TCREUR_Public/170123.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, January 23, 2017, Vol. 18, No. 16


                            Headlines


A R M E N I A

ARMENIA: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable


F R A N C E

GROUPAMA SA: Fitch Assigns 'BB+' Rating to EUR650MM Sub. Notes


I R E L A N D

ARDAGH PACKAGING: S&P Raises Rating on Secured Debt to 'BB-'
AZZURRO RE I: Fitch Affirms 'BB+' Rating on EUR200MM Cl. A Notes
BUS EIREANN: Faces Unsustainable Losses, Industrial Action Likely
TABERNA EUROPE CDO I: Fitch Affirms 'C' Ratings on 4 Note Classes


I T A L Y

BERICA 5 RESIDENTIAL: Fitch Cuts Rating on Class C Notes to 'BB-'
ICCREA BANCA: Fitch Affirms 'BB+' Rating on Sub. Tier 2 Notes
MONTE DEI PASCHI: CEO to Present New Business Plan Next Month


L U X E M B O U R G

DH SERVICES: S&P Raises CCR to 'BB+', Then Withdraws Rating


N E T H E R L A N D S

HARBOURMASTER CLO 9: Fitch Affirms 'B-sf' Rating on Cl. E Tranche


P O L A N D

BAINA INVESTMENTS: Files Bankruptcy Petition


R U S S I A

UC RUSAL: Fitch Assigns 'B+' Long-Term IDR, Outlook Stable


S P A I N

BBVA RMBS 5: S&P Lowers Rating on Class C Notes to 'BB'
CAIXABANK SA: Moody's Affirms Ba2 Subordinated Debt Rating


U N I T E D   K I N G D O M

FOOD RETAILER: Launches CVA, 12 Stores Face Closure
GOLDTILE LIMITED: Glam Nightclub Put Up for Sale
HOUSE OF FRASER: Moody's Changes Outlook to Neg & Affirms B3 CFR
LION/GLORIA HOLDCO: Moody's Raises CFR to Ba1, Outlook Stable
PI POWER: Board Opts to Sell Stratius Investments

ZENOS CARS: Enters Administration After Downturn in Trade


X X X X X X X X

* BOND PRICING: For the Week January 16 to January 20, 2017


                            *********



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A R M E N I A
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ARMENIA: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Armenia's Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) at 'B+' with Stable
Outlook.  The issue ratings on Armenia's senior unsecured Long-
Term Foreign Currency bonds have also been affirmed at 'B+'.  The
Country Ceiling has been affirmed at 'BB-' and the Short-Term
Foreign Currency and Local Currency IDRs at 'B'.

                        KEY RATING DRIVERS

Armenia's ratings are supported by higher income per capita,
human development and governance indicators than peers, a
credible monetary policy framework and the extended maturity
profile of public debt.  Conversely, the ratings are weighed down
by high net external debt, high fiscal deficits leading to a
rising debt burden, a highly dollarised banking sector and
tensions with some neighboring countries.

Growth has weakened, as Fitch estimates 0.8% growth in 2016
reflecting weak domestic demand, partly as a result of lower
remittances inflows.  Growth will increase gradually in 2017 and
2018, reaching 2.1% and 3.1%, respectively, driven by the
expected recovery in the Russian economy and moderate recovery in
commodity prices.  Fiscal consolidation in 2017 creates risks for
Armenia's recovery path.

The central government deficit rose to 5.6% of GDP in 2016, from
4.8% of GDP in 2015, and well above the initial 3.5% budget
target.  This was due to weaker revenues and increased execution
of projects tied to external financing.  It follows deficits
consistently below government targets between 2011 and 2014.
Fitch estimates Armenia's public debt reached 56.8% of GDP in
2016, similar to the 'B' category median.  Currency risk is high
as 80% of government debt is foreign currency (FC) denominated,
although the average maturity is long.

As government debt surpassed 50% of GDP in 2016, the government
has to target a deficit of less than 3% of the previous three
years' average GDP to comply with the Law of Public Debt.  The
approved 2017 budget targets a deficit of 2.8% of GDP supported
by revenues from tax code reform and reduced foreign-financed
project execution.  Fitch forecasts a higher deficit of 3.7% of
GDP, as growth will recover only gradually and current
expenditure is unlikely to decline relative to GDP.  The
authorities face the challenge of maintaining confidence in the
sustainability of public finances while containing the impact of
consolidation measures on economic activity, which could
undermine revenue performance.

Armenia has shown capacity to absorb shocks and has a credible
monetary policy framework.  Annual inflation remained in negative
territory in November, at -0.6%, but should gradually move
towards the central bank's target of 4% in 2017-2018.  In early
December, Armenia completed the fourth review under the IMF's
Extended Fund Facility.  International reserves rose to USD2.2
bil. (five months of current external payments).  Fitch estimates
that Armenia's liquid assets as a share of short-term liabilities
(at 125% in 2017) will remain below the 'B' category median
(141%).

The current account deficit may have reached 2.1% of GDP in 2016
versus a 'B' median of 5.7%, balancing continued improvement in
the trade deficit due to strong export performance and a slight
increase in imports due to weak domestic demand against continued
weakness in remittances.  Current account deficits are forecast
to average 4% of GDP in 2017-2018 due to a subdued domestic
demand recovery, the return of growth to Russia, increased export
market diversification, moderate increases in international oil
prices and the prospect of a new gold mine operation coming on
line in 2018.  A moderate deficit could also lead to a gradual
decline in external indebtedness (net external debt of 48% of GDP
vs peers' 20%) after sustained growth in the aftermath of the
global financial crisis.

Non-performing loans increased in 2016 (8.2% end- November based
on the national definition of 1 to 270 days overdue), but the
financial sector stabilized and made progress towards reducing
vulnerabilities.  Bank capitalization strengthened (18.3% in
3Q16) in line with the central bank's requirements, which are on
target to be met by January 2017, mostly through shareholder
contributions and with no need of sovereign support.  FC credit
and deposit levels remain above 60% of the respective totals.
The banking system's FX position is balanced and regulations are
in place to prevent FC lending to non-FC generators.

As a result of the December 2015 referendum, Armenia is currently
in transition from a presidential to a parliamentary system.  The
country will hold parliamentary elections in April 2017.  Fitch
does not expect material changes in the direction of economic
policy.  After the short-lived armed escalation in April 2016,
the 'frozen' conflict with Azerbaijan regarding the disputed
Nagorno-Karabakh region has returned to its previous state of low
level sporadic clashes.

     SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Armenia a score equivalent to a
rating of 'B+' on the Long-Term FC IDR scale.  Fitch's sovereign
rating committee did not adjust the output from the SRM to arrive
at the final LTFC IDR.

Fitch's SRM is the agency's proprietary multiple regression
rating model that employs 18 variables based on three year
centred averages, including one year of forecasts, to produce a
score equivalent to a LTFC IDR.  Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within our
criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

                       RATING SENSITIVITIES

The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are currently balanced.
Nonetheless, these risk factors could, individually or
collectively, trigger positive rating action:

   -- A downward trajectory in the government debt-to-GDP ratio.
   -  A sustained improvement in the external balance sheet.

These risk factors could individually or collectively, trigger
negative rating action:

   -- Continued increases in the government debt to GDP ratio due
      to a failure to implement fiscal consolidation measures
      and/or growth underperformance.
   -- A marked drop in foreign exchange reserves.

                        KEY ASSUMPTIONS

Fitch assumes that Armenia will continue to experience broad
social and political stability and there will be no prolonged
escalation in the conflict with Azerbaijan regarding Nagorno-
Karabakh to a level that would affect economic and financial
stability.

Fitch assumes that the Russian economy will grow by 1.3% and 2.0%
in 2017 and 2018, respectively.


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F R A N C E
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GROUPAMA SA: Fitch Assigns 'BB+' Rating to EUR650MM Sub. Notes
--------------------------------------------------------------
Fitch Ratings has assigned Groupama SA's EUR650 mil. issue of
dated subordinated notes a 'BB+' rating.

The notes are rated two notches below Groupama's 'BBB' Long-Term
IDR, comprising one notch for the level of subordination and one
for 'moderate' non-performance risk.

                        KEY RATING DRIVERS

The notes are being issued as part of an exchange offer,
refinancing in total and in part two outstanding perpetual and
dated subordinated debt issuances with call dates in 2017 and
2019 (EUR414 mil. and EUR750 mil., respectively).

The notes have been issued with a fixed coupon of 6% with a
maturity of 10 years.  The issue will rank subordinated to senior
creditors, pari passu with senior subordinated securities and
senior to any remaining deeply subordinated securities issued by
Groupama.  The level of subordination is reflected in Fitch's
'below average' baseline recovery assumption for the issue.

The notes include a mandatory interest deferral feature, which
would be triggered if the company or the group is not able to
meet the applicable solvency capital requirement or the
applicable minimum capital requirement.  Under the agency's
methodology, Fitch regards this feature as leading to 'moderate'
non-performance risk.

The notes are expected to qualify for Tier 2 regulatory capital
recognition under Solvency II.  The notes receive 100% equity
credit in Fitch's Prism Factor-Based Model, due to the
application of the regulatory override.  However, given that it
is a dated instrument, the notes are treated as 100% debt in
Fitch's financial debt leverage calculation.

Upon completion of the exchange offer, the total amount of
subordinated debt will marginally increase as new debt will be
issued.  However, Groupama's financial debt leverage, as
calculated by Fitch (26% after exchange from 25% at end-2015
before exchanging), remains commensurate with the ratings.

The issue will lengthen the maturity profile of the group's
financial debt.  Moreover, in Fitch's view, the issue underlines
Groupama's financial flexibility.

                      RATING SENSITIVITIES

Any change to Groupama's IDR is likely to result in a
corresponding change of the subordinated debt rating.


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I R E L A N D
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ARDAGH PACKAGING: S&P Raises Rating on Secured Debt to 'BB-'
------------------------------------------------------------
S&P Global Ratings said that it raised the issue rating on Ardagh
Packaging Group's secured debt to 'BB-' from 'B+', and revised
the recovery rating to '1' from '2'.

At the same time, S&P affirmed its 'CCC+' issue rating on the
group's existing unsecured debt.  S&P also affirmed its 'CCC+'
issue rating on ARD Finance's subordinated payment-in-kind (PIK)
toggle notes.  The '6' recovery rating on the unsecured debt and
PIK notes is unchanged.

S&P has also assigned its 'CCC+' issue rating and '6' recovery
rating to the proposed $1.0 billion senior unsecured notes to be
jointly issued by Ardagh Packaging Finance PLC (Ireland) and
Ardagh Holdings USA Inc. (Delaware), both subsidiaries of Ardagh
Packaging Holdings Ltd.

                             RATIONALE

The recovery rating revision on the secured debt to '1' from '2',
and therefore S&P's raising of the issue rating to 'BB-' from
'B+', follows the proposed refinancing, and the upgrade is driven
by a larger unsecured debt cushion from the new issuance whose
proceeds are intended to partly reduce the amount of equally
ranked secured debt, in turn concentrating expected recovery for
secured noteholders.  The recovery rating of '1' indicates S&P's
expectation of very high recovery in the event of default.

"We are assigning our 'CCC+' issue rating to the proposed
$1.0 billion senior unsecured notes to be jointly issued by
Ardagh Packaging Finance PLC (Ireland) and Ardagh Holdings USA
Inc. (Delaware), both subsidiaries of Ardagh Packaging Holdings
Ltd. The recovery rating is '6', reflecting the notes unsecured
and subordinated nature.  We are also affirming our 'CCC+' issue
rating to the existing unsecured debt.  The '6' recovery rating
is unchanged indicating our expectation that recovery prospects
would remain negligible (0%-10%) in the event of a payment
default, given that under our hypothetical default scenario, most
of the value available to debtors would be absorbed by secured
lenders, leaving no residual value for unsecured noteholders,"
S&P said.

S&P is also affirming its issue rating of 'CCC+' on ARD Finance's
recent PIK toggle notes, whose proceeds were used to refinance
the former PIK debt and upstream a distribution to shareholders
in September 2016.  The ratings reflect the remaining deeply
subordinated and unsecured nature of such instruments as well as
the notes' weak protections.

The ratings remain supported by Ardagh Packaging Group's
satisfactory business risk profile and these instruments'
relatively strong security package, including fixed and floating
charges over substantially all assets of most guarantors --
including receivables, inventories, and real estate -- as well as
the enlarged perimeter following the recent acquisition of the
beverage can business in Brazil, Europe, and the U.S from Ball
Corp. and Rexam PLC.

                        RECOVERY ANALYSIS

Key analytical factors

The revised issue and recovery ratings on the senior secured
notes are based on preliminary information and are subject to the
proposed unsecured notes' successful issuance and S&P's
satisfactory review of the final documentation and structure.
Proceeds, as well as $300 million of balance sheet cash, will be
used to partially repay $845 million of the $1.1 billion secured
fixed-rate notes and fully repay the $415 million 6.25% unsecured
notes due 2019.  The documentation is expected to be fully
fungible with existing unsecured debt indenture.

The documentation remains unchanged, with upsized carve-outs,
permitted debt, and restricted payments baskets through increased
fixed caps and the introduction of rising caps as a percentage of
total assets, to reflect the new perimeter.  Additional debt
incurrence (outside of permitted debt baskets) and restricted
payments are only constrained by a customary minimum 2.0x
interest coverage ratio, which S&P views as a structurally weak.
Permitted liens on collateral are constrained by a pro forma 3.5x
net total leverage.  The cross-default threshold was recently
increased to EUR75 million.

The documentation includes a provision within the restricted
payment covenant that prevents the repayment or refinancing (in
whole or part) of the PIK toggle notes at the restricted group
level (so called debt push-down) unless (i) the pro forma net
total leverage is below 5.25x and (ii) the parent guarantor,
holding company, or controlled affiliate is listed on an
international securities exchange, which S&P views as fair.

S&P's hypothetical payment default scenario assumes a weaker
overall operating performance and declining demand caused by
increased product substitution.  This may lead to lower capacity
utilization, squeezed margins as a result of increasing costs --
particularly energy prices -- paired with an inability to pass
these on to customers.  S&P believes that this, combined with
higher integration costs and execution risk related to acquired
business, would lead to a payment default in or before 2020.

S&P values Ardagh as a going concern due to its leading market
positions in global glass container and metal packaging markets
with a strong focus on relatively stable food and beverage end-
markets and a strengthened position in Europe, North America, and
Brazil.

Simulated default assumptions

   -- Year of default: 2020
   -- Minimum capex (% pro-forma the last two years' average
      sales): 3.5%
   -- Cyclicality adjustment factor: +5% (standard sector
      assumption for containers & packaging)
   -- Emergence EBITDA after recovery adjustments: about
      EUR766 million
   -- Implied enterprise value multiple: 6.0x
   -- Jurisdiction: Ireland

Simplified waterfall

   -- Gross enterprise value at default: about EUR4.6 billion
   -- Administrative costs: 7%
   -- Net value available to debtors: EUR4.3 billion
   -- Priority claims: EUR282 million
   -- Secured debt claims (1) : about EUR3.8 billion

Recovery expectation (2): 95%

   -- Unsecured debt claims (1): EUR4.0 billion

Recovery expectation (2): 0%

   -- Subordinated PIK toggle debt claims*: EUR2.2 billion

Recovery expectation: (2) 0%

(1) All debt amounts include six months' prepetition interest.
PIK toggle notes' interests assumed PIK'ed up to the year of
default. (2) Rounded down to the nearest 5%.


AZZURRO RE I: Fitch Affirms 'BB+' Rating on EUR200MM Cl. A Notes
----------------------------------------------------------------
Fitch Ratings affirms the 'BB+sf' rating to the Principal At-Risk
Variable Rate Notes issued by Azzurro Re I DAC, an Irish private
limited company authorized as a special purpose reinsurance
vehicle, as follows:

   -- EUR200,000,000 class A notes with an expected maturity of
      Jan. 16, 2019, at 'BB+sf'; Outlook Stable.

                          KEY RATING DRIVERS

The notes provide reinsurance protection for UnipolSai
Assicurazioni S.p.A. and other group subsidiaries (UnipolSai;
Issuer Default Rating [IDR] 'BBB-', Outlook Stable).  The notes
are exposed to Earthquake peril and ensuing perils such as, but
not limited to, sprinkler leakage, fire, groundshaking, volcanic
disturbance or eruption (including ashfall), and tsunami and
flooding due to dam or levy ruptures.  The covered area is
predominantly located in Italy (99.8%); however, it is possible
if the epicentre is located outside Italy to be considered a
covered event if risks in the covered area are damaged.

There were no reported Covered Events that exceeded the Initial
Attachment Levels of the notes within the first Annual Risk
Period from June 18, 2015, through Dec. 31, 2016.  All interest
was paid when due and there was no reduction in the Original
Principal Amount.  Fitch is not aware of any document amendments.

On Dec. 12, 2016, AIR Worldwide (AIR), acting as the Reset Agent,
determined the updated modeled annual attachment probability to
be 0.39% for the second Annual Risk Period that commences on Jan.
1, 2017 through Dec. 31, 2017.  These probabilities correspond to
an implied rating of 'BB+', per the calibration table listed in
Fitch's 'Insurance-Linked Securities Methodology'.  The prior
attachment probability was 0.40%.

The variable Risk Interest Spread will remain at 2.15%, equal to
the risk interest spread in the first annual risk period.  The
reset formula reflects the Updated Annual Modeled Expected Loss
remaining at 0.31%.

These results use updated property exposure data within the
Subject Business in the Covered Area using an escrowed AIR model.
The Updated Attachment and Exhaustion Levels increased to EUR575
million and EUR775 million for the notes, up from the initial
attachment and exhaustion levels of EUR500 million and EUR700
million.

Fitch believes the notes and indirect counterparties are
performing as required.  There have been no reported early
redemption notices or events of default and all agents remain in
place.

Additional information regarding the notes can be found in the
initial rating action commentary dated June 18, 2015.

                        RATING SENSITIVITIES

This rating is sensitive to the occurrence of a qualifying
event(s), the counterparty risk of UnipolSai and the rating on,
and performance of, the assets held in the collateral account.

If qualifying covered events occur that cause the ultimate net
losses to exceed the attachment amount, Fitch will downgrade the
notes reflecting an effective loss of principal and impairment of
the notes, and issue a Recovery Rating.

In the case of a reset election, UnipolSai may select an updated
attachment level such that the updated modeled expected loss
falls in the range of 0.31% and 0.36%.  Fitch believes the
corresponding attachment probability will likely stay at the
implied rating of 'BB+' though there could be a one-notch upgrade
or downgrade under possible outcomes.

The rating on the notes is contingent on UnipolSai maintaining
the proper pre-funded amounts in the premium deposit account, and
if this does not occur, the rating is contingent on the
transaction being successfully unwound with principal and accrued
interest paid in full.  Fitch has an IDR of 'BBB-' for UnipolSai.

To a lesser extent, the notes may be downgraded if the EBRD notes
should suffer a serious downgrade, the terms of the notes are
altered, or the assets held in the collateral account perform
significantly worse than expectations for high-quality, short-
term investments.

The catastrophe risk element is highly model-driven and actual
losses may differ from the results of the simulation analysis.
The escrow model may not reflect future methodology enhancements
by AIR which may have an adverse or beneficial effect on the
implied rating of the notes were such future methodology
considered.


BUS EIREANN: Faces Unsustainable Losses, Industrial Action Likely
-----------------------------------------------------------------
Martin Wall at The Irish Times reports that Minister for
Transport Shane Ross has indicated finding a resolution to the
problem of unsustainable losses at Bus Eireann is a matter for
management and trade unions.

He told the Dail that Bus Eireann was losing some EUR6 million a
year, and this was not as a result of the State's subvention to
the company but rather due to losses being run up by its
commercial Expressway arm, which faces intense competition from
private operators, The Irish Times relates.

According to The Irish Times, Mr. Ross did not say whether he
supported controversial proposals put forward by management on
Jan. 18 to restructure the company which includes redundancies
and cuts to premium payments, allowances and overtime rates.

Bus Eireann has argued that its financial position is
unsustainable, and without action to tackle its cost base and
inefficiencies it will go out of business within two years, The
Irish Times discloses.

Unions have promised to resist the company's plan, which they
argue could see a 25%-30% reduction to their members' earnings,
The Irish Times relays.

The union groups at Bus Eireann will meet this week to consider a
joint strategy, and have warned of potential industrial action
over the proposed cuts, The Irish Times says.


TABERNA EUROPE CDO I: Fitch Affirms 'C' Ratings on 4 Note Classes
-----------------------------------------------------------------
Fitch Ratings has affirmed the ratings on six and upgraded two
classes of notes from two Taberna European collateralized debt
obligations (CDOs).

                      KEY RATING DRIVERS

The upgrades to the senior notes in both transactions were
primarily due to deleveraging which in turn increased the notes'
credit enhancement levels.  The principal proceeds used to pay
down the notes resulted from the novation of the credit default
swaps (CDS) to a third party.  The novation of the CDS positions
greatly increased the concentration in each portfolio with only
seven performing issuers remaining in Taberna Europe I and nine
in Taberna Europe II.

The class A1 notes in Taberna Europe I, received 97.2% of the
last review balance of $152.8 million from the novation of the 11
CDS and excess spread.  In Taberna Europe II, the class A1 notes
received 80.5% of the $275 million balance at last review mainly
from the novation of the 10 CDS.

The ratings of the class A-1 notes in both transactions were
capped by the outcome of the sensitivity scenario in which the
ratings of obligors which made up greater than 5% of the
performing portfolio were lowered by one rating category to
account for potential performance volatility in concentrated
portfolios.

Fitch analyzed the transaction in accordance with the 'Global
Surveillance Criteria for Structured Finance CDOs' and the
'Global Rating Criteria for CLOs and Corporate CDOs'.  Default
hurdles were projected using the Structured Finance Portfolio
Credit Model (PCM) and Corporate PCM.

                    RATING SENSITIVITIES

Significant paydowns combined with stable or improving credit
migration can lead to limited upgrades for the senior notes.
Conversely, negative migration, defaults beyond those projected
can lead to downgrades in both transactions.  In Taberna Europe
II, not waiving part of the structuring or collateral manager fee
may result in an interest shortfall and lead to a downgrade for
the non-deferrable notes.

                   VARIATIONS FROM CRITERIA

One performing perpetual security was treated as a long-dated
asset in both transactions whereby it was defaulted at the
transactions legal maturity consistent with Fitch's treatment of
long-dated assets under the relevant criteria.  Fitch considered
this a criteria variation given that perpetual securities are not
explicitly mentioned in Fitch's treatment of long-dated assets.
Fitch does not believe such variation has a measurable impact
upon the ratings assigned.

Fitch has taken these rating actions:

Taberna Europe CDO I P.L.C. (Taberna Europe I)

   -- EUR4,248,808 class A1 notes upgraded to 'Asf' from 'BBsf';
      Outlook Positive;
   -- EUR90,500,000 class A2 notes affirmed at 'CCsf';
   -- EUR50,950,917 class B notes affirmed at 'Csf';
   -- EUR32,592,256 class C notes affirmed at 'Csf';
   -- EUR36,649,117 class D notes affirmed at 'Csf';
   -- EUR27,393,483 class E notes affirmed at 'Csf'.

Taberna Europe CDO II P.L.C. (Taberna Europe II)

   -- EUR53,502,062 class A1 notes upgraded to 'Bsf' from 'CCCsf'
      assign Outlook Stable;
   -- EUR95,000,000 class A2 notes affirmed at 'CCsf'.

Fitch does not rate the subordinated notes in Taberna Europe I
and the class B, C1, C2, D, E, subordinated notes in Taberna
Europe II.


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BERICA 5 RESIDENTIAL: Fitch Cuts Rating on Class C Notes to 'BB-'
----------------------------------------------------------------
Fitch Ratings has taken rating actions on the Berica Italian RMBS
series, as:

Berica Residential MBS 1 S.r.l. (Berica 1)
  Class A (ISIN IT0003641005) affirmed at 'AA+sf'; Outlook
   Negative
  Class B (ISIN IT0003641039) affirmed at 'Asf'; Outlook Stable
  Class C (ISIN IT0003641047) downgraded to 'BBsf' from 'BBB-sf';
   Outlook Stable

Berica 5 Residential MBS S.r.l. (Berica 5)
  Class A (ISIN IT0003765176) affirmed at 'AA+sf'; Outlook
   Negative
  Class B (ISIN IT0003765184) affirmed at 'A-sf'; Outlook Stable
  Class C (ISIN IT0003765200) downgraded to 'BB-sf' from 'BBsf';
   Outlook Stable

Berica 6 Residential MBS S.r.l. (Berica 6)
  Class A2 (ISIN IT0004013790) 'Asf'; placed on Rating Watch
   Negative (RWN)
  Class B (ISIN IT0004013808) 'BBBsf'; placed on RWN
  Class C (ISIN IT0004013816) 'BBsf'; placed on RWN

Berica 8 Residential MBS S.r.l. (Berica 8)
  Class A (ISIN IT0004511439) affirmed at 'AA+sf'; Outlook
   Negative

Berica 9 Residential MBS S.r.l. (Berica 9)
  Class A3 (ISIN IT0004713423) affirmed at 'AA+sf'; Outlook
   Negative

Berica ABS 2 S.r.l. (Berica ABS 2)
  Class A1 (ISIN IT0004873524) affirmed at 'AA+sf'; Outlook
   Negative
  Class A2 (ISIN IT0004873680) affirmed at 'AA+sf'; Outlook
   Negative

Berica ABS 3 S.r.l. (Berica ABS 3)
  Class A (ISIN IT0005027930) affirmed at 'AA+sf'; Outlook
   Negative
  Class B (ISIN IT0005027948) upgraded to 'Asf' from 'A-sf';
   Outlook Stable

Berica ABS 4 S.r.l. (Berica ABS 4)
  Class A (ISIN IT0005121154) affirmed at 'AA+sf'; Outlook
   Negative
  Class B (ISIN IT0005121162) affirmed at 'Asf'; Outlook revised
   to Positive from Stable
  Class C (ISIN IT0005121188) affirmed at 'BBBsf'; Outlook
   revised to Positive from Stable

The eight Italian RMBS transactions were originated and are
serviced by the Banca Popolare di Vicenza (BPVi) group,

                       KEY RATING DRIVERS

Well Protected Senior Notes
Credit enhancement (CE) available to the senior tranches has
continued to build-up over the last 12 months.  This is a result
of sequential amortisation of the notes, scheduled principal
repayment and increasing constant prepayment rates, except in
Berica 6, which is amortising pro rata.  This underpins the
affirmation of the senior tranches at 'AA+sf'.  The Negative
Outlooks are driven by the Negative Outlook on the Italian
sovereign.  CE for Berica ABS 3's class B notes was adequate to
withstand higher rating stresses, which supported their upgrade
to 'Asf'.  Robust credit support coupled with the stable
performance of Berica ABS 4 supported the revision of the Outlook
to Positive on the class B and C notes.

Weak Asset Performance
Over the last 12 months, the more seasoned transactions, Berica
1, 5 and 6, have continued to show weak asset performance, with
the volume of cumulative defaulted assets accounting for 5.0% in
Berica 1, 8.9% in Berica 5 and 10.5% in Berica 6.  At the same
time, the proportion of late-stage arrears (loans with three or
more monthly payments overdue) continued to pick up reaching 7.4%
in Berica 1 and 9.7% in Berica 5, well above the Italian RMBS
90+index of 1.5%.

Fitch expects further increases in the pipeline of defaults and
arrears to put pressure on the ratings of Berica 1 and Berica 5's
class C notes given their limited CE, which is mainly provided by
their cash reserves.  This is already the case for Berica 5,
whose cash reserve stands at only 29.7% of its target due to
provisioning for defaults.  The downgrade of Berica 1 and Berica
5's class C notes reflects their weak performance and
insufficient CE.

The other transactions have performed broadly in line with the
Italian market average in terms of defaults and arrears.  Berica
8 and Berica ABS 3 have shown some performance volatility due to
their exposure to Southern Italy, where a large portion of
delinquent loans are concentrated.  However, their rated tranches
remain well protected thanks to substantial CE.

Heavy Reliance on Recoveries
The performance of the more junior tranches in Berica 1, Berica 5
and Berica 6 relies considerably on excess spread, and thus
recoveries, which so far have been subdued in these transactions
(less than 25% of cumulative gross defaults).  Fitch expects
recoveries will not improve significantly in the short to medium
term and will remain volatile.  This is another reason for the
downgrade of Berica 1 and Berica 5's class C notes.

Recovery Rate Cap
Fitch has capped the maximum recovery rate at 70% of the
outstanding and new defaults in each transaction, despite the
relatively low average current loan-to-value ratios of the
portfolios, especially the most seasoned Berica deals.  This
assumption reflects subdued recoveries so far, even for the
transactions that closed more than 11 years ago.  Fitch has
tested all deals with a recovery period of 12.5 years.

Proceeds from Defaults' Buyback
In October 2016, the BPVi group repurchased at par EUR62m of
Berica 6 defaulted claims.  The proceeds from the disposal of
distressed loans have been trapped in the structure and have
funded a cash reserve account.  On any payment date, these
additional funds will be part of the issuer's interest available
funds and be used to pay interests on the notes, clear the
principal deficiency ledger (PDL), if any, and replenish the cash
reserve to its target.  However, according to the transaction's
documentation, these funds could be used also to pay the swap
termination payments to the swap counterparty if the latter
defaults.

Fitch does not give credit to items in the waterfall ranking
junior to the swap subordinated termination payments.  Fitch
notes that the rating of the senior tranche of Berica 6 is higher
than the rating of the swap counterparty, Commerzbank
(BBB+/Stable/F2), and so the agency has not considered the
additional reserve in its rating analysis of the class A notes.
Fitch has given credit to the additional funds in rating
scenarios below 'BBB+sf', when assessing the class B and C notes.

Potential Principal Shortfall at Maturity
Fitch notes a mismatch between Berica 6's assets and liabilities
and is in contact with the originator to investigate the cause of
this under-collateralisation despite the cash reserve being at
its target amount and the PDL being clear.

The gap is minor (less than EUR350,000) as per the servicer
report dated October 2016, but Fitch notes that with a clear PDL,
this principal shortfall might be cured only if the cash reserve
excess is diverted to repay principal on the notes.  This will
only happen if the net cumulative default ratio is above/at least
equal to 5% of the initial pool balance.  Fitch does not expect
this trigger to be breached any time soon, given the current pace
of new defaults and lengthy recoveries.  The agency also notes
that the additional reserve funded with disposal proceeds from
defaulted loans cannot be used to cure this shortfall and neither
can the reserve fund at maturity.

In Fitch's view, if this minor mismatch is not cured, all rated
notes may suffer a loss at their legal maturity date, despite
plenty of cash flowing to the securitisation.  The agency
understands that the originator intends to bring the portfolio
balance in line with the outstanding notes.

As a result, Fitch has placed all of Berica 6's notes on RWN
pending more clarity on the reasons for the under-
collateralisation and how the originator intends to cure it.  The
agency expects to resolve the RWN over the next six months.

Pro-rata Amortisation
Despite the continued weak performance of Berica 6, the class A,
B and C notes will be repaid on a pro rata basis.  All pro rata
conditions, including a cleared PDL and the cash reserve at its
target, are now met.  According to the legal documentation, there
is no mandatory switch back to a sequential paydown mechanism in
the tail of the transaction, and so Fitch expects the pro rata
amortisation of the notes to continue until their legal maturity.
This may expose all rated notes to credit losses from the
underlying portfolio, as any uncovered principal loss on the
notes' maturity date will be suffered proportionally by each
notes class.  In Fitch's view, pro rata amortisation is
detrimental to the class A notes and further supports the RWN,
although it is beneficial to the mezzanine and junior tranches.

Mitigated Payment Interruption Risk
Fitch analysed structural mitigants available to cover payment
interruption risk on the notes.  Fitch found the combination of
available cash reserves and appointed back-up servicer (Credito
Valtellinesein all transactions except Berica ABS 3 and Berica
ABS 3) or back-up servicer facilitator (Zenith Service for Berica
ABS 3 and Berica ABS 3) are sufficient to mitigate payment
interruption risk for more than one interest payment date. Even
though the reserve fund of Berica 5 is not at its target amount,
this transaction, like Berica 1, has benefits from a liquidity
reserve.  When assessing payment interruption risk for class A of
Berica 6, Fitch did not take into account the additional reserve
as, on any payment date, this is replenished junior to the swap
subordinated termination payments.

Commingling Risk Exposure
Fitch did not make any adjustment for potential commingling
losses in Berica 5, 6, 8, 9 and Berica ABS 2 since the available
commingling reserves effectively mitigate this risk.

As no commingling reserve is available in Berica 1, Berica ABS 3
and Berica ABS 4, and collections are likely to be concentrated
in one calendar day of the month, Fitch reduced the available CE
by an estimated one-month commingling loss (between 1.9 and 2.1%
of the portfolio balance).  The adjustment had no effect on the
ratings of the transactions except for Berica 1, where it
contributed to a further reduction of the available credit
support and also explains the downgrade of the class C notes.

                       RATING SENSITIVITIES

Failure to remove the mismatch between Berica 6's assets and
liabilities and to cure the current principal shortfall may lead
to the downgrade of all notes.

Even considering the additional funds to the cash reserve
account, Berica 6's class A notes could be affected by the
default of the swap counterparty via the swap subordinated
termination payments, and the rating of class A may be downgraded
by one or two notches. This might not affect the class B and C
notes as they are currently rated below the rating of the swap
counterparty.

The ratings of the most junior rated tranches of Berica 1 and 5
are sensitive to recovery timing and amounts.

Higher than expected recoveries and/or recoveries received faster
than Fitch's assumed timing may lead to upgrades of the class C
notes of Berica 1 and Berica 5.  Conversely, lower and slower
recoveries may lead to downgrades.

Deterioration in asset performance beyond Fitch's standard
assumptions would also trigger negative rating action.

Changes to Italy's Long-Term Issuer Default Rating
(BBB+/Negative) and the rating cap for Italian structured finance
transactions, currently 'AA+sf', could trigger rating action on
the notes rated at this level.


ICCREA BANCA: Fitch Affirms 'BB+' Rating on Sub. Tier 2 Notes
-------------------------------------------------------------
Fitch Ratings has affirmed ICCREA Banca's (IB) and its main
subsidiary ICCREA BancaImpresa's Long-Term Issuer Default Ratings
(IDR) at 'BBB-', Short-Term IDRs at 'F3', Viability Ratings (VR)
at 'bbb-', Support Ratings at '5' and Support Rating Floors at
'No Floor'.

The Outlooks on the Long-Term IDRs are Evolving, reflecting the
expected impact on the group's structure, business model and risk
profile from the upcoming reform of the Italian mutual sector,
which is to be completed by 2018.

                       KEY RATING DRIVERS

IDRS, VRs AND SENIOR DEBT
IB's and ICCREA BancaImpresa's IDRs are equalised and are based
on a common VR, reflecting the high integration between the two
entities, which renders their individual credit profiles
difficult to meaningfully separate.  It also reflects the large
size of ICCREA BancaImpresa compared with its parent, IB.

IB and ICCREA BancaImpresa and all their subsidiaries are
supervised and regulated as a consolidated entity.  Capital and
liquidity are fungible across the group, all entities share the
same brand, have highly integrated management and operate in the
same jurisdiction.

The common 'bbb-' VR reflect the group's key role within the
Italian mutual banking sector, for which IB acts as the largest
central institution, managing its liquidity and excess funding,
as well as providing it with treasury services and access to the
ECB. ICCREA BancaImpresa supplies corporate loans to the sector's
customer base, largely SMEs.

IB benefits from the sector's strong and deep-rooted network,
which has enabled the Banche di Credito Cooperativo (BCCs) to
access large volumes of customer deposits, which it then places
with IB for management.  Fitch's assessment of IB's and ICCREA
BancaImpresa's capital and funding benefits from the ordinary
support which is made available to them from the BCCs.

IB's risk-control framework has improved in recent years,
following the adoption of a risk appetite framework and the
reorganisation of internal functions.  Fitch believes that the
establishment of a new banking group headed by IB should further
bolster risk controls throughout the group's entities.  However,
asset quality remains weak, with gross impaired loans accounting
for nearly 17% of total loans at end-June 2016, which is not
fully mitigated by reduced inflows of new impaired loans and a
reasonable loan impairment coverage at 50%.

Our assessment of asset quality will be highly affected by the
reorganisation of the group and the consolidation of the various
BCCs that will follow.  It is too early at this stage to assess
whether the overall impact will be positive or negative as it
largely depends on the quality of the assets and the newly formed
group's ability to reduce the stock of impaired loans in a timely
fashion.

IB's capitalisation is sound, with a common equity Tier 1 ratio
of 12.4% and a Fitch core capital ratio of 12.8% at end-1H16.
However, the bank is more highly leveraged than most of its
domestic peers, reflecting its business model with a large volume
of low risk assets.  Capital ratios have decreased since end-2015
due to higher customer loans, which were only partly offset by
the higher capital generated from the gain made on the disposal
of its equity stake in Visa Europe.  The burden of unreserved
impaired loans remains significant at over 75% of Fitch core
capital, which is weak by international standards.

IB has been posting losses on an operating level since end-
December 2015, as the low-interest rate environment affected net
interest income that represents almost two-thirds of its total
operating revenues.  At the same time, loan impairment charges
have been negatively affected by the economic situation for SMEs
in Italy, which form the majority of ICCREA BancaImpresa's client
base.  Fitch expects a gradual improvement in the group's
profitability due to its stable ability to generate revenues.
However, we expect improvements in revenue to be subject to
potentially high costs as the group restructures and its
governance functions are enhanced.

The reform of the BCC sector will involve nearly 320 mutual
banks, which are required to decide by May 2017 whether to group
under IB or other banking groups.  Fitch believes that apart from
IB, the other two central institutions, Cassa Centrale Banca and
Cassa Centrale Raffeisen based in the region of Trentino Alto
Adige, are likely to become consolidating entities for a number
of BCCs.  The BCCs will be consolidated into cooperative banking
groups headed by a joint-stock company with strong policy setting
powers.  The structure will benefit from the introduction of an
Institutional Protection Scheme, similar to cooperative banking
groups backed by mutual support schemes in other EU countries.

The Evolving Outlooks reflect our belief that in the long term
this will likely be beneficial for the ratings of IB and ICCREA
BancaImpresa as their franchise and business model will be
enhanced, and their capitalisation and control structures will
improve, leading to better corporate governance, performance and
financial metrics.  However, the outcome of the aggregation is
still unknown and in the short term, the resulting consolidated
asset quality, costs and execution risks could put pressure on
the group's ratings.

              SUPPORT RATING AND SUPPORT RATING FLOOR

The '5' Support Ratings and SRFs of 'No Floor' reflect Fitch's
view that senior creditors can no longer rely on receiving full
extraordinary support from the sovereign in the event that a bank
becomes non-viable.  The EU's Bank Recovery and Resolution
Directive (BRRD) and the Single Resolution Mechanism (SRM) for
eurozone banks provide a framework for resolving banks that
requires senior creditors participating in losses, if necessary,
instead of or ahead of a bank receiving sovereign support.

            SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The subordinated debt and other hybrid capital issued by IB and
ICCREA BancaImpresa are notched down from the VRs in accordance
with Fitch's criteria to reflect the different non-performance
and relative loss severity risk profiles of these instruments.

The Subordinated Tier 2 debt issued by IB and the Lower Tier 2
debt issued by ICCREA BancaImpresa are rated one notch below the
VRs, to reflect above average loss severity risk of these types
of debt when compared to average recoveries.

The Upper Tier 2 subordinated debt issued by ICCREA BancaImpresa
is rated three notches below the VR to reflect higher loss
severity risk of these securities when compared with average
recoveries (one notch) and incremental non-performance risk (two
notches).

                       RATING SENSITIVITIES

IDRS, VRs AND SENIOR DEBT
As the ratings are based on the ICCREA group's instrumental role
for the mutual sector in Italy, the Evolving Outlook reflects
Fitch's view that the upcoming sector reform will materially
change IB's structure, operations, and financial profile.
Consequently, the execution of the group's restructuring could
potentially have positive, negative or neutral impacts on the
ratings.

Fitch's base case is that asset quality for the group has begun
to stabilize.  However, evidence of failure to do so in the
coming quarters could lead to a downgrade.

           SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The subordinated debt ratings issued by ICCREA Banca and ICCREA
BancaImpresa are broadly sensitive to the same considerations
that might affect their VR.  The ratings are also sensitive to a
change in the notes' notching, which could arise if Fitch changes
its assessment of their non-performance relative to the risk
captured in the VRs.

The rating actions are:

ICCREA Banca S.p.A.

  Long-Term IDR: affirmed at 'BBB-'; Outlook Evolving
  Short-Term IDR: affirmed at 'F3'
  VR: affirmed at 'bbb-'
  Support Rating: affirmed at '5'
  Support Rating Floor: affirmed at 'No Floor'
  EUR3 bil. EMTN Programme: Long-term rating affirmed at 'BBB-'
  EUR3 bil. EMTN Programme: Short-term rating affirmed at 'F3'
  Senior unsecured debt: affirmed at 'BBB-'
  Subordinated Tier 2 notes: affirmed at 'BB+'

ICCREA BancaImpresa S.p.A.

  Long-Term IDR: affirmed at 'BBB-'; Outlook Evolving
  Short-Term IDR: affirmed at 'F3'
  VR: affirmed at 'bbb-'
  Support Rating: affirmed at '5'
  Support Rating Floor: affirmed at 'No Floor'
  Senior unsecured debt and EUR5bn EMTN Programme: affirmed at
   'BBB-'
  Subordinated lower Tier 2 notes (ISIN XS0287519663): affirmed
   at 'BB+'
  Subordinated upper Tier 2 notes (ISIN XS0295539984): affirmed
   at 'BB-'


MONTE DEI PASCHI: CEO to Present New Business Plan Next Month
-------------------------------------------------------------
The Economist reports that next month Monte dei Paschi's chief
executive, Marco Morelli, will present a new business plan.

According to The Economist, on Jan. 18, he confirmed to a Senate
committee that 500 branches and 2,450 jobs will go within three
years.

Soon the bank is expected to issue a state-backed bond, for
perhaps EUR1.5 billion, to shore up liquidity; it hopes
eventually to raise EUR15 billion to replace deposits that bled
away last year, The Economist discloses.  Once the plan is out,
negotiations between Italy and the European Commission will
ensue, over the first state rescue of a big bank since the
commission tightened state-aid rules, The Economist notes.

Between 2007 and 2014 the commission approved EUR5 trillion-worth
of state aid, including guarantees, for banks. Italy's share was
a piffling EUR130 billion, The Economist recounts.  But "bail-in"
has since replaced "bail-out", The Economist states.  The Bank
Recovery and Resolution Directive, which came fully into force
last year, demands that banks receiving state help be put into
"resolution" -- in effect, bankruptcy, The Economist discloses.
Shareholders and junior creditors cop it, for at least 8% of
liabilities, if the state steps in, The Economist says.

For investors in Monte dei Paschi, the outlook may not be so
bleak, according to The Economist.  The government plans a
"precautionary recapitalization" -- allowed by the directive,
says the report.

How much help it needs now remains unclear, The Economist notes.
The private plan, devised in July, would have stripped out and
securitized EUR27.6 billion-worth (gross) of non-performing loans
and recapitalized the bank with EUR5 billion, The Economist says.
After it failed, the ECB told the bank that its capital
shortfall, under an "adverse scenario" in the summer's stress
test, had widened to EUR8.8 billion, The Economist relates.  But
the capital required will depend on Mr. Morelli's revised plan,
and in particular on what will be done to clean up bad loans, The
Economist discloses.  The conversion of bonds to equity could
raise EUR4 billion, but retail investors, who have around EUR2
billion-worth of bonds and are in line for the same value in
shares, may then be eligible for compensation, The Economist
notes.  The government's total bill could amount to around EUR6
billion, according to the report.

Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is
an Italy-based company engaged in the banking sector.  It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts.  In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services.  The Company comprises more than 3,000
branches, and a structure of channels of distribution.  Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa.  It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.


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


DH SERVICES: S&P Raises CCR to 'BB+', Then Withdraws Rating
-----------------------------------------------------------
S&P Global Ratings raised its 'B' long-term corporate credit
rating on global logistics solutions group DH Services Luxembourg
S.a.r.l. (Dematic) to 'BB+', and removed the rating from
CreditWatch, where S&P had placed it on June 30, 2016.

At the same time, S&P withdrew its ratings on Dematic.

The upgrade follows the closing of the acquisition of Dematic by
German materials handling equipment maker KION GROUP AG
(BB+/Negative/--) on Nov. 1, 2016.  The ratings and outlook on
Dematic were equalized with those on KION.

Since the acquisition, Dematic has been fully integrated into
KION.  All Dematic's previously rated liabilities were repaid.
As a result, S&P has withdrawn its ratings on Dematic and its
debt, at the issuer's request.


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


HARBOURMASTER CLO 9: Fitch Affirms 'B-sf' Rating on Cl. E Tranche
-----------------------------------------------------------------
Fitch Ratings has upgraded four tranches of Harbourmaster CLO 9
B.V. notes and affirmed the rest as:

  Class A1-VF: affirmed at 'AAAsf'; Outlook Stable
  Class A2: upgraded to 'AA+sf' from 'AAsf'; Outlook Stable
  Class B: upgraded to 'A+sf' from 'A-sf'; Outlook Stable
  Class C: upgraded to 'BBB+sf' from 'BBB-sf'; Outlook Stable
  Class D: upgraded to 'BBsf' from 'BB-sf'; Outlook Stable
  Class E: affirmed at 'B-sf'; Outlook Stable

                        KEY RATING DRIVERS

The upgrade reflects increased credit enhancement across all
rated notes over the past 12 months, due to the deleveraging of
the transaction following the end of the reinvestment period.
The class A1 floating-rate notes have paid in full and the class
A1 variable funding note (A1-VF) has been reduced by
approximately EUR124 mil.

Credit enhancement increased to 44% from 27% for the class B
notes and to 31% from 20% for the class C notes.  However, as the
portfolio is naturally amortizing, the transaction is becoming
more concentrated.  The number of obligors has decreased to 38
from 58, leading to an increase in the representation of the top
obligor to 7.6% and from 5.2%.  Fitch calculation shows top 10
obligor concentration has also increased to 49.7% from 37%.

The portfolio's quality has slightly deteriorated following the
amortization of certain assets.  Fitch calculations show the
weighted average rating factor increasing to 31.3 from 30.8 and
the weighted average recovery rate falling to 72.6% from 75.7%.
Fitch-calculated percentage of 'CCC' assets decreased to 0.5%
from 1.1%.

                        CRITERIA VARIATIONS

OCU Stress in Portfolio Credit Model
According to the Global Rating Criteria for CLOs and Corporate
CDOs, when running the Portfolio Credit Model, Fitch applies a
stress to the five largest risk-contributing entities of 0.75x
the assumed recovery rate and 50% correlation stress increase, to
take into account obligor concentrations.  The agency has decided
to apply a variation from its criteria - and to apply the
stresses above to all obligors with a notional amount above 3.5%
of the total portfolio instead of the five largest risk-
contributing entities in light of the high obligor concentration
of the Harbourmaster pool.

The structure has significantly deleveraged over the last 12
months and as a result obligor concentration has increased.  The
10 largest obligors represent 49.7% of the portfolio notional.
The available credit enhancement for the class B notes is 44% and
does not cover the largest 10 obligors.  Therefore the committee
decided to apply the variation as outlined above.

The variation mostly affected the model implied rating for the
class B notes by three notches.

                       RATING SENSITIVITIES

In its rating sensitivity analysis, Fitch found that a 25%
increase of the default probability could result in downgrade of
up to two notches for the rated notes.  A 25% reduction of the
recovery rate could result in a downgrade of up to three notches
for the rated notes.


===========
P O L A N D
===========


BAINA INVESTMENTS: Files Bankruptcy Petition
--------------------------------------------
Olympic Entertainment Group AS's Polish subsidiaries Baina
Investments sp. z o.o. and Silber Investments sp. z o.o. have
submitted to the court its bankruptcy petitions.  These holding
companies own shares in the OEG subsidiary Casino Polonia-Wroclaw
sp. z o.o. that per previously published information submitted
its bankruptcy petition to the court on January 2, 2017.

The submission of these bankruptcy petitions has no additional
direct influence on the economic activities of OEG Group.

Olympic Entertainment Group AS -- http://www.olympic-casino.com
-- is an Estonia-based company, which is engaged in the provision
of casinos and gaming services under the brand of Olympic Casino.
The Company operates slot and table casinos, sports-betting shops
as well as casino bars.  The Group's local casinos are operated
through local subsidiaries, such as: Olympic Casino Estonia AS,
Olympic Casino Latvia SIA, Olympic Casino Group Baltija UAB,
Casino Polonia-Wroclaw Sp.zo.o., Olympic Casino Slovakia S.r.o.,
OlyBet Slovakia S.r.o., Olympic Casino Bel IP, Jackpot Game
S.r.l., Slottery S.r.l. and Box S.r.l.  It also has a number of
subsidiaries located domestically in the Baltic States and
Jersey, which are engaged in the hotel services, catering, bar
services and casino tourism, among others.


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


UC RUSAL: Fitch Assigns 'B+' Long-Term IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has assigned Russia-based aluminum company United
Company RUSAL a Long-Term Issuer Default Rating of 'B+' and a
Short-term IDR of 'B'.  The Outlook on the Long-Term IDR is
Stable.

Fitch has also assigned an expected senior unsecured rating of
'B+(EXP) and Recovery Rating 'RR4' to Rusal Capital D.A.C.'s
planned notes issue.  The ratings for Rusal's 100%-owned
subsidiary, Russia-based OJSC Rusal Bratsk (Bratsk), have also
been affirmed at Long-Term IDR 'B+' with Stable Outlook.

Bratsk's senior unsecured rating has been upgraded to 'B+'/'RR4'
from 'B'/'RR5' in line with Rusal's senior unsecured rating.
This action reflects the expected reduction in prior ranking
senior secured debt within the group following the planned issue
of the senior unsecured notes.

The new notes will be guaranteed by the holding company (Rusal),
its main trading company (RTI Limited) and Rusal's key aluminium
smelting companies (Rusal Bratsk, Rusal Krasnoyarsk & Rusal
Sayanogorsk), which together produce 2.9mt of aluminium per annum
(80% of Rusal's total annual production).  The proceeds from the
offering are expected to be used to repay existing debt maturing
in 2017-2018.

The notes will rank equally with Rusal's existing and future
unsecured and unsubordinated obligations.  The guarantees will
also rank equally with all existing and future unsecured and
unsubordinated obligations of each guarantor.  A final rating for
the notes will be assigned upon receipt of final documentation.

                      KEY RATING DRIVERS

Aluminum Prices Remain under Pressure

Smelter capacity in China, and specifically the balance of
smelter additions and curtailments, remains key to the aluminium
market outlook and has led to lower market prices and higher
exports from China in recent periods.  While Fitch expects demand
for aluminium to remain sound in 2017, prices will remain under
pressure, with limited upside, as Fitch believes China will
continue to add new net smelter capacity.

Competitive Cost Position

Rusal continues to benefit from highly favourable FX dynamics
following the rouble devaluation, which positively affects the
company's cash costs (around 50% of Rusal's cash costs are
rouble-denominated).  Additionally, the company still benefits
from the results of its own cost-saving measures (including
idling of 647kt of its least efficient assets in 2013/2014).  As
a result, Rusal's cash costs decreased to USD1,330/t in 3Q16, and
are strongly positioned in the first quartile of the global
aluminium cost curve.

Additionally, most of Rusal's smelters, including Bratsk, are
located in Siberia and source 90% of their electricity needs from
the region's hydro power generation assets, benefitting from
lower electricity prices.

Stake in Norilsk Nickel
Rusal effectively owns 28.05% of the world's largest nickel
producer, Norilsk Nickel (NN; BBB-/Stable).  The market value of
the stake has recovered to USD7.3 bil. as of January 2017 since
its lows in January-February 2016, when it had lost nearly 30% of
their value following a depressed nickel commodity price
environment.  The value of the stake in January 2017 represented
79% of Rusal's total indebtedness, providing significant
coverage.

Additionally, NN has historically paid out significant dividends
to its shareholder.  From 2017 a new dividend policy will apply
with a variable payout ratio from 30%-60% of EBITDA, depending on
market conditions.  However, the total minimum dividend will be
no less than USD1.3 bil. in 2017 (ie USD365 mil. minimum payable
to Rusal) and USD1bn from 2018 and onward (USD280 mil. Rusal
share). Fitch estimates dividends attributable to Rusal to exceed
USD575m/year on average over the same period, contributing
materially to Rusal's debt service.

High Group Debt Burden
Rusal has been highly leveraged since its purchase of its 25%
stake in NN in 2008.  The group has, however, benefitted from
strong support from its bank group (particularly Russian state-
owned Sberbank) and has consistently deleveraged, to an estimated
USD9.1 bil. at end-2016 (Fitch-adjusted) from USD10.2 bil. in
2014 and USD14.5 bil. in 2009.

Further deleveraging remains a key priority for Rusal but the
pace will depend on the level of dividends paid by NN as well as
on aluminum prices.  Under Fitch's aluminium price assumptions,
funds from operations (FFO) gross leverage is expected to
increase to above 5x by end-2016 before gradually decreasing to
around 3.5x by 2018.

Vertically Integrated Business Model
Rusal operates throughout the aluminium value chain with bauxite
mining, alumina refining and aluminium smelting production.  Its
project in Guinea (Dian Dian) will also make Rusal almost 100%
self-sufficient in bauxite.  This provides the group with
significant control over its raw material costs, and limits its
exposure to input cost fluctuations.

Leading Market Position
Despite the idling of 650kt of capacity in 2013/2014, Rusal
remains one of the world's largest aluminium producers, with over
3,600kt of aluminium output in 2015.

Parental Support
Bratsk's 'B+' IDR is supported by the creditworthiness of parent
Rusal, as well as strong legal, operational and strategic ties
between the two entities.  Rusal Bratsk which operates Bratsk and
Irkutsk aluminium smelters represents approximately 38% of
Rusal's aluminium output and is the group's bond-issuing entity.
Bonds issued by Bratsk benefit from an irrevocable offer provided
by Rusal and suretyships of alumina refinery Rusal Achinsk and
Krasnoyarsk aluminium smelter.

Corporate Governance
In line with our approach for other Russian corporates, we have
notched the IDRs of the parent Rusal and its subsidiary Bratsk
down by two notches to reflect the weak legal and governance
environment and structures present in Russia.

DERIVATION SUMMARY

Comparable peers to Rusal rated by Fitch include Alcoa
(BB+/Stable), Chalco (BBB+/Stable) and China Hongqiao Group
(BB/Negative).  Rusal's standalone rating of BB (B+ after
notching down for the operating environment) reflects a
comparable operating profile in most respects (eg, market
position, vertical integration, cost competitiveness), but
typically higher leverage metrics.

                         KEY ASSUMPTIONS

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

   -- Fitch aluminum LME base prices: USD1,700/t in 2017 and 2018
      and USD1,750 in 2019.
   -- Aluminum premiums earned by Rusal to average USD170/t in
      2017 and USD180/t thereafter (across all products produced
      by the group).
   -- RUB/USD exchange rates: 62 in 2017 and 58 in 2018 and 2019
   -- Modestly increasing production volumes (average 2% annual
      increase) over the period to 2019
   -- EBITDA margin to average 17% over 2017-2019
   -- USD250m dividend payment in 2016-2018
   -- USD299 mil. proceeds from the sale of Alpart, a bauxite
      processing plant in Jamaica in 2016
   -- Sustained dividend received from NN as per NN's new
      dividend policy
   -- Mandatory cash sweep mechanism in place if net debt/EBITDA
      is higher than 3x

                       RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action:

   -- Stabilization of aluminum market fundamentals as reflected
      in a sustained improvement in aluminum prices
   -- Sale of NN's shares with proceeds used for Rusal's
      deleveraging
   -- Improvement of Rusal's credit metrics on a sustained basis
      including FFO gross leverage below 3.5x (2015: 3.6x) and
      EBITDA margin of more than 20% (2015: 23%)

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

   -- FFO gross leverage sustained above 4.0x with limited
      prospects for deleveraging
   -- EBITDA margin below 12.5% on a sustained basis

                             LIQUIDITY

Adequate Liquidity

As of end-September 2016, Rusal had USD9 bil. of Fitch-adjusted
debt, including nearly USD1.3 bil. short-term debt versus
USD225 mil. of non-restricted cash and USD300 mil. of expected
proceeds from the Alpart asset disposal.  Proceeds of the new
notes placement are expected to be used for the prepayment of the
existing debt maturing in 2017-2018.

Near-term liquidity is also supported by free cash flow (FCF)
generation, which Fitch forecasts to be USD550 mil. over the next
12 months.

Rusal will face debt maturities of approximately USD1.5 bil. in
2018 and USD1.1 bil. in 2019, compared with USD1.8 bil. of FCF
generation over the same period, indicating refinancing need.


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


BBVA RMBS 5: S&P Lowers Rating on Class C Notes to 'BB'
-------------------------------------------------------
S&P Global Ratings affirmed its credit ratings on BBVA RMBS 5,
Fondo de Titulizacion de Activos' class A and B notes.  At the
same time, S&P has lowered to 'BB (sf)' from 'BBB- (sf)' its
rating on the class C notes.

The rating actions follow the application of S&P's related
criteria and its credit and cash flow analysis of the
transaction.

This transaction has interest deferral triggers based on the
ratio of cumulative defaults over the initial collateral balance
for the class B and C notes.  If this ratio is higher than 14.00%
and 10.33% of interest on the class B and C notes, respectively,
interest is paid after principal amortization.  In August 2015
the trustee changed the reporting definition for cumulative
defaults. Since then, in addition to defaulted loans (loans in
arrears for more than 18 months), it is also including loans that
were liquidated following the award of the property to the fund,
prior to being considered as a defaulted loan.  As a result, the
reported value of cumulative defaults jumped to 6.84% in August
2015, from 4.52% of the initial balance.  As of December 2016,
the volume of cumulative defaults rose to 7.21% of the initial
balance.  Under S&P's stressed assumptions, the transaction is
now closer to breaching the cumulative interest deferral
triggers.

In terms of collateral performance, S&P's weighted-average
foreclosure frequency (WAFF) assumptions slightly decreased
compared with its previous full review due to the positive impact
of the increase in the pool seasoning and lower arrears levels.
At the same time, S&P's weighted-average loss severity (WALS)
assumptions have improved at all rating levels.  Additionally,
the transaction has benefitted from the decrease in the weighted-
average current loan-to-value (LTV) ratios.

Since S&P's previous review, the notes have redeemed sequentially
and the reserve fund has remained fully funded, which has
increased the available credit enhancement for all classes of
notes.

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 our current counterparty criteria, (ii) the rating
that the class of notes can attain under S&P's residential
mortgage-backed securities (RMBS) criteria, and (iii) the rating
as capped by S&P's structured finance ratings above the sovereign
criteria.

S&P considers that the transaction's documented replacement
mechanisms adequately mitigate its counterparty risk exposure to
Banco Bilbao Vizcaya Argentaria S.A. (BBVA), as bank account
provider, up to a 'A-' rating under S&P's current counterparty
criteria.  Therefore, S&P's ratings on the notes are capped at
'A- (sf)' by its counterparty criteria.

Under S&P's RMBS criteria, the class A, B, and C notes have
sufficient credit enhancement to withstand its stresses at the
'AA+', 'A-', and 'BB' rating levels, respectively.  At the same
time, the class A notes have sufficient credit enhancement to
withstand a severe stress scenario under S&P's RAS criteria, and
can therefore be rated up to four notches above S&P's long-term
rating on Spain (BBB+/Stable/A-2), or 'AA-'.  The class B notes
are unable to pass a severe stress scenario under S&P's RAS
criteria, however, so they are capped at the sovereign rating.

When S&P applies its cash flow stresses under our RMBS and RAS
criteria, the class C interest deferral trigger is breached
faster than it was in S&P's last full review due to the higher
observed cumulative defaults.  As a result, the class A notes are
now able to withstand the severe stresses at a higher rating
scenario, while the class C notes can do so at a lower rating.

S&P has therefore affirmed its 'A- (sf)' and 'BBB+ (sf)' ratings
on the class A and B notes, respectively, based on the results of
our credit and cash flow analysis and the application of S&P's
relevant criteria.  At the same time, S&P has lowered to 'BB
(sf)' from 'BBB- (sf)' its rating on the class C notes.

BBVA RMBS 5 is a Spanish RMBS transaction, which closed in May
2008.  The transaction securitizes a pool of first-ranking
mortgage loans granted to prime borrowers, which BBVA originated.
The portfolio is mainly located in Catalonia, AndalucĀ°a, and
Madrid.

RATINGS LIST

Class              Rating
            To                From

BBVA RMBS 5, Fondo de Titulizacion de Activos
EUR5 Billion Residential Mortgage-Backed Floating-Rate Notes

Ratings Affirmed

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

Rating Lowered

C           BB (sf)           BBB- (sf)


CAIXABANK SA: Moody's Affirms Ba2 Subordinated Debt Rating
----------------------------------------------------------
Moody's Investors Service affirmed the following ratings of
CaixaBank, S.A.: (1) the Baa2 long-term deposit and senior debt
and (P)Baa2 programme ratings; (2) the Ba2 subordinated debt and
(P)Ba2 programme ratings; (3) the bank's baseline credit
assessment (BCA) and adjusted BCA of ba1; and (4) its long-term
Counterparty Risk Assessment (CRA) of Baa1(cr). The outlook for
the long-term senior debt and deposit ratings was changed to
stable from negative.

The change to a stable outlook acknowledges the resilience of
CaixaBank's overall credit profile to the potential acquisition
of Banco BPI S.A. (BPI, Ba3/Ba3 stable; b1). The rating action
follows the announced mandatory public tender offer launched by
CaixaBank on 21 September 2016 and anticipates that the bank will
be successful in increasing its stake to a majority ownership of
BPI in the coming weeks. Further, the rating actions reflect: (i)
reduced downside risks to BPI's creditworthiness following the
remedial actions taken to solve the breach of regulatory limits
to Angola (B1 negative) as reflected by Moody's decision to
confirm BPI's BCA on January 18, 2017; and (ii) CaixaBank's
capital strengthening measures that will preserve its Tangible
Common equity ratio (TCE) at levels commensurate with CaixaBank's
current BCA post-integration of BPI.

The bank's Prime-2 short-term deposit and (P)Prime-2 other short-
term ratings and the Prime-2(cr) short-term CRA were unaffected
by the rating action.

RATINGS RATIONALE

-- RATIONALE FOR THE AFFIRMATION WITH A STABLE OUTLOOK

In affirming CaixaBank's BCA and adjusted BCA and ratings and
changing the outlook to stable from negative on the long-term
debt and deposit ratings, Moody's reflects the resiliency of the
bank's overall credit profile to a potential acquisition of BPI.
The acceptance period for the offer started on January 17, 2017,
and will finalise on February 7, 2017. The deal has received all
pertinent approvals.

The stable outlook reflects the elimination of the uncertainty
regarding the remedial actions to solve BPI's breach of the
regulatory large exposure limits, in relation to its exposure to
Angola and the impact that this situation may have on BPI's
credit profile and ultimately on CaixaBank's creditworthiness.
The outlook change is also underpinned by Moody's assessment of
the impact of the announced transaction on Moody's key capital
metric, the TCE.

BPI announced on January 5, 2017, the execution of the sale of a
2% stake in Banco de Fomento de Angola S.A. (BFA; unrated) to
Unitel S.A. (unrated), reducing its stake to 48.1% from 50.1%. As
a result of the loss of control, BPI will cease to fully
consolidate BFA. Moody's assumes that this transaction solves the
large exposure limit breach consequently avoiding European
Central Bank (ECB)'s fines. CaixaBank had requested the
suspension of any sanction proceedings for excess risk
concentration in Angola to the ECB to allow CaixaBank to find a
solution for BPI's African operations.

Following BPI's elimination of its voting cap, CaixaBank
announced on September 22, 2016, that it had sold 585 million
shares of treasury stock equalling 9.9% of its share capital.
This transaction reinforced by approximately 114 basis points
CaixaBank's TCE capital, which together with Moody's estimation
of internal capital generation, largely offset the negative
impact arising from the integration of BPI. Depending on the
level of acceptance, the effect on CaixaBank's fully loaded CET1
capital could be 110-160 basis points, allowing the bank to
maintain a ratio of 11%-12% post-acquisition, as it committed to
do when it launched its offer for BPI. The impact on remaining
solvency factors such as asset risk and profitability are
limited. BPI represents 11% of CaixaBank's total assets and close
to 17% of risk-weighted assets at end-September 2016.

The stable outlook on the long-term deposit and senior debt
ratings of CaixaBank also incorporates Moody's view that the
bank's financial fundamentals will continue to show improvement
in 2017 -- namely driven by the expected further decline in
problematic assets and the recovery of profitability and capital
levels underpinned primarily by lower credit and funding costs --
but will remain consistent with the BCA of ba1.

WHAT COULD CHANGE THE RATINGS UP/DOWN

CaixaBank's BCA could be upgraded as a consequence of: (1)
further significant improvement of asset risk indicators, namely
a material reduction of the stock of problematic assets
(nonperforming loans (NPLs) and real estate assets) ; (2)
stronger TCE levels; and (3) a sustained recovery of recurrent
profitability levels.

Downward pressure on the bank's BCA could develop as a result of:
(1) the reversal in current asset risk trends with an increase in
the stock of NPLs and/or other problematic exposures; (2) a
weakening of CaixaBank's internal capital-generation and risk-
absorption capacity as a result of subdued profitability levels;
and/or (3) a deterioration in the bank's liquidity position.

As the bank's debt and deposit ratings are linked to the
standalone BCA, any change to the BCA would likely also affect
these ratings.

CaixaBank's deposit and senior debt ratings could also experience
upward pressure from movements in the loss-given-failure faced by
these securities. Along these lines, upward pressure on ratings
could develop with the issuance of senior or subordinated
instruments. Based on the current liability structure, there is
no downward pressure on CaixaBank's debt and deposit ratings
resulting from Moody's LGF analysis.

LIST OF AFFECTED RATINGS

Issuer: CaixaBank, S.A.

Affirmations:

Long-term Counterparty Risk Assessment, affirmed Baa1(cr)

Long-term Deposit Ratings, affirmed Baa2, outlook changed to
  Stable from Negative

Long-term Issuer Rating, affirmed Baa2, outlook changed to
Stable
  from Negative

Senior Unsecured Regular Bond/Debenture, affirmed Baa2, outlook
  changed to Stable from Negative

Senior Unsecured Medium-Term Note Program, affirmed (P)Baa2

Subordinate Regular Bond/Debenture, affirmed Ba2

Subordinate Medium-Term Note Program, affirmed (P)Ba2

Adjusted Baseline Credit Assessment, affirmed ba1

Baseline Credit Assessment, affirmed ba1

Outlook Action:

Outlook changed to Stable from Negative


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


FOOD RETAILER: Launches CVA, 12 Stores Face Closure
---------------------------------------------------
TalkingRetail, citing Independent Retail News, reports that
twelve Budgens stores face closure after owner The Food Retailer
Operations launched a company voluntary arrangement less than a
year after it bought 36 shops from the Co-op.

The outlets, previously bought by the Co-op as part of its deal
to acquire the Somerfield supermarket business, were sold to The
Food Retailer Operations in May last year and quickly re-branded
as Budgens, TalkingRetail relates.

According to TalkingRetail, a company statement said: "Due to
disappointing trading results, the board of The Food Retailer
Operations has launched a company voluntary arrangement.

The principal objective of the proposal is to rationalize the
company's leasehold obligations, restore the viability of the
company's business, improve the balance sheet and return to
profitability, TalkingRetail states.

"Subject to consultation with staff and landlord negotiations, it
is anticipated that up to 12 stores could close in due course.
All remaining stores will continue to trade as normal and, where
possible, staff will be redeployed in order to limit
redundancies," TalkingRetail quotes the company statement as
saying.

The Budgens stores facing closure are in Gillingham (Kent),
Greenwich (south-east London), Blackburn (Lancashire), Willenhall
(West Midlands), Buckley (Flintshire), Wisbech (Cambridgeshire),
Paisley (Renfrewshire), Aberystwyth (Ceredigion), Helston
(Cornwall), Monmouth (South Wales), Totnes (Devon) and Ludlow
(Shropshire), TalkingRetail discloses.


GOLDTILE LIMITED: Glam Nightclub Put Up for Sale
------------------------------------------------
Ruth Mosalski at WalesOnline reports that one of Cardiff's best-
known nightspots is available to buy -- as the company behind it
owes around GBP1.5 million.

Glam nightclub in Greyfriars Road is for sale and a previous
offer of GBP300,000 was accepted last year but the deal fell
through, WalesOnline recounts.

The club remains open during the sale period, WalesOnline notes.

According to WalesOnline, a spokesman for Glam issued a statement
on Jan. 21 in order to counteract "false rumours" and to
reinforce the fact that the club is not closing.

The spokesman also said an investigation was underway, as well as
legal proceedings, WalesOnline relates.  He added that a contract
with an outside organisation had been terminated, says the
report.

The company behind Glam, Goldtile Limited Trading, was made
subject to a year-long company voluntary arrangement in October
2015, WalesOnline relays, citing documents filed with Companies
House.

While they met part of their financial requirements within the
year, the company is struggling to pay its VAT bill, WalesOnline
states.

John D Travers and Company were the supervisors of the
arrangement, WalesOnline discloses.

According to WalesOnline, in a letter sent to creditors and
members earlier this month he said "it became clear that it would
not be possible to remedy this situation".

Options were looked at including selling the business,
WalesOnline notes.  Two potential buyers made offers and the
largest, of GBP300,000, was accepted, WalesOnline relates.

However, the letter sent to creditors states a problem with the
premises license was discovered which delayed the sale, according
to WalesOnline.

The problem was resolved but the buyer later decided not to
continue and the business is now back on the market, WalesOnline
relays. It is listed with Fleurets.

Should the sale not go through the company will be wound up, the
letter states. If it does go through, the company will go into
administration for the sale to go through and money will then be
distributed to creditors, WalesOnline says.

So far 21 people have come forward saying they are owed a total
of GBP1.47 million, according to the report.

Others are expected which would raise the amount owed to GBP1.65
million, WalesOnline states.


HOUSE OF FRASER: Moody's Changes Outlook to Neg & Affirms B3 CFR
----------------------------------------------------------------
Moody's Investors Service changed to negative from stable the
ratings outlook of House of Fraser (UK & Ireland) Limited (House
of Fraser, HoF or the company) and House Of Fraser (Funding) plc.
The ratings affected include House of Fraser's Corporate Family
Rating (CFR) of B3, probability of default rating (PDR) of B3-PD,
and the B3 rating of the GBP175 million floating rate notes due
2020 issued by House Of Fraser (Funding) plc. At the same time,
Moody's affirmed all ratings.

"Despite HoF's positive Christmas 2016 trading update, which
points to higher year-on-year profitability in the important last
quarter of its fiscal year, we believe the weaker profitability
in the first three quarters will result in lower reported EBITDA
in the full year to the end of January 2017. The outlook for
consumer sentiment in the UK during 2017 is uncertain as we
expect Sterling's ongoing weakness to drive higher costs of
imported products and rising inflation . The resultant squeeze on
disposable incomes would weigh on discretionary spending. In
these circumstances, we believe HoF would find it difficult to
recover to previous levels of profitability and therefore its
credit metrics would remain weak for the rating category," says
David Beadle, a Moody's Vice President - Senior Credit Officer
and lead analyst for House of Fraser.

"HoF has debt maturities commencing in mid-2019 and as we
typically expect companies to look at refinancing at least a year
before major maturities, there is only a limited window for the
company to return to historic levels of profitability in order to
maximize the cost efficiency of a refinancing", he adds.

RATINGS RATIONALE

House of Fraser's B3 CFR and negative outlook reflect (1) the
company's recent weaker profitability, which has resulted in
increased adjusted leverage and low interest expense coverage;
(2) relatively limited scale; (3) high exposure to UK consumer
discretionary spending behaviour, which Moody's expect to come
under pressure during the course of 2017; and (4) the company's
seasonal reliance on its revolving credit facility (RCF).

However, House of Fraser's rating continues to be supported by
the company's (1) positive name recognition as an iconic UK
department store, known for providing a premium offering and
shopping experience; (2) broad customer base, which primarily
comprises affluent customers with solid discretionary spending
power; and (3) the successful roll out of its online business
which drives most of the revenue growth. Furthermore, the typical
earnings volatility associated with pure-apparel retailers is
diluted in HoF's case due to the combination of (a) a diverse
product range which includes health and beauty, homeware and
fashion accessories (b) the mixture between in-house designs,
products bought from third-party brands and the use of
concessions.

Moody's believes that after the recent underperformance financial
covenant headroom will be tight and this has weakened HoF's
liquidity profile, which the rating agency had considered
adequate until now. HoF typically only needs to access its RCF
shortly before its peak trading period in the final months of the
year. However, it will be vital for the company to meet financial
covenants ahead of that seasonal drawing requirement. In the
meantime, Moody's expects HoF's cash flow from operations will be
sufficient to cover its interest costs and its core capex
expenses.

STRUCTURAL CONSIDERATIONS

The CFR is assigned at House of Fraser (UK & Ireland) Limited
(formerly known as Highland Group Holdings Limited), which is the
reporting entity and the ultimate parent holding company of the
group. The GBP175 million senior secured FRN due 2020 are issued
by wholly-owned finance subsidiary House of Fraser (Funding) plc,
while its immediate parent, Highland Acquisitions Ltd is the
borrower in respect of the GBP125 million senior term loan and
the GBP100 million RCF both due July 2019. All three debt
tranches rank pari-passu and benefit from security comprising
substantially all assets of group companies which must at all
times represent at least 85% of group assets and EBITDA.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects Moody's expectations of a
challenging trading environment for UK apparel-focused retailers
during 2017. This could mean that HoF is unable to record a
suitable recovery in profitability following weaker financial
results during 2016 which have in turn led to a deterioration in
credit metrics.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure on the rating is unlikely in the short term but
the outlook could be stabilised if the company were to achieve a
sustainable recovery in profitability, together with a return to
positive free cash flow generation.

Downward pressure on the rating could arise if HoF does not
report higher profitability in the coming quarters, with a
trajectory towards the levels achieved in its fiscal 2015/16.
Additionally, a deterioration in the company's liquidity profile,
due to continued negative free cash flow or reduced covenant
headroom, could also result in downward pressure.

COMPANY PROFILE

House of Fraser (UK & Ireland) Limited is a private UK-based
department store chain focused on the retailing of premium
fashion, beauty and homeware products to an affluent customer
base. The company has approximately 7,000 employees and operates
58 stores in the UK and 1 in Dublin, Ireland.

HoF was acquired in the summer of 2014 by Chinese department
store chain Nanjing Cenbest (unrated) in a transaction which gave
the business an Enterprise Value of approximately GBP480 million.
For the LTM to the 31st of October 2016, HoF reported a gross
transaction value (GTV) of GBP1,306 million, Turnover of GBP831
million and EBITDA of GBP52.1 million.


LION/GLORIA HOLDCO: Moody's Raises CFR to Ba1, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
(CFR) of Lion/Gloria Holdco Limited ("ghd") to Ba1 from B3
following the completion of the acquisition of ghd by Coty Inc.
(Coty, Ba1 stable). Concurrently, Moody's has upgraded ghd's
probability of default rating (PDR) to Ba2-PD from B3-PD. The
outlook on the ratings is stable.

In addition, Moody's said it will withdraw all ratings of ghd,
including its Ba1 CFR and Ba2-PD PDR, because the company has
merged into one of Coty's divisions and no standalone financial
information on ghd will be available going forward. In addition,
ghd's senior secured notes have been repaid on 22 November 2016.

Upgrades:

Issuer: Lion/Gloria Holdco Limited

Probability of Default Rating, Upgraded to Ba2-PD from B3-PD

Corporate Family Rating, Upgraded to Ba1 from B3

Outlook Actions:

Issuer: Lion/Gloria Holdco Limited

Outlook, Changed To Stable From Rating Under Review

This concludes the rating review commenced on October 20, 2016
following the acquisition agreement between Coty and ghd.

RATINGS RATIONALE

The upgrade of ghd's CFR to Ba1 reflects Moody's views that the
acquisition of the company by Coty enhances ghd's standalone
credit profile. ghd will be part of Coty's Professional Beauty
division and will be managed as a standalone business. As such
Moody's has aligned ghd's CFR with that of Coty.

Moody's will withdraw ghd's ratings following the completion of
the acquisition and the recent redemption of the company's senior
secured notes. As the company becomes a wholly owned subsidiary
of Coty, it will no longer disclose financial statements and
other information on a standalone basis.

Lion/Gloria Holdco Limited, the ultimate parent of the Jemella
Group, operates under the commercial name "ghd" and offers high-
end hair styling tools and salon quality hair dryers complemented
by a range of accessories. For the financial year ended June 30,
2016, ghd reported revenues of GBP178 million (GBP167 million in
financial year ended June 30, 2015) and EBITDA (as adjusted by
the company) of GBP33 million (GBP30 million in the financial
year ended June 30, 2015).


PI POWER: Board Opts to Sell Stratius Investments
-------------------------------------------------
The board of directors (the Board) of PI Power International
Limited (in liquidation) (the Company) has decided to sell
Stratius Investments Limited, the Company's Cyprus-registered
subsidiary (Stratius) that holds the claim for the arbitration
award in relation to the Karpat Energo investment.

The Company intends to undertake an auction process in order to
sell Stratius to an interested party, in accordance with the
special shareholder resolution approved during the extraordinary
general meeting of April 2009.

PI Power International Ltd is a Jersey-based holding company
engaged in the investment activities with focus on renewable
energy industry and energy related industries in Central and
Eastern Europe.


ZENOS CARS: Enters Administration After Downturn in Trade
---------------------------------------------------------
Lawrence Allan at Auto Express reports that Zenos Cars, the
company behind hardcore Lotus-rivalling sports cars like the
E10S, has released a statement confirming it has entered
administration.

The company said a "recent downturn in trade" was the primary
reason for the decision, Auto Express relates.

According to Auto Express, the statement says the administrators
were appointed "after cancelled export orders in late 2016
resulted in a shortfall in funding, forcing the business to cease
trading."

Begbies Traynor, the appointed administrators have stated they
are "currently open to speaking with parties interested in
securing a future for the business", Auto Express discloses.

Zenos Cars is a Norfolk-based lightweight sports car
manufacturer.


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


* BOND PRICING: For the Week January 16 to January 20, 2017
-----------------------------------------------------------

Issuer                      Coupon     Maturity  Currency  Price
------                      ------     --------  --------  -----
Banca Monte dei Paschi di S   5.00    4/21/2020   EUR     45.17
Privatbank CJSC Via UK SPV   10.25    1/23/2018   USD     13.82
Banca Monte dei Paschi di S   2.29    5/15/2018   EUR     45.25
Bank of New York Mellon Lux   3.94   12/30/2099   EUR      2.96
Banca Monte dei Paschi di S   5.60     9/9/2020   EUR     46.25
Oi Brasil Holdings Cooperat   5.75    2/10/2022   USD     32.00
Banca Monte dei Paschi di S   0.69   11/30/2017   EUR     45.19
Privatbank CJSC Via UK SPV   11.00     2/9/2021   USD     10.13
Ensco PLC                     5.75    10/1/2044   USD     72.24
Bank of New York Mellon Lux   4.19   12/15/2050   EUR     45.25
Privatbank CJSC Via UK SPV   10.88    2/28/2018   USD     11.75
Portugal Telecom Internatio   4.63     5/8/2020   EUR     30.01
CGG SA                        5.88    5/15/2020   EUR     45.65
CSN Resources SA              6.50    7/21/2020   USD     73.44
Intelsat Luxembourg SA        7.75     6/1/2021   USD     32.75
Air Berlin PLC                6.75     5/9/2019   EUR     75.00
Offshore Drilling Holding S   8.38    9/20/2020   USD     43.00
Veneto Banca SpA              9.50    12/1/2025   EUR     38.83
Portugal Telecom Internatio   5.00    11/4/2019   EUR     29.51
Banca Popolare di Vicenza     2.84   12/20/2017   EUR     52.00
Aegon NV                      0.26                EUR     62.04
Portugal Telecom Internatio   4.38    3/24/2017   EUR     29.98
Petrobras Global Finance BV   5.63    5/20/2043   USD     74.47
PagesJaunes Finance & Co SC   8.88     6/1/2018   EUR     62.02
Grupo Isolux Corsan Finance   6.63    4/15/2021   EUR     21.50
Abengoa SA                    8.50    3/31/2016   EUR      3.78
CGG SA                        1.75     1/1/2020   EUR      2.28
Banque Federative du Credit   0.90                EUR     61.21
Air Berlin PLC                5.63     5/9/2019   CHF     64.87
Banca Popolare di Vicenza     9.50    9/29/2025   EUR     39.05
Casino Guichard Perrachon S   1.43                EUR     58.88
CHC Helicopter SA             9.25   10/15/2020   USD     45.00
Obrascon Huarte Lain SA       4.75    3/15/2022   EUR     72.00
Rickmers Holding AG           8.88    6/11/2018   EUR     18.13
Aegon NV                      1.68                USD     71.32
Frigoglass Finance BV         8.25    5/15/2018   EUR     63.52
Portugal Telecom Internatio   4.50    6/16/2025   EUR     30.43
Ajecorp BV                    6.50    5/14/2022   USD     51.46
Obrascon Huarte Lain SA       5.50    3/15/2023   EUR     71.66
Portugal Telecom Internatio   6.25    7/26/2016   EUR     29.73
Abengoa Finance SA            8.88     2/5/2018   EUR      4.02
Portugal Telecom Internatio   5.88    4/17/2018   EUR     29.50
AXA SA                        0.82                EUR     70.28
Fuerstenberg Capital II Gmb   5.63                EUR     65.34
AXA SA                        0.54                EUR     66.37
QGOG Constellation SA         6.25    11/9/2019   USD     65.93
AXA SA                        0.95                EUR     72.32
Abengoa Finance SA            6.00    3/31/2021   EUR      3.86
Fred Olsen Energy ASA         4.13    2/28/2019   NOK     57.88
Veneto Banca SpA              0.74    6/21/2017   EUR     44.06
CGG SA                        6.50     6/1/2021   USD     46.10
CGG SA                        1.25     1/1/2019   EUR     17.43
Far East Capital Ltd SA       8.00     5/2/2018   USD     56.00
Nordea Bank AB                0.44                EUR     67.39
Bluewater Holding BV         10.00   12/10/2019   USD     64.50
Avanti Communications Group  10.00    10/1/2019   USD     76.00
OAS Investments GmbH          8.25   10/19/2019   USD      5.00
Santander International Pre   2.00                USD     46.00
Banca Monte dei Paschi di S   7.00     3/4/2019   EUR     46.13
Brunswick Rail Finance Desi   6.50    11/1/2017   USD     58.50
BPCE SA                       2.81                USD     71.52
Intelsat Jackson Holdings S   5.50     8/1/2023   USD     67.66
Neopost SA                    3.38                EUR     50.76
CNP Assurances                0.88                EUR     59.08
Etablissements Maurel et Pr   1.63     7/1/2019   EUR     16.50
Abengoa Finance SA            7.00    4/15/2020   EUR      3.80
HSBC Bank PLC                 1.63                USD     70.87
Sapinda Invest SARL           5.00    6/30/2019   EUR     54.00
ING Groep NV                  0.84                EUR     67.38
AXA SA                        1.43                USD     74.15
Banca Monte dei Paschi di S   0.69    1/15/2018   EUR     46.95
Ageasfinlux SA                1.04                EUR     47.67
BNP Paribas Fortis SA         1.68                EUR     65.31
ING Groep NV                  0.44                EUR     62.35
Rothschilds Continuation Fi   0.81                EUR     54.93
Holdikks SAS                  6.75    7/15/2021   EUR     70.51
Capital Funding GmbH          2.09                EUR     71.27
Credit Agricole SA            0.68                EUR     62.62
Landes-Hypothekenbank Steie   0.07    3/20/2043   EUR     73.33
Intelsat Luxembourg SA        8.13     6/1/2023   USD     31.75
Immigon Portfolioabbau AG    10.00                EUR      6.63
HSH Nordbank AG/Luxembourg    2.10                EUR     13.85
AXA SA                        2.10                USD     74.81
Credit Mutuel Arkea SA        0.44                EUR     53.71
ADLER Real Estate AG          2.50    7/19/2021   EUR     14.99
Gol LuxCo SA                  8.88    1/24/2022   USD     67.50
Scholz Holding Gmbh           8.50     3/8/2017   EUR     37.38
Indo Energy Finance II BV     6.38    1/24/2023   USD     80.01
Banco Espirito Santo SA       4.00    1/21/2019   EUR     27.88
Banque Federative du Credit   0.65                EUR     59.70
Aldesa Financial Services S   7.25     4/1/2021   EUR     67.00
Brighthouse Group PLC         7.88    5/15/2018   GBP     68.88
Avanti Communications Group  10.00    10/1/2019   USD     60.25
Banca Monte dei Paschi di S   2.79   10/31/2018   EUR     46.00
Pacific Drilling SA           5.38     6/1/2020   USD     35.68
Algeco Scotsman Global Fina  10.75   10/15/2019   USD     71.25
Abengoa Greenfield SA         5.50    10/1/2019   EUR      3.88
IMMOFINANZ AG                 4.25     3/8/2018   EUR      4.32
Havila Shipping ASA           8.60    3/30/2017   NOK     50.88
Santander Finance Preferred   0.31                EUR     59.04
Caixa Terrassa Societat de    0.41                EUR     54.63
KTG Energie AG                7.25    9/28/2018   EUR      6.75
KTG Agrar SE                  7.13     6/6/2017   EUR      2.07
CGG SA                        6.88    1/15/2022   USD     46.26
Solarworld AG                 9.68    2/24/2019   EUR     57.10
Air France-KLM                2.03    2/15/2023   EUR     10.41
SOITEC                        6.75    9/18/2018   EUR      2.79
OGX Austria GmbH              8.50     6/1/2018   USD      0.00
Jyske Bank A/S                0.49                EUR     51.13
Yuksel Insaat AS              9.50   11/10/2015   USD     25.88
Abengoa Finance SA            8.88    11/1/2017   USD      3.42
Banco Espirito Santo SA       7.13   11/28/2023   EUR      0.35
VistaJet Malta Finance PLC    7.75     6/1/2020   USD     65.88
Bibby Offshore Services PLC   7.50    6/15/2021   GBP     60.50
Banca Carige SpA              2.78    6/19/2018   EUR     70.00
Mriya Agro Holding PLC        9.45    4/19/2018   USD      6.95
WPE International Cooperati  10.38    9/30/2020   USD     15.00
Alno AG                       8.50    5/14/2018   EUR     42.75
UkrLandFarming PLC           10.88    3/26/2018   USD     26.50
Pierre & Vacances SA          3.50    10/1/2019   EUR     40.47
Societe Alsacienne et Lorra   1.63     1/1/2022   EUR     57.62
Johnston Press Bond Plc       8.63     6/1/2019   GBP     62.75
Econocom Group SA/NV          1.50    1/15/2019   EUR     14.07
Takko Luxembourg 2 SCA        6.69    4/15/2019   EUR     73.00
ATF Capital BV                8.58                USD     62.13
CEVA Group PLC                9.00     9/1/2021   USD     65.00
European Directories BondCo   7.00    12/9/2018   EUR     66.25
HSBC Bank PLC                 1.50                USD     72.13
Ichor Coal NV                 8.00     6/7/2017   EUR     53.44
Banco Espirito Santo SA       2.63     5/8/2017   EUR     27.88
Banco Bilbao Vizcaya Argent   0.99                EUR     72.26
Banca Carige SpA              8.34                EUR     34.50
Afren PLC                     6.63    12/9/2020   USD      0.06
HSBC Bank PLC                 1.48                USD     70.67
Far East Capital Ltd SA       8.75     5/2/2020   USD     57.50
GEWA 5 to 1 GmbH & Co KG      6.50    3/24/2018   EUR     31.38
Banco Espirito Santo SA       4.75    1/15/2018   EUR     27.88
Bilt Paper BV                 9.64                USD     49.19
BPCE SA                       0.42                EUR     56.50
Novo Banco SA                 5.00     4/4/2019   EUR     67.92
Sequa Petroleum NV            5.00    4/29/2020   USD     69.00
Virgolino de Oliveira Finan  10.50    1/28/2018   USD      8.10
Nexity SA                     0.13     1/1/2023   EUR     63.95
CHC Helicopter SA             9.38     6/1/2021   USD     34.00
Lambay Capital Securities P   6.25                GBP      0.58
Cofinoga Funding Two LP       1.68                EUR     62.25
Aegon NV                      5.19                NLG     65.46
Rothschilds Continuation Fi   1.50                USD     48.75
Eramet                        4.00                EUR     57.22
Fuerstenberg Capital Erste    1.45                EUR     56.63
Paragon Offshore PLC          6.75    7/15/2022   USD     18.25
BIM SAS                       2.50   11/13/2020   EUR     27.07
Novo Banco SA                 3.50     1/2/2043   EUR     50.88
Rem Offshore ASA              5.00    12/8/2024   NOK     32.30
NIBC Bank NV                  0.66                EUR     51.00
Etablissements Maurel et Pr   2.75     7/1/2021   EUR     11.01
Bremer Landesbank Kreditans   8.50                EUR     61.84
Espirito Santo Financial Gr   6.88   10/21/2019   EUR      0.31
Sydbank A/S                   0.85                EUR     56.50
GNB - Cia de Seguros de Vid   3.18                EUR     50.00
Caisse Federale du Credit M   0.89                EUR     54.05
IGas Energy PLC              10.00    3/22/2018   USD     73.75
Banca Popolare di Vicenza     5.00     6/4/2024   EUR     67.44
Ekosem-Agrar GmbH             8.50    12/7/2022   EUR     66.75
UniCredit Bank Austria AG     0.18   10/31/2031   EUR     68.59
Norske Skog Holding AS        8.00    2/24/2021   EUR     48.88
Virgolino de Oliveira Finan  11.75     2/9/2022   USD      7.97
GNB - Cia de Seguros de Vid   1.88   12/19/2022   EUR     55.00
Norske Skogindustrier ASA     7.13   10/15/2033   USD     29.63
Waste Italia SpA             10.50   11/15/2019   EUR     24.88
Deutsche Bank AG/London       2.98    6/30/2034   USD     60.25
OSX 3 Leasing BV             13.00    3/20/2015   USD     25.00
Banco Santander SA            0.61                EUR     58.20
Societe Generale SA           1.38                USD     62.25
Mitchells & Butlers Finance   0.97   12/15/2033   GBP     72.67
BNP Paribas SA                1.15                EUR     56.00
Pescanova SA                  5.13    4/20/2017   EUR      2.05
German Pellets GmbH           7.25     7/9/2018   EUR      0.75
Beate Uhse AG                 7.75     7/9/2019   EUR     22.50
Rudolf Woehrl AG              6.50    2/12/2018   EUR     11.26
Danske Bank Oyj               0.63                EUR     56.55
Abengoa Finance SA            7.75     2/1/2020   USD      3.23
Norske Skogindustrier ASA     2.00   12/30/2115   EUR     15.00
Sanha GmbH & Co KG            7.75     6/4/2018   EUR     40.25
Oi Brasil Holdings Cooperat   5.75    2/10/2022   USD     33.50
Popular Capital SA            0.81                EUR     48.00
Solarworld AG                 9.68    2/24/2019   EUR     50.87
Nordea Bank Norge ASA         1.50                USD     63.03
Jyske Bank A/S                0.53                EUR     57.75
Banca Monte dei Paschi di S   4.40    3/14/2024   EUR     32.13
Tatfondbank PJSC             12.50   12/11/2024   RUB     29.32
Co-Operative Bank PLC/Unite   8.50     7/1/2025   GBP     69.68
NTRP Via Interpipe Ltd       10.25     8/2/2017   USD     26.67
Privatbank CJSC Via UK SPV   10.88    2/28/2018   USD     13.00
Santander Finance Capital S   2.00                USD     43.00
Allied Irish Banks PLC       12.50    6/25/2035   GBP     73.50
Novo Banco SA                 5.00    5/14/2019   EUR     68.08
Deutsche Bank AG/London       3.20   10/31/2034   USD     71.50
Tatfondbank PJSC             13.50    5/28/2025   RUB     29.85
Ekosem-Agrar GmbH             8.75    3/23/2021   EUR     72.25
Ideal Standard Internationa  11.75     5/1/2018   EUR     11.88
Matalan Finance PLC           8.88     6/1/2020   GBP     68.25
Banco Espirito Santo SA       2.35                EUR      0.15
Paragon Offshore PLC          7.25    8/15/2024   USD     17.75
Volksbank NV                  6.25   10/26/2020   EUR      3.23
KTG Agrar SE                  7.25   10/15/2019   EUR      2.09
Volksbank NV                 11.25                EUR      1.69
Standard Chartered PLC        1.65                USD     66.56
World Wide Supply AS          7.75    5/26/2017   USD     14.00
Greene King Finance PLC       2.45    3/15/2036   GBP     69.89
E Forland AS                  7.89     9/4/2018   NOK     67.00
Ausy                          3.25     1/1/2021   EUR     63.25
ESFIL-Espirito Santo Financ   5.25    6/12/2015   EUR      0.25
German Pellets GmbH           7.25   11/27/2019   EUR      0.75
Pacific Drilling SA           5.38     6/1/2020   USD     35.00
Pescanova SA                  8.75    2/17/2019   EUR      2.05
Barclays Bank PLC             1.62    1/27/2031   USD     69.97
Aegon NV                      1.51                NLG     57.27
Minicentrales Dos SA          6.45    4/14/2028   EUR     63.50
Scandinavian Airlines Syste   0.63                CHF     24.88
Offshore Drilling Holding S   8.38    9/20/2020   USD     41.00
Aralco Finance SA            10.13     5/7/2020   USD      2.00
Alpine Holding GmbH           6.00    5/22/2017   EUR      1.69
Bank Nadra via NDR Finance    8.25    7/31/2018   USD      0.38
Candyking Holding AB          5.00    1/29/2018   SEK     36.63
Manchester Building Society   6.75                GBP     13.88
Barclays Bank PLC             0.84    3/21/2033   USD     54.75
Farstad Shipping ASA          4.52    5/29/2018   NOK     28.50
Oceanteam ASA                12.13   10/24/2017   USD     20.00
Mobylife Holding A/S          7.25    5/23/2018   SEK     64.88
Olympic Ship AS               6.15    6/18/2019   NOK     19.75
Elematic Oy Ab               10.00    5/30/2018   EUR     53.00
Talvivaara Mining Co PLC      4.00   12/16/2015   EUR      0.38
Iona Energy Co UK PLC        12.50    9/27/2018   USD      3.27
Abengoa SA                    6.25    1/17/2019   EUR      2.64
Praktiker AG                  5.88    2/10/2016   EUR      0.13
City of Kiev Ukraine Via CS   8.00    11/6/2015   USD     70.38
3W Power SA                   5.50   11/11/2020   EUR     64.51
Elli Investments Ltd         12.25    6/15/2020   GBP     45.13
Barclays Bank PLC             1.48    7/28/2031   USD     67.56
Tonon Luxembourg SA           7.25    1/24/2020   USD     11.13
Avanti Communications Group  10.00    10/1/2019   USD     60.00
Afren PLC                    11.50     2/1/2016   USD      0.09
Tonon Luxembourg SA          10.50    5/14/2024   USD     40.63
Mriya Agro Holding PLC       10.95    3/30/2016   USD      5.67
Novo Banco SA                 5.00    5/21/2019   EUR     68.08
Barclays Bank PLC             1.88    11/1/2031   USD     65.10
Barclays Bank PLC             5.40    9/13/2028   USD     74.85
IGas Energy PLC              10.00   12/11/2018   USD     21.88
IKB Deutsche Industriebank    5.63    3/31/2017   EUR     27.00
Centrics Oil & Gas Finance    6.00     3/4/2017   EUR     70.00
Lloyds Bank PLC               3.25   11/27/2033   USD     66.50
Enterprise Holdings LTD       7.00    3/30/2020   EUR      2.33
Royal Bank of Scotland Grou   1.16                USD     70.75
Abengoa Finance SA            8.88    11/1/2017   USD      3.42
Barclays Bank PLC             2.62   12/23/2033   USD     68.53
Banca Popolare di Vicenza     4.97    4/20/2027   EUR     68.63
Deutsche Bank AG/London       1.09    3/15/2033   USD     54.25
Vneshprombank Ltd via VPB F   9.00   11/14/2016   USD      0.00
NIBC Bank NV                  1.84                USD     59.50
Neue ZWL Zahnradwerk Leipzi   7.50    2/17/2021   EUR     62.63
Banca Carige SpA              1.68   12/29/2018   EUR     47.88
BNP Paribas SA                1.31                USD     63.00
Barclays Bank PLC             2.72    3/28/2034   USD     61.22
Mitchells & Butlers Finance   2.50    6/15/2036   GBP     73.53
Novo Banco SA                 5.00    5/23/2019   EUR     67.74
Vseukrainsky Aktsinerny Ban  10.90    6/14/2019   USD      1.83
Barclays Bank PLC             3.55    7/31/2034   USD     68.48
Talvivaara Mining Co PLC      9.75     4/4/2017   EUR      0.56
OGX Austria GmbH              8.38     4/1/2022   USD      0.00
SeniVita Sozial gemeinnuetz   7.00                EUR     70.00
Farstad Shipping ASA          5.27    2/15/2017   NOK     28.50
Spirit Issuer PLC             0.92   12/28/2028   GBP     71.96
Touax SA                      6.00    7/10/2020   EUR     16.85
Cooperatieve Rabobank UA      0.50   11/26/2021   ZAR     64.41
Espirito Santo Financial Gr   3.13    12/2/2018   EUR      0.23
Steilmann SE                  7.00     3/9/2017   EUR      2.42
Tatfondbank PJSC             13.00     9/7/2021   RUB     26.83
Barclays Bank PLC             1.50                USD     69.35
Travel24.com AG               7.50    9/17/2017   EUR     60.00
Corporate Commercial Bank A   8.25     8/8/2014   USD      0.54
Havila Shipping ASA           9.67    8/30/2017   NOK     14.75
Cirio Holding Luxembourg SA   6.25    2/16/2004   EUR      0.75
National Westminster Bank P   1.50                USD     70.75
Minicentrales Dos SA          4.81   11/29/2034   EUR     56.50
Avanti Communications Group  10.00    10/1/2019   USD     62.38
TradeDoubler AB               6.75   12/20/2018   SEK     47.13
Phosphorus Holdco PLC        10.00     4/1/2019   GBP      3.29
Afren PLC                     6.63    12/9/2020   USD      0.06
OP Corporate Bank plc         0.61                EUR     56.03
Lehman Brothers UK Capital    5.75                EUR      0.02
Rena GmbH                     7.00   12/15/2015   EUR      8.63
Banca delle Marche SpA        0.64     6/1/2017   EUR      1.00
Novo Banco SA                 5.00    2/24/2022   EUR     68.25
LBI HF                        6.10    8/25/2011   USD     11.13
Barclays Bank PLC             0.69    2/25/2031   USD     67.81
Orient Express Bank PJSC vi  12.00    5/29/2019   USD     51.88
Lloyds Bank PLC               0.66    4/26/2033   USD     54.38
Avanti Communications Group  10.00    10/1/2019   USD     59.88
Capital Raising GmbH          7.50                EUR     18.50
Olympic Ship AS               7.29    9/21/2017   NOK     21.25
Lehman Brothers UK Capital    5.13                EUR      0.20
Credit Lyonnais SACA          0.80                EUR
Barclays Bank PLC             0.53    5/31/2033   USD     54.57
Gebr Sanders GmbH & Co KG     8.75   10/22/2018   EUR     24.75
Volstad Subsea AS             7.65     7/5/2017   NOK     69.88
Banco Espirito Santo SA       6.88    7/15/2016   EUR     26.88
Stroika Finance Ltd Via Eme   7.70    6/25/2019   RUB     12.00
Lloyds Bank PLC               1.56                USD     70.20
Barclays Bank PLC             0.96    9/30/2031   USD     67.82
Dexia Credit Local SA         1.42                EUR      3.60
Steilmann SE                  7.00    9/23/2018   EUR      2.42
Novo Banco SA                 3.00    6/21/2022   USD     65.01
National Westminster Bank P   1.38                USD     70.75
Sazka AS                      9.00    7/12/2021   EUR      2.73
Alcatel-Lucent SA             0.13    1/30/2020   EUR      4.11
Royal Bank of Scotland PLC/   2.65    8/26/2031   USD     62.92
International Industrial Ba  11.00    2/19/2013   USD      0.49
Abengoa Greenfield SA         6.50    10/1/2019   USD      3.88
Veneto Banca SpA              6.95    2/25/2025   EUR     43.50
National Westminster Bank P   1.19                USD     70.88
Abengoa SA                    4.50     2/3/2017   EUR      4.30
Virgolino de Oliveira Finan  10.88    1/13/2020   USD     25.75
Deutsche Bank AG/London       2.65    8/28/2034   USD     58.00
Electromagnetic Geoservices   7.18    6/27/2019   NOK     45.63
EDOB Abwicklungs AG           7.50     4/1/2012   EUR      0.25
Solor Bioenergi Holding AB    6.30    11/2/2017   NOK     57.50
Orco Property Group SA        7.00    11/7/2019   EUR     70.50
Abengoa Greenfield SA         6.50    10/1/2019   USD      3.88
syncreon Group BV / syncreo   8.63    11/1/2021   USD     73.50
Breeze Finance SA             6.71    4/19/2027   EUR     28.00
RENE LEZARD Mode GmbH         7.25   11/25/2017   EUR     15.00
Novo Banco SA                 5.00    3/15/2022   EUR     68.25
Enterprise Holdings LTD       7.00    9/26/2017   EUR      2.33
Neue ZWL Zahnradwerk Leipzi   7.50     3/4/2019   EUR     73.63
Novo Banco SA                 3.50    2/19/2043   EUR     51.70
Espirito Santo Financial Gr   9.75   12/19/2025   EUR      0.52
Brunswick Rail Finance Desi   6.50    11/1/2017   USD     58.38
Paragon Offshore PLC          7.25    8/15/2024   USD     17.75
Royal Bank of Scotland PLC/   2.54   11/16/2030   USD     64.45
Lloyds Bank PLC               1.33                USD     70.25
Lehman Brothers Treasury Co   6.00    11/2/2035   EUR      9.25
Societe Generale SA           0.81                EUR     52.14
Norske Skogindustrier ASA     7.13   10/15/2033   USD     34.69
PA Resources AB              13.50     3/3/2016   SEK      0.11
getgoods.de AG                7.75    10/2/2017   EUR      0.03
Barclays Bank PLC             0.66    3/28/2033   USD     54.66
Abanka Vipa DD Via Afinance   1.59                EUR      0.91
Lloyds Bank PLC               0.83    1/31/2033   USD     57.93
Sydbank A/S                   0.79                EUR     69.25
Steilmann SE                  6.75    6/27/2017   EUR      4.44
BOA Offshore AS               7.90   12/18/2018   NOK     23.50
JZ Capital Partners Ltd       6.00    7/30/2021   GBP     11.00
Barclays Bank PLC             1.56                USD     71.34
Island Drilling Co ASA        9.50     4/3/2018   USD      2.87
Dexia SA                      1.47                EUR      5.13
Commerzbank Holdings UK Ltd   1.69                USD     67.53
Deutsche Bank AG              0.50    6/28/2033   USD     56.13
SiC Processing GmbH           7.13     3/1/2016   EUR      1.26
Smart Solutions GmbH          8.00    12/3/2018   EUR     29.38
Portugal Telecom Internatio   5.24    11/6/2017   EUR     30.88
IKB Deutsche Industriebank    4.70    3/31/2017   EUR     27.00
Azubu Investments SA          5.00    8/25/2018   EUR     50.00
Cirio Finanziaria SpA         8.00   12/21/2005   EUR      0.25
Veneto Banca SpA              6.94    5/15/2025   EUR     29.88
Lehman Brothers Treasury Co   6.00    2/15/2035   EUR      9.25
Barclays Bank PLC             4.65   11/28/2029   USD     74.75
Alno AG                       8.00    3/21/2019   EUR     38.00
CNP Assurances                2.00                EUR     62.00
Teksid Aluminum Luxembourg   11.38    7/15/2011   EUR      0.19
Barclays Bank PLC             3.23    8/28/2029   USD     74.56
Barclays Bank PLC             1.46    6/17/2033   USD     58.92
Sairgroup Finance BV          4.38     6/8/2006   EUR     18.50
Societe Generale SA           8.88     6/1/2017   USD     29.75
Petrol AD                     8.38    1/26/2017   EUR     14.50
SeaBird Exploration Finance   6.00     3/3/2018   USD     10.00
Deutsche Bank AG/London       3.33    3/27/2035   USD     73.95
Wild Bunch AG                 8.00    3/23/2019   EUR     60.00
More & More AG                8.13    6/11/2018   EUR     31.75
UniCredit Bank Austria AG     0.16   12/27/2031   EUR     65.75
IT Holding Finance SA         9.88   11/15/2012   EUR      0.11
Action SA                     3.19     7/4/2017   PLN     37.49
Strenesse AG                  9.00    3/15/2017   EUR     16.50
Hybrid Raising GmbH           6.63                EUR     17.50
Novo Banco SA                 3.50    1/23/2043   EUR     50.88
CBo Territoria                6.00     1/1/2020   EUR      4.20
Norske Skog Holding AS        8.00    2/24/2023   USD     43.25
KPNQwest NV                  10.00    3/15/2012   EUR      0.06
Barclays Bank PLC             3.38    9/29/2034   USD     69.92
Bank Nederlandse Gemeenten    0.50     6/7/2022   ZAR     61.62
Espirito Santo Financial Po   5.13    5/30/2016   EUR      0.64
Kaupthing ehf                 7.63    2/28/2015   USD     17.63
Standard Chartered PLC        1.13                USD     66.19
Lloyds Bank PLC               0.75    2/22/2033   USD     54.75
Far Eastern Shipping Co PLC  13.00   11/28/2017   RUB     52.06
Lehman Brothers Treasury Co   7.25    10/5/2035   EUR      9.63
Abengoa Finance SA            7.75     2/1/2020   USD      3.23
Cooperatieve Rabobank UA      0.50   10/30/2043   MXN     10.24
Barclays Bank PLC             0.60     4/9/2028   USD     65.10
Karlie Group GmbH             5.00    6/25/2021   EUR      2.61
Norske Skog Holding AS        8.00    2/24/2023   USD     43.25
Cirio Finance Luxembourg SA   7.50    11/3/2002   EUR      4.49
Kaupthing ehf                 5.75    10/4/2011   USD     17.63
Deutsche Bank AG/London       3.62    9/30/2029   USD     70.50
Artea                         6.00     8/4/2019   EUR     15.66
Norske Skog Holding AS        8.00    2/24/2021   EUR     48.88
Finance and Credit Bank JSC   9.25    1/25/2019   USD      0.00
Cirio Del Monte NV            7.75    3/14/2005   EUR      0.78
Belfius Bank SA/NV            1.66                FRF     69.13
Sidetur Finance BV           10.00    4/20/2016   USD      5.25
DNB Bank ASA                  1.38                USD     60.35
Koninklijke Luchtvaart Maat   0.75                CHF     36.55
Barclays Bank PLC             1.25                USD     71.11
Svensk Exportkredit AB        0.50    6/20/2029   AUD     67.84
Banco Pinto & Sotto Mayor     0.68                EUR     18.90
de Volksbank NV               6.26                EUR      0.01
DNB Bank ASA                  1.19                USD     60.33
Laurel GmbH                   7.13   11/16/2017   EUR      8.75
German Pellets GmbH           7.25     4/1/2016   EUR      0.75
Eidesvik Offshore ASA         5.60    5/22/2018   NOK     68.50
OGX Austria GmbH              8.38     4/1/2022   USD      0.00
Eniro AB                      6.00    4/14/2020   SEK     14.34
Del Monte Finance Luxembour   6.63    5/24/2006   EUR      4.98
Assystem                      4.50                EUR     30.69
Barclays Bank PLC             2.57   12/27/2028   USD     72.85
Royal Bank of Scotland PLC/   2.62   12/30/2030   USD     67.59
Hellas Telecommunications L   8.50   10/15/2013   EUR      0.28
Manchester Building Society   8.00                GBP     24.25
Portigon AG                   7.46   12/31/2019   EUR     21.50
Golden Gate AG                6.50   10/11/2014   EUR     47.75
Dexia Kommunalbank Deutschl   4.88   12/31/2016   EUR     37.00
Tatfondbank PJSC             13.50    3/21/2025   RUB     25.65
Tonon Luxembourg SA          10.50    5/14/2024   USD     40.63
Grupo Isolux Corsan Finance   6.63    4/15/2021   EUR     21.88
Standard Chartered PLC        1.56                USD     66.25
Barclays Bank PLC             4.27    5/14/2029   USD     70.00
AKB Peresvet ZAO             13.50   10/16/2020   RUB     29.26
Danske Bank Oyj               1.28                EUR     43.38
CGG SA                        5.88    5/15/2020   EUR     45.88
Mox Telecom AG                7.25    11/2/2017   EUR      2.70
Kommunekredit                 0.50    7/30/2027   TRY     29.51
Region of Abruzzo Italy       0.17    11/7/2036   EUR     62.83
Phones4u Finance PLC          9.50     4/1/2018   GBP     66.00
Volstad Shipping AS           7.14    4/15/2019   NOK     25.00
Sairgroup Finance BV          6.63    10/6/2010   EUR     20.00
CRC Breeze Finance SA         6.11     5/8/2026   EUR     52.38
Windreich GmbH                6.50     3/1/2015   EUR     10.88
Barclays Bank PLC             2.62   12/30/2030   USD     67.41
Barclays Bank PLC             1.14    3/21/2031   USD     68.90
Tatfondbank PJSC             14.50     2/3/2026   RUB     27.16
Alpine Holding GmbH           5.25    6/10/2016   EUR      1.65
Pescanova SA                  6.75     3/5/2015   EUR      3.03
CEVA Group PLC                9.00     9/1/2021   USD     64.00
Rena GmbH                     8.25    7/11/2018   EUR      8.63
KPNQwest NV                   8.88     2/1/2008   EUR      0.06
Frey                          6.00   11/15/2022   EUR     22.80
Barclays Bank PLC             0.96    9/30/2031   USD     67.87
MS Deutschland Beteiligungs   6.88   12/18/2017   EUR      9.32
PA Resources AB               3.00   12/27/2017   NOK      0.11
Barclays Bank PLC             2.62   12/30/2030   USD     67.46
BNP Paribas SA                0.78    4/30/2033   USD     50.09
APP International Finance C  11.75    10/1/2005   USD      0.56
Dexia Kommunalbank Deutschl   5.63   12/31/2017   EUR     13.13
OGX Austria GmbH              8.50     6/1/2018   USD      0.00
Windreich GmbH                6.50    7/15/2016   EUR     10.88
Deutsche Bank AG/London       3.65   11/26/2034   USD     65.80
Svensk Exportkredit AB        0.50    3/28/2029   AUD     69.06
Cooperatieve Rabobank UA      0.50    7/30/2043   MXN     10.33
Paragon Offshore PLC          6.75    7/15/2022   USD     18.75
Lloyds Bank PLC               1.13                USD     70.37
Far Eastern Shipping Co PLC  15.00    2/27/2018   RUB     51.75
Barclays Bank PLC             0.07   12/28/2040   EUR     67.03
Lloyds Bank PLC               1.84    7/29/2033   USD     70.00
Arpeni Pratama Ocean Line I   2.00    6/30/2021   USD      0.01
Accentro Real Estate AG       6.25    3/27/2019   EUR      7.00
KPNQwest NV                   7.13     6/1/2009   EUR      0.06
Barclays Bank PLC             2.41   11/29/2030   USD     67.83
UniCredit Bank Austria AG     0.21    8/20/2033   EUR     66.78
AMATHEON AGRI                 8.50     4/4/2018   EUR     72.75
CSN Resources SA              6.50    7/21/2020   USD     73.36
Activa Resources AG           8.00   11/15/2017   EUR     25.00
CHC Helicopter SA             9.25   10/15/2020   USD     47.25
IKS 5 Finance OOO             9.45    9/11/2031   RUB     60.51
Gunther Zamek Produktions-U   7.75    5/15/2017   EUR      1.55
Barclays Bank PLC             1.45    4/25/2034   USD     62.11
Dannemora Mineral AB         11.75    3/22/2016   USD      0.90
Bulgaria Steel Finance BV    12.00     5/4/2013   EUR      2.46
Bashneft PJSC                 9.50   12/10/2026   RUB     60.00
SAG Solarstrom AG             6.25   12/14/2015   EUR     28.50
DEMIRE Real Estate AG         6.00   12/30/2018   EUR      3.50
Uppfinnaren 1 AB             10.00                SEK     66.13
Kamaz PJSC                   11.24    7/18/2030   RUB     60.01
EFG International AG          0.63                EUR     65.00
Abengoa Finance SA            8.88     2/5/2018   EUR      4.02
Nationwide Building Society   0.90                GBP     70.00
Hellenic Republic Governmen   2.09    7/25/2057   EUR     30.00
Northland Resources AB        4.00   10/15/2020   USD      0.07
Volksbank NV                  2.44                EUR      1.69
Barclays Bank PLC             2.75    2/28/2034   USD     67.16
IM Skaugen SE                10.14    4/11/2017   NOK     29.75
Santander Finance Capital S   2.00                EUR     24.38
Banco Pastor SAU              2.08                EUR     57.26
Santander Finance Capital S   2.00                EUR     24.13
Autonomous Community of Cat   2.97     9/8/2039   JPY     64.41
Region of Molise Italy        0.18   12/15/2033   EUR     65.88
QGOG Constellation SA         6.25    11/9/2019   USD     65.86
Cooperatieve Rabobank UA      0.50   10/29/2027   MXN     37.29
Novo Banco SA                 3.50    3/18/2043   EUR     50.95
Bashneft PJSC                 9.50   12/12/2024   RUB     60.00
DNB Bank ASA                  1.38                USD     60.33
Northland Resources AB       15.00    7/15/2019   USD      0.44
International Finance Facil   0.50    6/24/2024   ZAR     48.62
Afren PLC                    10.25     4/8/2019   USD      0.06
A-TEC Industries AG           5.75    11/2/2010   EUR      2.00
Banca Popolare di Vicenza     9.50    10/2/2025   EUR     37.25
Oi Brasil Holdings Cooperat   5.63    6/22/2021   EUR     32.00
Geotech Seismic Services PJ  13.00   10/16/2019   RUB     71.21
Alpine Holding GmbH           5.25     7/1/2015   EUR      1.65
Kommunekredit                 0.50    2/20/2020   BRL     73.44
CGG SA                        6.88    1/15/2022   USD     45.88
Svensk Exportkredit AB        0.50    4/24/2029   AUD     59.21
Lehman Brothers Treasury Co   5.10     5/8/2017   HKD      9.63
A-TEC Industries AG           8.75   10/27/2014   EUR      2.00
VistaJet Malta Finance PLC    7.75     6/1/2020   USD     65.50
Afren PLC                    11.50     2/1/2016   USD      0.09
SAG Solarstrom AG             7.50    7/10/2017   EUR     28.50
Lehman Brothers Treasury Co   2.88    3/14/2013   CHF      9.25
Western Bulk Chartering AS    7.86    4/19/2019   NOK     71.00
HSBC France SA                1.03                EUR     48.00
PNE Wind AG                   3.75   10/10/2019   EUR      3.05
AKB Peresvet ZAO             13.00    10/7/2017   RUB     35.00
Golden Energy Offshore Serv   5.00   12/31/2017   NOK     28.00
Bashneft PJSC                 9.50   12/14/2023   RUB     60.00
UniCredit Bank Austria AG     0.18   12/31/2031   EUR     68.49
BLT Finance BV               12.00    2/10/2015   USD     10.50
Espirito Santo Financial Po   5.63    7/28/2017   EUR      0.37
Waste Italia SpA             10.50   11/15/2019   EUR     24.88
Gol LuxCo SA                  8.88    1/24/2022   USD     67.43
Standard Chartered PLC        0.69                GBP     65.12
Ajecorp BV                    6.50    5/14/2022   USD     51.37
Governo Portugues Consolida   3.00                EUR     73.10
Bank of Scotland PLC          1.56                USD     70.28
Municipality Finance PLC      0.50    7/30/2029   AUD     66.57
Oceanic Champion AS           8.00    2/20/2020   USD     68.44
Indo Energy Finance II BV     6.38    1/24/2023   USD     76.74
A-TEC Industries AG           2.75    5/10/2014   EUR      2.00
ADLER Real Estate AG          6.00    6/30/2017   EUR     13.50
Municipality Finance PLC      0.50     5/8/2029   AUD     62.78
Volksbank NV                  6.63    5/14/2018   EUR      3.23
Banco Espirito Santo SA       6.90    6/28/2024   EUR     24.38
Bremer Landesbank Kreditans   9.50                EUR     67.55
Agroton Public Ltd            6.00    7/14/2019   USD     14.00
Svensk Exportkredit AB        0.50    6/28/2022   ZAR     59.87
Assystem                      4.00     1/1/2017   EUR     25.46
ADLER Real Estate AG          6.00   12/27/2018   EUR     14.00
Abengoa Greenfield SA         5.50    10/1/2019   EUR      3.88
Societe Generale SA           1.60     1/9/2020   GBP      1.08
Kaupthing ehf                 5.75    10/4/2011   USD     17.63
Lehman Brothers Treasury Co   7.00    5/17/2035   EUR      9.25
HPI AG                        3.50                EUR      5.00
Anglian Water Services Fina   0.94    1/26/2057   GBP     74.98
Immigon Portfolioabbau AG     6.00    3/30/2017   EUR     59.00
DOF ASA                       8.17    9/12/2019   NOK     40.00
Transcapitalbank JSC         13.00     6/6/2018   RUB     70.00
syncreon Group BV / syncreo   8.63    11/1/2021   USD     73.38
Banco Espirito Santo SA      10.00    12/6/2021   EUR      0.41
Municipality Finance PLC      0.50    4/26/2022   ZAR     60.62
Cooperatieve Rabobank UA      0.50    1/31/2033   MXN     22.32
Abengoa Finance SA            6.00    3/31/2021   EUR      3.86
Virgolino de Oliveira Finan  10.50    1/28/2018   USD      6.57
Deutsche Bank AG/London       0.58    1/31/2033   USD     54.00
Barclays Bank PLC             3.49    3/27/2029   USD     60.77
Gazprom PJSC                  6.40   10/21/2043   RUB     60.06
Mriya Agro Holding PLC        9.45    4/19/2018   USD      5.13
City of Alba Iulia Romania    1.50    4/15/2025   RON     72.10
Espirito Santo Financial Gr   5.05   11/15/2025   EUR      0.38
Russian Post FGUP             9.35    9/10/2026   RUB     70.00
Republic of Italy Governmen   0.19    7/31/2045   EUR     72.42
Sparebanken Din               2.39                NOK     67.46
German Pellets GmbH           8.00                EUR      0.10
Barclays Bank PLC             0.75    4/19/2033   USD     55.15
Nuova Banca Popolare dell'E   1.68    9/28/2017   EUR      0.81
Barclays Bank PLC             6.64    3/27/2029   USD     69.43
HSBC Bank PLC                 0.50    4/27/2027   NZD     60.54
AgroGeneration                8.00     4/1/2019   EUR     69.30
La Veggia Finance SPA         7.13   11/14/2004   EUR      0.15
LBI HF                        2.25    2/14/2011   CHF      6.63
Takko Luxembourg 2 SCA        6.69    4/15/2019   EUR     73.00
Virgolino de Oliveira Finan  11.75     2/9/2022   USD      6.57
Lehman Brothers Treasury Co   8.25    3/16/2035   EUR      9.25
Northland Resources AB        4.00   10/15/2020   NOK      0.07
Orient Express Bank PJSC     13.60     8/9/2018   RUB     63.75
Salvator Grundbesitz-AG       9.50   12/31/2021   EUR     10.20
Aralco Finance SA            10.13     5/7/2020   USD      1.26
Solon SE                      1.38    12/6/2012   EUR      0.33
Finmek International SA       7.00    12/3/2004   EUR      0.13
Algeco Scotsman Global Fina  10.75   10/15/2019   USD     70.38
Barclays Bank PLC             1.52    7/28/2034   USD     62.82
Kaupthing ehf                 6.13    10/4/2016   USD     17.63
Lehman Brothers Treasury Co   6.65    8/24/2011   AUD      9.63
Vnesheconombank              11.60    2/17/2025   RUB     60.01
Deutsche ETP GmbH & Co Immo   3.00   11/30/2028   EUR
Moscow United Electric Grid  11.00    9/12/2024   RUB     61.22
Kaupthing ehf                 6.13    10/4/2016   USD     17.63
Penell GmbH Elektrogroshand   7.75    6/10/2019   EUR      4.50
State Transport Leasing Co    9.00   11/24/2031   RUB     60.31
Bank Nederlandse Gemeenten    0.50    7/12/2022   ZAR     60.25
UmweltBank AG                 2.85                EUR     50.62
Far East Capital Ltd SA       8.75     5/2/2020   USD     56.25
Governo Portugues Consolida   2.75                EUR     65.50
Barclays Bank PLC             2.84   10/30/2034   USD     68.72
Lehman Brothers Treasury Co   5.00    9/22/2014   EUR      9.25
Lehman Brothers Treasury Co   5.00    2/16/2015   EUR      9.25
Pongs & Zahn AG               8.50                EUR      0.34
IVG Immobilien AG             5.54                EUR      0.48
Heliocentris Energy Solutio   4.00    1/16/2019   EUR     58.09
Depfa Funding IV LP           5.03                EUR     56.88
Lehman Brothers Treasury Co   6.00    3/18/2015   USD      9.25
Kaupthing ehf                 9.00                USD      0.13
KPNQwest NV                   8.13     6/1/2009   USD      0.06
Bank Nederlandse Gemeenten    0.50    9/20/2022   MXN     62.05
AKB Peresvet ZAO             13.25    6/22/2017   RUB     37.06
Frigoglass Finance BV         8.25    5/15/2018   EUR     63.75
Blaker Sparebank              4.83                NOK     41.54
NIBC Bank NV                  3.01                USD     72.93
Standard Chartered PLC        1.21                USD     66.33
AKB Peresvet ZAO             12.50     9/6/2017   RUB     33.04
Barclays Bank PLC             0.55    8/31/2031   USD     68.20
AKB Peresvet ZAO             13.25    4/25/2018   RUB     35.00
OAS Investments GmbH          8.25   10/19/2019   USD      4.10
Lehman Brothers Treasury Co   7.00     6/6/2017   EUR      1.21
SG Option Europe SA           7.00     5/5/2017   EUR     66.75
Lloyds Bank PLC               2.45   10/25/2033   USD     73.00
Russian Post FGUP             9.35   10/18/2019   RUB     62.00
Bashneft PJSC                 9.30   10/15/2026   RUB     60.00
Heta Asset Resolution AG      0.27   12/31/2023   EUR     39.25
Royal Bank of Scotland PLC/   2.65    2/25/2031   USD     66.00
Barclays Bank PLC             3.41    5/30/2034   USD     67.32
VEB-Leasing OAO              12.50    2/20/2025   RUB     61.16
Virgolino de Oliveira Finan  10.88    1/13/2020   USD     26.25
Santander Finance Capital S   2.00                USD     43.00
Matalan Finance PLC           8.88     6/1/2020   GBP     69.88
Veneto Banca SpA              1.69    5/15/2019   EUR     70.50
Depfa Funding II LP           6.50                EUR     56.00
Credit Suisse AG/London      10.00    6/28/2017   USD     54.50
AKB Peresvet ZAO             13.25    11/6/2020   RUB     22.02
SpareBank 1 Nordvest          3.94    3/11/2099   NOK     69.04
Mifa Mitteldeutsche Fahrrad   7.50    8/12/2018   EUR      2.67
Credit Suisse AG/London       8.00    5/21/2025   USD      9.09
Montepio Holding SGPS SA      5.00                EUR     50.10
DEIKON GmbH                   1.00     7/1/2016   EUR     29.57
SAir Group                    6.25   10/27/2002   CHF     12.53
Abengoa SA                    5.13     3/5/2017   USD      3.21
BLT Finance BV                7.50    5/15/2014   USD      2.20
WPE International Cooperati  10.38    9/30/2020   USD     14.88
Cooperatieve Rabobank UA      0.50   11/30/2027   MXN     37.36
Vnesheconombank               9.75    8/16/2029   RUB     60.00
EFG International Finance G   2.10    3/23/2018   EUR     10.16
Landes-Hypothekenbank Steie   0.02    9/26/2043   EUR     71.99
Bank Intesa AO                9.75   10/10/2019   RUB     60.00
Novo Banco SA                 3.00   12/16/2021   EUR     53.88
Lehman Brothers Treasury Co   5.55    3/12/2015   EUR      1.21
Bibby Offshore Services PLC   7.50    6/15/2021   GBP     60.50
Abengoa SA                    5.13     3/5/2017   USD      3.21
Immigon Portfolioabbau AG     7.00     3/6/2021   EUR     33.50
Hypo Tirol Bank AG            0.17    7/23/2026   EUR     66.87
Petromena ASA                10.85   11/19/2014   USD      0.55
Landesbank Hessen-Thueringe   0.12     5/3/2041   EUR     62.67
Hamburgische Landesbank-Gir   0.07    1/22/2041   EUR     61.83
World of Building Technolog   7.70    6/25/2019   RUB      1.45
Lehman Brothers Treasury Co   6.00    3/14/2011   EUR      9.25
Lehman Brothers Treasury Co   1.00     5/9/2012   EUR      1.21
Lehman Brothers Treasury Co   6.00   10/30/2012   EUR      1.21
CHC Helicopter SA             9.25   10/15/2020   USD     47.25
PagesJaunes Finance & Co SC   8.88     6/1/2018   EUR     62.00
Lehman Brothers Treasury Co   3.03    1/31/2015   EUR      1.21
Espirito Santo Financial Gr   5.05   11/15/2025   EUR      0.38
Heta Asset Resolution AG      0.45   12/31/2023   EUR     39.25
SAir Group                    6.25    4/12/2005   CHF     12.50
Phones4u Finance PLC          9.50     4/1/2018   GBP     66.00
Lehman Brothers Treasury Co   8.25    12/3/2015   EUR      9.25
Marine Subsea AS              9.00   12/16/2019   USD      0.50
UkrLandFarming PLC           10.88    3/26/2018   USD     29.88
SpareBank 1 SR-Bank ASA       4.00   12/21/2030   EUR     74.70
Republic of Italy Governmen   0.30    7/31/2035   EUR     74.57
Mechel PJSC                   8.00     2/9/2021   RUB     70.01
Marfin Investment Group Hol   7.00    7/29/2019   EUR      1.00
MT-Energie GmbH & Co KG       8.25     4/4/2017   EUR      8.41
State of Carinthia            0.77    7/20/2017   CHF      0.20
International Finance Facil   0.50    6/29/2027   ZAR     35.04
Lehman Brothers Treasury Co   7.00   11/26/2013   EUR      9.25
Lehman Brothers Treasury Co   1.46    2/19/2012   JPY      9.25
MegaFon PJSC                  9.90    5/29/2026   RUB     62.00
Oberoesterreichische Landes   0.30    4/25/2042   EUR     52.88
Lehman Brothers Treasury Co  11.00   12/20/2017   AUD      1.21
Lehman Brothers Treasury Co   4.50     5/2/2017   EUR      9.25
Lehman Brothers Treasury Co   4.00    12/2/2012   EUR      1.21
UBS AG/London                14.50    5/26/2017   CHF     67.50
Lehman Brothers Treasury Co   5.25    5/26/2026   EUR      1.21
Lehman Brothers Treasury Co   4.00   10/24/2012   EUR      1.21
AKB Peresvet ZAO              9.80     9/2/2020   RUB     25.35
Bank Nederlandse Gemeenten    0.50     8/9/2022   MXN     62.69
Barclays Bank PLC             0.50     2/6/2024   AUD     73.80
Solarwatt GmbH                7.00    11/1/2015   EUR     14.50
NIBC Bank NV                  3.01                USD     72.93
Societe Generale SA           0.53    6/28/2033   USD     72.10
State Transport Leasing Co    9.20     9/5/2031   RUB     60.10
Far East Capital Ltd SA       8.00     5/2/2018   USD     55.54
Lehman Brothers Treasury Co   5.00    2/27/2014   EUR      9.25
Abengoa SA                    6.25    1/17/2019   EUR      2.64
Landesbank Hessen-Thueringe   0.13    4/23/2041   EUR     65.56
Lehman Brothers Treasury Co   4.00    2/16/2017   EUR      9.25
AKB Peresvet ZAO             12.75    7/24/2018   RUB     33.10
Bulgaria Steel Finance BV    12.00     5/4/2013   EUR      2.46
Svensk Exportkredit AB        0.50    6/29/2029   AUD     58.94
Minaya Capital AG             7.00     8/1/2018   EUR     66.00
SG Issuer SA                  5.05    4/10/2025   EUR     55.56
Raiffeisen Centrobank AG      6.70    3/13/2017   EUR     59.86
Lehman Brothers Treasury Co  10.00     8/2/2037   JPY      1.21
Raiffeisen Versicherung AG    5.08                EUR     26.31
Aldesa Financial Services S   7.25     4/1/2021   EUR     67.75
Marfin Investment Group Hol   6.30    7/29/2020   EUR      0.85
Finans-Avia OOO               0.01    7/31/2027   RUB     18.90
Province of Milan Italy       0.07   12/22/2033   EUR     68.66
Kommunalbanken AS             0.50    5/27/2022   ZAR     61.99
LBI HF                        6.10    8/25/2011   USD     11.13
UniCredit Bank Austria AG     0.04    1/25/2031   EUR     68.52
UniCredit Bank AO             9.00     8/6/2019   RUB     60.00
Atari SA                      7.50    2/17/2020   EUR      0.33
Gazprombank JSC              10.90    2/19/2021   RUB     60.00
Lehman Brothers Treasury Co   7.60    5/21/2013   USD      1.21
Hamburgische Landesbank-Gir   0.07   10/30/2040   EUR     64.16
SAir Group                    0.13     7/7/2005   CHF     12.50
BNP Paribas SA                0.50    9/29/2029   AUD     54.78
Societe Generale SA           1.00   12/22/2017   GBP      1.00
Mechel PJSC                   8.00     2/9/2021   RUB     60.01
Muehl Product & Service AG    6.75    3/10/2005   DEM      2.41
Lehman Brothers Treasury Co   4.00    4/13/2011   CHF      1.21
Banca Nazionale del Lavoro    1.68    6/15/2037   EUR     74.76
wige MEDIA AG                 6.00    3/17/2019   EUR      2.33
Banco Comercial Portugues S   5.00                EUR     50.00
Salvator Grundbesitz-AG       9.50                EUR     21.00
HSBC Bank PLC                 0.50   10/30/2026   NZD     62.13
Finans-Avia OOO               8.25    7/31/2022   RUB     65.39
Lehman Brothers Treasury Co   5.00    5/12/2011   CHF      1.21
Svensk Exportkredit AB        0.50   12/17/2027   USD     74.22
Lloyds Bank PLC               3.00    7/26/2033   USD     69.65
Western High-Speed Diameter   9.15     2/6/2032   RUB     60.01
Metalloinvest Holding Co OA   0.01    3/10/2022   RUB     60.00
BNP Paribas SA                0.50     5/6/2021   MXN     70.90
Russian Post FGUP             2.75    12/6/2023   RUB     67.03
Landes-Hypothekenbank Steie   0.10     3/7/2043   EUR     72.99
Lehman Brothers Treasury Co  11.75     3/1/2010   EUR      1.21
SAir Group                    4.25     2/2/2007   CHF     12.50
Lehman Brothers Treasury Co   5.50     7/8/2013   EUR      1.21
Kaupthing ehf                 5.25    7/18/2017   BGN     17.63
Lehman Brothers Treasury Co   5.00     5/2/2022   EUR      1.21
Bayerische Landesbank         2.60    3/29/2018   EUR     70.28
SAir Group                    2.13    11/4/2004   CHF     12.50
Svensk Exportkredit AB        0.50    8/29/2029   AUD     58.39
Russian Railways JSC          6.40     6/8/2028   RUB     60.00
Nuova Banca Popolare dell'E   3.50    6/28/2018   EUR      0.78
Banco Espirito Santo SA       1.24    5/27/2018   EUR      0.49
Barclays Bank PLC             9.00    6/16/2017   USD
Miratorg-Finans OOO          11.00    8/24/2021   RUB     60.00
OOO SPV Structural Investme   0.01     9/1/2023   RUB     65.00
International Finance Facil   0.50    6/29/2020   ZAR     72.91
Atari SA                      0.10     4/1/2020   EUR      3.88
Johnston Press Bond Plc       8.63     6/1/2019   GBP     62.75
Lehman Brothers Treasury Co   8.00    3/19/2012   USD      1.21
Bank Nederlandse Gemeenten    0.50    6/22/2021   ZAR     66.63
Credit Agricole Corporate &   0.50     3/6/2023   RUB     62.13
Ekotechnika AG                9.75    5/10/2018   EUR      9.50
Western High-Speed Diameter   9.15     2/6/2032   RUB     60.01
Lehman Brothers Treasury Co   4.00    7/27/2011   EUR      1.21
UBS AG/London                 3.50    3/24/2017   EUR     74.23
Norddeutsche Landesbank Gir   3.00    7/16/2018   EUR     70.63
Ideal Standard Internationa  11.75     5/1/2018   EUR     11.88
Raiffeisenbank AO             0.01   10/29/2018   RUB     72.01
WGF Westfaelische Grundbesi   6.35     8/1/2017   EUR      3.63
Gazprom PJSC                  6.40   10/21/2043   RUB     60.06
Brighthouse Group PLC         7.88    5/15/2018   GBP     68.88
Lehman Brothers Treasury Co   6.00   10/24/2008   EUR      1.21
Barclays Bank PLC             2.24    8/15/2033   USD     62.08
Agrokompleks OOO              0.10    12/8/2022   RUB      1.00
Banca delle Marche SpA        6.00    6/12/2018   EUR      1.00
Abengoa Finance SA            7.00    4/15/2020   EUR      3.80
Western High-Speed Diameter   9.15     2/6/2032   RUB     57.02
Barclays Bank PLC             2.50     3/7/2017   EUR     49.71
Kamaz PJSC                   10.39    12/5/2030   RUB     60.01
Eiendomskreditt               4.48                NOK     58.60
Holdikks SAS                  6.75    7/15/2021   EUR     71.38
Mechel PJSC                  12.50    7/15/2021   RUB     72.00
Astana Finance BV             9.00   11/16/2011   USD     16.88
HSBC Bank PLC                 0.50   12/29/2026   AUD     62.09
Societe Generale SA          10.00    7/31/2018   USD     74.98
Argon Capital PLC for Royal   2.70                GBP     70.25
Immigon Portfolioabbau AG     3.51    4/12/2022   EUR     15.00
RGS Nedvizhimost OOO         12.50    6/21/2021   RUB     60.03
AKB Peresvet ZAO             13.50    6/23/2021   RUB     27.02
Lloyds Bank PLC               0.50    7/26/2021   BRL     62.22
HSBC Bank PLC                 0.50   12/22/2025   BRL     45.20
Steiermaerkische Bank und S   1.25                EUR     51.05
DekaBank Deutsche Girozentr   0.01    6/29/2046   EUR     55.17
Barclays Bank PLC             0.50    3/26/2021   MXN     67.84
Dolomite Capital Ltd         13.26   12/20/2019   ZAR     64.80
Vegarshei Sparebank           5.10                NOK     61.86
Oberoesterreichische Landes   0.32    11/6/2030   EUR     67.88
BNP Paribas SA                0.50    2/13/2024   NZD     72.04
Zapsibcombank PAO            14.85   12/12/2019   RUB     50.00
Lehman Brothers Treasury Co   7.50   10/24/2008   USD      1.21
Lehman Brothers Treasury Co   4.50     3/6/2013   CHF      1.21
Svensk Exportkredit AB        0.50    8/28/2020   TRY     65.29
Tonon Luxembourg SA           7.25    1/24/2020   USD     11.13
Lehman Brothers Treasury Co   6.00    9/20/2011   EUR      1.21
Russian Railways JSC          7.10   11/29/2028   RUB     60.00
Nuova Banca delle Marche Sp   7.75    6/30/2018   EUR      1.24
City of Kiev Ukraine Via CS   8.00    11/6/2015   USD     70.38
Lehman Brothers Treasury Co  11.00   12/19/2011   USD      1.21
Province of Brescia Italy     0.11   12/22/2036   EUR     63.31
Rosbank PJSC                  0.01    2/26/2024   RUB     70.00
Phosphorus Holdco PLC        10.00     4/1/2019   GBP      3.29
Russian Bank for Small and   14.00    3/17/2022   RUB     61.02
Russian Railways JSC         13.90    5/30/2040   RUB     65.00
Deutsche Bank AG/London       1.52     9/2/2036   JPY     68.15
Deutsche Bank AG/London       0.50    10/5/2021   IDR     60.00
Svensk Exportkredit AB        0.50    1/31/2022   ZAR     63.37
Afren PLC                    10.25     4/8/2019   USD      0.07
Metalloinvest Holding Co OA   0.01     3/7/2022   RUB     60.01
RGS Nedvizhimost OOO         13.50    1/19/2021   RUB     60.03
UniCredit Bank AO            12.00   11/20/2019   RUB     60.11
City of Siret Romania         2.24     3/1/2028   RON     51.00
Podkarpacki Bank Spoldzielc   5.81     7/2/2020   PLN     57.90
Nuova Banca Popolare dell'E   5.00   10/30/2023   EUR      0.78
Pierer Industrie AG           5.75                EUR     52.50
Cerruti Finance SA            6.50    7/26/2004   EUR      1.29
Evrofinansy-Nedvizhimost OO  11.00   10/23/2020   RUB     60.13
Bank Julius Baer & Co Ltd/G  23.00     8/4/2017   USD     74.20
Immigon Portfolioabbau AG     8.69    7/26/2025   EUR     15.00
Credit Europe Bank Ltd       11.00     4/6/2018   RUB     60.11
Bilt Paper BV                 9.64                USD     49.38
Orient Express Bank PJSC     11.70    7/17/2018   RUB     70.01
Alpha Bank AE                 2.50    6/20/2022   EUR     67.83
Alpha Bank AE                 2.50    6/20/2022   EUR     67.85
LBI HF                        7.43                USD      0.00
ECM Real Estate Investments   5.00    10/9/2011   EUR     10.38
Driver & Bengsch AG           8.50   12/31/2027   EUR      0.00
UBS AG                       11.75   12/22/2017   EUR     44.59
Delta-Finance OOO            10.00    1/19/2021   RUB
Lillestroem Sparebank         4.63                NOK     52.19
Societe Generale SA           0.50    5/30/2023   MXN     57.56
HSBC Bank PLC                 0.50    6/10/2021   BRL     66.99
Immigon Portfolioabbau AG     8.69    7/26/2020   EUR     15.00
Pravourmiyskoe OOO            9.00   12/26/2019   RUB     60.01
Barclays Bank PLC             0.50    3/13/2023   RUB     62.14
Lehman Brothers Treasury Co   7.00   10/22/2010   EUR      1.21
Lehman Brothers Treasury Co   8.00    3/21/2018   USD      1.21
Nutritek International Corp   8.75   12/11/2008   USD      2.00
Realwerte GmBh & Co KG        1.20                EUR     42.86
UniCredit Bank AO             9.00    5/17/2019   RUB     60.03
Mriya Agro Holding PLC       10.95    3/30/2016   USD      4.95
Dresdner Bank AG              0.38   11/19/2029   EUR     65.38
SG Issuer SA                  0.78    6/15/2020   SEK     70.92
Northland Resources AB       12.25    3/26/2016   USD      0.44
Russian Railways JSC          7.10    4/29/2043   RUB     60.00
Lehman Brothers Treasury Co  23.30    9/16/2008   USD      1.21
BAWAG PSK Versicherungs AG    1.06                EUR     46.49
Kaupthing ehf                 9.75    9/10/2015   USD     17.63
Lehman Brothers Treasury Co   8.00    2/16/2016   EUR      1.21
Rinol AG                      5.50   10/15/2006   DEM      0.00
Lehman Brothers Treasury Co   3.50   12/20/2027   USD      1.21
BLT Finance BV                7.50    5/15/2014   USD      2.20
Credit Suisse AG/London       9.50   11/15/2019   USD      5.23
Stroytemp CJSC                9.00   11/13/2019   RUB      0.01
Russian Railways JSC          7.40    9/20/2039   RUB     60.00
Mortgage Agent AHML 10-1      9.00   11/20/2042   RUB     60.01
Province of Rovigo Italy      0.06   12/28/2035   EUR     65.05
Province of Brescia Italy     0.14    6/30/2036   EUR     64.27
Indre Sogn Sparebank          5.98                NOK     62.02
ENEL RUSSIA PJSC             12.10    5/22/2025   RUB     60.00
SAir Group                    5.13     3/1/2003   CHF     13.00
Podkarpacki Bank Spoldzielc   4.99    10/6/2021   PLN     54.00
Elli Investments Ltd         12.25    6/15/2020   GBP     45.13
Bank Julius Baer & Co Ltd/G  14.40    11/2/2017   CHF     66.95
Union Technologies Informat   0.10     1/1/2020   EUR
Lehman Brothers Treasury Co   8.80   12/27/2009   EUR      1.21
Gold-Zack AG                  7.00   12/14/2005   EUR     12.56
UniCredit Bank AG             4.00    3/21/2017   EUR     65.17
Notenstein Finance Guernsey   1.00    9/17/2019   CHF     62.98
Promnefteservis OOO          10.50   11/21/2019   RUB      1.05
Bayerische Landesbank         2.40    7/20/2018   EUR     72.05
Lehman Brothers Treasury Co   5.00   10/24/2008   CHF      1.21
Lehman Brothers Treasury Co   1.75     2/7/2010   EUR      1.21
Russian Railways JSC          8.20    8/18/2033   RUB     60.00
KPNQwest NV                   7.13     6/1/2009   EUR      0.06
Lehman Brothers Treasury Co   6.00    2/19/2023   USD      1.21
Lehman Brothers Treasury Co   8.88    1/28/2011   HKD      9.63
UniCredit Bank Austria AG     0.20    1/22/2031   EUR     70.19
City of Hunedoara Romania     1.43    8/15/2026   RON     70.10
Lehman Brothers Treasury Co   9.75    6/22/2018   USD      1.21
Lehman Brothers Treasury Co   0.50     7/2/2020   EUR      1.21
UBS AG                        4.75   12/22/2017   EUR     57.75
Biomed-Lublin Wytwornia Sur   7.29    8/14/2018   PLN     75.00
Lehman Brothers Treasury Co   7.50    7/31/2013   GBP      1.21
Svensk Exportkredit AB        0.10   11/20/2019   TRY     70.54
City of Predeal Romania       1.50    5/15/2026   RON     60.00
Enemona AD-Kozloduy          10.00    4/28/2017   BGN      0.06
Lehman Brothers Treasury Co   5.00    2/28/2032   EUR      1.21
City of Moscow Russia         7.50    5/18/2021   RUB     60.00
Municipiul Timisoara          0.64    5/15/2026   RON     64.20
SAir Group                    5.50    7/23/2003   CHF     12.50
ECA                           2.50     1/1/2018   EUR     11.21
Agrokompleks OOO              0.10    7/29/2019   RUB      2.71
Drangedal Sparebank           2.36                NOK     65.99
Lehman Brothers Treasury Co  16.20    5/14/2009   USD      1.21
International Industrial Ba   9.00     7/6/2011   EUR      0.49
Cattles Ltd                   7.13     7/5/2017   GBP      1.05
SAir Group                    2.75    7/30/2004   CHF     12.50
Norddeutsche Landesbank Gir   3.00   10/30/2018   EUR     67.06
Credit Suisse AG/London       0.50     1/8/2026   BRL     40.23
Bayerische Landesbank         2.70    7/13/2018   EUR     71.64
Lehman Brothers Treasury Co   8.60    7/31/2013   GBP      1.21
Lehman Brothers Treasury Co   3.86    9/21/2011   SGD      9.63
Lehman Brothers Treasury Co   7.38    9/20/2008   EUR      1.21
Sidetur Finance BV           10.00    4/20/2016   USD      5.25
Credit Suisse AG              0.50   12/16/2025   BRL     41.39
Societe Generale SA           0.50    7/31/2020   MXN     74.66
Lehman Brothers Treasury Co   2.00    6/28/2011   EUR      1.21
Leonteq Securities AG        16.40     2/6/2017   CHF     36.56
Raiffeisen Centrobank AG      9.50    7/13/2017   EUR     66.11
UBS AG/London                 5.75     6/6/2017   CHF     74.70
Russian Railways JSC          6.80    5/20/2044   RUB     65.00
Lehman Brothers Treasury Co   7.32    7/31/2013   GBP      1.21
Lehman Brothers Treasury Co   1.28    11/6/2010   JPY      9.25
Hypocredit AD                 7.50   12/18/2017   EUR     40.00
Fonciere Volta SA             4.50    7/30/2020   EUR      2.61
Lehman Brothers Treasury Co   7.50     5/2/2017   EUR      1.21
Barclays Bank PLC             0.50    1/28/2033   MXN     20.50
HSBC Bank PLC                 0.50    5/29/2020   IDR     73.16
Reserve Trust Co CJSC        11.00     1/4/2027   RUB      0.01
Metalloinvest Holding Co OA   0.01     3/7/2022   RUB     65.00
Strommen Sparebank            2.36                NOK     37.91
Lehman Brothers Treasury Co   4.00     1/4/2011   USD      1.21
Astana Finance BV             7.88     6/8/2010   EUR     16.88
DekaBank Deutsche Girozentr   3.00     5/4/2018   EUR     66.43
Landesbank Baden-Wuerttembe   4.20    6/23/2017   EUR     59.84
SAir Group                    2.75    7/30/2004   CHF     12.50
RGS Nedvizhimost OOO         12.50    7/22/2021   RUB     60.03
Vontobel Financial Products   5.00    2/13/2017   EUR     62.19
Vnesheconombank               2.00    6/18/2021   RUB     72.35
Lehman Brothers Treasury Co   7.25    10/6/2008   EUR      1.21
Lehman Brothers Treasury Co   4.60     7/6/2016   EUR      1.21
Main Road OJSC                5.40   11/22/2028   RUB     63.23
Svensk Exportkredit AB        0.50    3/15/2022   ZAR     61.33
Windreich GmbH                6.25     3/1/2015   EUR     10.88
UBS AG/London                 8.00    7/10/2017   CHF     72.65
Vnesheconombank              11.50    8/20/2020   RUB     60.51
Municipality Finance PLC      0.50    6/19/2024   ZAR     50.16
Russian Railways JSC          6.40    2/28/2040   RUB     65.00
Bayerische Landesbank         2.70     7/6/2018   EUR     68.16
UBS AG/London                12.50     1/3/2017   CHF     36.15
Lehman Brothers Treasury Co   4.00    8/11/2010   USD      9.25
Municipiul Timisoara          0.64    5/12/2026   RON     75.00
Lehman Brothers Treasury Co   4.60   10/11/2017   ILS      9.25
Landesbank Hessen-Thueringe   5.00   10/17/2017   EUR     67.07
Credit Suisse AG/London       8.95     6/6/2017   USD     71.08
Bayerische Landesbank         2.70    7/20/2018   EUR     71.86
UBS AG/London                 7.00     7/3/2017   CHF     67.95
LZMO SA                       8.50    6/30/2017   PLN     25.00
Leonteq Securities AG/Guern  29.61   10/26/2017   EUR     22.00
Lehman Brothers Treasury Co   8.28    7/31/2013   GBP      1.21
HSH Nordbank AG               7.25                USD     23.02
Immigon Portfolioabbau AG     1.31    7/29/2018   EUR      2.00
Lehman Brothers Treasury Co   4.25    3/13/2021   EUR      1.21
Lehman Brothers Treasury Co   2.50   12/15/2011   GBP      1.21
OT-Optima Telekom DD          5.25    5/30/2022   HRK     65.00
Lehman Brothers Treasury Co  14.90    9/15/2008   EUR      1.21
Lehman Brothers Treasury Co   5.25   11/21/2009   USD      1.21
Zapsibcombank PAO             5.00     9/4/2017   RUB     60.00
Novo Banco SA                 5.00    4/23/2019   EUR     68.09
URALSIB Leasing Co OOO       10.50    4/17/2018   RUB      0.01
Windreich GmbH                6.75     3/1/2015   EUR     10.88
BANIF - Banco Internacional   4.50    1/30/2025   EUR     65.25
Bayerische Landesbank         2.70     7/6/2018   EUR     67.31
Credit Suisse AG/Nassau       4.25    4/24/2017   CHF     73.51
Emova Group                   4.30     5/2/2022   EUR      4.72
Lehman Brothers Treasury Co  10.44   11/22/2008   CHF      1.21
Lehman Brothers Treasury Co  13.50   11/28/2008   USD      1.21
COFIDUR SA                    0.10   12/31/2024   EUR     19.00
Bank Julius Baer & Co Ltd/G  10.90    7/26/2017   CHF     62.80
EFG International Finance G   6.48    5/29/2018   EUR     10.35
HSBC Bank PLC                 0.50    7/21/2021   BRL     66.11
Bank Julius Baer & Co Ltd/G   9.40     2/9/2017   CHF     29.05
DekaBank Deutsche Girozentr   0.12    6/23/2034   EUR     72.55
Bayerische Landesbank         3.20    7/27/2018   EUR     69.15
Bayerische Landesbank         2.70    7/27/2018   EUR     72.65
Bayerische Landesbank         2.90    6/22/2018   EUR     71.09
Bayerische Landesbank         2.70    6/22/2018   EUR     73.06
Societe Generale SA           0.50     7/6/2021   BRL     63.85
Lehman Brothers Treasury Co   6.50    5/16/2015   EUR      1.21
Lehman Brothers Treasury Co   2.00    6/21/2011   EUR      1.21
Lehman Brothers Treasury Co   6.00    5/12/2017   EUR      1.21
Nuova Banca delle Marche Sp   8.00    6/30/2018   EUR      1.24
Russian Railways JSC          6.40    9/19/2033   RUB     60.00
EDOB Abwicklungs AG           7.50     4/1/2012   EUR      0.25
Credit Suisse AG/London       7.80    7/16/2025   USD      9.22
Bayerische Landesbank         2.60    8/24/2018   EUR     69.86
Bayerische Landesbank         3.00    10/5/2018   EUR     75.00
Leonteq Securities AG/Guern   4.40    8/28/2017   CHF     60.92
Lehman Brothers Treasury Co  10.00    6/17/2009   USD      1.21
Lehman Brothers Treasury Co   8.00   10/17/2014   EUR      1.21
Lehman Brothers Treasury Co   6.30   12/21/2018   USD      1.21
Kaupthing ehf                 7.63    2/28/2015   USD     17.63
KPNQwest NV                   8.88     2/1/2008   EUR      0.06
Lehman Brothers Treasury Co  15.00     6/4/2009   CHF      1.21
Lehman Brothers Treasury Co   0.25   10/19/2012   CHF      1.21
BNP Paribas Emissions- und   27.00    3/23/2017   EUR     73.51
Immigon Portfolioabbau AG     5.05     8/5/2030   EUR     72.38
Kommunekredit                 0.50   12/14/2020   ZAR     71.17
Oravita City Council          1.97    6/15/2027   RON     75.00
Russian Railways JSC          7.40   10/11/2038   RUB     60.00
Societe Generale SA           0.50    6/12/2023   RUB     60.75
Municipiul Timisoara          0.64    5/15/2026   RON     60.87
BNP Paribas SA                0.50    7/20/2021   BRL     62.78
Societe Generale SA           0.50    5/22/2024   MXN     52.04
AKB Derzhava OJSC            11.50    7/10/2023   RUB     60.01
HSBC Bank PLC                 0.50    4/11/2023   MXN     58.35
Societe Generale SA           0.50     4/3/2023   RUB     61.89
UBS AG/London                11.00    2/24/2017   CHF     47.35
Exane Finance                 5.00   12/20/2019   SEK     64.40
Credit Suisse AG/Nassau       7.90    2/27/2017   CHF     70.82
Bank Julius Baer & Co Ltd/G   6.50     3/6/2017   CHF     72.95
Commerzbank AG                8.00    7/14/2021   USD
Lehman Brothers Treasury Co   5.00   11/22/2012   EUR      1.21
Lehman Brothers Treasury Co   6.25     9/5/2011   EUR      1.21
LBI HF                        7.43                USD      0.00
Lehman Brothers Treasury Co   4.00    3/10/2011   EUR      1.21
Lehman Brothers Treasury Co   7.15    3/21/2013   USD      1.21
LBI HF                        8.65     5/1/2011   ISK      6.63
Nuova Banca Popolare dell'E   2.19    5/21/2018   EUR      0.81
Lehman Brothers Treasury Co   4.87    10/8/2013   USD      1.21
Lehman Brothers Treasury Co   6.00     8/7/2013   EUR      1.21
Lehman Brothers Treasury Co   7.39     5/4/2017   USD      1.21
Lehman Brothers Treasury Co   4.10    6/10/2014   SGD      9.63
UBS AG                        5.25   12/22/2017   EUR     64.29
Credit Suisse AG/London       8.20   10/22/2025   USD      9.32
EFG International Finance G   7.00   11/27/2019   EUR     29.14
Bank Julius Baer & Co Ltd/G  12.15    11/8/2017   CHF     67.95
Lehman Brothers Treasury Co   3.40    3/19/2018   JPY      1.21
Bank Nederlandse Gemeenten    0.50    5/12/2021   ZAR     68.29
Raiffeisen-Landesbank Tirol   2.50     9/2/2024   EUR     72.55
Nuova Banca delle Marche Sp   7.20    6/30/2018   EUR      1.24
Kreditanstalt fuer Wiederau   0.25    10/6/2036   CAD     40.65
Lehman Brothers Treasury Co   8.25     2/3/2016   EUR      1.21
Kaupthing ehf                 7.50     2/1/2045   USD      0.00
Lehman Brothers Treasury Co   7.00    4/14/2009   EUR      1.21
HSBC Bank PLC                 0.50   11/25/2025   BRL     45.49
Kommunalbanken AS             0.50   12/16/2020   TRY     68.86
Barclays Bank PLC             0.79    5/10/2028   USD     65.32
Lehman Brothers Treasury Co   4.82   12/18/2036   EUR      1.21
Banca delle Marche SpA        6.00     5/8/2018   EUR      1.00
Northland Resources AB       15.00    7/15/2019   USD      0.44
Oi Brasil Holdings Cooperat   5.63    6/22/2021   EUR     31.52
UBS AG/London                15.50   11/30/2017   CHF     72.25
Leonteq Securities AG        11.00     1/9/2017   EUR     64.85
HSBC Bank PLC                 0.50    12/8/2026   AUD     67.01
Credit Suisse AG/London       7.80    7/31/2020   USD      9.33
BNP Paribas SA                0.50   11/16/2032   MXN     28.92
Russian Railways JSC         13.90    2/28/2040   RUB     65.00
Leonteq Securities AG         3.50    4/10/2018   EUR     57.85
Rosselkhozbank JSC           12.87   12/21/2021   RUB     65.00
Kaupthing ehf                 3.75    2/15/2024   ISK     17.63
UniCredit Bank Austria AG     0.08    1/24/2031   EUR     68.96
Lehman Brothers Treasury Co   5.00    8/16/2017   EUR     10.00
SG Issuer SA                  6.65   10/10/2021   EUR     63.80
Leonteq Securities AG        10.00     2/6/2017   CHF     63.16
UBS AG/London                11.00    1/27/2017   CHF     29.40
Landesbank Baden-Wuerttembe   3.90    9/22/2017   EUR     40.48
Zurcher Kantonalbank Financ  13.04    4/13/2017   CHF     52.60
Mortgage Agent First St Pet   8.50    7/15/2041   RUB     59.30
Municipality Finance PLC      0.50   11/25/2020   ZAR     69.59
Main Road OJSC                5.40   10/30/2028   RUB     56.01
Bank Julius Baer & Co Ltd/G  10.25    5/17/2017   CHF     54.90
Landeskreditbank Baden-Wuer   0.50    5/10/2027   CAD     74.98
Lehman Brothers Treasury Co   5.00    3/18/2015   EUR      9.25
Lehman Brothers Treasury Co   8.50     7/6/2009   CHF      1.21
Lehman Brothers Treasury Co   4.35     8/8/2016   SGD      9.63
Kaupthing ehf                 5.00     1/4/2027   SKK     17.63
Center-Invest Commercial Ba   8.70   11/13/2018   RUB     60.01
Bank Julius Baer & Co Ltd/G  11.30     6/7/2017   CHF     59.25
EFG International Finance G   6.00   11/30/2017   EUR      8.99
Cooperatieve Rabobank UA      0.50   12/29/2027   MXN     37.24
Zurcher Kantonalbank Financ  12.10     9/6/2017   CHF     66.93
Barclays Bank PLC             1.61    7/24/2028   USD     73.21
Cooperatieve Rabobank UA      0.50    8/21/2028   MXN     34.85
Vnesheconombank               8.35   11/24/2020   RUB     60.01
Barclays Bank PLC             0.50    4/24/2023   MXN     53.58
Barclays Bank PLC             0.50    3/19/2021   MXN     67.87
HSBC Bank PLC                 5.05    5/15/2025   MXN     74.18
Deutsche Bank AG/London       1.20    8/22/2031   JPY     73.04
HSBC Bank PLC                 0.50    1/29/2027   NZD     61.12
HSBC Bank PLC                 0.50    2/24/2027   NZD     61.16
Svensk Exportkredit AB        0.50    2/22/2022   ZAR     62.02
UBS AG/London                 9.50     9/4/2017   CHF     21.25
Goldman Sachs & Co Wertpapi  11.00   12/20/2017   EUR     71.34
Bank Julius Baer & Co Ltd/G  11.60     1/5/2017   CHF     23.50
ECM Real Estate Investments   5.00    10/9/2011   EUR     10.38
Lehman Brothers Treasury Co   6.75     4/5/2012   EUR      1.21
Landesbank Hessen-Thueringe   4.50   11/28/2017   EUR     67.26
UBS AG                       11.75   12/22/2017   EUR     48.16
BNP Paribas Emissions- und   28.00   12/21/2017   EUR     72.12
BNP Paribas Emissions- und   19.00   12/21/2017   EUR     74.24
BNP Paribas Emissions- und   27.00   12/21/2017   EUR     53.27
BNP Paribas Emissions- und   19.00    3/23/2017   EUR     72.91
BNP Paribas Emissions- und   22.00   12/21/2017   EUR     64.95
BNP Paribas Emissions- und   15.00   12/21/2017   EUR     67.59
BNP Paribas Emissions- und   25.00   12/21/2017   EUR     65.58
Societe Generale Effekten G   9.62    6/23/2017   EUR     55.95
UBS AG/London                 7.50    2/10/2017   EUR     73.34
HSBC Trinkaus & Burkhardt A   7.10    3/24/2017   EUR     64.12
Polski Bank Spoldzielczy w    4.81    6/18/2020   PLN     36.01
Center-Invest Commercial Ba  10.00    5/22/2019   RUB     60.11
Lehman Brothers Treasury Co   5.10    6/22/2046   EUR      1.21
Totens Sparebank              2.75                NOK     69.84
City of Alba Iulia Romania    1.50    4/15/2025   RON     68.30
City of Hunedoara Romania     1.43    8/15/2026   RON     70.30
UBS AG/London                 8.40    8/11/2017   EUR     75.00
HSBC Trinkaus & Burkhardt A   5.50    1/31/2017   EUR     69.57
Commerzbank AG                8.75    6/22/2017   EUR     73.09
Commerzbank AG               12.25    6/22/2017   EUR     68.26
Commerzbank AG               16.00    6/22/2017   EUR     64.32
Commerzbank AG               13.75    2/23/2017   EUR     74.03
UBS AG/London                 9.50   12/22/2017   EUR     62.87
UBS AG/London                 5.75   12/22/2017   EUR     72.17
UBS AG/London                 5.00   12/22/2017   EUR     62.68
UBS AG/London                 6.25   12/22/2017   EUR     70.55
UniCredit Bank AG             4.25    9/12/2017   EUR     59.14
Notenstein La Roche Private   5.00    8/29/2018   CHF     65.12
Notenstein La Roche Private   5.00     9/5/2018   CHF     67.62
DZ Bank AG Deutsche Zentral   5.60    3/30/2017   EUR     37.58
DekaBank Deutsche Girozentr   3.05    2/25/2019   EUR     73.82
Vontobel Financial Products   5.35     3/3/2017   EUR     59.66
Vontobel Financial Products   5.40     3/3/2017   EUR     69.72
EFG International Finance G   8.99     9/4/2017   EUR     15.85
Landesbank Hessen-Thueringe   4.00     4/8/2019   EUR     65.03
Leonteq Securities AG         5.25    3/19/2018   CHF     72.96
Notenstein La Roche Private   6.50    3/13/2017   EUR     51.92
UniCredit Bank AG             4.60     7/2/2018   EUR     62.29
Raiffeisen Centrobank AG      6.88    3/30/2017   EUR     61.61
Notenstein La Roche Private   5.00    3/20/2017   CHF     74.83
Leonteq Securities AG         7.00    9/20/2017   CHF     65.50
Commerzbank AG                7.20     3/9/2017   EUR     74.62
Credit Suisse AG/Nassau       5.00    3/27/2017   CHF     73.15
DekaBank Deutsche Girozentr   3.75    3/10/2017   EUR     48.42
UBS AG/London                 5.00    3/20/2017   CHF     74.90
DekaBank Deutsche Girozentr   3.15     2/3/2017   EUR     58.14
Bayerische Landesbank         2.60   10/19/2018   EUR     65.83
Notenstein La Roche Private   4.50    3/27/2018   EUR     58.59
Notenstein La Roche Private   5.50    3/27/2017   CHF     74.72
Notenstein La Roche Private   5.00    3/27/2019   CHF     73.35
Landesbank Hessen-Thueringe   5.00    4/24/2019   EUR     62.04
Landesbank Hessen-Thueringe   6.20    7/24/2020   EUR     73.41
DekaBank Deutsche Girozentr   2.70    3/16/2018   EUR     69.69
UBS AG/London                 5.50    3/27/2017   CHF     74.15
Landesbank Hessen-Thueringe   4.00    4/30/2019   EUR     71.38
Leonteq Securities AG         3.00    10/2/2017   CHF     74.23
Notenstein La Roche Private   4.80   10/24/2018   CHF     74.97
Notenstein La Roche Private   4.20    4/10/2018   EUR     61.36
Notenstein Finance Guernsey   9.00     4/1/2019   EUR     35.91
DekaBank Deutsche Girozentr   2.50    3/31/2017   EUR     68.69
Notenstein La Roche Private   5.70    4/20/2017   CHF     73.49
Notenstein La Roche Private   4.80    4/20/2017   CHF     72.12
Zurcher Kantonalbank Financ   6.50    4/10/2018   CHF     63.10
UBS AG/London                 6.25    4/18/2017   CHF     73.00
Leonteq Securities AG         5.60    4/24/2017   CHF     73.29
Leonteq Securities AG         7.20    4/24/2017   EUR     59.99
Notenstein La Roche Private   6.50     7/2/2018   USD     60.91
UBS AG                        9.00     7/3/2017   CHF     66.90
EFG International Finance G   5.00    8/15/2017   CHF     66.64
Leonteq Securities AG        20.00   10/25/2017   CHF     67.38
Leonteq Securities AG        17.00    8/17/2017   CHF     72.83
HSBC Trinkaus & Burkhardt A   4.00    6/16/2017   EUR     65.52
Vontobel Financial Products   4.00    11/9/2017   EUR     67.67
HSBC Trinkaus & Burkhardt A   9.20    6/23/2017   EUR     72.48
HSBC Trinkaus & Burkhardt A  10.40    1/27/2017   EUR     69.68
HSBC Trinkaus & Burkhardt A  17.00    1/27/2017   EUR     41.55
Goldman Sachs & Co Wertpapi  15.00    1/25/2017   EUR     71.63
Goldman Sachs & Co Wertpapi  19.00    1/25/2017   EUR     67.17
Goldman Sachs & Co Wertpapi  17.00    1/25/2017   EUR     74.72
Goldman Sachs & Co Wertpapi  15.00    1/25/2017   EUR     66.99
Goldman Sachs & Co Wertpapi  19.00    1/25/2017   EUR     61.74
Goldman Sachs & Co Wertpapi  10.00   12/20/2017   EUR     74.54
Goldman Sachs & Co Wertpapi  12.00   12/20/2017   EUR     71.75
Goldman Sachs & Co Wertpapi  19.00    1/25/2017   EUR     71.88
Goldman Sachs & Co Wertpapi  10.00    1/25/2017   EUR     72.48
Goldman Sachs & Co Wertpapi  14.00    1/25/2017   EUR     64.74
Goldman Sachs & Co Wertpapi  18.00    1/25/2017   EUR     60.59
Goldman Sachs & Co Wertpapi   8.00   12/20/2017   EUR     74.53
Goldman Sachs & Co Wertpapi  10.00   12/20/2017   EUR     72.33
Goldman Sachs & Co Wertpapi  11.00   12/20/2017   EUR     69.48
Leonteq Securities AG         8.80    6/21/2017   CHF     72.47
Natixis Structured Issuance  11.70    12/8/2023   EUR     70.00
Notenstein La Roche Private   9.68    6/15/2017   CHF     70.10
Credit Suisse AG/Nassau       7.13    6/26/2017   CHF     68.52
UBS AG/London                 9.75    3/24/2017   EUR     56.86
UBS AG/London                 7.00    3/24/2017   EUR     62.27
Goldman Sachs & Co Wertpapi  18.00    3/22/2017   EUR     69.89
Goldman Sachs & Co Wertpapi  19.00    1/25/2017   EUR     67.51
Goldman Sachs & Co Wertpapi  14.00    3/22/2017   EUR     74.67
Goldman Sachs & Co Wertpapi  17.00    3/22/2017   EUR     69.95
Goldman Sachs & Co Wertpapi  15.00    6/21/2017   EUR     72.97
Goldman Sachs & Co Wertpapi  13.00    9/20/2017   EUR     74.63
Goldman Sachs & Co Wertpapi  22.00    1/25/2017   EUR     73.88
Notenstein La Roche Private   6.00    7/11/2017   CHF     71.55
Credit Suisse AG/Nassau       7.25    7/13/2017   CHF     68.98
Vontobel Financial Products  12.50    3/24/2017   EUR     74.20
DZ Bank AG Deutsche Zentral   5.00    1/27/2017   EUR     71.62
DZ Bank AG Deutsche Zentral   9.50    1/27/2017   EUR     71.59
DZ Bank AG Deutsche Zentral   7.50    6/23/2017   EUR     73.98
UBS AG/London                11.70    4/18/2017   EUR     63.42
Bank Julius Baer & Co Ltd/G   9.00    1/19/2017   CHF     73.75
HSBC Trinkaus & Burkhardt A  20.50    3/24/2017   EUR     74.76
Goldman Sachs & Co Wertpapi  17.00    1/25/2017   EUR     73.64
Goldman Sachs & Co Wertpapi  22.00    1/25/2017   EUR     67.42
Goldman Sachs & Co Wertpapi  20.00    2/22/2017   EUR     68.85
Goldman Sachs & Co Wertpapi  17.00    6/21/2017   EUR     73.60
Goldman Sachs & Co Wertpapi  15.00    2/22/2017   EUR     73.85
Goldman Sachs & Co Wertpapi  19.00    2/22/2017   EUR     68.94
Goldman Sachs & Co Wertpapi  21.00    1/25/2017   EUR     69.72
Goldman Sachs & Co Wertpapi  16.00    6/21/2017   EUR     74.82
Goldman Sachs & Co Wertpapi  20.00    2/22/2017   EUR     71.21
Commerzbank AG                4.00    7/19/2017   EUR     59.13
UBS AG/London                 7.00   12/22/2017   EUR     73.65
UBS AG/London                 7.00   12/22/2017   EUR     67.40
UBS AG/London                 4.00   12/22/2017   EUR     66.12
UBS AG/London                 9.00   12/22/2017   EUR     62.29
UBS AG/London                 7.75   12/22/2017   EUR     41.99
Notenstein La Roche Private   5.04    8/28/2017   CHF     67.87
Leonteq Securities AG/Guern   4.68    8/29/2017   CHF     69.45
Leonteq Securities AG/Guern   5.99    9/11/2017   EUR     44.79
UniCredit Bank AG             4.00   10/14/2019   EUR     52.96
DekaBank Deutsche Girozentr   3.00    6/12/2018   EUR     68.05
Lehman Brothers Treasury Co  12.40    6/12/2009   USD      1.21
Lehman Brothers Treasury Co   0.50     6/2/2020   EUR      1.21
Lehman Brothers Treasury Co  11.00     7/4/2011   USD      1.21
Lehman Brothers Treasury Co  11.00     7/4/2011   CHF      1.21
Kaupthing ehf                 7.50    12/5/2014   ISK     17.63
Lehman Brothers Treasury Co  16.00   12/26/2008   USD      1.21
Lehman Brothers Treasury Co   2.50    8/15/2012   CHF      1.21
Lehman Brothers Treasury Co  13.15   10/30/2008   USD      1.21
Lehman Brothers Treasury Co   0.50     8/1/2020   EUR      1.21
Lehman Brothers Treasury Co  16.80    8/21/2009   USD      1.21
Lehman Brothers Treasury Co  14.10   11/12/2008   USD      1.21
Lehman Brothers Treasury Co   5.25     7/8/2014   EUR      1.21
Lehman Brothers Treasury Co   2.30     6/6/2013   USD      1.21
Lehman Brothers Treasury Co   7.50    5/30/2010   AUD      1.21
Lehman Brothers Treasury Co  11.00     5/9/2020   USD      1.21
Lehman Brothers Treasury Co   4.30     6/4/2012   USD      1.21
Lehman Brothers Treasury Co   4.00     6/5/2011   USD      1.21
Lehman Brothers Treasury Co  13.00    7/25/2012   EUR      1.21
Lehman Brothers Treasury Co   3.00    8/13/2011   EUR      1.21
Lehman Brothers Treasury Co  18.25    10/2/2008   USD      1.21
Lehman Brothers Treasury Co   3.40    9/21/2009   HKD      1.21
Lehman Brothers Treasury Co   1.50   10/12/2010   EUR      1.21
Lehman Brothers Treasury Co   2.50    8/23/2012   GBP      1.21
Lehman Brothers Treasury Co   8.00   10/23/2008   USD      1.21
KPNQwest NV                   7.13     6/1/2009   EUR      0.06
Lehman Brothers Treasury Co   4.60    11/9/2011   EUR      9.25
Lehman Brothers Treasury Co   6.72   12/29/2008   EUR      1.21
Lehman Brothers Treasury Co   7.06   12/29/2008   EUR      1.21
Lehman Brothers Treasury Co   7.63    7/22/2011   HKD      1.21
Lehman Brothers Treasury Co   6.25   11/30/2012   EUR      1.21
Lehman Brothers Treasury Co   1.00    2/26/2010   USD      1.21
Lehman Brothers Treasury Co   7.05     4/8/2015   USD      1.21
Lehman Brothers Treasury Co   7.80    3/31/2018   USD      1.21
Lehman Brothers Treasury Co   3.50    6/20/2011   EUR      1.21
LBI HF                        5.08     3/1/2013   ISK      6.63
Lehman Brothers Treasury Co   7.60    1/31/2013   AUD      1.21
Lehman Brothers Treasury Co   6.45    2/20/2010   AUD      1.21
Lehman Brothers Treasury Co   6.60    5/23/2012   AUD      1.21
Lehman Brothers Treasury Co   3.45    5/23/2013   USD      1.21
Lehman Brothers Treasury Co   5.50    4/23/2014   EUR      1.21
Lehman Brothers Treasury Co   5.00    2/15/2018   EUR      1.21
Lehman Brothers Treasury Co   9.00     5/6/2011   CHF      1.21
Lehman Brothers Treasury Co  10.60    4/22/2014   MXN      1.21
Lehman Brothers Treasury Co   2.50    11/9/2011   CHF      1.21
Lehman Brothers Treasury Co   6.00   10/30/2012   USD      1.21
Lehman Brothers Treasury Co  16.00    10/8/2008   CHF      1.21
Lehman Brothers Treasury Co   3.00    12/3/2012   EUR      1.21
Lehman Brothers Treasury Co  11.00   12/20/2017   AUD      1.21
Lehman Brothers Treasury Co   0.50   12/20/2017   AUD      1.21
Lehman Brothers Treasury Co   0.50   12/20/2017   AUD      1.21
Lehman Brothers Treasury Co   0.50   12/20/2017   AUD      1.21
Lehman Brothers Treasury Co   8.00   12/31/2010   USD      1.21
Lehman Brothers Treasury Co   8.05   12/20/2010   HKD      1.21
Lehman Brothers Treasury Co   0.50   12/20/2017   USD      1.21
Lehman Brothers Treasury Co   0.50   12/20/2017   USD      1.21
Lehman Brothers Treasury Co   0.50   12/20/2017   USD      1.21
Lehman Brothers Treasury Co   0.50   12/20/2017   USD      1.21
Lehman Brothers Treasury Co   5.38     2/4/2014   USD      1.21
Lehman Brothers Treasury Co  13.00    2/16/2009   CHF      1.21
Lehman Brothers Treasury Co   7.00    2/15/2010   CHF      1.21
Lehman Brothers Treasury Co   4.00    7/20/2012   EUR      1.21
Lehman Brothers Treasury Co   4.00   10/12/2010   USD      1.21
Lehman Brothers Treasury Co   6.60     2/9/2009   EUR      1.21
Lehman Brothers Treasury Co   9.50     4/1/2018   USD      1.21
Lehman Brothers Treasury Co   6.00     3/4/2015   USD      1.21
Immigon Portfolioabbau AG     7.00    7/24/2022   EUR     35.00
Kaupthing ehf                 7.00    7/24/2009   ISK     17.63
Lehman Brothers Treasury Co   4.05    9/16/2008   EUR      1.21
Lehman Brothers Treasury Co   7.50    2/14/2010   AUD      1.21
Lehman Brothers Treasury Co   5.50    6/22/2010   USD      9.25
Lehman Brothers Treasury Co  10.00   10/23/2008   USD      1.21
Lehman Brothers Treasury Co  10.00   10/22/2008   USD      1.21
Lehman Brothers Treasury Co  16.00   10/28/2008   USD      1.21
Lehman Brothers Treasury Co   5.00    3/13/2009   EUR      1.21
Lehman Brothers Treasury Co   4.80   11/16/2012   HKD      1.21
Lehman Brothers Treasury Co   5.50   11/30/2012   CZK      1.21
Lehman Brothers Treasury Co  14.90   11/16/2010   EUR      1.21
Lehman Brothers Treasury Co  11.00   12/20/2017   AUD      1.21
Lehman Brothers Treasury Co   0.50   12/20/2017   AUD      9.63
Lehman Brothers Treasury Co   0.50   12/20/2017   AUD      1.21
Lehman Brothers Treasury Co   9.30   12/21/2010   EUR      1.21
KPNQwest NV                   8.88     2/1/2008   EUR      0.06
Lehman Brothers Treasury Co  11.00    2/16/2009   CHF      1.21
Lehman Brothers Treasury Co  10.00    2/16/2009   CHF      1.21
Lehman Brothers Treasury Co  16.00    11/9/2008   USD      1.21
Lehman Brothers Treasury Co  10.00    5/22/2009   USD      1.21
Lehman Brothers Treasury Co   4.60     8/1/2013   EUR      1.21
Lehman Brothers Treasury Co   8.00    5/22/2009   USD      1.21
Lehman Brothers Treasury Co   7.60     3/4/2010   NZD      1.21
Lehman Brothers Treasury Co  17.00     6/2/2009   USD      1.21
Lehman Brothers Treasury Co  13.50     6/2/2009   USD      1.21
Lehman Brothers Treasury Co   3.00     6/3/2010   EUR      1.21
Lehman Brothers Treasury Co  12.00     7/4/2011   EUR      1.21
Kaupthing ehf                 6.50    10/8/2010   ISK     17.63
Lehman Brothers Treasury Co   2.30    6/27/2013   USD      1.21
Lehman Brothers Treasury Co   2.37    7/15/2013   USD      1.21
Lehman Brothers Treasury Co  13.43     1/8/2009   ILS      1.21
Lehman Brothers Treasury Co   7.75     1/3/2012   AUD      1.21
Lehman Brothers Treasury Co   3.10     6/4/2010   USD      1.21
Lehman Brothers Treasury Co   1.95    11/4/2013   EUR      1.21
Lehman Brothers Treasury Co  12.22   11/21/2017   USD      1.21
Lehman Brothers Treasury Co   0.80   12/30/2016   EUR      1.21
Lehman Brothers Treasury Co   9.00    5/15/2022   USD      1.21
Lehman Brothers Treasury Co  10.00     1/3/2012   BRL      1.21
Lehman Brothers Treasury Co   6.00    5/23/2018   CZK      1.21
Lehman Brothers Treasury Co   4.00    5/30/2010   USD      1.21
Lehman Brothers Treasury Co   4.00    5/17/2010   USD      1.21
Royal Bank of Scotland PLC/   6.20     9/7/2018   GBP      1.07
Lehman Brothers Treasury Co   7.50    6/15/2017   USD      1.21
Lehman Brothers Treasury Co   6.00   12/30/2017   EUR      1.21
Royal Bank of Scotland PLC/   1.33   10/26/2018   GBP      1.06
Lehman Brothers Treasury Co   2.48    5/12/2009   USD      1.21
Lehman Brothers Treasury Co   2.25    5/12/2009   USD      1.21
HSBC Trinkaus & Burkhardt A  15.20    6/23/2017   EUR     61.89
Lehman Brothers Treasury Co   1.68     3/5/2015   EUR      1.21
Lehman Brothers Treasury Co   5.00    4/24/2017   EUR      1.21
Lehman Brothers Treasury Co   4.25    5/15/2010   EUR      1.21
Lehman Brothers Treasury Co   3.35   10/13/2016   EUR      1.21
DZ Bank AG Deutsche Zentral   8.00    3/24/2017   EUR     66.91
UBS AG                        7.00   12/22/2017   EUR     66.55
UBS AG                        7.75   12/22/2017   EUR     67.92
UBS AG                       10.25   12/22/2017   EUR     47.83
UBS AG                        8.50   12/22/2017   EUR     51.37
UBS AG                        4.75   12/22/2017   EUR     74.65
UBS AG                        6.75   12/22/2017   EUR     57.96
UBS AG                        8.25   12/22/2017   EUR     53.15
UBS AG                        6.25   12/22/2017   EUR     57.26
DekaBank Deutsche Girozentr   3.40     3/5/2018   EUR     72.79
UniCredit Bank AG             4.30   12/22/2017   EUR     68.12
DekaBank Deutsche Girozentr   3.30    2/26/2018   EUR     56.30
UniCredit Bank AG             4.30   10/29/2018   EUR     67.02
Landesbank Baden-Wuerttembe   3.90    6/23/2017   EUR     72.82
UBS AG                       10.25   12/22/2017   EUR     58.50
UBS AG                       13.00   12/22/2017   EUR     74.19
UBS AG                        7.75   12/22/2017   EUR     46.56
UBS AG                        8.25   12/22/2017   EUR     41.42
UBS AG                       10.50   12/22/2017   EUR     49.60
UBS AG                        9.50   12/22/2017   EUR     50.99
UBS AG                        6.50   12/22/2017   EUR     57.46
Landesbank Baden-Wuerttembe   3.30    6/22/2018   EUR     68.04
DekaBank Deutsche Girozentr   3.10    2/26/2018   EUR     73.93
Landesbank Baden-Wuerttembe   3.00    5/25/2018   EUR     70.63
DekaBank Deutsche Girozentr   3.45     6/1/2018   EUR     60.53
UniCredit Bank AG             4.40    9/19/2018   EUR     70.66
UBS AG                        9.50   12/22/2017   EUR     55.53
UBS AG                        5.50   12/22/2017   EUR     74.83
UBS AG                        8.00   12/22/2017   EUR     60.07
UBS AG                        5.50   12/22/2017   EUR     70.10
UBS AG                        7.50   12/22/2017   EUR     54.74
UBS AG                        5.75   12/22/2017   EUR     61.44
UBS AG                        5.00   12/22/2017   EUR     69.48
UBS AG                        4.50   12/22/2017   EUR     68.22
UBS AG                        5.00   12/22/2017   EUR     64.04
UBS AG                        6.50   12/22/2017   EUR     65.78
Leonteq Securities AG/Guern   5.75    3/17/2017   CHF     61.10
UniCredit Bank AG             4.30   10/17/2018   EUR     69.92
Barclays Bank PLC             4.17     1/5/2017   EUR     16.92
Landesbank Baden-Wuerttembe   3.55    6/23/2017   EUR     68.48
Landesbank Baden-Wuerttembe   3.15    6/22/2018   EUR     66.58
UBS AG                        5.00   12/22/2017   EUR     74.03
Credit Suisse AG/Nassau       5.25    5/14/2018   CHF     62.87
Landesbank Baden-Wuerttembe   3.05    6/22/2018   EUR     72.10
UBS AG                        4.50   12/22/2017   EUR     60.11
UniCredit Bank AG             4.10    9/28/2018   EUR     63.90
DekaBank Deutsche Girozentr   3.10     5/5/2017   EUR     71.24
DekaBank Deutsche Girozentr   3.40     4/9/2018   EUR     60.25
Landesbank Baden-Wuerttembe   3.60    6/23/2017   EUR     73.29
DekaBank Deutsche Girozentr   3.15    5/18/2018   EUR     47.35
UBS AG                        5.00   12/22/2017   EUR     67.65
UBS AG                        4.75   12/22/2017   EUR     57.29
UBS AG/London                 5.00    8/14/2017   CHF     55.40
Landesbank Baden-Wuerttembe   3.00    2/23/2018   EUR     65.21
Leonteq Securities AG/Guern  10.58     2/3/2017   USD     22.68
UBS AG/London                14.50    7/20/2017   USD     58.00
Goldman Sachs & Co Wertpapi  24.00    4/26/2017   EUR     73.26
Goldman Sachs & Co Wertpapi  24.00    6/21/2017   EUR     72.64
Goldman Sachs & Co Wertpapi  22.00    7/26/2017   EUR     73.92
Goldman Sachs & Co Wertpapi  21.00    8/23/2017   EUR     74.98
Landesbank Baden-Wuerttembe   3.00    8/24/2018   EUR     62.70
Landesbank Baden-Wuerttembe   3.40    6/22/2018   EUR     55.10
Landesbank Baden-Wuerttembe   2.70    7/27/2018   EUR     70.91
Landesbank Baden-Wuerttembe   4.20    6/23/2017   EUR     67.67
Landesbank Baden-Wuerttembe   3.40    8/24/2018   EUR     67.10
Landesbank Baden-Wuerttembe   3.00   10/27/2017   EUR     71.44
Landesbank Baden-Wuerttembe   5.00   10/27/2017   EUR     67.59
Landesbank Baden-Wuerttembe   5.00   10/27/2017   EUR     63.99
Landesbank Baden-Wuerttembe   4.00   10/27/2017   EUR     67.75
Landesbank Baden-Wuerttembe   2.50    2/24/2017   EUR     56.64
Landesbank Baden-Wuerttembe   2.50    2/24/2017   EUR     74.15
Landesbank Baden-Wuerttembe   2.50    2/24/2017   EUR     67.91
Landesbank Baden-Wuerttembe   3.50    2/24/2017   EUR     54.01
Landesbank Baden-Wuerttembe   3.50    2/24/2017   EUR     69.20
Landesbank Baden-Wuerttembe   3.50    2/24/2017   EUR     62.87
Landesbank Baden-Wuerttembe   3.50    2/24/2017   EUR     74.44
Landesbank Baden-Wuerttembe   4.50    2/24/2017   EUR     74.81
Landesbank Baden-Wuerttembe   4.50    2/24/2017   EUR     65.43
Landesbank Baden-Wuerttembe   4.50    2/24/2017   EUR     71.92
Landesbank Baden-Wuerttembe   4.50    2/24/2017   EUR     58.82
Landesbank Baden-Wuerttembe   4.50    2/24/2017   EUR     70.28
Landesbank Baden-Wuerttembe   5.50    2/24/2017   EUR     70.78
Landesbank Baden-Wuerttembe   5.50    2/24/2017   EUR     62.08
Landesbank Baden-Wuerttembe   5.50    2/24/2017   EUR     55.31
Landesbank Baden-Wuerttembe   5.50    2/24/2017   EUR     66.94
Landesbank Baden-Wuerttembe   4.00    2/24/2017   EUR     73.59
Landesbank Baden-Wuerttembe   5.00    2/24/2017   EUR     74.18
Landesbank Baden-Wuerttembe   5.00    2/24/2017   EUR     70.27
Landesbank Baden-Wuerttembe   6.00    2/24/2017   EUR     70.17
Landesbank Baden-Wuerttembe   3.60    9/22/2017   EUR     71.56
Landesbank Baden-Wuerttembe   3.90    7/28/2017   EUR     48.39
Landesbank Baden-Wuerttembe   5.00    3/24/2017   EUR     74.07
Landesbank Baden-Wuerttembe   5.00    3/24/2017   EUR     72.65
Landesbank Baden-Wuerttembe   4.00    3/24/2017   EUR     70.16
Landesbank Baden-Wuerttembe   5.00    3/24/2017   EUR     66.10
Landesbank Baden-Wuerttembe   6.00    3/24/2017   EUR     62.61
Landesbank Baden-Wuerttembe   3.00    3/24/2017   EUR     64.69
Landesbank Baden-Wuerttembe   4.00    3/24/2017   EUR     60.88
Landesbank Baden-Wuerttembe   5.00    3/24/2017   EUR     57.73
Landesbank Baden-Wuerttembe   3.00    3/24/2017   EUR     68.78
Landesbank Baden-Wuerttembe   4.00    3/24/2017   EUR     64.62
Landesbank Baden-Wuerttembe   5.00    3/24/2017   EUR     61.93
Landesbank Baden-Wuerttembe   2.50    3/24/2017   EUR     55.77
Landesbank Baden-Wuerttembe   4.00    3/24/2017   EUR     52.17
Landesbank Baden-Wuerttembe   4.50    3/24/2017   EUR     71.21
Landesbank Baden-Wuerttembe   3.00    3/24/2017   EUR     67.10
Landesbank Baden-Wuerttembe   6.00    9/22/2017   EUR     74.01
Landesbank Baden-Wuerttembe   3.00    9/22/2017   EUR     62.91
Leonteq Securities AG         6.00   10/12/2017   CHF     65.99
UniCredit Bank AG             4.50    9/19/2017   EUR     62.67
UniCredit Bank AG             5.40    6/30/2017   EUR     59.66
UBS AG                        8.25   12/22/2017   EUR     60.08
UBS AG                        7.00   12/22/2017   EUR     62.72
UBS AG                        5.00   12/22/2017   EUR     67.81
UBS AG                        8.75   12/22/2017   EUR     57.61
UBS AG                        4.00   12/22/2017   EUR     73.13
UBS AG                       10.25   12/22/2017   EUR     53.72
UBS AG                       11.75   12/22/2017   EUR     50.93
UBS AG                        9.50   12/22/2017   EUR     54.88
UBS AG                       10.50   12/22/2017   EUR     50.94
BNP Paribas Emissions- und   23.00   12/21/2017   EUR     74.44
BNP Paribas Emissions- und   28.00   12/21/2017   EUR     69.23
BNP Paribas Emissions- und   25.00    6/22/2017   EUR     74.38
BNP Paribas Emissions- und   28.00    6/22/2017   EUR     68.38
BNP Paribas Emissions- und   26.00   12/21/2017   EUR     70.46
BNP Paribas Emissions- und   29.00   12/21/2017   EUR     73.88
BNP Paribas Emissions- und   28.00    3/23/2017   EUR     72.69
BNP Paribas Emissions- und   26.00    6/22/2017   EUR     66.80
BNP Paribas Emissions- und   23.00   12/21/2017   EUR     67.25
BNP Paribas Emissions- und   29.00    3/23/2017   EUR     70.18
BNP Paribas Emissions- und   24.00   12/21/2017   EUR     74.75
BNP Paribas Emissions- und   12.00    3/23/2017   EUR     74.62
BNP Paribas Emissions- und   18.00    3/23/2017   EUR     64.89
BNP Paribas Emissions- und   22.00    3/23/2017   EUR     61.40
BNP Paribas Emissions- und   15.00    3/23/2017   EUR     74.55
BNP Paribas Emissions- und   16.00    6/22/2017   EUR     72.26
BNP Paribas Emissions- und   28.00    6/22/2017   EUR     61.71
BNP Paribas Emissions- und   28.00   12/21/2017   EUR     74.13
BNP Paribas Emissions- und   27.00    3/23/2017   EUR     72.63
BNP Paribas Emissions- und   27.00   12/21/2017   EUR     72.43
BNP Paribas Emissions- und   18.00    6/22/2017   EUR     62.31
BNP Paribas Emissions- und   21.00    6/22/2017   EUR     58.60
BNP Paribas Emissions- und   25.00   12/21/2017   EUR     58.10
BNP Paribas Emissions- und   18.00    3/23/2017   EUR     62.55
BNP Paribas Emissions- und   15.00    3/23/2017   EUR     73.73
BNP Paribas Emissions- und   22.00    3/23/2017   EUR     65.85
BNP Paribas Emissions- und   27.00   12/21/2017   EUR     64.35
BNP Paribas Emissions- und   13.00    6/22/2017   EUR     66.51
BNP Paribas Emissions- und   25.00    6/22/2017   EUR     49.19
BNP Paribas Emissions- und   25.00   12/21/2017   EUR     54.04
Vontobel Financial Products   8.00    3/24/2017   EUR     73.75
BNP Paribas Emissions- und   28.00    3/23/2017   EUR     71.20
BNP Paribas Emissions- und   27.00   12/21/2017   EUR     71.63
BNP Paribas Emissions- und   29.00    6/22/2017   EUR     68.68
BNP Paribas Emissions- und   28.00   12/21/2017   EUR     71.74
BNP Paribas Emissions- und   25.00   12/21/2017   EUR     73.94
BNP Paribas Emissions- und   28.00   12/21/2017   EUR     71.32
BNP Paribas Emissions- und   25.00    3/23/2017   EUR     70.98
BNP Paribas Emissions- und   22.00    3/23/2017   EUR     65.98
BNP Paribas Emissions- und   29.00    3/23/2017   EUR     59.87
BNP Paribas Emissions- und   22.00   12/21/2017   EUR     71.37
BNP Paribas Emissions- und   26.00   12/21/2017   EUR     68.12
BNP Paribas Emissions- und   29.00    6/22/2017   EUR     73.06
BNP Paribas Emissions- und   29.00   12/21/2017   EUR     65.66
BNP Paribas Emissions- und   27.00   12/21/2017   EUR     71.63
BNP Paribas Emissions- und   28.00    3/23/2017   EUR     55.63
BNP Paribas Emissions- und   27.00   12/21/2017   EUR     61.87
BNP Paribas Emissions- und   28.00   12/21/2017   EUR     72.68
BNP Paribas Emissions- und   27.00   12/21/2017   EUR     71.82
BNP Paribas Emissions- und   15.00   12/21/2017   EUR     74.28
BNP Paribas Emissions- und   22.00   12/21/2017   EUR     68.68
BNP Paribas Emissions- und   29.00   12/21/2017   EUR     73.97
BNP Paribas Emissions- und   28.00   12/21/2017   EUR     73.80
BNP Paribas Emissions- und   28.00    3/23/2017   EUR     63.81
BNP Paribas Emissions- und   22.00    3/23/2017   EUR     69.17
BNP Paribas Emissions- und   28.00    3/23/2017   EUR     64.04
BNP Paribas Emissions- und   17.00   12/21/2017   EUR     74.36
BNP Paribas Emissions- und   25.00   12/21/2017   EUR     68.22
BNP Paribas Emissions- und   10.00   12/21/2017   EUR     74.52
BNP Paribas Emissions- und   13.00   12/21/2017   EUR     69.43
BNP Paribas Emissions- und   28.00    3/23/2017   EUR     53.30
BNP Paribas Emissions- und   13.00    3/23/2017   EUR     65.14
BNP Paribas Emissions- und   16.00    3/23/2017   EUR     58.89
BNP Paribas Emissions- und   19.00    3/23/2017   EUR     54.00
BNP Paribas Emissions- und   22.00    3/23/2017   EUR     50.12
BNP Paribas Emissions- und   25.00    3/23/2017   EUR     47.00
BNP Paribas Emissions- und   28.00    3/23/2017   EUR     44.46
BNP Paribas Emissions- und   15.00   12/21/2017   EUR     63.63
BNP Paribas Emissions- und   19.00   12/21/2017   EUR     58.03
BNP Paribas Emissions- und   22.00   12/21/2017   EUR     55.37
Goldman Sachs & Co Wertpapi  16.00    3/22/2017   EUR     74.19
Vontobel Financial Products  12.25    3/10/2017   EUR     68.21
Vontobel Financial Products  11.75     6/9/2017   EUR     70.69
Goldman Sachs & Co Wertpapi  16.00    3/22/2017   EUR     62.95
Leonteq Securities AG        11.20    1/26/2017   CHF     73.73
Leonteq Securities AG        10.20    1/26/2017   CHF     63.46
Deutsche Bank AG              5.20    3/21/2017   EUR     72.70
Deutsche Bank AG              5.20    3/21/2017   EUR     69.90
Deutsche Bank AG              7.20    3/21/2017   EUR     73.10
Deutsche Bank AG              7.20    3/21/2017   EUR     70.30
DekaBank Deutsche Girozentr   2.60   10/12/2018   EUR     74.98
Goldman Sachs & Co Wertpapi  16.00    6/21/2017   EUR     67.94
Societe Generale Effekten G   8.47    6/23/2017   EUR     73.14
Societe Generale Effekten G   8.81    6/23/2017   EUR     57.32
Societe Generale Effekten G  11.68    6/23/2017   EUR     53.14
UBS AG/London                 3.81   10/28/2017   USD     65.75
Notenstein La Roche Private   7.70     5/9/2017   CHF     62.39
Landesbank Baden-Wuerttembe   4.00    4/28/2017   EUR     73.18
Landesbank Baden-Wuerttembe   5.00    4/28/2017   EUR     70.24
Landesbank Baden-Wuerttembe   3.00    4/28/2017   EUR     72.44
Landesbank Baden-Wuerttembe   4.00    4/28/2017   EUR     69.87
Vontobel Financial Products   8.25    3/10/2017   EUR     73.73
Vontobel Financial Products   8.65    3/10/2017   EUR     62.85
UBS AG/London                10.20    2/10/2017   EUR     74.01
UBS AG/London                 4.70    2/10/2017   EUR     69.08
Goldman Sachs & Co Wertpapi  10.00    6/21/2017   EUR     65.21
UBS AG/London                20.36     6/6/2017   USD      6.88
Goldman Sachs & Co Wertpapi  10.00    6/21/2017   EUR     69.23
Goldman Sachs & Co Wertpapi  11.00    6/21/2017   EUR     69.70
Goldman Sachs & Co Wertpapi  11.00    6/21/2017   EUR     65.67
Notenstein La Roche Private   4.80   11/14/2018   CHF     72.01
Goldman Sachs International   1.00    12/5/2017   SEK     13.58
Notenstein La Roche Private   5.30   11/14/2018   CHF     74.73
Notenstein La Roche Private   3.00    9/22/2020   CHF     68.21
Credit Suisse AG/London       7.00   11/15/2019   USD      8.40
UniCredit Bank AG             3.50    1/29/2020   EUR     74.51
Credit Suisse AG/London       8.00   11/29/2019   USD      8.50
Notenstein La Roche Private   5.50   12/28/2018   CHF     71.79
Notenstein La Roche Private   5.00    1/14/2019   CHF     68.71
Notenstein La Roche Private   8.50    1/16/2017   EUR     52.97
Notenstein La Roche Private   5.50    1/14/2019   CHF     73.53
Leonteq Securities AG         8.20    1/16/2017   CHF     73.72
Notenstein La Roche Private   4.50   10/31/2018   CHF     66.67
Leonteq Securities AG         3.00    9/19/2019   CHF     57.48
DekaBank Deutsche Girozentr   7.15   10/27/2017   EUR     47.63
Notenstein La Roche Private   5.00   10/31/2018   CHF     69.32
Landesbank Baden-Wuerttembe   3.25   12/22/2017   EUR     69.65
UniCredit Bank AG             4.00    6/26/2018   EUR     64.79
UniCredit Bank AG             4.60    6/30/2017   EUR     56.84
Landesbank Baden-Wuerttembe   3.25    1/26/2018   EUR     65.36
Landesbank Hessen-Thueringe   4.00    1/16/2018   EUR     64.83
Barclays Bank PLC             4.17     1/5/2017   EUR     22.20
Landesbank Baden-Wuerttembe   3.25    6/23/2017   EUR     73.62
Leonteq Securities AG/Guern   5.00   12/27/2019   EUR     70.47
Leonteq Securities AG         6.00    2/20/2017   CHF     50.76
Bayerische Landesbank         3.00     3/9/2018   EUR     60.92
Leonteq Securities AG         7.20     3/6/2017   CHF     64.94
Leonteq Securities AG         7.80    2/27/2017   EUR     60.94
DekaBank Deutsche Girozentr   2.40    2/17/2017   EUR     63.04
UniCredit Bank AG             5.00    6/25/2019   EUR     64.02
Landesbank Hessen-Thueringe   5.00    3/27/2019   EUR     66.99
EFG International Finance G   7.20    2/25/2019   EUR     29.35
Leonteq Securities AG         5.20     3/6/2017   CHF     73.70
UniCredit Bank AG             3.75    10/2/2020   EUR     68.73
DekaBank Deutsche Girozentr   2.50    2/24/2017   EUR     73.87
DekaBank Deutsche Girozentr   3.00   12/17/2018   EUR     48.23
DZ Bank AG Deutsche Zentral   5.00     2/6/2018   EUR     70.65
DekaBank Deutsche Girozentr   3.20    1/14/2019   EUR     61.21
Leonteq Securities AG         6.00    1/30/2017   CHF     69.45
UniCredit Bank AG             3.75     9/7/2020   EUR     71.06
DekaBank Deutsche Girozentr   2.75    7/17/2019   EUR     73.58
Vontobel Financial Products   6.20     2/4/2019   EUR     72.27
Notenstein La Roche Private   8.00     2/6/2017   EUR     71.00
DekaBank Deutsche Girozentr   2.75     2/2/2018   EUR     72.58
Commerzbank AG                5.24    2/16/2017   EUR     63.67
Notenstein La Roche Private   5.00    2/27/2019   CHF     68.84
Notenstein La Roche Private   5.70    2/27/2019   CHF     67.55
BNP Paribas Emissions- und   27.00    6/22/2017   EUR     72.94
BNP Paribas Emissions- und   25.00    6/22/2017   EUR     62.66
BNP Paribas Emissions- und   19.00   12/21/2017   EUR     69.35
BNP Paribas Emissions- und   28.00   12/21/2017   EUR     63.54
BNP Paribas Emissions- und   19.00    3/23/2017   EUR     68.13
BNP Paribas Emissions- und   24.00    3/23/2017   EUR     63.40
BNP Paribas Emissions- und   28.00    3/23/2017   EUR     59.42
BNP Paribas Emissions- und   16.00    6/22/2017   EUR     71.14
BNP Paribas Emissions- und   13.00    6/22/2017   EUR     60.39
BNP Paribas Emissions- und   19.00    6/22/2017   EUR     54.23
BNP Paribas Emissions- und   28.00   12/21/2017   EUR     54.37
BNP Paribas Emissions- und   24.00    3/23/2017   EUR     59.77
BNP Paribas Emissions- und   12.00   12/21/2017   EUR     72.46
BNP Paribas Emissions- und   18.00    3/23/2017   EUR     66.19
BNP Paribas Emissions- und   22.00    3/23/2017   EUR     62.60
BNP Paribas Emissions- und   25.00    6/22/2017   EUR     60.18
BNP Paribas Emissions- und   27.00    6/22/2017   EUR     58.26
BNP Paribas Emissions- und   19.00   12/21/2017   EUR     66.88
BNP Paribas Emissions- und   22.00   12/21/2017   EUR     64.38
BNP Paribas Emissions- und   25.00   12/21/2017   EUR     62.99
BNP Paribas Emissions- und   27.00   12/21/2017   EUR     61.40
BNP Paribas Emissions- und   22.00    3/23/2017   EUR     72.32
BNP Paribas Emissions- und   26.00    3/23/2017   EUR     68.00
DZ Bank AG Deutsche Zentral  15.75    2/24/2017   EUR     67.38
Communaute Francaise de Bel   0.50    6/27/2046   EUR     68.32
DZ Bank AG Deutsche Zentral   9.25    7/28/2017   EUR     64.73
UBS AG/London                 4.40    6/25/2018   USD     49.75
UBS AG/London                 4.47    6/25/2018   USD     61.03
UBS AG/London                 4.98   12/26/2017   USD     41.97
HSBC Trinkaus & Burkhardt A   8.20    9/22/2017   EUR     64.82
Credit Suisse AG/London       8.55    1/30/2026   USD     10.03
Societe Generale Effekten G  14.99    3/24/2017   EUR     72.10
Societe Generale Effekten G  15.64    6/23/2017   EUR     74.74
HSBC Trinkaus & Burkhardt A  11.80    3/24/2017   EUR     74.66
Zurcher Kantonalbank Financ  14.30   10/11/2017   CHF     72.31
Bank Julius Baer & Co Ltd/G  11.60   10/11/2017   CHF     64.00
UBS AG/London                15.00    10/5/2017   CHF     67.70
Noyabrskaya Pge OOO           8.50   11/10/2020   RUB     60.00
Podkarpacki Bank Spoldzielc   5.80   10/24/2024   PLN     61.80
Transgazservice LLP          10.50    11/8/2019   RUB      1.10
Goldman Sachs & Co Wertpapi  10.00    3/22/2017   EUR     68.19
Goldman Sachs & Co Wertpapi  12.00    3/22/2017   EUR     64.50
Goldman Sachs & Co Wertpapi  11.00    6/21/2017   EUR     65.70
Goldman Sachs & Co Wertpapi  10.00    6/21/2017   EUR     69.25
HSBC Trinkaus & Burkhardt A   6.30    3/24/2017   EUR     74.24
HSBC Trinkaus & Burkhardt A   6.70    3/24/2017   EUR     60.35
HSBC Trinkaus & Burkhardt A   6.50    3/24/2017   EUR     68.44
HSBC Trinkaus & Burkhardt A   7.40    3/24/2017   EUR     62.08
HSBC Trinkaus & Burkhardt A   6.70    3/24/2017   EUR     67.83
Landesbank Baden-Wuerttembe   2.60    2/24/2017   EUR     67.25
UBS AG/London                 6.25    7/24/2017   CHF     70.70
Landesbank Baden-Wuerttembe   2.60    8/23/2019   EUR     68.70
Zurcher Kantonalbank Financ   5.00    7/27/2017   CHF     74.86
Vontobel Financial Products   6.80    1/27/2017   EUR     72.52
Credit Suisse AG/Nassau       7.00     8/7/2017   CHF     74.45
Zurcher Kantonalbank Financ   5.50    1/30/2017   CHF     65.80
Goldman Sachs & Co Wertpapi  13.00    3/22/2017   EUR     50.77
Goldman Sachs & Co Wertpapi   9.00    6/21/2017   EUR     58.18
Goldman Sachs & Co Wertpapi  12.00    6/21/2017   EUR     53.64
Landesbank Baden-Wuerttembe   4.50    8/25/2017   EUR     74.54
Landesbank Baden-Wuerttembe   3.50    8/25/2017   EUR     74.46
Landesbank Baden-Wuerttembe   4.50    8/25/2017   EUR     70.97
Landesbank Baden-Wuerttembe   2.50    8/25/2017   EUR     74.80
Landesbank Baden-Wuerttembe   3.50    8/25/2017   EUR     70.74
Landesbank Baden-Wuerttembe   4.50    8/25/2017   EUR     67.52
Landesbank Baden-Wuerttembe   3.00    8/25/2017   EUR     71.61
Landesbank Baden-Wuerttembe   4.00    8/25/2017   EUR     68.36
Landesbank Baden-Wuerttembe   5.00    8/25/2017   EUR     65.87
Landesbank Baden-Wuerttembe   3.00    8/25/2017   EUR     67.68
Landesbank Baden-Wuerttembe   4.00    8/25/2017   EUR     64.17
Landesbank Baden-Wuerttembe   5.00    8/25/2017   EUR     61.44
Landesbank Baden-Wuerttembe   3.00    8/25/2017   EUR     72.17
EFG International Finance G   7.20    7/29/2020   EUR     51.37
Notenstein La Roche Private   4.00    1/31/2017   EUR     71.71
Zurcher Kantonalbank Financ   4.00    8/24/2018   CHF     74.55
Credit Suisse AG/Nassau       5.50     8/3/2017   EUR     72.69
Bank Julius Baer & Co Ltd/G   4.75    2/13/2017   CHF     72.90
Bank Julius Baer & Co Ltd/G   9.05    2/13/2017   EUR     70.05
Zurcher Kantonalbank Financ   5.75     2/6/2017   EUR     74.60
DekaBank Deutsche Girozentr   2.60    6/23/2017   EUR     66.54
Notenstein La Roche Private   7.00    8/14/2017   CHF     71.55
Leonteq Securities AG         5.20    8/14/2018   CHF     67.39
Goldman Sachs & Co Wertpapi   9.00    6/21/2017   EUR     67.28
Goldman Sachs & Co Wertpapi  13.00    6/21/2017   EUR     60.19
Credit Suisse AG/London       7.70    8/20/2025   USD      8.64
Notenstein La Roche Private   6.30    2/14/2017   CHF     56.16
Landesbank Baden-Wuerttembe   3.00    6/23/2017   EUR     70.66
Landesbank Baden-Wuerttembe   4.00    6/23/2017   EUR     66.93
Landesbank Baden-Wuerttembe   5.00    6/23/2017   EUR     63.80
Landesbank Baden-Wuerttembe   6.00    6/23/2017   EUR     61.36
Credit Suisse AG/Nassau       6.38    6/12/2017   EUR     62.94
Vontobel Financial Products   5.00    1/10/2017   EUR     60.50
Landesbank Baden-Wuerttembe   2.75    7/26/2019   EUR     72.83
UniCredit Bank AG             3.80    7/23/2020   EUR     69.40
Leonteq Securities AG         3.00     7/8/2019   CHF     74.58
Notenstein La Roche Private   3.00     7/3/2019   CHF     73.86
UniCredit Bank AG             4.40    7/13/2018   EUR     67.79
Notenstein La Roche Private   6.50    6/26/2017   EUR     65.86
Raiffeisen Centrobank AG      6.24    3/22/2017   EUR     72.96
Raiffeisen Centrobank AG      9.07    3/22/2017   EUR     73.43
Raiffeisen Centrobank AG      7.37    3/22/2017   EUR     73.71
Landesbank Baden-Wuerttembe   3.00    7/26/2019   EUR     74.98
EFG International Finance G   5.30    6/24/2019   EUR     72.37
Goldman Sachs & Co Wertpapi   6.00    3/22/2017   EUR     73.69
Goldman Sachs & Co Wertpapi   8.00    3/22/2017   EUR     67.74
Goldman Sachs & Co Wertpapi  10.00    3/22/2017   EUR     62.74
Goldman Sachs & Co Wertpapi  14.00    3/22/2017   EUR     54.99
Goldman Sachs & Co Wertpapi   6.00    6/21/2017   EUR     74.38
Goldman Sachs & Co Wertpapi   8.00    6/21/2017   EUR     69.42
Goldman Sachs & Co Wertpapi  10.00    6/21/2017   EUR     65.15
Goldman Sachs & Co Wertpapi  13.00    6/21/2017   EUR     58.09
Goldman Sachs & Co Wertpapi   5.00    3/22/2017   EUR     72.73
Goldman Sachs & Co Wertpapi   6.00    3/22/2017   EUR     70.17
Goldman Sachs & Co Wertpapi   7.00    3/22/2017   EUR     67.79
Goldman Sachs & Co Wertpapi   8.00    3/22/2017   EUR     63.33
Goldman Sachs & Co Wertpapi  10.00    3/22/2017   EUR     59.68
Goldman Sachs & Co Wertpapi  14.00    3/22/2017   EUR     53.80
Goldman Sachs & Co Wertpapi   6.00    6/21/2017   EUR     71.19
Goldman Sachs & Co Wertpapi   6.00    6/21/2017   EUR     73.73
Goldman Sachs & Co Wertpapi   7.00    6/21/2017   EUR     69.24
Goldman Sachs & Co Wertpapi   8.00    6/21/2017   EUR     65.23
Goldman Sachs & Co Wertpapi  10.00    6/21/2017   EUR     62.19
Goldman Sachs & Co Wertpapi  13.00    6/21/2017   EUR     56.92
Goldman Sachs & Co Wertpapi   7.00    3/22/2017   EUR     67.27
Goldman Sachs & Co Wertpapi   8.00    3/22/2017   EUR     64.04
Goldman Sachs & Co Wertpapi   9.00    3/22/2017   EUR     61.15
Goldman Sachs & Co Wertpapi  13.00    3/22/2017   EUR     54.30
Goldman Sachs & Co Wertpapi   6.00    6/21/2017   EUR     71.40
Goldman Sachs & Co Wertpapi   7.00    6/21/2017   EUR     68.16
Goldman Sachs & Co Wertpapi   8.00    6/21/2017   EUR     65.27
Goldman Sachs & Co Wertpapi  10.00    6/21/2017   EUR     63.16
Goldman Sachs & Co Wertpapi  13.00    6/21/2017   EUR     56.98
Goldman Sachs & Co Wertpapi   7.00    3/22/2017   EUR     68.36
UBS AG/London                 9.25    6/26/2017   CHF     63.50
UBS AG/London                 7.00    6/26/2017   EUR     66.10
Landesbank Baden-Wuerttembe   3.70    7/27/2018   EUR     72.04
UBS AG/London                 9.40    6/30/2017   EUR     45.90
EFG International Finance G   7.20    6/26/2017   GBP     23.72
Vontobel Financial Products   3.10     1/2/2017   EUR     63.20
Zurcher Kantonalbank Financ   8.50    7/17/2017   CHF     63.43
Zurcher Kantonalbank Financ   9.00    7/17/2017   EUR     74.43
UBS AG/London                 7.50     7/3/2017   EUR     61.85
Banque Cantonale Vaudoise     7.25     7/3/2017   CHF     61.74
Landesbank Baden-Wuerttembe   3.00    3/24/2017   EUR     61.77
Landesbank Baden-Wuerttembe   4.00    3/24/2017   EUR     58.22
Landesbank Baden-Wuerttembe   5.00    3/24/2017   EUR     55.26
Landesbank Baden-Wuerttembe   6.00    3/24/2017   EUR     52.65
Landesbank Baden-Wuerttembe   3.00    3/24/2017   EUR     66.51
Landesbank Baden-Wuerttembe   4.00    3/24/2017   EUR     62.51
Landesbank Baden-Wuerttembe   5.50    3/24/2017   EUR     57.93
Landesbank Baden-Wuerttembe   4.80    6/23/2017   EUR     67.23
Landesbank Baden-Wuerttembe   3.25    7/28/2017   EUR     70.10
Landesbank Baden-Wuerttembe   3.00    6/23/2017   EUR     72.24
Landesbank Baden-Wuerttembe   4.40    8/25/2017   EUR     74.49
Landesbank Baden-Wuerttembe   3.70    8/25/2017   EUR     74.56
Landesbank Baden-Wuerttembe   4.50    8/25/2017   EUR     68.77
Landesbank Baden-Wuerttembe   3.55    8/25/2017   EUR     42.52
Landesbank Baden-Wuerttembe   3.70    9/22/2017   EUR     69.35
Landesbank Baden-Wuerttembe   3.75    9/22/2017   EUR     41.39
Landesbank Baden-Wuerttembe   3.20    9/22/2017   EUR     64.47
Landesbank Baden-Wuerttembe   3.00    6/22/2018   EUR     56.69
Landesbank Baden-Wuerttembe   3.50   11/24/2017   EUR     56.51
Landesbank Baden-Wuerttembe   3.40    6/23/2017   EUR     51.99
Landesbank Baden-Wuerttembe   3.85   10/27/2017   EUR     45.25
Landesbank Baden-Wuerttembe   3.00   11/24/2017   EUR     53.66
Landesbank Baden-Wuerttembe   3.40   11/24/2017   EUR     43.62
Landesbank Baden-Wuerttembe   3.50    1/26/2018   EUR     74.24
Landesbank Baden-Wuerttembe   3.45    3/22/2019   EUR     62.34
Landesbank Baden-Wuerttembe   4.50    3/23/2018   EUR     53.98
Landesbank Baden-Wuerttembe   3.00    6/28/2019   EUR     66.83
Landesbank Baden-Wuerttembe   2.50    6/28/2019   EUR     68.42
Landesbank Baden-Wuerttembe   3.00    6/28/2019   EUR     71.25
Landesbank Baden-Wuerttembe   3.50    6/22/2018   EUR     65.21
Landesbank Baden-Wuerttembe   4.00    8/25/2017   EUR     41.09
Landesbank Baden-Wuerttembe   3.00    9/28/2018   EUR     48.15
Landesbank Baden-Wuerttembe   3.75   10/27/2017   EUR     45.80
Landesbank Baden-Wuerttembe   3.00     1/4/2019   EUR     53.78
Notenstein La Roche Private   5.40    4/21/2017   CHF     74.04
UBS AG/London                 5.00    4/22/2017   CHF     72.95
Leonteq Securities AG         5.00     5/7/2019   CHF     69.42
Leonteq Securities AG         6.00     5/5/2017   CHF     74.62
Notenstein La Roche Private   5.60     5/4/2017   CHF     74.53
Landesbank Baden-Wuerttembe   3.25    8/25/2017   EUR     67.60
Landesbank Baden-Wuerttembe   3.00    6/28/2019   EUR     72.03
Commerzbank AG                7.24    4/27/2017   EUR     56.86
Commerzbank AG                6.24    4/27/2017   EUR     74.18
Leonteq Securities AG         8.00    4/24/2017   USD     59.26
DekaBank Deutsche Girozentr   3.25    4/20/2018   EUR     60.17
DekaBank Deutsche Girozentr   2.60    4/21/2017   EUR     57.43
Landesbank Hessen-Thueringe   4.00     6/5/2019   EUR     74.09
Leonteq Securities AG         6.00     5/4/2017   CHF     74.21
Bank Julius Baer & Co Ltd/G   6.00     5/2/2017   CHF     72.40
Notenstein La Roche Private   4.00     5/8/2018   CHF     61.88
DekaBank Deutsche Girozentr   2.75   10/29/2018   EUR     59.86
EFG International Finance G   7.19     5/6/2019   EUR     25.47
Notenstein Finance Guernsey   7.19     5/6/2019   EUR     74.82
Bank J Safra Sarasin AG/Gue   8.00     5/4/2017   CHF     65.07
DekaBank Deutsche Girozentr   3.00    4/30/2019   EUR     69.52
UniCredit Bank AG             5.00    7/30/2018   EUR     71.46
Landesbank Baden-Wuerttembe   4.00    6/22/2018   EUR     68.30
Landesbank Baden-Wuerttembe   3.60    6/22/2018   EUR     65.86
UBS AG                        7.40    5/17/2021   CHF     73.52
Societe Generale SA           9.50    5/21/2018   USD     48.32
Notenstein La Roche Private   4.20    5/22/2019   CHF     66.85
Notenstein La Roche Private   4.50    5/22/2018   CHF     67.39
Landesbank Baden-Wuerttembe   3.00    7/26/2019   EUR     72.45
Credit Suisse AG/London       4.00    5/22/2017   CHF     74.69
DekaBank Deutsche Girozentr   3.00    5/12/2017   EUR     61.52
DekaBank Deutsche Girozentr   2.80    5/13/2019   EUR     64.55
Notenstein La Roche Private   4.10     6/5/2019   CHF     74.16
Notenstein La Roche Private   4.00    5/29/2017   CHF     73.50
Zurcher Kantonalbank Financ   3.80    5/22/2017   EUR     63.09
UBS AG/London                 7.00    5/22/2017   CHF     61.45
UBS AG/London                 8.00    5/26/2017   EUR     60.55
Leonteq Securities AG         9.92    5/29/2017   EUR     63.27
Notenstein La Roche Private   4.30     6/5/2019   CHF     72.40
Notenstein La Roche Private   5.80     6/5/2018   CHF     72.63
Commerzbank AG                6.76    6/22/2017   EUR     61.59
BNP Paribas Emissions- und    3.25   11/24/2017   EUR     71.91
Landesbank Baden-Wuerttembe   3.50    7/27/2018   EUR     68.25
Landesbank Baden-Wuerttembe   3.50    7/27/2018   EUR     64.83
Landesbank Baden-Wuerttembe   3.40    7/27/2018   EUR     68.61
Landesbank Baden-Wuerttembe   4.00    6/23/2017   EUR     69.23
Landesbank Baden-Wuerttembe   5.50    6/23/2017   EUR     64.52
Landesbank Baden-Wuerttembe   4.00    6/23/2017   EUR     69.10
Landesbank Baden-Wuerttembe   5.50    6/23/2017   EUR     64.50
Landesbank Baden-Wuerttembe   2.50    6/23/2017   EUR     70.07
Landesbank Baden-Wuerttembe   3.50    6/23/2017   EUR     66.05
Landesbank Baden-Wuerttembe   4.50    6/23/2017   EUR     63.02
Landesbank Baden-Wuerttembe   2.50    6/23/2017   EUR     66.93
Landesbank Baden-Wuerttembe   4.00    6/23/2017   EUR     61.04
Landesbank Baden-Wuerttembe   5.50    6/23/2017   EUR     56.86
Credit Suisse AG/London       8.95   10/17/2019   USD      9.35
RGS Nedvizhimost OOO         12.50   12/11/2017   RUB     60.03
URALSIB Leasing Co OOO       11.50   12/21/2017   RUB      0.01
Vontobel Financial Products   3.00    6/13/2017   EUR     54.87
EFG International Finance G  12.86   10/30/2017   EUR      7.76
Landesbank Baden-Wuerttembe   3.85    8/25/2017   EUR     67.29
UBS AG/London                10.00    3/16/2017   CHF     22.85
Lehman Brothers Treasury Co   8.28    3/26/2009   USD      1.21
Lehman Brothers Treasury Co   6.85   12/22/2008   EUR      1.21
Lehman Brothers Treasury Co   7.60    3/26/2009   EUR      1.21
Lehman Brothers Treasury Co   7.55   12/29/2008   USD      1.21
Fargo Finance OOO             9.00     2/6/2019   RUB      0.01
HSBC Bank PLC                 0.50    12/8/2020   BRL     70.58
Societe Generale SA           0.50     4/4/2024   MXN     52.76
Barclays Bank PLC             1.99    12/1/2040   USD     69.68
Lehman Brothers Treasury Co   9.25    6/20/2012   USD      1.21
Lehman Brothers Treasury Co   3.00    9/13/2010   JPY      9.25
Societe Generale SA           0.50     8/4/2021   BRL     63.38
Polski Bank Spoldzielczy w    4.81    6/22/2021   PLN     55.00
Zurcher Kantonalbank Financ  11.25    4/26/2017   CHF     46.22
Vontobel Financial Products   3.00    5/26/2017   CHF     73.71
HSBC Trinkaus & Burkhardt A   4.00    6/16/2017   EUR     70.54
Kommunekredit                 0.50    5/11/2029   CAD     69.76
Lehman Brothers Treasury Co   4.50     3/7/2015   EUR      1.21
Lehman Brothers Treasury Co   0.01    9/20/2011   USD      1.21
Lehman Brothers Treasury Co   7.50     8/1/2035   EUR      1.21
Lehman Brothers Treasury Co   6.00    12/6/2016   USD      1.21
Lehman Brothers Treasury Co   3.00     8/8/2017   EUR      1.21
Hellas Telecommunications L   8.50   10/15/2013   EUR      0.28
Lehman Brothers Treasury Co   5.00     9/1/2011   EUR      1.21
Lehman Brothers Treasury Co   3.00    8/15/2017   EUR      1.21
Municipality Finance PLC      0.25    6/28/2040   CAD     30.43
Lehman Brothers Treasury Co   4.50   12/30/2010   USD      1.21
Lehman Brothers Treasury Co   7.00    7/11/2010   EUR      1.21
Lehman Brothers Treasury Co   5.00     8/1/2025   EUR      1.21
Lehman Brothers Treasury Co   6.00    7/28/2010   EUR      1.21
Lehman Brothers Treasury Co   6.00    7/28/2010   EUR      1.21
Lehman Brothers Treasury Co   4.90    7/28/2020   EUR      1.21
Lehman Brothers Treasury Co   4.15    8/25/2020   EUR      1.21
Lehman Brothers Treasury Co   3.50    9/29/2017   EUR      1.21
Lehman Brothers Treasury Co   3.50    9/19/2017   EUR      1.21
Lehman Brothers Treasury Co  10.00     1/4/2010   USD      1.21
Lehman Brothers Treasury Co  12.00    7/13/2037   JPY      1.21
Lehman Brothers Treasury Co  10.00    6/11/2038   JPY      1.21
Lehman Brothers Treasury Co   5.00    12/6/2011   EUR      1.21
Lehman Brothers Treasury Co   1.50     2/8/2012   CHF      1.21
Lehman Brothers Treasury Co   4.00    4/24/2009   USD      1.21
Lehman Brothers Treasury Co   9.00    6/13/2009   USD      1.21
Lehman Brothers Treasury Co   3.85    4/24/2009   USD      1.21
Lehman Brothers Treasury Co  10.50     8/9/2010   EUR      1.21
Lehman Brothers Treasury Co   5.75    6/15/2009   CHF      1.21
Lehman Brothers Treasury Co  10.00    3/27/2009   USD      1.21
Lehman Brothers Treasury Co   4.95   10/25/2036   EUR      1.21
Lehman Brothers Treasury Co  11.00    6/29/2009   EUR      1.21
Lehman Brothers Treasury Co   5.50    6/15/2009   CHF      1.21
Immigon Portfolioabbau AG     0.69    5/20/2025   EUR     59.88
Lehman Brothers Treasury Co   1.50   10/25/2011   EUR      1.21
Lehman Brothers Treasury Co   6.00    6/21/2011   EUR      1.21
Lehman Brothers Treasury Co   7.59   11/22/2009   MXN      9.25
Lehman Brothers Treasury Co   0.50    2/16/2009   EUR      1.21
Immigon Portfolioabbau AG     0.98     3/1/2022   EUR     73.63
Lehman Brothers Treasury Co   6.00    3/17/2011   EUR      1.21
Lehman Brothers Treasury Co   4.70    3/23/2016   EUR      1.21
Lehman Brothers Treasury Co   4.70    3/23/2016   EUR      1.21
Lehman Brothers Treasury Co   6.50    7/24/2026   EUR      1.21
Lehman Brothers Treasury Co   4.50     8/2/2009   USD      1.21
Lehman Brothers Treasury Co   9.00    3/17/2009   GBP      1.21
Lehman Brothers Treasury Co   7.00   11/28/2008   CHF      1.21
Lehman Brothers Treasury Co   8.00    5/22/2009   USD      1.21
Lehman Brothers Treasury Co   4.50    7/24/2014   EUR      1.21
Lehman Brothers Treasury Co   7.75    1/30/2009   EUR      1.21
Lehman Brothers Treasury Co   0.25    7/21/2014   EUR      1.21
Lehman Brothers Treasury Co   8.00     8/3/2009   USD      1.21
Lehman Brothers Treasury Co   4.00   11/24/2016   EUR      1.21
Immigon Portfolioabbau AG     4.78     6/7/2030   EUR     70.63
Lehman Brothers Treasury Co   8.00    4/20/2009   EUR      1.21
SpareBank 1 Noetteroey - To   8.25                NOK     53.12
Lehman Brothers Treasury Co   2.00   11/16/2009   EUR      1.21
Petromena ASA                 9.75    5/24/2016   NOK      0.57
Lehman Brothers Treasury Co   3.70     6/6/2009   EUR      1.21
Lehman Brothers Treasury Co   7.50    9/13/2009   CHF      1.21
Lehman Brothers Treasury Co   6.00    2/14/2012   EUR      1.21
Lehman Brothers Treasury Co   7.00    2/15/2012   EUR      1.21
Lehman Brothers Treasury Co  15.00    3/30/2011   EUR      1.21
Lehman Brothers Treasury Co   4.69    2/19/2017   EUR      1.21
Lehman Brothers Treasury Co   4.10    2/19/2010   EUR      1.21
Lehman Brothers Treasury Co   6.60    2/22/2012   EUR      1.21
Lehman Brothers Treasury Co   5.20    3/19/2018   EUR      1.21
Lehman Brothers Treasury Co   3.50   10/31/2011   USD      1.21
Lehman Brothers Treasury Co   3.50   10/24/2011   USD      1.21
HSBC Trinkaus & Burkhardt A  11.10    3/24/2017   EUR     68.26
HSBC Trinkaus & Burkhardt A   7.00    6/23/2017   EUR     73.41
HSBC Trinkaus & Burkhardt A   8.20    3/24/2017   EUR     56.58
Municipality Finance PLC      0.50   12/15/2020   BRL     69.59
First Collection Bureau OJS  15.00   10/15/2021   RUB     60.03
DZ Bank AG Deutsche Zentral   7.50    3/24/2017   EUR     72.09
DZ Bank AG Deutsche Zentral   4.00    3/24/2017   EUR     70.24
DZ Bank AG Deutsche Zentral   6.25    3/24/2017   EUR     73.53
UBS AG                       10.83    5/15/2017   USD     23.56
HSBC Trinkaus & Burkhardt A   7.90    6/23/2017   EUR     74.94
HSBC Trinkaus & Burkhardt A   8.60    1/27/2017   EUR     73.04
HSBC Trinkaus & Burkhardt A   7.90    1/27/2017   EUR     71.69
HSBC Trinkaus & Burkhardt A  16.10    3/24/2017   EUR     43.62
Credit Suisse AG/London       3.00   11/15/2025   ZAR     61.19
DZ Bank AG Deutsche Zentral   7.00    3/24/2017   EUR     52.75
DZ Bank AG Deutsche Zentral   6.00    3/24/2017   EUR     70.68
DekaBank Deutsche Girozentr   3.50   10/28/2019   EUR     66.97
Bank Julius Baer & Co Ltd/G   5.50    11/6/2017   CHF     61.80
Deutsche Bank AG              7.20    3/21/2017   EUR     70.50
Deutsche Bank AG              9.20    3/21/2017   EUR     71.00
Deutsche Bank AG              9.20    3/21/2017   EUR     68.30
Deutsche Bank AG              5.50    3/21/2017   EUR     74.20
Credit Suisse AG/London       7.00    5/16/2017   CHF     70.49
DZ Bank AG Deutsche Zentral   5.25    3/24/2017   EUR     71.73
Deutsche Bank AG              5.20    3/21/2017   EUR     70.10
UBS AG/London                10.50   11/13/2017   CHF     74.70
Deutsche Bank AG              7.20    6/20/2017   EUR     74.60
Deutsche Bank AG              7.20    6/20/2017   EUR     71.60
DZ Bank AG Deutsche Zentral   7.70    3/24/2017   EUR     74.04
UniCredit Bank AG             5.00    6/22/2017   EUR     72.37
UniCredit Bank AG             5.00    6/22/2017   EUR     73.70
Deutsche Bank AG              7.20    7/26/2017   EUR     73.50
Zurcher Kantonalbank Financ  12.00    11/1/2017   CHF     74.09
Deutsche Bank AG              5.20    6/20/2017   EUR     73.70
Deutsche Bank AG              5.20    6/20/2017   EUR     70.70
Deutsche Bank AG              7.20    6/20/2017   EUR     71.60
Deutsche Bank AG              7.20    6/20/2017   EUR     74.10
Deutsche Bank AG              5.20    6/20/2017   EUR     73.20
Deutsche Bank AG              5.20    6/20/2017   EUR     70.60
UniCredit Bank AG             4.80    6/22/2017   EUR     74.27
UniCredit Bank AG             5.00    6/22/2017   EUR     73.02
UniCredit Bank AG             4.80    6/22/2017   EUR     74.93
Deutsche Bank AG              5.20    7/26/2017   EUR     72.30
Deutsche Bank AG              9.20    7/26/2017   EUR     74.60
Leonteq Securities AG         7.40   11/20/2017   EUR     70.42
Credit Suisse AG/Nassau       7.25    6/14/2017   CHF     66.72
Deutsche Bank AG              6.50    6/20/2017   EUR     75.00
UBS AG/London                 4.22    7/30/2018   USD     14.26
UBS AG/London                 6.06    1/30/2018   USD     52.84
UBS AG/London                 9.30    3/10/2017   EUR     70.47
Lehman Brothers Treasury Co   6.70    4/21/2011   USD      1.21
Lehman Brothers Treasury Co   3.00    9/12/2036   JPY      9.25
Lehman Brothers Treasury Co   4.68   12/12/2045   EUR      1.21
Lehman Brothers Treasury Co   5.22     3/1/2024   EUR      1.21
DekaBank Deutsche Girozentr   2.60    6/15/2018   EUR     71.26
Synergy PJSC                 12.90    4/29/2020   RUB     63.00
BNP Paribas Emissions- und   15.00    3/23/2017   EUR     68.69
BNP Paribas Emissions- und   18.00    3/23/2017   EUR     63.12
BNP Paribas Emissions- und   25.00    3/23/2017   EUR     55.14
BNP Paribas Emissions- und   15.00   12/21/2017   EUR     69.97
BNP Paribas Emissions- und   16.00   12/21/2017   EUR     67.60
BNP Paribas Emissions- und   19.00   12/21/2017   EUR     65.63
Vontobel Financial Products   8.35    5/26/2017   USD     72.96
DZ Bank AG Deutsche Zentral  11.50    6/23/2017   EUR     62.74
BNP Paribas Emissions- und   16.00    3/23/2017   EUR     65.65
BNP Paribas Emissions- und   24.00    3/23/2017   EUR     56.99
BNP Paribas Emissions- und   18.00   12/21/2017   EUR     66.51
HSBC Trinkaus & Burkhardt A   5.00    4/28/2017   EUR     65.07
Zurcher Kantonalbank Financ  14.75    5/11/2017   CHF     71.13
IDGC of the North Caucasus   13.00    4/22/2021   RUB     60.00
Commerzbank AG               23.00    4/27/2017   EUR     74.74
Lehman Brothers Treasury Co  13.00   12/14/2012   USD      1.21
Lehman Brothers Treasury Co   5.25     4/1/2023   EUR      1.21
Lehman Brothers Treasury Co   3.00    6/23/2009   EUR      9.25
Lehman Brothers Treasury Co   2.30    4/28/2014   JPY      1.21
Lehman Brothers Treasury Co   4.00    2/28/2010   EUR      1.21
Melhus Sparebank              2.73    9/16/2024   NOK     72.08
Svensk Exportkredit AB        0.50    8/25/2021   ZAR     66.78
Commerzbank AG               20.00    5/28/2018   SEK     65.49
Societe Generale Effekten G   4.00    6/26/2017   EUR     49.64
HSBC Trinkaus & Burkhardt A   7.70    3/24/2017   EUR     73.60
HSBC Trinkaus & Burkhardt A   1.75    8/25/2017   EUR     61.17
Commerzbank AG                4.00     9/8/2017   EUR     66.96
HSBC Trinkaus & Burkhardt A   9.20    6/23/2017   EUR     64.13
HSBC Trinkaus & Burkhardt A   7.20    9/22/2017   EUR     66.72
HSBC Trinkaus & Burkhardt A   4.40    9/22/2017   EUR     70.41
Eiendomskreditt               5.43                NOK     69.75
Lloyds Bank PLC               0.50    7/26/2028   MXN     40.99
Podkarpacki Bank Spoldzielc   5.11    5/28/2023   PLN     51.85
Lehman Brothers Treasury Co   4.05    9/16/2008   EUR      1.21
Immigon Portfolioabbau AG     4.21    1/25/2033   EUR     61.88
Lehman Brothers Treasury Co   7.25    6/20/2010   USD      1.21
Lehman Brothers Treasury Co   7.00    9/20/2011   USD      1.21
Lehman Brothers Treasury Co   4.10    5/20/2009   USD      1.21
Lehman Brothers Treasury Co   2.00    5/17/2010   EUR      1.21
Lehman Brothers Treasury Co   3.82   10/20/2009   USD      1.21
Lehman Brothers Treasury Co   2.75   10/28/2009   EUR      1.21
IT Holding Finance SA         9.88   11/15/2012   EUR      0.11
Lehman Brothers Treasury Co   4.10    8/23/2010   USD      1.21
Lehman Brothers Treasury Co   5.12    4/30/2027   EUR      1.21
Lehman Brothers Treasury Co   7.75    2/21/2016   EUR      1.21
Lehman Brothers Treasury Co   3.63     3/2/2012   EUR      1.21
Lehman Brothers Treasury Co   8.00   12/27/2032   JPY      1.21
Lehman Brothers Treasury Co   0.75    3/29/2012   EUR      1.21
Nota-Bank OJSC               13.50     4/1/2016   RUB     31.50
URALSIB Leasing Co OOO       10.25    3/21/2019   RUB      0.01
Societe Generale SA           0.50    4/30/2023   RUB     61.33
HSBC Bank PLC                 0.50     6/9/2023   MXN     57.41
Credit Agricole Corporate &   2.00     7/9/2020   BRL     72.42
Immigon Portfolioabbau AG     4.20    2/22/2033   EUR     61.88
SG Issuer SA                  5.50    4/10/2021   EUR     67.20
Podkarpacki Bank Spoldzielc   5.79    3/31/2025   PLN     55.29
Landesbank Hessen-Thueringe   4.00    5/16/2018   EUR     69.68
Syntagma OOO                 16.50    5/10/2022   RUB      0.01
Goldman Sachs & Co Wertpapi  23.00    5/24/2017   EUR     73.81
URALSIB Leasing Co OOO       10.50    4/17/2018   RUB      0.01
Notenstein La Roche Private  15.00   12/27/2017   CHF     71.93
Exane Finance                 3.00    9/18/2018   USD     72.53
Vontobel Financial Products  18.40    9/11/2017   EUR     69.11
Bank Julius Baer & Co Ltd/G  12.80    9/20/2017   CHF     61.95
Bank Julius Baer & Co Ltd/G  13.85    9/20/2017   CHF     65.70
UBS AG                        8.29    9/21/2017   USD     30.40
Leonteq Securities AG         5.20    8/14/2017   CHF     74.76
UBS AG/London                11.00     8/7/2017   USD     72.45
Notenstein La Roche Private   7.20     2/7/2017   CHF     70.25
DekaBank Deutsche Girozentr   4.75    1/20/2017   EUR     66.20
Bank Julius Baer & Co Ltd/G   5.00    8/21/2017   CHF     74.60
Lehman Brothers Treasury Co   2.40    6/20/2011   JPY      1.21
Lehman Brothers Treasury Co   1.60    6/21/2010   JPY      1.21
JP Morgan Structured Produc   3.60    7/17/2017   USD     72.92
Landesbank Baden-Wuerttembe   2.90    7/27/2018   EUR     69.19
Landesbank Baden-Wuerttembe   2.70    7/26/2019   EUR     74.01
Goldman Sachs & Co Wertpapi   5.00    3/22/2017   EUR     73.47
Goldman Sachs & Co Wertpapi   7.00    3/22/2017   EUR     67.52
Goldman Sachs & Co Wertpapi   7.00    6/21/2017   EUR     68.95
Goldman Sachs & Co Wertpapi   5.00    6/21/2017   EUR     73.26
Notenstein La Roche Private   4.20    7/17/2019   CHF     70.98
Vontobel Financial Products   4.65    7/24/2017   EUR     68.00
BNP Paribas Emissions- und    4.00    7/27/2017   EUR     69.90
Bank Julius Baer & Co Ltd/G   6.00    7/24/2017   CHF     69.25
UBS AG/London                 7.00    7/17/2017   CHF     56.75
Notenstein La Roche Private   4.00    7/24/2019   CHF     70.36
Notenstein La Roche Private   6.70    7/24/2017   EUR     71.32
Notenstein La Roche Private   7.00    1/24/2017   CHF     67.48
Exane Finance                 6.25   12/20/2019   SEK     70.35
Credit Suisse AG/Nassau       6.00    7/31/2017   CHF     74.64
Notenstein La Roche Private   8.99    7/22/2019   EUR     43.98
DZ Bank AG Deutsche Zentral   6.00    3/24/2017   EUR     72.62
DZ Bank AG Deutsche Zentral   7.00    3/24/2017   EUR     72.12
Leonteq Securities AG         5.80    8/24/2017   CHF     74.66
Leonteq Securities AG         5.00     9/4/2018   CHF     58.84
UniCredit Bank AG             3.95    10/7/2019   EUR     68.04
Credit Suisse AG/Nassau       7.25     3/8/2017   CHF     60.76
Goldman Sachs & Co Wertpapi  15.00    3/22/2017   EUR     69.00
Goldman Sachs & Co Wertpapi  14.00    6/21/2017   EUR     71.43
Bank Julius Baer & Co Ltd/G  11.85    8/30/2017   CHF     56.70
Zurcher Kantonalbank Financ  10.00    8/18/2017   CHF     63.65
Goldman Sachs & Co Wertpapi  10.00    3/22/2017   EUR     61.79
Leonteq Securities AG         6.77    8/17/2017   CHF     56.82
Deutsche Bank AG              5.20    3/21/2017   EUR     73.40
Deutsche Bank AG              7.20    3/21/2017   EUR     67.80
Deutsche Bank AG              7.20    3/21/2017   EUR     63.10
Deutsche Bank AG              5.20    3/21/2017   EUR     60.50
Deutsche Bank AG              5.20    3/21/2017   EUR     70.50
Deutsche Bank AG              7.20    3/21/2017   EUR     71.00
Deutsche Bank AG              7.20    3/21/2017   EUR     67.20
Deutsche Bank AG              7.20    3/21/2017   EUR     63.70
Leonteq Securities AG         5.40    8/28/2017   CHF     59.04
UBS AG/London                 8.25     8/7/2017   EUR     73.40
Landesbank Baden-Wuerttembe   3.40    9/28/2018   EUR     72.04
Notenstein La Roche Private   7.00    8/11/2017   CHF     72.22
Notenstein La Roche Private   8.02    8/11/2017   EUR     73.12
Credit Suisse AG/London       7.00    2/20/2017   CHF     69.34
DZ Bank AG Deutsche Zentral   3.45    8/25/2017   EUR     72.00
DekaBank Deutsche Girozentr   2.80    7/22/2019   EUR     72.41
Goldman Sachs & Co Wertpapi   3.00    3/22/2017   EUR     70.94
Credit Suisse AG/London       1.64     6/1/2042   USD     48.21
Deutsche Bank AG              7.20    3/21/2017   EUR     73.80
Deutsche Bank AG              5.20    3/21/2017   EUR     67.00
Deutsche Bank AG              5.20    3/21/2017   EUR     67.40
Deutsche Bank AG              7.20    3/21/2017   EUR     65.30
Deutsche Bank AG              7.20    3/21/2017   EUR     61.00
Deutsche Bank AG              7.20    3/21/2017   EUR     59.00
Deutsche Bank AG              7.20    3/21/2017   EUR     67.50
Deutsche Bank AG              5.20    3/21/2017   EUR     64.90
Deutsche Bank AG              5.20    3/21/2017   EUR     62.60
Deutsche Bank AG              5.20    3/21/2017   EUR     58.50
Deutsche Bank AG              7.20    3/21/2017   EUR     74.60
Deutsche Bank AG              5.20    3/21/2017   EUR     68.10
Deutsche Bank AG              5.20    3/21/2017   EUR     66.70
Deutsche Bank AG              5.20    3/21/2017   EUR     63.30
Notenstein La Roche Private   5.02    2/20/2017   CHF     74.98
BNP Paribas Emissions- und   19.00    3/23/2017   EUR     73.59
HSBC Trinkaus & Burkhardt A  10.20    3/24/2017   EUR     71.13
HSBC Trinkaus & Burkhardt A   9.40    3/24/2017   EUR     67.69
HSBC Trinkaus & Burkhardt A   7.30    3/24/2017   EUR     72.58
HSBC Trinkaus & Burkhardt A  14.60    3/24/2017   EUR     46.18
Goldman Sachs & Co Wertpapi  16.00    3/22/2017   EUR     57.39
DekaBank Deutsche Girozentr   3.10     8/4/2017   EUR     55.80
Deutsche Bank AG              3.20   11/22/2017   EUR     72.20
Deutsche Bank AG              3.20   11/22/2017   EUR     71.60
Landesbank Baden-Wuerttembe   4.50    2/24/2017   EUR     72.38
HSBC Trinkaus & Burkhardt A   7.50    3/24/2017   EUR     69.83
Landesbank Baden-Wuerttembe   5.50    2/24/2017   EUR     69.55
Bank Nederlandse Gemeenten    0.50    8/15/2022   ZAR     60.11
DekaBank Deutsche Girozentr   2.75    6/28/2019   EUR     67.35
Goldman Sachs & Co Wertpapi  10.00    3/22/2017   EUR     74.55
Goldman Sachs & Co Wertpapi  14.00    9/20/2017   EUR     70.43
Goldman Sachs & Co Wertpapi   8.00    3/22/2017   EUR     73.38
Goldman Sachs & Co Wertpapi  10.00    3/22/2017   EUR     68.44
Goldman Sachs & Co Wertpapi  12.00    9/20/2017   EUR     67.75
Goldman Sachs & Co Wertpapi  14.00    9/20/2017   EUR     73.30
Lehman Brothers Treasury Co   4.20    12/3/2008   HKD      9.63
Bank Nederlandse Gemeenten    0.50    9/20/2022   ZAR     59.49
Goldman Sachs & Co Wertpapi   9.00    9/20/2017   EUR     71.47
Credit Suisse AG/Nassau       7.00    3/22/2017   CHF     58.98
Goldman Sachs & Co Wertpapi  13.00    3/22/2017   EUR     68.82
Goldman Sachs & Co Wertpapi  16.00    3/22/2017   EUR     64.03
Goldman Sachs & Co Wertpapi  15.00    6/21/2017   EUR     67.48
Goldman Sachs & Co Wertpapi  15.00    3/22/2017   EUR     60.76
Goldman Sachs & Co Wertpapi   8.00    6/21/2017   EUR     74.66
Goldman Sachs & Co Wertpapi  10.00    6/21/2017   EUR     70.64
Goldman Sachs & Co Wertpapi  14.00    6/21/2017   EUR     64.05
Goldman Sachs & Co Wertpapi  10.00    9/20/2017   EUR     70.33
Goldman Sachs & Co Wertpapi  12.00    9/20/2017   EUR     65.90
Goldman Sachs & Co Wertpapi  17.00    3/22/2017   EUR     68.28
BNP Paribas Emissions- und    3.00   10/12/2018   EUR     66.23
Barclays Bank PLC             1.64     6/3/2041   USD     72.23
Leonteq Securities AG         5.60    9/11/2017   CHF     59.65
HSBC Trinkaus & Burkhardt A   7.80    3/24/2017   EUR     73.89
HSBC Trinkaus & Burkhardt A  10.50    3/24/2017   EUR     65.55
HSBC Trinkaus & Burkhardt A   8.20    6/23/2017   EUR     71.22
HSBC Trinkaus & Burkhardt A   7.30    3/24/2017   EUR     61.82
DekaBank Deutsche Girozentr   2.75    6/24/2019   EUR     69.60
Polski Bank Spoldzielczy w    5.29    9/14/2027   PLN     42.50
Municipality Finance PLC      0.50    5/31/2022   ZAR     60.25
Rosbank PJSC                  0.01    2/26/2025   RUB     70.00
URALSIB Leasing Co OOO       11.50     2/6/2018   RUB      0.01
Uginvestgerion OOO           12.10     4/1/2020   RUB      0.01



                            *********

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.


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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, Julie Anne L. Toledo, Ivy B. Magdadaro, and
Peter A. Chapman, Editors.

Copyright 2017.  All rights reserved.  ISSN 1529-2754.

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

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

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


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