CCR, Outlook Remains Negative
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term
corporate credit rating on private club operator Soho House Group
Ltd.  The outlook remains negative.

At the same time, S&P assigned its 'B-' issue rating to the
proposed senior secured notes and its 'B+' issue rating to the
group's proposed super senior RCFs.

The ratings on the GBP200 million senior secured notes and the
GBP30 million RCF are subject to the successful issuance of the
notes, the arrangement of the facilities, and S&P's review of the
final documentation.  If Standard & Poor's does not receive the
final documentation within a reasonable time frame, or if the
final documentation departs from the materials we have already
reviewed, S&P reserves the right to withdraw or revise its
ratings.

The affirmation follows Soho House's announcement of plans to
issue GBP200 million senior secured notes.  S&P understands that
Soho House will use the funds primarily to repay its existing
GBP145 million senior secured notes and the drawn portion of its
RCF, and to pay the redemption premium. Soho House will use the
remaining proceeds for capex, general corporate purposes, and
fees and expenses for the transaction.

S&P forecasts that the proposed refinancing transaction will
increase Soho House's debt by around GBP55 million.  This will
result in Standard & Poor's-adjusted debt to EBITDA of about
10.8x for the financial year ending December 2015 (FY2015).  S&P
also anticipates that the likely benefits of the lower coupon
rate from the refinancing transaction will be largely offset by
additional interest payments on the higher debt.  S&P forecasts
that this will likely lead to EBITDAR coverage (defined as
unadjusted EBITDAR plus rent over cash interest plus rent) of
around 1.0x-1.1x for FY2015.

In S&P's view, the proposed transaction should improve liquidity
by about GBP25 million (including a GBP5 million increase in the
RCF).  Soho House intends to use part of this to finance
additional capex this year.  As the group is investing heavily in
its ambitious expansion strategy, S&P forecasts that capex will
continue to overshadow cash generation.  S&P anticipates that
reported free operating cash flow (FOCF) will likely remain
negative over the next few years.

S&P's assessment of Soho House's "highly leveraged" financial
risk profile reflects the group's high debt levels relative to
its size and profits.  S&P's adjusted debt also includes
significant operating lease adjustments, reflecting Soho House's
attractive club locations in areas that are expensive to rent.

After the proposed refinancing, Soho House's capital structure
would consist of GBP200 million senior secured notes, GBP18.5
million shareholder loans, and U.S.-dollar-denominated debt
connected to the purchase of Soho Beach House Miami property in
March 2014.  The dollar-denominated debt comprises a US$55
million secured loan, a US$12 million mezzanine facility, and
about US$15 million of preferred shares.

Despite strong revenue growth -- the group has recently opened
several new clubs in rapid succession -- the higher associated
costs from its construction activities have caused Soho House's
profitability to remain subdued.  Its EBITDAR coverage dropped to
just above 1x in 2014.  S&P sees a risk that if Soho House does
not achieve its planned EBITDA growth it may not have sufficient
liquidity headroom to cover its relatively high operating costs
and cash interest payments.  This, together with its high debt
levels, could challenge the sustainability of its capital
structure.

Soho House generates about one-third of its revenues in U.S.
dollars, which S&P believes mitigates some of the currency risk
of the U.S.-dollar-denominated debt.

S&P's assessment of Soho House's "fair" business risk profile
reflects that it is a small player in the wider restaurant and
leisure sector in terms of revenue and EBITDA.  Soho House
operates private members clubs, restaurants, and hotels in major
metropolitan cities where customers have a high propensity to
spend, such as London, New York, Los Angeles, and Miami.  Soho
House also benefits from its exclusive brand and strong
membership base with a long waiting list.  This provides the
group with the flexibility to improve cash flow generation
through raising membership fees.

Soho House plans to open new sites and restaurants including in
London, New York, Barcelona, and Amsterdam.  Although new
openings should support strong revenue growth, it entails some
execution risk.  Soho House's ambitious expansion may not fully
translate into growing profits if the new clubs fail to attract
additional members and spending.  In addition to high capex, the
new sites will also increase the group's administrative burden
and could weaken its profitability.

Nevertheless, the group has a good record in opening and
operating new sites such as new clubs in Oxfordshire, London,
Chicago, and Istanbul.  S&P expects the new sites will continue
to mature over time, supporting EBITDA growth.  S&P also expects
Soho House to pass moderate commodity inflation on to its
customers to maintain its profitability, which S&P assess as
average.

The ratings reflect S&P's view of the business risk profile as
"fair" and the financial risk profile as "highly leveraged," as
S&P's criteria define the terms.  S&P combines these factors to
derive an anchor of 'b'.  S&P's comparable rating analysis leads
them to deduct one notch from the anchor.  This reflects the
relatively small scale of Soho House's business, S&P's forecast
of negative FOCF, and the execution risks related to the group's
ambitious growth strategy.

S&P's base case assumes:

   -- About 30% revenue growth in 2015 and 22% in 2016,
      reflecting an increase in the membership base on the back
      of several major new openings in Istanbul, London,
      Oxfordshire, Chicago, and New York.

   -- Adjusted EBITDA margin of about 16% in 2015 and 2016,
      slightly improving thereafter, on increasing efficiency and
      scale.

   -- Increased capex to GBP32 million from GBP26 million in
      2015.  This primarily funds new openings in the U.K., the
      U.S., Barcelona, and Amsterdam, as well as refurbishments
      and maintenance.  S&P expects capex will remain high at
      around GBP15 million-GBP25 million thereafter.

   -- Increasing operating lease obligations, in line with new
      club openings.  Further, S&P understands that after the
      sale of 50% of its shareholding in the Pizza East, Chicken
      Shop, and Dirty Burger casual dining restaurant brands in
      March 2015, the group will be responsible for only 50% of
      the related operating lease commitments.

   -- The sales proceeds of its 50% stake in casual dining brands
      in March 2015 will be deployed for funding capex.

Based on these assumptions and the proposed refinancing
transaction, S&P arrives at these credit measures:

   -- Adjusted debt to EBITDA will reach around 10.8x in 2015 but
      could improve toward 9.2x in 2016 as newly opened clubs
      continue to mature, contributing to higher profits.

   -- EBITDAR coverage of around 1.1x in 2015 and 1.2x in 2016.

   -- About GBP34 million of negative reported FOCF in 2015 due
      to aggressive capex.  S&P expects some capex moderation in
      2016, which should help reported FOCF to recover to about
      negative GBP12 million.

The negative outlook reflects S&P's view that Soho House's debt-
funded expansion strategy is likely to continue to result in high
leverage, accompanied by significant negative FOCF generation.

S&P could lower the ratings if management's growth plan does not
translate into sufficient profit growth, resulting in Soho House
experiencing difficulties servicing its high debt and interest
costs.  S&P could also lower the rating if EBITDAR coverage falls
below 1.0x or FOCF is persistently negative.

Without a sufficient improvement in EBITDA, S&P could lower the
corporate credit rating to 'CCC+' if it sees a material risk that
the group's capital structure could become unsustainable due to
very high leverage.

S&P could revise the outlook back to stable if the group improves
it free cash flow generation profile and EBITDAR coverage rises
to above 1.2x on a sustainable basis, on the back of successful
execution of its expansion strategy.



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


* Moody's: Securitisation Seen as New Funding Source for EU Cos.
----------------------------------------------------------------
Non-banks (including insurers and funds) can add some fire-power
to European policy makers' initiatives to fund small businesses
by packaging their loans into structured deals, according to
Moody's Investors Service in a report published on Sept. 17.
However, information asymmetry can expose such deals to a
potential misalignment of interest between investors and
portfolio managers.

"Securitisation enables investors, such as insurers and pension
funds, to transform their investments into more liquid
instruments and to align their risk appetite, owing to the
tranching of issued notes," observes Monica Curti, a Vice
President -- Senior Credit Officer at Moody's.

In light of European policy makers' efforts to grow the non-bank
lending market, Moody's expects securitisation to emerge as a new
funding source for small- and medium-sized enterprises (SMEs) and
mid-caps in Europe. Policymakers are supporting non-banks' SME
lending activities with a view to encourage investors to support
growth in the real economy. However, the rating agency says it is
crucial to bear certain risks in mind.

"Data on SME and mid-cap debt originated by non-banks is
fragmented at best. This exposes the deal to risks, such as an
adverse pool cut, or a potential misalignment of interest between
investors and portfolio managers. With traditional bank lending
to SMEs in the euro area well below pre-crisis levels,
alternative investors can undertake lending directly in the case
of private placements, through a fund or a special-purpose
vehicle," she notes.

Moody's says transaction governance and the alignment of interest
between the investors and the portfolio manager are the key risk
drivers. Borrowers that are ineligible for traditional bank
financing because of a weak credit profile may look for
alternative fund providers.

The new report: "Securitisation Will Enhance Policy Makers'
Initiatives to Develop Non-Bank SME Lending," is available on
www.moodys.com.

Moody's report says that growth in non-bank SME lending is uneven
across Europe. The UK is the leading market for peer-to business
lending, with growing SME debt funds and a developed private
placement market. France is also a well-known private placement
market (Euro Private Placement) and SME debt funds have also been
established in Italy, which has a growing mini-bond market.
Germany has a small, but mature SME bond market. A fixed-income
alternative market (Mercado Alternativo de Renta Fija "Marf") was
launched in Spain last year.

Although Moody's expects non-bank SME deals to resemble
collateralized loan obligations (CLOs) and granular balance-sheet
SME securitisations, especially from a structural point of view,
they will differ somewhat. Moody's has observed a strong
divergence in the past performance of SME and mid-cap
transactions with originate-to-distribute models.


* Moody's: EMEA HY Bond Market Slow to Resume After Summer Break
----------------------------------------------------------------
The high-yield bond market in Europe, the Middle East and Africa
is returning slowly after August summer break, with issuers
waiting on the sidelines for it to fully resume, says Moody's
Investors Service in the September edition of "High Yield
Interest -- European Edition".

High-yield bond issuance remained muted in July and August with
US$4.5 billion and US$0.4 billion, respectively, which is below
the US$6.7 billion recorded in June and a sharp contrast to a
record US$11.3 billion issuance in July 2014 alone.

"After limited activity in August and a slow start into
September, the second half of September and early October are
likely to be good indicators for high-yield bond activity for the
rest of this year," says Peter Firth, a Moody's Associate
Managing Director. "However, high-yield bond markets are only
slowly gearing up amid a difficult environment with equity market
volatility, fund outflows from the asset class and mixed
secondary markets."


* BOND PRICING: For the Week Sept. 14, 2015 to Sept. 18, 2015
-------------------------------------------------------------

Issuer                    Coupon  Maturity Currency  Price
------                    ------  -------- --------  -----
Abengoa SA                 8.50  3/31/2016    EUR    60.23
Petrobras Global Fina      6.85   6/5/2115    USD    69.00
Grupo Isolux Corsan F      6.63  4/15/2021    EUR    48.70
Abengoa Finance SAU        7.00  4/15/2020    EUR    40.64
Petrobras Global Fina      4.38  5/20/2023    USD    71.05
Abengoa Finance SAU        8.88   2/5/2018    EUR    43.11
Abengoa Finance SAU        6.00  3/31/2021    EUR    40.26
Petrobras Global Fina      5.63  5/20/2043    USD    64.53
CSN Resources SA           6.50  7/21/2020    USD    57.00
Abengoa Greenfield SA      5.50  10/1/2019    EUR    37.98
Petrobras Global Fina      6.75  1/27/2041    USD    68.06
Russian Standard Bank     13.00  4/10/2020    USD    43.00
Petrobras Global Fina      7.25  3/17/2044    USD    70.70
Petrobras Global Fina      6.25 12/14/2026    GBP    71.96
Petrobras Global Fina      6.88  1/20/2040    USD    69.00
HSH Nordbank AG            0.82  2/14/2017    EUR    74.56
Banca delle Marche Sp      0.92   6/1/2017    EUR    20.33
CHC Helicopter SA          9.25 10/15/2020    USD    60.75
Abengoa Finance SAU        8.88  11/1/2017    USD    52.50
Vallourec SA               2.25  9/30/2024    EUR    69.58
Financiere Quick SAS       4.73  4/15/2019    EUR    72.63
CGG SA                     5.88  5/15/2020    EUR    71.86
NBG Finance PLC            4.38  4/30/2019    EUR    61.07
Avangardco Investment     10.00 10/29/2015    USD    39.00
Alpha Credit Group PL      3.38  6/17/2017    EUR    68.00
Paragon Offshore PLC       7.25  8/15/2024    USD    17.25
Russian Standard Bank      7.56  12/1/2016    USD    69.50
Ajecorp BV                 6.50  5/14/2022    USD    58.96
Casino Guichard Perra      2.16               EUR    68.93
Russian Standard Bank     11.50  1/17/2024    USD    25.01
Abengoa Finance SAU        7.75   2/1/2020    USD    60.00
Heta Asset Resolution      4.38  1/24/2017    EUR    65.50
Gol LuxCo SA               8.88  1/24/2022    USD    64.00
HSH Nordbank AG/Luxem      2.31               EUR    13.09
Andrade Gutierrez Int      4.00  4/30/2018    USD    63.75
Petrobras Global Fina      6.63  1/16/2034    GBP    69.62
Offshore Drilling Hol      8.38  9/20/2020    USD    74.50
QGOG Constellation SA      6.25  11/9/2019    USD    52.00
Intelsat Luxembourg S      7.75   6/1/2021    USD    72.00
OAS Investments GmbH       8.25 10/19/2019    USD     9.00
Comfeed Finance BV         6.00   5/2/2018    USD    66.45
Abengoa SA                 6.25  1/17/2019    EUR    44.12
Aegon NV                   1.26               EUR    69.19
Petrobras Global Fina      5.38  10/1/2029    GBP    65.10
Pacific Drilling SA        5.38   6/1/2020    USD    66.00
HSH Nordbank AG            0.78  2/14/2017    EUR    74.71
Paragon Offshore PLC       6.75  7/15/2022    USD    17.00
HSH Nordbank AG            7.25               USD    16.50
Immigon Portfolioabba     10.00               EUR     3.54
Banca delle Marche Sp      1.11  6/15/2016    EUR    21.50
Far East Capital Ltd       8.00   5/2/2018    USD    60.25
Indo Energy Finance B      7.00   5/7/2018    USD    78.25
Abengoa Finance SAU        8.88  11/1/2017    USD    41.50
Financiere Quick SAS       7.48 10/15/2019    EUR    59.00
Abengoa SA                 5.13   3/5/2017    USD    48.76
CIMPOR Financial Oper      5.75  7/17/2024    USD    75.00
ERB Hellas PLC             4.25  6/26/2018    EUR    42.13
Norske Skogindustrier      7.00  6/26/2017    EUR    67.17
Elli Investments Ltd      12.25  6/15/2020    GBP    43.00
Hema Bondco I BV           6.25  6/15/2019    EUR    60.22
Banco Espirito Santo       7.13 11/28/2023    EUR     3.34
Indo Energy Finance I      6.38  1/24/2023    USD    54.50
Privatbank CJSC Via U      9.41  1/15/2016    USD    74.60
CGG SA                     6.50   6/1/2021    USD    57.00
City of Kiev Ukraine       8.00  11/6/2015    USD    71.63
Novo Banco SA              3.50   1/2/2043    EUR    70.97
Nordea Bank AB             1.05               EUR    68.44
Brunswick Rail Financ      6.50  11/1/2017    USD    48.50
Algeco Scotsman Globa     10.75 10/15/2019    USD    57.75
Bank of New York Mell      4.47 12/15/2050    EUR    59.10
Alcatel-Lucent             4.25   7/1/2018    EUR     3.86
Metinvest BV               8.75  2/14/2018    USD    55.38
Tullow Oil PLC             6.25  4/15/2022    USD    71.50
IMMOFINANZ AG              4.25   3/8/2018    EUR     4.37
Takko Luxembourg 2 SC      9.88  4/15/2019    EUR    50.75
Tullow Oil PLC             6.00  11/1/2020    USD    73.88
AXA SA                     0.54               EUR    71.20
CGG SA                     1.75   1/1/2020    EUR     8.33
Abengoa Finance SAU        7.75   2/1/2020    USD    36.50
EnQuest PLC                5.50  2/15/2022    GBP    63.38
Yuksel Insaat AS           9.50 11/10/2015    USD    55.25
Banque Federative du       1.40               EUR    61.52
Heta Asset Resolution      4.25 10/31/2016    EUR    65.50
DTEK Finance PLC           7.88   4/4/2018    USD    43.03
Peugeot SA                 4.45   1/1/2016    EUR    26.75
City of Kyiv Via Kyiv      9.38  7/11/2016    USD    72.01
Mriya Agro Holding PL      9.45  4/19/2018    USD    16.41
UKRLANDFARMING PLC        10.88  3/26/2018    USD    45.38
Orpea                      1.75   1/1/2020    EUR    72.21
World Wide Supply AS       7.75  5/26/2017    USD    38.00
Bank of New York Mell      4.23 12/30/2099    EUR    21.05
AXA SA                     1.24               EUR    74.94
Etablissements Maurel      1.63   7/1/2019    EUR    13.40
Heta Asset Resolution      2.75   8/9/2016    CHF    64.50
CNP Assurances             1.18               EUR    60.63
Bluewater Holding BV      10.00 12/10/2019    USD    69.17
OGX Austria GmbH           8.50   6/1/2018    USD     0.01
ING Groep NV               1.57               EUR    69.29
First Ukrainian Inter     11.00 12/31/2018    USD    63.41
Metinvest BV              10.25  1/31/2016    USD    68.00
Abengoa Greenfield SA      6.50  10/1/2019    USD    41.83
CGG SA                     6.88  1/15/2022    USD    57.75
WPE International Coo     10.38  9/30/2020    USD     9.25
Virgolino de Oliveira     10.50  1/28/2018    USD     1.63
Phosphorus Holdco PLC     10.00   4/1/2019    GBP     0.84
SOITEC                     6.75  9/18/2018    EUR     1.45
Neopost SA                 3.38               EUR    52.08
Afren PLC                  6.63  12/9/2020    USD     5.00
Transcapitalbank JSC      10.00  9/18/2020    USD    78.25
ING Groep NV               1.17               EUR    67.92
CHC Helicopter SA          9.38   6/1/2021    USD    45.00
Abengoa SA                 5.13   3/5/2017    USD    64.25
Hema Bondco II BV          8.50 12/15/2019    EUR    28.86
EnQuest PLC                7.00  4/15/2022    USD    63.00
Fred Olsen Energy ASA      4.16  2/28/2019    NOK    66.25
HSBC Bank PLC              0.75               USD    59.50
Ferrexpo Finance PLC      10.38   4/7/2019    USD    66.83
Asya Sukuk Co Ltd          7.50  3/28/2023    USD    73.95
Financing of Infrastr      9.00  12/7/2017    USD    75.00
Intelsat Luxembourg S      8.13   6/1/2023    USD    70.44
Ukreximbank Via Biz F      7.51   2/9/2023    USD    72.43
Dolphin Group AS           8.65   3/5/2019    NOK    25.13
Afren PLC                 11.50   2/1/2016    USD     4.75
Abengoa Greenfield SA      6.50  10/1/2019    USD    44.75
TiZir Ltd                  9.00  9/28/2017    USD    70.13
Etablissements Maurel      2.75   7/1/2021    EUR     8.20
Faurecia                   3.25   1/1/2018    EUR    31.84
Farstad Shipping ASA       4.55  5/29/2018    NOK    54.00
Santander Finance Pre      0.62               EUR    66.18
Far East Capital Ltd       8.75   5/2/2020    USD    59.95
OSX 3 Leasing BV          13.00  3/20/2015    USD    48.50
CaixaBank SA               4.50 11/22/2016    EUR    62.96
Espirito Santo Financ      6.88 10/21/2019    EUR     0.02
Commercial Bank Priva      5.80   2/9/2016    USD    59.13
Codere Finance Luxemb      8.25  6/15/2015    EUR    72.38
Golden Energy Offshor      8.41  5/28/2017    NOK    36.50
Santander Internation      2.00               USD    44.75
Aralco Finance SA         10.13   5/7/2020    USD     1.20
Piraeus Group Finance      1.83  7/20/2016    EUR     6.25
BPCE SA                    1.07               EUR    59.90
Banque Federative du       0.83               EUR    61.79
DTEK Finance PLC          10.38  3/28/2018    USD    44.01
Singulus Technologies      7.75  3/23/2017    EUR    24.50
Afren PLC                 10.25   4/8/2019    USD     5.00
KCA Deutag UK Finance      7.25  5/15/2021    USD    74.50
Alcatel-Lucent             0.13  1/30/2020    EUR     4.27
Dolphin Group AS           8.97  2/14/2018    NOK    31.50
DOF Subsea AS              6.26  5/22/2018    NOK    73.80
Eurobank Ergasias SA       1.57   6/8/2017    EUR     5.00
Rothschilds Continuat      1.29               EUR    59.42
Air France-KLM             2.03  2/15/2023    EUR    10.44
Solstad Offshore ASA       4.82  6/24/2019    NOK    62.38
Caixa Terrassa Societ      1.18               EUR    62.99
Danske Bank Oyj            0.73               EUR    63.52
Candyking Holding AB       5.00  1/29/2018    SEK    62.13
HSBC Bank PLC              0.75               USD    60.23
Pescanova SA               5.13  4/20/2017    EUR     2.86
CGG SA                     1.25   1/1/2019    EUR    25.74
Region of Abruzzo Ita      0.44  11/7/2036    EUR    66.31
Econocom Group SA/NV       1.50  1/15/2019    EUR    11.41
DOF ASA                    5.99   2/7/2018    NOK    59.18
Atlantic Offshore AS       8.69  5/16/2018    NOK    56.65
Talvivaara Mining Co       4.00 12/16/2015    EUR     0.76
NTRP Via Interpipe Lt     10.25   8/2/2017    USD    25.13
Lambay Capital Securi      6.25               GBP     1.24
HSBC Bank PLC              0.60               USD    59.50
E Forland AS               7.89   9/4/2018    NOK    65.13
Finance and Credit Ba      9.25  1/25/2019    USD    10.00
Olympic Ship AS            6.18  6/18/2019    NOK    48.83
OGX Austria GmbH           8.38   4/1/2022    USD     0.01
Norske Skog Holding A      8.00  2/24/2021    EUR    46.34
DOF ASA                    8.17  9/12/2019    NOK    58.00
Laurel GmbH                7.13 11/16/2017    EUR    21.75
Tonon Luxembourg SA       10.50  5/14/2024    USD    52.50
Global PVQ SE              6.75 10/21/2015    EUR     0.54
BLT Finance BV             7.50  5/15/2014    USD     5.00
Rothschilds Continuat      0.69               USD    52.15
Assystem                   4.50               EUR    27.49
Veneto Banca SpA           6.41               EUR
Island Drilling Co AS      9.50   4/3/2018    USD    43.13
BOA Offshore AS            7.93 12/18/2018    NOK    53.63
Tullow Oil PLC             6.25  4/15/2022    USD    73.50
Novo Banco SA              3.50  2/19/2043    EUR    70.71
Heta Asset Resolution      0.03  5/31/2016    EUR    64.83
Mobylife Holding A/S       7.25  5/23/2018    SEK    72.75
Credit Agricole SA         0.71               EUR    64.16
Metinvest BV              10.50 11/28/2017    USD    57.43
Tullow Oil PLC             6.00  11/1/2020    USD    73.50
Norwegian Energy Co A      6.50   3/6/2018    NOK    66.38
Renaissance Credit LL     13.50  5/22/2019    USD    70.25
Noreco Norway AS           6.50   3/6/2018    NOK    65.50
Hema Bondco I BV           5.21  6/15/2019    EUR    58.70
Financing of Infrastr      8.38  11/3/2017    USD    75.00
Scandinavian Airlines      2.38               CHF    30.38
Novo Banco SA              3.50  1/23/2043    EUR    70.82
Ferrexpo Finance PLC      10.38   4/7/2019    USD    67.49
DOF ASA                    8.49   2/7/2017    NOK    72.75
Island Offshore Shiph      6.54   4/5/2016    NOK    69.00
Praktiker AG               5.88  2/10/2016    EUR     0.17
Aegon NV                   1.51               NLG    56.75
Farstad Shipping ASA       5.42  2/15/2017    NOK    70.25
Banco Espirito Santo       2.64               EUR     8.00
Abengoa Finance SAU        6.00  3/31/2021    EUR    37.88
Banca delle Marche Sp      1.06 12/22/2015    EUR    22.00
Immigon Portfolioabba      8.98  7/26/2018    EUR    67.50
NIBC Bank NV               2.13               USD    69.00
Nexans SA                  4.00   1/1/2016    EUR    54.90
Bank Nadra via NDR Fi      8.25  7/31/2018    USD     7.00
Privatbank CJSC Via U     10.88  2/28/2018    USD    64.00
Popular Capital SA         1.34               EUR    60.00
ESFIL-Espirito Santo       5.25  6/12/2015    EUR     0.64
Ageasfinlux SA             1.33               EUR    63.54
Banco Espanol de Cred      0.61               EUR    66.24
Espirito Santo Financ      3.13  12/2/2018    EUR     0.69
Capital Raising GmbH       7.50               EUR    10.97
Rem Offshore ASA           6.56  9/25/2019    NOK    49.80
Virgolino de Oliveira     11.75   2/9/2022    USD     1.02
Union Fenosa Preferen      1.64               EUR    70.25
friedola Gebr Holzapf      7.25  4/11/2017    EUR    23.38
ATF Capital BV            10.00               USD    66.00
Olympic Ship AS            7.22  9/21/2017    NOK    65.00
Banca delle Marche Sp      0.79  9/24/2015    EUR    22.63
Minicentrales Dos SA       6.45  4/14/2028    EUR    61.38
Pierre & Vacances SA       3.50  10/1/2019    EUR    37.26
Eidesvik Offshore ASA      5.69  5/22/2018    NOK    68.17
Petrol AD                  8.38  1/26/2017    EUR    14.50
Vseukrainsky Aktsiner     10.90  6/14/2019    USD     1.89
Electromagnetic Geose      7.29  6/27/2016    NOK    62.78
Pescanova SA               8.75  2/17/2019    EUR     3.31
Norske Skog Holding A      8.00  2/24/2023    USD    43.75
Paragon Offshore PLC       7.25  8/15/2024    USD    20.00
Le Noble Age               4.88   1/3/2016    EUR    21.04
Havila Shipping ASA        9.65  8/30/2016    NOK    73.88
Corporate Commercial       8.25   8/8/2014    USD     1.62
Abengoa Finance SAU        7.00  4/15/2020    EUR    41.34
CIMPOR Financial Oper      5.75  7/17/2024    USD    74.50
Nexity SA                  0.63   1/1/2020    EUR    49.37
Caisse Federale du Cr      1.17               EUR    63.17
DNB Bank ASA               0.69               USD    62.28
Financing of Infrastr      7.40  4/20/2018    USD    74.50
Novo Banco SA              3.50  3/18/2043    EUR    70.71
Dexia SA                   4.89               EUR    15.25
Phones4u Finance PLC       9.50   4/1/2018    GBP    37.13
Eniro AB                   6.00  4/14/2020    SEK    55.10
Barclays Bank PLC          0.75               USD    50.00
Paragon Offshore PLC       6.75  7/15/2022    USD    22.60
Hellenic Republic Gov      5.20  7/17/2034    EUR    71.50
EnQuest PLC                7.00  4/15/2022    USD    62.88
Credit Mutuel Arkea S      1.33               EUR    62.38
Grupo Isolux Corsan F      6.63  4/15/2021    EUR    49.00
Lloyds Bank PLC            0.50               USD    61.88
CSN Resources SA           6.50  7/21/2020    USD    60.02
Gol LuxCo SA               8.88  1/24/2022    USD    65.50
Codere Finance Luxemb      9.25  2/15/2019    USD    71.38
Touax SA                   6.00  7/10/2020    EUR    19.10
International Industr      9.00   7/6/2011    EUR     0.50
Ekotechnika GmbH           9.75  5/10/2018    EUR    10.00
JZ Capital Partners L      6.00  7/30/2021    GBP    10.70
Alpha Credit Group PL      1.68   2/1/2017    EUR    10.25
Abengoa Greenfield SA      5.50  10/1/2019    EUR    38.94
Gunther Zamek Produkt      7.75  5/15/2017    EUR     1.70
Mriya Agro Holding PL     10.95  3/30/2016    USD    15.75
NIBC Bank NV               0.67               EUR    58.58
SNS Bank NV                6.25 10/26/2020    EUR     2.48
Cirio Holding Luxembo      6.25  2/16/2004    EUR     1.95
Pohjola Bank Oyj           0.64               EUR    69.17
Hellenic Republic Gov      6.14  4/14/2028    EUR    73.38
Rem Offshore ASA           6.92  3/14/2018    NOK    60.00
Abengoa Finance SAU        8.88   2/5/2018    EUR    43.75
Pacific Drilling SA        5.38   6/1/2020    USD    70.00
Russian Standard Bank     13.00  4/10/2020    USD    30.13
Den Norske Creditbank      0.71               USD    62.23
Barclays Bank PLC          1.56               GBP    71.31
Cooperatieve Centrale      0.50 11/26/2021    ZAR    56.80
Dannemora Mineral AB      11.75  3/22/2016    USD     0.67
Lehman Brothers UK Ca      5.13               EUR     0.05
RENE LEZARD Mode GmbH      7.25 11/25/2017    EUR    18.00
Barclays Bank PLC          1.44  3/28/2033    USD    65.19
Barclays Bank PLC          0.69               USD    50.00
IKB Deutsche Industri      5.63  3/31/2017    EUR    22.00
Sazka AS                   9.00  7/12/2021    EUR     3.65
Ideal Standard Intern     11.75   5/1/2018    EUR    26.50
Air Berlin Finance BV      1.50  4/11/2027    EUR    55.00
Barclays Bank PLC          2.75  3/21/2033    USD    65.25
Volstad Shipping AS        7.15  5/30/2018    NOK    66.11
Heta Asset Resolution      0.07  5/31/2016    EUR    65.02
Orient Express Bank O     12.00  5/29/2019    USD    74.38
Societe Air France SA      2.75   4/1/2020    EUR    20.41
Kaupthing Bank Hf          9.00               USD     0.13
Hellas Telecommunicat      8.50 10/15/2013    EUR     0.00
APP International Fin     11.75  10/1/2005    USD     4.00
BDT Media Automation       8.13  10/9/2017    EUR    63.88
Hybrid Raising GmbH        6.63               EUR    11.13
Espirito Santo Financ      9.75 12/19/2025    EUR     1.32
Virgolino de Oliveira     10.88  1/13/2020    USD    19.88
National Westminster       0.63               USD    61.92
Nordea Bank Norge ASA      0.56               USD    62.83
Jyske Bank A/S             1.13               EUR    63.17
Barclays Bank PLC          6.22  1/27/2031    USD    70.00
Takko Luxembourg 2 SC      6.98  4/15/2019    EUR    49.67
Lloyds Bank PLC            1.45  4/26/2033    USD    65.00
Dexia Credit Local SA      4.30               EUR    10.00
Songa Offshore             7.50 12/11/2018    NOK    73.50
Ajecorp BV                 6.50  5/14/2022    USD    60.00
SNS Bank NV               11.25               EUR     0.53
Golden Gate AG             6.50 10/11/2014    EUR    43.00
Heta Asset Resolution      0.74  1/24/2017    EUR    17.83
Alpine Holding GmbH        6.00  5/22/2017    EUR     0.00
Windreich GmbH             6.50  7/15/2016    EUR    10.88
Koninklijke Luchtvaar      0.75               CHF    35.05
Mechel                    15.00  8/25/2020    RUB    70.50
Codere Finance Luxemb      9.25  2/15/2019    USD    70.00
Abengoa SA                 6.25  1/17/2019    EUR    44.75
Lloyds Bank PLC            0.69               USD    61.97
Offshore Drilling Hol      8.38  9/20/2020    USD    74.00
QGOG Constellation SA      6.25  11/9/2019    USD    54.75
Royal Bank of Scotlan      0.69               USD    59.75
Heta Asset Resolution      4.35  11/3/2016    EUR    17.88
PA Resources AB           13.50   3/3/2016    SEK     5.13
Lloyds Bank PLC            2.01  2/22/2033    USD    66.55
Barclays Bank PLC          1.95  5/31/2033    USD    65.25
Algeco Scotsman Globa     10.75 10/15/2019    USD    57.75
Travel24.com AG            7.50  9/17/2017    EUR    42.10
Alpha Credit Group PL      0.47  2/21/2021    EUR    70.88
Lloyds Bank PLC            0.63               USD    61.91
Dexia Kommunalbank De      5.63 12/31/2017    EUR    15.00
Andrade Gutierrez Int      4.00  4/30/2018    USD    78.13
Espirito Santo Financ      5.13  5/30/2016    EUR     1.00
Astana Finance BV          7.88   6/8/2010    EUR    16.00
Sidetur Finance BV        10.00  4/20/2016    USD     9.63
EDOB Abwicklungs AG        7.50   4/1/2012    EUR     0.30
GNB - Cia de Seguros       3.46               EUR    64.95
Banco Espirito Santo       0.13               EUR    14.00
Afren PLC                  6.63  12/9/2020    USD     5.00
Cirio Finanziaria SpA      8.00 12/21/2005    EUR     1.27
National Westminster       0.81               USD    61.39
Sydbank A/S                1.14               EUR    63.95
Jyske Bank A/S             1.38               EUR    63.25
Den Norske Creditbank      0.63               USD    62.23
Ibercaja Banco SA          1.11               EUR    28.13
Norske Skogindustrier      7.13 10/15/2033    USD    40.00
Banco Espirito Santo       2.81               EUR    14.75
OGX Austria GmbH           8.50   6/1/2018    USD     0.01
Saphir Finance PLC         6.85               GBP     1.38
Rena GmbH                  8.25  7/11/2018    EUR     8.63
Global PVQ Netherland      1.38  4/30/2012    EUR    27.25
Commerzbank Holdings       0.81               USD    63.30
OGX Austria GmbH           8.38   4/1/2022    USD     0.04
IT Holding Finance SA      9.88 11/15/2012    EUR     0.22
KCA Deutag UK Finance      7.25  5/15/2021    USD    72.25
Standard Chartered PL      0.56               USD    60.25
Agroton Public Ltd         6.00  7/14/2019    USD    21.88
Cirio Del Monte NV         7.75  3/14/2005    EUR     1.77
Teksid Aluminum Luxem     11.38  7/15/2011    EUR     0.12
CGG SA                     5.88  5/15/2020    EUR    71.17
Standard Chartered PL      0.59               USD    59.00
Virgolino de Oliveira     10.50  1/28/2018    USD     1.41
Alpha Credit Group PL      6.00  5/20/2017    EUR    70.88
Norske Skog Holding A      8.00  2/24/2023    USD    43.50
Talvivaara Mining Co       9.75   4/4/2017    EUR     0.09
State of Carinthia         0.74  7/20/2017    CHF     0.20
Bank of Scotland PLC       0.63               USD    62.00
International Industr     11.00  2/19/2013    USD     0.43
Sairgroup Finance BV       4.38   6/8/2006    EUR    16.35
City of Kyiv Via Kyiv      9.38  7/11/2016    USD    72.00
Standard Chartered PL      0.69               GBP    59.00
BNP Paribas SA             0.48               USD    60.36
SiC Processing GmbH        7.13   3/1/2016    EUR     1.85
Glitnir HF                 6.69  6/15/2016    USD     0.02
Hypo Tirol Bank AG         0.41  7/23/2026    EUR    61.38
UniCredit Bank Austri      0.49 12/31/2031    EUR    65.38
Afren PLC                 11.50   2/1/2016    USD     2.60
Lehman Brothers Treas      6.00  11/2/2035    EUR    16.25
Societe Alsacienne et      1.63   1/1/2022    EUR    59.60
Mechel                    15.00  8/25/2020    RUB    71.00
Pescanova SA               6.75   3/5/2015    EUR     2.96
LBI HF                     6.10  8/25/2011    USD    11.46
Popular Capital SA         7.00 11/25/2015    EUR    22.84
Belfius Bank SA/NV         1.93               FRF    69.00
Heta Asset Resolution      5.92  2/22/2022    EUR    17.75
Abanka Vipa DD Via Af      1.88               EUR     0.32
Barclays Bank PLC          1.68  4/19/2033    USD    65.82
Minicentrales Dos SA       4.81 11/29/2034    EUR    70.25
Indo Energy Finance I      6.38  1/24/2023    USD    51.00
Strenesse AG               9.00  3/15/2017    EUR    53.50
Petromena ASA              9.75  5/24/2016    NOK     0.59
Comfeed Finance BV         6.00   5/2/2018    USD    67.00
Mechel                     8.40  5/27/2021    RUB    56.21
BNP Paribas SA             2.24  4/30/2033    USD    63.00
Brunswick Rail Financ      6.50  11/1/2017    USD    46.63
CGG SA                     6.88  1/15/2022    USD    57.50
TGC-2 OJSC                12.00 10/10/2018    RUB    71.80
Banco Pastor SA            2.37               EUR    63.25
Afren PLC                 10.25   4/8/2019    USD     3.40
KPNQwest NV               10.00  3/15/2012    EUR     0.50
Northland Resources A      4.00 10/15/2020    USD     0.00
LBI HF                     6.25               EUR     0.00
Kaupthing Bank Hf          7.13  5/19/2016    USD     0.00
More & More AG             8.13  6/11/2018    EUR    33.25
Aralco Finance SA         10.13   5/7/2020    USD     1.19
Indo Energy Finance B      7.00   5/7/2018    USD    56.63
PA Resources AB           12.25   4/5/2016    NOK     4.99
Lloyds Bank PLC            5.72 11/27/2033    USD    74.00
Danske Bank Oyj            1.56               EUR    73.13
Mox Telecom AG             7.25  11/2/2017    EUR     2.54
Ferrexpo Finance PLC      10.38   4/7/2019    USD    70.49
Hellenic Bank PCL         10.00               EUR    48.63
Depfa Funding III LP       1.35               EUR    57.75
Norske Skog Holding A      8.00  2/24/2021    EUR    46.25
Far East Capital Ltd       8.00   5/2/2018    USD    59.25
Breeze Finance SA          6.71  4/19/2027    EUR    44.00
Mifa Mitteldeutsche F      7.50  8/12/2018    EUR     3.42
Tonon Luxembourg SA       10.50  5/14/2024    USD    52.00
Elli Investments Ltd      12.25  6/15/2020    GBP    43.00
Metinvest BV              10.25  1/31/2016    USD    72.00
Alpine Holding GmbH        5.25   7/1/2015    EUR     0.00
Piraeus Group Finance      2.23 10/27/2034    EUR     6.25
Codere Finance Luxemb      8.25  6/15/2015    EUR    72.00
Dexia Kommunalbank De      4.88 12/31/2016    EUR    23.00
Solarworld AG              6.13  1/21/2017    EUR    31.13
Societe Generale SA        1.03               EUR    65.72
ADLER Real Estate AG       6.00  6/30/2017    EUR    12.50
Kaupthing Bank Hf          7.63  2/28/2015    USD    19.63
NNK-Aktiv AO               8.85   6/4/2021    RUB    70.00
National Westminster       0.75               USD    61.27
Hellenic Republic Gov      2.09  7/25/2057    EUR    30.50
Kommunekredit              0.50 10/22/2019    BRL    60.29
Metinvest BV              10.50 11/28/2017    USD    60.50
IM Skaugen SE              9.42  6/30/2016    NOK    50.00
Alpine Holding GmbH        5.25  6/10/2016    EUR     0.00
Lehman Brothers Treas      6.00  2/15/2035    EUR    22.25
Lehman Brothers UK Ca      5.75               EUR     0.00
Kaupthing Bank Hf          5.75  10/4/2011    USD    19.63
KA Finanz AG               5.43  2/13/2024    EUR    60.00
Karlie Group GmbH          6.75  6/25/2018    EUR    50.05
Ferrexpo Finance PLC      10.38   4/7/2019    USD    68.00
Barclays Bank PLC          0.69               USD    50.00
Financiere Quick SAS       7.48 10/15/2019    EUR    58.77
Northland Resources A      4.00 10/15/2020    NOK     0.00
Barclays Bank PLC          0.38 12/28/2040    EUR    66.27
Global PVQ Netherland      5.75  5/26/2014    EUR    27.00
Depfa Funding II LP        6.50               EUR    56.88
Cirio Finance Luxembo      7.50  11/3/2002    EUR     8.00
Northland Resources A     15.00  7/15/2019    USD     1.21
Lenta LLC                 12.40  7/24/2025    RUB    60.05
DTEK Finance PLC           7.88   4/4/2018    USD    39.00
Rena GmbH                  7.00 12/15/2015    EUR     8.63
CHC Helicopter SA          9.25 10/15/2020    USD    88.00
Financiere Quick SAS       4.73  4/15/2019    EUR    72.73
Hema Bondco I BV           6.25  6/15/2019    EUR    60.32
Ukreximbank Via Biz F      7.51   2/9/2023    USD    72.38
Standard Chartered PL      0.69               USD    60.00
Norske Skogindustrier      7.13 10/15/2033    USD    40.00
IKB Deutsche Industri      4.70  3/31/2017    EUR    22.00
Banco Pinto & Sotto M      0.95               EUR    31.00
EXER D GmbH                5.70   2/1/2016    EUR    49.00
Heta Asset Resolution      1.91  9/29/2016    JPY    64.50
Heta Asset Resolution      0.54 11/29/2032    EUR    17.75
Frey                       6.00 11/15/2022    EUR    22.50
getgoods.de AG             7.75  10/2/2017    EUR     5.38
Artea                      6.00   8/4/2019    EUR    13.95
Del Monte Finance Lux      6.63  5/24/2006    EUR     8.09
Depfa Funding IV LP        5.03               EUR    56.75
Cooperatieve Centrale      0.50 10/29/2027    MXN    43.00
Barclays Bank PLC          3.58  6/17/2033    USD    66.00
Cyprus Popular Bank P      1.72  5/26/2016    EUR     1.68
Jasper Explorer PLC       13.50  5/27/2016    USD     5.00
Alpha Credit Group PL      1.62   3/8/2017    EUR    11.00
Bank Nederlandse Geme      0.50   8/9/2022    MXN    68.88
Standard Chartered PL      0.65               USD    59.71
Kaupthing Bank Hf          5.75  10/4/2011    USD    19.63
Deutsche Morgan Grenf      0.81               USD    59.92
Nationwide Building S      1.09               GBP    70.00
MS Deutschland Beteil      6.88 12/18/2017    EUR    15.30
LBI HF                     6.10  8/25/2011    USD    11.25
Global PVQ Netherland      1.38  4/30/2012    EUR    27.50
TradeDoubler AB            6.75 12/20/2018    SEK    74.25
A-TEC Industries AG        8.75 10/27/2014    EUR     2.00
SV Patrimonia              4.00  4/19/2016    EUR    51.00
UKRLANDFARMING PLC        10.88  3/26/2018    USD    45.00
Kezizalog Zrt              7.75  10/1/2018    EUR     0.71
Far East Capital Ltd       8.75   5/2/2020    USD    58.00
Societe Generale SA        0.50               USD    61.78
Solarworld AG              6.38  7/13/2016    EUR    31.13
SAG Solarstrom AG          6.25 12/14/2015    EUR    45.00
Glitnir HF                 6.00   3/5/2012    GBP    27.13
Heta Asset Resolution      5.73 12/10/2021    EUR    17.75
Kaupthing Bank Hf          5.25  7/18/2017    BGN    19.63
Svensk Exportkredit A      0.50  4/24/2029    AUD    56.23
Ashinskiy metallurgic     17.30  6/17/2024    RUB    60.02
Astana Finance BV          9.00 11/16/2011    USD    16.00
Immigon Portfolioabba      0.71  6/18/2018    EUR    67.75
Heta Asset Resolution      7.50  5/27/2024    ATS    17.75
OAS Investments GmbH       8.25 10/19/2019    USD     8.88
Commerzbank AG             5.00  9/27/2019    EUR    34.50
Immigon Portfolioabba      3.55  4/12/2022    EUR    74.70
Deutsche Bank AG/Lond      0.50  10/5/2021    IDR    48.06
Deutsche Bank AG/Lond      2.52  3/15/2033    USD    70.00
Far Eastern Shipping      19.00  2/27/2018    RUB    65.00
DF Deutsche Forfait A      7.88  5/27/2020    EUR    10.00
Societe Generale SA        7.72               EUR    72.25
Lehman Brothers Treas      2.88  3/14/2013    CHF    16.25
Lehman Brothers Treas      5.00  3/18/2015    EUR    22.25
Mechel                     8.40  5/27/2021    RUB    56.02
Santander Finance Cap      2.00               EUR    36.63
Club Mediterranee SA       6.11  11/1/2015    EUR    16.04
DEIKON GmbH                1.00 11/16/2016    EUR    38.76
Svensk Exportkredit A      0.50  3/19/2018    IDR    74.18
Seabird Exploration P      6.00 12/18/2015    USD    27.00
Banco Espirito Santo      10.00  12/6/2021    EUR     3.34
Czerwona Torebka SA        6.66  4/15/2016    PLN    72.00
KPNQwest NV                7.13   6/1/2009    EUR     0.50
Espirito Santo Financ      5.05 11/15/2025    EUR     1.64
Sairgroup Finance BV       6.63  10/6/2010    EUR    16.84
Heta Asset Resolution      0.42 12/18/2030    EUR    18.50
IM Skaugen SE             10.26  4/11/2017    NOK    49.63
Hema Bondco I BV           5.21  6/15/2019    EUR    58.84
CARPEVIGO AG               8.25  6/30/2016    EUR    30.00
Lehman Brothers Treas      7.00  5/17/2035    EUR    22.25
Governo Portugues Con      3.00               EUR    73.00
Cooperatieve Centrale      0.50 11/30/2027    MXN    43.96
Assystem                   4.00   1/1/2017    EUR    22.80
LBI HF                     7.43               USD     0.00
CHC Helicopter SA          9.25 10/15/2020    USD    60.75
Russian Railways JSC      11.75   5/3/2030    RUB    60.09
Virgolino de Oliveira     11.75   2/9/2022    USD     1.02
Equity Release Fundin      1.98  4/26/2038    GBP    72.50
TAG Immobilien AG          6.50 12/10/2015    EUR    10.83
Banco Espirito Santo       1.52  5/27/2018    EUR     3.34
KPNQwest NV                8.88   2/1/2008    EUR     0.50
SU-155 KAPITAL OOO        13.25  2/23/2016    RUB    25.01
Takko Luxembourg 2 SC      9.88  4/15/2019    EUR    51.69
Lehman Brothers Treas      7.25  10/5/2035    EUR    22.25
WPE International Coo     10.38  9/30/2020    USD     8.38
Deutsche Bank AG/Lond      0.50   3/9/2018    BRL
Bulgaria Steel Financ     12.00   5/4/2013    EUR     0.03
SNS Bank NV                6.63  5/14/2018    EUR     2.48
Hema Bondco II BV          8.50 12/15/2019    EUR    29.50
Kerdos Group SA            8.00 12/15/2017    PLN    70.00
OL Groupe SA               7.00 12/28/2015    EUR     7.39
Comune di Verona           0.18  12/1/2026    EUR    64.06
Alfa-Bank SC              11.65  8/30/2029    RUB    61.01
Rena Lange Holding Gm      8.00 12/12/2017    EUR     1.00
Kaupthing Bank Hf          6.13  10/4/2016    USD    19.63
SAir Group                 0.13   7/7/2005    CHF    11.38
Bremer Landesbank Kre      0.47   4/5/2041    EUR    73.40
Landesbank Hessen-Thu      0.39   5/3/2041    EUR    71.90
KA Finanz AG               4.90  6/23/2031    EUR    65.00
Lehman Brothers Treas      8.25  3/16/2035    EUR    22.25
BLT Finance BV            12.00  2/10/2015    USD    10.50
Finmek International       7.00  12/3/2004    EUR     0.13
Solen AG                   7.50   4/8/2016    EUR     2.00
Centrosolar Group AG       7.00  2/15/2016    EUR     2.42
Volkswagen Bank Rus O     11.30 10/19/2019    RUB    60.02
Phosphorus Holdco PLC     10.00   4/1/2019    GBP     0.84
Russian Federal Bond       7.05  1/19/2028    RUB    74.30
International Finance      0.50  6/29/2027    ZAR    29.16
Freshwater Finance PL      6.06 10/17/2036    GBP    62.38
Region of Piemont Ita      0.21 11/27/2036    EUR    62.27
LBI HF                     4.65               EUR     0.00
SG Option Europe SA        7.00   5/5/2017    EUR    64.62
DekaBank Deutsche Gir      2.67  11/7/2016    EUR    67.61
Sonae SGPS SA              1.65   6/9/2022    EUR    73.01
Banca delle Marche Sp      8.00  6/30/2018    EUR    22.63
Kaupthing Bank Hf          7.50   2/1/2045    USD     0.00
Heta Asset Resolution      0.27  9/11/2017    EUR    17.25
LBI HF                     2.25  2/14/2011    CHF     8.50
City of Birmingham En      3.50               GBP    63.06
Heta Asset Resolution      4.63   3/4/2018    EUR    64.50
Cooperatieve Centrale      0.50  1/31/2033    MXN    29.57
Mechel                     8.40   6/1/2021    RUB    56.12
Heta Asset Resolution      4.88  9/18/2017    EUR    17.25
Metinvest BV               8.75  2/14/2018    USD    55.13
UniCredit Bank Austri      0.47 12/27/2031    EUR    63.63
Heta Asset Resolution      4.25  5/31/2016    EUR    64.25
Hamburgische Landesba      0.36  1/22/2041    EUR    60.78
Mriya Agro Holding PL      9.45  4/19/2018    USD    16.63
Petromena ASA             10.85 11/19/2014    USD     0.59
Credit Agricole Corpo      0.50  2/28/2018    RUB    74.49
IVG Immobilien AG          5.79               EUR     0.00
PNE Wind AG                3.75 10/10/2019    EUR     3.00
Rosseti PJSC              11.85  5/26/2025    RUB    61.61
Piraeus Bank SA            0.90   2/9/2017    EUR    63.73
Glitnir HF                 6.38  9/25/2012    USD    27.13
Solon SE                   1.38  12/6/2012    EUR     0.33
SNS Bank NV                2.73               EUR     0.53
Lehman Brothers Treas      5.10   5/8/2017    HKD    22.25
Kommunalkredit Austri      0.59 10/25/2021    EUR    57.38
Kaupthing Bank Hf          6.13  10/4/2016    USD    19.63
Absolut Bank PAO          11.50  7/27/2016    RUB    60.01
OT-Optima Telekom DD       5.25  5/30/2022    HRK    35.00
UBS AG/London              9.00  9/21/2015    EUR    39.40
UniCredit Bank Austri      0.49  8/20/2033    EUR    60.38
Municipality Finance       0.50   5/8/2029    AUD    55.28
Banca delle Marche Sp      6.00   5/8/2018    EUR    22.63
Governo Portugues Con      2.75               EUR    63.00
Credit Europe Bank Lt     15.75  4/19/2016    RUB    62.00
Santander Finance Cap      2.00               EUR    34.38
Mobile TeleSystems PJ      8.25  3/22/2023    RUB    55.56
Hellenic Bank PCL         11.00               EUR    48.63
CRC Breeze Finance SA      6.11   5/8/2016    EUR    54.38
Banca delle Marche Sp      7.75  6/30/2018    EUR    22.63
Banque Cantonale Vaud      6.00  5/26/2016    CHF    49.99
Societe Generale SA        2.21  2/28/2033    USD    69.25
Bank Nederlandse Geme      0.50  5/12/2021    ZAR    62.40
Rusfinans Bank OOO        12.00  6/30/2020    RUB    60.04
UniCredit Bank Austri      0.47 10/31/2031    EUR    66.13
UniCredit Bank AG          5.15  9/25/2015    EUR    40.61
Lloyds Bank PLC            2.33  1/31/2033    USD    69.75
HSBC Bank PLC              0.50  4/27/2027    NZD    50.49
Orient Express Bank O     13.60   8/9/2018    RUB    41.01
Virgolino de Oliveira     10.88  1/13/2020    USD    17.50
International Finance      0.50  6/24/2024    ZAR    42.18
Atari SA                   0.50  9/30/2015    EUR     1.33
Windreich GmbH             6.50   3/1/2015    EUR    10.88
Bank Julius Baer & Co      6.00  11/9/2015    CHF    58.75
Accentro Real Estate       6.25  3/27/2019    EUR     2.60
Cooperatieve Centrale      0.50  7/30/2043    MXN    16.36
Mriya Agro Holding PL     10.95  3/30/2016    USD    15.75
Bayerische Landesbank      5.00 12/19/2016    EUR    68.56
Bank Nederlandse Geme      0.50  7/12/2022    ZAR    53.41
SG Option Europe SA        8.00  9/29/2015    USD    57.23
Vontobel Financial Pr      5.60 12/29/2015    EUR    37.92
Espirito Santo Financ      5.05 11/15/2025    EUR     1.28
MT-Energie GmbH & Co       8.25   4/4/2017    EUR    11.55
Spoldzielczy Bank Rze      4.99   7/8/2021    PLN    70.02
Mechel                     8.00   2/9/2021    RUB    49.00
Region of Abruzzo Ita      0.28  11/7/2031    EUR    72.39
Manchester Ship Canal      3.50               GBP    64.00
BNP Paribas SA             0.50   5/6/2021    MXN    70.97
City of Kiev Ukraine       8.00  11/6/2015    USD    71.63
Lehman Brothers Treas      5.00  2/16/2015    EUR    22.25
Raiffeisen Bank Inter      4.50  9/28/2035    EUR    64.38
Breeze Finance SA         11.75  4/19/2027    EUR     3.00
Banco Comercial Portu      5.00               EUR    61.00
Svensk Exportkredit A      0.50  1/31/2022    ZAR    55.34
Hellenic Republic Gov      0.68  8/10/2019    EUR    73.25
Russian Railways JSC      12.40  5/30/2040    RUB    12.37
Phones4u Finance PLC       9.50   4/1/2018    GBP    37.13
ADLER Real Estate AG       6.00 12/27/2018    EUR    11.50
Marine Subsea AS           9.00 12/16/2019    USD     0.50
Heta Asset Resolution      5.27   4/7/2028    EUR    17.75
Rostelecom PJSC            8.10   3/6/2018    RUB    60.01
Cooperatieve Centrale      0.50 10/30/2043    MXN    14.83
UniCredit Bank Austri      0.33  1/25/2031    EUR    69.38
Penell GmbH Elektrogr      7.75  6/10/2019    EUR    12.00
A-TEC Industries AG        2.75  5/10/2014    EUR     2.00
SAG Solarstrom AG          7.50  7/10/2017    EUR    45.00
Heta Asset Resolution      0.24  3/12/2043    EUR    60.63
Lehman Brothers Treas      5.25  5/26/2026    EUR     4.75
Hellenic Republic Gov      2.27   2/7/2022    EUR    68.85
Portigon AG                7.46 12/31/2019    EUR    15.55
Landesbank Hessen-Thu      0.41  4/23/2041    EUR    72.23
Lehman Brothers Treas     11.00 12/20/2017    AUD     4.75
Locko-Bank ZAO            14.00  7/17/2018    RUB    61.01
Russian Railways JSC      11.60  7/16/2018    RUB    62.07
LBI HF                     3.00  12/7/2010    CHF     8.50
Municipality Finance       0.50  3/28/2018    BRL    73.20
Eurobank Ergasias SA       1.31  6/20/2017    EUR    63.28
Lehman Brothers Treas      3.03  1/31/2015    EUR     4.75
Lehman Brothers Treas      6.00 10/30/2012    EUR     4.75
Lehman Brothers Treas      4.50   5/2/2017    EUR     4.75
UniCredit Bank AO          8.10 11/20/2018    RUB    58.01
Lehman Brothers Treas      4.00 10/24/2012    EUR     4.75
La Veggia Finance SPA      7.13 11/14/2004    EUR     0.00
Polyus Gold OJSC          12.10   7/3/2025    RUB    61.21
International Finance      0.50  6/29/2020    ZAR    65.23
Spoldzielczy Bank Rze      4.86  4/17/2024    PLN    44.00
ECM Real Estate Inves      5.00  10/9/2011    EUR    10.38
Lehman Brothers Treas      4.00  12/2/2012    EUR     4.75
Privatbank CJSC Via U     10.88  2/28/2018    USD    68.00
Lehman Brothers Treas      6.65  8/24/2011    AUD    22.25
Atari SA                   7.50  2/17/2020    EUR     0.25
SU-155 KAPITAL OOO        13.25  2/23/2016    RUB    25.02
HSBC Trinkaus & Burkh      5.10   6/2/2016    EUR    58.35
Montepio Holding SGPS      5.00               EUR    50.00
Codere Finance Luxemb      8.25  6/15/2015    EUR    72.38
Banca delle Marche Sp      7.20  6/30/2018    EUR    22.63
hkw personalkonzepte       8.25 11/15/2016    EUR     2.03
Banca delle Marche Sp      6.00  6/12/2018    EUR    22.63
Lehman Brothers Treas      1.00   5/9/2012    EUR     4.75
Heta Asset Resolution      1.64  6/30/2019    CHF    64.50
Bank Julius Baer & Co      8.60   3/4/2016    EUR    72.35
CBo Territoria             6.00   1/1/2020    EUR     3.90
Rosselkhozbank OJSC       13.10  7/15/2025    RUB    60.06
Kommunalbanken AS          0.50  9/20/2018    BRL    70.10
Svensk Exportkredit A      0.50  8/25/2021    ZAR    59.39
HSBC Bank PLC              0.50  9/28/2018    IDR    71.84
Alpha Credit Group PL      6.00  4/11/2018    EUR    70.88
Kommunalbanken AS          0.50  5/27/2022    ZAR    55.25
Region of Molise Ital      0.45 12/15/2033    EUR    67.11
DekaBank Deutsche Gir      5.55 11/20/2015    EUR    50.23
Immigon Portfolioabba      0.49  3/14/2020    EUR    70.41
Lehman Brothers Treas      8.25  12/3/2015    EUR    22.25
NOVIKOMBANK ZAO           15.75   4/8/2016    RUB    60.26
Kommunalbanken AS          0.50   3/2/2018    BRL    74.48
NOVIKOMBANK ZAO           14.25  6/19/2018    RUB    60.51
Rostelecom PJSC            8.20  1/24/2018    RUB    60.01
UniCredit Bank Austri      0.37  1/24/2031    EUR    62.63
Allied Irish Banks PL      0.73 10/24/2035    EUR    23.13
Allied Irish Banks PL      5.25  3/10/2035    GBP    26.50
LBBW                       7.26 12/18/2015    EUR    64.42
Heta Asset Resolution      0.24  8/12/2017    EUR    64.63
Heta Asset Resolution      4.07  3/21/2017    EUR    64.63
Immigon Portfolioabba      5.27   2/8/2027    EUR    62.75
Russian Railways JSC      16.80  5/29/2035    RUB   100.00
Immigon Portfolioabba      0.97  5/20/2025    EUR    21.00
Deutsche Bank AG           4.20  9/22/2015    EUR    65.90
UniCredit Bank AO         10.50   8/6/2019    RUB    60.36
DZ Bank AG Deutsche Z      3.00 12/28/2015    EUR    57.49
Raiffeisenlandesbank       5.00   7/1/2026    EUR    69.00
Lehman Brothers Treas      7.50   5/2/2017    EUR     4.75
Cooperatieve Centrale      0.50 12/29/2027    MXN    44.91
Bashneft PAO               8.35 12/13/2016    RUB    67.02
Russian Highways          12.40  4/22/2042    RUB    11.20
Piraeus Bank SA            0.91 12/27/2016    EUR    66.39
Province of Milan Ita      0.30 12/22/2033    EUR    70.40
Lehman Brothers Treas      6.00  3/18/2015    USD    22.25
Municipality Finance       0.50  7/30/2029    AUD    65.06
Mechel                     8.00   2/9/2021    RUB    60.01
WGF Westfaelische Gru      6.35  12/1/2016    EUR     9.90
Alpha Credit Group PL      6.00  7/29/2020    EUR    70.88
Heta Asset Resolution      0.31  9/26/2043    EUR    64.63
Nutritek Internationa      8.75 12/11/2008    USD     2.00
Emova Group                4.30   5/2/2022    EUR     5.70
Royal Bank of Scotlan      4.24  1/12/2046    EUR    74.00
Municipality Finance       0.50 12/14/2018    TRY    70.04
Ecureuil Vie Developp      0.91               EUR    19.13
Commerzbank AG             3.00  9/21/2015    EUR    50.83
Bank MIA OAO              13.75   6/6/2017    RUB    60.01
LBBW                       6.88  9/25/2015    EUR    64.66
Barclays Bank PLC          2.79   4/9/2028    USD    74.13
Svensk Exportkredit A      0.50  8/28/2018    BRL    68.54
SAir Group                 4.25   2/2/2007    CHF    10.75
Lehman Brothers Treas      5.00  2/27/2014    EUR    22.25
Immigon Portfolioabba      4.81  7/29/2025    EUR    61.00
Exane Finance              2.70  9/26/2016    USD    65.73
NOVIKOMBANK ZAO           14.25  6/12/2020    RUB    61.29
Bulgaria Steel Financ     12.00   5/4/2013    EUR     0.03
VEB-Leasing OAO            8.25  11/6/2018    RUB    65.04
Lehman Brothers Treas      5.00   5/2/2022    EUR     4.75
BLT Finance BV             7.50  5/15/2014    USD     5.00
Russian Railways JSC       8.45  5/16/2019    RUB    58.21
Glitnir HF                 6.33  7/28/2011    USD    27.13
Credit Suisse AG/Guer      0.56               USD    62.50
Kaupthing Bank Hf          9.75  9/10/2015    USD    19.63
DEMIRE Real Estate AG      6.00 12/30/2018    EUR     3.60
Eksportfinans ASA          0.50   5/9/2030    CAD    21.50
A-TEC Industries AG        5.75  11/2/2010    EUR     2.00
Atari SA                   0.50  9/30/2015    EUR     1.91
Heta Asset Resolution      0.13   2/9/2017    EUR    64.63
Barclays Bank PLC          0.50  4/24/2023    MXN    61.94
Heta Asset Resolution      0.82  5/31/2016    EUR    63.88
Heta Asset Resolution      0.13  2/17/2017    EUR    62.50
Heta Asset Resolution      0.25  4/22/2018    EUR    64.63
Alpha Credit Group PL      1.98   2/1/2017    EUR    70.88
DeltaCredit Bank          11.10  10/1/2024    RUB    60.01
Societe Centrale des       9.00   7/1/2016    EUR     7.03
SAir Group                 6.25  4/12/2005    CHF    10.88
Lehman Brothers Treas      1.46  2/19/2012    JPY    22.25
Landesbank Hessen-Thu      3.83  8/18/2016    EUR    70.90
Kommunekredit              0.50 12/14/2020    ZAR    62.68
Lehman Brothers Treas      8.00  2/16/2016    EUR     4.75
HSBC Bank PLC              0.50   2/2/2023    AUD    73.89
SMP Bank OAO              12.00  5/23/2017    RUB    60.11
Heta Asset Resolution      0.03  5/31/2016    EUR    64.63
Credit Europe Bank Lt     11.40  6/26/2017    RUB    60.01
Heta Asset Resolution      3.90  1/24/2017    EUR    62.63
ffk environment GmbH       7.25   6/1/2016    EUR     1.73
HSBC Bank PLC              0.50 10/30/2026    NZD    52.44
Immigon Portfolioabba      6.60   5/6/2023    EUR    48.13
Heta Asset Resolution      0.20   4/9/2043    EUR    60.00
Lehman Brothers Treas      8.00 10/17/2014    EUR     4.75
Vontobel Financial Pr      5.84   9/9/2016    EUR    31.50
UTair-Finans OOO          13.00 11/13/2015    RUB    40.00
HSBC Bank PLC              0.50 12/29/2022    AUD    74.24
Raiffeisenlandesbank       4.40  4/17/2024    EUR    73.25
HSBC Bank PLC              0.50  2/24/2027    NZD    51.16
Rosselkhozbank OJSC       11.90   2/9/2018    RUB    60.08
Lehman Brothers Treas      5.00  9/22/2014    EUR    22.25
Heta Asset Resolution      0.09  1/24/2017    EUR    64.13
Mortgage Agent KHMB-1      9.20  8/25/2045    RUB    57.00
Heta Asset Resolution      0.03  5/31/2016    EUR    64.63
Salvator Grundbesitz-      9.50 12/31/2021    EUR    11.50
BKN biostrom AG            7.50   6/5/2016    EUR     1.50
Russian Bor Chemical      10.00 12/20/2018    RUB     0.01
AO Bank Intesa            12.75  6/10/2018    RUB    60.27
Heta Asset Resolution      5.03  1/26/2017    EUR    15.63
Heta Asset Resolution      0.22  2/10/2018    EUR    64.63
Heta Asset Resolution      3.42  11/7/2016    EUR    61.63
Baltic Financial Agen     12.75  9/27/2016    RUB    60.02
Raiffeisenlandesbank       4.00  6/28/2023    EUR    74.50
DeltaCredit Bank           8.65   7/4/2018    RUB    59.01
Codere Finance Luxemb      8.25  6/15/2015    EUR    72.00
Volkswagen Bank Rus O     11.30 10/20/2019    RUB    60.02
Santander Finance Cap      2.00               USD    18.25
Rosselkhozbank OJSC       12.40  6/29/2021    RUB    60.31
Russian Highways           9.75 11/29/2016    RUB    60.11
Banca Carim Cassa di       3.00  3/31/2021    EUR    72.38
Armenian Treasury Bon     11.00   2/7/2028    AMD    74.61
Rosselkhozbank OJSC        7.90  9/18/2023    RUB    70.01
Anglian Water Service      1.09  1/26/2057    GBP    69.09
Solomenskij Lesozavod     10.00  9/29/2021    RUB    60.00
Kommunekredit              0.50  7/30/2027    TRY    28.92
Heta Asset Resolution      0.83  5/28/2017    EUR    64.63
Atari SA                   0.10   4/1/2020    EUR     2.20
UBS AG/London             14.50 12/17/2015    CHF    55.00
Kommunekredit              0.50  2/20/2020    BRL    57.75
Ideal Standard Intern     11.75   5/1/2018    EUR    26.50
Glitnir HF                 4.75 10/15/2010    USD    27.13
Alpha Credit Group PL      2.00  4/27/2024    EUR    70.88
Russian Post FGUP          8.70 10/18/2019    RUB    60.02
Otkritie Bank OJSC        13.20 12/13/2017    RUB    61.17
Immigon Portfolioabba      4.50   9/7/2020    EUR    70.35
HSBC Bank PLC              0.50  1/29/2027    NZD    51.49
Moscow United Electri     13.20  4/23/2025    RUB    61.12
HSBC Bank PLC              0.50  12/2/2022    AUD    74.48
HSBC Bank PLC              0.50 11/30/2021    NZD    73.71
Heta Asset Resolution      0.22  3/10/2018    EUR    64.63
Zapsibcombank OAO         11.50  2/25/2016    RUB    70.15
Russian Railways JSC      15.80 10/11/2038    RUB    60.00
Transcapitalbank JSC      13.00  5/30/2023    RUB    61.10
Heta Asset Resolution      4.54  9/22/2017    EUR    64.63
Mobile TeleSystems PJ      5.00  6/29/2021    RUB    63.75
Credit Suisse AG/Lond     10.25  5/31/2016    USD    70.66
Deutsche Bank AG           7.20  9/22/2015    EUR    49.90
KPNQwest NV                8.13   6/1/2009    USD     0.50
Cerruti Finance SA         6.50  7/26/2004    EUR     0.91
Alpha Credit Group PL      2.00 11/28/2032    EUR    70.88
Heta Asset Resolution      5.04  2/15/2023    EUR    64.63
SAir Group                 2.13  11/4/2004    CHF    10.75
Spoldzielczy Bank Rze      4.91  3/29/2023    PLN    44.00
MORTGAGE AGENT AHML 1      8.50   9/9/2045    RUB    57.00
Bank Nederlandse Geme      0.50  8/15/2022    ZAR    55.57
Banque Cantonale Vaud     17.75 11/17/2015    CHF    45.08
Heta Asset Resolution      0.69  9/20/2017    EUR    17.75
Heta Asset Resolution      0.21   3/4/2018    EUR    64.63
HSBC Trinkaus & Burkh     12.40  6/24/2016    EUR    64.68
Credit Suisse AG/Nass      8.05  9/27/2016    CHF    49.52
HSBC Bank PLC              0.50  6/28/2019    IDR    66.29
Raiffeisen Versicheru      5.08               EUR    43.13
Barclays Bank PLC          0.50  3/13/2023    RUB    42.22
Lehman Brothers Treas      4.00  2/16/2017    EUR    16.25
Credit Europe Bank Lt     11.36   6/5/2018    RUB    60.01
GFI Informatique SA/F      5.25   1/1/2017    EUR     6.18
Metallurgical Commerc     11.00   9/8/2016    RUB    60.01
ECM Real Estate Inves      5.00  10/9/2011    EUR    10.38
Northland Resources A     15.00  7/15/2019    USD     1.21
Lehman Brothers Treas      8.00  3/19/2012    USD     4.75
Takko Luxembourg 2 SC      6.98  4/15/2019    EUR    50.00
wige MEDIA AG              6.00  3/17/2019    EUR     1.90
Banque Cantonale Vaud      8.20   3/3/2016    EUR    51.65
Barclays Bank PLC          0.50  3/19/2021    MXN    73.11
RZD Rasvytie vokzalov     12.50 10/21/2016    RUB    27.68
KPNQwest NV                7.13   6/1/2009    EUR     0.50
Glitnir HF                 6.38  9/25/2012    USD    27.13
Rostelecom PJSC            8.55  11/2/2017    RUB    60.06
Federal Grid Co Unifi      8.00   1/7/2028    RUB    70.01
Heta Asset Resolution      0.25  3/29/2017    EUR    63.63
Southern Urals Co for     10.00  2/23/2016    RUB    60.17
Province of Brescia I      0.35  6/30/2036    EUR    64.89
RSL Communications PL     12.00  11/1/2008    USD     1.25
Svensk Exportkredit A      0.50  3/28/2029    AUD    67.50
Bank Julius Baer & Co     10.50  10/9/2015    USD    68.30
Lehman Brothers Treas      7.00 11/26/2013    EUR    22.25
Municipiul Timisoara       1.18  5/12/2026    RON    70.00
Banque Cantonale Vaud      7.25   3/3/2016    CHF    51.08
Renaissance Credit Co     12.85  7/30/2018    RUB    61.01
Province of Rovigo It      0.30 12/28/2035    EUR    64.91
Kommunalbanken AS          0.50   2/2/2018    BRL    74.98
Metallinvestbank OAO      14.50  5/21/2020    RUB    61.00
RSL Communications PL     10.13   3/1/2008    USD     1.25
DekaBank Deutsche Gir      0.12  6/23/2034    EUR    67.88
B&N Bank JSC              18.00  1/18/2021    RUB    62.63
Heta Asset Resolution      0.20  8/28/2017    EUR    64.63
Immigon Portfolioabba      7.00  7/24/2022    EUR    63.69
UniCredit Bank AG          4.00  6/23/2016    EUR    69.00
Svensk Exportkredit A      0.50  8/29/2029    AUD    68.52
Lehman Brothers Treas     13.00  2/16/2009    CHF     4.75
International Financi     15.50  4/26/2016    RUB    60.11
Heta Asset Resolution      0.13  8/11/2017    EUR    64.63
Heta Asset Resolution      0.10  7/18/2017    EUR    64.63
DeltaCredit Bank           8.45  8/30/2018    RUB    58.01
Kommunekredit              0.50  5/11/2029    CAD    69.34
WGZ-Bank AG Westdeuts      4.05  12/9/2015    EUR    48.32
Societe Generale SA        5.68  9/28/2015    EUR    54.12
MirLand Development C      6.50  9/30/2019    ILS    30.60
DekaBank Deutsche Gir      5.00 10/26/2015    EUR    54.87
Rinol AG                   5.50 10/15/2006    DEM     0.00
Heta Asset Resolution      0.23  5/10/2017    EUR    64.63
Heta Asset Resolution      6.94  6/10/2017    EUR    64.63
Svensk Exportkredit A      0.50  3/15/2022    ZAR    54.21
HSBC Bank PLC              0.50   4/3/2023    AUD    73.24
World of Building Tec      7.70  6/25/2019    RUB     3.00
Lehman Brothers Treas      7.50  6/15/2017    USD     4.75
UniCredit Bank AG          4.00  3/21/2017    EUR    63.36
Lehman Brothers Treas      6.45  2/20/2010    AUD     4.75
Bank Julius Baer & Co      9.75  3/11/2016    EUR    49.25
IT Holding Finance SA      9.88 11/15/2012    EUR     0.22
Northland Resources A     12.25  3/26/2016    USD     1.21
Lehman Brothers Treas      6.50  7/24/2026    EUR     4.75
Santander Finance Cap      2.00               USD    18.38
Credit Suisse AG/Lond      1.64   6/1/2042    USD    52.81
Immigon Portfolioabba      3.09 10/15/2020    EUR    51.75
KPNQwest NV                8.88   2/1/2008    EUR     0.50
WGZ-Bank AG Westdeuts      4.75 12/22/2015    EUR    56.38
Lehman Brothers Treas      6.00  3/14/2011    EUR    22.25
Societe Generale SA        0.50  5/30/2023    MXN    63.94
Immigon Portfolioabba      5.20   4/1/2020    EUR    62.50
Leonteq Securities AG      7.55   3/9/2016    USD    55.90
UTair-Finans OOO          13.00 11/13/2015    RUB    30.60
Barclays Bank PLC          0.50  1/28/2033    MXN    30.93
KFW                        0.25  10/6/2036    CAD    37.42
Sidetur Finance BV        10.00  4/20/2016    USD     9.63
UniCredit Bank AG          6.00 11/19/2015    EUR    57.12
RSL Communications PL     10.50 11/15/2008    USD     1.25
Svensk Exportkredit A      0.50  6/20/2029    AUD    64.88
Enemona AD-Kozloduy       10.00  4/28/2017    BGN     0.13
Leonteq Securities AG      9.20   5/5/2017    USD    74.70
Heta Asset Resolution      0.06  3/15/2017    EUR    64.63
Heta Asset Resolution      0.27   4/9/2018    EUR    64.63
KA Finanz AG               4.44 12/20/2030    EUR    58.88
Espirito Santo Financ      5.63  7/28/2017    EUR     2.42
Lehman Brothers Treas     10.00   1/3/2012    BRL     4.75
Zurcher Kantonalbank      12.03  3/11/2016    EUR    64.76
Vontobel Financial Pr      5.40   3/3/2017    EUR    70.12
Heta Asset Resolution      0.05  5/31/2016    EUR    64.63
DEIKON GmbH                1.00   7/1/2016    EUR    18.16
Leonteq Securities AG     29.61 10/26/2017    EUR    22.96
Dolomite Capital Ltd      12.21 12/20/2019    ZAR    54.94
WGF Westfaelische Gru      6.35   8/1/2017    EUR     2.06
Lehman Brothers Treas      7.00  2/15/2012    EUR     4.75
Lehman Brothers Treas     14.90  9/15/2008    EUR     4.75
EDOB Abwicklungs AG        7.50   4/1/2012    EUR     0.30
Ingra DD                   6.13  12/6/2016    HRK    12.99
Heta Asset Resolution      0.25  3/29/2017    EUR    64.63
Credit Agricole Corpo      0.50   3/6/2023    RUB    42.46
Lehman Brothers Treas      5.55  3/12/2015    EUR     4.75
Salvator Grundbesitz-      9.50               EUR    40.00
Skue Sparebank             2.45               NOK    74.48
Lehman Brothers Treas      5.00  5/12/2011    CHF     4.75
Oravita City Council       2.63  6/15/2027    RON    74.00
Leonteq Securities AG      8.25  11/6/2015    EUR    39.98
Raiffeisen Centrobank      2.40 12/19/2016    EUR    54.58
Oberoesterreichische       0.38  11/6/2030    EUR    63.50
UniCredit Bank AG          4.00  9/24/2015    EUR    53.48
UniCredit Bank AG          4.10  9/28/2018    EUR    60.56
DeltaCredit Bank          11.75  11/2/2016    RUB    60.01
Orient Express Bank O     18.00  5/28/2020    RUB    43.75
Vontobel Financial Pr     13.95 12/23/2016    EUR    71.29
Eiendomskreditt            4.60               NOK    69.72
HSBC Bank PLC              0.50  4/11/2023    MXN    66.24
Freshwater Finance PL      6.18  4/20/2035    GBP    65.00
BNP Paribas SA             6.30  5/28/2021    RUB    74.80
Lehman Brothers Treas     14.90 11/16/2010    EUR     4.75
Lehman Brothers Treas      7.00  2/15/2010    CHF     4.75
Landesbank Berlin AG       6.00 11/27/2015    EUR    41.81
Raiffeisen-Holding Ni      5.08               EUR    72.88
PIK Group PJSC            14.25   8/8/2025    RUB    60.01
Heta Asset Resolution      0.18  5/17/2017    EUR    64.63
Region of Stavropol R      8.09  11/4/2020    RUB    60.01
Lehman Brothers Treas      7.00   6/6/2017    EUR     4.75
Konservenfabrik Zacho      8.00   4/1/2016    EUR     0.00
Heta Asset Resolution      3.72  3/15/2017    EUR    64.63
Pongs & Zahn AG            8.50               EUR     0.22
Bank Nederlandse Geme      0.50  9/20/2022    ZAR    53.70
Heta Asset Resolution      5.80  6/17/2017    EUR    64.63
Delta-Finance OOO         10.00  1/19/2021    RUB    60.00
Bank Nederlandse Geme      0.50   6/7/2022    ZAR    53.59
Republika Srpska           1.50 12/24/2025    BAM    72.36
UBS AG/London             13.00   2/4/2016    CHF    69.78
Heta Asset Resolution      0.20   7/1/2017    EUR    64.63
Credit Suisse AG/Lond      8.00  5/21/2025    USD     9.25
Immigon Portfolioabba      6.00  3/30/2017    EUR     1.00
Immigon Portfolioabba      1.75   9/9/2020    EUR    48.25
Kaupthing Bank Hf          7.13  5/19/2016    USD     0.00
Credit Suisse AG/Lond      9.00  5/16/2016    EUR    62.29
Lehman Brothers Treas      2.50  11/9/2011    CHF     4.75
MirLand Development C      6.50 12/31/2015    ILS    40.01
Barclays Bank PLC          2.00  9/30/2044    USD    65.00
UBS AG/London              9.00  2/11/2016    CHF    74.59
Main Road OJSC             8.40 10/30/2028    RUB    57.00
Powszechne Towarzystw      6.66  11/8/2015    PLN     2.15
Societe Generale SA        5.65  10/5/2015    EUR    55.33
Bank Nederlandse Geme      0.50  9/20/2022    MXN    68.73
JP Morgan Structured      13.00 11/25/2024    ZMW
DekaBank Deutsche Gir      8.50 10/27/2016    EUR    46.89
Royal Bank of Scotlan      1.33 10/26/2018    GBP     1.03
Heta Asset Resolution      0.23  5/17/2017    EUR    64.63
Credit Suisse AG/Lond      8.00 11/29/2019    USD     6.98
UniCredit Bank AG          4.00  9/24/2015    EUR    63.18
Exane Finance              1.75  4/28/2016    EUR    24.64
UBS AG                    14.75 12/29/2015    EUR    46.72
Credit Suisse AG/Nass      7.25 10/12/2015    EUR    60.64
Heta Asset Resolution      4.70   4/2/2018    EUR    64.63
Kommunalbanken AS          0.50  11/8/2018    BRL    69.08
PCZ SA                    10.00  4/15/2016    PLN     2.10
EFG International Fin      6.48  5/29/2018    EUR    42.06
Kaupthing Bank Hf          5.00   1/4/2027    SKK    19.38
Lehman Brothers Treas      5.00  8/16/2017    EUR    22.25
Lehman Brothers Treas      7.60  1/31/2013    AUD     4.75
Lehman Brothers Treas     12.40  6/12/2009    USD     4.75
City of Hunedoara Rom      2.43  8/15/2026    RON    70.00
Bamble Sparebank           2.42               NOK    56.60
Heta Asset Resolution      0.03  1/24/2017    EUR    64.63
Immigon Portfolioabba      4.21  1/25/2033    EUR    18.38
Muehl Product & Servi      6.75  3/10/2005    DEM     1.73
UniCredit Bank AG          4.20  9/24/2015    EUR    46.75
Immigon Portfolioabba      5.05   8/5/2030    EUR    24.00
Araratbank OJSC            8.00  6/11/2018    USD    25.36
Barclays Bank PLC          3.50   2/5/2016    EUR    60.51
BNP Paribas SA             0.50  2/13/2024    NZD    69.60
Societe Generale SA        1.04  2/28/2034    USD    67.01
UniCredit Bank AG          4.00  9/24/2015    EUR    38.59
Bank J Safra Sarasin      11.02 12/30/2015    EUR    41.43
Global PVQ SE              6.75 10/21/2015    EUR     0.56
Heta Asset Resolution      5.68   7/5/2017    EUR    64.63
SAir Group                 2.75  7/30/2004    CHF    10.75
HSBC Bank PLC              0.50   3/1/2018    RUB    74.26
Svyaznoy Bank ZAO         15.00   6/8/2018    RUB    75.00
Barclays Bank PLC          0.50  3/26/2021    MXN    73.01
Araratbank OJSC            9.00 10/20/2015    USD    25.44
HSBC Bank PLC              0.50   2/5/2018    RUB    74.91
Russian Railways JSC      17.70  9/19/2033    RUB    60.00
Immigon Portfolioabba      4.90  8/18/2025    EUR    61.30
Lehman Brothers Treas     11.00  6/29/2009    EUR     4.75
UniCredit Bank AG          4.10  9/24/2015    EUR    32.59
DekaBank Deutsche Gir      7.15 10/27/2017    EUR    50.36
Russian Railways JSC      17.90  9/20/2039    RUB     5.29
Vnesheconombank            2.00  6/18/2021    RUB    58.92
Bayerische Landesbank      5.00 10/17/2016    EUR    49.51
Republika Srpska           1.50  5/31/2025    BAM    74.25
COFIDUR SA                 0.10 12/31/2024    EUR    15.00
RSL Communications PL      9.88 11/15/2009    USD     1.25
UniCredit Bank Austri      0.44  1/22/2031    EUR    65.13
Financial Sovetnik OO     11.00  6/11/2018    RUB    59.59
Baltic Leasing OOO        13.50   9/6/2018    RUB    60.01
UniCredit Bank AG          4.00  9/24/2015    EUR    41.48
Svensk Exportkredit A      0.50  2/22/2022    ZAR    54.30
Immigon Portfolioabba      3.88  3/15/2022    EUR    44.38
Windreich GmbH             6.75   3/1/2015    EUR    10.88
Republika Srpska           9.00  9/26/2027    BAM    68.01
Heta Asset Resolution      0.20  7/28/2017    EUR    64.63
Heta Asset Resolution      0.21  8/21/2017    EUR    64.63
Heta Asset Resolution      0.26   4/2/2018    EUR    64.63
EFG International Fin      9.10  3/23/2016    USD    47.88
AKB Peresvet ZAO          13.50   9/2/2020    RUB    60.01
Svensk Exportkredit A      0.50 12/17/2027    USD    73.75
Hellas Telecommunicat      8.50 10/15/2013    EUR     0.00
Societe Generale SA        1.50 12/30/2032    USD    66.59
LBBW                       4.00  7/22/2016    EUR    57.99
Lehman Brothers Treas      1.75   2/7/2010    EUR     4.75
Lehman Brothers Treas     12.22 11/21/2017    USD     4.75
Lehman Brothers Treas      5.00  4/24/2017    EUR     4.75
Municipality Finance       0.50   8/8/2029    NZD    58.54
Credit Suisse AG/Nass      8.50  2/29/2016    USD    55.20
Leonteq Securities AG      6.00  9/29/2015    EUR    60.23
Zurcher Kantonalbank      10.90   6/3/2016    CHF    55.46
City of Predeal Roman      2.50  5/15/2026    RON    60.00
City of Siret Romania      2.75   3/1/2028    RON    60.00
Lehman Brothers Treas      4.00  4/13/2011    CHF     4.75
Leonteq Securities AG      9.40  10/8/2015    USD    68.56
Bank Julius Baer & Co     10.00  6/13/2016    USD    65.05
SG Issuer SA               5.50  4/10/2021    EUR    69.05
Svensk Exportkredit A      0.50  6/28/2022    ZAR    52.22
Leonteq Securities AG     11.00 10/31/2016    CHF    71.92
UBS AG/London              7.50 11/19/2015    CHF    38.47
Svensk Exportkredit A      0.50  4/25/2019    BRL    62.50
Barclays Bank PLC          2.30  9/13/2016    EUR    41.24
UBS AG                    12.50 12/29/2015    EUR    37.53
UniCredit Bank AG          5.25  9/24/2015    EUR    53.90
Municipality Finance       0.50  4/26/2022    ZAR    53.54
Notenstein Privatbank     12.28  10/1/2015    USD    73.06
UniCredit Bank AG          0.68 11/19/2029    EUR    70.38
Bank Julius Baer & Co     13.25 11/16/2015    USD    69.80
DZ Bank AG Deutsche Z      7.90  6/20/2016    EUR    65.10
Wlodarzewska SA            9.22  5/15/2016    PLN    35.10
Lehman Brothers Treas      3.86  9/21/2011    SGD    16.25
Lehman Brothers Treas      7.38  9/20/2008    EUR     4.75
HSBC Bank PLC              0.50   6/4/2018    IDR    74.02
SU-155 KAPITAL OOO        13.25  2/23/2016    RUB    25.10
Kaupthing Bank Hf          7.63  2/28/2015    USD    19.63
Raiffeisen-Holding Ni      5.10               EUR    62.75
Alpha Credit Group PL      1.50 12/18/2028    EUR    70.88
DZ Bank AG Deutsche Z     10.50  9/25/2015    EUR    74.52
Lehman Brothers Treas      3.20  3/19/2018    JPY     4.75
Municipality Finance       0.50 11/25/2020    ZAR    63.75
Credit Suisse AG/Nass      8.00   2/8/2016    USD    53.52
Svensk Exportkredit A      0.50  8/28/2020    TRY    57.01
MirLand Development C      7.21  5/31/2020    ILS    31.50
Societe Generale SA        5.99   2/9/2016    USD    67.70
Eksportfinans ASA          0.25  7/14/2033    CAD    14.25
Glitnir HF                 6.69  6/15/2016    USD     0.02
City of Baile Hercula      2.50 12/16/2020    RON    75.00
Credit Suisse AG/Lond      7.00  2/16/2016    USD    69.77
UniCredit Bank AG          4.00  9/24/2015    EUR    57.29
Credit Suisse AG/Lond      7.80  7/16/2025    USD     9.65
Kommunekredit              0.50  9/19/2019    BRL    61.82
SAir Group                 5.13   3/1/2003    CHF    11.00
Fonciere Volta SA          4.50  7/30/2020    EUR     2.28
Credit Suisse AG/Nass      5.00   6/6/2016    CHF    73.34
Nordea Bank Finland A      8.00  9/10/2016    SEK    71.70
Credit Suisse/New Yor     12.50  9/21/2020    USD    60.59
Heta Asset Resolution      4.40  6/20/2017    EUR    64.63
Municipality Finance       0.50  5/31/2022    ZAR    52.55
LBBW                       3.75 10/27/2017    EUR    45.79
PCZ SA                    11.00 10/31/2015    PLN     1.02
LBI HF                     7.43               USD     0.00
Immigon Portfolioabba      5.21  2/13/2026    EUR    32.88
Leasing-Experts SA         9.00   6/5/2016    PLN    38.00
UBS AG                    14.75 12/29/2015    EUR    57.69
Province of Treviso I      0.05 12/31/2034    EUR    62.97
Totens Sparebank           2.75               NOK    53.53
Immigon Portfolioabba      5.00 12/12/2018    EUR    73.00
Maritime Joint Stock      12.00   3/9/2016    RUB    60.03
Lehman Brothers Treas      7.80  3/31/2018    USD     4.75
Lehman Brothers Treas      2.50  8/15/2012    CHF     4.75
Vontobel Financial Pr      7.00  2/26/2016    EUR    46.97
Raiffeisen Centrobank      7.25  9/26/2016    EUR    45.12
Russlavbank AKB ZAO       12.25  7/30/2018    RUB    70.00
Municipality Finance       0.50   2/7/2018    BRL    74.67
Leonteq Securities AG     21.00   3/9/2016    USD    67.09
UBS AG/London              6.50  6/10/2016    USD    60.68
Raiffeisenverband Sal      0.01  2/28/2031    EUR    73.96
Lehman Brothers Treas      5.00 10/24/2008    CHF     4.75
Grong Sparebank            4.48               NOK    70.75
EFG International Fin      6.00 11/30/2017    EUR    25.60
Municipality Finance       0.50  6/19/2024    ZAR    45.25
DekaBank Deutsche Gir      3.90  5/18/2016    EUR    62.11
Bank Julius Baer & Co      7.90 11/20/2015    USD    40.85
JP Morgan Structured       8.70 11/25/2015    USD    54.44
Bank Julius Baer & Co     10.20 11/13/2015    USD    43.90
Leonteq Securities AG     18.00   2/9/2016    CHF    56.93
HSBC Bank PLC              0.50  2/24/2023    AUD    75.00
HSBC Bank PLC              0.50  12/8/2026    AUD    58.57
UTair-Finans OOO           9.50  7/21/2016    RUB    20.15
Norddeutsche Landesba      4.75   6/3/2016    EUR    57.78
Driver & Bengsch AG        8.50 12/31/2027    EUR     0.00
Immigon Portfolioabba      5.03  6/11/2019    EUR    68.50
BNP Paribas SA             0.50 11/16/2032    MXN    33.96
URALSIB Leasing Co OO     10.50 12/18/2015    RUB    65.94
Norddeutsche Landesba      5.00   6/3/2016    EUR    52.10
HSBC Bank PLC              0.50   6/9/2023    MXN    65.47
Leonteq Securities AG      6.89 12/30/2015    USD    66.05
Lehman Brothers Treas      7.59 11/22/2009    MXN    22.25
Lehman Brothers Treas      4.00  7/27/2011    EUR     4.75
Ofoten Sparebank           2.50               NOK    72.15
UBS AG                    16.00  9/25/2015    EUR    55.38
Veniti SA                  9.70  3/28/2016    PLN    70.00
Svensk Exportkredit A      0.50  6/29/2029    AUD    67.90
EFG International Fin      8.99   9/4/2017    EUR    59.55
Banque Cantonale Vaud      8.20   3/3/2016    USD    52.05
Leonteq Securities AG      7.35  3/23/2016    EUR    70.09
BNP Paribas Emissions     13.00  6/23/2016    EUR    67.09
Vontobel Financial Pr      7.00  4/22/2016    EUR    65.88
Landesbank Hessen-Thu      5.10  4/15/2016    EUR    48.30
Heta Asset Resolution      0.08   8/1/2017    EUR    64.63
IFK Soyuz OAO             14.00  7/18/2028    RUB    60.01
Russian Post FGUP          8.70 10/18/2019    RUB    60.02
Leonteq Securities AG     13.40 12/29/2015    USD    67.44
HSBC Bank PLC              0.50 12/20/2018    RUB    67.85
Bank Julius Baer & Co     12.50  6/20/2016    USD    57.30
Immigon Portfolioabba      1.31   2/8/2019    EUR    62.63
Glitnir HF                 5.86  7/28/2016    GBP    27.13
Lehman Brothers Treas      8.25   2/3/2016    EUR     4.75
HSBC Trinkaus & Burkh     12.00  9/25/2015    EUR    49.87
Bank Julius Baer & Co     14.20 12/18/2015    USD    60.35
UBS AG/London              6.50  8/12/2016    CHF    73.06
Kommunalbanken AS          0.50  2/23/2018    BRL    74.50
UniCredit Bank AG          4.00  9/24/2015    EUR    48.27
HSBC Bank PLC              0.50 12/29/2026    AUD    70.34
Aeroexpress OOO           11.00  1/13/2017    RUB    60.12
UniCredit Bank AG          4.00 10/14/2019    EUR    49.21
Polyplast OAO/Moscow      15.90   6/6/2018    RUB    62.03
SAir Group                 5.50  7/23/2003    CHF    11.00
Bank UralSib OJSC         14.00  8/25/2017    RUB    61.01
RSL Communications PL      9.13   3/1/2008    USD     1.25
Lehman Brothers Treas      6.60   2/9/2009    EUR     4.75
Oberoesterreichische       0.30  4/25/2042    EUR    47.38
ECA                        2.50   1/1/2018    EUR    11.97
LBBW                       5.00  9/25/2015    EUR    58.76
Credit Suisse AG/Nass      8.50  10/8/2015    USD    62.42
UniCredit Bank AG          4.00  9/24/2015    EUR    68.91
UniCredit Bank AG          4.00  9/24/2015    EUR    39.93
Credit Suisse AG/Nass      7.13 12/21/2015    CHF    74.20
UniCredit Bank AG          6.00  9/24/2015    EUR    72.84
Svensk Exportkredit A      0.50  6/26/2019    TRY    64.54
Housing Financing Fun      2.70   1/1/2020    ISK    69.70
HSBC Trinkaus & Burkh     11.00  9/23/2016    EUR    66.09
DZ Bank AG Deutsche Z     16.00  3/29/2016    EUR    58.70
Leonteq Securities AG      5.14   7/6/2016    EUR    65.10
Rosselkhozbank OJSC       12.50 11/27/2018    RUB    60.03
Municipality Finance       0.50  2/22/2019    IDR    68.28
Municipality Finance       4.60  5/14/2020    IDR    74.41
Raiffeisen Centrobank      6.88  3/30/2017    EUR    52.69
UBS AG                    16.75 12/23/2016    EUR    63.34
UBS AG                    14.50 12/23/2016    EUR    55.22
UBS AG                    16.00 12/23/2016    EUR    43.54
UBS AG                    12.50  9/25/2015    EUR    62.10
Glitnir HF                10.00  6/28/2017    USD    27.13
Immigon Portfolioabba      5.21  12/6/2022    EUR    45.13
Credit Suisse AG/Lond      2.75  1/29/2019    SEK    49.00
Societe Generale SA        0.50   4/3/2023    RUB    42.06
Lehman Brothers Treas     10.44 11/22/2008    CHF     4.75
Lehman Brothers Treas      2.00  6/28/2011    EUR     4.75
Lehman Brothers Treas      5.25   4/1/2023    EUR     4.75
Lehman Brothers Treas      5.00 11/22/2012    EUR     4.75
Glitnir HF                 5.24 12/22/2010    USD    27.13
Glitnir HF                 5.44 12/22/2015    USD    27.13
EFG International Fin      7.20  2/25/2019    EUR    60.24
Leonteq Securities AG      9.50   9/8/2016    USD    57.16
Deutsche Bank AG           8.20  6/21/2016    EUR    74.40
MirLand Development C      8.50  8/31/2016    ILS    38.00
Municipality Finance       0.50  3/17/2025    CAD    73.58
Lehman Brothers Treas      8.60  7/31/2013    GBP     4.75
Lehman Brothers Treas      4.05  9/16/2008    EUR     4.75
Bank J Safra Sarasin       5.75 12/17/2015    CHF    54.68
EFG International Fin     11.12 12/12/2016    USD    65.55
Republika Srpska           1.50  9/25/2026    BAM    71.00
Lehman Brothers Treas     10.00  6/11/2038    JPY     4.75
Municipality Finance       0.25  6/28/2040    CAD    28.34
Lehman Brothers Treas      5.00   8/1/2025    EUR     4.75
LBI HF                     7.20  4/27/2026    EUR     0.01
Glitnir HF                 6.84 12/15/2015    EUR     0.02
Lehman Brothers Treas      4.60   7/6/2016    EUR     4.77
Lehman Brothers Treas      5.10  6/22/2046    EUR     4.75
Lehman Brothers Treas      8.50   7/5/2016    EUR    22.25
Bank Julius Baer & Co     10.00  8/12/2016    EUR    72.70
Bank Nederlandse Geme      0.50  6/22/2021    ZAR    59.04
BNP Paribas SA             0.50  9/29/2029    AUD    60.08
Bank Julius Baer & Co     10.00 10/16/2015    USD    68.40
Commerzbank AG             3.00  9/21/2015    EUR    74.26
Leonteq Securities AG     11.20 12/29/2015    CHF    49.40
SAir Group                 6.25 10/27/2002    CHF    12.50
Municipality Finance       0.50  5/29/2018    BRL    72.21
Union Technologies In      0.10   1/1/2020    EUR    16.00
NIBC Bank NV              25.98   5/7/2029    EUR    64.97
Polbrand sp zoo           11.00   1/4/2016    PLN    70.00
EFG International Fin      7.00 11/27/2019    EUR    72.88
UBS AG/London             14.00 11/26/2015    CHF    71.14
UBS AG/London              8.48  11/3/2015    CHF    52.95
Bank Julius Baer & Co      9.75 11/13/2015    USD    59.60
Societe Generale SA        0.50   4/4/2024    MXN    59.79
LBBW                       5.60 11/27/2015    EUR    74.58
Societe Generale SA        5.10   9/5/2017    EUR    55.27
Vontobel Financial Pr      5.00   5/6/2016    EUR    67.90
Whale Finance LLC          8.75  3/13/2019    RUB    60.00
Notenstein Finance Gu      7.00 10/23/2015    USD    37.27
EFG International Fin      6.26   5/7/2018    EUR    72.52
Notenstein Finance Gu      7.19   5/6/2019    EUR    61.05
SAir Group                 2.75  7/30/2004    CHF    11.13
Landesbank Hessen-Thu      5.00  4/24/2019    EUR    54.67
EFG International Fin      7.20  6/26/2017    GBP    64.06
Lehman Brothers Treas      6.00  2/14/2012    EUR     4.75
Lehman Brothers Treas     15.00  3/30/2011    EUR     4.75
Credit Suisse AG/Nass      6.50  12/7/2015    EUR    55.26
Central European Esta      7.80 11/10/2015    ILS     7.25
Lehman Brothers Treas      4.00 10/12/2010    USD     4.75
MirLand Development C      6.00 11/30/2017    ILS    33.80
Lehman Brothers Treas      4.00  7/20/2012    EUR     4.75
Kaupthing Bank Hf          3.75  2/15/2024    ISK    19.63
Lehman Brothers Treas      4.60 10/11/2017    ILS    22.25
Lehman Brothers Treas      3.50 12/20/2027    USD     4.75
Lehman Brothers Treas      6.30 12/21/2018    USD     4.75
Lloyds Bank PLC            0.50  7/26/2028    MXN    40.73
Leonteq Securities AG     12.10 10/22/2015    USD    22.41
Municipality Finance       4.20  3/26/2020    IDR    73.56
Lehman Brothers Treas      3.50  6/20/2011    EUR     4.75
Lehman Brothers Treas     10.60  4/22/2014    MXN     4.75
Lehman Brothers Treas     13.50   6/2/2009    USD     4.75
Lehman Brothers Treas      4.68 12/12/2045    EUR     4.75
Zapsibcombank OAO         14.85 12/12/2019    RUB    75.00
Nesset Sparebank           2.56               NOK    58.66
Lehman Brothers Treas     11.00   7/4/2011    CHF     4.75
Bank Julius Baer & Co     10.00  2/26/2016    USD    55.20
Bank Julius Baer & Co     13.20  2/26/2016    USD    68.15
HSBC Trinkaus & Burkh     13.80  9/25/2015    EUR    65.22
DZ Bank AG Deutsche Z      6.50 12/28/2015    EUR    55.94
Bank Julius Baer & Co      8.20  8/29/2016    CHF    61.85
DekaBank Deutsche Gir      3.73  2/26/2016    EUR    68.64
DZ Bank AG Deutsche Z      3.75  9/25/2015    EUR    69.73
Province of Treviso I      0.28 12/31/2034    EUR    65.98
LBI HF                     3.45 12/18/2033    JPY     0.01
Lehman Brothers Treas      1.28  11/6/2010    JPY    22.25
Bank Julius Baer & Co      6.80   1/6/2016    EUR    67.30
Leonteq Securities AG     12.00   3/9/2016    CHF    47.92
Bank J Safra Sarasin       5.00  5/26/2016    CHF    67.68
Vontobel Financial Pr      6.00  5/27/2016    EUR    60.32
Dresdner Bank AG           0.65 11/19/2029    EUR    61.25
Immigon Portfolioabba      1.52  2/19/2018    EUR    73.63
Immigon Portfolioabba      4.50 10/21/2020    EUR    56.38
Lehman Brothers Treas      5.75  6/15/2009    CHF     4.75
Lehman Brothers Treas      5.50  6/15/2009    CHF     4.75
UBS AG/London              9.25 12/10/2015    CHF    56.21
Agrokompleks OOO          15.00  7/29/2019    RUB    61.00
Przedsiebiorstwo Prod      9.01  3/31/2016    PLN    50.00
HSBC Bank PLC              0.50 10/30/2018    IDR    70.79
B&N Bank JSC              18.00  1/18/2021    RUB    62.63
JP Morgan Structured      12.00 11/24/2021    ZMW
Bank Julius Baer & Co     11.00 10/14/2015    CHF    47.50
UBS AG/London              7.50 10/15/2015    CHF    49.64
Bank Julius Baer & Co     14.20 10/28/2015    CHF    51.95
JP Morgan Structured      12.20  9/30/2015    USD    56.75
DeltaCredit Bank          10.55   6/5/2024    RUB    60.01
HSBC Bank PLC              0.50  7/30/2027    NZD    49.47
Lehman Brothers Treas      4.20  12/3/2008    HKD    16.25
Lehman Brothers Treas      6.72 12/29/2008    EUR     4.75
Lehman Brothers Treas      8.88  1/28/2011    HKD    22.25
B&N Bank JSC              14.00  12/2/2020    RUB    60.82
Bank Julius Baer & Co      6.00  7/21/2016    CHF    73.90
Bank Julius Baer & Co      9.50 11/20/2015    USD    74.70
Bank Julius Baer & Co      8.20 11/20/2015    USD    71.20
Bank Julius Baer & Co      6.50 11/27/2015    EUR    60.75
Bank Julius Baer & Co      6.50  12/4/2015    EUR    39.35
UBS AG/London              5.50  7/10/2017    CHF    67.25
Bank Julius Baer & Co      6.50 11/11/2015    CHF    71.55
Bank Julius Baer & Co     13.70 11/11/2015    CHF    56.45
UBS AG/London              8.25  9/25/2015    EUR    37.11
Bank Julius Baer & Co      9.75 11/13/2015    USD    55.25
Arizk                      3.00 12/20/2030    RUB    37.43
Lehman Brothers Treas      7.60  3/26/2009    EUR     4.75
Bank Julius Baer & Co      9.00  1/29/2016    EUR    72.20
Commerzbank AG             3.00  9/15/2016    EUR    65.40
Leonteq Securities AG     20.00  2/23/2016    USD    46.66
Klaebu Sparebank           2.46               NOK    67.37
Western High-Speed Di      9.15   2/6/2032    RUB    58.01
Bank Julius Baer & Co      9.00  10/8/2015    CHF    39.45
Credit Suisse AG/Nass      7.00 10/29/2015    CHF    66.95
Leonteq Securities AG      5.20  10/6/2015    USD    74.33
HSBC Bank PLC              0.50  5/31/2019    IDR    66.49
Societe Generale SA        0.50  5/22/2024    MXN    59.14
Leonteq Securities AG      5.70  12/3/2015    USD    38.27
2C Partners SA             9.50  3/17/2017    PLN    68.90
Immigon Portfolioabba      1.37  1/28/2019    EUR    63.13
Global PVQ Netherland      5.75  5/26/2014    EUR    27.25
Zurcher Kantonalbank       3.76  1/25/2016    CHF    48.23
DekaBank Deutsche Gir      9.60  7/29/2016    EUR    50.95
Credit Suisse AG/Lond      6.51  4/21/2016    USD    71.35
Lehman Brothers Treas      2.30  4/28/2014    JPY     4.75
LBI HF                     5.08   3/1/2013    ISK     8.50
UniCredit Bank AG          5.40  6/30/2017    EUR    60.42
Bank Julius Baer & Co      9.40 10/14/2016    EUR    71.55
Lehman Brothers Treas      4.69  2/19/2017    EUR     4.75
Kommunalbanken AS          0.50  8/15/2018    BRL    72.50
Glitnir HF                 4.75 10/15/2010    USD    27.13
Lehman Brothers Treas      7.00 11/28/2008    CHF     4.75
LBBW                       3.00  6/23/2017    EUR    69.70
Lehman Brothers Treas      4.10  6/10/2014    SGD    16.25
Lehman Brothers Treas     10.00  2/16/2009    CHF     4.75
Immigon Portfolioabba      1.80  5/24/2018    EUR    71.25
Lehman Brothers Treas      0.80 12/30/2016    EUR     4.75
Lehman Brothers Treas     10.00 10/22/2008    USD     4.75
Lehman Brothers Treas     16.20  5/14/2009    USD     4.75
Haltdalen Sparebank        2.55               NOK    56.91
LBBW                       4.80  7/22/2016    EUR    42.74
Commerzbank AG             7.00  2/26/2016    EUR    71.84
Vontobel Financial Pr     15.45 12/23/2016    EUR    71.42
Vontobel Financial Pr      6.40  9/25/2015    EUR    40.39
BNP Paribas Emissions      9.00  9/22/2016    EUR    56.56
Commerzbank AG             8.00  6/23/2016    EUR    42.91
Vontobel Financial Pr      5.00  9/23/2016    EUR    37.98
Commerzbank AG             7.25  6/23/2016    EUR    58.40
DZ Bank AG Deutsche Z      6.75  6/20/2016    EUR    70.04
UBS AG/London              6.00   6/3/2016    EUR    69.11
Credit Suisse AG/Nass      8.25  5/20/2016    USD    70.49
Immigon Portfolioabba      0.97   3/1/2021    EUR    42.75
Lehman Brothers Treas      7.50  9/13/2009    CHF     4.75
Glitnir HF                 6.31  7/28/2011    USD    27.13
Commerzbank AG            11.25  6/23/2016    EUR    62.96
Deutsche Bank AG           5.20  7/20/2016    EUR    66.10
Deutsche Bank AG           5.20 10/21/2015    EUR    53.70
Barclays Bank PLC          1.64   6/3/2041    USD    69.58
Priam JSC                 10.50  12/3/2026    RUB    60.00
Bank Julius Baer & Co     10.00 10/23/2015    EUR    42.75
Municipality Finance       0.50  4/16/2018    BRL    73.59
UBS AG                    10.37 10/23/2015    USD    10.00
Credit Suisse AG/Nass     14.00  5/12/2016    USD    71.98
Vontobel Financial Pr      7.05  9/25/2015    EUR    61.47
Credit Suisse AG/Lond      8.00 11/24/2015    USD    66.53
Piraeus Group Finance      5.00  3/27/2017    EUR    46.30
Societe Generale Effe      5.32   7/1/2016    EUR    73.29
Societe Generale Effe      7.10   7/1/2016    EUR    70.58
Landesbank Hessen-Thu      4.25  5/27/2016    EUR    59.70
UBS AG                    11.50  6/24/2016    EUR    73.65
LBBW                       4.00  9/25/2015    EUR    61.63
Norddeutsche Landesba      3.50   1/4/2016    EUR    46.44
UBS AG                     5.50 12/29/2015    EUR    53.37
Immigon Portfolioabba      3.50  3/20/2018    EUR    73.75
HSBC Trinkaus & Burkh      7.50  9/25/2015    EUR    74.75
UniCredit Bank AG          4.00  6/24/2016    EUR    40.78
Deutsche Bank AG           5.20 11/25/2015    EUR    58.10
DZ Bank AG Deutsche Z      7.75  9/21/2015    EUR    74.28
DZ Bank AG Deutsche Z     13.75  9/25/2015    EUR    67.32
DZ Bank AG Deutsche Z      5.80  9/21/2015    EUR    66.40
Vontobel Financial Pr      6.50 11/25/2016    EUR    69.93
LBBW                       4.50  3/23/2018    EUR    54.22
Goldman Sachs & Co We     24.00 12/23/2015    EUR    67.37
Vontobel Financial Pr     10.50 12/28/2015    EUR    72.05
Glitnir HF                 6.00 12/10/2009    ISK     0.02
DZ Bank AG Deutsche Z      5.50  3/29/2016    EUR    74.19
Goldman Sachs & Co We      9.00  9/21/2016    EUR    61.00
UniCredit Bank AG          7.00  6/23/2016    EUR    64.28
Lehman Brothers Treas     14.10 11/12/2008    USD     4.75
Lehman Brothers Treas      5.25   7/8/2014    EUR     4.75
Immigon Portfolioabba      5.50  8/26/2025    EUR    35.38
Lehman Brothers Treas      4.00  8/11/2010    USD    22.25
Lehman Brothers Treas      2.30   6/6/2013    USD     4.75
Lehman Brothers Treas      7.50  5/30/2010    AUD     4.75
Lehman Brothers Treas     11.00   5/9/2020    USD     4.75
Lehman Brothers Treas      4.30   6/4/2012    USD     4.75
Lehman Brothers Treas      4.00   6/5/2011    USD     4.75
LBBW                       4.45  6/24/2016    EUR    60.66
LBBW                       3.50 12/23/2016    EUR    70.97
UBS AG                    14.00 12/29/2015    EUR    70.99
UBS AG                    11.50 12/29/2015    EUR    74.89
UBS AG                     6.75  9/25/2015    EUR    43.71
UBS AG                    13.00 12/29/2015    EUR    73.90
UBS AG                     5.25  9/25/2015    EUR    53.92
UBS AG                     4.50  9/25/2015    EUR    62.91
UBS AG                     4.50  9/25/2015    EUR    53.93
UBS AG                     8.50  9/25/2015    EUR    53.92
UBS AG                    13.50 12/29/2015    EUR    64.60
Lehman Brothers Treas      6.00  5/12/2017    EUR     4.75
Lehman Brothers Treas      4.10  2/19/2010    EUR     4.75
Lehman Brothers Treas      6.60  2/22/2012    EUR     4.75
Lehman Brothers Treas      5.20  3/19/2018    EUR     4.75
Lehman Brothers Treas      5.00  2/28/2032    EUR     4.75
Lehman Brothers Treas      3.50 10/31/2011    USD     4.75
Lehman Brothers Treas      3.50 10/24/2011    USD     4.75
Bank Julius Baer & Co      7.30  1/19/2016    CHF    58.60
Bank Julius Baer & Co      7.50  1/19/2016    USD    58.35
LBBW                       4.20  7/22/2016    EUR    57.59
UBS AG                    22.50 12/29/2015    EUR    66.22
UBS AG                    21.00 12/29/2015    EUR    62.78
UBS AG                     8.50  9/25/2015    EUR    74.36
UBS AG                    21.75  9/25/2015    EUR    63.00
UBS AG                    10.00 12/29/2015    EUR    68.93
UBS AG                    24.75  9/25/2015    EUR    58.61
UBS AG                    19.25  9/25/2015    EUR    57.12
UBS AG                    20.00  9/25/2015    EUR    67.18
UBS AG                    11.50  9/25/2015    EUR    67.22
UBS AG                    20.25  9/25/2015    EUR    47.77
UBS AG                    17.25 12/29/2015    EUR    67.16
UBS AG                    23.25  9/25/2015    EUR    58.95
UBS AG                    22.50  9/25/2015    EUR    47.80
UBS AG                    12.75 12/29/2015    EUR    60.80
UBS AG                    19.75 12/29/2015    EUR    47.34
UBS AG                    23.75  9/25/2015    EUR    64.78
UBS AG                    14.50 12/29/2015    EUR    66.09
UBS AG                    20.50 12/29/2015    EUR    42.17
UBS AG                    18.25  9/25/2015    EUR    42.01
UBS AG                    17.25 12/29/2015    EUR    73.80
UBS AG                    21.00  9/25/2015    EUR    69.33
UBS AG                    23.50  9/25/2015    EUR    49.58
UBS AG                    18.50 12/29/2015    EUR    71.36
UBS AG                    15.75 12/29/2015    EUR    63.82
UBS AG                    16.25  9/25/2015    EUR    64.52
UBS AG                    20.00  9/25/2015    EUR    39.80
UBS AG                    24.75  9/25/2015    EUR    34.37
UBS AG                    24.75  9/25/2015    EUR    49.47
UBS AG                    12.00 12/29/2015    EUR    71.35
UBS AG                    19.50  9/25/2015    EUR    72.20
UBS AG                    23.25  9/25/2015    EUR    36.01
Banca di Cividale SpA      0.09  10/2/2036    EUR    61.31
Lehman Brothers Treas      4.00  5/30/2010    USD     4.75
Lehman Brothers Treas      4.00  5/17/2010    USD     4.75
Lehman Brothers Treas      2.48  5/12/2009    USD     4.75
Lehman Brothers Treas      2.25  5/12/2009    USD     4.75
Landesbank Berlin AG       5.20  11/5/2015    EUR    43.04
UBS AG                     4.75  3/29/2016    EUR    57.48
UBS AG                     9.50 12/29/2015    EUR    56.00
UBS AG                     5.00  6/24/2016    EUR    47.32
UBS AG                     6.50  9/25/2015    EUR    37.08
UBS AG                     5.25  6/24/2016    EUR    56.30
UBS AG                    12.25  9/25/2015    EUR    65.62
UBS AG                     4.50  6/24/2016    EUR    63.68
UBS AG                    13.25  6/24/2016    EUR    50.98
Vontobel Financial Pr      8.85 12/28/2015    EUR    74.48
Vontobel Financial Pr     13.30  9/25/2015    EUR    61.12
Vontobel Financial Pr      8.55 12/28/2015    EUR    53.94
Vontobel Financial Pr      5.85 12/28/2015    EUR    56.87
Vontobel Financial Pr      3.55 12/28/2015    EUR    60.43
Vontobel Financial Pr     10.65  9/25/2015    EUR    53.30
Vontobel Financial Pr      7.00  9/25/2015    EUR    57.08
Vontobel Financial Pr      4.00  9/25/2015    EUR    61.49
Vontobel Financial Pr      5.20 12/28/2015    EUR    53.40
Vontobel Financial Pr      5.15  9/25/2015    EUR    53.57
UBS AG                    11.40  12/7/2015    EUR    61.53
DZ Bank AG Deutsche Z      6.25  6/24/2016    EUR    70.10
DZ Bank AG Deutsche Z      6.00  6/24/2016    EUR    54.30
DZ Bank AG Deutsche Z      5.50 12/28/2015    EUR    73.92
DZ Bank AG Deutsche Z      7.00  6/24/2016    EUR    40.85
Zurcher Kantonalbank       9.00 12/16/2015    EUR    43.31
Lehman Brothers Treas     18.25  10/2/2008    USD     4.75
Lehman Brothers Treas      3.40  9/21/2009    HKD     4.75
Glitnir HF                 6.00 12/15/2012    GBP    27.13
Lehman Brothers Treas      1.50 10/12/2010    EUR     4.75
Lehman Brothers Treas      7.00 10/22/2010    EUR     4.75
Lehman Brothers Treas      8.00 10/23/2008    USD     4.75
MORTGAGE AGENT AHML 1      9.00   9/9/2045    RUB    72.00
Lehman Brothers Treas      6.25 11/30/2012    EUR     4.75
Lehman Brothers Treas      6.00  2/19/2023    USD     4.75
Lehman Brothers Treas      1.00  2/26/2010    USD     4.75
Lehman Brothers Treas      7.75  2/21/2016    EUR     4.75
DZ Bank AG Deutsche Z     11.75  2/26/2016    EUR    70.13
DZ Bank AG Deutsche Z     12.00  2/26/2016    EUR    62.97
Vontobel Financial Pr     10.70  3/29/2016    EUR    67.02
Vontobel Financial Pr     13.35  6/24/2016    EUR    66.32
Vontobel Financial Pr      3.15  6/24/2016    EUR    70.18
Vontobel Financial Pr     11.00  9/23/2016    EUR    67.13
Vontobel Financial Pr     14.80  9/23/2016    EUR    67.24
Vontobel Financial Pr     12.50 12/23/2016    EUR    68.02
Vontobel Financial Pr      9.50 12/23/2016    EUR    67.92
Vontobel Financial Pr      6.50 12/23/2016    EUR    68.27
Vontobel Financial Pr      4.15 12/23/2016    EUR    69.93
Lehman Brothers Treas      9.25  6/20/2012    USD     4.75
Lehman Brothers Treas      3.00   8/8/2017    EUR     4.75
Lehman Brothers Treas      5.00   9/1/2011    EUR     4.75
Lehman Brothers Treas      3.00  8/15/2017    EUR     4.75
Lehman Brothers Treas      3.50  9/19/2017    EUR     4.75
Lehman Brothers Treas      0.50  2/16/2009    EUR     4.75
Lehman Brothers Treas      4.25  3/13/2021    EUR     4.75
Lehman Brothers Treas      3.63   3/2/2012    EUR     4.75
Lehman Brothers Treas      0.75  3/29/2012    EUR     4.75
Lehman Brothers Treas      3.70   6/6/2009    EUR     4.75
Lehman Brothers Treas      4.50   3/6/2013    CHF     4.75
Lehman Brothers Treas      4.00  4/24/2009    USD     4.75
Lehman Brothers Treas      9.00  6/13/2009    USD     4.75
Lehman Brothers Treas      9.00  3/17/2009    GBP     4.75
Lehman Brothers Treas      3.85  4/24/2009    USD     4.75
Lehman Brothers Treas      7.25  10/6/2008    EUR     4.75
Lehman Brothers Treas     10.50   8/9/2010    EUR     4.75
Lehman Brothers Treas      8.00  5/22/2009    USD     4.75
Lehman Brothers Treas      4.50  7/24/2014    EUR     4.75
Leonteq Securities AG      9.00  5/18/2016    CHF    64.89
DZ Bank AG Deutsche Z      5.20 12/21/2015    EUR    62.62
DZ Bank AG Deutsche Z      7.30 12/21/2015    EUR    74.81
Vontobel Financial Pr      5.50  6/24/2016    EUR    73.36
Vontobel Financial Pr      2.85  3/29/2016    EUR    65.27
Vontobel Financial Pr      7.65  5/27/2016    EUR    60.29
DZ Bank AG Deutsche Z      6.50  4/20/2016    EUR    61.67
DZ Bank AG Deutsche Z      7.00  3/29/2016    EUR    73.18
DZ Bank AG Deutsche Z      7.00  3/29/2016    EUR    48.37
DZ Bank AG Deutsche Z      8.00  6/24/2016    EUR    71.77
DZ Bank AG Deutsche Z      6.75  3/29/2016    EUR    71.48
DZ Bank AG Deutsche Z      7.50  6/24/2016    EUR    71.70
UBS AG/London              6.00  3/11/2016    CHF    74.91
Commerzbank AG             9.00  2/25/2016    EUR    74.52
Commerzbank AG             9.00  2/25/2016    EUR    74.81
Commerzbank AG            10.00  2/25/2016    EUR    49.36
Commerzbank AG            10.75  2/25/2016    EUR    48.80
Commerzbank AG             9.75  2/25/2016    EUR    58.03
Notenstein Privatbank      7.20  9/20/2016    EUR    69.77
Vontobel Financial Pr     10.45  3/29/2016    EUR    67.17
Vontobel Financial Pr      6.60  3/29/2016    EUR    71.16
Vontobel Financial Pr     12.80 12/28/2015    EUR    65.19
Vontobel Financial Pr      7.70 12/28/2015    EUR    69.94
Vontobel Financial Pr     17.00  9/25/2015    EUR    61.63
Vontobel Financial Pr      9.30  9/25/2015    EUR    67.72
Lehman Brothers Treas      0.01  9/20/2011    USD     4.75
Lehman Brothers Treas      4.10  8/23/2010    USD     4.75
Lehman Brothers Treas      5.12  4/30/2027    EUR     4.75
UBS AG                     8.50 12/29/2015    EUR    67.59
UBS AG                     7.25 12/29/2015    EUR    67.27
UBS AG                     6.50 12/29/2015    EUR    35.82
UBS AG                     5.75  3/29/2016    EUR    41.90
UBS AG                     4.75  9/25/2015    EUR    49.44
UBS AG                     4.50  6/24/2016    EUR    50.79
UBS AG                    10.75 12/29/2015    EUR    66.46
UBS AG                    14.75  9/25/2015    EUR    52.43
UBS AG                    14.75  6/24/2016    EUR    59.59
UBS AG                    13.25  9/25/2015    EUR    31.22
UBS AG                     6.00  6/24/2016    EUR    50.54
HSBC Bank PLC              0.50  5/29/2020    IDR    60.62
Leonteq Securities AG     10.58   2/3/2017    USD    65.77
Societe Generale SA        0.50  6/12/2023    RUB    40.86
DZ Bank AG Deutsche Z      5.75  10/9/2015    EUR    73.93
DZ Bank AG Deutsche Z      6.25  10/9/2015    EUR    64.93
UBS AG                     9.50 12/22/2017    EUR    62.49
UBS AG                     5.50 12/23/2016    EUR    66.72
UBS AG                    11.75  6/24/2016    EUR    74.62
UBS AG                    20.50  6/24/2016    EUR    55.98
UBS AG                    12.00 12/23/2016    EUR    71.98
UBS AG                    11.75 12/22/2017    EUR    74.23
UBS AG                    17.00  6/24/2016    EUR    65.57
UBS AG                     7.00 12/22/2017    EUR    64.98
UBS AG                     6.75 12/23/2016    EUR    64.25
UBS AG                    20.00  3/29/2016    EUR    70.71
UBS AG                     6.00 12/23/2016    EUR    49.35
UBS AG                    12.25  3/29/2016    EUR    73.87
UBS AG                    12.75  6/24/2016    EUR    72.80
UBS AG                    12.25 12/23/2016    EUR    69.13
UBS AG                    13.00 12/23/2016    EUR    67.95
UBS AG                    11.75 12/22/2017    EUR    72.09
UBS AG                    20.25  3/29/2016    EUR    60.40
UBS AG                    13.25  3/29/2016    EUR    71.72
UBS AG                    24.25 12/29/2015    EUR    48.81
UBS AG                    12.75 12/23/2016    EUR    73.43
UBS AG                    18.75  6/24/2016    EUR    62.86
UBS AG                     8.00 12/22/2017    EUR    64.23
UBS AG                     8.75 12/22/2017    EUR    63.22
UBS AG                     4.00 12/23/2016    EUR    54.35
UBS AG                     4.50 12/23/2016    EUR    52.89
UBS AG                     5.50 12/22/2017    EUR    68.69
UBS AG                     4.75 12/22/2017    EUR    71.14
UBS AG                    12.50 12/23/2016    EUR    56.73
UBS AG                    10.25 12/22/2017    EUR    61.99
UBS AG                     9.00 12/23/2016    EUR    60.18
UBS AG                    11.75 12/22/2017    EUR    61.61
UBS AG                    10.25 12/23/2016    EUR    58.85
UBS AG                    13.00 12/22/2017    EUR    74.52
UBS AG                    18.50 12/29/2015    EUR    56.00
UBS AG                    20.00 12/29/2015    EUR    74.11
UBS AG                    12.50 12/29/2015    EUR    65.06
UBS AG                     5.75  9/25/2015    EUR    66.35
UBS AG                     4.50 12/29/2015    EUR    72.51
UBS AG                     8.00  9/25/2015    EUR    57.34
UBS AG                    22.75  9/25/2015    EUR    71.92
UBS AG                    11.00 12/29/2015    EUR    72.01
UBS AG                     5.25  9/25/2015    EUR    69.74
UBS AG                     4.50  9/25/2015    EUR    74.12
UBS AG                    20.75 12/29/2015    EUR    52.47
UBS AG                    14.50 12/29/2015    EUR    70.67
UBS AG                    12.25 12/29/2015    EUR    68.58
UBS AG                    16.50  9/25/2015    EUR    60.11
Societe Generale SA        0.50  4/30/2023    RUB    41.50
UBS AG                    13.50  9/25/2015    EUR    66.79
UBS AG                     9.50 12/29/2015    EUR    73.10
UBS AG                    19.75 12/29/2015    EUR    58.66
UBS AG                    20.50 12/29/2015    EUR    50.27
UBS AG                    19.75 12/29/2015    EUR    54.18
UBS AG                    23.00  9/25/2015    EUR    46.88
UBS AG                    22.75 12/29/2015    EUR    53.14
UBS AG                    13.50 12/29/2015    EUR    65.46
UBS AG                     6.50  9/25/2015    EUR    63.05
UBS AG                     5.25 12/29/2015    EUR    68.28
UBS AG                    24.25  9/25/2015    EUR    59.60
UBS AG                    22.75 12/29/2015    EUR    61.39
UBS AG                     5.75 12/29/2015    EUR    65.57
UBS AG                     7.75 12/29/2015    EUR    57.38
UBS AG                    12.25  9/25/2015    EUR    67.85
UBS AG                     9.75  9/25/2015    EUR    52.28
UBS AG                    18.00  9/25/2015    EUR    63.83
UBS AG                    11.25 12/29/2015    EUR    67.99
UBS AG                    10.00  9/25/2015    EUR    73.66
UBS AG                     6.50 12/29/2015    EUR    62.60
UBS AG                    14.75  9/25/2015    EUR    41.85
UBS AG                    11.75 12/29/2015    EUR    72.70
UBS AG                     7.00 12/29/2015    EUR    65.17
UBS AG                     9.75  9/25/2015    EUR    54.98
UBS AG                    24.25  9/25/2015    EUR    32.06
UBS AG                    12.75 12/29/2015    EUR    74.91
UBS AG                    22.25 12/29/2015    EUR    56.64
UBS AG                    21.25 12/29/2015    EUR    62.80
UBS AG                    18.25  9/25/2015    EUR    67.13
UBS AG                    12.00 12/29/2015    EUR    50.65
UBS AG                    23.25  9/25/2015    EUR    64.69
UBS AG                    22.25 12/29/2015    EUR    55.66
UBS AG                    24.75  9/25/2015    EUR    45.27
UBS AG                    18.00 12/29/2015    EUR    73.93
UBS AG                    23.25  9/25/2015    EUR    64.63
UBS AG                    22.50  9/25/2015    EUR    62.33
UBS AG                    19.50 12/29/2015    EUR    65.11
UBS AG                    16.50  9/25/2015    EUR    54.65
UBS AG                     5.25  9/25/2015    EUR    73.28
UBS AG                    23.50  9/25/2015    EUR    26.07
UBS AG                    22.75  9/25/2015    EUR    56.67
UBS AG                     6.25 12/29/2015    EUR    67.72
UBS AG                    17.00  9/25/2015    EUR    68.00
UBS AG                    14.00  9/25/2015    EUR    67.89
UBS AG                    11.00  9/25/2015    EUR    65.06
UBS AG                    24.50  9/25/2015    EUR    55.78
UBS AG                    21.75 12/29/2015    EUR    60.69
UBS AG                    16.25 12/29/2015    EUR    67.05
UBS AG                    15.25 12/29/2015    EUR    70.06
UBS AG                    15.25 12/29/2015    EUR    74.07
UBS AG                    18.50  9/25/2015    EUR    65.83
UBS AG                    20.00 12/29/2015    EUR    59.23
UBS AG                    24.00 12/29/2015    EUR    61.68
UBS AG                    21.50 12/29/2015    EUR    67.37
UBS AG                    23.25 12/29/2015    EUR    63.43
UBS AG                    20.00  9/25/2015    EUR    72.68
UBS AG                    17.00 12/29/2015    EUR    70.15
UBS AG                    20.75 12/29/2015    EUR    66.40
UBS AG                     5.75 12/29/2015    EUR    70.56
UBS AG                    15.00 12/29/2015    EUR    71.02
UBS AG                    17.50  9/25/2015    EUR    40.51
UBS AG                    24.25  9/25/2015    EUR    59.22
UBS AG                    12.50 12/29/2015    EUR    61.79
UBS AG                     9.50 12/29/2015    EUR    56.80
UBS AG                    23.00 12/29/2015    EUR    47.79
UBS AG                    16.50  9/25/2015    EUR    71.10
UBS AG                    11.25 12/29/2015    EUR    64.13
UBS AG                     5.25 12/29/2015    EUR    73.66
Barclays Bank PLC          4.17   1/5/2017    EUR    29.51
Barclays Bank PLC          4.17   1/5/2017    EUR    42.32
LBBW                       3.25  6/23/2017    EUR    68.04
Lehman Brothers Treas      2.50 12/15/2011    GBP     4.75
Lehman Brothers Treas      4.00 11/24/2016    EUR     4.75
Lehman Brothers Treas     11.00 12/19/2011    USD     4.75
Province of Teramo It      0.15 12/30/2030    EUR    69.69
Province of Brescia I      0.52 12/22/2036    EUR    64.53
Lehman Brothers Treas      6.00 12/30/2017    EUR     4.75
Immigon Portfolioabba      5.10   7/5/2022    EUR    47.13
Lehman Brothers Treas     13.00  7/25/2012    EUR     4.75
Lehman Brothers Treas     10.00   8/2/2037    JPY     4.75
Lehman Brothers Treas      2.50  8/23/2012    GBP     4.75
Sparebanken Din            2.41               NOK    73.94
Drangedal Sparebank        2.35               NOK    71.34
Lehman Brothers Treas      3.00  8/13/2011    EUR     4.75
Lehman Brothers Treas      6.00  9/20/2011    EUR     4.75
Lehman Brothers Treas      4.60  11/9/2011    EUR    22.25
Lehman Brothers Treas      4.80 11/16/2012    HKD     4.75
Lehman Brothers Treas      5.50 11/30/2012    CZK     4.75
Lehman Brothers Treas      6.00 10/30/2012    USD     4.75
Lehman Brothers Treas     16.00  10/8/2008    CHF     4.75
Immigon Portfolioabba      5.23  12/5/2022    EUR    45.25
Lehman Brothers Treas      3.00  12/3/2012    EUR     4.75
Lehman Brothers Treas      8.80 12/27/2009    EUR     4.75
Glitnir HF                 7.32 12/19/2012    USD    27.13
Lehman Brothers Treas     11.00 12/20/2017    AUD     4.75
Lehman Brothers Treas     11.00 12/20/2017    AUD     4.75
Immigon Portfolioabba      5.25 12/20/2022    EUR    45.13
Lehman Brothers Treas      4.00   1/4/2011    USD     4.75
Lehman Brothers Treas      0.50 12/20/2017    AUD     4.75
Lehman Brothers Treas      0.50 12/20/2017    AUD    16.25
Lehman Brothers Treas      0.50 12/20/2017    AUD     4.75
Lehman Brothers Treas      0.50 12/20/2017    AUD     4.75
Lehman Brothers Treas      0.50 12/20/2017    AUD     4.75
Lehman Brothers Treas      9.30 12/21/2010    EUR     4.75
Province of Milan Ita      0.05 12/20/2042    EUR    53.33
Lehman Brothers Treas      8.00 12/31/2010    USD     4.75
Lehman Brothers Treas      0.50 12/20/2017    USD     4.75
Lehman Brothers Treas      0.50 12/20/2017    USD     4.75
Lehman Brothers Treas      0.50 12/20/2017    USD     4.75
Lehman Brothers Treas      0.50 12/20/2017    USD     4.75
Lehman Brothers Treas      5.38   2/4/2014    USD     4.75
Lehman Brothers Treas     11.00  2/16/2009    CHF     4.75
Leonteq Securities AG      7.28  1/29/2016    EUR    73.80
LBBW                       3.55  6/23/2017    EUR    64.71
UBS AG                     8.50  3/29/2016    EUR    59.45
UBS AG                    24.00 12/29/2015    EUR    46.73
UBS AG                    19.25  3/29/2016    EUR    53.77
UBS AG                    19.75  6/24/2016    EUR    54.57
UBS AG                    18.00  6/24/2016    EUR    56.55
UBS AG                    17.50  3/29/2016    EUR    68.47
UBS AG                    10.00  3/29/2016    EUR    56.66
UBS AG                    25.00  9/25/2015    EUR    65.39
UBS AG                     4.50  6/24/2016    EUR    53.02
UBS AG                    17.50  6/24/2016    EUR    38.20
UBS AG                    21.75  3/29/2016    EUR    33.94
UBS AG                    24.50  9/25/2015    EUR    52.40
UBS AG                    24.50 12/29/2015    EUR    52.06
UBS AG                    22.00 12/29/2015    EUR    52.15
UBS AG                    19.75  3/29/2016    EUR    56.59
UBS AG                    22.50 12/29/2015    EUR    61.86
UBS AG                    11.75  6/24/2016    EUR    73.29
UBS AG                    24.75  9/25/2015    EUR    45.99
UBS AG                    23.75 12/29/2015    EUR    42.99
UBS AG                    19.75  6/24/2016    EUR    74.82
UBS AG                    22.25  3/29/2016    EUR    43.73
UBS AG                    20.00 12/29/2015    EUR    47.27
UBS AG                     6.75  3/29/2016    EUR    47.14
UBS AG                    24.50  9/25/2015    EUR    69.92
UBS AG                    22.75  9/25/2015    EUR    42.52
UBS AG                    22.50 12/29/2015    EUR    71.46
UBS AG                     6.00  3/29/2016    EUR    48.56
UBS AG                    21.25  3/29/2016    EUR    56.23
UBS AG                     8.75  3/29/2016    EUR    43.51
UBS AG                     5.00  6/24/2016    EUR    51.22
UBS AG                    25.00 12/29/2015    EUR    38.77
UBS AG                    25.00  9/25/2015    EUR    48.06
UBS AG                    14.00  3/29/2016    EUR    68.12
UBS AG                    23.00 12/29/2015    EUR    49.77
UBS AG                    12.25  6/24/2016    EUR    74.33
UBS AG                    24.25 12/29/2015    EUR    54.43
UBS AG                     6.25  6/24/2016    EUR    48.31
UBS AG                    16.50  6/24/2016    EUR    38.69
UBS AG                    13.00  6/24/2016    EUR    70.33
UBS AG                     4.75  6/24/2016    EUR    68.63
UBS AG                    14.00  6/24/2016    EUR    67.58
UBS AG                     8.50  3/29/2016    EUR    73.55
UBS AG                    21.25  3/29/2016    EUR    51.42
UBS AG                     8.50  6/24/2016    EUR    73.97
UBS AG                     7.25  6/24/2016    EUR    61.64
UBS AG                    15.50  6/24/2016    EUR    72.32
UBS AG                     6.00  6/24/2016    EUR    64.91
UBS AG                    16.75  6/24/2016    EUR    49.59
UBS AG                     4.75  3/29/2016    EUR    51.99
UBS AG                    24.50 12/29/2015    EUR    29.14
UBS AG                     6.75  6/24/2016    EUR    46.97
UBS AG                     4.25  3/29/2016    EUR    54.04
UBS AG                    21.00  3/29/2016    EUR    73.25
UBS AG                     9.50  3/29/2016    EUR    70.66
UBS AG                    13.50  6/24/2016    EUR    40.16
UBS AG                    23.50 12/29/2015    EUR    33.09
UBS AG                     5.25  3/29/2016    EUR    50.13
UBS AG                    21.75 12/29/2015    EUR    49.52
UBS AG                    22.50 12/29/2015    EUR    70.70
UBS AG                    12.50  3/29/2016    EUR    73.85
UBS AG                    23.75 12/29/2015    EUR    68.60
UBS AG                    18.75  3/29/2016    EUR    58.40
UBS AG                    11.50  6/24/2016    EUR    41.46
UBS AG                    17.25  6/24/2016    EUR    61.53
UBS AG                     4.25  3/29/2016    EUR    70.77
UBS AG                     5.50  3/29/2016    EUR    66.42
UBS AG                    13.25  3/29/2016    EUR    52.36
UBS AG                    13.00  6/24/2016    EUR    53.12
UBS AG                    12.75  3/29/2016    EUR    71.48
UBS AG                    21.50  3/29/2016    EUR    59.22
UBS AG                    23.75 12/29/2015    EUR    54.11
UBS AG                     9.50  6/24/2016    EUR    71.47
UBS AG                     7.00  3/29/2016    EUR    62.69
UBS AG                    10.25  6/24/2016    EUR    56.78
UBS AG                     8.75  6/24/2016    EUR    59.00
UBS AG                    10.25  6/24/2016    EUR    42.69
UBS AG                    11.75  6/24/2016    EUR    54.93
UBS AG                    16.25  6/24/2016    EUR    63.32
UBS AG                    11.75  3/29/2016    EUR    54.40
UBS AG                     5.75  6/24/2016    EUR    49.78
UBS AG                    13.25  6/24/2016    EUR    63.70
LBBW                       4.00  2/26/2016    EUR    51.21
LBBW                       5.00  2/26/2016    EUR    48.53
LBBW                       3.00  2/26/2016    EUR    72.13
LBBW                       4.00  2/26/2016    EUR    68.24
LBBW                       5.00  2/26/2016    EUR    65.17
UBS AG                     7.00  6/24/2016    EUR    42.68
UBS AG                    13.25 12/29/2015    EUR    52.51
UBS AG                     8.75  9/25/2015    EUR    66.17
UBS AG                    10.25  3/29/2016    EUR    48.28
UBS AG                     5.75  6/24/2016    EUR    47.88
UBS AG                     6.75  9/25/2015    EUR    44.12
UBS AG                     5.25 12/29/2015    EUR    51.57
UBS AG                     6.50  3/29/2016    EUR    37.46
UBS AG                     6.75  9/25/2015    EUR    72.55
UBS AG                     5.50  3/29/2016    EUR    51.15
UBS AG                    11.75  6/24/2016    EUR    45.76
HSBC Bank PLC              0.50  7/30/2019    IDR    65.29
Lehman Brothers Treas      0.25 10/19/2012    CHF     4.75
Lehman Brothers Treas      1.68   3/5/2015    EUR     4.75
Lehman Brothers Treas     13.50 11/28/2008    USD     4.75
Lehman Brothers Treas      9.00  5/15/2022    USD     4.75
Lehman Brothers Treas      6.75   4/5/2012    EUR     4.75
Lehman Brothers Treas      7.39   5/4/2017    USD     4.75
Lehman Brothers Treas      4.25  5/15/2010    EUR     4.75
Lehman Brothers Treas      3.35 10/13/2016    EUR     4.75
Immigon Portfolioabba      4.80   5/9/2025    EUR    33.75
Lehman Brothers Treas      6.00  5/23/2018    CZK     4.75
Notenstein Privatbank      7.40 10/31/2016    CHF    43.71
LBBW                       5.00 10/23/2015    EUR    62.70
LBBW                       3.50 10/23/2015    EUR    53.34
LBBW                       4.50 10/23/2015    EUR    49.37
LBBW                       5.50 10/23/2015    EUR    46.55
LBBW                       4.00 10/23/2015    EUR    71.22
LBBW                       5.00 10/23/2015    EUR    67.04
LBBW                       3.30 12/23/2016    EUR    54.66
UBS AG                    14.25  9/25/2015    EUR    34.18
UBS AG                    14.75 12/29/2015    EUR    73.09
UBS AG                    13.50 12/29/2015    EUR    71.31
UBS AG                     7.50  9/25/2015    EUR    45.89
UBS AG                     6.75  9/25/2015    EUR    47.87
UBS AG                     5.25  9/25/2015    EUR    52.11
UBS AG                     4.50  9/25/2015    EUR    54.71
UBS AG                     6.00  9/25/2015    EUR    50.04
UBS AG                     8.00 12/29/2015    EUR    50.56
UBS AG                     6.25 12/29/2015    EUR    63.72
UBS AG                     7.25 12/29/2015    EUR    56.39
UBS AG                     9.00 12/29/2015    EUR    50.82
UBS AG                     6.50 12/29/2015    EUR    56.20
UBS AG                     5.75 12/29/2015    EUR    63.60
UBS AG                     5.50 12/29/2015    EUR    74.87
Goldman Sachs & Co We      9.00 12/23/2015    EUR    73.24
Goldman Sachs & Co We      7.00  9/23/2015    EUR    70.78
Goldman Sachs & Co We      8.00  9/23/2015    EUR    67.29
Goldman Sachs & Co We     11.00  9/23/2015    EUR    59.02
Goldman Sachs & Co We      6.00 12/23/2015    EUR    66.31
Goldman Sachs & Co We      8.00 12/23/2015    EUR    58.60
Goldman Sachs & Co We      8.00 12/23/2015    EUR    64.82
Goldman Sachs & Co We      8.00  9/23/2015    EUR    56.09
Goldman Sachs & Co We      8.00  9/23/2015    EUR    58.58
Goldman Sachs & Co We      8.00  9/23/2015    EUR    56.36
Goldman Sachs & Co We     11.00  9/23/2015    EUR    55.85
Goldman Sachs & Co We     12.00  9/23/2015    EUR    52.41
Goldman Sachs & Co We      7.00 12/23/2015    EUR    47.34
Goldman Sachs & Co We      8.00 12/23/2015    EUR    56.96
Goldman Sachs & Co We     10.00 12/23/2015    EUR    51.79
Goldman Sachs & Co We      5.00 12/23/2015    EUR    65.01
Goldman Sachs & Co We      7.00 12/23/2015    EUR    62.44
Goldman Sachs & Co We     10.00 12/23/2015    EUR    53.57
Goldman Sachs & Co We      8.00 12/23/2015    EUR    61.63
UBS AG                     4.75 12/29/2015    EUR    72.89
UBS AG                     5.50 12/29/2015    EUR    69.04
UBS AG                     6.75 12/29/2015    EUR    62.21
Barclays Bank PLC         11.50 10/10/2018    SEK    61.21
LBBW                       3.20 11/25/2016    EUR    71.67
LBBW                       4.50  6/24/2016    EUR    41.69
Lehman Brothers Treas      8.00  3/21/2018    USD     4.75
Lehman Brothers Treas     11.75   3/1/2010    EUR     4.75
Lehman Brothers Treas      4.00  3/10/2011    EUR     4.75
Lehman Brothers Treas      7.05   4/8/2015    USD     4.75
Lehman Brothers Treas      9.50   4/1/2018    USD     4.75
Lehman Brothers Treas      6.00   3/4/2015    USD     4.75
Lehman Brothers Treas      7.15  3/21/2013    USD     4.75
Lehman Brothers Treas      7.50  2/14/2010    AUD     4.75
Lehman Brothers Treas      5.50  6/22/2010    USD    16.25
Lehman Brothers Treas     10.00 10/23/2008    USD     4.75
Glitnir HF                 5.31 12/24/2012    USD    27.13
Lehman Brothers Treas      6.60  5/23/2012    AUD     4.75
Lehman Brothers Treas      3.45  5/23/2013    USD     4.75
Lehman Brothers Treas     16.00 10/28/2008    USD     4.75
Lehman Brothers Treas      5.50  4/23/2014    EUR     4.75
Lehman Brothers Treas      5.00  2/15/2018    EUR     4.75
Lehman Brothers Treas      9.00   5/6/2011    CHF     4.75
Lehman Brothers Treas     16.00  11/9/2008    USD     4.75
Lehman Brothers Treas      9.75  6/22/2018    USD     4.75
Lehman Brothers Treas     10.00  5/22/2009    USD     4.75
Lehman Brothers Treas      4.60   8/1/2013    EUR     4.75
Lehman Brothers Treas      8.00  5/22/2009    USD     4.75
Lehman Brothers Treas     15.00   6/4/2009    CHF     4.75
Lehman Brothers Treas      7.60   3/4/2010    NZD     4.75
Lehman Brothers Treas     17.00   6/2/2009    USD     4.75
Lehman Brothers Treas     23.30  9/16/2008    USD     4.75
Lehman Brothers Treas      3.00   6/3/2010    EUR     4.75
Lehman Brothers Treas      7.25  6/20/2010    USD     4.75
Lehman Brothers Treas      7.00  9/20/2011    USD     4.75
UBS AG                    13.75  9/25/2015    EUR    54.45
UBS AG                     7.00  9/25/2015    EUR    53.92
UBS AG                     5.50  9/25/2015    EUR    62.91
UBS AG                     7.50  9/25/2015    EUR    50.33
UBS AG                     8.50  9/25/2015    EUR    43.14
UBS AG                     5.00  9/25/2015    EUR    58.07
UBS AG                     6.25  9/25/2015    EUR    58.06
UBS AG                     5.50  9/25/2015    EUR    50.33
UBS AG                     4.25  9/25/2015    EUR    58.07
UBS AG                     5.75  9/25/2015    EUR    63.01
UBS AG                     9.00  9/25/2015    EUR    54.01
UBS AG                     7.25  9/25/2015    EUR    58.16
UBS AG                    12.00  9/25/2015    EUR    71.77
UBS AG                    14.50  9/25/2015    EUR    74.45
UBS AG                    13.00  9/25/2015    EUR    74.21
UBS AG                    10.75  9/25/2015    EUR    50.40
UBS AG                    23.25  9/25/2015    EUR    63.97
UBS AG                     4.25  9/25/2015    EUR    68.71
UBS AG                    14.00 12/29/2015    EUR    68.48
UBS AG                    14.25  9/25/2015    EUR    71.13
UBS AG                    14.50  9/25/2015    EUR    44.47
DekaBank Deutsche Gir      4.05  5/13/2016    EUR    53.36
Immigon Portfolioabba      2.00  4/24/2020    EUR    52.38
UBS AG                    24.00  9/25/2015    EUR    71.24
UBS AG                    22.75 12/29/2015    EUR    43.15
UBS AG                    23.75  9/25/2015    EUR    41.54
UBS AG                    24.50  9/25/2015    EUR    44.62
Republika Srpska           1.50 12/22/2023    BAM    74.78
Lehman Brothers Treas      6.70  4/21/2011    USD     4.75
Immigon Portfolioabba      0.88  2/11/2019    EUR    59.13
Lehman Brothers Treas      3.00  9/12/2036    JPY    22.25
Lehman Brothers Treas     13.00 12/14/2012    USD     4.75
Lehman Brothers Treas      4.82 12/18/2036    EUR     4.75
Lehman Brothers Treas     10.00  6/17/2009    USD     4.75
Strommen Sparebank         2.40               NOK    46.68
Lehman Brothers Treas      0.50   6/2/2020    EUR     4.75
Lehman Brothers Treas     11.00   7/4/2011    USD     4.75
Lehman Brothers Treas     12.00   7/4/2011    EUR     4.75
Lehman Brothers Treas      5.50   7/8/2013    EUR     4.75
Lehman Brothers Treas     16.00 12/26/2008    USD     4.75
Lehman Brothers Treas     13.43   1/8/2009    ILS     4.75
Lehman Brothers Treas      0.50   7/2/2020    EUR     4.75
Lehman Brothers Treas      7.75   1/3/2012    AUD     4.75
Lehman Brothers Treas      3.10   6/4/2010    USD     4.75
Lehman Brothers Treas     13.15 10/30/2008    USD     4.75
Lehman Brothers Treas      0.50   8/1/2020    EUR     4.75
Lehman Brothers Treas      6.00   8/7/2013    EUR     4.75
Lehman Brothers Treas      6.25   9/5/2011    EUR     4.75
Lehman Brothers Treas     16.80  8/21/2009    USD     4.75
Lehman Brothers Treas      8.00 12/27/2032    JPY     4.75
Lehman Brothers Treas      1.50   2/8/2012    CHF     4.75
Immigon Portfolioabba      0.80 10/15/2019    EUR    54.25
UBS AG                     8.00 12/29/2015    EUR    56.58
UBS AG                     6.75 12/29/2015    EUR    63.85
UBS AG                     9.75 12/29/2015    EUR    46.17
Goldman Sachs & Co We     11.00 12/23/2015    EUR    48.73
Landesbank Berlin AG       5.50  10/8/2015    EUR    44.94
UBS AG                     6.00 12/29/2015    EUR    65.43
Immigon Portfolioabba      2.15  3/25/2019    EUR    63.13
DZ Bank AG Deutsche Z      3.50  9/30/2016    EUR    46.93
Immigon Portfolioabba      4.20  2/22/2033    EUR    18.38
Vontobel Financial Pr      6.95 12/11/2015    EUR    54.81
Vontobel Financial Pr      6.00  9/25/2015    EUR    53.30
Vontobel Financial Pr      7.95 12/11/2015    EUR    74.57
Vontobel Financial Pr      3.95  3/11/2016    EUR    40.96
Vontobel Financial Pr      7.05  3/11/2016    EUR    37.50
Vontobel Financial Pr      7.70 12/11/2015    EUR    35.84
Deutsche Bank AG           5.20 12/22/2015    EUR    52.80
Deutsche Bank AG           5.20 12/22/2015    EUR    74.60
Deutsche Bank AG           7.20 12/22/2015    EUR    53.30
Deutsche Bank AG           7.20  9/22/2015    EUR    50.60
UBS AG                     9.00   7/3/2017    CHF    43.04
HSBC Trinkaus & Burkh      7.00  9/25/2015    EUR    52.63
HSBC Trinkaus & Burkh      8.50  9/25/2015    EUR    36.25
HSBC Trinkaus & Burkh     11.00  9/25/2015    EUR    74.97
HSBC Trinkaus & Burkh     15.00  9/25/2015    EUR    54.04
HSBC Trinkaus & Burkh     11.00  9/25/2015    EUR    70.90
HSBC Trinkaus & Burkh     12.50  9/25/2015    EUR    58.49
HSBC Trinkaus & Burkh     11.00  9/25/2015    EUR    67.08
Vontobel Financial Pr      5.40  9/25/2015    EUR    55.72
Vontobel Financial Pr      4.35 12/28/2015    EUR    54.59
HSBC Bank PLC              0.50   5/2/2018    IDR    74.75
HSBC Bank PLC              0.50  11/9/2018    IDR    70.59
DZ Bank AG Deutsche Z      5.60 12/21/2015    EUR    64.80
Commerzbank AG             5.00  7/22/2016    EUR    68.97
Commerzbank AG             5.00  7/22/2016    EUR    67.15
DZ Bank AG Deutsche Z      6.50  9/23/2016    EUR    60.20
DZ Bank AG Deutsche Z      6.00  8/26/2016    EUR    69.96
Vontobel Financial Pr      7.00  8/26/2016    EUR    68.63
DZ Bank AG Deutsche Z      7.00  3/21/2016    EUR    69.33
DZ Bank AG Deutsche Z      8.40  3/21/2016    EUR    68.85
DZ Bank AG Deutsche Z      5.50  9/19/2016    EUR    66.88
DZ Bank AG Deutsche Z     10.00 12/21/2015    EUR    69.77
DZ Bank AG Deutsche Z      6.00 12/21/2015    EUR    65.85
Commerzbank AG             6.50  2/26/2016    EUR    54.30
Vontobel Financial Pr      7.00  3/29/2016    EUR    48.68
DZ Bank AG Deutsche Z      5.25  3/21/2016    EUR    58.90
DZ Bank AG Deutsche Z      5.50  6/20/2016    EUR    57.38
DZ Bank AG Deutsche Z      6.00  3/21/2016    EUR    46.62
DZ Bank AG Deutsche Z      6.70  9/21/2015    EUR    66.33
DZ Bank AG Deutsche Z      5.70 12/21/2015    EUR    61.37
DZ Bank AG Deutsche Z      5.60  3/21/2016    EUR    61.28
DZ Bank AG Deutsche Z      6.50 12/21/2015    EUR    74.63
DZ Bank AG Deutsche Z      7.30 12/21/2015    EUR    49.97
DZ Bank AG Deutsche Z      5.90  3/21/2016    EUR    50.96
DZ Bank AG Deutsche Z      6.70  3/21/2016    EUR    50.39
DZ Bank AG Deutsche Z      7.80  6/20/2016    EUR    50.96
DZ Bank AG Deutsche Z      5.50  6/20/2016    EUR    61.18
DZ Bank AG Deutsche Z      6.00  6/20/2016    EUR    60.44
Vontobel Financial Pr     28.60  3/29/2016    EUR    70.08
Vontobel Financial Pr     21.65  3/29/2016    EUR    73.34
Vontobel Financial Pr     24.70  3/29/2016    EUR    73.71
Vontobel Financial Pr      7.00  3/29/2016    EUR    72.96
Commerzbank AG             6.50  2/26/2016    EUR    62.64
Commerzbank AG             6.00  2/26/2016    EUR    51.49
Goldman Sachs & Co We      5.00  6/22/2016    EUR    45.66
Goldman Sachs & Co We     15.00  9/23/2015    EUR    73.20
Goldman Sachs & Co We      8.00 11/25/2015    EUR    71.84
Goldman Sachs & Co We      8.00 12/23/2015    EUR    72.41
Goldman Sachs & Co We     10.00  1/20/2016    EUR    73.65
Goldman Sachs & Co We     12.00  1/20/2016    EUR    74.29
Goldman Sachs & Co We      6.00  2/24/2016    EUR    72.83
Goldman Sachs & Co We     11.00  2/24/2016    EUR    74.93
Goldman Sachs & Co We     11.00  2/24/2016    EUR    74.93
Goldman Sachs & Co We      7.00  3/23/2016    EUR    73.69
Goldman Sachs & Co We      7.00  6/22/2016    EUR    73.38
Goldman Sachs & Co We     24.00 12/23/2015    EUR    71.94
Goldman Sachs & Co We     24.00  1/20/2016    EUR    44.04
Goldman Sachs & Co We     25.00  9/23/2015    EUR    67.41
Goldman Sachs & Co We     18.00 12/23/2015    EUR    69.27
Goldman Sachs & Co We     23.00  1/20/2016    EUR    67.43
Goldman Sachs & Co We     18.00  2/24/2016    EUR    69.88
Goldman Sachs & Co We     15.00  3/23/2016    EUR    72.21
Goldman Sachs & Co We     19.00  3/23/2016    EUR    69.38
Goldman Sachs & Co We     17.00  6/22/2016    EUR    71.03
Vontobel Financial Pr      6.20 12/18/2015    EUR    70.20
Vontobel Financial Pr      8.40 12/11/2015    EUR    69.77
Vontobel Financial Pr      7.45  3/11/2016    EUR    71.26
Vontobel Financial Pr      5.90  3/11/2016    EUR    73.21
Vontobel Financial Pr      3.00  3/18/2016    EUR    65.99
Leonteq Securities AG     10.40   3/9/2016    USD    53.48
Commerzbank AG             9.50 10/22/2015    EUR    73.65
Commerzbank AG             8.50  2/25/2016    EUR    48.57
Commerzbank AG             7.50 11/26/2015    EUR    74.09
UniCredit Bank AG          4.80  3/24/2016    EUR    69.49
UniCredit Bank AG          4.60  3/24/2016    EUR    70.03
Landesbank Hessen-Thu      4.70   7/1/2016    EUR    56.20
UniCredit Bank AG          4.50  3/24/2016    EUR    71.31
Norddeutsche Landesba      3.50   7/1/2016    EUR    72.06
UniCredit Bank AG          5.00  3/24/2016    EUR    68.95
UniCredit Bank AG          6.00  3/24/2016    EUR    74.99
Credit Suisse AG/Nass      7.00  9/16/2016    CHF    48.76
UBS AG/London              7.25   3/4/2016    CHF    74.35
HSBC Trinkaus & Burkh     12.20  9/25/2015    EUR    65.56
HSBC Trinkaus & Burkh      9.90  9/25/2015    EUR    65.53
HSBC Trinkaus & Burkh      6.30  3/25/2016    EUR    64.93
HSBC Trinkaus & Burkh      6.00  9/25/2015    EUR    58.09
HSBC Trinkaus & Burkh      4.60  9/25/2015    EUR    58.07
HSBC Trinkaus & Burkh      4.60  3/25/2016    EUR    57.42
HSBC Trinkaus & Burkh      3.20  3/25/2016    EUR    56.71
HSBC Trinkaus & Burkh      7.10 12/28/2015    EUR    45.32
HSBC Trinkaus & Burkh      5.90  3/25/2016    EUR    46.47
HSBC Trinkaus & Burkh     11.10  9/25/2015    EUR    74.06
HSBC Trinkaus & Burkh      8.50  9/25/2015    EUR    74.02
HSBC Trinkaus & Burkh      7.80  3/25/2016    EUR    74.35
Leonteq Securities AG      9.00  3/16/2016    EUR    72.88
UniCredit Bank AG          4.00   7/4/2016    EUR    66.70
UniCredit Bank AG          6.21   7/4/2016    EUR    64.19
UniCredit Bank AG          6.00   7/4/2016    EUR    66.51
DZ Bank AG Deutsche Z      4.40  9/21/2015    EUR    67.92
DZ Bank AG Deutsche Z      4.20 12/21/2015    EUR    62.45
DZ Bank AG Deutsche Z      5.80  3/21/2016    EUR    59.67
DZ Bank AG Deutsche Z      7.90  9/21/2015    EUR    53.86
Credit Suisse AG/Nass      7.25  9/19/2016    EUR    68.56
DZ Bank AG Deutsche Z      8.25  6/24/2016    EUR    65.17
DZ Bank AG Deutsche Z      6.50 12/28/2015    EUR    70.19
DZ Bank AG Deutsche Z      6.75  3/29/2016    EUR    71.86
DZ Bank AG Deutsche Z      5.50  6/24/2016    EUR    74.65
DZ Bank AG Deutsche Z      7.75  6/24/2016    EUR    45.58
DZ Bank AG Deutsche Z      6.75 12/28/2015    EUR    71.05
DZ Bank AG Deutsche Z      7.00  6/24/2016    EUR    73.21
DZ Bank AG Deutsche Z      6.25 12/28/2015    EUR    66.64
DZ Bank AG Deutsche Z      6.75  3/29/2016    EUR    68.41
DZ Bank AG Deutsche Z      7.00  6/24/2016    EUR    68.26
Vontobel Financial Pr      9.00  6/24/2016    EUR    59.23
Vontobel Financial Pr      4.35  6/24/2016    EUR    63.76
Vontobel Financial Pr      8.95  3/29/2016    EUR    59.85
Vontobel Financial Pr      3.75  3/29/2016    EUR    65.74
Vontobel Financial Pr     10.65 12/28/2015    EUR    58.16
Vontobel Financial Pr     13.85  9/25/2015    EUR    57.13
Vontobel Financial Pr     10.80  6/24/2016    EUR    50.23
Vontobel Financial Pr     11.10  3/29/2016    EUR    49.55
Vontobel Financial Pr      6.65  6/24/2016    EUR    52.71
Vontobel Financial Pr      6.15  3/29/2016    EUR    52.88
Vontobel Financial Pr     11.50  9/25/2015    EUR    74.57
Goldman Sachs & Co We     23.00 12/23/2015    EUR    73.40
Goldman Sachs & Co We     21.00  1/20/2016    EUR    74.53
Goldman Sachs & Co We     18.00  3/23/2016    EUR    74.56
Goldman Sachs & Co We      5.00  4/20/2016    EUR    66.78
Goldman Sachs & Co We      7.00  4/20/2016    EUR    63.46
Goldman Sachs & Co We      9.00  4/20/2016    EUR    60.61
Goldman Sachs & Co We     12.00  4/20/2016    EUR    58.78
Goldman Sachs & Co We     19.00  4/20/2016    EUR    56.84
Goldman Sachs & Co We      5.00  9/21/2016    EUR    65.60
Goldman Sachs & Co We      7.00  9/21/2016    EUR    63.42
Goldman Sachs & Co We      9.00  9/21/2016    EUR    61.67
Goldman Sachs & Co We     16.00  9/21/2016    EUR    59.70
Goldman Sachs & Co We     13.00  9/21/2016    EUR    59.36
Goldman Sachs & Co We      5.00  4/20/2016    EUR    56.96
Goldman Sachs & Co We      6.00  4/20/2016    EUR    55.04
Goldman Sachs & Co We      7.00  4/20/2016    EUR    53.32
Goldman Sachs & Co We     15.00  4/20/2016    EUR    48.91
Goldman Sachs & Co We      8.00  4/20/2016    EUR    51.79
Goldman Sachs & Co We     19.00  4/20/2016    EUR    48.44
Goldman Sachs & Co We      5.00  9/21/2016    EUR    56.91
Goldman Sachs & Co We      6.00  9/21/2016    EUR    55.62
Goldman Sachs & Co We      7.00  9/21/2016    EUR    54.46
Goldman Sachs & Co We      8.00  9/21/2016    EUR    53.47
Goldman Sachs & Co We     10.00  9/21/2016    EUR    51.90
Goldman Sachs & Co We     14.00  9/21/2016    EUR    51.44
Goldman Sachs & Co We     16.00  9/21/2016    EUR    52.15
Goldman Sachs & Co We     14.00  4/20/2016    EUR    73.46
Goldman Sachs & Co We     18.00  4/20/2016    EUR    71.28
Goldman Sachs & Co We     14.00  9/21/2016    EUR    74.78
Goldman Sachs & Co We     15.00  4/20/2016    EUR    73.38
Goldman Sachs & Co We     19.00  4/20/2016    EUR    70.86
Goldman Sachs & Co We     15.00  9/21/2016    EUR    73.30
DZ Bank AG Deutsche Z      5.25  3/29/2016    EUR    74.01
DZ Bank AG Deutsche Z      4.40 12/21/2015    EUR    63.70
DZ Bank AG Deutsche Z      4.80  3/21/2016    EUR    62.64
DZ Bank AG Deutsche Z      6.00 12/21/2015    EUR    54.17
DZ Bank AG Deutsche Z      4.50 12/21/2015    EUR    53.80
DZ Bank AG Deutsche Z      6.00  3/21/2016    EUR    55.53
DZ Bank AG Deutsche Z      4.75  3/21/2016    EUR    54.91
DZ Bank AG Deutsche Z      6.75  6/20/2016    EUR    54.80
DZ Bank AG Deutsche Z      5.50  6/20/2016    EUR    53.87
DZ Bank AG Deutsche Z      7.00  6/20/2016    EUR    73.85
DZ Bank AG Deutsche Z      7.00 12/21/2015    EUR    72.69
DZ Bank AG Deutsche Z      7.25  3/21/2016    EUR    73.49
DZ Bank AG Deutsche Z      7.00  6/20/2016    EUR    74.71
DZ Bank AG Deutsche Z      6.50 12/21/2015    EUR    66.45
DZ Bank AG Deutsche Z      6.75  3/21/2016    EUR    68.14
DZ Bank AG Deutsche Z      7.25  6/20/2016    EUR    68.26
Zurcher Kantonalbank       7.93  3/29/2016    EUR    72.54
LBBW                       3.00  8/26/2016    EUR    71.16
LBBW                       4.00  8/26/2016    EUR    70.05
LBBW                       5.00  8/26/2016    EUR    69.49
LBBW                       3.00  8/26/2016    EUR    67.81
LBBW                       4.00  8/26/2016    EUR    66.75
LBBW                       5.00  8/26/2016    EUR    65.77
Vontobel Financial Pr     21.40  9/23/2016    EUR    71.33
Vontobel Financial Pr      9.00 12/23/2016    EUR    71.37
Vontobel Financial Pr      7.10 12/23/2016    EUR    72.10
Vontobel Financial Pr     11.15 12/23/2016    EUR    71.18
Vontobel Financial Pr     13.30 12/23/2016    EUR    71.19
Vontobel Financial Pr      9.80  6/24/2016    EUR    63.52
Vontobel Financial Pr      9.35  9/23/2016    EUR    65.25
Vontobel Financial Pr      6.65 12/23/2016    EUR    67.90
UBS AG                     5.50  9/23/2016    EUR    72.02
Vontobel Financial Pr      8.50  3/29/2016    EUR    67.88
Vontobel Financial Pr     13.55  6/24/2016    EUR    74.24
Vontobel Financial Pr      8.45  9/23/2016    EUR    68.45
Vontobel Financial Pr      7.55 12/23/2016    EUR    68.84
Vontobel Financial Pr     10.20 12/23/2016    EUR    66.75
Goldman Sachs & Co We      5.00  7/20/2016    EUR    74.68
Goldman Sachs & Co We      8.00  9/21/2016    EUR    73.20
Goldman Sachs & Co We      7.00 12/21/2016    EUR    73.68
Goldman Sachs & Co We     23.00 12/23/2015    EUR    62.94
Goldman Sachs & Co We      8.00  4/20/2016    EUR    67.66
Goldman Sachs & Co We      7.00  6/22/2016    EUR    69.10
Goldman Sachs & Co We     21.00  3/23/2016    EUR    64.58
Goldman Sachs & Co We     16.00  3/23/2016    EUR    64.95
Goldman Sachs & Co We     22.00  6/22/2016    EUR    66.15
Goldman Sachs & Co We      7.00  7/20/2016    EUR    69.47
Goldman Sachs & Co We     20.00  7/20/2016    EUR    66.15
Goldman Sachs & Co We     21.00  8/24/2016    EUR    66.82
UBS AG                     5.50  6/24/2016    EUR    71.33
DZ Bank AG Deutsche Z      6.00 12/23/2016    EUR    72.59
DZ Bank AG Deutsche Z      7.50  6/24/2016    EUR    69.94
DZ Bank AG Deutsche Z     11.25  6/24/2016    EUR    74.69
WGZ-Bank AG Westdeuts      6.50  9/29/2016    EUR    74.15
DZ Bank AG Deutsche Z      7.30  3/21/2016    EUR    74.42
DZ Bank AG Deutsche Z      5.70  6/20/2016    EUR    74.29
DZ Bank AG Deutsche Z      6.70  6/20/2016    EUR    73.82
DZ Bank AG Deutsche Z      5.00  9/19/2016    EUR    74.40
DZ Bank AG Deutsche Z      5.80  9/19/2016    EUR    74.02
DZ Bank AG Deutsche Z      6.50 12/19/2016    EUR    74.86
Zurcher Kantonalbank       6.82  2/19/2016    EUR    49.33
Bank Julius Baer & Co      8.40  2/19/2016    EUR    67.85
Leonteq Securities AG     11.80  2/17/2016    USD    58.74
DZ Bank AG Deutsche Z     14.00  9/25/2015    EUR    63.72
DZ Bank AG Deutsche Z      9.75 12/28/2015    EUR    63.07
DZ Bank AG Deutsche Z      5.25  2/26/2016    EUR    68.93
DZ Bank AG Deutsche Z      9.50  2/26/2016    EUR    64.34
DZ Bank AG Deutsche Z      7.50  3/29/2016    EUR    64.06
DZ Bank AG Deutsche Z      9.25  6/24/2016    EUR    64.55
DZ Bank AG Deutsche Z      7.00  2/26/2016    EUR    56.43
DZ Bank AG Deutsche Z     11.50  2/26/2016    EUR    53.04
DZ Bank AG Deutsche Z      6.75  3/29/2016    EUR    72.98
DZ Bank AG Deutsche Z      6.50  6/24/2016    EUR    71.50
DZ Bank AG Deutsche Z      5.75  3/29/2016    EUR    50.96
DZ Bank AG Deutsche Z      7.25 12/28/2015    EUR    63.80
DZ Bank AG Deutsche Z      8.00  6/24/2016    EUR    62.75
DZ Bank AG Deutsche Z      6.75  6/24/2016    EUR    48.97
Vontobel Financial Pr     15.30  9/25/2015    EUR    49.26
Vontobel Financial Pr     12.15 12/28/2015    EUR    50.79
JP Morgan Structured       5.70  2/18/2016    EUR    56.19
Vontobel Financial Pr     14.20  9/25/2015    EUR    71.92
Vontobel Financial Pr     11.55 12/28/2015    EUR    71.75
DZ Bank AG Deutsche Z      7.00  9/21/2015    EUR    66.02
DZ Bank AG Deutsche Z      6.50 12/21/2015    EUR    61.17
DZ Bank AG Deutsche Z      6.50  3/21/2016    EUR    62.46
DZ Bank AG Deutsche Z      5.90  9/21/2015    EUR    74.81
DZ Bank AG Deutsche Z      5.10 12/21/2015    EUR    68.61
DZ Bank AG Deutsche Z      7.30 12/21/2015    EUR    65.69
DZ Bank AG Deutsche Z      6.50  3/21/2016    EUR    66.65
DZ Bank AG Deutsche Z      3.00 12/18/2015    EUR    73.10
DekaBank Deutsche Gir      5.30 12/22/2015    EUR    68.55
Vontobel Financial Pr      5.50 12/28/2015    EUR    61.01
Vontobel Financial Pr      5.65  9/25/2015    EUR    61.36
Vontobel Financial Pr      7.50  3/29/2016    EUR    46.71
Vontobel Financial Pr      5.50  3/29/2016    EUR    74.40
Goldman Sachs & Co We      5.00 11/25/2015    EUR    48.28
Goldman Sachs & Co We      6.00 11/25/2015    EUR    71.20
Goldman Sachs & Co We     25.00 11/25/2015    EUR    72.99
UBS AG/London             10.75  2/18/2016    CHF    59.84
UBS AG/London             13.50  2/18/2016    CHF    54.59
Vontobel Financial Pr     12.00 10/23/2015    EUR    59.76
Landesbank Hessen-Thu      4.70  6/20/2016    EUR    67.20
Vontobel Financial Pr     11.45 12/28/2015    EUR    68.03
Vontobel Financial Pr     14.20  9/25/2015    EUR    67.93
Bank Julius Baer & Co     10.00  2/26/2016    EUR    73.25
HSBC Trinkaus & Burkh      8.00  9/25/2015    EUR    67.94
HSBC Trinkaus & Burkh      7.10 12/28/2015    EUR    66.52
HSBC Trinkaus & Burkh      6.80  3/25/2016    EUR    67.42
HSBC Trinkaus & Burkh      9.50  6/24/2016    EUR    63.90
HSBC Trinkaus & Burkh      6.00  6/24/2016    EUR    67.21
HSBC Trinkaus & Burkh     11.60 11/27/2015    EUR    61.68
HSBC Trinkaus & Burkh      9.90  2/26/2016    EUR    63.56
HSBC Trinkaus & Burkh      8.50  9/25/2015    EUR    56.81
HSBC Trinkaus & Burkh      7.80 12/28/2015    EUR    54.22
HSBC Trinkaus & Burkh     12.20  3/25/2016    EUR    51.66
HSBC Trinkaus & Burkh     10.20  6/24/2016    EUR    53.18
HSBC Trinkaus & Burkh      6.40  6/24/2016    EUR    56.71
HSBC Trinkaus & Burkh      6.20 10/23/2015    EUR    55.17
HSBC Trinkaus & Burkh     12.60 11/27/2015    EUR    49.79
HSBC Trinkaus & Burkh      6.10 11/27/2015    EUR    55.51
HSBC Trinkaus & Burkh      6.00  1/22/2016    EUR    56.37
HSBC Trinkaus & Burkh     10.90  2/26/2016    EUR    52.09
HSBC Trinkaus & Burkh      6.00  2/26/2016    EUR    56.81
HSBC Trinkaus & Burkh     19.00  9/25/2015    EUR    66.70
HSBC Trinkaus & Burkh     14.80 12/28/2015    EUR    67.66
HSBC Trinkaus & Burkh     12.60  3/25/2016    EUR    69.81
HSBC Trinkaus & Burkh     10.20 11/27/2015    EUR    72.08
HSBC Trinkaus & Burkh      9.10  2/26/2016    EUR    73.90
HSBC Trinkaus & Burkh     19.60  9/25/2015    EUR    65.52
HSBC Trinkaus & Burkh     15.20 12/28/2015    EUR    66.95
HSBC Trinkaus & Burkh     12.80  3/25/2016    EUR    69.09
HSBC Trinkaus & Burkh     11.20  3/25/2016    EUR    70.84
HSBC Trinkaus & Burkh     11.50 11/27/2015    EUR    70.03
HSBC Trinkaus & Burkh      9.90  2/26/2016    EUR    71.82
HSBC Trinkaus & Burkh     12.30 10/23/2015    EUR    74.22
DZ Bank AG Deutsche Z      7.00  2/26/2016    EUR    57.22
DZ Bank AG Deutsche Z      5.00  2/26/2016    EUR    70.06
Vontobel Financial Pr      7.50  3/29/2016    EUR    74.86
Vontobel Financial Pr      8.30  3/29/2016    EUR    64.92
DZ Bank AG Deutsche Z      6.25  3/21/2016    EUR    60.14
DZ Bank AG Deutsche Z      7.00  6/20/2016    EUR    59.19
DZ Bank AG Deutsche Z      6.25  6/20/2016    EUR    58.63
DZ Bank AG Deutsche Z      6.50  6/20/2016    EUR    48.71
DZ Bank AG Deutsche Z      7.50  6/20/2016    EUR    49.45
DZ Bank AG Deutsche Z      7.40  9/21/2015    EUR    69.69
DZ Bank AG Deutsche Z      6.00  3/21/2016    EUR    64.25
DZ Bank AG Deutsche Z      5.40  6/20/2016    EUR    65.66
DZ Bank AG Deutsche Z      6.30  6/20/2016    EUR    64.46
DZ Bank AG Deutsche Z      6.80  6/20/2016    EUR    63.66
DZ Bank AG Deutsche Z      6.90  6/20/2016    EUR    54.68
DZ Bank AG Deutsche Z      7.90  6/20/2016    EUR    53.79
DZ Bank AG Deutsche Z      8.60  6/20/2016    EUR    53.29
DZ Bank AG Deutsche Z      4.00 12/18/2015    EUR    70.62
Bank Julius Baer & Co     12.90   3/4/2016    USD    57.50
Bank Julius Baer & Co     11.50   3/4/2016    USD    50.60
HSBC Trinkaus & Burkh      6.80  3/25/2016    EUR    64.92
HSBC Trinkaus & Burkh      6.00  6/24/2016    EUR    65.44
HSBC Trinkaus & Burkh      8.10  3/25/2016    EUR    53.63
HSBC Trinkaus & Burkh      7.00  6/24/2016    EUR    55.16
HSBC Trinkaus & Burkh     20.20  9/25/2015    EUR    73.33
HSBC Trinkaus & Burkh     15.10 12/28/2015    EUR    75.00
HSBC Trinkaus & Burkh     15.60  9/25/2015    EUR    70.98
HSBC Trinkaus & Burkh     11.00  3/25/2016    EUR    73.13
HSBC Trinkaus & Burkh     22.50  9/25/2015    EUR    59.04
HSBC Trinkaus & Burkh     15.80  9/25/2015    EUR    63.15
HSBC Trinkaus & Burkh     16.90 12/28/2015    EUR    61.12
HSBC Trinkaus & Burkh     12.60 12/28/2015    EUR    64.02
HSBC Trinkaus & Burkh     14.20  3/25/2016    EUR    63.64
HSBC Trinkaus & Burkh     10.90  3/25/2016    EUR    66.00
HSBC Trinkaus & Burkh     11.20 11/27/2015    EUR    64.95
HSBC Trinkaus & Burkh      6.00 12/28/2015    EUR    57.92
HSBC Trinkaus & Burkh      5.10 12/28/2015    EUR    57.68
Vontobel Financial Pr      4.95 12/28/2015    EUR    60.80
Vontobel Financial Pr      5.50  9/25/2015    EUR    61.50
DZ Bank AG Deutsche Z      3.90 12/11/2015    EUR    61.56
DZ Bank AG Deutsche Z      4.60 12/11/2015    EUR    60.41
Vontobel Financial Pr      5.80 12/28/2015    EUR    40.60
DZ Bank AG Deutsche Z      6.50 12/11/2015    EUR    57.20
HSBC Trinkaus & Burkh     10.80  9/25/2015    EUR    65.00
HSBC Trinkaus & Burkh      7.10  9/25/2015    EUR    72.15
HSBC Trinkaus & Burkh      8.80 10/23/2015    EUR    67.87
HSBC Trinkaus & Burkh      6.00 12/28/2015    EUR    28.72
HSBC Trinkaus & Burkh      6.00 12/28/2015    EUR    67.59
HSBC Trinkaus & Burkh      6.90 10/23/2015    EUR    58.15
HSBC Trinkaus & Burkh      6.40 12/28/2015    EUR    59.09
HSBC Trinkaus & Burkh      6.00 12/28/2015    EUR    36.53
HSBC Trinkaus & Burkh      8.00 10/23/2015    EUR    38.42
HSBC Trinkaus & Burkh      7.40 12/28/2015    EUR    39.69
HSBC Trinkaus & Burkh      6.00 12/28/2015    EUR    22.26
HSBC Trinkaus & Burkh      6.00 12/28/2015    EUR    56.83
HSBC Trinkaus & Burkh     11.50  9/25/2015    EUR    65.76
HSBC Trinkaus & Burkh      7.90 10/23/2015    EUR    70.22
HSBC Trinkaus & Burkh      6.00 12/28/2015    EUR    52.39
HSBC Trinkaus & Burkh      7.30 10/23/2015    EUR    57.09
Leonteq Securities AG      5.99  9/11/2017    EUR    44.12
Vontobel Financial Pr      9.10 12/11/2015    EUR    55.43
Vontobel Financial Pr      5.65  3/11/2016    EUR    57.62
Vontobel Financial Pr      6.45 12/11/2015    EUR    58.77
Vontobel Financial Pr      4.10 12/11/2015    EUR    62.73
Vontobel Financial Pr      7.00 12/11/2015    EUR    39.23
BNP Paribas Emissions      5.10 10/21/2015    EUR    37.14
Leonteq Securities AG     13.00 12/15/2015    CHF    67.10
Leonteq Securities AG     12.00 12/15/2015    CHF    52.51
Leonteq Securities AG      8.00 12/15/2015    CHF    63.99
Leonteq Securities AG     13.60 12/15/2015    USD    66.93
DZ Bank AG Deutsche Z      4.00  9/22/2015    EUR    66.95
Credit Suisse AG/Nass      8.00  3/16/2016    USD    56.96
UBS AG/London              4.30 12/23/2015    EUR    63.23
UBS AG/London              4.60 10/21/2015    EUR    62.74
UBS AG/London              3.30 10/21/2015    EUR    65.79
UBS AG/London              3.20 12/23/2015    EUR    65.95
Commerzbank AG             4.00  9/23/2015    EUR    58.29
BNP Paribas Emissions      3.50  9/24/2015    EUR    69.25
BNP Paribas Emissions      6.00  9/24/2015    EUR    62.35
BNP Paribas Emissions      3.75 12/24/2015    EUR    66.52
BNP Paribas Emissions      5.75 12/24/2015    EUR    60.62
BNP Paribas Emissions      7.50  9/24/2015    EUR    66.93
BNP Paribas Emissions      3.75 12/24/2015    EUR    73.90
BNP Paribas Emissions      7.00 12/24/2015    EUR    66.20
BNP Paribas Emissions      8.50 12/24/2015    EUR    73.93
Vontobel Financial Pr      6.80  9/25/2015    EUR    36.03
DZ Bank AG Deutsche Z     10.25  9/25/2015    EUR    68.80
Goldman Sachs & Co We      7.00 10/21/2015    EUR    60.29
Goldman Sachs & Co We      4.00 10/21/2015    EUR    65.00
Goldman Sachs & Co We     10.00 10/21/2015    EUR    56.27
Goldman Sachs & Co We     13.00 10/21/2015    EUR    52.81
Goldman Sachs & Co We      4.00  3/23/2016    EUR    65.99
Goldman Sachs & Co We      8.00  3/23/2016    EUR    59.42
Goldman Sachs & Co We      6.00  3/23/2016    EUR    62.46
Goldman Sachs & Co We     10.00  3/23/2016    EUR    56.84
Goldman Sachs & Co We      5.00 10/21/2015    EUR    42.12
Goldman Sachs & Co We      6.00 10/21/2015    EUR    40.64
Goldman Sachs & Co We     10.00 10/21/2015    EUR    36.91
Goldman Sachs & Co We     13.00 10/21/2015    EUR    34.89
Goldman Sachs & Co We      5.00  3/23/2016    EUR    44.27
Goldman Sachs & Co We      6.00  3/23/2016    EUR    43.24
Goldman Sachs & Co We      8.00  3/23/2016    EUR    41.46
Goldman Sachs & Co We      8.00  3/23/2016    EUR    40.19
Goldman Sachs & Co We     10.00  3/23/2016    EUR    38.93
DZ Bank AG Deutsche Z      5.70 12/11/2015    EUR    58.43
BNP Paribas Emissions      5.25  9/24/2015    EUR    58.24
BNP Paribas Emissions      6.25  9/24/2015    EUR    39.78
BNP Paribas Emissions      5.25 12/24/2015    EUR    57.62
BNP Paribas Emissions      6.00 12/24/2015    EUR    38.11
HSBC Trinkaus & Burkh      7.60 10/23/2015    EUR    54.55
HSBC Trinkaus & Burkh     10.20 10/23/2015    EUR    64.63
HSBC Trinkaus & Burkh     16.20  9/25/2015    EUR    71.40
HSBC Trinkaus & Burkh      7.80  9/25/2015    EUR    71.46
Vontobel Financial Pr      6.95 12/28/2015    EUR    38.29
Vontobel Financial Pr      6.25 12/28/2015    EUR    67.00
Vontobel Financial Pr      7.45  9/25/2015    EUR    65.11
Goldman Sachs & Co We      6.00 10/21/2015    EUR    60.21
Goldman Sachs & Co We      7.00  3/23/2016    EUR    58.92
Goldman Sachs & Co We      7.00 10/21/2015    EUR    39.28
Goldman Sachs & Co We      8.00 10/21/2015    EUR    38.01
Goldman Sachs & Co We      7.00  3/23/2016    EUR    40.94
Goldman Sachs & Co We      5.00 10/21/2015    EUR    55.92
Goldman Sachs & Co We      7.00 10/21/2015    EUR    56.08
Goldman Sachs & Co We      8.00 10/21/2015    EUR    56.16
Goldman Sachs & Co We      5.00  3/23/2016    EUR    57.69
Goldman Sachs & Co We      6.00  3/23/2016    EUR    58.19
Goldman Sachs & Co We      7.00  3/23/2016    EUR    58.69
Goldman Sachs & Co We      5.00 10/21/2015    EUR    36.74
Goldman Sachs & Co We      6.00 10/21/2015    EUR    36.81
Goldman Sachs & Co We      7.00 10/21/2015    EUR    36.89
Goldman Sachs & Co We      8.00 10/21/2015    EUR    36.97
Goldman Sachs & Co We      9.00 10/21/2015    EUR    37.05
Goldman Sachs & Co We      9.00 10/21/2015    EUR    37.05
Goldman Sachs & Co We      9.00 10/21/2015    EUR    37.05
Goldman Sachs & Co We      5.00  3/23/2016    EUR    38.79
Goldman Sachs & Co We      6.00  3/23/2016    EUR    39.28
Goldman Sachs & Co We      7.00  3/23/2016    EUR    39.78
Goldman Sachs & Co We      7.00  3/23/2016    EUR    39.78
Goldman Sachs & Co We      8.00  3/23/2016    EUR    40.28
Goldman Sachs & Co We      8.00  3/23/2016    EUR    40.28
Goldman Sachs & Co We      8.00  3/23/2016    EUR    40.28
Bank Julius Baer & Co      8.20  9/23/2015    CHF    45.70
Vontobel Financial Pr      6.15 12/28/2015    EUR    56.96
Vontobel Financial Pr      8.10 12/28/2015    EUR    36.32
Vontobel Financial Pr      9.45  9/25/2015    EUR    35.36
Commerzbank AG             9.00  2/25/2016    EUR    60.98
Goldman Sachs & Co We     13.00 12/23/2015    EUR    73.63
Goldman Sachs & Co We     14.00 11/25/2015    EUR    72.82
Goldman Sachs & Co We     25.00 12/23/2015    EUR    66.24
Goldman Sachs & Co We     12.00  1/20/2016    EUR    74.28
Goldman Sachs & Co We     20.00  1/20/2016    EUR    68.82
Goldman Sachs & Co We     21.00  2/24/2016    EUR    68.78
Goldman Sachs & Co We     14.00  6/22/2016    EUR    73.40
DekaBank Deutsche Gir      2.50  2/24/2017    EUR    66.46
Vontobel Financial Pr      7.25 12/28/2015    EUR    66.27
Vontobel Financial Pr      5.15 12/28/2015    EUR    65.72
Societe Generale Effe      3.09 12/29/2015    EUR    70.75
Societe Generale Effe      4.75 12/29/2015    EUR    66.72
Societe Generale Effe      3.85   1/6/2016    EUR    72.15
Societe Generale Effe      5.43   1/6/2016    EUR    67.61
Societe Generale Effe      6.22  6/24/2016    EUR    69.23
Societe Generale Effe      8.22  6/24/2016    EUR    67.10
Societe Generale Effe      6.96   7/7/2016    EUR    69.36
Societe Generale Effe      8.90   7/7/2016    EUR    67.11
Societe Generale Effe      3.44 12/29/2015    EUR    73.48
Societe Generale Effe      4.25   1/6/2016    EUR    74.50
Societe Generale Effe      4.42  6/24/2016    EUR    74.22
Societe Generale Effe      6.09  6/24/2016    EUR    71.55
Societe Generale Effe      6.87   7/7/2016    EUR    72.65
Societe Generale Effe      4.00 12/29/2015    EUR    56.43
Societe Generale Effe      5.65 12/29/2015    EUR    54.00
Societe Generale Effe      4.75   1/6/2016    EUR    57.46
Societe Generale Effe      6.34   1/6/2016    EUR    54.95
Societe Generale Effe      7.36  6/24/2016    EUR    57.46
Societe Generale Effe      9.29  6/24/2016    EUR    56.18
Societe Generale Effe      8.11   7/7/2016    EUR    57.47
Societe Generale Effe     10.00   7/7/2016    EUR    55.85
Commerzbank AG             3.50  2/25/2016    EUR    68.90
Commerzbank AG             4.50  2/25/2016    EUR    67.65
Commerzbank AG             5.25  2/25/2016    EUR    66.31
Commerzbank AG             6.25  2/25/2016    EUR    65.18
Commerzbank AG             7.25  2/25/2016    EUR    64.09
Commerzbank AG             8.25  2/25/2016    EUR    63.01
Commerzbank AG             9.25  2/25/2016    EUR    62.03
Commerzbank AG             8.50  2/25/2016    EUR    74.66
Commerzbank AG             3.25  2/25/2016    EUR    59.85
Commerzbank AG             3.75  2/25/2016    EUR    58.35
Commerzbank AG             4.75  2/25/2016    EUR    57.17
Commerzbank AG             5.50  2/25/2016    EUR    55.94
Commerzbank AG             6.50  2/25/2016    EUR    54.92
Commerzbank AG             7.25  2/25/2016    EUR    53.86
Commerzbank AG             8.25  2/25/2016    EUR    52.96
Commerzbank AG             9.50  2/25/2016    EUR    52.25
Commerzbank AG            10.50  2/25/2016    EUR    51.47
Commerzbank AG            11.25  2/25/2016    EUR    71.46
Commerzbank AG             8.25  2/25/2016    EUR    74.05
Commerzbank AG            10.00  2/25/2016    EUR    71.17
Commerzbank AG            12.25  2/25/2016    EUR    68.82
Commerzbank AG             7.00  2/25/2016    EUR    48.31
Commerzbank AG            10.00  2/25/2016    EUR    46.10
Vontobel Financial Pr      4.15  3/29/2016    EUR    59.54
EFG International Fin      7.20  2/25/2019    EUR    62.76
DZ Bank AG Deutsche Z      7.50  6/24/2016    EUR    60.33
DZ Bank AG Deutsche Z      6.00 12/28/2015    EUR    74.49
DZ Bank AG Deutsche Z     16.00  9/25/2015    EUR    67.29
DZ Bank AG Deutsche Z      8.00  9/25/2015    EUR    66.92
DZ Bank AG Deutsche Z     11.00  9/25/2015    EUR    60.42
DZ Bank AG Deutsche Z      5.25 12/28/2015    EUR    62.60
DZ Bank AG Deutsche Z      5.00  3/29/2016    EUR    62.77
DZ Bank AG Deutsche Z      5.00  6/24/2016    EUR    62.03
DZ Bank AG Deutsche Z      7.75  9/25/2015    EUR    56.12
DZ Bank AG Deutsche Z     16.00  9/25/2015    EUR    50.24
DZ Bank AG Deutsche Z     14.00  9/25/2015    EUR    42.49
DZ Bank AG Deutsche Z     15.50  9/25/2015    EUR    71.39
DZ Bank AG Deutsche Z      6.75 12/28/2015    EUR    53.19
DZ Bank AG Deutsche Z      5.50  3/29/2016    EUR    54.09
DZ Bank AG Deutsche Z      5.75  6/24/2016    EUR    53.48
DZ Bank AG Deutsche Z     12.00  9/25/2015    EUR    74.57
DekaBank Deutsche Gir      3.05  2/25/2019    EUR    70.44
BNP Paribas Emissions      7.00 10/22/2015    EUR    73.56
BNP Paribas Emissions     10.00 10/22/2015    EUR    69.24
BNP Paribas Emissions      8.00  3/24/2016    EUR    69.96
BNP Paribas Emissions     13.00  3/24/2016    EUR    65.18
BNP Paribas Emissions      9.00  9/22/2016    EUR    68.58
BNP Paribas Emissions      7.50  3/24/2016    EUR    55.77
BNP Paribas Emissions      9.00  3/24/2016    EUR    54.21
BNP Paribas Emissions      5.50  6/23/2016    EUR    58.96
BNP Paribas Emissions      7.00  6/23/2016    EUR    57.51
BNP Paribas Emissions      5.50  9/22/2016    EUR    60.03
BNP Paribas Emissions      7.50  9/22/2016    EUR    57.20
BNP Paribas Emissions      6.00 12/22/2016    EUR    59.14
BNP Paribas Emissions      8.00 12/22/2016    EUR    57.27
BNP Paribas Emissions      6.00  3/24/2016    EUR    57.54
BNP Paribas Emissions      5.50 10/22/2015    EUR    57.98
BNP Paribas Emissions      9.50 10/22/2015    EUR    52.83
BNP Paribas Emissions     12.00 10/22/2015    EUR    50.67
BNP Paribas Emissions     15.00 10/22/2015    EUR    48.75
BNP Paribas Emissions     18.00 10/22/2015    EUR    47.01
BNP Paribas Emissions      5.50 12/24/2015    EUR    58.81
BNP Paribas Emissions      7.00 12/24/2015    EUR    56.37
BNP Paribas Emissions     18.00 12/24/2015    EUR    48.29
BNP Paribas Emissions     19.00 10/22/2015    EUR    71.76
BNP Paribas Emissions     16.00 12/24/2015    EUR    74.30
BNP Paribas Emissions     16.00 10/22/2015    EUR    73.36
BNP Paribas Emissions     16.00 12/24/2015    EUR    73.21
BNP Paribas Emissions      5.00 10/22/2015    EUR    70.64
BNP Paribas Emissions      6.50 10/22/2015    EUR    67.79
BNP Paribas Emissions     16.00 10/22/2015    EUR    72.01
BNP Paribas Emissions     18.00 10/22/2015    EUR    70.00
BNP Paribas Emissions     13.00 12/24/2015    EUR    73.88
BNP Paribas Emissions     15.00 12/24/2015    EUR    72.26
BNP Paribas Emissions     12.00  3/24/2016    EUR    74.21
BNP Paribas Emissions      8.00 10/22/2015    EUR    65.15
BNP Paribas Emissions      5.00  9/22/2016    EUR    69.56
BNP Paribas Emissions      7.00  9/22/2016    EUR    66.95
BNP Paribas Emissions      7.50  9/22/2016    EUR    65.33
BNP Paribas Emissions      9.00  9/22/2016    EUR    64.82
BNP Paribas Emissions     11.00 12/22/2016    EUR    64.22
BNP Paribas Emissions      9.00 10/22/2015    EUR    70.70
BNP Paribas Emissions     18.00 10/22/2015    EUR    63.18
BNP Paribas Emissions      9.00 12/24/2015    EUR    72.21
BNP Paribas Emissions     13.00 12/24/2015    EUR    68.88
BNP Paribas Emissions     10.00  3/24/2016    EUR    70.60
BNP Paribas Emissions     10.00  6/23/2016    EUR    71.02
BNP Paribas Emissions     12.00  6/23/2016    EUR    68.94
BNP Paribas Emissions      7.00  9/22/2016    EUR    73.92
BNP Paribas Emissions     13.00 10/22/2015    EUR    72.92
BNP Paribas Emissions     10.00 12/24/2015    EUR    74.58
BNP Paribas Emissions      6.00 10/22/2015    EUR    74.34
BNP Paribas Emissions      6.00 12/24/2015    EUR    74.70
BNP Paribas Emissions      6.00  9/22/2016    EUR    74.88
BNP Paribas Emissions     19.00 10/22/2015    EUR    74.06
BNP Paribas Emissions      7.50 10/22/2015    EUR    71.19
BNP Paribas Emissions     10.00 10/22/2015    EUR    68.57
BNP Paribas Emissions     11.00 10/22/2015    EUR    66.05
BNP Paribas Emissions     16.00 10/22/2015    EUR    62.89
BNP Paribas Emissions     19.00 10/22/2015    EUR    59.94
BNP Paribas Emissions     22.00 10/22/2015    EUR    58.24
BNP Paribas Emissions      6.50 12/24/2015    EUR    72.10
BNP Paribas Emissions     14.00 12/24/2015    EUR    65.13
BNP Paribas Emissions     17.00 12/24/2015    EUR    62.72
BNP Paribas Emissions      6.50  3/24/2016    EUR    73.36
BNP Paribas Emissions      8.00  3/24/2016    EUR    71.46
BNP Paribas Emissions      9.50  3/24/2016    EUR    69.71
BNP Paribas Emissions     16.00  3/24/2016    EUR    64.43
BNP Paribas Emissions      7.50  6/23/2016    EUR    74.18
BNP Paribas Emissions      8.00  6/23/2016    EUR    72.05
BNP Paribas Emissions      9.50  6/23/2016    EUR    70.80
BNP Paribas Emissions      6.50  9/22/2016    EUR    74.22
BNP Paribas Emissions      8.00  9/22/2016    EUR    73.35
BNP Paribas Emissions      8.50  9/22/2016    EUR    71.59
BNP Paribas Emissions     10.00  9/22/2016    EUR    69.91
Vontobel Financial Pr      9.20  9/25/2015    EUR    40.45
Vontobel Financial Pr      4.90 12/28/2015    EUR    65.55
Vontobel Financial Pr      8.35  9/25/2015    EUR    61.49
Raiffeisen Centrobank      6.95  1/20/2016    EUR    69.14
Raiffeisen Centrobank      6.95  1/20/2016    EUR    63.48
Commerzbank AG             5.00  6/23/2016    EUR    64.68
Commerzbank AG             5.75  6/23/2016    EUR    63.78
Commerzbank AG             6.25  6/23/2016    EUR    62.75
Commerzbank AG             6.75  6/23/2016    EUR    61.77
Commerzbank AG             7.50  6/23/2016    EUR    60.99
Commerzbank AG             5.00  6/23/2016    EUR    46.35
Commerzbank AG             5.75  6/23/2016    EUR    45.29
Commerzbank AG             6.25  6/23/2016    EUR    44.43
Commerzbank AG             6.75  6/23/2016    EUR    43.91
Commerzbank AG             7.25  6/23/2016    EUR    43.28
Notenstein Privatbank      4.90  8/15/2017    CHF    74.23
DZ Bank AG Deutsche Z      5.25  9/25/2015    EUR    69.14
DZ Bank AG Deutsche Z      5.25 12/28/2015    EUR    67.10
HSBC Trinkaus & Burkh      7.50  9/25/2015    EUR    59.42
HSBC Trinkaus & Burkh      6.00 12/28/2015    EUR    61.26
HSBC Trinkaus & Burkh     10.00  9/25/2015    EUR    39.84
HSBC Trinkaus & Burkh      6.50 12/28/2015    EUR    40.80
DekaBank Deutsche Gir      3.40  6/10/2016    EUR    62.30
Goldman Sachs & Co We      9.00 12/23/2015    EUR    57.66
Notenstein Privatbank      9.10  8/29/2016    CHF    45.59
Notenstein Privatbank      9.10  8/29/2016    CHF    34.66
Commerzbank AG             5.50  6/23/2016    EUR    61.10
Commerzbank AG             6.00  6/23/2016    EUR    60.09
Commerzbank AG             6.50  6/23/2016    EUR    59.12
Vontobel Financial Pr      6.70 12/28/2015    EUR    59.12
Vontobel Financial Pr      7.65  9/25/2015    EUR    59.20
Leonteq Securities AG     15.20  12/2/2015    CHF    40.19
Leonteq Securities AG      8.00  12/8/2015    CHF    64.49
Leonteq Securities AG     20.00  12/8/2015    USD    26.84
BNP Paribas Emissions      9.00  9/24/2015    EUR    72.06
BNP Paribas Emissions      8.50 12/24/2015    EUR    72.14
BNP Paribas Emissions      4.50  9/24/2015    EUR    67.91
BNP Paribas Emissions      7.00  9/24/2015    EUR    62.71
BNP Paribas Emissions      4.50 12/24/2015    EUR    65.36
BNP Paribas Emissions      6.50 12/24/2015    EUR    61.13
BNP Paribas Emissions      3.50  9/24/2015    EUR    51.83
BNP Paribas Emissions      4.75  9/24/2015    EUR    47.70
BNP Paribas Emissions      6.75  9/24/2015    EUR    44.19
BNP Paribas Emissions      3.50 12/24/2015    EUR    48.52
BNP Paribas Emissions      4.50 12/24/2015    EUR    44.98
BNP Paribas Emissions      6.25 12/24/2015    EUR    42.19
Notenstein Privatbank      5.12  2/29/2016    EUR    62.31
Notenstein Privatbank      5.04  8/28/2017    CHF    55.24
Notenstein Privatbank     10.00   9/5/2016    CHF    43.85
HSBC Trinkaus & Burkh      7.10  9/25/2015    EUR    60.25
HSBC Trinkaus & Burkh      6.50  9/25/2015    EUR    60.24
HSBC Trinkaus & Burkh      6.30 12/28/2015    EUR    59.04
HSBC Trinkaus & Burkh      5.10 12/28/2015    EUR    58.72
HSBC Trinkaus & Burkh      8.50  9/25/2015    EUR    68.24
HSBC Trinkaus & Burkh      7.00 12/28/2015    EUR    68.04
HSBC Trinkaus & Burkh      6.10 12/28/2015    EUR    67.80
HSBC Trinkaus & Burkh      7.00 12/28/2015    EUR    67.77
HSBC Trinkaus & Burkh      5.90 12/28/2015    EUR    67.48
Leonteq Securities AG      4.68  8/29/2017    CHF    54.08
Deutsche Bank AG           6.20 10/21/2015    EUR    59.90
Deutsche Bank AG           7.20 10/21/2015    EUR    60.00
Deutsche Bank AG           5.20 10/21/2015    EUR    59.80
Deutsche Bank AG           6.20 10/21/2015    EUR    40.90
Deutsche Bank AG           5.20 10/21/2015    EUR    40.80
Deutsche Bank AG           7.20 10/21/2015    EUR    41.00
Deutsche Bank AG           6.20 10/21/2015    EUR    39.40
Deutsche Bank AG           5.20 10/21/2015    EUR    39.30
Deutsche Bank AG           7.20 10/21/2015    EUR    39.50
Leonteq Securities AG      8.64   9/8/2016    CHF    57.66
Deutsche Bank AG           4.20  9/22/2015    EUR    67.60
Deutsche Bank AG           4.20  9/22/2015    EUR    60.50
Deutsche Bank AG           4.20  9/22/2015    EUR    63.90
Deutsche Bank AG           6.20 12/22/2015    EUR    58.10
Deutsche Bank AG           5.20  9/22/2015    EUR    63.90
Deutsche Bank AG           6.20 12/22/2015    EUR    64.70
Deutsche Bank AG           4.20 12/22/2015    EUR    64.20
Deutsche Bank AG           4.20 12/22/2015    EUR    57.60
Deutsche Bank AG           4.20 12/22/2015    EUR    60.70
Deutsche Bank AG           6.20 12/22/2015    EUR    61.20
Deutsche Bank AG           6.20  9/22/2015    EUR    63.90
Deutsche Bank AG           5.20 12/22/2015    EUR    64.50
Deutsche Bank AG           5.20 12/22/2015    EUR    57.80
Deutsche Bank AG           6.20  9/22/2015    EUR    67.70
Deutsche Bank AG           5.20  9/22/2015    EUR    67.60
Deutsche Bank AG           6.20  9/22/2015    EUR    60.50
Deutsche Bank AG           5.20  9/22/2015    EUR    60.50
Deutsche Bank AG           5.20 12/22/2015    EUR    61.00
DZ Bank AG Deutsche Z      5.50 12/28/2015    EUR    54.91
DZ Bank AG Deutsche Z      7.75  9/25/2015    EUR    61.83
DZ Bank AG Deutsche Z      7.00 12/28/2015    EUR    61.60
DZ Bank AG Deutsche Z      5.25  9/25/2015    EUR    62.81
DZ Bank AG Deutsche Z      8.00  9/25/2015    EUR    58.76
DZ Bank AG Deutsche Z      5.00  9/25/2015    EUR    44.15
DZ Bank AG Deutsche Z      8.50  9/25/2015    EUR    40.61
Leonteq Securities AG     10.04  3/16/2016    EUR    73.40
Deutsche Bank AG           8.20  3/22/2016    EUR    59.00
Deutsche Bank AG           8.20  3/22/2016    EUR    57.20
Deutsche Bank AG           8.20  6/21/2016    EUR    58.00
Deutsche Bank AG           8.20  6/21/2016    EUR    56.30
Deutsche Bank AG           8.20  3/22/2016    EUR    74.50
Deutsche Bank AG           3.20  3/22/2016    EUR    60.50
Deutsche Bank AG           3.20  3/22/2016    EUR    58.40
Deutsche Bank AG           4.20  3/22/2016    EUR    57.00
Deutsche Bank AG           3.20  3/22/2016    EUR    56.50
Deutsche Bank AG           3.20  6/21/2016    EUR    62.20
Deutsche Bank AG           4.20  6/21/2016    EUR    60.80
Deutsche Bank AG           3.20  6/21/2016    EUR    60.00
Deutsche Bank AG           3.20  6/21/2016    EUR    57.90
Deutsche Bank AG           3.20  6/21/2016    EUR    56.00
Deutsche Bank AG           4.20  6/21/2016    EUR    56.80
Deutsche Bank AG           4.20  6/21/2016    EUR    54.90
Deutsche Bank AG           3.20  6/21/2016    EUR    54.20
Deutsche Bank AG           3.20  3/22/2016    EUR    75.00
Deutsche Bank AG           4.20  6/21/2016    EUR    74.40
Deutsche Bank AG           3.20  6/21/2016    EUR    73.60
Deutsche Bank AG           6.20  6/21/2016    EUR    62.30
Deutsche Bank AG           5.20  6/21/2016    EUR    61.50
Deutsche Bank AG           5.20  9/20/2016    EUR    62.60
Deutsche Bank AG           5.20  9/20/2016    EUR    60.60
Deutsche Bank AG           5.20  9/20/2016    EUR    58.70
Deutsche Bank AG           5.20  9/20/2016    EUR    56.90
Deutsche Bank AG           5.20 12/20/2016    EUR    63.70
Deutsche Bank AG           6.20 12/20/2016    EUR    65.00
Deutsche Bank AG           5.20 12/20/2016    EUR    61.80
Deutsche Bank AG           6.20 12/20/2016    EUR    63.00
Deutsche Bank AG           6.20 12/20/2016    EUR    61.10
Deutsche Bank AG           5.20 12/20/2016    EUR    59.90
Deutsche Bank AG           5.20 12/20/2016    EUR    58.10
Deutsche Bank AG           6.20 12/20/2016    EUR    59.40
Vontobel Financial Pr      4.70  3/29/2016    EUR    57.38
Vontobel Financial Pr      7.25 12/28/2015    EUR    57.09
Vontobel Financial Pr      8.00  9/25/2015    EUR    74.28
DZ Bank AG Deutsche Z      3.60 12/18/2015    EUR    62.60
DZ Bank AG Deutsche Z      5.50  3/29/2016    EUR    53.12
HSBC Trinkaus & Burkh     21.80  9/25/2015    EUR    59.58
HSBC Trinkaus & Burkh     14.30  3/25/2016    EUR    63.50
HSBC Trinkaus & Burkh     12.10  3/25/2016    EUR    65.12
HSBC Trinkaus & Burkh     10.90  1/22/2016    EUR    65.87
HSBC Trinkaus & Burkh      9.90  4/22/2016    EUR    67.66
HSBC Trinkaus & Burkh      8.70  1/22/2016    EUR    48.66
HSBC Trinkaus & Burkh      7.90  4/22/2016    EUR    50.26
HSBC Trinkaus & Burkh     12.70  3/25/2016    EUR    72.32
HSBC Trinkaus & Burkh     12.60  9/25/2015    EUR    73.38
HSBC Trinkaus & Burkh     10.20 12/28/2015    EUR    73.36
HSBC Trinkaus & Burkh     11.00  3/25/2016    EUR    73.28
HSBC Trinkaus & Burkh     15.60  9/25/2015    EUR    54.47
HSBC Trinkaus & Burkh      6.20 12/28/2015    EUR    59.14
HSBC Trinkaus & Burkh     12.00  3/25/2016    EUR    56.07
HSBC Trinkaus & Burkh      7.70  6/24/2016    EUR    58.77
HSBC Trinkaus & Burkh      8.40 11/27/2015    EUR    57.21
HSBC Trinkaus & Burkh      7.80  1/22/2016    EUR    57.86
HSBC Trinkaus & Burkh      7.10  4/22/2016    EUR    59.47
HSBC Trinkaus & Burkh      8.30  6/24/2016    EUR    49.89
HSBC Trinkaus & Burkh     20.20  9/25/2015    EUR    70.11
HSBC Trinkaus & Burkh     15.00 12/28/2015    EUR    71.83
HSBC Trinkaus & Burkh     12.50  3/25/2016    EUR    74.06
HSBC Trinkaus & Burkh      9.40  1/22/2016    EUR    73.25
HSBC Trinkaus & Burkh      8.50  4/22/2016    EUR    74.66
HSBC Trinkaus & Burkh     23.10  9/25/2015    EUR    61.06
HSBC Trinkaus & Burkh     17.30 12/28/2015    EUR    63.18
HSBC Trinkaus & Burkh     14.40  3/25/2016    EUR    65.80
HSBC Trinkaus & Burkh     10.10  1/22/2016    EUR    68.53
HSBC Trinkaus & Burkh      9.10  4/22/2016    EUR    70.26
HSBC Trinkaus & Burkh     21.00  9/25/2015    EUR    67.52
HSBC Trinkaus & Burkh     14.80  9/25/2015    EUR    71.55
HSBC Trinkaus & Burkh     15.70 12/28/2015    EUR    69.50
HSBC Trinkaus & Burkh     11.70 12/28/2015    EUR    72.36
HSBC Trinkaus & Burkh     13.20  3/25/2016    EUR    71.75
HSBC Trinkaus & Burkh     10.20  3/25/2016    EUR    74.02
HSBC Trinkaus & Burkh      9.00  1/22/2016    EUR    74.69
HSBC Trinkaus & Burkh     11.30 11/27/2015    EUR    73.57
HSBC Trinkaus & Burkh     10.50  1/22/2016    EUR    74.89
HSBC Trinkaus & Burkh     12.90  3/25/2016    EUR    73.05
Vontobel Financial Pr      5.00  4/22/2016    EUR    65.16
Vontobel Financial Pr      9.00  4/22/2016    EUR    56.10
Deutsche Bank AG           5.20 12/22/2015    EUR    74.90
Deutsche Bank AG           4.20 12/22/2015    EUR    74.70
Deutsche Bank AG           4.20 12/22/2015    EUR    73.10
Deutsche Bank AG           5.20 12/22/2015    EUR    73.30
Zurcher Kantonalbank      10.00  3/24/2016    EUR    55.16
DZ Bank AG Deutsche Z      7.50  3/29/2016    EUR    74.65
DZ Bank AG Deutsche Z      8.25  3/29/2016    EUR    71.64
DZ Bank AG Deutsche Z      5.25  3/29/2016    EUR    51.85
DZ Bank AG Deutsche Z     10.25  3/29/2016    EUR    50.11
DZ Bank AG Deutsche Z     10.00  6/24/2016    EUR    50.52
DZ Bank AG Deutsche Z     12.50  9/25/2015    EUR    58.81
DZ Bank AG Deutsche Z     11.50 12/28/2015    EUR    58.97
DZ Bank AG Deutsche Z      5.25  3/29/2016    EUR    60.70
DZ Bank AG Deutsche Z      8.75  3/29/2016    EUR    60.27
DZ Bank AG Deutsche Z     11.00  6/24/2016    EUR    61.65
DZ Bank AG Deutsche Z     14.25  9/25/2015    EUR    49.03
DZ Bank AG Deutsche Z     11.25 12/28/2015    EUR    47.89
DZ Bank AG Deutsche Z      8.25  3/29/2016    EUR    72.77
DZ Bank AG Deutsche Z     13.00  9/25/2015    EUR    71.50
DZ Bank AG Deutsche Z     10.50 12/28/2015    EUR    71.50
DZ Bank AG Deutsche Z      8.25  3/29/2016    EUR    72.90
DZ Bank AG Deutsche Z     11.50  3/29/2016    EUR    70.56
DZ Bank AG Deutsche Z      7.75  6/24/2016    EUR    72.31
HSBC Trinkaus & Burkh     15.10  9/25/2015    EUR    73.87
HSBC Trinkaus & Burkh     11.80 12/28/2015    EUR    74.53
HSBC Trinkaus & Burkh     12.10  3/25/2016    EUR    74.22
HSBC Trinkaus & Burkh     15.20  9/25/2015    EUR    56.34
HSBC Trinkaus & Burkh      8.90  2/26/2016    EUR    59.33
HSBC Trinkaus & Burkh      6.30  6/24/2016    EUR    52.54
HSBC Trinkaus & Burkh     11.40  9/25/2015    EUR    71.90
HSBC Trinkaus & Burkh      9.70 12/28/2015    EUR    72.18
HSBC Trinkaus & Burkh     12.50  3/25/2016    EUR    69.71
HSBC Trinkaus & Burkh      8.10 10/23/2015    EUR    73.07
HSBC Trinkaus & Burkh      7.90 11/27/2015    EUR    73.98
HSBC Trinkaus & Burkh      7.50  2/26/2016    EUR    74.40
HSBC Trinkaus & Burkh     12.60  3/25/2016    EUR    71.39
HSBC Trinkaus & Burkh      7.70 10/23/2015    EUR    74.49
HSBC Trinkaus & Burkh     14.00  9/25/2015    EUR    71.58
HSBC Trinkaus & Burkh     17.30  9/25/2015    EUR    73.35
HSBC Trinkaus & Burkh     10.00 11/27/2015    EUR    67.15
HSBC Trinkaus & Burkh      9.00  2/26/2016    EUR    68.96
HSBC Trinkaus & Burkh     14.80  9/25/2015    EUR    70.12
HSBC Trinkaus & Burkh      9.20 12/28/2015    EUR    73.12
HSBC Trinkaus & Burkh     14.50  9/25/2015    EUR    66.30
HSBC Trinkaus & Burkh      8.90  9/25/2015    EUR    71.33
HSBC Trinkaus & Burkh     12.00 12/28/2015    EUR    67.11
HSBC Trinkaus & Burkh     13.70  3/25/2016    EUR    66.38
HSBC Trinkaus & Burkh     10.60  3/25/2016    EUR    69.00
HSBC Trinkaus & Burkh      7.40  6/24/2016    EUR    72.48
HSBC Trinkaus & Burkh      8.80 10/23/2015    EUR    69.70
HSBC Trinkaus & Burkh      8.50 11/27/2015    EUR    70.43
HSBC Trinkaus & Burkh      8.00  2/26/2016    EUR    72.17
DZ Bank AG Deutsche Z      5.75  9/21/2015    EUR    73.78
DZ Bank AG Deutsche Z      9.40  9/25/2015    EUR    70.76
DZ Bank AG Deutsche Z      7.90 12/28/2015    EUR    70.35
DZ Bank AG Deutsche Z      6.90  3/29/2016    EUR    71.64
DZ Bank AG Deutsche Z      6.20 12/28/2015    EUR    74.18
DZ Bank AG Deutsche Z      5.50 12/21/2015    EUR    68.76
DZ Bank AG Deutsche Z      6.00  3/21/2016    EUR    70.36
DZ Bank AG Deutsche Z      5.75  6/20/2016    EUR    69.30
DZ Bank AG Deutsche Z      5.75 12/21/2015    EUR    66.39
DZ Bank AG Deutsche Z      5.25  3/21/2016    EUR    67.52
DZ Bank AG Deutsche Z      5.75  6/20/2016    EUR    67.28
DZ Bank AG Deutsche Z      6.75 12/21/2015    EUR    70.93
DZ Bank AG Deutsche Z      7.10 12/28/2015    EUR    60.85
DZ Bank AG Deutsche Z      6.80  3/29/2016    EUR    61.50
DZ Bank AG Deutsche Z      5.50  3/29/2016    EUR    51.59
Solarwatt GmbH             7.00  11/1/2015    EUR    14.50
Lehman Brothers Treas      3.00  9/13/2010    JPY    22.25
Immigon Portfolioabba      5.45   8/2/2019    EUR    72.70
Lehman Brothers Treas      3.82 10/20/2009    USD     4.75
Lehman Brothers Treas      2.75 10/28/2009    EUR     4.75
Lehman Brothers Treas      5.00  12/6/2011    EUR     4.75
Province of Treviso I      0.18 12/31/2034    EUR    64.35
Barclays Bank PLC          2.33   1/2/2041    USD    74.29
Lehman Brothers Treas      8.28  7/31/2013    GBP     4.75
Lehman Brothers Treas      7.50  7/31/2013    GBP     4.75
Lehman Brothers Treas      7.32  7/31/2013    GBP     4.75
Barclays Bank PLC          1.99  12/1/2040    USD    71.92
Deutsche Bank AG           5.20 10/21/2015    EUR    55.60
Deutsche Bank AG           7.20 10/21/2015    EUR    57.80
Deutsche Bank AG           6.20 10/21/2015    EUR    57.70
Deutsche Bank AG           7.20 10/21/2015    EUR    55.80
Deutsche Bank AG           7.20 10/21/2015    EUR    36.90
Deutsche Bank AG           6.20 10/21/2015    EUR    36.80
Deutsche Bank AG           5.20 10/21/2015    EUR    36.70
Deutsche Bank AG           5.20 10/21/2015    EUR    38.00
Deutsche Bank AG           7.20 10/21/2015    EUR    38.20
Deutsche Bank AG           6.20 10/21/2015    EUR    38.10
UBS AG/London              7.20  1/20/2016    EUR    53.02
HSBC Trinkaus & Burkh      8.50  9/25/2015    EUR    54.37
HSBC Trinkaus & Burkh     12.50  9/25/2015    EUR    74.77
HSBC Trinkaus & Burkh     12.50  9/25/2015    EUR    49.51
HSBC Trinkaus & Burkh      8.00  9/25/2015    EUR    54.39
HSBC Trinkaus & Burkh      6.00 12/28/2015    EUR    55.16
HSBC Trinkaus & Burkh     12.50  9/25/2015    EUR    34.23
HSBC Trinkaus & Burkh      8.50  9/25/2015    EUR    37.35
HSBC Trinkaus & Burkh      6.50 12/28/2015    EUR    36.95
HSBC Trinkaus & Burkh     14.00  9/25/2015    EUR    56.58
HSBC Trinkaus & Burkh     10.50  9/25/2015    EUR    61.90
HSBC Trinkaus & Burkh     13.00  9/25/2015    EUR    56.41
HSBC Trinkaus & Burkh     10.00  9/25/2015    EUR    60.70
HSBC Trinkaus & Burkh     13.00  9/25/2015    EUR    74.95
HSBC Trinkaus & Burkh     11.50  9/25/2015    EUR    75.00
HSBC Trinkaus & Burkh     14.50  9/25/2015    EUR    68.76
HSBC Trinkaus & Burkh     14.00  9/25/2015    EUR    74.23
Commerzbank AG             9.25  2/25/2016    EUR    74.23
Commerzbank AG             5.50  2/25/2016    EUR    70.94
Commerzbank AG             7.25  2/25/2016    EUR    68.12
Commerzbank AG             9.50  2/25/2016    EUR    65.84
Commerzbank AG             6.00  2/25/2016    EUR    74.16
Commerzbank AG             8.75  2/25/2016    EUR    70.01
Commerzbank AG            11.75  2/25/2016    EUR    66.61
Deutsche Bank AG           5.00  3/18/2016    EUR    48.78
Commerzbank AG             7.00  2/26/2016    EUR    66.22
Commerzbank AG             8.00  2/26/2016    EUR    74.35
DZ Bank AG Deutsche Z      4.90 12/11/2015    EUR    57.79
DZ Bank AG Deutsche Z      5.00  9/25/2015    EUR    73.51
DZ Bank AG Deutsche Z      5.00 12/28/2015    EUR    70.41
UniCredit Bank AG          4.00 12/17/2015    EUR    65.33
Cooperatieve Centrale      0.50  8/21/2028    MXN    42.56
Commerzbank AG            14.75 12/24/2015    EUR    69.37
Commerzbank AG             8.25 12/24/2015    EUR    48.90
UniCredit Bank AG          4.80  3/24/2016    EUR    57.52
Commerzbank AG             5.25 12/24/2015    EUR    61.72
Commerzbank AG             7.25 12/24/2015    EUR    59.10
Commerzbank AG             9.50 12/24/2015    EUR    56.87
UniCredit Bank AG          4.10  3/24/2016    EUR    63.44
Commerzbank AG             5.00 12/24/2015    EUR    51.50
Commerzbank AG             6.75 12/24/2015    EUR    49.18
Commerzbank AG             8.75 12/24/2015    EUR    47.18
Commerzbank AG            11.00 12/24/2015    EUR    45.50
UniCredit Bank AG          5.00  3/24/2016    EUR    56.68
UniCredit Bank AG          4.20  3/24/2016    EUR    62.37
UniCredit Bank AG          4.80  3/24/2016    EUR    73.44
UniCredit Bank AG          4.60  3/24/2016    EUR    46.04
UniCredit Bank AG          4.30  3/24/2016    EUR    47.23
UniCredit Bank AG          4.40  3/24/2016    EUR    46.83
UniCredit Bank AG          4.25  3/24/2016    EUR    47.67
UniCredit Bank AG          4.80  3/24/2016    EUR    45.29
UniCredit Bank AG          4.90  3/24/2016    EUR    44.93
UniCredit Bank AG          4.50  3/24/2016    EUR    46.44
UniCredit Bank AG          4.00  3/24/2016    EUR    50.02
UniCredit Bank AG          5.00  3/24/2016    EUR    44.58
UniCredit Bank AG          4.15  3/24/2016    EUR    48.56
UniCredit Bank AG          4.05  3/24/2016    EUR    49.53
UniCredit Bank AG          4.70  3/24/2016    EUR    45.66
UniCredit Bank AG          4.20  3/24/2016    EUR    48.13
UniCredit Bank AG          4.10  3/24/2016    EUR    49.03
UniCredit Bank AG          4.60  3/24/2016    EUR    74.75
UniCredit Bank AG          4.60  3/24/2016    EUR    58.38
UniCredit Bank AG          4.50  3/24/2016    EUR    59.35
UniCredit Bank AG          4.00  3/24/2016    EUR    64.54
UniCredit Bank AG          4.25  3/24/2016    EUR    61.31
UniCredit Bank AG          5.00  3/24/2016    EUR    72.17
UniCredit Bank AG          4.40  3/24/2016    EUR    60.33
Vontobel Financial Pr     13.95  9/25/2015    EUR    67.93
Vontobel Financial Pr     11.35 12/28/2015    EUR    68.01
Vontobel Financial Pr     14.45  9/25/2015    EUR    74.25
Vontobel Financial Pr     12.45 12/28/2015    EUR    74.76
UBS AG/London             10.00  3/29/2016    EUR    71.71
UBS AG/London              4.50  6/24/2016    EUR    66.11
UBS AG/London             16.50  3/29/2016    EUR    70.87
UBS AG/London             11.00  6/24/2016    EUR    70.15
UBS AG/London             14.00  3/29/2016    EUR    67.53
UBS AG/London              4.25  9/25/2015    EUR    70.72
UBS AG/London             12.50  6/24/2016    EUR    68.40
UBS AG/London             14.75  3/29/2016    EUR    72.96
UBS AG/London             14.75  6/24/2016    EUR    72.79
UBS AG/London              9.25  6/24/2016    EUR    71.75
UBS AG/London              9.75  9/25/2015    EUR    60.32
UBS AG/London              4.25 12/29/2015    EUR    67.95
UBS AG/London              8.00  6/24/2016    EUR    74.13
UBS AG/London             12.00  3/29/2016    EUR    69.38
DekaBank Deutsche Gir      3.00 12/17/2018    EUR    73.29
DZ Bank AG Deutsche Z      8.25 12/28/2015    EUR    68.48
Vontobel Financial Pr     13.10  6/24/2016    EUR    58.98
HSBC Trinkaus & Burkh     16.90 12/28/2015    EUR    63.73
HSBC Trinkaus & Burkh     11.50 12/28/2015    EUR    68.76
HSBC Trinkaus & Burkh      9.40 11/27/2015    EUR    71.30
HSBC Trinkaus & Burkh      8.30  9/25/2015    EUR    62.73
HSBC Trinkaus & Burkh     10.50  9/25/2015    EUR    49.59
HSBC Trinkaus & Burkh      9.10 12/28/2015    EUR    47.98
HSBC Trinkaus & Burkh      9.70  3/25/2016    EUR    48.59
HSBC Trinkaus & Burkh      6.30 10/23/2015    EUR    50.26
HSBC Trinkaus & Burkh     11.50 11/27/2015    EUR    45.74
HSBC Trinkaus & Burkh      6.20 11/27/2015    EUR    50.73
HSBC Trinkaus & Burkh     17.30 12/28/2015    EUR    70.30
HSBC Trinkaus & Burkh     21.60  9/25/2015    EUR    68.05
HSBC Trinkaus & Burkh     16.90 12/28/2015    EUR    69.81
HSBC Trinkaus & Burkh     17.20 12/28/2015    EUR    74.04
Commerzbank AG             6.25 12/24/2015    EUR    67.11
Commerzbank AG             9.25 12/24/2015    EUR    63.07
Commerzbank AG             6.75  6/23/2016    EUR    65.42
Commerzbank AG             8.25  6/23/2016    EUR    63.76
Commerzbank AG             5.50 12/22/2016    EUR    67.04
Commerzbank AG             6.25 12/22/2016    EUR    66.30
Commerzbank AG             7.25 12/22/2016    EUR    64.98
Commerzbank AG             8.50 12/24/2015    EUR    50.99
Commerzbank AG            10.75 12/24/2015    EUR    49.06
Commerzbank AG             8.25  6/23/2016    EUR    52.77
Commerzbank AG             9.50  6/23/2016    EUR    51.84
Commerzbank AG             5.00 12/22/2016    EUR    57.39
Commerzbank AG             6.00 12/22/2016    EUR    55.99
Commerzbank AG             7.00 12/22/2016    EUR    54.79
Commerzbank AG             8.00 12/22/2016    EUR    53.82
DekaBank Deutsche Gir      4.15  12/3/2015    EUR    47.18
DZ Bank AG Deutsche Z      6.75 12/21/2015    EUR    59.71
DZ Bank AG Deutsche Z      6.30  9/21/2015    EUR    73.10
DZ Bank AG Deutsche Z      5.50 12/21/2015    EUR    67.25
DZ Bank AG Deutsche Z      4.80  3/21/2016    EUR    67.69
Vontobel Financial Pr      6.00  2/26/2016    EUR    59.12
Vontobel Financial Pr      9.45 12/11/2015    EUR    72.79
Vontobel Financial Pr      4.85 12/11/2015    EUR    38.63
Vontobel Financial Pr      4.75  3/11/2016    EUR    61.48
Vontobel Financial Pr      2.85  3/11/2016    EUR    65.16
Vontobel Financial Pr      7.05  3/11/2016    EUR    58.51
DZ Bank AG Deutsche Z      7.10  9/21/2015    EUR    64.27
DZ Bank AG Deutsche Z      5.70 12/21/2015    EUR    59.55
DZ Bank AG Deutsche Z      4.60  3/21/2016    EUR    62.03
DZ Bank AG Deutsche Z      5.50  3/21/2016    EUR    60.64
Vontobel Financial Pr     22.85 12/28/2015    EUR    61.70
Vontobel Financial Pr     20.15 12/28/2015    EUR    73.31
Vontobel Financial Pr     21.25 12/28/2015    EUR    74.81
Vontobel Financial Pr     21.25 12/28/2015    EUR    48.73
Vontobel Financial Pr     23.30 12/28/2015    EUR    67.10
Credit Suisse AG/Nass     11.00  12/3/2015    USD    54.18
Goldman Sachs & Co We     21.00 11/25/2015    EUR    49.44
Goldman Sachs & Co We     18.00  9/23/2015    EUR    74.03
Goldman Sachs & Co We     24.00  9/23/2015    EUR    67.57
Goldman Sachs & Co We     19.00 10/21/2015    EUR    70.46
Goldman Sachs & Co We     22.00 10/21/2015    EUR    67.88
Vontobel Financial Pr      5.60 12/11/2015    EUR    43.28
Vontobel Financial Pr      5.25  3/11/2016    EUR    44.55
Goldman Sachs & Co We     20.00 11/25/2015    EUR    69.82
Goldman Sachs & Co We     19.00 12/23/2015    EUR    71.09
Goldman Sachs & Co We     17.00  3/23/2016    EUR    73.90
UBS AG/London             10.75  12/3/2015    CHF    59.66
Vontobel Financial Pr      9.85  9/25/2015    EUR    57.14
Vontobel Financial Pr      8.05 12/28/2015    EUR    57.46
Vontobel Financial Pr      3.10 12/28/2015    EUR    65.07
Vontobel Financial Pr      4.40 12/28/2015    EUR    44.92
UBS AG/London              8.00 10/21/2015    EUR    63.03
UBS AG/London             15.00  9/25/2015    EUR    52.08
UBS AG/London             15.50 12/29/2015    EUR    52.41
UBS AG/London             13.00  9/25/2015    EUR    54.93
UBS AG/London             19.75  9/25/2015    EUR    47.18
UBS AG/London             17.25 12/29/2015    EUR    50.56
UBS AG/London             11.00  9/25/2015    EUR    58.12
UBS AG/London             19.25 12/29/2015    EUR    48.98
UBS AG/London             13.75 12/29/2015    EUR    54.50
UBS AG/London             17.25  9/25/2015    EUR    49.50
UBS AG/London             11.75 12/29/2015    EUR    56.81
UBS AG/London             10.00 12/29/2015    EUR    59.52
Deutsche Bank AG           5.20  2/23/2016    EUR    61.20
Deutsche Bank AG           5.20  1/19/2016    EUR    63.10
Deutsche Bank AG           5.20  1/19/2016    EUR    60.90
Deutsche Bank AG           4.20  2/23/2016    EUR    58.70
Deutsche Bank AG           5.20  2/23/2016    EUR    57.10
Deutsche Bank AG           5.20  1/19/2016    EUR    49.00
Deutsche Bank AG           4.20  1/19/2016    EUR    48.70
Deutsche Bank AG           5.20  1/19/2016    EUR    47.10
Deutsche Bank AG           4.20  1/19/2016    EUR    46.70
Deutsche Bank AG           4.20  1/19/2016    EUR    44.90
Deutsche Bank AG           5.20  1/19/2016    EUR    45.20
Deutsche Bank AG           5.20  1/19/2016    EUR    43.60
Deutsche Bank AG           4.20  1/19/2016    EUR    43.20
Deutsche Bank AG           5.20  2/23/2016    EUR    49.50
Deutsche Bank AG           4.20  2/23/2016    EUR    49.00
Deutsche Bank AG           5.20  2/23/2016    EUR    47.50
Deutsche Bank AG           4.20  2/23/2016    EUR    47.10
Deutsche Bank AG           4.20  2/23/2016    EUR    45.30
Deutsche Bank AG           5.20  2/23/2016    EUR    45.70
Deutsche Bank AG           5.20  2/23/2016    EUR    44.10
Deutsche Bank AG           4.20  2/23/2016    EUR    43.60
Deutsche Bank AG           7.20  1/19/2016    EUR    63.80
Deutsche Bank AG           6.20  1/19/2016    EUR    63.50
Deutsche Bank AG           6.20  1/19/2016    EUR    61.20
Deutsche Bank AG           7.20  1/19/2016    EUR    61.50
Deutsche Bank AG           6.20  1/19/2016    EUR    59.10
Deutsche Bank AG           7.20  1/19/2016    EUR    59.40
Deutsche Bank AG           7.20  1/19/2016    EUR    57.40
Deutsche Bank AG           6.20  1/19/2016    EUR    57.10
Deutsche Bank AG           6.20  2/23/2016    EUR    63.90
Deutsche Bank AG           7.20  2/23/2016    EUR    64.30
Deutsche Bank AG           6.20  2/23/2016    EUR    61.60
Deutsche Bank AG           7.20  2/23/2016    EUR    62.10
Deutsche Bank AG           6.20  2/23/2016    EUR    59.50
Deutsche Bank AG           7.20  2/23/2016    EUR    60.00
Deutsche Bank AG           6.20  2/23/2016    EUR    57.60
Deutsche Bank AG           7.20  2/23/2016    EUR    58.00
Deutsche Bank AG           6.20  1/19/2016    EUR    47.40
Deutsche Bank AG           7.20  1/19/2016    EUR    47.70
Deutsche Bank AG           7.20  1/19/2016    EUR    45.90
Deutsche Bank AG           6.20  1/19/2016    EUR    45.60
Deutsche Bank AG           6.20  1/19/2016    EUR    43.90
Deutsche Bank AG           7.20  1/19/2016    EUR    44.20
Deutsche Bank AG           7.20  2/23/2016    EUR    48.40
Deutsche Bank AG           6.20  2/23/2016    EUR    48.00
Deutsche Bank AG           7.20  2/23/2016    EUR    46.60
Deutsche Bank AG           6.20  2/23/2016    EUR    46.20
Deutsche Bank AG           7.20  2/23/2016    EUR    44.90
Deutsche Bank AG           6.20  2/23/2016    EUR    44.50
Deutsche Bank AG           7.20 10/21/2015    EUR    62.40
Deutsche Bank AG           7.20 11/25/2015    EUR    62.90
Deutsche Bank AG           7.20 11/25/2015    EUR    60.60
Deutsche Bank AG           6.20 11/25/2015    EUR    58.30
Deutsche Bank AG           7.20 11/25/2015    EUR    58.40
Deutsche Bank AG           7.20 10/21/2015    EUR    46.00
Deutsche Bank AG           7.20 10/21/2015    EUR    44.20
Deutsche Bank AG           7.20 10/21/2015    EUR    42.50
Deutsche Bank AG           7.20 11/25/2015    EUR    46.70
Deutsche Bank AG           7.20 11/25/2015    EUR    44.80
Deutsche Bank AG           7.20 11/25/2015    EUR    43.20
Deutsche Bank AG           7.20 12/22/2015    EUR    63.40
Deutsche Bank AG           7.20  3/22/2016    EUR    64.70
Deutsche Bank AG           7.20  3/22/2016    EUR    64.00
Deutsche Bank AG           7.20  3/22/2016    EUR    62.00
Deutsche Bank AG           7.20  3/22/2016    EUR    49.00
Deutsche Bank AG           6.20  3/22/2016    EUR    48.40
Deutsche Bank AG           7.20  3/22/2016    EUR    47.20
Deutsche Bank AG           7.20  3/22/2016    EUR    45.50
Deutsche Bank AG           4.20  2/23/2016    EUR    65.40
Deutsche Bank AG           4.20  2/23/2016    EUR    63.00
Goldman Sachs & Co We     13.00 11/25/2015    EUR    57.78
Goldman Sachs & Co We      5.00  1/20/2016    EUR    56.99
Goldman Sachs & Co We      6.00  1/20/2016    EUR    57.32
Goldman Sachs & Co We      8.00  1/20/2016    EUR    57.97
Goldman Sachs & Co We     10.00  1/20/2016    EUR    58.63
Goldman Sachs & Co We     12.00  1/20/2016    EUR    59.29
Goldman Sachs & Co We     11.00  3/23/2016    EUR    60.69
Goldman Sachs & Co We      5.00  6/22/2016    EUR    56.02
Goldman Sachs & Co We      8.00  6/22/2016    EUR    58.26
Goldman Sachs & Co We     10.00  6/22/2016    EUR    59.75
Goldman Sachs & Co We     10.00  6/22/2016    EUR    59.75
Deutsche Bank AG           5.20  2/23/2016    EUR    63.40
Goldman Sachs & Co We      6.00 11/25/2015    EUR    42.99
Goldman Sachs & Co We      7.00 11/25/2015    EUR    43.16
Goldman Sachs & Co We      6.00  1/20/2016    EUR    43.86
Goldman Sachs & Co We      7.00  1/20/2016    EUR    44.19
Goldman Sachs & Co We     10.00  1/20/2016    EUR    45.17
Goldman Sachs & Co We     12.00  1/20/2016    EUR    45.83
Goldman Sachs & Co We     12.00  1/20/2016    EUR    45.83
Goldman Sachs & Co We     11.00  3/23/2016    EUR    47.35
Goldman Sachs & Co We     11.00  3/23/2016    EUR    47.35
Goldman Sachs & Co We      6.00  6/22/2016    EUR    44.81
Goldman Sachs & Co We      7.00  6/22/2016    EUR    45.56
Goldman Sachs & Co We     10.00  6/22/2016    EUR    47.80
Goldman Sachs & Co We     10.00  6/22/2016    EUR    47.80
Goldman Sachs & Co We     10.00  6/22/2016    EUR    47.80
Goldman Sachs & Co We     11.00  6/22/2016    EUR    48.54
Goldman Sachs & Co We     11.00  6/22/2016    EUR    48.54
Deutsche Bank AG           4.20  1/19/2016    EUR    62.80
Deutsche Bank AG           5.20  1/19/2016    EUR    65.50
Deutsche Bank AG           4.20  1/19/2016    EUR    60.50
Deutsche Bank AG           4.20  1/19/2016    EUR    58.40
Deutsche Bank AG           5.20  1/19/2016    EUR    56.70
Deutsche Bank AG           5.20  1/19/2016    EUR    58.70
Deutsche Bank AG           4.20  1/19/2016    EUR    56.40
Deutsche Bank AG           4.20  2/23/2016    EUR    56.70
Deutsche Bank AG           5.20  2/23/2016    EUR    65.80
Deutsche Bank AG           4.20  1/19/2016    EUR    65.20
Deutsche Bank AG           5.20  2/23/2016    EUR    59.10
Deutsche Bank AG           4.20  2/23/2016    EUR    60.80
Goldman Sachs & Co We      7.00  1/20/2016    EUR    66.58
Goldman Sachs & Co We     15.00  1/20/2016    EUR    56.74
Goldman Sachs & Co We      9.00  1/20/2016    EUR    62.54
Goldman Sachs & Co We     18.00  1/20/2016    EUR    54.52
Goldman Sachs & Co We      5.00  6/22/2016    EUR    69.24
Goldman Sachs & Co We     10.00  6/22/2016    EUR    60.15
Goldman Sachs & Co We     15.00  6/22/2016    EUR    57.52
Goldman Sachs & Co We      6.00  9/23/2015    EUR    55.03
Goldman Sachs & Co We      7.00  9/23/2015    EUR    52.46
Goldman Sachs & Co We     19.00  9/23/2015    EUR    41.14
Goldman Sachs & Co We     20.00 10/21/2015    EUR    38.96
Goldman Sachs & Co We     24.00  9/23/2015    EUR    37.50
Goldman Sachs & Co We     22.00 10/21/2015    EUR    37.86
Goldman Sachs & Co We      6.00 11/25/2015    EUR    52.87
Goldman Sachs & Co We     18.00 11/25/2015    EUR    40.55
Goldman Sachs & Co We     23.00 12/23/2015    EUR    39.66
Goldman Sachs & Co We     19.00 12/23/2015    EUR    40.92
Goldman Sachs & Co We      6.00  1/20/2016    EUR    51.25
Goldman Sachs & Co We     10.00  1/20/2016    EUR    46.65
Goldman Sachs & Co We     15.00  1/20/2016    EUR    43.68
Goldman Sachs & Co We     18.00  1/20/2016    EUR    42.07
Goldman Sachs & Co We     19.00  3/23/2016    EUR    43.42
Goldman Sachs & Co We     22.00  1/20/2016    EUR    41.11
Goldman Sachs & Co We      6.00  6/22/2016    EUR    54.18
Goldman Sachs & Co We      7.00  6/22/2016    EUR    52.78
Goldman Sachs & Co We      8.00  6/22/2016    EUR    49.64
Goldman Sachs & Co We     10.00  6/22/2016    EUR    49.40
Goldman Sachs & Co We     18.00  6/22/2016    EUR    46.23
Goldman Sachs & Co We     15.00  6/22/2016    EUR    46.17
Goldman Sachs & Co We     21.00 12/23/2015    EUR    74.23
Landesbank Hessen-Thu      3.20  3/23/2016    EUR    63.80
Notenstein Privatbank      8.50  1/16/2017    EUR    55.18
DZ Bank AG Deutsche Z      6.40  9/21/2015    EUR    65.38
DZ Bank AG Deutsche Z      5.30 12/21/2015    EUR    60.44
DZ Bank AG Deutsche Z      5.90 12/21/2015    EUR    59.29
DZ Bank AG Deutsche Z      5.60  3/21/2016    EUR    60.39
Vontobel Financial Pr      7.35  3/11/2016    EUR    71.76
Vontobel Financial Pr      8.15 12/11/2015    EUR    70.56
Vontobel Financial Pr      6.00 12/11/2015    EUR    74.16
Vontobel Financial Pr      7.75  6/10/2016    EUR    60.61
Vontobel Financial Pr      5.70  6/10/2016    EUR    63.05
Vontobel Financial Pr      3.90  6/10/2016    EUR    66.86
Vontobel Financial Pr      4.50 12/11/2015    EUR    50.69
Vontobel Financial Pr      4.60  3/11/2016    EUR    51.84
Vontobel Financial Pr      6.80  3/11/2016    EUR    48.77
Vontobel Financial Pr      5.20  6/10/2016    EUR    51.41
Vontobel Financial Pr      7.15  6/10/2016    EUR    48.91
UBS AG                     7.75 12/22/2017    EUR    50.51
UBS AG                    22.50  3/29/2016    EUR    52.29
UBS AG                     4.50 12/23/2016    EUR    69.93
UBS AG                     5.00 12/23/2016    EUR    51.57
UBS AG                    18.25  3/29/2016    EUR    63.52
UBS AG                     4.75 12/22/2017    EUR    54.89
UBS AG                     5.50 12/23/2016    EUR    50.39
UBS AG                     7.75 12/23/2016    EUR    61.87
LBBW                       4.00  8/26/2016    EUR    59.87
Leonteq Securities AG     11.00 12/15/2015    USD    50.32
DZ Bank AG Deutsche Z      6.50  3/29/2016    EUR    60.50
DZ Bank AG Deutsche Z      5.25 12/21/2015    EUR    49.35
DZ Bank AG Deutsche Z      5.25  3/21/2016    EUR    50.60
DZ Bank AG Deutsche Z      5.70 12/21/2015    EUR    54.79
DZ Bank AG Deutsche Z      5.60  3/21/2016    EUR    56.03
UBS AG/London              5.00 12/10/2015    USD    70.26
Societe Generale Effe      3.85  3/29/2016    EUR    62.65
UBS AG/London              3.60  8/24/2016    EUR    67.62
UBS AG/London              6.10  1/20/2016    EUR    63.54
UBS AG/London              3.30  8/24/2016    EUR    55.38
UBS AG/London             11.00  1/20/2016    EUR    45.04
UBS AG/London              4.60  1/20/2016    EUR    66.54
UBS AG/London              3.10  1/20/2016    EUR    56.09
Commerzbank AG             7.50 12/24/2015    EUR    56.68
Commerzbank AG             9.50 12/24/2015    EUR    54.38
Lehman Brothers Treas      7.60  5/21/2013    USD     4.75
Vontobel Financial Pr      9.20 12/28/2015    EUR    54.11
Deutsche Bank AG           5.34  6/30/2016    EUR    44.53
Vontobel Financial Pr      6.00  6/24/2016    EUR    46.10
Vontobel Financial Pr      9.50  9/25/2015    EUR    55.13
Vontobel Financial Pr      5.50  1/15/2016    EUR    46.19
Goldman Sachs & Co We     12.00 11/25/2015    EUR    53.86
Goldman Sachs & Co We     11.00 12/23/2015    EUR    54.45
Goldman Sachs & Co We     11.00 12/23/2015    EUR    54.45
Goldman Sachs & Co We     11.00  1/20/2016    EUR    55.26
Goldman Sachs & Co We      6.00  6/22/2016    EUR    53.35
Goldman Sachs & Co We      7.00  1/20/2016    EUR    41.19
UBS AG/London             10.75 12/17/2015    CHF    64.28
Vontobel Financial Pr      5.00  1/22/2016    EUR    47.25
Goldman Sachs & Co We     23.00 12/23/2015    EUR    49.01
Goldman Sachs & Co We      6.00  1/20/2016    EUR    61.55
Goldman Sachs & Co We      6.00  6/22/2016    EUR    60.96
Goldman Sachs & Co We     21.00  1/20/2016    EUR    50.14
Goldman Sachs & Co We      8.00  6/22/2016    EUR    58.66
Goldman Sachs & Co We     17.00  6/22/2016    EUR    53.97
Goldman Sachs & Co We     22.00 11/25/2015    EUR    72.84
Vontobel Financial Pr      5.75  8/23/2016    EUR    62.78
Deutsche Bank AG           8.20 12/20/2016    EUR    61.90
Deutsche Bank AG           8.20 12/22/2015    EUR    42.40
Deutsche Bank AG           8.20  3/22/2016    EUR    59.00
Deutsche Bank AG           8.20  3/22/2016    EUR    44.50
Deutsche Bank AG           8.20 12/20/2016    EUR    49.00
Deutsche Bank AG           8.20 12/22/2015    EUR    57.20
Deutsche Bank AG           8.20  6/22/2016    EUR    44.90
Deutsche Bank AG           8.20  6/22/2016    EUR    58.00
HSBC Trinkaus & Burkh      6.90  9/25/2015    EUR    73.35
HSBC Trinkaus & Burkh      6.50 12/28/2015    EUR    70.73
HSBC Trinkaus & Burkh      8.80 11/27/2015    EUR    67.39
HSBC Trinkaus & Burkh     13.20 11/27/2015    EUR    72.79
HSBC Trinkaus & Burkh     16.00 12/28/2015    EUR    49.97
HSBC Trinkaus & Burkh      7.10  3/25/2016    EUR    56.96
HSBC Trinkaus & Burkh      8.10 11/27/2015    EUR    55.05
HSBC Trinkaus & Burkh      7.30  9/25/2015    EUR    45.91
HSBC Trinkaus & Burkh     20.20  9/25/2015    EUR    73.66
HSBC Trinkaus & Burkh     15.80 12/28/2015    EUR    74.90
DZ Bank AG Deutsche Z      9.50 12/28/2015    EUR    44.01
DZ Bank AG Deutsche Z      8.75  6/24/2016    EUR    46.34
DZ Bank AG Deutsche Z      8.75  6/24/2016    EUR    58.48
DZ Bank AG Deutsche Z      7.50  9/21/2015    EUR    70.29
DZ Bank AG Deutsche Z      8.60  9/21/2015    EUR    68.84
DZ Bank AG Deutsche Z      6.30 12/21/2015    EUR    65.00
DZ Bank AG Deutsche Z      7.00 12/21/2015    EUR    63.89
DZ Bank AG Deutsche Z      7.90 12/21/2015    EUR    62.83
DZ Bank AG Deutsche Z      5.40  3/21/2016    EUR    65.68
DZ Bank AG Deutsche Z      5.90  3/21/2016    EUR    64.71
DZ Bank AG Deutsche Z      7.00 12/28/2015    EUR    48.94
DZ Bank AG Deutsche Z     11.25 12/28/2015    EUR    45.70
DZ Bank AG Deutsche Z     10.00  9/25/2015    EUR    60.41
DZ Bank AG Deutsche Z      5.00 12/28/2015    EUR    63.28
DZ Bank AG Deutsche Z      8.25 12/28/2015    EUR    59.63
DZ Bank AG Deutsche Z      6.50  3/29/2016    EUR    60.60
Commerzbank AG             4.50 12/24/2015    EUR    67.93
Commerzbank AG             5.25 12/24/2015    EUR    66.34
Commerzbank AG             6.00 12/24/2015    EUR    64.82
Commerzbank AG             7.00 12/24/2015    EUR    63.43
Commerzbank AG             8.00 12/24/2015    EUR    62.11
Commerzbank AG             9.00 12/24/2015    EUR    60.86
Commerzbank AG            10.00 12/24/2015    EUR    59.68
Commerzbank AG             4.75 12/24/2015    EUR    52.92
Commerzbank AG             5.50 12/24/2015    EUR    51.58
Commerzbank AG             6.25 12/24/2015    EUR    50.35
Commerzbank AG             7.25 12/24/2015    EUR    49.26
Commerzbank AG             8.25 12/24/2015    EUR    48.22
Commerzbank AG             9.25 12/24/2015    EUR    47.27
Commerzbank AG            10.25 12/24/2015    EUR    46.38
Commerzbank AG            11.25 12/24/2015    EUR    45.53
Vontobel Financial Pr     10.30  9/25/2015    EUR    61.50
Vontobel Financial Pr      8.65 12/28/2015    EUR    61.79
Vontobel Financial Pr      6.00  1/22/2016    EUR    49.51
DZ Bank AG Deutsche Z      6.25 12/21/2015    EUR    58.06
DZ Bank AG Deutsche Z      6.50  3/21/2016    EUR    59.52
DZ Bank AG Deutsche Z      6.00  3/21/2016    EUR    59.27
UniCredit Bank AG          4.50  6/23/2016    EUR    56.13
UniCredit Bank AG          4.20  6/23/2016    EUR    57.86
UniCredit Bank AG          5.00  6/23/2016    EUR    53.50
UniCredit Bank AG          7.50  6/23/2016    EUR    73.84
UniCredit Bank AG          7.00  6/23/2016    EUR    74.10
UniCredit Bank AG          4.30  6/23/2016    EUR    57.28
UniCredit Bank AG          6.75  6/23/2016    EUR    74.55
UniCredit Bank AG          4.90  6/23/2016    EUR    54.01
UniCredit Bank AG          4.40  6/23/2016    EUR    56.69
UniCredit Bank AG          4.50  6/23/2016    EUR    60.27
UniCredit Bank AG          4.25  6/23/2016    EUR    61.12
UniCredit Bank AG          4.60  6/23/2016    EUR    55.59
UniCredit Bank AG          5.50  6/23/2016    EUR    57.12
UniCredit Bank AG          5.00  6/23/2016    EUR    58.63
UniCredit Bank AG          4.70  6/23/2016    EUR    55.05
UniCredit Bank AG          4.75  6/23/2016    EUR    59.44
UniCredit Bank AG          4.80  6/23/2016    EUR    54.51
UBS AG/London             10.00   6/3/2016    CHF    73.17
LBBW                       3.00  6/23/2017    EUR    73.21
LBBW                       4.50  6/23/2017    EUR    70.50
LBBW                       2.50  6/23/2017    EUR    64.61
LBBW                       3.50  6/23/2017    EUR    63.04
LBBW                       4.50  6/23/2017    EUR    62.07
LBBW                       2.50  2/26/2016    EUR    63.14
LBBW                       3.50  2/26/2016    EUR    61.81
LBBW                       4.50  2/26/2016    EUR    60.92
Notenstein Privatbank      9.00   9/2/2016    CHF    64.54
Leonteq Securities AG     15.00   3/9/2016    USD    51.04
Goldman Sachs & Co We      5.00 12/23/2015    EUR    48.60
Goldman Sachs & Co We      5.00  1/20/2016    EUR    48.97
Goldman Sachs & Co We      5.00  2/24/2016    EUR    49.41
Bank Julius Baer & Co      7.00  9/12/2016    CHF    43.30
UniCredit Bank AG          6.00  9/24/2015    EUR    67.49
UniCredit Bank AG          4.00  9/24/2015    EUR    47.01
UniCredit Bank AG          6.00  9/24/2015    EUR    61.83
UniCredit Bank AG          4.00  9/24/2015    EUR    64.18
UniCredit Bank AG          4.00  9/24/2015    EUR    69.20
UniCredit Bank AG          5.00  9/24/2015    EUR    60.35
UniCredit Bank AG          5.60  9/24/2015    EUR    62.94
DZ Bank AG Deutsche Z      5.10  9/19/2016    EUR    62.26
DZ Bank AG Deutsche Z      5.90  9/19/2016    EUR    61.34
DZ Bank AG Deutsche Z      6.70  9/19/2016    EUR    60.54
DZ Bank AG Deutsche Z      6.00  9/19/2016    EUR    74.77
Vontobel Financial Pr      3.95  5/27/2016    EUR    74.33
Vontobel Financial Pr      5.75 12/28/2015    EUR    60.11
Vontobel Financial Pr      6.50  9/25/2015    EUR    61.07
Vontobel Financial Pr     13.45 12/28/2015    EUR    66.15
Vontobel Financial Pr     18.75 12/28/2015    EUR    60.61
DZ Bank AG Deutsche Z      8.00 12/28/2015    EUR    39.26
Vontobel Financial Pr      5.35 12/28/2015    EUR    72.83
Vontobel Financial Pr      8.05 12/28/2015    EUR    73.55
Goldman Sachs & Co We     10.00 12/23/2015    EUR    57.97
Goldman Sachs & Co We      6.00  9/23/2015    EUR    62.62
Goldman Sachs & Co We      8.00  9/23/2015    EUR    62.63
Goldman Sachs & Co We      5.00 12/23/2015    EUR    60.81
Goldman Sachs & Co We      5.00 12/23/2015    EUR    60.81
Leonteq Securities AG      5.00  8/22/2016    CHF    66.40
Vontobel Financial Pr      4.95 12/28/2015    EUR    45.07
Deutsche Bank AG           4.20  7/20/2016    EUR    67.00
Deutsche Bank AG           4.20  8/24/2016    EUR    58.90
Deutsche Bank AG           4.20  8/24/2016    EUR    62.90
Deutsche Bank AG           4.20  8/24/2016    EUR    60.80
Deutsche Bank AG           4.20  8/24/2016    EUR    67.30
Deutsche Bank AG           4.20  8/24/2016    EUR    65.00
Deutsche Bank AG           4.20  8/24/2016    EUR    57.20
Deutsche Bank AG           4.20  7/20/2016    EUR    61.10
Deutsche Bank AG           4.20  8/24/2016    EUR    54.90
Deutsche Bank AG           4.20  7/20/2016    EUR    59.40
Deutsche Bank AG           4.20  8/24/2016    EUR    59.70
Deutsche Bank AG           4.20  8/24/2016    EUR    62.50
Deutsche Bank AG           4.20  7/20/2016    EUR    56.90
Deutsche Bank AG           5.20  7/20/2016    EUR    56.10
Deutsche Bank AG           5.20  7/20/2016    EUR    59.40
Deutsche Bank AG           5.20  7/20/2016    EUR    61.30
Deutsche Bank AG           5.20  8/24/2016    EUR    63.80
Deutsche Bank AG           6.20  8/24/2016    EUR    62.70
Deutsche Bank AG           6.20  8/24/2016    EUR    57.50
Deutsche Bank AG           5.20  7/20/2016    EUR    63.40
Deutsche Bank AG           6.20  8/24/2016    EUR    63.60
Deutsche Bank AG           5.20  8/24/2016    EUR    59.80
Deutsche Bank AG           6.20  8/24/2016    EUR    60.80
Deutsche Bank AG           5.20  8/24/2016    EUR    61.80
Deutsche Bank AG           5.20  8/24/2016    EUR    56.50
Deutsche Bank AG           5.20  7/20/2016    EUR    57.70
Deutsche Bank AG           6.20  7/20/2016    EUR    58.60
Deutsche Bank AG           5.20  7/20/2016    EUR    55.40
Deutsche Bank AG           6.20  8/24/2016    EUR    61.60
Deutsche Bank AG           5.20  8/24/2016    EUR    60.70
Deutsche Bank AG           6.20  8/24/2016    EUR    59.10
Deutsche Bank AG           5.20  8/24/2016    EUR    52.10
Deutsche Bank AG           6.20  7/20/2016    EUR    61.10
Deutsche Bank AG           5.20  7/20/2016    EUR    51.70
Deutsche Bank AG           5.20  8/24/2016    EUR    55.80
Deutsche Bank AG           5.20  7/20/2016    EUR    60.30
Deutsche Bank AG           5.20  8/24/2016    EUR    58.10
Deutsche Bank AG           6.20  8/24/2016    EUR    53.10
Deutsche Bank AG           6.20  8/24/2016    EUR    56.70
Deutsche Bank AG           6.20  8/24/2016    EUR    72.50
Deutsche Bank AG           5.20  8/24/2016    EUR    74.50
Deutsche Bank AG           5.20  7/20/2016    EUR    71.10
Deutsche Bank AG           6.20  7/20/2016    EUR    72.00
Deutsche Bank AG           6.20  8/24/2016    EUR    74.90
Deutsche Bank AG           5.20  7/20/2016    EUR    74.00
Deutsche Bank AG           5.20  8/24/2016    EUR    74.00
Deutsche Bank AG           5.20  8/24/2016    EUR    71.50
Deutsche Bank AG           5.20  5/25/2016    EUR    57.00
Deutsche Bank AG           6.20  5/25/2016    EUR    57.70
Deutsche Bank AG           5.20  5/25/2016    EUR    54.60
Deutsche Bank AG           6.20  5/25/2016    EUR    55.30
Deutsche Bank AG           6.20  5/25/2016    EUR    51.60
Deutsche Bank AG           5.20  5/25/2016    EUR    50.90
Deutsche Bank AG           6.20  5/25/2016    EUR    73.60
Deutsche Bank AG           5.20  5/25/2016    EUR    72.90
Deutsche Bank AG           4.20  5/25/2016    EUR    66.60
Deutsche Bank AG           4.20  5/25/2016    EUR    64.30
Deutsche Bank AG           4.20  5/25/2016    EUR    62.00
Deutsche Bank AG           5.20  5/25/2016    EUR    73.30
Deutsche Bank AG           6.20  5/25/2016    EUR    74.00
Deutsche Bank AG           4.20  5/25/2016    EUR    61.80
Deutsche Bank AG           4.20  5/25/2016    EUR    59.00
Deutsche Bank AG           8.20  5/25/2016    EUR    60.80
Deutsche Bank AG           8.20  5/25/2016    EUR    57.40
Deutsche Bank AG           8.20  5/25/2016    EUR    55.70
Deutsche Bank AG           8.20  5/25/2016    EUR    51.00
Deutsche Bank AG           8.20  5/25/2016    EUR    75.00
Deutsche Bank AG           8.20  5/25/2016    EUR    72.50
Deutsche Bank AG           8.20  5/25/2016    EUR    71.10
Deutsche Bank AG           8.20  5/25/2016    EUR    53.00
Deutsche Bank AG           8.20  4/20/2016    EUR    63.00
Deutsche Bank AG           8.20  4/20/2016    EUR    59.60
Deutsche Bank AG           8.20  4/20/2016    EUR    57.80
Deutsche Bank AG           8.20  4/20/2016    EUR    54.10
Deutsche Bank AG           8.20  4/20/2016    EUR    52.00
Deutsche Bank AG           8.20  4/20/2016    EUR    74.30
Deutsche Bank AG           8.20  4/20/2016    EUR    71.70
Deutsche Bank AG           8.20  4/20/2016    EUR    73.70
Deutsche Bank AG           6.20  4/20/2016    EUR    66.00
Deutsche Bank AG           5.20  4/20/2016    EUR    65.50
Deutsche Bank AG           5.20  4/20/2016    EUR    63.30
Deutsche Bank AG           6.20  4/20/2016    EUR    63.90
Deutsche Bank AG           6.20  4/20/2016    EUR    61.80
Deutsche Bank AG           5.20  4/20/2016    EUR    61.20
Deutsche Bank AG           6.20  4/20/2016    EUR    58.40
Deutsche Bank AG           5.20  4/20/2016    EUR    57.80
Deutsche Bank AG           5.20  4/20/2016    EUR    58.60
Deutsche Bank AG           6.20  4/20/2016    EUR    59.20
Deutsche Bank AG           5.20  4/20/2016    EUR    56.10
Deutsche Bank AG           6.20  4/20/2016    EUR    56.70
Deutsche Bank AG           6.20  4/20/2016    EUR    52.90
Deutsche Bank AG           5.20  4/20/2016    EUR    52.40
Deutsche Bank AG           5.20  4/20/2016    EUR    72.50
Deutsche Bank AG           6.20  4/20/2016    EUR    73.10
Deutsche Bank AG           5.20  4/20/2016    EUR    74.80
Deutsche Bank AG           5.20  7/20/2016    EUR    73.60
Deutsche Bank AG           5.20  5/25/2016    EUR    62.70
Deutsche Bank AG           6.20  5/25/2016    EUR    56.10
Deutsche Bank AG           5.20  5/25/2016    EUR    60.70
Deutsche Bank AG           6.20  5/25/2016    EUR    61.30
Deutsche Bank AG           6.20  5/25/2016    EUR    59.40
Deutsche Bank AG           5.20  5/25/2016    EUR    57.50
Deutsche Bank AG           5.20  5/25/2016    EUR    55.40
Deutsche Bank AG           6.20  5/25/2016    EUR    63.40
UBS AG                    12.25  6/24/2016    EUR    68.52
UBS AG                     8.25  6/24/2016    EUR    70.01
UBS AG                     7.25  6/24/2016    EUR    74.24
UBS AG                    13.75  6/24/2016    EUR    65.79
UBS AG/London              6.25  5/30/2016    CHF    46.65
Credit Suisse AG/Lond      8.00   6/6/2016    USD    57.71
Leonteq Securities AG     10.80   9/8/2016    CHF    67.95
WGZ-Bank AG Westdeuts      2.25  6/29/2016    EUR    63.13
WGZ-Bank AG Westdeuts      3.25  6/29/2016    EUR    60.83
WGZ-Bank AG Westdeuts      4.25  6/29/2016    EUR    58.75
WGZ-Bank AG Westdeuts      5.50  6/29/2016    EUR    57.10
WGZ-Bank AG Westdeuts      6.50  6/29/2016    EUR    56.64
DZ Bank AG Deutsche Z      5.25  6/24/2016    EUR    57.12
DZ Bank AG Deutsche Z     10.25  6/24/2016    EUR    63.86
Vontobel Financial Pr     10.35  3/11/2016    EUR    63.26
Vontobel Financial Pr      9.65  6/10/2016    EUR    64.15
Commerzbank AG             6.76  6/22/2017    EUR    62.30
Vontobel Financial Pr      6.05 12/18/2015    EUR    60.95
Vontobel Financial Pr      3.65  12/9/2016    EUR    65.24
Vontobel Financial Pr      5.40  12/9/2016    EUR    63.22
Vontobel Financial Pr      5.30  6/17/2016    EUR    62.20
Vontobel Financial Pr      4.15  12/9/2016    EUR    59.50
Vontobel Financial Pr      5.15  12/9/2016    EUR    58.23
Vontobel Financial Pr      6.30  12/9/2016    EUR    57.33
Vontobel Financial Pr      7.55  12/9/2016    EUR    56.73
Vontobel Financial Pr      4.25   9/9/2016    EUR    58.78
Vontobel Financial Pr      5.55   9/9/2016    EUR    57.50
Vontobel Financial Pr      6.90   9/9/2016    EUR    56.46
Vontobel Financial Pr      8.40   9/9/2016    EUR    55.75
DZ Bank AG Deutsche Z      5.00  6/24/2016    EUR    72.83
DZ Bank AG Deutsche Z      4.75  3/21/2016    EUR    67.29
DZ Bank AG Deutsche Z      5.75  6/20/2016    EUR    67.27
DZ Bank AG Deutsche Z      5.75  9/19/2016    EUR    68.61
DZ Bank AG Deutsche Z      5.75 12/28/2015    EUR    60.07
DZ Bank AG Deutsche Z      7.75 12/28/2015    EUR    68.58
DZ Bank AG Deutsche Z      7.75  3/29/2016    EUR    69.97
DZ Bank AG Deutsche Z      5.75  9/23/2016    EUR    69.41
DZ Bank AG Deutsche Z      7.75  9/23/2016    EUR    71.48
DZ Bank AG Deutsche Z      5.50  3/29/2016    EUR    70.75
DZ Bank AG Deutsche Z      7.00  9/23/2016    EUR    72.87
DZ Bank AG Deutsche Z      6.25  9/23/2016    EUR    69.04
DZ Bank AG Deutsche Z      5.50 12/28/2015    EUR    64.58
DZ Bank AG Deutsche Z      6.50  9/23/2016    EUR    66.82
DZ Bank AG Deutsche Z      6.00  3/29/2016    EUR    73.96
DZ Bank AG Deutsche Z      5.75 12/28/2015    EUR    69.62
DZ Bank AG Deutsche Z      7.25 12/28/2015    EUR    70.13
DZ Bank AG Deutsche Z      9.00 12/28/2015    EUR    67.24
DZ Bank AG Deutsche Z      5.10  3/21/2016    EUR    65.31
DZ Bank AG Deutsche Z      5.00  9/19/2016    EUR    64.69
Vontobel Financial Pr      6.55  9/23/2016    EUR    62.63
Vontobel Financial Pr      8.30  9/23/2016    EUR    55.96
Vontobel Financial Pr      9.50  6/24/2016    EUR    54.87
Vontobel Financial Pr      9.40  3/29/2016    EUR    54.57
Vontobel Financial Pr     11.15  3/29/2016    EUR    74.27
Vontobel Financial Pr      6.05   9/9/2016    EUR    53.10
Vontobel Financial Pr      5.05   9/9/2016    EUR    52.14
Vontobel Financial Pr     10.35 12/11/2015    EUR    45.88
LBBW                       3.50  7/27/2018    EUR    61.93
Vontobel Financial Pr      8.15  6/24/2016    EUR    73.65
DZ Bank AG Deutsche Z      6.10  6/22/2016    EUR    62.14
UBS AG                     3.30  12/9/2016    EUR    61.22
UBS AG                     3.70  6/10/2016    EUR    60.49
UBS AG                     2.30 12/11/2015    EUR    61.37
UniCredit Bank AG          5.44   7/1/2016    EUR    70.42
UniCredit Bank AG          6.00  6/23/2016    EUR    56.60
UniCredit Bank AG          5.25  6/23/2016    EUR    57.86
LBBW                       2.50  2/26/2016    EUR    66.87
LBBW                       4.50  2/26/2016    EUR    64.60
LBBW                       2.50  2/26/2016    EUR    56.75
LBBW                       3.50  2/26/2016    EUR    55.57
LBBW                       4.50  2/26/2016    EUR    54.54
LBBW                       2.50  6/23/2017    EUR    60.86
LBBW                       4.00  6/23/2017    EUR    58.47
LBBW                       5.50  6/23/2017    EUR    57.13
Leonteq Securities AG     16.40  9/15/2016    CHF    65.15
Leonteq Securities AG     10.40  9/15/2016    CHF    71.54
UniCredit Bank AG          4.00 12/22/2016    EUR    54.87
UniCredit Bank AG          4.00 12/22/2016    EUR    52.51
UniCredit Bank AG          4.00 12/22/2016    EUR    57.46
Commerzbank AG             6.25  5/26/2016    EUR    67.27
Commerzbank AG             8.50  5/26/2016    EUR    65.72
Commerzbank AG             4.25  5/26/2016    EUR    70.32
Commerzbank AG             6.00  5/26/2016    EUR    68.15
Commerzbank AG             8.00  5/26/2016    EUR    66.45
Commerzbank AG            10.00  5/26/2016    EUR    64.93
Commerzbank AG             7.25  5/26/2016    EUR    74.68
Commerzbank AG             8.00  5/26/2016    EUR    59.47
Commerzbank AG            10.50  5/26/2016    EUR    57.93
Commerzbank AG             4.75  5/26/2016    EUR    67.31
Commerzbank AG             5.25  5/26/2016    EUR    66.42
Commerzbank AG             6.00  5/26/2016    EUR    65.72
Commerzbank AG             6.75  5/26/2016    EUR    65.05
Commerzbank AG             7.75  5/26/2016    EUR    64.59
Commerzbank AG             8.50  5/26/2016    EUR    63.99
Commerzbank AG             9.50  5/26/2016    EUR    63.59
Commerzbank AG             5.00  5/26/2016    EUR    59.18
Commerzbank AG             5.75  5/26/2016    EUR    58.52
Commerzbank AG             6.50  5/26/2016    EUR    57.90
Commerzbank AG             7.25  5/26/2016    EUR    57.32
Commerzbank AG             8.00  5/26/2016    EUR    56.77
Commerzbank AG             9.00  5/26/2016    EUR    56.43
Commerzbank AG             9.75  5/26/2016    EUR    55.94
HSBC Trinkaus & Burkh     16.30  3/25/2016    EUR    62.00
HSBC Trinkaus & Burkh     14.30  6/24/2016    EUR    63.27
HSBC Trinkaus & Burkh     12.20  6/24/2016    EUR    64.09
HSBC Trinkaus & Burkh     12.50  9/23/2016    EUR    64.66
HSBC Trinkaus & Burkh     10.90  9/23/2016    EUR    65.38
HSBC Trinkaus & Burkh     11.40  2/26/2016    EUR    63.99
HSBC Trinkaus & Burkh     10.50  5/27/2016    EUR    64.75
HSBC Trinkaus & Burkh      7.10 12/23/2016    EUR    63.04
HSBC Trinkaus & Burkh      7.50  5/27/2016    EUR    62.05
HSBC Trinkaus & Burkh     10.80  9/23/2016    EUR    56.29
HSBC Trinkaus & Burkh      6.20  9/23/2016    EUR    58.17
HSBC Trinkaus & Burkh      7.10 12/23/2016    EUR    58.31
HSBC Trinkaus & Burkh      8.10  2/26/2016    EUR    55.38
HSBC Trinkaus & Burkh      8.60  5/27/2016    EUR    55.73
HSBC Trinkaus & Burkh     10.90  6/24/2016    EUR    74.03
DZ Bank AG Deutsche Z      2.00 11/27/2015    EUR    67.74
Landesbank Hessen-Thu      3.60 10/10/2016    EUR    72.90
Vontobel Financial Pr     10.45 12/28/2015    EUR    62.27
DZ Bank AG Deutsche Z      5.50  6/24/2016    EUR    62.41
DZ Bank AG Deutsche Z      8.25  6/24/2016    EUR    60.99
DZ Bank AG Deutsche Z     10.00  6/24/2016    EUR    56.68
DZ Bank AG Deutsche Z      5.25  6/24/2016    EUR    59.12
DZ Bank AG Deutsche Z     10.75  6/24/2016    EUR    74.81
DZ Bank AG Deutsche Z      5.00 12/21/2015    EUR    67.12
DZ Bank AG Deutsche Z      4.90  6/20/2016    EUR    66.08
DZ Bank AG Deutsche Z      4.50  9/19/2016    EUR    66.52
DZ Bank AG Deutsche Z      6.20  9/19/2016    EUR    64.62
Vontobel Financial Pr      6.90  9/23/2016    EUR    59.04
Vontobel Financial Pr      7.95  6/24/2016    EUR    58.28
Vontobel Financial Pr      7.60  3/29/2016    EUR    58.48
Vontobel Financial Pr      9.30 12/28/2015    EUR    57.12
LBBW                       2.75  7/26/2019    EUR    69.91
UBS AG                    12.50  6/24/2016    EUR    55.42
UBS AG                     5.50  6/24/2016    EUR    63.06
UBS AG                    17.00  6/24/2016    EUR    53.85
UBS AG                    10.00  6/24/2016    EUR    72.52
UBS AG                     8.50  6/24/2016    EUR    58.78
UBS AG                     9.75  6/24/2016    EUR    59.53
UBS AG                    14.50  6/24/2016    EUR    70.52
UBS AG                     8.50  6/24/2016    EUR    65.60
Bank Julius Baer & Co      9.35  6/10/2016    USD    74.50
Societe Generale Effe      8.68   7/7/2016    EUR    57.79
Societe Generale Effe     10.57   7/7/2016    EUR    56.47
Societe Generale Effe     12.62   7/7/2016    EUR    55.56
Societe Generale Effe      8.26 10/10/2016    EUR    60.82
Societe Generale Effe      9.99 10/10/2016    EUR    59.22
Societe Generale Effe     13.91 10/10/2016    EUR    57.20
Zurcher Kantonalbank      10.03  6/17/2016    EUR    58.20
Goldman Sachs & Co We      4.00  7/20/2016    EUR    55.46
Goldman Sachs & Co We      6.00  7/20/2016    EUR    57.11
Goldman Sachs & Co We     12.00  7/20/2016    EUR    62.05
Goldman Sachs & Co We      4.00 12/21/2016    EUR    56.83
Goldman Sachs & Co We      8.00 12/21/2016    EUR    61.79
Goldman Sachs & Co We     10.00 12/21/2016    EUR    64.27
Goldman Sachs & Co We      5.00  3/23/2016    EUR    54.17
Goldman Sachs & Co We      5.00  7/20/2016    EUR    53.76
Goldman Sachs & Co We      6.00  7/20/2016    EUR    54.58
Goldman Sachs & Co We      8.00  7/20/2016    EUR    56.23
Goldman Sachs & Co We     10.00  7/20/2016    EUR    57.87
Goldman Sachs & Co We      5.00 12/21/2016    EUR    55.42
Goldman Sachs & Co We      7.00 12/21/2016    EUR    57.91
Goldman Sachs & Co We      7.00 12/21/2016    EUR    57.91
Goldman Sachs & Co We      9.00 12/21/2016    EUR    60.39
Goldman Sachs & Co We     24.00 12/23/2015    EUR    57.85
Goldman Sachs & Co We      4.00  7/20/2016    EUR    68.72
Goldman Sachs & Co We      6.00  7/20/2016    EUR    65.66
Goldman Sachs & Co We      9.00  7/20/2016    EUR    63.89
Goldman Sachs & Co We     15.00  7/20/2016    EUR    61.69
Goldman Sachs & Co We     19.00  7/20/2016    EUR    62.00
Goldman Sachs & Co We      4.00 12/21/2016    EUR    69.95
Goldman Sachs & Co We      6.00 12/21/2016    EUR    67.94
Goldman Sachs & Co We      8.00 12/21/2016    EUR    66.35
Goldman Sachs & Co We     10.00 12/21/2016    EUR    65.18
Goldman Sachs & Co We     14.00 12/21/2016    EUR    63.94
Goldman Sachs & Co We     12.00  9/23/2015    EUR    58.73
Goldman Sachs & Co We     18.00  9/23/2015    EUR    55.09
Goldman Sachs & Co We     13.00 12/23/2015    EUR    55.04
Goldman Sachs & Co We     25.00 12/23/2015    EUR    51.47
Goldman Sachs & Co We     11.00  3/23/2016    EUR    57.07
Goldman Sachs & Co We      8.00  4/20/2016    EUR    58.69
Goldman Sachs & Co We     23.00  4/20/2016    EUR    55.07
Goldman Sachs & Co We     11.00  5/25/2016    EUR    57.04
Goldman Sachs & Co We     18.00  5/25/2016    EUR    55.68
Goldman Sachs & Co We     23.00  5/25/2016    EUR    55.71
Goldman Sachs & Co We      7.00  6/22/2016    EUR    59.89
Goldman Sachs & Co We     19.00  6/22/2016    EUR    56.14
Goldman Sachs & Co We     21.00  6/22/2016    EUR    56.03
Goldman Sachs & Co We      5.00  7/20/2016    EUR    61.62
Goldman Sachs & Co We      7.00  7/20/2016    EUR    60.36
Goldman Sachs & Co We      8.00  7/20/2016    EUR    58.63
Goldman Sachs & Co We     10.00  7/20/2016    EUR    57.91
Goldman Sachs & Co We     14.00  7/20/2016    EUR    57.06
Goldman Sachs & Co We     20.00  7/20/2016    EUR    56.82
Goldman Sachs & Co We      8.00  9/21/2016    EUR    59.89
Goldman Sachs & Co We      5.00 12/21/2016    EUR    63.01
Goldman Sachs & Co We      6.00 12/21/2016    EUR    61.68
Goldman Sachs & Co We      7.00 12/21/2016    EUR    60.48
Goldman Sachs & Co We      9.00 12/21/2016    EUR    60.69
Goldman Sachs & Co We     15.00 12/21/2016    EUR    59.01
Goldman Sachs & Co We     23.00  5/25/2016    EUR    72.11
Goldman Sachs & Co We     21.00  6/22/2016    EUR    72.39
Goldman Sachs & Co We     20.00  7/20/2016    EUR    73.17
Commerzbank AG            10.50 10/22/2015    EUR    51.31
Commerzbank AG             9.00 12/24/2015    EUR    52.72
Commerzbank AG             9.00  5/26/2016    EUR    54.76
Commerzbank AG            10.50 11/26/2015    EUR    72.82
Commerzbank AG            10.50  1/21/2016    EUR    74.33
Commerzbank AG             8.50 12/24/2015    EUR    74.89
LBBW                       3.15 11/25/2016    EUR    72.48
Bank J Safra Sarasin       9.70  6/15/2016    CHF    70.33
Goldman Sachs & Co We     18.00 12/23/2015    EUR    49.71
Goldman Sachs & Co We     20.00  1/20/2016    EUR    49.94
Goldman Sachs & Co We     18.00  2/24/2016    EUR    51.01
Goldman Sachs & Co We     19.00  3/23/2016    EUR    51.27
Goldman Sachs & Co We      7.00  5/25/2016    EUR    56.76
Goldman Sachs & Co We     16.00  9/21/2016    EUR    74.51
Goldman Sachs & Co We     22.00  5/25/2016    EUR    70.98
Goldman Sachs & Co We     21.00  6/22/2016    EUR    71.95
UBS AG/London             10.75   5/9/2016    CHF    68.30
WGZ-Bank AG Westdeuts      2.50  3/17/2016    EUR    70.29
WGZ-Bank AG Westdeuts      3.25  3/17/2016    EUR    68.05
WGZ-Bank AG Westdeuts      4.25  3/17/2016    EUR    66.16
WGZ-Bank AG Westdeuts      5.50  3/17/2016    EUR    64.40
WGZ-Bank AG Westdeuts      6.50  3/17/2016    EUR    63.69
DZ Bank AG Deutsche Z      5.40 12/21/2015    EUR    64.18
DZ Bank AG Deutsche Z      5.80  3/21/2016    EUR    63.36
DZ Bank AG Deutsche Z      5.40  6/20/2016    EUR    63.72
Vontobel Financial Pr      8.65  5/27/2016    EUR    60.97
Vontobel Financial Pr      5.85  5/27/2016    EUR    63.00
Bank Julius Baer & Co     10.00  5/20/2016    USD    55.00
Vontobel Financial Pr      9.05  5/27/2016    EUR    72.90
DZ Bank AG Deutsche Z      6.75  3/29/2016    EUR    70.26
DZ Bank AG Deutsche Z      5.50  6/24/2016    EUR    54.31
DZ Bank AG Deutsche Z      8.25  6/24/2016    EUR    52.29
DZ Bank AG Deutsche Z      5.00  6/24/2016    EUR    62.03
DZ Bank AG Deutsche Z      8.25  6/24/2016    EUR    59.58
DZ Bank AG Deutsche Z     12.00 12/28/2015    EUR    72.14
DZ Bank AG Deutsche Z      9.75  3/29/2016    EUR    73.91
DZ Bank AG Deutsche Z      9.00  6/24/2016    EUR    73.49
DZ Bank AG Deutsche Z     12.00  6/24/2016    EUR    71.88
DZ Bank AG Deutsche Z      6.70  9/21/2015    EUR    71.65
DZ Bank AG Deutsche Z      9.60  9/21/2015    EUR    69.29
DZ Bank AG Deutsche Z      5.60 12/21/2015    EUR    66.02
DZ Bank AG Deutsche Z      4.70  3/21/2016    EUR    66.46
DZ Bank AG Deutsche Z      5.60  6/20/2016    EUR    65.48
WGZ-Bank AG Westdeuts      2.50  3/22/2016    EUR    63.67
WGZ-Bank AG Westdeuts      3.50  3/22/2016    EUR    60.98
WGZ-Bank AG Westdeuts      4.50  3/22/2016    EUR    58.44
WGZ-Bank AG Westdeuts      5.50  3/22/2016    EUR    57.71
WGZ-Bank AG Westdeuts      6.25  3/22/2016    EUR    56.68
DZ Bank AG Deutsche Z      8.75  3/21/2016    EUR    71.36
DZ Bank AG Deutsche Z      9.25  6/20/2016    EUR    72.14
DZ Bank AG Deutsche Z      7.75 12/21/2015    EUR    71.18
DZ Bank AG Deutsche Z      9.25  3/21/2016    EUR    69.50
DZ Bank AG Deutsche Z      8.50  3/21/2016    EUR    69.14
DZ Bank AG Deutsche Z      7.50  3/21/2016    EUR    68.64
DZ Bank AG Deutsche Z      9.75  6/20/2016    EUR    70.24
Notenstein Privatbank      9.00 11/22/2016    CHF    56.56
UBS AG/London              9.75  5/13/2016    CHF    59.29
Bank Julius Baer & Co      6.70  5/25/2016    EUR    63.65
DZ Bank AG Deutsche Z      7.50 12/21/2015    EUR    66.70
DZ Bank AG Deutsche Z      8.50  6/20/2016    EUR    69.18
Bank Julius Baer & Co      9.50  5/27/2016    EUR    73.00
DZ Bank AG Deutsche Z      6.00  6/24/2016    EUR    69.32
Vontobel Financial Pr      7.00  6/24/2016    EUR    74.52
WGZ-Bank AG Westdeuts      2.00  6/22/2016    EUR    72.14
WGZ-Bank AG Westdeuts      3.00  6/22/2016    EUR    67.73
WGZ-Bank AG Westdeuts      4.00  6/22/2016    EUR    66.07
WGZ-Bank AG Westdeuts      5.00  6/22/2016    EUR    64.53
WGZ-Bank AG Westdeuts      6.00  6/22/2016    EUR    63.10
DZ Bank AG Deutsche Z      5.00 12/21/2015    EUR    74.91
HSBC Trinkaus & Burkh     12.60  6/24/2016    EUR    66.99
HSBC Trinkaus & Burkh     11.10  9/23/2016    EUR    68.08
HSBC Trinkaus & Burkh     11.90  2/26/2016    EUR    67.20
HSBC Trinkaus & Burkh     10.90  5/27/2016    EUR    68.07
HSBC Trinkaus & Burkh     10.40  9/23/2016    EUR    59.59
HSBC Trinkaus & Burkh      9.70  9/23/2016    EUR    53.34
HSBC Trinkaus & Burkh     11.50  9/23/2016    EUR    74.52
HSBC Trinkaus & Burkh     11.50  9/23/2016    EUR    74.59
HSBC Trinkaus & Burkh     12.00  1/22/2016    EUR    70.22
HSBC Trinkaus & Burkh     11.40  2/26/2016    EUR    70.97
HSBC Trinkaus & Burkh     10.30  5/27/2016    EUR    72.64
LBBW                       4.50  6/24/2016    EUR    74.12
LBBW                       3.00  6/24/2016    EUR    64.12
LBBW                       4.00  6/24/2016    EUR    62.64
LBBW                       3.00  6/24/2016    EUR    56.88
LBBW                       4.00  6/24/2016    EUR    55.62
LBBW                       5.00  6/24/2016    EUR    54.44
Leonteq Securities AG     11.20  8/29/2016    CHF    74.04
Leonteq Securities AG     10.40   9/1/2016    CHF    53.02
Goldman Sachs & Co We     21.00  6/22/2016    EUR    59.35
Goldman Sachs & Co We     14.00  2/24/2016    EUR    53.08
Goldman Sachs & Co We     23.00  2/24/2016    EUR    51.51
Goldman Sachs & Co We     24.00  3/23/2016    EUR    52.22
Goldman Sachs & Co We     15.00  4/20/2016    EUR    53.93
Goldman Sachs & Co We     20.00  4/20/2016    EUR    53.34
Goldman Sachs & Co We     10.00  9/21/2016    EUR    57.45
Goldman Sachs & Co We     13.00  9/21/2016    EUR    56.60
Goldman Sachs & Co We     17.00  9/21/2016    EUR    55.81
Goldman Sachs & Co We     22.00  3/23/2016    EUR    73.28
Goldman Sachs & Co We     20.00  5/25/2016    EUR    73.94
UBS AG/London             12.00  5/23/2016    CHF    60.35
Vontobel Financial Pr      7.40  6/24/2016    EUR    61.81
Vontobel Financial Pr      6.60  5/27/2016    EUR    63.51
Vontobel Financial Pr      7.15  3/29/2016    EUR    62.95
DZ Bank AG Deutsche Z      8.00 12/28/2015    EUR    68.62
DZ Bank AG Deutsche Z     12.50 11/27/2015    EUR    52.62
DZ Bank AG Deutsche Z     11.75 11/27/2015    EUR    73.43
DZ Bank AG Deutsche Z     14.00 11/27/2015    EUR    70.18
DZ Bank AG Deutsche Z     13.25 11/27/2015    EUR    69.81
Bank Julius Baer & Co      4.20   6/2/2016    CHF    72.45
Vontobel Financial Pr      6.50  6/24/2016    EUR    53.21
Vontobel Financial Pr     21.65  3/29/2016    EUR    73.34
Vontobel Financial Pr     10.20  6/24/2016    EUR    64.92
Vontobel Financial Pr     10.90  3/29/2016    EUR    64.03
Vontobel Financial Pr      9.00  9/23/2016    EUR    65.95
DZ Bank AG Deutsche Z      5.25 12/28/2015    EUR    73.15
DZ Bank AG Deutsche Z      6.50  9/19/2016    EUR    71.77
DZ Bank AG Deutsche Z      8.25  6/20/2016    EUR    70.53
DZ Bank AG Deutsche Z      7.25  9/19/2016    EUR    71.66
DZ Bank AG Deutsche Z      8.50 12/21/2015    EUR    69.64
DZ Bank AG Deutsche Z     10.00  3/21/2016    EUR    71.57
DZ Bank AG Deutsche Z      8.00  9/19/2016    EUR    70.83
DZ Bank AG Deutsche Z      7.25  9/19/2016    EUR    70.10
DZ Bank AG Deutsche Z      6.50  9/19/2016    EUR    69.34
Lehman Brothers Treas     12.00  7/13/2037    JPY     4.75
Immigon Portfolioabba      5.26   2/5/2025    EUR    36.13
Immigon Portfolioabba      1.24   3/1/2022    EUR    37.00
Immigon Portfolioabba      1.27   3/1/2018    EUR    73.13
Glitnir HF                 5.35  5/11/2010    USD    27.13
Lehman Brothers Treas      4.50   3/7/2015    EUR     4.75
Lehman Brothers Treas      4.50 12/30/2010    USD     4.75
Lehman Brothers Treas      7.00  7/11/2010    EUR     4.75
Lehman Brothers Treas      6.00  7/28/2010    EUR     4.75
Lehman Brothers Treas      6.00  7/28/2010    EUR     4.75
Lehman Brothers Treas      7.50   8/1/2035    EUR     4.75
Lehman Brothers Treas      4.90  7/28/2020    EUR     4.75
Lehman Brothers Treas      4.15  8/25/2020    EUR     4.75
Lehman Brothers Treas      6.00  12/6/2016    USD     4.75
Diversified Financial      2.18  7/27/2016    EUR    62.22
Lehman Brothers Treas      6.50  5/16/2015    EUR     4.75
Lehman Brothers Treas      3.50  9/29/2017    EUR     4.75
Lehman Brothers Treas      8.50   7/6/2009    CHF     4.75
LBI HF                     4.40 11/30/2035    EUR     0.01
Lehman Brothers Treas      4.50   8/2/2009    USD     4.75
Glitnir HF                 6.33  7/28/2011    USD    27.13
Lehman Brothers Treas      4.35   8/8/2016    SGD    22.25
Glitnir HF                 5.86  7/28/2016    GBP    27.13
Glitnir HF                 6.31  7/28/2011    USD    27.13
Lehman Brothers Treas      6.00  3/17/2011    EUR     4.75
Lehman Brothers Treas      4.70  3/23/2016    EUR     4.75
Lehman Brothers Treas      4.70  3/23/2016    EUR     4.75
Lehman Brothers Treas      8.00  4/20/2009    EUR     4.75
Immigon Portfolioabba      4.26  3/22/2024    EUR    35.75
Lehman Brothers Treas      2.00 11/16/2009    EUR     4.75
Lehman Brothers Treas     10.00   1/4/2010    USD     4.75
Immigon Portfolioabba      3.50  1/14/2019    EUR    69.13
Lehman Brothers Treas      7.50 10/24/2008    USD     4.75
Lehman Brothers Treas     10.00  3/27/2009    USD     4.75
Lehman Brothers Treas      7.00  4/14/2009    EUR     4.75
Lehman Brothers Treas      6.00 10/24/2008    EUR     4.75
Lehman Brothers Treas      7.75  1/30/2009    EUR     4.75
Lehman Brothers Treas      0.25  7/21/2014    EUR     4.75
Lehman Brothers Treas      4.95 10/25/2036    EUR     4.75
Lehman Brothers Treas      8.00   8/3/2009    USD     4.75
Lehman Brothers Treas      1.50 10/25/2011    EUR     4.75
Commerzbank AG             5.75  8/25/2016    EUR    74.67
Commerzbank AG             6.50  8/25/2016    EUR    74.23
Commerzbank AG             7.50  8/25/2016    EUR    74.05
Commerzbank AG             8.50  8/25/2016    EUR    73.89
Commerzbank AG             9.25  8/25/2016    EUR    73.51
Goldman Sachs & Co We     25.00  4/20/2016    EUR    73.84
Goldman Sachs & Co We     16.00  5/25/2016    EUR    74.52
Goldman Sachs & Co We     18.00  6/22/2016    EUR    74.22
Goldman Sachs & Co We     24.00  6/22/2016    EUR    74.43
Goldman Sachs & Co We     22.00  7/20/2016    EUR    74.60
Goldman Sachs & Co We     16.00  7/20/2016    EUR    73.90
Goldman Sachs & Co We      8.00  3/23/2016    EUR    72.57
Goldman Sachs & Co We      9.00 12/23/2015    EUR    71.82
Goldman Sachs & Co We      6.00 12/23/2015    EUR    71.07
Goldman Sachs & Co We      9.00  3/23/2016    EUR    73.07
Goldman Sachs & Co We     11.00  3/23/2016    EUR    74.07
Goldman Sachs & Co We      8.00  4/20/2016    EUR    72.94
Goldman Sachs & Co We     11.00  4/20/2016    EUR    74.67
Goldman Sachs & Co We      8.00  4/20/2016    EUR    72.94
Goldman Sachs & Co We     10.00  6/22/2016    EUR    72.35
Goldman Sachs & Co We     12.00  6/22/2016    EUR    73.84
Goldman Sachs & Co We      8.00  7/20/2016    EUR    71.31
Goldman Sachs & Co We      9.00  7/20/2016    EUR    72.13
Goldman Sachs & Co We      9.00  7/20/2016    EUR    72.13
Goldman Sachs & Co We     11.00  7/20/2016    EUR    73.78
Goldman Sachs & Co We     10.00  8/24/2016    EUR    73.72
Goldman Sachs & Co We      5.00  9/21/2016    EUR    73.45
Goldman Sachs & Co We      6.00  9/21/2016    EUR    70.35
Goldman Sachs & Co We     10.00  9/21/2016    EUR    74.33
Goldman Sachs & Co We      8.00  6/21/2017    EUR    74.11
Goldman Sachs & Co We      8.00  6/21/2017    EUR    74.11
Goldman Sachs & Co We      8.00  6/21/2017    EUR    74.11
Goldman Sachs & Co We      7.00 12/23/2015    EUR    73.24
Goldman Sachs & Co We     11.00 12/23/2015    EUR    74.24
Goldman Sachs & Co We      8.00  3/23/2016    EUR    74.31
Goldman Sachs & Co We      7.00  4/20/2016    EUR    74.01
Goldman Sachs & Co We      6.00  5/25/2016    EUR    74.70
Goldman Sachs & Co We      8.00  5/25/2016    EUR    72.76
Goldman Sachs & Co We      6.00  6/22/2016    EUR    74.57
Goldman Sachs & Co We      8.00  6/22/2016    EUR    73.09
Goldman Sachs & Co We     10.00  6/22/2016    EUR    74.58
Goldman Sachs & Co We      8.00  7/20/2016    EUR    73.45
Goldman Sachs & Co We      6.00  7/20/2016    EUR    74.61
Goldman Sachs & Co We      6.00  8/24/2016    EUR    74.76
Goldman Sachs & Co We      8.00  8/24/2016    EUR    73.89
Goldman Sachs & Co We      6.00  9/21/2016    EUR    74.93
Goldman Sachs & Co We      8.00  9/21/2016    EUR    74.25
HSBC Trinkaus & Burkh     11.30  6/24/2016    EUR    71.76
HSBC Trinkaus & Burkh      7.90  9/23/2016    EUR    73.07
HSBC Trinkaus & Burkh     12.90  6/24/2016    EUR    73.74
HSBC Trinkaus & Burkh      9.60  9/23/2016    EUR    74.63
HSBC Trinkaus & Burkh      6.00  9/25/2015    EUR    73.74
Notenstein Privatbank      4.00   2/1/2016    EUR    49.22
Vontobel Financial Pr      4.05 12/28/2015    EUR    53.18
Credit Suisse AG/Nass      7.50  2/15/2016    EUR    60.07
UniCredit Bank AG          4.00  9/24/2015    EUR    65.59
UniCredit Bank AG          6.50  9/24/2015    EUR    35.19
DZ Bank AG Deutsche Z      7.50  9/25/2015    EUR    55.83
DZ Bank AG Deutsche Z      7.00  9/25/2015    EUR    55.49
DZ Bank AG Deutsche Z      7.25  9/25/2015    EUR    52.84
DZ Bank AG Deutsche Z      4.50  9/25/2015    EUR    56.17
Vontobel Financial Pr      3.45  10/9/2015    EUR    58.74
Vontobel Financial Pr      7.25 12/11/2015    EUR    52.56
Vontobel Financial Pr      8.65 12/11/2015    EUR    50.74
Leonteq Securities AG      8.00  8/15/2016    CHF    54.81
Leonteq Securities AG      9.60 11/18/2015    CHF    48.90
UBS AG/London              4.25 12/23/2016    EUR    63.07
UBS AG/London              5.75  3/29/2016    EUR    62.74
UBS AG/London              4.00  3/29/2016    EUR    61.76
UBS AG/London              6.00  6/24/2016    EUR    47.04
UBS AG/London              5.25  3/29/2016    EUR    51.53
UBS AG/London              4.75  9/25/2015    EUR    47.31
UBS AG/London             24.75 12/29/2015    EUR    69.92
UBS AG/London             22.00 12/29/2015    EUR    73.71
UBS AG/London              4.50  6/24/2016    EUR    61.64
UBS AG/London              7.50  3/29/2016    EUR    57.15
UBS AG/London              8.00 12/29/2015    EUR    55.48
UBS AG/London             10.75  6/24/2016    EUR    44.61
UBS AG/London              4.25  6/24/2016    EUR    61.01
UBS AG/London             23.00  3/29/2016    EUR    65.93
UBS AG/London             24.25 12/29/2015    EUR    54.33
UBS AG/London              9.00  9/25/2015    EUR    31.24
UBS AG/London             10.50  9/25/2015    EUR    55.90
UBS AG/London              5.00  6/24/2016    EUR    55.96
UBS AG/London              4.75 12/29/2015    EUR    51.67
UBS AG/London              5.25 12/29/2015    EUR    46.68
UBS AG/London             14.00 12/23/2016    EUR    48.39
UBS AG/London              7.50  6/24/2016    EUR    56.39
UBS AG/London             23.75  6/24/2016    EUR    47.67
UBS AG/London              9.00 12/29/2015    EUR    54.88
UBS AG/London             13.25  6/24/2016    EUR    46.92
UBS AG/London             21.25 12/29/2015    EUR    74.04
UBS AG/London             22.50  6/24/2016    EUR    72.47
UBS AG/London              5.75  3/29/2016    EUR    47.84
UBS AG/London             25.00  3/29/2016    EUR    70.04
UBS AG/London              6.00  6/24/2016    EUR    58.80
UBS AG/London              4.00 12/22/2017    EUR    63.46
UBS AG/London             24.50  3/29/2016    EUR    73.76
UBS AG/London              9.00  9/25/2015    EUR    56.11
UBS AG/London              6.75 12/23/2016    EUR    58.95
UBS AG/London              6.75  9/25/2015    EUR    58.87
UBS AG/London              5.75  3/29/2016    EUR    60.02
UBS AG/London              4.25  9/25/2015    EUR    51.59
UBS AG/London             20.75  6/24/2016    EUR    67.93
UBS AG/London             16.50  3/29/2016    EUR    72.82
UBS AG/London             24.50  6/24/2016    EUR    70.54
UBS AG/London             23.50  9/25/2015    EUR    69.78
UBS AG/London             10.25  9/25/2015    EUR    28.28
UBS AG/London             15.25  6/24/2016    EUR    73.64
UBS AG/London             24.25 12/29/2015    EUR    70.84
UBS AG/London             24.75  9/25/2015    EUR    57.88
UBS AG/London              5.25 12/23/2016    EUR    60.50
UBS AG/London             10.00  9/25/2015    EUR    56.79
UBS AG/London              4.75  3/29/2016    EUR    55.08
UBS AG/London              5.50  6/24/2016    EUR    50.59
UBS AG/London             10.75 12/29/2015    EUR    41.63
UBS AG/London              4.25 12/29/2015    EUR    55.38
UBS AG/London              5.00 12/22/2017    EUR    62.18
UBS AG/London              4.25  3/29/2016    EUR    63.49
UBS AG/London              6.50 12/29/2015    EUR    59.78
UBS AG/London              9.00 12/29/2015    EUR    53.16
UBS AG/London             14.75  9/25/2015    EUR    53.61
UBS AG/London             23.25  6/24/2016    EUR    65.98
UBS AG/London             23.00  9/25/2015    EUR    66.84
UBS AG/London             11.00 12/29/2015    EUR    56.46
HSBC Trinkaus & Burkh     12.50  9/25/2015    EUR    51.05
HSBC Trinkaus & Burkh      7.50  9/25/2015    EUR    56.25
HSBC Trinkaus & Burkh     13.00  9/25/2015    EUR    35.24
HSBC Trinkaus & Burkh      9.00  9/25/2015    EUR    38.55
HSBC Trinkaus & Burkh      7.00 12/28/2015    EUR    38.33
HSBC Trinkaus & Burkh     13.00  9/25/2015    EUR    74.97
HSBC Trinkaus & Burkh      6.00  9/25/2015    EUR    71.66
UBS AG/London             20.50  6/24/2016    EUR    74.13
UBS AG/London             21.50  6/24/2016    EUR    72.81
UBS AG/London             24.50  3/29/2016    EUR    49.18
UBS AG/London             16.50 12/29/2015    EUR    71.84
UBS AG/London              6.75 12/29/2015    EUR    63.44
UBS AG/London              6.75  3/29/2016    EUR    63.28
UBS AG/London              5.50  3/29/2016    EUR    66.24
UBS AG/London             24.25 12/29/2015    EUR    66.79
UBS AG/London             19.00  6/24/2016    EUR    72.80
UBS AG/London              6.50  6/24/2016    EUR    61.69
UBS AG/London             22.25  6/24/2016    EUR    37.95
UBS AG/London              4.25 12/29/2015    EUR    70.55
UBS AG/London             22.50  6/24/2016    EUR    71.64
UBS AG/London             23.00 12/29/2015    EUR    65.28
UBS AG/London             15.50 12/29/2015    EUR    69.90
UBS AG/London             21.00  3/29/2016    EUR    73.30
UBS AG/London              5.25  6/24/2016    EUR    65.42
UBS AG/London              4.25  3/29/2016    EUR    69.36
UBS AG/London             23.50  6/24/2016    EUR    68.71
UBS AG/London             23.00 12/29/2015    EUR    62.07
UBS AG/London             18.00  9/25/2015    EUR    69.01
UBS AG/London              7.75 12/22/2017    EUR    46.79
UBS AG/London              5.50 12/29/2015    EUR    66.64
UBS AG/London              7.25  9/25/2015    EUR    63.17
UBS AG/London             11.75  9/25/2015    EUR    56.89
UBS AG/London              4.00  9/25/2015    EUR    71.04
UBS AG/London             24.50 12/29/2015    EUR    60.71
UBS AG/London             17.00 12/29/2015    EUR    68.72
UBS AG/London              4.75 12/23/2016    EUR    46.20
UBS AG/London             22.50  3/29/2016    EUR    71.78
UBS AG/London             24.75  3/29/2016    EUR    34.74
UBS AG/London             18.50 12/29/2015    EUR    32.96
UBS AG/London              5.75  6/24/2016    EUR    43.19
UBS AG/London             24.25  9/25/2015    EUR    61.93
UBS AG/London             20.25  9/25/2015    EUR    66.52
UBS AG/London             23.75  3/29/2016    EUR    70.30
UBS AG/London             24.75 12/29/2015    EUR    69.00
UBS AG/London              5.50  9/25/2015    EUR    66.87
UBS AG/London             10.00  3/29/2016    EUR    57.96
UBS AG/London              4.25  6/24/2016    EUR    68.27
Goldman Sachs & Co We      6.00 12/23/2015    EUR    61.13
Goldman Sachs & Co We     11.00 12/23/2015    EUR    54.57
Goldman Sachs & Co We      8.00 12/23/2015    EUR    57.41
UniCredit Bank AG          4.25  9/12/2017    EUR    58.50
Commerzbank AG             7.00 11/26/2015    EUR    56.42
Commerzbank AG             7.50 11/26/2015    EUR    39.74
DZ Bank AG Deutsche Z      5.25 12/21/2015    EUR    53.21
DZ Bank AG Deutsche Z      5.00 12/21/2015    EUR    53.15
DZ Bank AG Deutsche Z      5.00  3/21/2016    EUR    54.28
DZ Bank AG Deutsche Z      5.00  3/21/2016    EUR    54.28
Commerzbank AG             5.50 11/26/2015    EUR    57.56
Commerzbank AG             7.25 11/26/2015    EUR    55.56
Commerzbank AG             9.00 11/26/2015    EUR    53.70
Commerzbank AG             5.75 11/26/2015    EUR    43.13
Commerzbank AG             7.75 11/26/2015    EUR    41.26
Commerzbank AG            10.00 11/26/2015    EUR    39.67
DZ Bank AG Deutsche Z      6.50  9/21/2015    EUR    61.18
DZ Bank AG Deutsche Z      5.50 12/21/2015    EUR    56.74
DZ Bank AG Deutsche Z      5.20  3/21/2016    EUR    57.80
Vontobel Financial Pr      6.50 12/28/2015    EUR    55.54
Vontobel Financial Pr      7.85   5/9/2016    EUR    60.41
UBS AG/London             11.00 12/10/2015    CHF    71.97
Commerzbank AG            13.25 11/26/2015    EUR    73.00
Commerzbank AG             8.25 11/26/2015    EUR    51.57
Goldman Sachs & Co We     11.00  9/23/2015    EUR    54.32
Goldman Sachs & Co We     10.00 10/21/2015    EUR    52.54
Goldman Sachs & Co We     10.00 11/25/2015    EUR    53.51
Goldman Sachs & Co We      7.00 12/23/2015    EUR    53.44
Goldman Sachs & Co We      6.00  1/20/2016    EUR    53.62
Goldman Sachs & Co We      5.00  1/20/2016    EUR    53.29
Goldman Sachs & Co We      8.00  1/20/2016    EUR    54.28
Goldman Sachs & Co We      9.00  1/20/2016    EUR    54.60
Goldman Sachs & Co We      5.00  6/22/2016    EUR    52.60
Goldman Sachs & Co We      7.00  6/22/2016    EUR    54.10
Goldman Sachs & Co We      9.00  6/22/2016    EUR    55.59
Goldman Sachs & Co We      8.00  6/22/2016    EUR    54.84
Goldman Sachs & Co We      6.00  1/20/2016    EUR    39.52
Goldman Sachs & Co We      5.00  1/20/2016    EUR    39.19
Goldman Sachs & Co We      6.00  1/20/2016    EUR    39.52
Goldman Sachs & Co We      8.00  1/20/2016    EUR    40.18
Goldman Sachs & Co We     10.00  1/20/2016    EUR    40.83
Goldman Sachs & Co We     10.00  1/20/2016    EUR    40.83
Goldman Sachs & Co We     10.00  1/20/2016    EUR    40.83
Goldman Sachs & Co We      6.00  6/22/2016    EUR    40.65
Goldman Sachs & Co We      5.00  6/22/2016    EUR    39.90
Goldman Sachs & Co We      8.00  6/22/2016    EUR    42.14
Goldman Sachs & Co We      7.00  6/22/2016    EUR    41.40
Goldman Sachs & Co We     10.00  6/22/2016    EUR    43.64
Goldman Sachs & Co We     21.00  1/20/2016    EUR    71.77
Goldman Sachs & Co We     20.00  9/23/2015    EUR    48.00
Goldman Sachs & Co We     25.00  9/23/2015    EUR    45.36
Goldman Sachs & Co We     23.00 10/21/2015    EUR    44.98
Goldman Sachs & Co We     14.00 11/25/2015    EUR    51.06
Goldman Sachs & Co We     17.00 11/25/2015    EUR    48.74
Goldman Sachs & Co We     20.00 12/23/2015    EUR    48.25
Goldman Sachs & Co We      5.00  1/20/2016    EUR    61.23
Goldman Sachs & Co We      7.00  1/20/2016    EUR    57.75
Goldman Sachs & Co We     10.00  1/20/2016    EUR    55.10
Goldman Sachs & Co We     15.00  1/20/2016    EUR    50.70
Goldman Sachs & Co We     19.00  1/20/2016    EUR    49.49
Goldman Sachs & Co We     14.00  3/23/2016    EUR    52.86
Goldman Sachs & Co We     17.00  3/23/2016    EUR    51.84
Goldman Sachs & Co We      5.00  6/22/2016    EUR    60.22
Goldman Sachs & Co We      7.00  6/22/2016    EUR    57.91
Goldman Sachs & Co We      9.00  6/22/2016    EUR    56.03
Goldman Sachs & Co We     15.00  6/22/2016    EUR    52.47
Goldman Sachs & Co We     20.00  9/23/2015    EUR    74.46
Goldman Sachs & Co We     24.00  9/23/2015    EUR    70.11
Goldman Sachs & Co We     18.00 10/21/2015    EUR    74.80
Goldman Sachs & Co We     22.00 10/21/2015    EUR    70.89
Goldman Sachs & Co We     20.00 11/25/2015    EUR    72.49
Goldman Sachs & Co We     19.00 12/23/2015    EUR    73.75
Goldman Sachs & Co We     18.00  1/20/2016    EUR    74.90
Goldman Sachs & Co We     22.00 12/23/2015    EUR    35.62
Goldman Sachs & Co We      4.00  1/20/2016    EUR    48.46
Goldman Sachs & Co We      6.00  1/20/2016    EUR    45.34
Goldman Sachs & Co We      7.00  1/20/2016    EUR    44.00
Goldman Sachs & Co We     10.00  1/20/2016    EUR    40.69
Goldman Sachs & Co We     15.00  1/20/2016    EUR    38.81
Goldman Sachs & Co We     18.00  1/20/2016    EUR    37.79
Goldman Sachs & Co We     21.00  1/20/2016    EUR    36.99
Goldman Sachs & Co We      4.00  6/22/2016    EUR    50.54
Goldman Sachs & Co We      4.00  6/22/2016    EUR    48.52
Goldman Sachs & Co We      6.00  6/22/2016    EUR    46.42
Goldman Sachs & Co We      7.00  6/22/2016    EUR    45.56
Goldman Sachs & Co We     10.00  6/22/2016    EUR    43.64
Goldman Sachs & Co We     21.00 11/25/2015    EUR    70.00
Goldman Sachs & Co We     18.00  1/20/2016    EUR    72.21
Goldman Sachs & Co We     15.00  6/22/2016    EUR    41.82
Goldman Sachs & Co We     17.00  6/22/2016    EUR    41.60
Deutsche Bank AG           4.20 11/25/2015    EUR    44.30
Deutsche Bank AG           4.20  3/22/2016    EUR    44.00
Deutsche Bank AG           4.20  9/22/2015    EUR    42.00
Deutsche Bank AG           4.20 11/25/2015    EUR    42.60
Deutsche Bank AG           4.20 12/22/2015    EUR    42.90
Deutsche Bank AG           3.20  3/22/2016    EUR    43.40
Deutsche Bank AG           3.20  6/22/2016    EUR    44.20
Deutsche Bank AG           3.20  6/22/2016    EUR    42.60
Deutsche Bank AG           4.20  6/22/2016    EUR    43.40
Deutsche Bank AG           4.20 12/22/2015    EUR    44.60
Deutsche Bank AG           4.20  6/22/2016    EUR    44.90
Deutsche Bank AG           4.20  9/22/2015    EUR    43.70
Deutsche Bank AG           4.20 10/21/2015    EUR    42.20
Deutsche Bank AG           3.20  3/22/2016    EUR    45.10
Deutsche Bank AG           4.20  3/22/2016    EUR    45.60
Deutsche Bank AG           4.20 10/21/2015    EUR    43.90
Deutsche Bank AG           6.20 11/25/2015    EUR    38.70
Deutsche Bank AG           7.20 11/25/2015    EUR    38.80
Deutsche Bank AG           7.20  3/22/2016    EUR    41.20
Deutsche Bank AG           7.20  6/22/2016    EUR    41.50
Deutsche Bank AG           5.20  3/22/2016    EUR    63.60
Deutsche Bank AG           6.20  3/22/2016    EUR    64.10
Deutsche Bank AG           5.20  3/22/2016    EUR    60.20
Deutsche Bank AG           6.20  3/22/2016    EUR    60.80
Deutsche Bank AG           6.20  6/22/2016    EUR    65.60
Deutsche Bank AG           5.20  6/22/2016    EUR    64.80
Deutsche Bank AG           6.20  6/22/2016    EUR    62.30
Deutsche Bank AG           5.20  6/22/2016    EUR    61.50
Deutsche Bank AG           5.20  6/22/2016    EUR    44.10
Deutsche Bank AG           5.20  6/22/2016    EUR    42.60
Deutsche Bank AG           5.20  6/22/2016    EUR    41.30
Deutsche Bank AG           7.20 10/21/2015    EUR    52.10
Deutsche Bank AG           7.20 11/25/2015    EUR    52.80
Deutsche Bank AG           6.20  6/22/2016    EUR    53.10
Deutsche Bank AG           7.20  3/22/2016    EUR    55.00
Deutsche Bank AG           7.20  6/22/2016    EUR    53.90
Deutsche Bank AG           6.20 10/21/2015    EUR    52.00
Deutsche Bank AG           6.20  3/22/2016    EUR    54.40
Deutsche Bank AG           6.20 11/25/2015    EUR    52.60
Goldman Sachs & Co We     10.00 12/23/2015    EUR    66.81
Goldman Sachs & Co We      9.00  3/23/2016    EUR    68.19
Goldman Sachs & Co We      4.00  4/20/2016    EUR    65.84
Goldman Sachs & Co We      4.00  4/20/2016    EUR    65.84
Goldman Sachs & Co We      9.00  4/20/2016    EUR    68.72
Goldman Sachs & Co We      3.00  5/25/2016    EUR    65.33
Goldman Sachs & Co We      4.00  5/25/2016    EUR    66.00
Goldman Sachs & Co We      3.00  6/22/2016    EUR    62.51
Goldman Sachs & Co We      5.00  7/20/2016    EUR    64.28
Goldman Sachs & Co We      8.00  7/20/2016    EUR    66.75
Goldman Sachs & Co We      9.00  7/20/2016    EUR    67.58
Goldman Sachs & Co We      4.00  8/24/2016    EUR    63.70
Goldman Sachs & Co We      8.00  8/24/2016    EUR    67.38
Goldman Sachs & Co We      9.00  8/24/2016    EUR    68.29
Goldman Sachs & Co We      4.00  9/21/2016    EUR    63.90
Goldman Sachs & Co We      8.00  9/21/2016    EUR    67.88
Goldman Sachs & Co We      9.00  9/21/2016    EUR    68.87
Goldman Sachs & Co We      3.00 12/21/2016    EUR    69.06
Goldman Sachs & Co We      6.00 12/21/2016    EUR    66.99
Goldman Sachs & Co We      6.00 12/21/2016    EUR    66.99
Goldman Sachs & Co We      7.00 12/21/2016    EUR    68.23
Goldman Sachs & Co We      4.00  3/22/2017    EUR    71.12
Goldman Sachs & Co We      5.00  3/22/2017    EUR    66.43
Goldman Sachs & Co We      6.00  3/22/2017    EUR    67.91
Goldman Sachs & Co We      6.00  3/22/2017    EUR    67.91
Goldman Sachs & Co We      7.00  3/22/2017    EUR    69.40
Goldman Sachs & Co We      7.00  3/22/2017    EUR    69.40
Goldman Sachs & Co We      4.00  6/21/2017    EUR    70.21
Goldman Sachs & Co We      5.00  6/21/2017    EUR    64.88
Goldman Sachs & Co We      6.00  6/21/2017    EUR    66.61
Goldman Sachs & Co We      8.00  6/21/2017    EUR    70.08
Vontobel Financial Pr     19.20  3/29/2016    EUR    60.81
Commerzbank AG             4.50   9/9/2016    EUR    66.58
Goldman Sachs & Co We     23.00 12/23/2015    EUR    65.42
Goldman Sachs & Co We      6.00  8/24/2016    EUR    70.83
Goldman Sachs & Co We     22.00  8/24/2016    EUR    69.59
Goldman Sachs & Co We      9.00  4/20/2016    EUR    69.09
Goldman Sachs & Co We     17.00 12/21/2016    EUR    70.60
Goldman Sachs & Co We      5.00  3/22/2017    EUR    72.00
Goldman Sachs & Co We      7.00  3/22/2017    EUR    70.63
Goldman Sachs & Co We     10.00  3/22/2017    EUR    71.15
DZ Bank AG Deutsche Z      8.30  6/20/2016    EUR    68.54
Commerzbank AG             9.50  6/23/2016    EUR    68.03
Commerzbank AG            10.00  6/23/2016    EUR    67.88
Commerzbank AG            10.50  6/23/2016    EUR    67.72
Commerzbank AG            10.25  6/23/2016    EUR    63.23
Commerzbank AG            10.75  6/23/2016    EUR    63.09
DZ Bank AG Deutsche Z      5.00  6/17/2016    EUR    70.45
Deutsche Bank AG           5.20  6/21/2016    EUR    69.90
Deutsche Bank AG           6.20  6/21/2016    EUR    70.70
Deutsche Bank AG           6.20  9/20/2016    EUR    71.90
Deutsche Bank AG           5.20  9/20/2016    EUR    70.90
Deutsche Bank AG           5.20 12/20/2016    EUR    71.90
Deutsche Bank AG           6.20 12/20/2016    EUR    73.20
Deutsche Bank AG           6.20  3/22/2016    EUR    73.00
Deutsche Bank AG           4.20  3/22/2016    EUR    72.00
Deutsche Bank AG           5.20  3/22/2016    EUR    72.50
Deutsche Bank AG           5.20  3/22/2016    EUR    64.00
Deutsche Bank AG           6.20  3/22/2016    EUR    64.50
Deutsche Bank AG           4.20  3/22/2016    EUR    63.50
Deutsche Bank AG           6.20  3/22/2016    EUR    61.50
Deutsche Bank AG           5.20  3/22/2016    EUR    61.00
Deutsche Bank AG           4.20  3/22/2016    EUR    60.50
Deutsche Bank AG           5.20  3/21/2017    EUR    72.80
Deutsche Bank AG           7.20  3/21/2017    EUR    71.40
Deutsche Bank AG           5.20  3/21/2017    EUR    68.40
Deutsche Bank AG           5.20  3/21/2017    EUR    68.60
Deutsche Bank AG           7.20  3/21/2017    EUR    71.70
Deutsche Bank AG           7.20  3/21/2017    EUR    68.90
Deutsche Bank AG           5.20  3/21/2017    EUR    65.80
Deutsche Bank AG           5.20  3/21/2017    EUR    63.20
Deutsche Bank AG           7.20  3/21/2017    EUR    66.20
Deutsche Bank AG           5.20  6/21/2016    EUR    65.80
Deutsche Bank AG           4.20  6/21/2016    EUR    65.00
Deutsche Bank AG           6.20  6/21/2016    EUR    66.60
Deutsche Bank AG           5.20  6/21/2016    EUR    62.80
Deutsche Bank AG           6.20  6/21/2016    EUR    63.50
Deutsche Bank AG           6.20  9/20/2016    EUR    67.70
Deutsche Bank AG           5.20  9/20/2016    EUR    66.70
Deutsche Bank AG           4.20  9/20/2016    EUR    65.70
Deutsche Bank AG           6.20  9/20/2016    EUR    64.70
Deutsche Bank AG           5.20  9/20/2016    EUR    63.70
Deutsche Bank AG           6.20 12/20/2016    EUR    68.90
Deutsche Bank AG           5.20 12/20/2016    EUR    67.60
Deutsche Bank AG           4.20 12/20/2016    EUR    66.30
Deutsche Bank AG           5.20 12/20/2016    EUR    64.70
Deutsche Bank AG           6.20 12/20/2016    EUR    66.00
Deutsche Bank AG           7.20  7/20/2016    EUR    71.90
Deutsche Bank AG           5.20  7/20/2016    EUR    70.20
Deutsche Bank AG           7.20  7/20/2016    EUR    67.20
Deutsche Bank AG           5.20  7/20/2016    EUR    65.50
Deutsche Bank AG           7.20  8/24/2016    EUR    72.50
Deutsche Bank AG           5.20  8/24/2016    EUR    70.60
Deutsche Bank AG           5.20  8/24/2016    EUR    65.90
Deutsche Bank AG           7.20  8/24/2016    EUR    67.80
Deutsche Bank AG           5.20 10/26/2016    EUR    71.30
Deutsche Bank AG           7.20 10/26/2016    EUR    73.50
Deutsche Bank AG           5.20 10/26/2016    EUR    66.70
Deutsche Bank AG           7.20 10/26/2016    EUR    68.90
Deutsche Bank AG           7.20 11/23/2016    EUR    74.00
Deutsche Bank AG           5.20 11/23/2016    EUR    71.60
Deutsche Bank AG           5.20 11/23/2016    EUR    67.00
Deutsche Bank AG           7.20 11/23/2016    EUR    69.40
Deutsche Bank AG           7.20  7/20/2016    EUR    67.80
Deutsche Bank AG           7.20  7/20/2016    EUR    64.80
Deutsche Bank AG           5.20  7/20/2016    EUR    63.10
Deutsche Bank AG           7.20  7/20/2016    EUR    62.00
Deutsche Bank AG           5.20  8/24/2016    EUR    66.40
Deutsche Bank AG           7.20  8/24/2016    EUR    68.30
Deutsche Bank AG           7.20  8/24/2016    EUR    65.30
Deutsche Bank AG           5.20  8/24/2016    EUR    63.40
Deutsche Bank AG           7.20  8/24/2016    EUR    62.50
Deutsche Bank AG           5.20 10/26/2016    EUR    67.00
Deutsche Bank AG           7.20 10/26/2016    EUR    69.30
Deutsche Bank AG           5.20 10/26/2016    EUR    64.10
Deutsche Bank AG           7.20 10/26/2016    EUR    66.30
Deutsche Bank AG           7.20 10/26/2016    EUR    63.60
Deutsche Bank AG           5.20 10/26/2016    EUR    61.40
Deutsche Bank AG           7.20 11/23/2016    EUR    69.70
Deutsche Bank AG           5.20 11/23/2016    EUR    67.30
Deutsche Bank AG           5.20 11/23/2016    EUR    64.40
Deutsche Bank AG           7.20 11/23/2016    EUR    66.80
Deutsche Bank AG           5.20 11/23/2016    EUR    61.70
Deutsche Bank AG           7.20 11/23/2016    EUR    64.10
DZ Bank AG Deutsche Z      6.70 12/21/2015    EUR    71.59
DZ Bank AG Deutsche Z      5.70  3/21/2016    EUR    71.90
DZ Bank AG Deutsche Z      6.30  6/20/2016    EUR    70.69
DZ Bank AG Deutsche Z      6.30  9/19/2016    EUR    70.62
DZ Bank AG Deutsche Z      6.30 12/21/2015    EUR    67.38
DZ Bank AG Deutsche Z      4.90  3/21/2016    EUR    67.87
DZ Bank AG Deutsche Z      6.60  3/21/2016    EUR    66.81
DZ Bank AG Deutsche Z      5.50  6/20/2016    EUR    67.04
DZ Bank AG Deutsche Z      7.00  6/20/2016    EUR    66.38
DZ Bank AG Deutsche Z      8.70  6/20/2016    EUR    65.96
DZ Bank AG Deutsche Z      5.20  9/19/2016    EUR    67.72
DZ Bank AG Deutsche Z      6.10  9/19/2016    EUR    66.91
DZ Bank AG Deutsche Z      7.60  9/19/2016    EUR    66.77
DZ Bank AG Deutsche Z     10.25 12/21/2015    EUR    73.77
DZ Bank AG Deutsche Z      7.25  6/20/2016    EUR    68.46
DZ Bank AG Deutsche Z      6.70 12/21/2015    EUR    70.47
DZ Bank AG Deutsche Z      5.80  6/20/2016    EUR    69.90
DZ Bank AG Deutsche Z      5.60  9/19/2016    EUR    70.63
Goldman Sachs & Co We     13.00 12/23/2015    EUR    67.48
Goldman Sachs & Co We     19.00 12/23/2015    EUR    68.99
Goldman Sachs & Co We      7.00  4/20/2016    EUR    67.49
Goldman Sachs & Co We      7.00  4/20/2016    EUR    67.49
Goldman Sachs & Co We     13.00  4/20/2016    EUR    70.95
Goldman Sachs & Co We      7.00  5/25/2016    EUR    67.94
Goldman Sachs & Co We      8.00  5/25/2016    EUR    68.61
Goldman Sachs & Co We     10.00  5/25/2016    EUR    69.95
Goldman Sachs & Co We     12.00  5/25/2016    EUR    71.30
Goldman Sachs & Co We      4.00  6/22/2016    EUR    63.18
Goldman Sachs & Co We      8.00  6/22/2016    EUR    66.17
Goldman Sachs & Co We      8.00  6/22/2016    EUR    66.17
Goldman Sachs & Co We     13.00  6/22/2016    EUR    69.91
Goldman Sachs & Co We      3.00  7/20/2016    EUR    69.26
Goldman Sachs & Co We      5.00  8/24/2016    EUR    64.54
Goldman Sachs & Co We     13.00  7/20/2016    EUR    70.79
Goldman Sachs & Co We     12.00  8/24/2016    EUR    70.97
Goldman Sachs & Co We     11.00  9/21/2016    EUR    70.78
Goldman Sachs & Co We     11.00  9/21/2016    EUR    70.78
Goldman Sachs & Co We      8.00 12/21/2016    EUR    69.39
Goldman Sachs & Co We      5.00 12/21/2016    EUR    65.67
Goldman Sachs & Co We      8.00 12/21/2016    EUR    69.39
Goldman Sachs & Co We      9.00  3/22/2017    EUR    72.30
Goldman Sachs & Co We      9.00  3/22/2017    EUR    72.30
Goldman Sachs & Co We     12.00  3/23/2016    EUR    65.87
Goldman Sachs & Co We     11.00  4/20/2016    EUR    66.11
Goldman Sachs & Co We     11.00  4/20/2016    EUR    66.11
Goldman Sachs & Co We      5.00  5/25/2016    EUR    60.86
Goldman Sachs & Co We      7.00 12/21/2016    EUR    65.19
Immigon Portfolioabba      0.99   7/3/2019    EUR    58.00
ING Bank NV                5.05  10/7/2024    EUR    61.92
Vontobel Financial Pr      6.90  6/10/2016    EUR    38.90
Vontobel Financial Pr      4.75  6/10/2016    EUR    40.98
Vontobel Financial Pr      5.15  6/10/2016    EUR    58.33
Vontobel Financial Pr      3.65  6/10/2016    EUR    61.57
Notenstein Privatbank     11.00  1/25/2016    USD    58.95
Deutsche Bank AG           4.50  9/22/2015    EUR    53.82
Deutsche Bank AG           5.50  9/22/2015    EUR    53.83
Deutsche Bank AG           4.50 12/22/2015    EUR    35.92
Deutsche Bank AG           4.50 12/22/2015    EUR    55.87
Deutsche Bank AG           5.50 12/22/2015    EUR    56.13
Credit Suisse AG/Nass      8.00  1/29/2016    CHF    37.45
Notenstein Privatbank      4.70  7/21/2016    EUR    73.11
Credit Suisse AG/Nass      6.00  1/29/2016    CHF    62.14
DZ Bank AG Deutsche Z      5.25  9/25/2015    EUR    56.54
Leonteq Securities AG     10.00  1/22/2016    USD    38.63
DZ Bank AG Deutsche Z      5.40 10/23/2015    EUR    72.85
DZ Bank AG Deutsche Z      4.40 10/23/2015    EUR    72.76
DZ Bank AG Deutsche Z      5.60 10/23/2015    EUR    66.29
DZ Bank AG Deutsche Z      3.90 10/23/2015    EUR    46.29
DZ Bank AG Deutsche Z      4.90 10/23/2015    EUR    43.91
DZ Bank AG Deutsche Z      5.80 10/23/2015    EUR    42.12
DZ Bank AG Deutsche Z      6.50 10/23/2015    EUR    65.28
DZ Bank AG Deutsche Z      6.00 10/23/2015    EUR    62.27
DZ Bank AG Deutsche Z      4.70 10/23/2015    EUR    59.32
DZ Bank AG Deutsche Z      5.90 10/23/2015    EUR    46.49
DZ Bank AG Deutsche Z      5.80 10/23/2015    EUR    44.29
DZ Bank AG Deutsche Z      4.70 10/23/2015    EUR    42.20
DZ Bank AG Deutsche Z      5.60 10/22/2015    EUR    73.21
DZ Bank AG Deutsche Z      5.60 10/22/2015    EUR    45.82
DZ Bank AG Deutsche Z      4.90 10/22/2015    EUR    71.33
DZ Bank AG Deutsche Z      5.70 10/22/2015    EUR    69.58
DZ Bank AG Deutsche Z      6.60 10/22/2015    EUR    67.92
Leonteq Securities AG      8.04  7/25/2016    CHF    68.69
Leonteq Securities AG      8.08  7/25/2016    EUR    68.38
Vontobel Financial Pr      3.15  9/25/2015    EUR    61.43
Vontobel Financial Pr      3.70  9/25/2015    EUR    41.90
Raiffeisen Centrobank      7.00  8/22/2016    EUR    39.61
Vontobel Financial Pr      7.50  9/25/2015    EUR    55.53
UniCredit Bank AG          4.40  9/24/2015    EUR    64.38
UniCredit Bank AG          4.20  9/24/2015    EUR    65.80
UniCredit Bank AG          4.00  9/24/2015    EUR    67.56
UniCredit Bank AG          4.00  9/24/2015    EUR    33.62
Vontobel Financial Pr      5.35  9/25/2015    EUR    74.67
Vontobel Financial Pr      7.80  9/25/2015    EUR    74.25
Leonteq Securities AG     11.52 10/28/2015    CHF    43.79
HSBC Trinkaus & Burkh      5.65  2/22/2016    EUR    40.21
Vontobel Financial Pr      4.65 12/28/2015    EUR    68.82
Vontobel Financial Pr      4.20  9/25/2015    EUR    70.21
Deutsche Bank AG           6.20 10/21/2015    EUR    53.80
Deutsche Bank AG           5.20 10/21/2015    EUR    57.60
Deutsche Bank AG           6.20 10/21/2015    EUR    55.70
Deutsche Bank AG           7.20 10/21/2015    EUR    53.90
Vontobel Financial Pr      4.50  9/25/2015    EUR    74.92
Notenstein Privatbank      6.50   7/2/2018    USD    67.43
Credit Suisse AG/Nass      8.25  1/11/2016    CHF    38.12
Leonteq Securities AG      5.25   1/4/2016    CHF    70.84
Leonteq Securities AG      8.00   7/7/2016    USD    43.63
Vontobel Financial Pr      4.40 12/11/2015    EUR    59.57
Vontobel Financial Pr      5.65 12/11/2015    EUR    57.06
Vontobel Financial Pr      5.85  9/25/2015    EUR    37.69
Notenstein Privatbank      8.00  1/11/2016    EUR    71.41
Vontobel Financial Pr      4.05 12/11/2015    EUR    39.94
Vontobel Financial Pr      5.80 12/11/2015    EUR    37.71
Vontobel Financial Pr      5.40  3/11/2016    EUR    39.01
Deutsche Bank AG           6.20 12/22/2015    EUR    53.00
Deutsche Bank AG           6.20 12/22/2015    EUR    74.90
Deutsche Bank AG           5.20  9/22/2015    EUR    50.60
Deutsche Bank AG           6.20  9/22/2015    EUR    50.60
Zurcher Kantonalbank       8.80  1/14/2016    CHF    65.49
UBS AG/London              2.80 12/23/2015    EUR    44.01
UBS AG/London              2.80 12/23/2015    EUR    61.43
UBS AG/London              3.80 12/23/2015    EUR    41.68
Banque Cantonale Vaud      1.00   7/7/2016    CHF    20.87
Vontobel Financial Pr      8.55  9/25/2015    EUR    73.50
DZ Bank AG Deutsche Z      5.75  9/25/2015    EUR    53.68
Credit Suisse AG/Lond      4.00   1/4/2016    EUR    36.27
HSBC Trinkaus & Burkh     10.50  9/25/2015    EUR    52.05
HSBC Trinkaus & Burkh      7.00  9/25/2015    EUR    56.81
HSBC Trinkaus & Burkh     12.00  9/25/2015    EUR    70.21
HSBC Trinkaus & Burkh     12.00  9/25/2015    EUR    71.52
HSBC Trinkaus & Burkh     11.00  9/25/2015    EUR    48.04
HSBC Trinkaus & Burkh     12.50  9/25/2015    EUR    33.26
HSBC Trinkaus & Burkh     12.00  9/25/2015    EUR    59.12
HSBC Trinkaus & Burkh      7.50  9/25/2015    EUR    68.36
HSBC Trinkaus & Burkh      9.00  9/25/2015    EUR    72.50
HSBC Trinkaus & Burkh     12.50  9/25/2015    EUR    70.79
HSBC Trinkaus & Burkh     12.00  9/25/2015    EUR    71.56
HSBC Trinkaus & Burkh     13.00  9/25/2015    EUR    65.99
HSBC Trinkaus & Burkh      9.50  9/25/2015    EUR    71.67
HSBC Trinkaus & Burkh     14.50  9/25/2015    EUR    64.73
HSBC Trinkaus & Burkh     10.00  9/25/2015    EUR    63.12
HSBC Trinkaus & Burkh      7.00  9/25/2015    EUR    68.56
Notenstein Privatbank      8.20  1/18/2016    EUR    59.53
Deutsche Bank AG           5.20  9/22/2015    EUR    49.90
Deutsche Bank AG           5.20 12/22/2015    EUR    49.50
Deutsche Bank AG           6.20  9/22/2015    EUR    49.90
Deutsche Bank AG           7.20 12/22/2015    EUR    53.70
Deutsche Bank AG           7.20 12/22/2015    EUR    50.00
Deutsche Bank AG           6.20  9/22/2015    EUR    53.70
Deutsche Bank AG           5.20  9/22/2015    EUR    53.70
Deutsche Bank AG           6.20 12/22/2015    EUR    53.50
Deutsche Bank AG           7.20  9/22/2015    EUR    53.80
Deutsche Bank AG           5.20 12/22/2015    EUR    53.20
Deutsche Bank AG           6.20 12/22/2015    EUR    49.70
Deutsche Bank AG           6.20  9/22/2015    EUR    69.90
Deutsche Bank AG           5.20  9/22/2015    EUR    66.90
Deutsche Bank AG           5.20  9/22/2015    EUR    69.90
Deutsche Bank AG           7.20  9/22/2015    EUR    69.90
Deutsche Bank AG           6.20  9/22/2015    EUR    69.90
Deutsche Bank AG           7.20  9/22/2015    EUR    66.40
Deutsche Bank AG           6.20  9/22/2015    EUR    66.40
Deutsche Bank AG           5.20  9/22/2015    EUR    66.40
Deutsche Bank AG           7.20  9/22/2015    EUR    63.30
Deutsche Bank AG           6.20  9/22/2015    EUR    63.30
Deutsche Bank AG           5.20  9/22/2015    EUR    63.30
Deutsche Bank AG           7.20  9/22/2015    EUR    60.40
Deutsche Bank AG           6.20  9/22/2015    EUR    60.40
Deutsche Bank AG           5.20  9/22/2015    EUR    60.40
Credit Suisse AG/Nass      6.00  1/22/2016    CHF    73.97
Commerzbank AG            12.00 12/24/2015    EUR    72.38
Commerzbank AG             9.50  3/24/2016    EUR    73.13
Commerzbank AG            11.50  5/26/2016    EUR    73.61
Commerzbank AG             9.00  8/25/2016    EUR    73.38
Commerzbank AG             6.50  2/25/2016    EUR    69.03
Commerzbank AG             7.50  8/25/2016    EUR    69.31
UBS AG/London              6.75  6/24/2016    EUR    68.61
UBS AG/London              9.00  6/24/2016    EUR    64.13
HSBC Trinkaus & Burkh     15.80 12/28/2015    EUR    73.00
HSBC Trinkaus & Burkh     14.20 12/28/2015    EUR    71.12
DZ Bank AG Deutsche Z      4.90  9/21/2015    EUR    71.88
Vontobel Financial Pr      6.05  9/25/2015    EUR    67.86
Vontobel Financial Pr     10.35  9/25/2015    EUR    61.11
Vontobel Financial Pr      8.80 12/28/2015    EUR    60.93
BNP Paribas Emissions      4.75  9/24/2015    EUR    73.99
BNP Paribas Emissions      7.50  9/24/2015    EUR    67.83
BNP Paribas Emissions      4.50 12/24/2015    EUR    70.76
BNP Paribas Emissions      3.50  6/23/2016    EUR    72.68
BNP Paribas Emissions      6.75  6/23/2016    EUR    65.17
BNP Paribas Emissions      6.00  9/24/2015    EUR    70.99
BNP Paribas Emissions      5.50 12/24/2015    EUR    69.83
BNP Paribas Emissions      3.50  6/23/2016    EUR    74.86
BNP Paribas Emissions      4.75  9/24/2015    EUR    54.09
BNP Paribas Emissions      4.50 12/24/2015    EUR    50.92
BNP Paribas Emissions      3.75  6/23/2016    EUR    55.07
BNP Paribas Emissions      5.00  6/23/2016    EUR    51.46
BNP Paribas Emissions      6.75  6/23/2016    EUR    48.91
Vontobel Financial Pr     10.10 12/28/2015    EUR    74.13
Leonteq Securities AG     10.00 11/10/2015    CHF    57.34
Bank Julius Baer & Co      8.10  11/6/2015    USD    70.30
Bank Julius Baer & Co      8.30  11/6/2015    EUR    59.50
Commerzbank AG             9.50 10/22/2015    EUR    59.54
Commerzbank AG             4.50 10/22/2015    EUR    47.62
Commerzbank AG             6.25 10/22/2015    EUR    45.13
Commerzbank AG             7.25 10/22/2015    EUR    44.01
Commerzbank AG             9.25 10/22/2015    EUR    41.94
Commerzbank AG             9.25 10/22/2015    EUR    73.52
Commerzbank AG            10.25 10/22/2015    EUR    71.71
Commerzbank AG            11.50 10/22/2015    EUR    69.99
Vontobel Financial Pr     11.65  9/25/2015    EUR    67.74
Vontobel Financial Pr      8.55 12/28/2015    EUR    70.19
HSBC Trinkaus & Burkh      7.40  9/25/2015    EUR    65.66
HSBC Trinkaus & Burkh      6.80 12/28/2015    EUR    64.12
HSBC Trinkaus & Burkh      9.20 10/23/2015    EUR    60.07
HSBC Trinkaus & Burkh     11.00  9/25/2015    EUR    60.42
HSBC Trinkaus & Burkh     14.40 12/28/2015    EUR    55.51
HSBC Trinkaus & Burkh      6.60 12/28/2015    EUR    63.65
HSBC Trinkaus & Burkh      7.40  3/25/2016    EUR    62.91
HSBC Trinkaus & Burkh     11.90  9/25/2015    EUR    42.69
HSBC Trinkaus & Burkh      6.80  9/25/2015    EUR    47.73
HSBC Trinkaus & Burkh      6.30 12/28/2015    EUR    45.42
HSBC Trinkaus & Burkh      8.10  3/25/2016    EUR    44.56
LBBW                       2.70  7/26/2019    EUR    71.74
DZ Bank AG Deutsche Z      5.00 12/28/2015    EUR    72.11
DZ Bank AG Deutsche Z      5.25  3/29/2016    EUR    74.01
DZ Bank AG Deutsche Z      5.00  9/25/2015    EUR    63.62
DZ Bank AG Deutsche Z      5.25 12/28/2015    EUR    60.36
DZ Bank AG Deutsche Z      5.00  3/29/2016    EUR    62.05
HSBC Trinkaus & Burkh      7.60 11/27/2015    EUR    60.45
HSBC Trinkaus & Burkh     14.50 12/28/2015    EUR    53.78
HSBC Trinkaus & Burkh      7.40  3/25/2016    EUR    60.92
HSBC Trinkaus & Burkh      8.40 11/27/2015    EUR    59.05
HSBC Trinkaus & Burkh     14.70 12/28/2015    EUR    37.90
HSBC Trinkaus & Burkh      6.20 12/28/2015    EUR    43.72
HSBC Trinkaus & Burkh      8.00  3/25/2016    EUR    43.03
HSBC Trinkaus & Burkh      9.20 11/27/2015    EUR    40.70
HSBC Trinkaus & Burkh     17.50 12/28/2015    EUR    62.16
HSBC Trinkaus & Burkh     13.70 12/28/2015    EUR    66.82
HSBC Trinkaus & Burkh     10.00 12/28/2015    EUR    72.58
HSBC Trinkaus & Burkh     12.40 11/27/2015    EUR    68.83
HSBC Trinkaus & Burkh     16.10 12/28/2015    EUR    73.56
HSBC Trinkaus & Burkh     11.80 12/28/2015    EUR    74.44
Goldman Sachs & Co We     23.00  9/23/2015    EUR    70.76
Goldman Sachs & Co We     20.00 11/25/2015    EUR    72.96
Goldman Sachs & Co We     21.00 10/21/2015    EUR    71.17
Goldman Sachs & Co We     19.00 12/23/2015    EUR    74.23
Goldman Sachs & Co We     18.00  9/23/2015    EUR    54.31
Goldman Sachs & Co We     16.00 10/21/2015    EUR    53.05
Goldman Sachs & Co We     22.00  9/23/2015    EUR    51.00
Goldman Sachs & Co We      8.00 11/25/2015    EUR    61.14
Goldman Sachs & Co We     21.00 10/21/2015    EUR    50.22
Goldman Sachs & Co We     19.00 11/25/2015    EUR    51.94
Goldman Sachs & Co We     18.00 12/23/2015    EUR    53.12
Reserve Trust Co CJSC     14.00   1/4/2027    RUB    60.22
JP Morgan Structured      14.00 11/23/2029    ZMW
Barclays Bank PLC          2.50   3/7/2017    EUR    52.59
Deutsche Bank AG          10.00  9/22/2015    EUR    50.60
Deutsche Bank AG          10.00 10/21/2015    EUR    52.30
Deutsche Bank AG          10.00 11/25/2015    EUR    53.30
Deutsche Bank AG          10.00 12/22/2015    EUR    54.00
Deutsche Bank AG          10.00  9/22/2015    EUR    34.20
Deutsche Bank AG          10.00 10/21/2015    EUR    34.90
Deutsche Bank AG          10.00 11/25/2015    EUR    35.80
Deutsche Bank AG          10.00 12/22/2015    EUR    36.60
Deutsche Bank AG           7.20  9/22/2015    EUR    60.60
Deutsche Bank AG           7.20 12/22/2015    EUR    58.30
Bank Julius Baer & Co      9.30 10/16/2015    USD    74.10
Notenstein Privatbank      8.20 10/20/2016    USD    56.21
UBS AG/London             10.50  10/8/2015    CHF    74.21
Leonteq Securities AG     14.00 10/20/2015    CHF    44.42
Leonteq Securities AG      9.00 10/20/2015    CHF    54.90
Goldman Sachs & Co We      5.00 11/25/2015    EUR    56.38
Goldman Sachs & Co We      8.00 11/25/2015    EUR    56.91
Goldman Sachs & Co We      4.00 11/25/2015    EUR    65.29
Goldman Sachs & Co We      6.00 11/25/2015    EUR    60.79
HSBC Trinkaus & Burkh      8.20 10/23/2015    EUR    54.30
HSBC Trinkaus & Burkh     15.50  9/25/2015    EUR    72.63
HSBC Trinkaus & Burkh     17.10  9/25/2015    EUR    48.27
HSBC Trinkaus & Burkh     13.40  9/25/2015    EUR    52.06
HSBC Trinkaus & Burkh     11.30 10/23/2015    EUR    54.12
Commerzbank AG             5.00  9/24/2015    EUR    70.56
Vontobel Financial Pr      7.25 12/28/2015    EUR    40.99
Vontobel Financial Pr      4.30  9/25/2015    EUR    45.23
DZ Bank AG Deutsche Z      9.25 10/23/2015    EUR    69.29
Vontobel Financial Pr      7.00 10/30/2015    EUR    40.65
Commerzbank AG             5.75  9/24/2015    EUR    58.78
Commerzbank AG             6.75  9/24/2015    EUR    57.28
Commerzbank AG             8.00  9/24/2015    EUR    55.82
Commerzbank AG             9.25  9/24/2015    EUR    54.43
Commerzbank AG             5.75  9/24/2015    EUR    41.46
Commerzbank AG             6.75  9/24/2015    EUR    40.34
Commerzbank AG             7.75  9/24/2015    EUR    39.30
Commerzbank AG             7.75  9/24/2015    EUR    54.68
Commerzbank AG             9.50  9/24/2015    EUR    67.21
Commerzbank AG            11.50  9/24/2015    EUR    63.70
Commerzbank AG            13.75  9/24/2015    EUR    60.56
BNP Paribas Emissions      9.00  1/21/2016    EUR    65.99
UBS AG/London             12.50 10/15/2015    CHF    66.87
Credit Suisse AG/Lond     10.00 10/20/2015    USD    73.82
DZ Bank AG Deutsche Z      6.00 12/11/2015    EUR    57.09
Leonteq Securities AG      8.04  4/21/2016    USD    63.67
Notenstein Finance Gu     15.00 10/20/2015    USD    67.81
Goldman Sachs & Co We      6.00 11/25/2015    EUR    56.56
Goldman Sachs & Co We      4.00 11/25/2015    EUR    38.29
Goldman Sachs & Co We      6.00 11/25/2015    EUR    38.64
Goldman Sachs & Co We      7.00 11/25/2015    EUR    38.82
Goldman Sachs & Co We     10.00 11/25/2015    EUR    39.34
Goldman Sachs & Co We      7.00 11/25/2015    EUR    60.96
Goldman Sachs & Co We      6.00 11/25/2015    EUR    44.42
Goldman Sachs & Co We     12.00 11/25/2015    EUR    38.24
Leonteq Securities AG     12.40  4/27/2016    CHF    58.23
Leonteq Securities AG     10.40  4/27/2016    CHF    41.93
Leonteq Securities AG     13.60  4/27/2016    USD    62.57
Credit Suisse AG/Lond      8.50 10/26/2015    USD    72.36
Commerzbank AG             6.50 10/22/2015    EUR    63.71
Commerzbank AG             7.25 10/22/2015    EUR    62.14
Commerzbank AG             8.50 10/22/2015    EUR    60.68
Commerzbank AG             9.50 10/22/2015    EUR    59.23
Commerzbank AG             4.50 10/22/2015    EUR    67.10
Commerzbank AG             5.50 10/22/2015    EUR    65.36
Commerzbank AG             4.75 10/22/2015    EUR    47.00
Commerzbank AG             5.75 10/22/2015    EUR    45.75
Commerzbank AG             6.50 10/22/2015    EUR    44.56
Commerzbank AG             7.50 10/22/2015    EUR    43.45
Commerzbank AG             8.50 10/22/2015    EUR    42.41
Commerzbank AG             9.50 10/22/2015    EUR    41.43
Commerzbank AG            10.50 10/22/2015    EUR    40.48
Leonteq Securities AG      5.20  11/7/2016    CHF    68.57
Leonteq Securities AG      8.75  11/6/2015    GBP    40.65
Leonteq Securities AG     10.75 10/21/2015    USD    55.65
UniCredit Bank AG          4.25 11/26/2015    EUR    66.42
UniCredit Bank AG          5.00 11/26/2015    EUR    40.64
UniCredit Bank AG          4.00 11/26/2015    EUR    69.14
UniCredit Bank AG          4.00 11/26/2015    EUR    43.59
UniCredit Bank AG          5.50 11/26/2015    EUR    39.35
UniCredit Bank AG          4.65 11/26/2015    EUR    42.09
UniCredit Bank AG          4.75 11/26/2015    EUR    41.73
UniCredit Bank AG          4.75 11/26/2015    EUR    62.65
UniCredit Bank AG          4.85 11/26/2015    EUR    41.37
UniCredit Bank AG          4.65 11/26/2015    EUR    63.87
UniCredit Bank AG          4.50 11/26/2015    EUR    42.45
UniCredit Bank AG          5.00 11/26/2015    EUR    60.35
UniCredit Bank AG          5.50 11/26/2015    EUR    58.25
UniCredit Bank AG          4.85 11/26/2015    EUR    61.49
UniCredit Bank AG          4.25 11/26/2015    EUR    42.81
UniCredit Bank AG          4.50 11/26/2015    EUR    65.12
UniCredit Bank AG          5.25 11/26/2015    EUR    39.99
UniCredit Bank AG          4.10 11/26/2015    EUR    67.76
UniCredit Bank AG          4.10 11/26/2015    EUR    43.19
UniCredit Bank AG          5.25 11/26/2015    EUR    59.30
Credit Suisse AG/Nass      8.00 10/29/2015    CHF    39.84
Vontobel Financial Pr      7.95 12/28/2015    EUR    61.61
Vontobel Financial Pr      3.10 12/28/2015    EUR    70.46
Vontobel Financial Pr      9.50  9/25/2015    EUR    61.49
DZ Bank AG Deutsche Z      8.75 10/23/2015    EUR    41.16
DZ Bank AG Deutsche Z      7.50 10/23/2015    EUR    58.78
DZ Bank AG Deutsche Z      6.25 10/23/2015    EUR    58.68
DZ Bank AG Deutsche Z      7.00 10/23/2015    EUR    67.21
Vontobel Financial Pr      3.25  9/25/2015    EUR    72.62
Zurcher Kantonalbank       9.55 10/28/2015    EUR    46.00
Vontobel Financial Pr      6.75 12/28/2015    EUR    45.55
Vontobel Financial Pr      7.95  9/25/2015    EUR    45.26
Deutsche Bank AG           3.20 12/22/2015    EUR    70.20
Deutsche Bank AG           3.20 12/22/2015    EUR    67.40
Deutsche Bank AG           3.20 10/21/2015    EUR    70.30
Deutsche Bank AG           3.20 10/21/2015    EUR    67.30
Deutsche Bank AG           3.20 11/25/2015    EUR    73.30
Deutsche Bank AG           3.20 11/25/2015    EUR    70.30
Deutsche Bank AG           3.20 10/21/2015    EUR    73.50
Deutsche Bank AG           3.20  9/22/2015    EUR    72.20
Deutsche Bank AG           3.20 11/25/2015    EUR    67.40
DZ Bank AG Deutsche Z      7.00 12/11/2015    EUR    60.37
Deutsche Bank AG           3.20 12/22/2015    EUR    73.10
DZ Bank AG Deutsche Z      4.90 12/11/2015    EUR    65.41
DZ Bank AG Deutsche Z      5.60 12/11/2015    EUR    64.29
DZ Bank AG Deutsche Z      6.30 12/11/2015    EUR    63.15
Deutsche Bank AG           3.20 11/25/2015    EUR    50.00
Deutsche Bank AG           3.20 12/22/2015    EUR    46.20
Deutsche Bank AG           3.20 11/25/2015    EUR    45.90
Deutsche Bank AG           3.20 10/21/2015    EUR    45.60
Deutsche Bank AG           3.20 10/21/2015    EUR    47.60
Deutsche Bank AG           3.20 12/22/2015    EUR    50.30
Deutsche Bank AG           3.20 10/21/2015    EUR    49.70
Deutsche Bank AG           3.20 11/25/2015    EUR    47.90
Deutsche Bank AG           6.20  9/22/2015    EUR    45.60
Deutsche Bank AG           5.20  9/22/2015    EUR    45.50
Deutsche Bank AG           5.20 10/21/2015    EUR    45.80
Deutsche Bank AG           6.20 10/21/2015    EUR    45.90
Deutsche Bank AG           6.20 10/21/2015    EUR    44.10
Deutsche Bank AG           5.20 10/21/2015    EUR    44.00
Deutsche Bank AG           5.20 11/25/2015    EUR    46.30
Deutsche Bank AG           6.20 11/25/2015    EUR    46.50
Deutsche Bank AG           6.20 11/25/2015    EUR    44.70
Deutsche Bank AG           5.20 11/25/2015    EUR    44.50
Deutsche Bank AG           3.20 12/22/2015    EUR    48.10
Deutsche Bank AG           6.20 12/22/2015    EUR    46.90
Deutsche Bank AG           5.20 12/22/2015    EUR    46.70
Deutsche Bank AG           6.20 12/22/2015    EUR    45.10
Deutsche Bank AG           5.20 12/22/2015    EUR    44.90
Deutsche Bank AG           5.20 10/21/2015    EUR    64.70
Deutsche Bank AG           6.20 10/21/2015    EUR    64.80
Deutsche Bank AG           6.20 11/25/2015    EUR    65.30
Deutsche Bank AG           5.20 11/25/2015    EUR    65.10
Deutsche Bank AG           6.20 12/22/2015    EUR    65.60
Deutsche Bank AG           5.20 12/22/2015    EUR    65.30
HSBC Trinkaus & Burkh     10.40  9/25/2015    EUR    62.21
HSBC Trinkaus & Burkh      6.00  9/25/2015    EUR    69.28
HSBC Trinkaus & Burkh      7.90 10/23/2015    EUR    63.08
HSBC Trinkaus & Burkh     12.60  9/25/2015    EUR    58.11
HSBC Trinkaus & Burkh      6.90  9/25/2015    EUR    65.22
HSBC Trinkaus & Burkh      8.40 10/23/2015    EUR    60.49
HSBC Trinkaus & Burkh      8.70 12/28/2015    EUR    42.82
HSBC Trinkaus & Burkh      9.50 10/23/2015    EUR    41.34
HSBC Trinkaus & Burkh     11.60 10/23/2015    EUR    61.72
Deutsche Bank AG           3.20  9/22/2015    EUR    49.60
Goldman Sachs & Co We      8.00 10/21/2015    EUR    56.11
Goldman Sachs & Co We     11.00  3/23/2016    EUR    37.42
Goldman Sachs & Co We     11.00  9/23/2015    EUR    37.16
Goldman Sachs & Co We     11.00  9/23/2015    EUR    37.16
Goldman Sachs & Co We     11.00  9/23/2015    EUR    37.16
Goldman Sachs & Co We     11.00 10/21/2015    EUR    34.93
Goldman Sachs & Co We     11.00 10/21/2015    EUR    34.93
Goldman Sachs & Co We      9.00  3/23/2016    EUR    38.51
Goldman Sachs & Co We      9.00  3/23/2016    EUR    38.51
Goldman Sachs & Co We      9.00  3/23/2016    EUR    38.51
Notenstein Privatbank      5.50  9/26/2016    CHF    70.99
Notenstein Privatbank      5.00  9/26/2016    CHF    72.15
DZ Bank AG Deutsche Z      5.60  3/30/2017    EUR    40.92
Leonteq Securities AG     20.00 12/29/2015    CHF    35.56
Deutsche Bank AG           4.50 12/22/2015    EUR    55.86
Credit Suisse AG/Nass      8.25  9/30/2015    CHF    57.42
Commerzbank AG             4.00  9/23/2015    EUR    56.28
Vontobel Financial Pr      7.65 12/28/2015    EUR    55.13
DZ Bank AG Deutsche Z     10.25  9/25/2015    EUR    67.95
DZ Bank AG Deutsche Z      6.25  9/25/2015    EUR    69.08
DZ Bank AG Deutsche Z      5.75  9/25/2015    EUR    51.87
DZ Bank AG Deutsche Z      7.10  9/23/2015    EUR    72.35
DZ Bank AG Deutsche Z      5.30 12/23/2015    EUR    74.89
DZ Bank AG Deutsche Z      5.40  9/23/2015    EUR    47.86
DZ Bank AG Deutsche Z      4.80 12/23/2015    EUR    51.55
DZ Bank AG Deutsche Z      5.70  9/23/2015    EUR    47.87
DZ Bank AG Deutsche Z      4.60  9/23/2015    EUR    43.45
DZ Bank AG Deutsche Z      5.10 12/23/2015    EUR    49.78
DZ Bank AG Deutsche Z      4.40 12/23/2015    EUR    47.34
DZ Bank AG Deutsche Z      2.20 12/23/2015    EUR    59.46
DZ Bank AG Deutsche Z      3.50 12/23/2015    EUR    56.39
DZ Bank AG Deutsche Z      5.20  9/23/2015    EUR    73.08
DZ Bank AG Deutsche Z      3.10  9/23/2015    EUR    44.49
DZ Bank AG Deutsche Z      4.80  9/23/2015    EUR    44.51
DZ Bank AG Deutsche Z      2.70 12/23/2015    EUR    49.76
DZ Bank AG Deutsche Z      7.60  9/23/2015    EUR    69.90
DZ Bank AG Deutsche Z      6.60  9/23/2015    EUR    71.35
DZ Bank AG Deutsche Z      4.90 12/11/2015    EUR    57.48
Vontobel Financial Pr      7.50  10/9/2015    EUR    55.23
HSBC Trinkaus & Burkh      6.90 10/23/2015    EUR    56.10
HSBC Trinkaus & Burkh      7.70 10/23/2015    EUR    37.11
HSBC Trinkaus & Burkh      9.60 10/23/2015    EUR    74.05
Notenstein Privatbank      8.00  10/3/2016    CHF    49.77
Vontobel Financial Pr      7.10 12/28/2015    EUR    74.94
Vontobel Financial Pr      7.80  9/25/2015    EUR    73.80
Notenstein Finance Gu      6.20  9/25/2015    CHF    58.08
Vontobel Financial Pr      8.70 12/28/2015    EUR    74.44
Vontobel Financial Pr      6.00 12/28/2015    EUR    73.02
Leonteq Securities AG      8.20 12/29/2015    CHF    67.86
Commerzbank AG             5.60  9/29/2015    EUR    34.98
Leonteq Securities AG     11.00 12/29/2015    CHF    74.92
Commerzbank AG             6.50  9/24/2015    EUR    52.95
Raiffeisen Centrobank      2.80 11/14/2016    EUR    54.03
EFG International Fin     12.86 10/30/2017    EUR    37.91
Barclays Bank PLC          3.50  12/7/2015    EUR    63.22
LBBW                       3.00  9/25/2015    EUR    73.80
Leonteq Securities AG      6.25 11/13/2015    CHF    50.92
Leonteq Securities AG      5.60 11/20/2015    GBP    44.32
Leonteq Securities AG      7.60 11/20/2015    USD    29.24
LBBW                       3.00 10/23/2015    EUR    74.76
Bank Julius Baer & Co      3.90 11/30/2015    CHF    54.15
Leonteq Securities AG      6.11   1/7/2016    EUR    43.90
Leonteq Securities AG      6.00   1/7/2016    EUR    27.50
LBBW                       3.25 10/23/2015    EUR    52.88
Leonteq Securities AG      9.00   4/8/2016    USD     6.64
Deutsche Bank AG           3.20  9/22/2015    EUR    58.30
Deutsche Bank AG           3.20  9/22/2015    EUR    56.10
Deutsche Bank AG           3.20 12/22/2015    EUR    64.80
Deutsche Bank AG           3.20  9/22/2015    EUR    60.60
Deutsche Bank AG           3.20 12/22/2015    EUR    62.30
Deutsche Bank AG           3.20 12/22/2015    EUR    57.90
Deutsche Bank AG           3.20 12/22/2015    EUR    60.00
Deutsche Bank AG           3.20  9/22/2015    EUR    63.20
Deutsche Bank AG           3.20  9/22/2015    EUR    43.70
Deutsche Bank AG           3.20  9/22/2015    EUR    42.00
Deutsche Bank AG           3.20  9/22/2015    EUR    40.50
Deutsche Bank AG           3.20  9/22/2015    EUR    39.00
Deutsche Bank AG           3.20  9/22/2015    EUR    37.70
Deutsche Bank AG           3.20 12/22/2015    EUR    44.30
Deutsche Bank AG           3.20 12/22/2015    EUR    42.70
Deutsche Bank AG           3.20 12/22/2015    EUR    41.10
Deutsche Bank AG           3.20 12/22/2015    EUR    39.70
Deutsche Bank AG           3.20 12/22/2015    EUR    38.30
Deutsche Bank AG           3.20 10/21/2015    EUR    64.50
Deutsche Bank AG           3.20 10/21/2015    EUR    62.00
Deutsche Bank AG           3.20 10/21/2015    EUR    59.60
Deutsche Bank AG           3.20 11/25/2015    EUR    64.70
Deutsche Bank AG           3.20 11/25/2015    EUR    62.20
Deutsche Bank AG           3.20 11/25/2015    EUR    59.90
Deutsche Bank AG           3.20 10/21/2015    EUR    43.80
Deutsche Bank AG           3.20 10/21/2015    EUR    42.10
Deutsche Bank AG           3.20 10/21/2015    EUR    40.60
Deutsche Bank AG           3.20 11/25/2015    EUR    44.10
Deutsche Bank AG           3.20 11/25/2015    EUR    42.40
Deutsche Bank AG           3.20 11/25/2015    EUR    40.90
Deutsche Bank AG           8.20  9/22/2015    EUR    52.40
Deutsche Bank AG           8.20 10/21/2015    EUR    53.90
Deutsche Bank AG           8.20 11/25/2015    EUR    54.70
Deutsche Bank AG           8.20 12/22/2015    EUR    55.30
Leonteq Securities AG     12.40   2/3/2016    CHF    41.22
Vontobel Financial Pr      8.70 12/28/2015    EUR    45.35
Vontobel Financial Pr     24.35  9/25/2015    EUR    65.06
Vontobel Financial Pr     26.55  9/25/2015    EUR    50.10
Commerzbank AG             5.75 10/22/2015    EUR    70.32
Commerzbank AG             6.75 10/22/2015    EUR    68.55
Commerzbank AG             7.75 10/22/2015    EUR    66.80
Commerzbank AG             8.75 10/22/2015    EUR    65.15
Commerzbank AG             9.75 10/22/2015    EUR    63.62
Commerzbank AG            10.75 10/22/2015    EUR    62.13
Commerzbank AG             5.75 10/22/2015    EUR    50.50
Commerzbank AG             6.50 10/22/2015    EUR    49.12
Commerzbank AG             7.50 10/22/2015    EUR    47.87
Commerzbank AG             8.50 10/22/2015    EUR    46.68
Commerzbank AG             9.50 10/22/2015    EUR    45.54
Commerzbank AG            10.50 10/22/2015    EUR    44.48
Commerzbank AG            11.50 10/22/2015    EUR    43.47
Notenstein Privatbank     10.00  4/29/2016    CHF    59.04
Goldman Sachs & Co We      4.00 10/21/2015    EUR    60.10
Goldman Sachs & Co We      6.00 10/21/2015    EUR    60.26
Goldman Sachs & Co We      7.00 10/21/2015    EUR    60.34
Goldman Sachs & Co We     10.00 10/21/2015    EUR    60.57
Goldman Sachs & Co We     12.00 10/21/2015    EUR    60.73
Goldman Sachs & Co We      4.00 11/25/2015    EUR    60.42
Goldman Sachs & Co We      7.00 11/25/2015    EUR    60.95
Goldman Sachs & Co We      7.00 12/23/2015    EUR    61.32
Goldman Sachs & Co We     11.00 12/23/2015    EUR    62.32
Goldman Sachs & Co We      4.00  3/23/2016    EUR    61.20
Goldman Sachs & Co We     13.00  9/23/2015    EUR    45.76
Goldman Sachs & Co We     13.00  9/23/2015    EUR    45.76
Goldman Sachs & Co We      6.00 10/21/2015    EUR    42.42
Goldman Sachs & Co We      7.00 10/21/2015    EUR    42.50
Goldman Sachs & Co We      8.00 10/21/2015    EUR    42.58
Goldman Sachs & Co We     10.00 10/21/2015    EUR    42.74
Goldman Sachs & Co We     12.00 10/21/2015    EUR    42.90
Goldman Sachs & Co We     12.00 10/21/2015    EUR    42.90
Goldman Sachs & Co We     12.00 10/21/2015    EUR    42.90
Goldman Sachs & Co We      8.00 11/25/2015    EUR    43.34
Goldman Sachs & Co We     10.00 11/25/2015    EUR    43.69
Goldman Sachs & Co We      6.00 12/23/2015    EUR    43.41
Goldman Sachs & Co We      7.00 12/23/2015    EUR    43.66
Goldman Sachs & Co We      8.00 12/23/2015    EUR    43.91
Goldman Sachs & Co We     10.00 12/23/2015    EUR    44.42
Goldman Sachs & Co We     11.00 12/23/2015    EUR    44.67
Goldman Sachs & Co We     11.00 12/23/2015    EUR    44.67
Goldman Sachs & Co We      7.00  3/23/2016    EUR    45.35
Goldman Sachs & Co We      6.00 10/21/2015    EUR    70.93
Goldman Sachs & Co We     12.00 10/21/2015    EUR    60.69
Goldman Sachs & Co We     11.00 12/23/2015    EUR    62.39
Goldman Sachs & Co We     10.00  3/23/2016    EUR    64.45
Deutsche Bank AG           7.20 12/22/2015    EUR    56.00
Deutsche Bank AG           6.20 12/22/2015    EUR    62.20
Deutsche Bank AG           7.20  9/22/2015    EUR    60.40
Deutsche Bank AG           7.20 12/22/2015    EUR    62.40
Deutsche Bank AG           7.20  9/22/2015    EUR    53.90
Deutsche Bank AG           6.20 12/22/2015    EUR    55.70
Deutsche Bank AG           6.20  6/21/2016    EUR    62.80
Bank Julius Baer & Co      8.50  12/1/2015    USD    71.35
Zurcher Kantonalbank       5.60 11/18/2015    USD    63.75
LBBW                       4.00  7/22/2016    EUR    73.13
LBBW                       5.00  7/22/2016    EUR    71.90
LBBW                       3.00  7/22/2016    EUR    74.55
LBBW                       3.00  7/22/2016    EUR    67.88
LBBW                       4.00  7/22/2016    EUR    66.39
LBBW                       5.00  7/22/2016    EUR    65.59
Deutsche Bank AG           6.80  9/23/2015    EUR    57.73
Deutsche Bank AG           5.80 12/23/2015    EUR    43.03
Deutsche Bank AG           6.80 12/23/2015    EUR    56.49
Deutsche Bank AG           5.80 11/25/2015    EUR    42.58
Deutsche Bank AG           6.80 11/25/2015    EUR    60.20
Deutsche Bank AG           5.80 10/21/2015    EUR    42.04
Deutsche Bank AG           5.80 10/21/2015    EUR    64.46
Deutsche Bank AG           6.80 10/21/2015    EUR    59.63
Commerzbank AG            16.50 10/22/2015    EUR    74.34
Zurcher Kantonalbank       5.75  11/6/2015    CHF    70.92
Vontobel Financial Pr      5.45 12/28/2015    EUR    66.43
BNP Paribas Emissions      7.50  9/24/2015    EUR    69.17
BNP Paribas Emissions      6.75 12/24/2015    EUR    67.28
BNP Paribas Emissions      6.25  6/23/2016    EUR    67.87
BNP Paribas Emissions      6.75 12/24/2015    EUR    65.93
BNP Paribas Emissions      5.00  6/23/2016    EUR    68.60
BNP Paribas Emissions      5.75  6/23/2016    EUR    68.15
BNP Paribas Emissions      7.50  9/24/2015    EUR    49.60
BNP Paribas Emissions      6.75 12/24/2015    EUR    47.37
Vontobel Financial Pr     11.45  9/25/2015    EUR    74.22
Commerzbank AG             6.00 12/22/2015    EUR    61.01
Commerzbank AG             4.50 10/22/2015    EUR    67.44
Commerzbank AG             5.25 10/22/2015    EUR    65.66
Commerzbank AG             6.25 10/22/2015    EUR    64.00
Commerzbank AG             7.25 10/22/2015    EUR    62.43
Commerzbank AG             8.25 10/22/2015    EUR    60.94
Commerzbank AG             5.50 10/22/2015    EUR    46.34
Commerzbank AG             8.25 10/22/2015    EUR    42.95
Commerzbank AG            10.50 10/22/2015    EUR    41.02
Commerzbank AG            12.50 10/22/2015    EUR    68.36
UBS AG/London              5.50 10/29/2015    USD    57.58
HSBC Trinkaus & Burkh     14.20 12/28/2015    EUR    55.31
HSBC Trinkaus & Burkh     10.30 12/28/2015    EUR    59.17
HSBC Trinkaus & Burkh     17.00 12/28/2015    EUR    57.25
HSBC Trinkaus & Burkh     11.90 12/28/2015    EUR    63.38
HSBC Trinkaus & Burkh      8.70 12/28/2015    EUR    68.72
Royal Bank of Scotlan      1.69 11/14/2016    GBP     1.07
Gold-Zack AG               7.00 12/14/2005    EUR    12.50
Lehman Brothers Treas      8.05 12/20/2010    HKD     4.75
KPNQwest NV                8.88   2/1/2008    EUR     0.50
Lehman Brothers Treas      7.06 12/29/2008    EUR     4.75
Lehman Brothers Treas      7.63  7/22/2011    HKD     4.75
UBS AG                    10.05 10/23/2015    USD    15.79
UBS AG/London             13.83   5/5/2016    USD     7.71
Leasing-Experts SA         9.00  9/17/2016    PLN    37.20
DZ Bank AG Deutsche Z      7.00  3/29/2016    EUR    68.54
DZ Bank AG Deutsche Z      5.25  3/29/2016    EUR    70.29
DZ Bank AG Deutsche Z      6.25  3/29/2016    EUR    68.00
DZ Bank AG Deutsche Z      5.50  6/24/2016    EUR    68.20
DZ Bank AG Deutsche Z      6.75  6/24/2016    EUR    69.14
DZ Bank AG Deutsche Z      9.25  6/24/2016    EUR    68.38
Bank Julius Baer & Co     10.00  4/18/2016    EUR    72.10
Commerzbank AG             5.00  6/23/2016    EUR    72.81
Commerzbank AG             5.75  6/23/2016    EUR    72.13
Commerzbank AG             6.50  6/23/2016    EUR    71.53
Commerzbank AG             7.50  6/23/2016    EUR    71.08
Commerzbank AG             8.25  6/23/2016    EUR    70.51
Commerzbank AG             9.25  6/23/2016    EUR    70.16
Commerzbank AG            10.25  6/23/2016    EUR    69.80
Commerzbank AG             5.25  6/23/2016    EUR    65.63
Commerzbank AG             6.25  6/23/2016    EUR    65.20
Commerzbank AG             7.00  6/23/2016    EUR    64.58
Commerzbank AG             7.75  6/23/2016    EUR    64.02
Commerzbank AG             8.75  6/23/2016    EUR    63.66
Commerzbank AG             9.50  6/23/2016    EUR    63.16
Commerzbank AG            10.50  6/23/2016    EUR    62.86
DZ Bank AG Deutsche Z      6.00  6/20/2016    EUR    65.83
DZ Bank AG Deutsche Z      6.00  9/19/2016    EUR    67.02
Goldman Sachs & Co We     11.00  8/24/2016    EUR    64.51
Goldman Sachs & Co We     11.00  8/24/2016    EUR    64.51
Goldman Sachs & Co We      4.00  9/21/2016    EUR    58.28
Goldman Sachs & Co We      4.00 12/21/2016    EUR    58.86
Goldman Sachs & Co We      4.00  3/22/2017    EUR    59.56
Goldman Sachs & Co We      9.00  3/22/2017    EUR    67.00
Goldman Sachs & Co We      9.00  3/22/2017    EUR    67.00
Goldman Sachs & Co We      5.00  6/21/2017    EUR    60.06
Goldman Sachs & Co We      9.00  6/21/2017    EUR    66.99
Goldman Sachs & Co We      9.00  6/21/2017    EUR    66.99
Goldman Sachs & Co We     16.00 12/23/2015    EUR    61.24
Goldman Sachs & Co We      4.00  2/24/2016    EUR    58.71
Goldman Sachs & Co We      4.00  3/23/2016    EUR    58.90
Goldman Sachs & Co We      6.00  4/20/2016    EUR    60.30
Goldman Sachs & Co We      4.00  6/22/2016    EUR    57.62
Goldman Sachs & Co We      7.00  6/22/2016    EUR    59.86
Goldman Sachs & Co We      7.00  7/20/2016    EUR    60.30
Goldman Sachs & Co We      8.00  7/20/2016    EUR    61.13
Goldman Sachs & Co We      4.00  8/24/2016    EUR    58.08
Goldman Sachs & Co We      7.00  8/24/2016    EUR    60.84
Goldman Sachs & Co We      8.00  8/24/2016    EUR    61.76
Leonteq Securities AG     14.00 10/24/2016    CHF    74.02
UniCredit Bank AG          4.20 12/24/2015    EUR    74.97
UniCredit Bank AG          4.10 12/24/2015    EUR    69.18
UniCredit Bank AG          4.90 12/24/2015    EUR    61.54
UniCredit Bank AG          5.00 12/24/2015    EUR    58.51
UniCredit Bank AG          4.30 12/24/2015    EUR    73.39
UniCredit Bank AG          4.40 12/24/2015    EUR    65.27
UniCredit Bank AG          4.60 12/24/2015    EUR    62.86
UniCredit Bank AG          4.90 12/24/2015    EUR    59.52
UniCredit Bank AG          4.40 12/24/2015    EUR    71.83
UniCredit Bank AG          4.00 12/24/2015    EUR    58.23
UniCredit Bank AG          4.20 12/24/2015    EUR    67.83
UniCredit Bank AG          4.10 12/24/2015    EUR    57.20
UniCredit Bank AG          4.70 12/24/2015    EUR    61.72
UniCredit Bank AG          4.00 12/24/2015    EUR    66.58
UniCredit Bank AG          4.30 12/24/2015    EUR    66.51
UniCredit Bank AG          4.30 12/24/2015    EUR    55.26
UniCredit Bank AG          4.75 12/24/2015    EUR    62.14
Leonteq Securities AG     10.00  12/4/2015    CHF    67.08
Leonteq Securities AG     11.00  12/4/2015    USD    45.84
UniCredit Bank AG          4.50 12/24/2015    EUR    64.05
UniCredit Bank AG          4.25 12/24/2015    EUR    64.58
UniCredit Bank AG          4.20 12/24/2015    EUR    56.20
UniCredit Bank AG          4.40 12/24/2015    EUR    54.34
UniCredit Bank AG          4.50 12/24/2015    EUR    63.31
UniCredit Bank AG          4.00 12/24/2015    EUR    70.56
UniCredit Bank AG          4.80 12/24/2015    EUR    60.61
UniCredit Bank AG          5.00 12/24/2015    EUR    60.38
UniCredit Bank AG          4.50 12/24/2015    EUR    53.45
DZ Bank AG Deutsche Z      4.00 12/11/2015    EUR    57.33
Societe Generale Effe      2.95  9/25/2015    EUR    68.43
Societe Generale Effe      4.47  9/25/2015    EUR    64.71
Societe Generale Effe      3.64 12/29/2015    EUR    70.60
Societe Generale Effe      5.30 12/29/2015    EUR    67.47
Societe Generale Effe      4.46  3/29/2016    EUR    70.83
Societe Generale Effe      6.15  3/29/2016    EUR    67.94
Societe Generale Effe      3.63  9/25/2015    EUR    73.88
Societe Generale Effe      4.31 12/29/2015    EUR    71.50
Societe Generale Effe      4.32  3/29/2016    EUR    72.99
Societe Generale Effe      6.15  3/29/2016    EUR    69.90
Notenstein Privatbank      8.50 11/28/2016    CHF    47.13
Notenstein Privatbank      8.20  5/27/2016    CHF    44.69
Leonteq Securities AG      6.00 11/28/2016    CHF    68.75
Leonteq Securities AG      8.00   3/1/2016    CHF    67.69
UniCredit Bank AG          4.25 12/24/2015    EUR    42.33
UniCredit Bank AG          4.00 12/24/2015    EUR    45.64
UniCredit Bank AG          4.20 12/24/2015    EUR    43.13
UniCredit Bank AG          4.50 12/24/2015    EUR    39.52
UniCredit Bank AG          4.10 12/24/2015    EUR    43.90
UniCredit Bank AG          4.45 12/24/2015    EUR    40.19
UniCredit Bank AG          4.40 12/24/2015    EUR    40.88
UniCredit Bank AG          4.30 12/24/2015    EUR    41.58
UniCredit Bank AG          4.05 12/24/2015    EUR    44.77
Goldman Sachs & Co We     23.00 11/25/2015    EUR    73.48
Goldman Sachs & Co We     21.00 12/23/2015    EUR    74.74
Goldman Sachs & Co We     11.00  9/23/2015    EUR    62.67
Goldman Sachs & Co We     22.00 11/25/2015    EUR    52.46
Goldman Sachs & Co We     17.00  3/23/2016    EUR    57.17
Goldman Sachs & Co We      8.00  3/23/2016    EUR    45.77
Vontobel Financial Pr      5.30 11/24/2015    EUR    62.55
Leonteq Securities AG     11.60 11/24/2015    CHF    58.10
Leonteq Securities AG     10.80 11/24/2015    CHF    48.68
Leonteq Securities AG      9.80 11/24/2015    EUR    43.54
Zurcher Kantonalbank       6.75  12/3/2015    USD    69.10
DZ Bank AG Deutsche Z      8.50  9/25/2015    EUR    62.85
DZ Bank AG Deutsche Z      5.50 11/27/2015    EUR    63.12
DZ Bank AG Deutsche Z      8.25 11/27/2015    EUR    60.55
DZ Bank AG Deutsche Z      6.50 12/28/2015    EUR    61.45
DZ Bank AG Deutsche Z      5.50  3/29/2016    EUR    62.30
DZ Bank AG Deutsche Z      6.25 11/27/2015    EUR    43.84
DZ Bank AG Deutsche Z     10.25 11/27/2015    EUR    41.28
UniCredit Bank AG          3.79 12/19/2016    EUR    44.71
Leonteq Securities AG      8.20 11/25/2015    USD    72.59
DZ Bank AG Deutsche Z      4.80  3/21/2016    EUR    66.92
DZ Bank AG Deutsche Z      5.30  3/21/2016    EUR    65.91
DZ Bank AG Deutsche Z      5.80  3/21/2016    EUR    64.95
DZ Bank AG Deutsche Z      5.25  3/21/2016    EUR    58.90
DZ Bank AG Deutsche Z      5.75  3/21/2016    EUR    59.15
UBS AG/London             20.00 12/29/2015    EUR    71.06
UBS AG/London             16.50  3/29/2016    EUR    74.30
UBS AG/London             17.25 12/29/2015    EUR    73.44
UBS AG/London             22.75  6/24/2016    EUR    74.29
UBS AG/London             24.50  3/29/2016    EUR    68.42
UBS AG/London             23.00  3/29/2016    EUR    73.98
UBS AG/London             24.75  6/24/2016    EUR    72.84
WGZ-Bank AG Westdeuts      4.00  9/28/2015    EUR    71.89
WGZ-Bank AG Westdeuts      5.00  9/28/2015    EUR    68.66
WGZ-Bank AG Westdeuts      6.00  9/28/2015    EUR    67.17
WGZ-Bank AG Westdeuts      3.00  9/29/2015    EUR    56.33
WGZ-Bank AG Westdeuts      4.00  9/29/2015    EUR    53.80
WGZ-Bank AG Westdeuts      5.25  9/29/2015    EUR    51.50
WGZ-Bank AG Westdeuts      6.00  9/29/2015    EUR    50.43
Vontobel Financial Pr      5.75 12/28/2015    EUR    65.78
Vontobel Financial Pr      6.80  9/25/2015    EUR    66.60
Vontobel Financial Pr      9.40 11/27/2015    EUR    61.25
Commerzbank AG            14.25 11/26/2015    EUR    71.10
Commerzbank AG            12.75 11/26/2015    EUR    72.69
Commerzbank AG             7.50 11/26/2015    EUR    56.70
Commerzbank AG             9.50 11/26/2015    EUR    54.21
Zurcher Kantonalbank       5.25  12/4/2015    CHF    73.77
UBS AG/London             11.50 11/26/2015    CHF    60.06
UBS AG/London             10.75 11/26/2015    CHF    59.83
Goldman Sachs & Co We     21.00 12/23/2015    EUR    53.88
Goldman Sachs & Co We     21.00 11/25/2015    EUR    37.54
Leonteq Securities AG     10.00  5/27/2016    GBP    73.05
Leonteq Securities AG     15.00  12/8/2015    CHF    62.21
Deutsche Bank AG           5.80  9/23/2015    EUR    45.34
DZ Bank AG Deutsche Z      6.50 12/21/2015    EUR    69.39
DZ Bank AG Deutsche Z      6.75  3/21/2016    EUR    70.28
DZ Bank AG Deutsche Z      9.50 12/21/2015    EUR    67.13
DZ Bank AG Deutsche Z      5.75 12/21/2015    EUR    74.48
DZ Bank AG Deutsche Z      5.30 12/21/2015    EUR    74.35


                            *********

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 * * *