TCREUR_Public/170130.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 30, 2017, Vol. 18, No. 21


                            Headlines


A L B A N I A

PROCREDIT BANK: Fitch Raises LT Foreign Currency IDR to 'B+'


F R A N C E

ODDO ET: Fitch Affirms Subordinated Debt Rating at 'BB+'
TECHNICOLOR SA: S&P Affirms 'BB-' CCR, Outlook Stable


G E R M A N Y

FWT ENERGY: Files for Insolvency Proceedings


I R E L A N D

BUS EIREANN: To Ban Overtime in Bid to Save Company
OAK HILL V: Moody's Assigns B1 Rating to Class F Notes
TITAN EUROPE 2007-2: Moody's Lowers Rating on A2 Notes to B1


I T A L Y

TIBET CMBS: DBRS Confirms Rating on Class D Debt at BB(low)(sf)


L A T V I A

KVV LIEPAJAS: Sale Process to Start in February


N E T H E R L A N D S

DRYDEN 48: Moody's Assigns B2 Rating to Class F Notes
DUCHESS VII: S&P Raises Rating on Class E Notes to 'BB'
HIGHLANDER EURO: S&P Reinstates 'B-' Rating on Cl. D (prim) Notes
ST. PAUL CLO IV: Fitch Affirms 'B-sf' Rating on Class E Notes
STORM 2017-I: Fitch Assigns 'Bsf' Rating to Class D Notes


R U S S I A

POLYUS GOLD: Fitch Assigns 'BB-(EXP)' Rating to Sr. Unsec. Notes


S P A I N

BBVA FINANZIA: Moody's Raises Rating on Class C Notes to Caa3


U K R A I N E

BANK PEOPLE'S: Ukraine Central Bank Declares Bank Insolvent
FORTUNA-BANK PUBLIC: To Be Classified as Insolvent


U N I T E D   K I N G D O M

BELLE VUE: In Liquidation Over Concerns on Fin'l. Management
DECO 8 - UK: Moody's Lowers Rating on Class A2 Notes to Caa1
DIAMONDCORP PLC: Warns of Insolvency if Wage Deal Fails
FERGUSSON GROUP: RBS Faces GBP30 Million Loss
GOWER HOTEL: Unexpectedly Goes Into Liquidation

HEWDEN STUART: Unsecured Creditors Unlikely to Get Payment
LONDON & ST LAWRENCE: Proposed Plans for Members' Liquidation
MIRUJI HEALTH: Went Into Liquidation
NEWDAY PARTNERSHIP: Fitch Affirms 'B' Rating on 2014-1 F Notes


X X X X X X X X

* BOND PRICING: For the Week January 23 to January 27, 2017


                            *********



=============
A L B A N I A
=============


PROCREDIT BANK: Fitch Raises LT Foreign Currency IDR to 'B+'
------------------------------------------------------------
Fitch Ratings has upgraded ProCredit Bank Sh.a.'s Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) to 'B+'
and 'BB-', respectively from 'B' and 'B+'. The Outlooks on both
IDRs are Stable. All other ratings have been affirmed. Its
Viability Rating is unaffected by this rating action.

The upgrade is driven by Fitch's reassessment of Albania's
country risks.

KEY RATING DRIVERS
IDRS AND SUPPORT RATING
PCB Albania's IDRs and Support Rating are driven by the support
Fitch expects the bank to receive from its parent ProCredit
Holding (PCH, BBB/Stable). However, the extent to which this
support can be factored into the ratings of the bank is
constrained by Fitch's assessment of risks relating to the
Albanian sovereign. Absent of these risk constraints, the support
considerations would typically be reflected in a one-notch
differential between the Long-Term IDR of the parent and that of
PCB Albania. The support considerations include the 100%
ownership, the strategic importance of south-eastern Europe to
PCH, strong integration within the parent and a track record of
capital and liquidity support.

PCH's IDRs and Support Rating are driven by Fitch's view of the
potential support the bank can expect to receive from its core
international financial institution (IFI) shareholders (end-2016:
combined stake of 39%). Fitch views Zeitinger Invest, ProCredit
Invest, KfW, IFC and DOEN Foundation as core shareholders in PCH.
They have strategic control over the group, through their status
as general partner within the KGaA structure. Fitch's view of
support is based on the long-term and strategic commitment of
these shareholders, as highlighted by their role within PCH's
structure, the alignment of their own missions of development
finance with that of PCH, and a track record of debt and capital
support to PCH and its subsidiary banks.

The one-notch uplift of PCB Albania's Local Currency IDR above
its Foreign Currency IDR reflects a lower probability of
restrictions being placed on servicing of local currency
obligations in case of systemic stress.

The Outlooks on PCB Albania's Foreign and Local Currency IDRs are
Stable and reflect Fitch's view of balanced upside and downside
country risks.

RATING SENSITIVITIES
IDRS AND SUPPORT RATING
Changes in Fitch's perception of risks relating to Albania in
either direction could affect the PCB Albania's IDRs and Support
Rating.

PCB Albania's IDRs would also be sensitive to a multi-notch
downgrade of PCH' Long-Term IDR as well as Fitch's view of any
material weakening of the commitment of PCH to Albania, although
this is currently not expected by the agency.

The rating actions are:

PCB Albania
Long-Term Foreign Currency IDR: upgraded to 'B+' from 'B';
Outlook Stable
Short-Term Foreign Currency IDR: affirmed at 'B'
Long-Term Local Currency IDR: upgraded to 'BB-' from 'B+';
Outlook Stable
Short-Term Local Currency IDR: affirmed at 'B'
Support Rating: affirmed at '4'
Viability Rating of 'b' unaffected


===========
F R A N C E
===========


ODDO ET: Fitch Affirms Subordinated Debt Rating at 'BB+'
--------------------------------------------------------
Fitch Ratings has affirmed Oddo et Cie's (Oddo) and BHF-Bank AG's
(BHF-Bank) Long-Term Issuer Default Ratings (IDRs) at 'BBB-' with
Positive Outlooks. Both banks' Viability Ratings (VRs) have been
affirmed at 'bbb-'.

KEY RATING DRIVERS
IDRs, VR, SENIOR DEBT AND DEPOSIT RATINGS
ODDO
Oddo's ratings reflect the group's small but established
franchises in private banking, asset management and investment
banking, which benefit from the presence of the group in two
large European economies, France and Germany. The ratings also
take into consideration the challenges to turn around the
profitability of Oddo's large loss-making subsidiary, BHF-Bank,
and Fitch's expectations that BHF-Bank will break even in 2017.
Fitch will look for a demonstration of management's execution
capacity while strengthening BHF-Bank's franchise. A modest risk
appetite, combined with healthy asset quality, adequate
capitalisation and ample liquid assets support the ratings.

Management has delivered on restoring Oddo's capital ratios
following the acquisition of BHF-Bank, with a 13.5% common equity
Tier 1 ratio at end-June 2016. The leverage ratio declined
sharply to 8% at end-June 2016 because of the acquisition, but
the bank has strengthened its equity base. Fitch expects Oddo to
maintain capitalisation at least at current levels and to improve
it further once the German subsidiary starts to generate capital
through improved earnings.

Oddo undertook several restructuring measures in 2016 to improve
BHF-Bank's cost efficiency, and 2017 is expected to be a
turnaround year for the group. Oddo has been focusing on rapid
integration of the German bank, having already been integrated
its own management team with that of the subsidiary. Strengthened
revenue generation at BHF-Bank would demonstrate improved sales
dynamic and a revitalised franchise. Fitch expect wealth
management to generate two-thirds of profits, providing the group
with some earnings resilience.

BHF-Bank accounts for around two-thirds of Oddo's on-balance
sheet assets, but Fitch expect that management will improve
earnings without increasing risks. While BHF-Bank has larger
credit-related businesses, Fitch expect management to align BHF-
Bank's risk profile to a large extent with that of Oddo.

Oddo's conservative risk appetite is underpinned by the group's
ownership, with a large number of employees holding company
shares and Philippe Oddo as unlimited partner being liable for
losses on liquidation. Oddo's businesses expose the group to
operational and reputational risks. However, Oddo has a sound
track record of managing these risks, with effective protection
of its franchise.

BHF-BANK
BHF-Bank's IDRs are driven by the standalone strength of the
bank, as expressed in its VR. The Positive Outlook reflects Fitch
expectation that BHF-Bank's franchise, strategy and earnings will
benefit from the subsidiary's integration into Oddo. That Oddo's
main owner and Chief Executive is now also BHF-Bank's Chief
Executive supports Fitch expectation of rapid integration.

The ratings also reflect Fitch expectation that the combination
with Oddo will help to improve BHF-Bank's weak profitability by
exploiting its German franchise more effectively and by offering
access to Oddo's French client base. In Fitch opinion, BHF-Bank's
recently poor performance is mainly due to the bank's protracted
restructuring under former owners and clients' uncertainty
arising from management changes prior to the acquisition. Fitch
expect BHF-Bank's performance to improve and stabilise in the
next two to three years because its new owner is managing
operating costs tightly, and Fitch expect the bank to benefit
from group synergies.

The decline of BHF-Bank's common equity Tier 1 ratio to 14.1% at
end-2015 from 17.8% at end-2013 reflects the bank's weak capital
generation and recent loan growth as well as the implementation
of Basel III deductions. Capitalisation, however, remains
adequate for its robust risk profile.

BHF-Bank's asset quality strongly improved in recent years, which
is reflected in the gradual decline of its non-performing loans
(NPLs). Most NPLs are covered by export credit guarantees,
significantly reducing credit risk. However, due to the small
size of BHF-Bank, its asset base remains concentrated. Fitch
believe that Oddo does not intend to pursue BHF-Bank's recent
expansion in corporate lending.

BHF-Bank has been assigned Deposit Ratings that are aligned with
its IDRs because its deposit-driven funding mix results in a
small qualifying debt buffer. Consequently, it is far from
offering material incremental probability of default protection
to depositors or providing comfort that recoveries in a default
scenario would be above average.

SUPPORT RATING AND SUPPORT RATING FLOOR
ODDO AND BHF-BANK
While sovereign or institutional support for Oddo and for BHF-
Bank is possible, it cannot be relied upon, resulting in the '5'
Support Ratings and 'No Floor' Support Rating Floors. This
reflects the limited systemic importance of the banks in their
respective countries.

In addition, in Fitch's view, legislative, regulatory and policy
initiatives (including the implementation of the Bank Resolution
and Recovery Directive) have substantially reduced the likelihood
of sovereign support for financial institutions in the EU. It is
likely that senior creditors will be required to participate in
losses, if necessary instead of or ahead of the bank receiving
sovereign support. Hence sovereign support, although possible,
cannot be relied upon.

While possible, potential support for Oddo from the main
shareholder, the Oddo family, cannot be relied upon in Fitch's
opinion. In addition, Fitch believe that although Oddo has a high
propensity to provide support to BHF-Bank, its ability to provide
extraordinary support is limited. BHF-Bank accounts for more than
50% of the combined entity's total assets, which means that it
would be difficult for Oddo to provide support to such a large
subsidiary.

SUBORDINATED DEBT
ODDO
The legacy lower Tier 2 subordinated debt of Oddo is notched down
once from its VR in accordance with Fitch's criteria to reflect
below-average recoveries for this type of debt.

RATING SENSITIVITIES
IDRS, VR, SENIOR DEBT AND DEPOSIT RATINGS
ODDO
Earnings improvement is the key driver of the Positive Outlook on
Oddo's Long-Term IDR. While management has already taken material
steps in terms of integration and cost reduction, Fitch expects
to upgrade the bank once progress in turning around BHF-Bank's
profit generation is visible.

Inability to improve profitability of the combined entity,
potentially arising from the bank not being able to capitalise on
the expanded and more diversified franchise, would likely result
in a revision of the Outlook to Stable. Expansion into higher-
risk businesses, which is currently not expected, or weakening in
capitalisation could result in a downgrade.

BHF-BANK
BHF-Bank's ratings are primarily sensitive to the progress of its
integration with Oddo. The Positive Outlook reflects the expected
benefits from the bank's new ownership, in particular in terms of
franchise, strategic orientations and earnings generation.

No improvement in recurring revenue generation and cost
efficiency or a weakening of the bank's franchise, especially an
outflow of assets under management, would result in negative
rating pressure. Achieving cost efficiency could become
particularly relevant if current market conditions dampen the
bank's customer activity and transaction-driven revenues.

BHF-Bank's Deposit Ratings are primarily sensitive to changes in
the bank's IDRs. Larger subordinated and senior vanilla debt
buffers could lead to an upgrade of the Long-Term Deposit Rating
to one notch above the Long-Term IDR.

SUPPORT RATING AND SUPPORT RATING FLOOR
ODDO AND BHF-BANK
An upgrade of Oddo's and BHF-Bank's Support Ratings and upward
revision of the Support Rating Floors would be contingent on a
positive change in the systemic importance of the banks and in
the sovereigns' propensity to support their banks. This is highly
unlikely, in Fitch's view.

SUBORDINATED DEBT
ODDO
The rating is sensitive to changes in Oddo's VR and therefore to
the same factors that would drive a change in the VR.

The rating actions are as follows:

Oddo et Cie
Long-Term IDR: affirmed at 'BBB-'; Outlook Positive
Short-Term IDR: affirmed at 'F3'
Viability Rating: affirmed at 'bbb-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Senior unsecured debt: affirmed at 'BBB-'
Subordinated (legacy lower tier 2) debt (FR0010494419): affirmed
at 'BB+'
Commercial paper: affirmed at 'F3'

BHF-Bank AG
Long-Term IDR: affirmed at 'BBB-'; Outlook Positive
Short-Term IDR: affirmed at 'F3'
Viability Rating: affirmed at 'bbb-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Deposit Ratings: affirmed at 'BBB-/F3'


TECHNICOLOR SA: S&P Affirms 'BB-' CCR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term and 'B' short-
term corporate credit ratings on France-based technology company
Technicolor S.A.  The outlook is stable.

Also, S&P affirmed its 'BB-' long-term corporate credit rating on
Technicolor's subsidiary, Thomson Licensing SAS.  S&P
subsequently withdrew the rating at Technicolor's request.  The
outlook was stable at the time of withdrawal.

At the same time, S&P affirmed its 'BB-' issue rating on senior
secured debt borrowed by Technicolor and Luxembourg-based
special-purpose vehicle Tech Finance & Co S.C.A.  The '3'
recovery rating reflects S&P's expectation of recovery in the
lower half of the 50%-70% range in the event of a default.

The affirmation follows S&P's updated forecasts for 2016-2018
based on Technicolor's revision of its EBITDA guidance for 2016.
Because of Technicolor's weaker-than-expected operating
performances in 2016, S&P believes that Technicolor won't see
recovery for another year.  S&P projects that operations and
credit metrics will bounce back from 2018.  At the same time, S&P
believes integration of Technicolor's acquired assets is
progressing in line with S&P's expectations, free operating cash
flow (FOCF) generation will remain sound, and liquidity
management remains strong.

S&P lowered its forecasts for both revenues and EBITDA from 2016,
mainly because Technicolor's Connected Home segment will generate
weaker operating performances.  In 2016, this segment felt the
weight of the acceleration of the depreciation of Latin American
currencies versus the U.S. dollar, resulting in substantial
capital expenditure (capex) reductions in the region, alongside
lower revenue bookings due to the spending cuts of two large
U.S.-based customers.  As such, S&P believes that the group won't
meet S&P's initial 2017 expectations.  Also, S&P expects that the
group, along with the rest of the industry, will feel constraints
on its EBITDA margin from global pricing pressure on memory
chips, which started in the fourth quarter of 2016.  Furthermore,
S&P expects that lower EBITDA generation, combined with a one-off
EUR82 million cash payment related to the Cathode-Ray Tube final
settlement and forecast higher capex to fund investments in
immersive technologies, will reduce FOCF in 2017.  As a
consequence, S&P expects that adjusted debt to EBITDA will
deteriorate to 2.8x in 2017, compared with 2.3x in S&P's previous
forecast, and that reported FOCF will decline below EUR200
million.

That said, S&P expects that the deterioration of the group's
credit metrics and FOCF will be limited to 2017.  S&P thinks that
the group has the capabilities to recover from 2018, in its
opinion, thanks to a comeback of the Connected Home segment.  In
2016 the group saw a record amount of new contract wins,
especially with U.S. customers (a market in which Technicolor
increased the scale of its Connected Home business with the
acquisition of Cisco Connected Device).  S&P also believes that
the Technology segment will start growing again in 2018,
benefitting from the ramp-up in licensing agreements.  Finally,
S&P expects that a better product mix coming from higher
contribution of blue ray and production services will improve the
Entertainment Services segment's profitability.  These factors
lead S&P to project a strengthening of adjusted leverage to 2.0x-
2.5x in 2018 from 2.8x this year, and FOCF generation increasing
to more than EUR200 million on a reported basis.  Finally,
despite lowering S&P's forecasts, it thinks that the group's
liquidity will consistently remain strong.

S&P withdrew its corporate credit rating on Thomson Licensing at
the group's request, as there is no more outstanding debt at this
subsidiary.

The stable outlook reflects S&P's expectation that, despite its
expectation of deterioration in operating performances in 2017,
compared with S&P's previous base case, Technicolor will leverage
on new contracts signed in Connected Home segment, a better
product mix in Entertainment Services business unit, and a ramp-
up of certain licensing agreements by the end of 2017 or
beginning of 2018.  S&P therefore expects that, after a one-time
deterioration in 2017, management will maintain adjusted debt to
EBITDA in the 2.5x-2.0x range and FOCF generation will remain
strong at more than EUR200 million on a reported basis.  The
stable outlook also factors in continued strong liquidity
management.

S&P could lower the rating if Technicolor's financial risk
profile weakened protractedly, with adjusted debt to EBITDA
consistently above 3.0x or FOCF significantly below EUR200
million on a prolonged basis, combined with a weaker liquidity
position.  This could result from EBITDA deterioration explained
by a combination of additional order cancelations in Connected
Home segment and stronger pressure coming from more expensive
memory chips, or unforeseen difficulties in the continued
integration of acquired assets, achieving expected synergies, or
containing restructuring costs.

S&P could raise the rating once the integration of acquired
assets is complete, assuming there is no negative deviation in
synergies achieved or restructuring costs.  Any positive rating
action would also result from a rebound in operating performances
from 2018 once contracts signed in 2016 in Connected Home segment
start contributing to the top line.  This could support stronger
credit ratios, for instance adjusted debt to EBITDA falling
sustainably below 2.0x.


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


FWT ENERGY: Files for Insolvency Proceedings
--------------------------------------------
Windtech International reports that FWT energy GmbH has submitted
an application for opening insolvency proceedings regarding its
assets on Jan. 21, 2017, at District Court of Montabaur. On
Jan. 23, 2017, the court appointed Mr. Alexander Romer, partner
in the GORG Insolvency Administration, as the preliminary
insolvency administrator, the report says.

According to the report, Mr. Romer is currently providing a
comprehensive overview of the company's economic situation.
During an employee meeting, the total 67 employees were informed
by the Managing Director about the further steps. The business
operations of FWT energy GmbH will be fully carried on for the
moment.

Wintech says management and provisional insolvency administrators
work closely together and have the common goal to maintain the
company's business permanently and lead the company into a secure
future. In order to achieve this, constructive discussions with
interested investors are currently being conducted, the report
states.

Headquartered in Waigandshain, Germany, FWT energy GmbH has been
manufacturing and selling onshore wind turbines of the 2, 2.5 and
3MW class since 2013. It employs about 70 people.

Wintech notes that the salaries are currently secured through the
insolvency compensations. The service, running separately under
the FWT Service DE GmbH, is not affected by this insolvency.



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


BUS EIREANN: To Ban Overtime in Bid to Save Company
---------------------------------------------------
Martin Wall at The Irish Times reports that Bus Eireann is to
introduce radical measures aimed at generating savings of up to
EUR8 million within the next few weeks to allow it to continue in
operation.

According to the report, the State-owned firm will shortly
announce it will be introducing a ban on all overtime for staff
and will also eliminate the carry-over of all annual leave.

There will also be a ban on recruitment and new prohibitions will
be put in place on chartering buses from outside the company, the
report says.

These cost-saving measures will represent the first phase of an
overall plan to put Bus Eireann on a firm financial footing in
the face of mounting losses, the Irish Times adds.

The Irish Times relates that the first cost cuts are likely to
emerge following forthcoming negotiations with unions.

The report says the company is understood to have told Minister
for Transport Shane Ross of its serious financial difficulties at
a meeting on Jan. 12, during which it warned again that it could
run out of money within 18 months.

The company had previously warned staff it lost an estimated
EUR8 million in 2016 and the threat of insolvency was very real,
adds the Irish Times.


OAK HILL V: Moody's Assigns B1 Rating to Class F Notes
------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Oak Hill European
Credit Partners V Designated Activity Company.

-- EUR260,800,000 Class A-1 Senior Secured Floating Rate Notes
due 2030, Definitive Rating Assigned Aaa (sf)

-- EUR10,600,000 Class A-2 Senior Secured Fixed Rate Notes due
2030, Definitive Rating Assigned Aaa (sf)

-- EUR47,600,000 Class B-1 Senior Secured Floating Rate Notes
due 2030, Definitive Rating Assigned Aa2 (sf)

-- EUR12,200,000 Class B-2 Senior Secured Fixed Rate Notes due
2030, Definitive Rating Assigned Aa2 (sf)

-- EUR25,900,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned A2 (sf)

-- EUR23,700,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned Baa2 (sf)

-- EUR30,400,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned Ba2 (sf)

-- EUR12,900,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned B1 (sf)

RATINGS RATIONALE

Moody's definitive rating of the rated notes addresses the
expected loss posed to noteholders by the legal final maturity of
the notes in 2030. The definitive ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the Collateral Manager, Oak Hill Advisors
(Europe), LLP ("Oak Hill"), has sufficient experience and
operational capacity and is capable of managing this CLO.

Oak Hill V is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The portfolio is expected to be approximately 56% ramped
up as of the closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe. The
remainder of the portfolio will be acquired during the ramp-up
period in compliance with the portfolio guidelines.

Oak Hill will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk and credit improved obligations, and are subject to certain
restrictions.

In addition to the eight classes of notes rated by Moody's, the
Issuer has issued EUR55.1m of subordinated notes, which will not
be rated.

The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.

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

The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. Oak Hill's investment
decisions and management of the transaction will also affect the
notes' performance.

Loss and Cash Flow Analysis:

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
October 2016. The cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of the
binomial distribution assumed for the portfolio default rate. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.

Moody's used the following base-case modeling assumptions:

Par amount: EUR 460,000,000

Diversity Score: 35

Weighted Average Rating Factor (WARF): 2750

Weighted Average Spread (WAS): 4.10%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 40%

Weighted Average Life (WAL): 8 years

As part of the base case, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
country risk ceiling (LCC) of A1 or below. As per the portfolio
constraints, exposures to countries with local currency country
risk ceiling rating of between A1 to A3 cannot exceed 10%.
Following the effective date, and given these portfolio
constraints and the current sovereign ratings of eligible
countries, the total exposure to countries with a LCC of A1 or
below may not exceed 10% of the total portfolio. The remainder of
the pool will be domiciled in countries which currently have a
LCC of Aa3 and above. Given this portfolio composition, the model
was run without the need to apply portfolio haircuts as further
described in the methodology.

Stress Scenarios:

Together with the set of modelling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the definitive rating assigned to the
rated notes. This sensitivity analysis includes increased default
probability relative to the base case. Below is a summary of the
impact of an increase in default probability (expressed in terms
of WARF level) on each of the rated notes (shown in terms of the
number of notch difference versus the current model output,
whereby a negative difference corresponds to higher expected
losses), holding all other factors equal:

Percentage Change in WARF: WARF + 15% (to 3163 from 2750)

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: 0

Class A-2 Senior Secured Fixed Rate Notes: 0

Class B-1 Senior Secured Floating Rate Notes: -2

Class B-2 Senior Secured Fixed Rate Notes: -2

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3575 from 2750)

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: -1

Class A-2 Senior Secured Fixed Rate Notes: -1

Class B-1 Senior Secured Floating Rate Notes: -3

Class B-2 Senior Secured Fixed Rate Notes: -3

Class C Senior Secured Deferrable Floating Rate Notes: -4

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: -3

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in October 2016.


TITAN EUROPE 2007-2: Moody's Lowers Rating on A2 Notes to B1
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the Class
A2 Notes and affirms the rating of the Class B, C and D Notes
issued by Titan Europe 2007-2 Limited.

Moody's rating action is as follows:

-- EUR243M A2 Notes, Downgraded to B1 (sf); previously on
May 16, 2016 Downgraded to Ba2 (sf)

-- EUR164.6M B Notes, Affirmed Ca (sf); previously on May 16,
2016 Downgraded to Ca (sf)

-- EUR122.9M C Notes, Affirmed C (sf); previously on May 16,
2016 Downgraded to C (sf)

-- EUR91.8M D Notes, Affirmed C (sf); previously on May 16, 2016
Downgraded to C (sf)

Moody's does not rate the Class E, Class F, Class G, Class V and
the Class X Notes.

RATINGS RATIONALE

The downgrade of the Class A2 Notes reflects Moody's expectation
that all outstanding note classes will not be repaid in full
prior to the final legal maturity on 23rd April 2017. Non-
repayment at legal final maturity of the transaction would be
classified as a note event of default (NEoD), and any notes still
outstanding would be categorised by Moody's as securities in
default. Moody's expectation is that the Class A2 Noteholders
will be paid out in full post legal final maturity.

Classes B, C and D Notes were affirmed at Ca(sf) and C(sf)
respectively. Although recoveries may eventually be higher than
the current ratings imply (more than 65% for a Ca(sf) rating and
35% for a rating of C(sf)), there is additional uncertainty
surrounding the workout process after a NEoD. An additional risk
for lower ranked notes is that in the event of a NEoD the Class
A2 will become the controlling class and may wish to expedite the
recovery process in a way that could result in lower recoveries
for more junior noteholders.

Moody's downgrade reflects a base expected loss in the range of
70%-80% of the current pool balance, the same as at the last
review. Moody's derives this loss expectation from the analysis
of the default probability of the securitised loans (both during
the term and at maturity) and its value assessment of the
collateral.

For a summary of Moody's key assumptions for the loans in the
pool please refer to the section SUMMARY OF LOAN ASSUMPTIONS
below.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was Moody's
Approach to Rating EMEA CMBS Transactions published in November
2016.

Other factors used in this rating are described in European CMBS:
2016-18 Central Scenarios published in April 2016.

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

Main factors or circumstances that could lead to a downgrade of
the ratings is a decline in the property values backing the
underlying loans.

Main factors or circumstances that could lead to an upgrade of
the rating are an increase in the speed of property disposals and
subsequent pay down of the loans and notes.

MOODY'S PORTFOLIO ANALYSIS

As of the October 2016 IPD, the transaction balance has declined
by 74% to EUR434 million from EUR1,669 million at closing in 2007
due to the payoff of 15 loans originally in the pool and a
partial prepayment of the remaining three loans. The Notes are
currently secured by first-ranking legal mortgages over 52
commercial properties. Since the last review all the assets in
the Cobalt loan have been sold. The pool has an above average
concentration in terms of geographic location with 89% of the
current pool balance secured by assets located in the
Netherlands, and 11% in the Czech Republic. Moody's uses a
variation of the Herfindahl Index, in which a higher number
represents greater diversity, to measure the diversity of loan
size. Large multi-borrower transactions typically have a Herf of
less than 10 with an average of around 5. This pool has a Herf of
1.3, compared to 5.9 at closing.

Moody's weighted average A loan loan-to-value (LTV) ratio for the
pool is 501.6% compared to the reported level of 219.6%. All
three outstanding loans are in special servicing.

SUMMARY OF MOODY'S LOAN ASSUMPTIONS

Below are Moody's key assumptions for the Top 2 loans (the Cobalt
loan has a current outstanding balance of EUR 50.6 million. As
all assets have been sold Moody's expects no further recoveries
and has therefore allocated these amounts as losses. Moody's have
not counted the outstanding Cobalt loan amount in the securitised
loan pool balance percentages).

Tasman (ex MPC) portfolio loan (78% of securitized loan pool) -
LTV: 624% (Whole)/ 552% (A-Loan); Total Default Probability N/A -
- in default; Expected Loss 80%-90%.

The largest loan in the pool is secured by a portfolio of
secondary Dutch office properties. The securitized loan
represents a 55% pari passu portion of a larger senior loan
facility (45% outside of the securitization). There is also
additional subordinated junior and mezzanine loans outside of the
securitization associated with the portfolio. The loan defaulted
at its extended maturity date in January 2012 and subsequently
transferred into Special Servicing. Since then, out of initially
93 assets, 42 have been sold and the securitized loan balance has
reduced by approximately 25% through a combination of asset sales
and cash sweep. The secondary nature of the assets, together with
the difficult refinancing market in the Netherlands presents a
challenge for a wind down of the portfolio by legal final
maturity in April 2017, as such Moody's has severely stressed its
valuation for the remaining properties. The previous special
servicer (Hudson Advisors) has been replaced with Mount Street
Solutions LLP.

Skoduv Palace loan (22% of securitized loan pool) - LTV: 256%
(Whole)/ 107% (A-Loan); Total Default Probability N/A -- in
default; Expected Loss 30%-40%.

The second largest loan is the senior portion of a larger
facility which includes a subordinated junior loan outside of the
securitization. The securitized loan balance has been reduced by
approximately 21% since origination in 2007 via surplus cash
sweep. It is secured over a single office property in the centre
of Prague. The asset is occupied by the municipal government of
the city. The loan was transferred into special servicing after
failing to repay at maturity in October 2012. In the interim, the
tenant has sought litigation against the landlord in respect of
the appropriateness of rental levels. Due to the uncertainty of
the cash flow profile of the asset and in view of the ongoing
litigation (since 2013), a sale of the asset is expected to be
challenging until the position with the tenant can be resolved.
The ongoing issues pose a significant risk that the loan may not
be worked out on time by the legal final maturity date.
Therefore, Moody's has severely stressed its value but notes that
a higher value is achievable once the litigations are settled.


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


TIBET CMBS: DBRS Confirms Rating on Class D Debt at BB(low)(sf)
---------------------------------------------------------------
DBRS Ratings Limited on January 20, 2016, confirmed its ratings
on the following classes of Commercial Mortgage-Backed Floating-
Rate Notes Due December 2026 issued by Tibet CMBS S.R.L.:

-- Class A at AA (sf)
-- Class B at A (high) (sf)
-- Class C at A (low) (sf)
-- Class D at BB (low) (sf)

All trends are Stable.

The rating confirmations reflect the continued stable performance
of the transaction since issuance in January 2015. The
transaction is a securitisation of a single floating-rate loan
granted by Banca IMI S.p.A. to the borrower, Montenapoleone
Retail S.R.L. At closing, the loan had a securitised balance of
EUR203.0 million which, as of the November 2016 quarterly
reporting, has been reduced to EUR197.0 million, reflecting a
2.9% collateral reduction since issuance. The repayment is in
accordance with a Facility Agreement clause (cash sweep of excess
rental income).

The purpose of the loan was to refinance existing indebtedness,
to partially pay closing costs for the loan and for general
corporate purposes. The collateral securing this loan consists of
a single retail property located on Via Monte Napoleone in
central Milan, Italy. The property contains 5,738 square metres
of leasable area situated across a lower ground level and five
above-ground floors.

According to the November 2016 Investor Report, the property
continues to be 100% leased to the same five tenants (five luxury
retailers) as at issuance. An adjacent luxury hotel, which is not
part of the collateral of this transaction, leased the top two
floors of the building to be used as luxury suites. The remaining
weighted-average (WA) lease term to expiry is 10.4 years and
there are no expiration dates earlier than January 2024. The WA
lease term to break option is 3.5 years; the earliest break
option is January 2018.

At issuance, DBRS underwrote the portfolio using the in-place
rents; however, as the tenants received significantly discounted
rents in lieu of tenant improvement contributions when the leases
were signed and, given the desirability of the location, DBRS
gave credit to contractual rental uplifts over the term of the
loan and used anticipated year 5 cash flows. Thus, the DBRS
underwritten net cash flow (NCF) remains unchanged, which is 8.5%
higher than the Issuer's initially underwritten cash flow of
EUR11.7 million. As per the November 2016 Investor Report, the
annual income for YE2016 is EUR13.7 million, which represents a
7.5% increase from the YE2015 figure of EUR12.7 million. The
expiration of initial rental incentives and the rental uplifts
led to this increase in annual income; however, the annual rent
for 2016 is 3.1% below DBRS's expected cash flow at issuance for
this period and 1.6% lower than DBRS's average cash flow over the
term of the loan. This decrease is mainly a result of the lower-
than-expected increase in rental uplifts.

DBRS calculated an issuance stressed interest coverage ratio
(ICR) for the loan to be 1.35 times (x). As of November 2016, the
ICR for the loan was 1.60x. The loan has event of default
covenants (actual and prospective ICR) of 1.30x since year 2 of
the loan. DBRS believes that the property's cash flow will be
sufficient for the loan to remain in compliance with the
covenanted event of default ICR ratios during the remaining term.

DTZ valued the property in July 2014 and, at that time, estimated
the market value of the property at EUR314.7 million. To arrive
at this valuation, DTZ applied a 5.5% discount rate to the
property's rental cash flow. DBRS applied a capitalisation rate
of 5.75% to its stabilised cash flow. According to the November
2016 Investor Report, DTZ revalued the property in July 2016 and
estimated a current market value of EUR404.4 million, which
represented a 28.5% increase since 2014. According to the valuer,
this appreciation is caused by the increased interest and demand
from international investors in Italian high-street retail,
particularly in the prime/luxury segments. The DBRS value now
represents a 44.6% haircut to DTZ's July 2016 valuation. The
current loan-to-value (LTV) of the loan is 49.0%. The loan has an
LTV event of default covenant test at 70.0% and there is
currently a low risk of this covenant being breached during the
remaining loan term.

The final legal maturity of the Notes is in December 2026, seven
years beyond loan maturity. If necessary, this is believed to be
sufficient time, given the security structure and jurisdiction of
the underlying loans, to enforce on the loan collateral and to
repay bondholders.

At issuance, DBRS took the sovereign stress into consideration by
adjusting the sizing hurdles used in its ratings. Recently, on 13
January 2017, DBRS downgraded the Republic of Italy (Italy) to
BBB (high) and, consequently, an additional stress was applied to
the sizing hurdles in this transaction. For a more detailed
discussion of Italy's rating downgrade, please refer to:
http://dbrs.com/research/304610.

The rating assigned to Class D materially deviates from the lower
ratings implied by direct sizing hurdles which are a substantial
component of DBRS European CMBS Rating and Surveillance
methodology. DBRS considers a material deviation to be a rating
differential of three or more notches between the assigned rating
and the rating implied by a substantial component of a rating
methodology; in this case, the assigned ratings reflect that the
loan's performance remains in line with the initial expectations
and the reported property value increase since issuance. These
two factors offset the negative effect of Republic of Italy's
sovereign rating being downgraded to BBB (high) on January 13,
2017.


===========
L A T V I A
===========


KVV LIEPAJAS: Sale Process to Start in February
-----------------------------------------------
LETA reports that the sales procedure of the bankrupt Liepaja
steelworks will start in February, and the insolvency
administrator is to contract 'EY', formerly known as Ernst &
Young to find the investor, Dzintars Hmielevskis, a
representative of the administrator said.

Guntars Koris, the administrator of the insolvent KVV Liepajas
Metalurgs steel plant will complete the sale plan by the end of
January, LETA relates.

"By the end of January, evaluation of the company's property will
be completed, and the sale plan will be ready. It has to be
coordinated with the creditors, therefore the official sale
procedure will start in February," the report quotes Hmielevskis
as saying.

LETA says the administrator is to sign an agreement with EY on
finding potential investors in the coming days.

According to the report, investors already now are showing
interest in the company and some of potential investors have
visited the company. "The world's metallurgy market is changing
and Liepaja's company is becoming more interesting for the
company," Hmielevskis said.

Creditors have claims to the insolvent KVV Liepajas Metalurgs
totaling more than EUR116.587 million, LETA discloses.

Of these, claims by 19 legal entities for a total of EUR88.287
million were found to be substantiated but five legal entities
claiming altogether EUR27.577 million have been asked to submit
additional documentation, according to LETA.

LETA adds that the insolvency administrator has also received
claims from 395 employees of KVV Liepajas Metalurgs totaling
around EUR722,800. The steelworks was a major source of jobs in
Latvia's third-largest city Liepaja.

The total amount of secured creditor claims is EUR86.935 million,
and the claims by unsecured creditors add up to EUR29.652
million, the report discloses.

The Baltic Course has reported Liepaja Court on Sept. 16, 2016,
approved commencing of insolvency proceedings at metallurgical
company KVV Liepajas Metalurgs. Guntars Koris has been appointed
insolvency administrator for the company. The insolvency case
against KVV Liepajas Metalurgs was opened following a complaint
submitted by the joint-stock company G4S Latvia. One more
insolvency claim was filed by TKB Lizings. Both cases have been
combined into a single civil process, explained Kurpa.

Based in the southwestern Latvian port city of Liepaja, Liepajas
Metalurgs used to be Latvia's leading metallurgical company and a
major provider of jobs in Liepaja.


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


DRYDEN 48: Moody's Assigns B2 Rating to Class F Notes
-----------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Dryden 48 Euro
CLO 2016 B.V.:

-- EUR230,000,000 Class A-1 Senior Secured Floating Rate Notes
due 2031, Definitive Rating Assigned Aaa (sf)

-- EUR10,000,000 Class A-2 Senior Secured Fixed Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

-- EUR45,500,000 Class B-1 Senior Secured Floating Rate Notes
due 2031, Definitive Rating Assigned Aa2 (sf)

-- EUR7,500,000 Class B-2 Senior Secured Fixed Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

-- EUR25,500,000 Class C Mezzanine Secured Deferrable Floating
Rate Notes due 2031, Definitive Rating Assigned A2 (sf)

-- EUR20,000,000 Class D Mezzanine Secured Deferrable Floating
Rate Notes due 2031, Definitive Rating Assigned Baa2 (sf)

-- EUR22,000,000 Class E Mezzanine Secured Deferrable Floating
Rate Notes due 2031, Definitive Rating Assigned Ba2 (sf)

-- EUR11,000,000 Class F Mezzanine Secured Deferrable Floating
Rate Notes due 2031, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Moody's definitive rating of the rated notes addresses the
expected loss posed to noteholders by the legal final maturity of
the notes in 2031. The definitive ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, PGIM Limited, has
sufficient experience and operational capacity and is capable of
managing this CLO.

Dryden 48 Euro CLO 2016 B.V. is a managed cash flow CLO. At least
90% of the portfolio must consist of senior secured loans and
senior secured bonds. The portfolio is expected to be 80% ramped
up as of the closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe.

PGIM Limited will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
improved and credit risk obligations, and are subject to certain
restrictions.

In addition to the eight classes of notes rated by Moody's, the
Issuer has issued EUR43.0m of subordinated notes, which will not
be rated.

The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.

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

The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. PGIM Limited's investment
decisions and management of the transaction will also affect the
notes' performance.

Loss and Cash Flow Analysis:

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
October 2016. The cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of the
binomial distribution assumed for the portfolio default rate. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.

Moody's used the following base-case modeling assumptions:

Par amount: EUR 400,000,000

Diversity Score: 43

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 4.25%

Weighted Average Coupon (WAC): 5.85%

Weighted Average Recovery Rate (WARR): 41.5%

Weighted Average Life (WAL): 8 years

Moody's has analysed the potential impact associated with
sovereign related risk of peripheral European countries. As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling of A1 or below. For countries which are not member of the
European Union, the foreign currency country risk ceiling applies
at the same levels under this transaction. Following the
effective date, and given the portfolio constraints and the
current sovereign ratings in Europe, such exposure may not exceed
15% of the total portfolio. As a result and in conjunction with
the current foreign government bond ratings of the eligible
countries, as a worst case scenario, a maximum 15% of the pool
would be domiciled in countries with A3 local or foreign currency
country ceiling. The remainder of the pool will be domiciled in
countries which currently have a local or foreign currency
country ceiling of Aaa or Aa1 to Aa3. Given this portfolio
composition, the model was run with different target par amounts
depending on the target rating of each class as further described
in the methodology. The portfolio haircuts are a function of the
exposure size to peripheral countries and the target ratings of
the rated notes and amount to 2.00% for the Class A-1 and A-2
notes, 1.25% for the Class B-1 and B-2 notes, 0.50% for the Class
C and 0% for Classes D, E, and F.

Stress Scenarios:

Together with the set of modelling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the definitive rating assigned to the
rated notes. This sensitivity analysis includes increased default
probability relative to the base case. Below is a summary of the
impact of an increase in default probability (expressed in terms
of WARF level) on each of the rated notes (shown in terms of the
number of notch difference versus the current model output,
whereby a negative difference corresponds to higher expected
losses), holding all other factors equal:

Percentage Change in WARF: WARF + 15% (to 3220 from 2800)

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: 0

Class A-2 Senior Secured Fixed Rate Notes: 0

Class B-1 Senior Secured Floating Rate Notes: -2

Class B-2 Senior Secured Fixed Rate Notes: -2

Class C Mezzanine Secured Deferrable Floating Rate Notes: -2

Class D Mezzanine Secured Deferrable Floating Rate Notes: -2

Class E Mezzanine Secured Deferrable Floating Rate Notes: 0

Class F Mezzanine Secured Deferrable Floating Rate Notes: 1

Percentage Change in WARF: WARF +30% (to 3640 from 2800)

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: -1

Class A-2 Senior Secured Fixed Rate Notes: -1

Class B-1 Senior Secured Floating Rate Notes: -3

Class B-2 Senior Secured Fixed Rate Notes: -3

Class C Mezzanine Secured Deferrable Floating Rate Notes: -4

Class D Mezzanine Secured Deferrable Floating Rate Notes: -2

Class E Mezzanine Secured Deferrable Floating Rate Notes: -1

Class F Mezzanine Secured Deferrable Floating Rate Notes: 0

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in October 2016.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and
sensitivity analysis, see the sections Methodology Assumptions
and Sensitivity to Assumptions of the disclosure form.

Further information on the representations and warranties and
enforcement mechanisms available to investors are available on
http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_
1056920.

Moody's describes its loss and cash flow analysis in the section
"Ratings Rationale" of this press release.

Moody's describes the stress scenarios it has considered for this
rating action in the section "Ratings Rationale" of this press
release.

For ratings issued on a program, series or category/class of
debt, this announcement provides certain regulatory disclosures
in relation to each rating of a subsequently issued bond or note
of the same series or category/class of debt or pursuant to a
program for which the ratings are derived exclusively from
existing ratings in accordance with Moody's rating practices. For
ratings issued on a support provider, this announcement provides
certain regulatory disclosures in relation to the credit rating
action on the support provider and in relation to each particular
credit rating action for securities that derive their credit
ratings from the support provider's credit rating. For
provisional ratings, this announcement provides certain
regulatory disclosures in relation to the provisional rating
assigned, and in relation to a definitive rating that may be
assigned subsequent to the final issuance of the debt, in each
case where the transaction structure and terms have not changed
prior to the assignment of the definitive rating in a manner that
would have affected the rating.

For any affected securities or rated entities receiving direct
credit support from the primary entity(ies) of this credit rating
action, and whose ratings may change as a result of this credit
rating action, the associated regulatory disclosures will be
those of the guarantor entity. Exceptions to this approach exist
for the following disclosures, if applicable to jurisdiction:
Ancillary Services, Disclosure to rated entity, Disclosure from
rated entity.

Regulatory disclosures contained in this press release apply to
the credit rating and, if applicable, the related rating outlook
or rating review.


DUCHESS VII: S&P Raises Rating on Class E Notes to 'BB'
-------------------------------------------------------
S&P Global Ratings raised its credit ratings on Duchess VII CLO
B.V.'s class C and E notes.  S&P also affirmed its ratings on all
other classes of notes in the transaction.

The rating actions follow S&P's assessment of the transaction's
performance using data from the latest available trustee report.

S&P subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated class at
each rating level.  In S&P's analysis, it used the reported
portfolio balance that it considers to be performing, the current
weighted-average spread, and the weighted-average recovery rates
that S&P considers to be appropriate.  S&P incorporated various
cash flow stress scenarios using alternative default patterns,
and levels, in conjunction with different interest and currency
stress scenarios.

The transaction includes multicurrency revolving liabilities
intended to match the non-euro-denominated assets and
multicurrency revolving loans purchased by the issuer.  American-
style currency call options hedge any currency mismatches.  In
S&P's cash flow analysis, it considered scenarios where the
hedging counterparty does not perform and where the transaction
is therefore exposed to currency rate changes.

Since S&P's previous review, the class A-1 notes and the VFN have
continued to amortize, which has resulted in increased credit
enhancement levels for all classes of notes.  According to S&P's
analysis, the class A-1 and VFN notes, on aggregate, have
amortized by approximately a euro equivalent of EUR6 million
since S&P's previous review.

Taking into account the results of S&P's credit and cash flow
analysis and the application of its current counterparty
criteria, the available credit enhancement for the class C and E
notes is now commensurate with higher ratings than those
previously assigned.  S&P has therefore raised its ratings on
these classes of notes.

While S&P's analysis also shows a general improvement in the
credit quality of the underlying portfolio, S&P's ratings on the
class B and D notes, in its view, remain commensurate with their
current levels of credit enhancement.  S&P has therefore affirmed
its ratings on these classes of notes.

Similarly, S&P's analysis indicates that its 'AAA (sf)' ratings
on the class VFN and A-1 notes remain commensurate with their
available credit enhancement.  These classes of notes have
benefited from the transaction's continuing deleveraging and the
underlying portfolio's stable credit performance.  S&P has
therefore affirmed its 'AAA (sf)' ratings on these classes of
notes.

Duchess VII CLO is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms.  The transaction closed in
December 2006 and is managed by Babson Capital Management (UK)
Ltd.

RATINGS LIST

Class             Rating
            To              From

Duchess VII CLO B.V.
EUR517.5 Million Secured Notes

Ratings Raised

C           AA+ (sf)        AA (sf)
E           BB (sf)         B+ (sf)

Ratings Affirmed

A-1         AAA (sf)
VFN         AAA (sf)
B           AA+ (sf)
D           BBB+ (sf)


HIGHLANDER EURO: S&P Reinstates 'B-' Rating on Cl. D (prim) Notes
-----------------------------------------------------------------
S&P Global Ratings reinstated its 'A+ (sf)' and 'B- (sf)' credit
ratings on Highlander Euro CDO B.V.'s class C (prim) and class D
(prim) notes, respectively.  S&P withdrew its ratings on these
classes of notes in error on Jan. 6, 2016.


ST. PAUL CLO IV: Fitch Affirms 'B-sf' Rating on Class E Notes
-------------------------------------------------------------
Fitch Ratings has assigned St. Paul's CLO IV Designated Activity
Company's refinancing notes final ratings and affirmed the
transaction's remaining notes as follows:

EUR248.3m Class A-1: rated 'AAAsf'; Outlook Stable
EUR55.8m Class A-2: rated 'AAsf'; Outlook Stable
EUR23.5m Class B: rated 'Asf'; Outlook Stable
EUR21m Class C: affirmed at 'BBBsf'; Outlook Stable
EUR29m Class D: affirmed at 'BBsf'; Outlook Stable
EUR14m Class E: affirmed at 'B-sf'; Outlook Stable

St. Paul's CLO IV Designated Activity Company is a cash flow
collateralised loan obligation securitising a portfolio of mainly
European leveraged loans and bonds. The portfolio is managed by
Intermediate Capital Managers Limited, a wholly owned subsidiary
of Intermediate Capital Group PLC.

KEY RATING DRIVERS
Note Refinancing
St. Paul's CLO IV has issued new notes to refinance part of the
original capital structure. The refinanced notes have been
redeemed in full as a consequence of the refinancing.

The refinancing notes bear interest at a lower margin over
EURIBOR than the corresponding refinanced notes. The remaining
terms and conditions of the refinancing notes (including name and
seniority) are the same as the refinanced notes.

The final ratings assigned to the refinancing notes reflect
Fitch's view that the credit risk of the refinancing notes is
substantially similar to the refinanced notes.

Stable Performance
The transaction's performance has been stable over the last 12
months. Credit quality has remained little changed, with the
reported weighted average rating factor standing at 32.54,
marginally up from 32.49. Recovery prospects are similarly stable
with a reported weighted average recovery rate (WARR) of 69.5%,
marginally down from 70.4%. No defaults have been reported in the
portfolio in the last 12 months. The transaction is passing all
portfolio profile, collateral quality and par value tests.

RATING SENSITIVITIES
As the loss rates for the current portfolios are below those
modelled for the respective stress portfolio, the sensitivities
shown in the new issue reports for the two transactions still
apply.

DUE DILIGENCE USAGE
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool and the transaction. There were no findings that affected
the rating analysis. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

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

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

SOURCES OF INFORMATION:
The information below was used in the analysis.
   - Loan-by-loan data provided by the collateral administrator
as at 30 November 2016
   - Transaction reporting provided by the collateral
administrator as at 30 November 2016
   - Transaction documents dated 25 January 2017

REPRESENTATIONS AND WARRANTIES
A description of the transaction's representations, warranties
and enforcement mechanisms (RW&Es) that are disclosed in the
offering document and which relate to the underlying asset pool
was not prepared for this transaction. Offering documents for
EMEA leveraged loan CLO transactions do not typically include
RW&Es that are available to investors and that relate to the
asset pool underlying the security. Therefore, Fitch credit
reports for EMEA leveraged loan CLO transactions will not
typically include descriptions of RW&Es. For further information,
see Fitch's Special Report titled "Representations, Warranties
and Enforcement Mechanisms in Global Structured Finance
Transactions," dated 31 May 2016.


STORM 2017-I: Fitch Assigns 'Bsf' Rating to Class D Notes
---------------------------------------------------------
Fitch Ratings has assigned STORM 2017-I B.V.'s notes final
ratings as follows:

Class A floating-rate notes: 'AAAsf'; Outlook Stable
Class B floating-rate notes: 'A+sf'; Outlook Stable
Class C floating-rate notes: 'BBBsf'; Outlook Stable
Class D floating-rate notes: 'Bsf'; Outlook Stable
Class E floating-rate notes: not rated

This transaction is a true sale securitisation of prime Dutch
residential mortgage loans originated and sold by Obvion N.V., an
established mortgage lender and issuer of securitisations in the
Netherlands. Since May 2012, Obvion has been 100%-owned by
Cooperatieve Rabobank U.A. (Rabobank). This is the 36th
transaction issued under the STORM series since 2003, and the
first with a revolving feature.

The ratings address timely payment of interest on the class A and
B notes (and the most senior class at any time), including the
step-up margins accruing from January 2022, and full repayment of
principal by legal final maturity on any class, in accordance
with the transaction documents.

Credit enhancement (CE) for the class A notes was 8% at closing,
provided by the subordination of the junior notes and a non-
amortising cash reserve (1%), fully funded at closing through the
class E notes.

KEY RATING DRIVERS
Market Average Portfolio
This is an 83-month seasoned portfolio consisting of prime
residential mortgage loans, with a weighted average (WA) original
loan-to-market-value (OLTMV) of 88.3% and a WA debt-to-income
ratio of 27.2%, both of which are typical for Fitch-rated Dutch
RMBS transactions and in line with previous STORM transactions.

Migration Risk Addressed
A five-year revolving period will allow new assets to be added to
the portfolio. In Fitch's view, the additional purchase criteria
adequately mitigate the significant risk of migration due to
future loan additions. Fitch considered a stressed portfolio
composition, based on the additional purchase criteria, rather
than the actual portfolio characteristics.

Interest Rate Hedge
At close, the issuer entered into a swap agreement with Obvion to
hedge any mismatches between the fixed and floating interest on
the loans and the floating interest on the notes. In addition,
the swap agreement guarantees a minimum level of excess spread
for the transaction, equal to 50bp per year of the outstanding
class A through D notes' balance, less principal deficiency
ledgers. The remedial triggers are linked to the parent's ratings
(Rabobank).

Counterparty Risk Mitigated
This transaction relies strongly on the creditworthiness of
Rabobank, which fulfils a number of roles. Fitch analysed the
structural features in place, including those mitigating
construction deposit set-off and commingling risk and concluded
that counterparty risk is adequately addressed.

Robust Performance
The past performance of transactions in the STORM series, as well
as data received on Obvion's loan book, indicate healthy
historical performance in terms of low arrears and small losses.

RATING SENSITIVITIES
Material increases in the frequency of defaults and loss severity
on defaulted receivables could produce losses larger than Fitch's
base case expectations, which in turn may result in negative
rating action on the notes. Fitch's analysis revealed that a 15%
increase in the WA foreclosure frequency, along with a 15%
decrease in the WA recovery rate, would result in a model-
implied-downgrade of the class A notes to 'A+sf', class B notes
to 'BBB+sf', class C notes to 'BB-sf' and the class D and E notes
to below 'Bsf'.

More detail on key rating drivers and rating sensitivities are in
the accompanying new issue report, which is available at
www.fitchratings.com or by clicking the link above.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO RULE 17G-10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY
Fitch reviewed the results of a third party assessment conducted
on the asset portfolio information, and concluded that there were
no findings that affected the rating analysis.

Fitch conducted a review of a small targeted sample of Obvion's
origination files and found the information contained in the
reviewed files to be adequately consistent with the originator's
policies and practices and the other information provided to the
agency about the asset portfolio.

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

SOURCES OF INFORMATION
The information below was used in the analysis.
   - Loan-by-loan data provided by Obvion as at 18 January 2017
   - Transaction reporting provided by Obvion as at end-October
2016
   - Static vintage defaults, loss figures and dynamic
performance data on Obvion's mortgage loan book between 2002 and
2016
   - Investor reports for the existing STORM transactions
   - A portfolio of 3,730 foreclosed properties (after correcting
for missing data), representing all loans foreclosed since 2002,
provided by Obvion


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


POLYUS GOLD: Fitch Assigns 'BB-(EXP)' Rating to Sr. Unsec. Notes
----------------------------------------------------------------
Fitch Ratings has assigned Polyus Gold International's (PGIL)
planned notes an expected senior unsecured rating of 'BB-(EXP)'.
The rating is in line with PGIL's Long-Term Issuer Default Rating
(IDR) of 'BB-'/Positive. The assignment of a final rating to the
notes is conditional on the receipt of final documentation in
line with the draft received.

The notes will be guaranteed by the Russian public holding
company PJSC Polyus and JSC Gold Mining Company Polyus, a key
operating subsidiary and a holding company for all company's key
subsidiaries accounting for 100% of 2016 EBITDA and 100% of fixed
assets at end-2016. The proceeds from the offering are expected
to be used to rebalance the debt portfolio structure toward fixed
interest rates, via repayment of a portion of the company's
variable rate debt. The notes will rank pari passu with PGIL's
existing and future unsecured and unsubordinated obligations. The
guarantee will also rank pari passu with all existing and future
unsecured and unsubordinated obligations of the guarantor.

KEY RATING DRIVERS
Corporate Governance Changes
The previously strong corporate governance structures at PGIL
were dismantled following the change in shareholding structure in
late 2015. The company has since implemented a new framework at
the PJSC Polyus level, including independent director
representation. At present, Fitch regard the group's corporate
governance as slightly below average compared with its peer group
of major Russian corporates and Fitch notch its rating down by
two notches compared with international peers. This factors in
Fitch view of the higher than average systemic risks associated
with the Russian business and jurisdictional environment as well
as Fitch assessment of the company's specific corporate
governance practices.

Leverage Reduction Postponed to 2019
The USD3.4bn share buyback completed in 1H16 was funded using
USD2.5bn of new debt and USD0.9bn of balance sheet cash. This
resulted in a material increase in leverage, driving FFO adjusted
gross leverage to 4.2x in 2016 under Fitch base case compared
with 2.7x in FY15. Fitch expects net debt/EBITDA to exceed 2.3x
in 2016-2018, compared with historical levels below 1.0x. Fitch
also expect absolute debt levels to remain elevated at least
until 2019 when expected production increases from the company's
new Natalka mine, as well as increased volumes from some existing
mines, will start to have a positive impact on metrics.

Compared with Fitch October 2016 forecasts, Fitch now do not
expect significant debt reduction to occur by 2018 but forecast
only a moderate decrease by 2019, mainly due to revised
production forecasts for Natalka. Fitch expect FFO gross leverage
to remain stable around 4.0x-4.5x for 2016-2018 and to decrease
to around 3x by 2019. FFO net leverage is forecasted to remain
around 1x below the FFO gross leverage throughout the period.
This compares unfavourably with Fitch October forecasts, when
Fitch expected FFO gross leverage to decline to around 3x by
2018, which was the main driver behind the revision of the
Outlook to Positive. However, Fitch still believe that PGIL could
take additional non-operational measures such as a secondary
public offering, which could potentially support positive rating
action.

Competitive Cost Position
Operationally PGIL remains a strong group with good quality gold
reserves and large efficient open pit assets, which place it in
the first quartile of the global cost curve (total cash costs;
TCC). In 9M16, TCC declined to USD387/oz - an 8% decline year-on
year. This was driven by local currency (RUB) devaluation as well
as operational improvements, which resulted in higher processing
volumes and better recovery rates.

Strong Production Prospects
The group reported production growth of 12% in FY16 to 1,968k/oz
of metal versus 1,731k/oz in FY15. This is in line with the
positive trend over the past two years. Most of the increase came
from the Olimpiada, Blagodatnoe and Kuranakh mines, which
delivered higher processing volumes and better recoveries.

In terms of growth, the group intends to concentrate on
streamlining and improving capacity on its key producing mines.
In addition, Fitch expects the group's key development mine - the
Natalka mine - to be launched in late 2017 and gradually ramp up
throughout 2018, resulting in an approximate 15%-20% year-on year
increase in the group gold production. Fitch expects production
to reach 2,100k/oz in 2017, 2,400k/oz in 2018 and 2,900k/oz in
2019 mainly driven by Natalka (+740k/oz in total for 2018-2019).

DERIVATION SUMMARY
Polyus Gold International is the largest gold producer in Russia
and one of the top 10 gold miners globally by ounces produced
(2.0 million ounces of gold production in 2016). Comparable peers
to PGIL rated by Fitch include Goldcorp (BBB/Stable), Kinross
Gold Corporation (BBB-/Stable) and NordGold (BB-/Stable).
Polyus's standalone rating of 'BB+' (BB-/Positive after notching
down for the operating environment) reflects a comparable
operating profile in most respects (eg. market position and
reserves size), but typically higher leverage metrics offset by
lower than average PGIL's cost position. PGIL's Russian peer
NordGold (BB-/Stable) has a smaller reserve base and scale
production.

KEY ASSUMPTIONS
   - No cash upstreaming over the rating horizon by way of share
buybacks
   - Dividends in line with new dividend policy of 30% of EBITDA
if net debt/EBITDA is less than 2.5x
   - Average gold price of USD1,141/oz in 2017, USD1,120/oz in
2018 and USD1,100/oz afterwards (realised prices adjusted to
reflect gold price hedging entered into by the company)
   - USD/RUB exchange rate of 65 in 2017, 60 in 2018 and 57
thereafter
   - Natalka project to be launched in late 2017 and gradually
ramp up throughout 2018
   - Operating efficiencies at the existing mines as per
management's expectations

RATING SENSITIVITIES
Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
   - Expectation of FFO gross leverage below 3.0x by end-2018
   - Sustained positive FCF generation

Negative: Future developments that could lead to negative rating
action include:
   - Higher than expected dividend payments or other shareholder
distributions over 2016-2019 leading to weaker liquidity and
sustaining high leverage metrics
   - FFO gross leverage expected to be sustained above 4.0x by
end-2018
   - Sustained negative FCF generation

LIQUIDITY
Polyus Gold's liquidity position is strong, with estimated cash
position of USD1.9bn and USD0.7bn of undrawn committed bank
facilities as of Dec-16. This compares very favourably with the
current maturities, which were virtually removed with the October
2016 notes issue and loans refinancing, and now only amount to
USD52m over the next 24 months.


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


BBVA FINANZIA: Moody's Raises Rating on Class C Notes to Caa3
-------------------------------------------------------------
Moody's Investors Service has upgraded the rating of Class C
notes in BBVA Finanzia Autos 1, FTA. The rating action reflects
the better than expected recoveries.

Issuer: BBVA Finanzia Autos 1, FTA

-- EUR29.2M Class C Notes, Upgraded to Caa3(sf); previously on
Oct. 23, 2009 Downgraded to Ca(sf)

RATINGS RATIONALE

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed its recovery
rate assumptions for the portfolio reflecting the collateral
performance to date.

The performance of the transaction has improved in 2016. PDL has
decreased from EUR2 million in Jan 2016 to EUR0.73 million in Oct
2016. This is due to very low increasing defaults from 7.16% to
7.18% of cumulative defaults and also to EUR0.85 million of
recoveries received over the last two IPD.

We expect recoveries as a percentage of Class C notes' EUR4
million current balance to range between 70% and 80%.

The principal methodology used in this rating was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
October 2016.

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

Factors or circumstances that could lead to an upgrade of the
rating include (1) performance of the underlying collateral that
is better than Moody's expected.

Factors or circumstances that could lead to a downgrade of the
rating include (1) performance of the underlying collateral that
is worse than Moody's expected.


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


BANK PEOPLE'S: Ukraine Central Bank Declares Bank Insolvent
-----------------------------------------------------------
The Board of the National Bank of Ukraine on Jan. 19, 2017,
issued Decision No.34-D/BS on declaring Bank People's Capital
PJSC insolvent.

In July 2016, Bank People's Capital PJSC was classified as
problematic due to the non-compliance of the bank's ownership
structure with transparency requirements.  During the period
since being identified as problematic, the bank failed to bring
its operations into compliance with regulatory requirements.
However, the NBU has urged the bank and its shareholders to
address this problem since December 2014.

As of Jan. 19, over 85% of the bank's shares are held by some
individuals, with none of them being qualifying shareholders. The
sole qualifying shareholder in the bank is Mr Valerii Makarenko
(14.24%), who acquired a qualifying holding in breach of the law
without getting approval from the NBU, which led him being
stripped of the voting rights.

During 2016, several packages of documents were submitted to the
NBU by the bank's shareholders and third parties seeking approval
for the acquisition of a qualifying holding in this bank.  The
NBU rejected these documents and adopted a decision banning the
acquisition of a qualifying holding due to the poor financial
standing of applicants and their inability to prove the source of
funds.

According to information available to the NBU, on 16 January
2017, the bank adopted a decision on voluntary liquidation and
submitted documents to the NBU seeking the latter's approval for
liquidation. Pursuant to Article 78 of the Law of Ukraine On
Banks and Banking, such approval can be granted only if there are
no signs based on which the NBU can declare a bank problematic
or insolvent. This being said, as mentioned above, BANK PEOPLE'S
CAPITAL PJSC had already been declared problematic by the time
documents were submitted to the NBU. Therefore, the NBU cannot
accept an application filed by the bank.

Funds of 99% of depositors will be reimbursed by the Deposit
Guarantee Fund (hereinafter - the DGF) in full. The DGF will pay
out a total of about UAH 11 million in compensation to eligible
depositors.


FORTUNA-BANK PUBLIC: To Be Classified as Insolvent
--------------------------------------------------
According to the requirements of Article 76 of the Law of Ukraine
On Banks and Banking, on Jan. 26, 2017, the NBU Board adopted the
Decision No. 55-D/BS on declaring Fortuna-Bank Public Joint-Stock
Company insolvent.

Based on the results of a diagnostic study of Fortuna-Bank JSC
conducted in H1 2016, the NBU approved the required
recapitalization volume in July 2016. Following diagnostic
studies, all banks in the twenty second-largest banks by asset
size that needed recapitalization were to secure a positive value
for their regulatory capital by Jan. 1, 2017.

Fortuna-Bank JSC submitted to the NBU a restructuring plan that
contained a series of recapitalization measures. In 2016, the
bank's management and owner of a qualifying holding undertook
measures to implement the requirements of the recapitalization
program. Specifically, this implied the repayment of related-
party loans and crediting of subordinated debt to the bank's
authorized capital.

However, the recapitalization measures on additional
capitalization undertaken by the management of Fortuna-Bank JSC
and the owner of a qualifying share of this bank were
insufficient to secure a positive value for the regulatory
capital as of
Jan. 1, 2017.

In view of the above, the NBU Board adopted a decision on
declaring Fortuna-Bank JSC insolvent.

The NBU underlines that 91% (2,167 individuals) of all the
depositors of Fortuna-Bank JSC will be paid out in full, as their
accounts do not exceed the amounts covered by the Deposit
Guarantee Fund. Customers with larger deposits will be reimbursed
up to the compensation limit guaranteed by the DGF. The DGF will
pay out a total of about UAH96 million in compensation to
eligible depositors.


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


BELLE VUE: In Liquidation Over Concerns on Fin'l. Management
------------------------------------------------------------
Business Desk reports that Manchester-based speedway club Belle
Vue Speedway, which formally owned and managed the Belle Vue
Aces, has gone into liquidation.

Liquidator Nick Hancock of UHY Hacker Young confirmed the news
following concerns over the company's financial management,
according to Business Desk.

The report notes that the club was originally taken over by Chris
Morton and David Gordon in 2006, and traded out of the Belle Vue
Greyhound Stadium until it moved to the National Speedway Stadium
in 2016.

The club is presently held by the British Speedway Promoter's
Association (BSPA) and negotiations are continuing to agree a
franchise for Manchester.

In a further announcement, a decision was taken to liquidate the
company set up to run and promote the new National Speedway
Stadium in Belle Vue Manchester, B V Arena Ltd (BV), the report
relays.

The report notes that the GBP8 million arena in Gorton was
completed in April 2016, following 10 years of strategic planning
with Manchester City Council.

Although there were initial problems with the track which delayed
several of the opening meetings, there is no doubt that the
project produced an iconic arena and the best speedway facility
in the UK, the report relays.

The report says the arena went on to host the International
Speedway Cup and several other high profile races.

The report discloses that after failing to meet important
requirements put in place by the National Speedway Stadium whilst
simultaneously accruing significant debt, the council took the
decision not to renew BV's licence to occupy the stadium at the
same time as the BSPA revoked Belle Vue Aces speedway licence
resulting in the inevitable liquidation of the companies.

The council was reviewing the future of the stadium and has
confirmed it is "committed" to maintaining a speedway team in the
city.

The report notes Mr. Hancock said: "Chris and David's mission was
to secure the longevity of speedway in the Belle Vue region, so
it's a shame to see their speedway licence revoked.

"Both the arena and the club are iconic to Manchester, and the
construction of a world class stadium was part of an important
regeneration project for East Manchester.

"It was a sad day for speedway fans when the club closed, but it
is heartening to know that speedway will remain at the national
speedway stadium."


DECO 8 - UK: Moody's Lowers Rating on Class A2 Notes to Caa1
------------------------------------------------------------
Moody's Investors Service has taken the following rating actions
following a performance review of Deco 8 - UK Conduit 2 plc.

Moody's rating action is as follows:

Issuer: Deco 8 - UK Conduit 2 plc

   -- GBP64.92815M Swap Reference 1475920L - Fairhold Loan Notes,
Downgraded to B3 (sf); previously on May 5, 2016 Downgraded to B1
(sf)

   -- GBP256.6M Class A2 Notes, Downgraded to Caa1 (sf);
previously on May 5, 2016 Downgraded to B3 (sf)

   -- GBP32.4M Class B Notes, Affirmed C (sf); previously on
May 5, 2016 Downgraded to C (sf)

   -- GBP34M Class C Notes, Affirmed C (sf); previously on May 5,
2016 Affirmed C (sf)

Moody's does not rate the Class F, Class G and the Class X Notes.

RATINGS RATIONALE

The downgrade of the Class A2 notes reflects Moody's reduced
recovery expectations on the remaining loans, primarily the
Mapeley II and Rowan UK Commercial Property loans since last
review. The updated assessment reflects a marginal decline in
rental income following a review of the latest tenancy schedules.

The ratings of Class B and C Notes are affirmed as their ratings
reflect Moody's continued high loss expectations for these Notes.

The counterparty instrument rating (CIR) relating to the interest
rate swap on the Fairhold Loan has been downgraded due to the
increased risk of a note event of default of the Class A2 Notes
on the legal final maturity date in April 2018 and due to
uncertainties with respect to the workout strategy of the loan.
In the event of a note event of default, payments under the swap
agreement rank pari passu with the note principal in 2018.
Therefore in such a scenario the rating of the swap would be the
same as the rating of the Class A2 Notes. The current rating
above the Class A2 Notes reflects the probability of the Class A2
Notes or the Fairhold Loan being repaid prior to April 2018.

Counterparty Instrument Ratings measure the risk posed to a
counterparty on an expected loss basis arising from a special
purpose vehicle's (SPV) inability to honour its obligations under
the referenced financial contract by the maturity date of that
contract. The ratings do not address potential losses in relation
to any market risk associated with the transaction. Any
subordinated payments other than "core" obligations are not
addressed by CIRs. For this purpose, core obligations include
scheduled and termination payments under swaps.

Moody's rating actions on the notes reflect a base expected loss
in the range of 20%-30% of the outstanding balance. Although the
same range as at the last review, the base outcome has shifted
towards the higher end of the range. Moody's derives this loss
expectation from the analysis of the default probability of the
securitised loans (both during the term and at maturity) and its
recovery expectation for the collateral.

For a summary of Moody's key assumptions for the loans in the
pool please refer to the section SUMMARY OF MOODY'S LOAN
ASSUMPTIONS below.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating EMEA CMBS Transactions" published in November
2016.

For the Counterparty Instrument Rating (CIR), Moody's also took
into account factors detailed in Moody's Approach to Counterparty
Instrument Ratings, published in June 2015.

Other factors used in these ratings are described in European
CMBS: 2016-18 Central Scenarios published in April 2016.

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

Main factors or circumstances that could lead to an upgrade of
the note ratings are (i) higher than expected recoveries from the
disposal of the underlying Mapeley II and Fairhold assets and
(ii) a decrease in the swap mark-to-market with respect to the
Fairhold Loan which currently ranks senior to the Class A2 Notes.

Factors that could lead to an upgrade of the Swap CIR are an
accelerated and successful workout of the remaining loans ahead
of the legal final maturity date that results in the full
repayment of the Class A2 Notes.

Main factors or circumstances that could lead to a downgrade of
the note ratings are (i) a decline in the property values backing
the underlying loans, specifically for either the Mapeley II or
Fairhold loans, or (ii) a further increase in the swap mark-to-
market with respect to the Fairhold Loan which currently ranks
senior to the Class A2 Notes.

Factors that could lead to a downgrade of the Swap CIR are a
delay in workout and lower recovery values for the Mapeley and
Fairhold loans, resulting in a note event of default of the Class
A2 Notes at the legal final maturity date in April 2018.

MOODY'S PORTFOLIO ANALYSIS

As of the October 2016 IPD, the transaction balance has declined
by 57% to GPB270 million from GPB630 million at closing in April
2006 due to the pay off of 16 loans originally in the pool and
some amortization from the Fairhold loan. The notes are currently
secured by six first-ranking legal mortgages over 24 commercial
properties and a portfolio of ground rents ranging in size from
0.2% to 70% of the current pool balance. The pool has an above
average concentration in terms of geographic location (100% UK
based on UW market value) and property type (68% office). Moody's
uses a variation of the Herfindahl Index, in which a higher
number represents greater diversity, to measure the diversity of
loan size. Large multi-borrower transactions typically have a
Herf of less than 10 with an average of around 5. This pool has a
Herf of 2, the same as at Moody's prior review.

All loans are currently in special servicing either due to
trigger breaches or failure to refinance.

SUMMARY OF MOODY'S LOAN ASSUMPTIONS

Below are Moody's key assumptions for the Top 5 loans.

Mapeley II (70% of pool) - LTV: 111.5% (Whole)/ 111.5% (A-Loan);
Total Default Probability: N/A - Defaulted; Expected Loss: 20% -
30%

Fairhold Portfolio (21.1% of pool) - LTV: 111.8% (Whole)/ 74.6%
(A-Loan); Total Default Probability: N/A - Defaulted; Expected
Loss: 20% - 30%

Rowan UK Commercial Property (5.6% of pool) - LTV: 315.8%
(Whole)/ 315.8% (A-Loan); Total Default Probability: N/A -
Defaulted; Expected Loss: 70% - 80%

Elbank Limited (1.7% of pool) - LTV: 232.7% (Whole)/ 232.7% (A-
Loan); Total Default Probability: N/A - Defaulted; Expected Loss:
60% - 70%

MPH (UK) (1.4% of pool) - LTV: 221.5% (Whole)/ 221.5% (A-Loan);
Total Default Probability: N/A - Defaulted; Expected Loss: 50% -
60%


DIAMONDCORP PLC: Warns of Insolvency if Wage Deal Fails
-------------------------------------------------------
Rapaport's Diamonds.net reports that DiamondCorp Plc warned it
will likely enter insolvency proceedings unless an agreement is
reached over retrenchment and payment of outstanding wages in
relation to its Lace Mine in South Africa.

Diamonds.net says the company therefore announced a share sale to
fund the care and maintenance of the Lace Mine, after operations
were suspended because of severe flooding in November.

According to the report, the company said it plans to raise
$1.2 million (GBP1 million) through a sale of shares priced at or
about $0.05 (GBP0.04). Proceeds will mainly pay for maintenance
of the mine until early- to mid-April 2017 as well as direct
costs associated with its proposed revival, DiamondCorp said.

Diamonds.net relates that the company said completion of the
fundraising is conditional on negotiations between DiamondCorp's
business-rescue practitioner, Deloitte & Touche, and the
Association of Mineworkers and Construction Union over
retrenchments and outstanding wages.

DiamondCorp plc (LON:DCP) -- http://www.diamondcorp.plc.uk/-- is
a United Kingdom-based diamond producer. The Company is operating
the Lace Diamond Mine. The Company's Lace diamond mine is located
approximately 200 kilometers southwest of Johannesburg in the
Free State Province of South Africa. The Company's segments
include Lace Diamond Mines (Pty) Ltd and All other segments.


FERGUSSON GROUP: RBS Faces GBP30 Million Loss
---------------------------------------------
Greig Cameron at The Times reports that Royal Bank of Scotland
may have to write off up to GBP30 million after the collapse of
Fergusson Group.

The Times says the latest update from the company's administrator
KMPG warned that creditors were unlikely to receive anything from
the insolvency.

RBS was the secured creditor, which normally means it would
receive payment before others, The Times relates citing document
lodged at Companies House.

When it collapsed, Fergusson had loans of almost GBP9.5 million
from RBS under one credit facility and GBP19.6 million through an
asset-based lending agreement provided by RBS Invoice Finance,
The Times discloses.

KPMG was appointed as administrator in November after Fergusson
failed to find fresh investment, the report notes.

Fergusson Group, founded by Thomas Henry Fergusson in
1926, was one of the UK's largest providers of coal to consumers,
retailers and other coal merchants.


GOWER HOTEL: Unexpectedly Goes Into Liquidation
-----------------------------------------------
South Wales Evening Post reports that a SWANSEA hotel which shut
unexpectedly leaving plans for 28 weddings in tatters has gone
into liquidation.

The Gower Hotel in Bishopston, which employed 23 people, closed
without warning on New Year's Eve, according to South Wales
Evening Post.

The report notes insolvency specialist Begbies Traynor hosted a
meeting of creditors to place the company in voluntary
liquidation at its Cardiff office on January 25.

The venue had bookings for 32 events up until September 2018,
including 28 weddings, relates the South Wales Evening Post.

The report says the couples involved will be unsecured creditors,
and will therefore be at the end of the line when it comes to
paying out for the insolvency of the firm.

The report discloses the owners blamed the sudden closure on ill-
health.

The report relays other venues have stepped in to try and help
out with new plans for any affected couples.

According to the South Wales Evening Post, the owners said
earlier this month: "It is with immense sadness and regret that
due to deteriorating health the decision has been made to cease
trading The Gower Hotel immediately.

"As a direct result of these current circumstances, it has been
necessary to place the hotel into voluntary liquidation to bring
the business to a close in the shortest possible time frame.

"There was a fantastic core management and staff team at the
hotel and their efforts over the course of the past three years
in the successful running of the hotel is hugely appreciated."


HEWDEN STUART: Unsecured Creditors Unlikely to Get Payment
----------------------------------------------------------
Vertikal.net reports that the administrators Ernst & Young of
Hewden Stuart Limited has confirmed that unsecured creditors are
unlikely to receive anything from the administration.

Net assets are said to be in the region of GBP100 million, but
secured bank creditors are owned GBP150 million and will be first
in line for pay outs, Vertikal.net says.

According to the report, the pre-pack deal with A-Plant for the
powered access, generating and Interlift lifting gear business
raised GBP29 million, while depot sales to Morris Leslie,
Ashbrook, GAP and Nixon Hire has raised a further GBP29 million.

Vertikal.net relates that EY hopes that the sale of the 137
cranes and residual equipment through Euro Auctions will raise a
further GBP50 million.

Unsecured creditors include intercompany loans, the Inland
Revenue and a GBP46 million shortfall in the company's pension
fund, Vertikal.net discloses. There are a total of GBP22.5
million regular trade creditors, with Tadano at the top being
owed GBP7.4 million, while telehandler suppliers Gunn JCB and
Finning are each owed around GBP500,000, adds Vertikal.net.

Manchester-based Hewden Stuart rents machinery such as cranes,
excavators and power generation tools to construction sites
across the UK.

On Nov. 22, 2016, Sam Woodward and Colin Dempster of Ernst &
Young's Restructuring team were appointed Joint Administrators of
Hewden Stuart Limited, Hewden Properties Limited, Interlift
Limited and The Rigging House Limited.

Three divisions of the Group have been sold to Ashtead Plant Hire
Company Limited -- the Access and Power generation assets, the
On-site plant business and the business and assets of Interlift
Limited. A total of 133 employees will transfer across with the
businesses.

On appointment of the Administrators, a total of 251 employees
were made redundant across the Company's depot and on-site
locations.


LONDON & ST LAWRENCE: Proposed Plans for Members' Liquidation
-------------------------------------------------------------
Hannah Boland at London South East reports that London & St
Lawrence Investment Co PLC on January 19 proposed a scheme of
reconstruction and members' voluntary liquidation of the group.

The report notes that the investment company said it was
proposing the scheme after having consulted with its largest
shareholders as part of a strategic review into its operations.

According to the report, London & St Lawrence said under the
reconstruction, shareholders would have two options.  They could
chose to roll over their investment into new units in Practical
Investment Fund, which is a trust managed by one of London & St
Lawrence's subsidiaries, Consistent Unit Trust Management Co Ltd.
The other option for shareholders would be for them to realise
all or part of their shareholding for cash at terminal asset
value under the liquidation, the report relays.

The report says Given its holdings, the terminal asset value is
"not expected to be less than 2.5% discount to the net asset
value", London & St Lawrence said.

The report discloses Any shareholders with more than 5.0% of the
voting rights in the company will also have the option to elect
for an 'in specie' distribution of London & St Lawrence's
underlying investments, the group said.

London & St Lawrence noted that certain members of the Ashfield
family, including its chairman and a director, as well as
"certain directors" of the board, have indicated their interest
in buying the London & Lawrence subsidiary Consistent Unit Trust,
at a "fair market price" to be agreed, the report notes.

The report relates that this will need to be approved by
shareholder, and a notice of meetings will be sent out in due
course, London & St Lawrence said.

The reconstruction is subject to regulatory approvals and
approval from UK HM Revenue & Customs.


MIRUJI HEALTH: Went Into Liquidation
------------------------------------
Shropshire Star reports Miruji Health Spa Limited in Shrewsbury,
which offered alternative therapies that it claimed could cure
anxiety and depression and aid weight loss, went in to
liquidation on January 9.

Liquidators Griffin & King are now organising meetings with
shareholders and creditors in order for the company to be
formally be placed into liquidation, according to Shropshire
Star.

According to a note pinned to the door of the spa in Roushill in
the town centre, the closure has been caused by a severe downturn
in trade, the report relays.

Anyone who is owed money should contact their bank or credit card
holder for reimbursement, the report says.  But those who paid by
cash should contact the receivers who will issue forms which
should be completed and returned, the report notes.

According to the report Mark Shaw, senior corporate manager for
proposed liquidator and licensed insolvency practitioner Timothy
Corfield, said: "Based on the little information we have so far
it is unlikely that sufficient monies will be recovered.

"The appointed liquidator has to undertake enquiries in relation
to the failure of the company and report his finding to the
Department for Business Innovation and Skills (formerly the DTI).
They will then consider that report and may take action against
the director if they feel that his conduct warrants such action."


NEWDAY PARTNERSHIP: Fitch Affirms 'B' Rating on 2014-1 F Notes
--------------------------------------------------------------
Fitch Ratings has affirmed NewDay Partnership Funding's (NPF)
2015-1, 2014-1 and 2014-VFN notes, as follows:

GBP185.25m Series 2015-1 A: 'AAAsf'; Outlook Stable
GBP22.5m Series 2015-1 B: 'AAsf'; Outlook Stable
GBP14m Series 2015-1 C: 'A-sf'; Outlook Stable
GBP10.125m Series 2015-1 D: 'BBBsf'; Outlook Stable
GBP6.875m Series 2015-1 E: 'BBsf'; Outlook Stable
GBP5.5m Series 2015-1 F: 'Bsf'; Outlook Stable
GBP222.3m Series 2014-1 A: 'AAAsf'; Outlook Stable
GBP27m Series 2014-1 B: 'AAsf'; Outlook Stable
GBP16.8m Series 2014-1 C: 'A-sf'; Outlook Stable
GBP12.6m Series 2014-1 D: 'BBBsf'; Outlook Stable
GBP7.8m Series 2014-1 E: 'BBsf'; Outlook Stable
GBP6.6m Series 2014-1 F: 'Bsf'; Outlook Stable
GBP128.5m Series 2014-VFN: 'BBBsf; Outlook Stable

The notes issued by NPF are collateralised by a pool of UK co-
branded credit card, store card and instalment credit receivables
originated by NewDay Ltd and beneficially held by NewDay
Partnership Receivables Trustee Ltd. NewDay acquired the
portfolio in 2013 from Santander UK plc, from which it also took
ownership of the related origination and servicing platform.

KEY RATING DRIVERS
The affirmation reflects unchanged credit enhancement (CE) for
all aforementioned classes of notes and Fitch's steady state
expectation of the trust's performance.

Delinquency levels were stable in 2016, with total 30+ day
delinquencies at 1.7% as of end-December 2016 for NPF while
90-180 day delinquencies were at just over 0.8%. Given the recent
macro-economic environment, the portfolio has outperformed
Fitch's expectations, with charge-offs below 4%, compared with
the agency's 8% base case assumption.

The gross yield averaged 25% in 2016, marking a steep increase
over the average of 23.2% in 2015. This is stemming from the
repricing executed throughout 2H16. Also, the monthly payment
rate (MPR) reported by the trust had increased throughout 2016,
mainly due to a reduced instalment credit balance in the
portfolio. MPR had been generally above 24% in 2016 - above Fitch
expectation of 19%.

In October 2016, it was announced that Cinven and CVC Capital
Partners have agreed to acquire NewDay Ltd. To date, there has
been no indication that the expected change in ownership will
lead to a change in the current underwriting and collection
procedures or a shift in business strategy of the originator. As
such, Fitch does not expect a material change in the asset
performance of the transaction over the short term.

RATING SENSITIVITIES
In Fitch's view, the main rating drivers for credit card
transactions are charge-offs, the MPR and the portfolio yield.
Based on the latest reports on the performance of the trust, the
notes could withstand additional shocks with limited rating
impact; only a combined deterioration of the rating drivers is
expected to put the ratings under pressure.

Key Rating Drivers and Rating Sensitivities are further described
in the NewDay Partnership Funding's 2015-1 new issue report
published on 10 March 2015, and remain unchanged at the time of
this review.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO RULE 17G-10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool and the transaction. There were no findings that were
material to this analysis.

Prior to the latest closings, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio
information for the transaction. The assessment indicated no
adverse findings material to the rating analysis.

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

SOURCES OF INFORMATION
The information below was used in the analysis.
   - Monthly investor reports provided by NewDay Ltd, up to 20
January 2017


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


* BOND PRICING: For the Week January 23 to January 27, 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.


                            *********


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.


                 * * * End of Transmission * * *