TCREUR_Public/120305.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, March 5, 2012, Vol. 13, No. 46

                            Headlines



B E L G I U M

PETROPLUS HOLDINGS: Has Potential Buyer for Antwerp Refinery


B U L G A R I A

FIRST INVESTMENT: Fitch Affirms Issuer Default Rating at 'BB-'


G E R M A N Y

KIRCH GROUP: Deutsche Bank Board Balks at US$1-Bil. Settlement
Q-CELLS: To Defer Bond While Pursuing Debt-to-Equity Swap
RALOS NEW ENERGIES: Files for Bankruptcy in Darmstadt
SOLON SE: Microsol International Makes Binding Takeover Offer
TAURUS CMBS: Fitch Upgrades Rating on Class F Notes to 'Csf'

TAURUS CMBS: DBRS Downgrades Rating on Class C Notes to 'BB'


G R E E C E

* GREECE: Ex-PM to Appear in Court Today Over 2008 Banking Crisis


H U N G A R Y

* HUNGARY: Mandatory Company Liquidations Up 18.5% in February


I R E L A N D

ELAN CORPORATION: Moody's Raises CFR to 'B1'; Outlook Stable
GATE SME: Fitch Affirms Ratings on Two Note Classes at 'CCCsf'
HARVEST CLO: Fitch Affirms Ratings on Two Note Classes at 'Bsf'


I T A L Y

BANCA UBAE: Fitch Affirms Issuer Default Rating at 'BB'
SEAT PAGINE: Controlling Investors Back Debt Restructuring Plan


N E T H E R L A N D S

E-MAC DE 2006: Fitch Cuts Rating on Class E Notes to 'CCsf'
SCHEUTEN SOLAR: Files Notice for Suspension of Payments
WOOD STREET: Fitch Lowers Rating on Class E Notes to 'B-(sf)'


N O R W A Y

STOREBRAND LIVFORSIKRING: Fitch Affirms 'BB+' Sub. Debt Rating


P O R T U G A L

SAGRES-SOCIEDADE: DBRS Lowers Rating on Class B Notes to 'BB'


R U S S I A

MARI EL: Fitch Assigns 'BB' Foreign & Local Currency Ratings


S W I T Z E R L A N D

SERVETTE: Owner Opts to Put Club Into Bankruptcy


U K R A I N E

INNOVATSIYNO PROMYSLOVYI: Central Bank to Commence Liquidation


U N I T E D   K I N G D O M

ECO-BAT FINANCE: Moody's Rates EUR300-Mil. Notes at '(P)B1'
INDUS ECLIPSE: DBRS Cuts Ratings on Note Classes D & E to 'D'
ITV PLC: Fitch Says Financial Results Ahead of Expectations
RANGERS FOOTBALL: Delays Decision to Reduce Costs
TRITON: Fitch Affirms Ratings on Three Note Classes at 'CCsf'

VEDANTA RESOURCES: Fitch Affirms Issuer Default Rating at 'BB+'


X X X X X X X X

* Terra Firma Chief Says Private Equity Can Assist European Firms
* BOND PRICING: For the Week February 27 to March 2, 2012


                            *********

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B E L G I U M
=============


PETROPLUS HOLDINGS: Has Potential Buyer for Antwerp Refinery
------------------------------------------------------------
John Martens at Bloomberg News, citing De Tijd, reports that an
unidentified potential buyer for Petroplus Holdings AG's refinery
in the Belgian port of Antwerp has emerged.

According to Bloomberg, the newspaper said that the court-
appointed trustee for the refinery declined to disclose the
identity of the possible buyer.

As reported by the Troubled Company Reporter-Europe on that the
company was forced to shut three of its five refineries in
Belgium and France last month because of a lack of crude oil.

Based in Zug, Switzerland, Petroplus Holdings AG is Europe's
largest independent oil refiner.


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


FIRST INVESTMENT: Fitch Affirms Issuer Default Rating at 'BB-'
--------------------------------------------------------------
Fitch Ratings has affirmed First Investment Bank AD's (FIBank)
Long-term Issuer Default Rating (IDR) at 'BB-' with a Stable
Outlook, and removed it from Rating Watch Negative (RWN).  At the
same time, FIBank's Viability Rating has been downgraded to 'b'
from 'b+'.

The affirmation of FIBank's Long-term IDR, its Support Rating of
'3' and Support Rating Floor of 'BB-', reflects Fitch's view that
there remains a moderate probability of support from the
Bulgarian authorities in case of need.  The ratings were placed
on RWN in December 2011, pending a review of the authorities'
willingness to support the bank.  This review was undertaken
because of concerns that weaknesses in FIBank's corporate
governance could undermine the propensity of the authorities to
provide support.

Following discussions with the Bulgarian National Bank, Fitch
understands that the propensity of the authorities to support
FIBank, as a systemically important bank, remains strong.  FIBank
is the fifth-largest bank in Bulgaria, with an 8% market share in
assets and loans, and the second-largest retail deposit taker
with a 14% market share.

In assessing the probability of support, Fitch also views
favorably the country's low government debt (Fitch forecasts to
be under 17% of GDP at end-2011), significant available fiscal
reserves (7% of GDP at end-October 2011) and the relatively small
size of FIBank's balance sheet (total assets equal to 7% of GDP).
Fitch also notes that the bank's uninsured liabilities, in
respect to which the authorities would take the decision on
support, comprised a low proportion of non-equity funding at end-
2011.  Furthermore, a majority of the uninsured liabilities are
customer deposits, which Fitch understands have primarily been
placed by domestic clients.

The downgrade of the VR reflects increasing signs of weakness in
the bank's asset quality.  Renegotiated loans, where the original
terms of the loans were changed, not necessarily because of a
delay in repayment, increased significantly as of end-2011
compared to end-2010, and Fitch understands that loans to the
majority of the largest 20 borrowers have now been rolled over or
renegotiated.  The loan book remains highly concentrated (with
the largest 20 exposures equal to more than 3x equity) and
illiquid, with limited amortization of the largest loans in 2011.
Loans extended in H111 to finance a metals plant acquisition
still comprised about 0.7x bank-only equity at end-2011.
Exposures overdue by more than 90 days were a moderate 5.8% of
total gross loans on an unconsolidated basis at end-2011
(reflecting Fitch's view of widespread loan renegotiating), while
watch loans (overdue between 30 and 90 days) stood at 9.5%.

Weak corporate governance and moderate capitalization also
continue to weigh on the VR.  In Fitch's view, the risk of
related-party or relationship lending is high, due to the
incomplete disclosure of the shareholder structure, the majority
shareholders' other interests in capital-intensive businesses (in
particular, tourist infrastructure) and the quite high-risk
nature of some loan exposures.  The bank-only Fitch core capital
ratio was 10.3% at end-2011, but unreserved loans overdue by 30
days or more slightly exceeded core capital.

At the same time, the VR is supported by the strong retail
deposit franchise, the virtual absence of refinancing risk and
the bank's currently comfortable liquidity.

FIBank is majority owned by two Bulgarian businessmen, who each
directly control a 29% stake.  A further 27% is held by three
offshore companies, and the remaining shares are widely held on
the Sofia stock exchange.

The rating actions are as follows:

  -- Long-term IDR: affirmed at 'BB-', removed from RWN, Outlook
     Stable
  -- Short-term IDR: affirmed at 'B'
  -- Viability Rating: downgraded to 'b' from 'b+'
  -- Support Rating: affirmed at '3', removed from RWN
  -- Support Rating Floor: affirmed at 'BB-', removed from RWN


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


KIRCH GROUP: Deutsche Bank Board Balks at US$1-Bil. Settlement
--------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Deutsche Bank
AG's executive board is resisting a proposed EUR800 million
(US$1.08 billion) agreement to settle claims that a former chief
executive helped drive German media company Kirch Group into
bankruptcy, according to people familiar with the negotiations.

As reported in the Troubled Company Reporter on Feb. 16, 2012,
Dow Jones' Daily Bankruptcy Review reports that Deutsche Bank AG
is closing in on an agreement to pay about EUR800 million
(US$1 billion) to settle decade-old claims that a former chief
executive helped drive German media company Kirch Group into
bankruptcy, according to people familiar with the negotiations.


Q-CELLS: To Defer Bond While Pursuing Debt-to-Equity Swap
---------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Q-Cells SE said
it is resuming its previous plan to defer repayment of a
convertible bond that matures at the end of this month, after a
legal dispute by some bond holders that had initially opposed the
undertaking was settled out of court.

Q-Cells SE is a German solar cell and module maker.


RALOS NEW ENERGIES: Files for Bankruptcy in Darmstadt
-----------------------------------------------------
Mark Osborne at PV-Tech reports that Ralos New Energies has
succumbed to bankruptcy as the solar industry battles
overcapacity and plunging prices, squeezing margins.
Subsidiaries of the holding company, Ralos Projects and Ralos
Solar are included in insolvency proceedings at the district
court in Darmstadt, Germany, PV-Tech discloses.

According to PV-Tech, the management said in a statement that
efforts to restructure and reduce financial problems were
insufficient, especially in light of recent planned changes to
the German feed-in tariff and an effective cap of installations
around 75% less than was installed in the country in 2011.

In mid-2011, Ralos had strengthened its balance sheet by up to
EUR20 million, having been struggling since 2010 and had been
reorganizing its business to push for greater sales outside
Germany, PV-Tech relates.  Sales in the first half of 2011
totalled EUR36.4 million with an EBIT of EUR0.65 million, PV-Tech
notes.

Ralos New Energies is a German solar firm.


SOLON SE: Microsol International Makes Binding Takeover Offer
-------------------------------------------------------------
Stefan Nicola at Bloomberg News reports that Microsol
International has made a binding offer to buy Solon SE, which is
in bankruptcy proceedings.

According to Bloomberg, insolvency administrator Ruediger
Wienberg said in an e-mailed statement on Thursday that Microsol,
a solar-cell maker based in Fujairah, United Arab Emirates,
agreed to keep 433 of Solon's 471 employees and its Berlin site.
No price was given, Bloomberg notes.

Solon said in a statement that a Berlin court on Thursday
instituted insolvency proceedings against Solon, Bloomberg
relates.  Solon filed for insolvency in December after talks
failed with lenders and investors to extend repayment of a
EUR275 million (US$367 million) loan to German banks including
Deutsche Bank AG, Bloomberg discloses.  Solon has a market value
of EUR4.7 million, Bloomberg says.

Microsol plans to take over the Berlin site with its solar- panel
manufacturing plant and research, procurement and sales
divisions, according to Bloomberg.  Mr. Wienberg, as cited by
Bloomberg, said that it also seeks to buy Solon units in Italy
and the U.S.  He is still looking for a buyer for Solon's French
unit, Bloomberg states.

Solon SE is a German solar-panel maker.


TAURUS CMBS: Fitch Upgrades Rating on Class F Notes to 'Csf'
------------------------------------------------------------
Fitch Ratings has upgraded Taurus CMBS (Pan-Europe) 2007-1
Limited's class F notes and affirmed all other note classes as
follows:

  -- EUR291.3m class A1 (XS0305732181): affirmed at 'AAsf';
     Outlook Stable

  -- EUR15.6m class A2 (XS0309194248): affirmed at 'Asf'; Outlook
     Stable

  -- EUR23.0m class B (XS0305744608): affirmed at 'BBBsf';
     Outlook Stable

  -- EUR33.5m class C (XS0305745597): affirmed at 'Bsf'; Outlook
     Stable

  -- EUR26.5m class D (XS0305746215): affirmed at 'CCCsf';
     assigned Recovery Estimate (RE) 50%

  -- EUR3.7m class E (XS0309195567): affirmed at 'CCsf'; assigned
     RE0%

  -- EUR2.1m class F (XS0309195997): upgraded from 'Csf' to
     'CCsf'; assigned RE0%

The affirmation of the class A1 to E notes reflects the stable
performance of the underlying loans over the past twelve months.
The upgrade of the class F notes is based on renewed prospects of
an eventual full repayment of the WPC loan (due 2017), which had
previously been highly distressed.  Nevertheless, the classes E
and F notes are still likely to suffer losses, which are also a
possibility for the class D notes.

The WPC loan (1% of the loan pool balance) was originally secured
by two industrial properties located in the west of Germany.  The
smaller of the two properties has been sold, leaving the loan
secured by a single asset.  Reported market value is EUR2.8
million versus a loan balance of EUR5.8 million, implying a 213%
securitized loan to value ratio (LTV).  However since being re-
valued the previously fully vacant property has been fully let on
a 12 year lease, bringing interest coverage up to 1.24x.  As a
result, asset liquidation is no longer the most likely outcome.

Two loans (Barana and Polo) repaid in the past twelve months.
Both were secured by Swiss assets, which have generally
outperformed those in other markets. Fitch had expected both
loans to repay in full, although with proceeds allocated 100%
pro-rata there has been no discernible reduction in risk for more
senior bondholders as a consequence.

The Galeries Lafayette (GL) Portfolio is secured by one of
Berlin's landmark department stores.  The property is anchored by
GL on a lease expiring in December 2025.  Although the loan was
extended by three months to April 2012, given moderate leverage
and the quality of the asset, Fitch expects the loan to be
redeemed in full.

The largest loan in the portfolio (Fishman JEC) is secured by 18
industrial office and retail properties (originally 20) located
across France.  Although performance has been stable and the
reported LTV is 83%, Fitch will monitor the loan closely given
the recent evidence of French SPVs being granted safeguard
protection (Windermere XII).  Should the risk of safeguard
proceedings commencing increase, there would likely be negative
rating action on the senior bonds.

Taurus CMBS (Pan-Europe) 2007-1 Limited is an August 2007
securitization of nine (originally 13) commercial mortgage loans
originated by Merrill Lynch. Scheduled amortization and four loan
repayments have decreased the note balance to EUR396.2 million
from EUR545.0 million at closing.  The portfolio is secured by
real estate located in Switzerland (27% by market value, MV),
Germany (31%) and France (41%).  The collateral consists of
office assets (30% by MV), retail (30%), industrial (29%), and
other/mixed-use asset types (11%).


TAURUS CMBS: DBRS Downgrades Rating on Class C Notes to 'BB'
------------------------------------------------------------
DBRS has downgraded the following ratings of Taurus CMBS (Pan-
Europe) 2007-1 Limited (Taurus):

-- Class A1 to AA (sf) from AAA (sf)
-- Class A2 to A (sf) from AAA (sf)
-- Class B to BBB (sf) from AA (sf)
-- Class C to BB (sf) from A (sf)

Classes B and C have been removed from Under Review with Negative
Implications, where they were placed on November 18, 2009.  In
addition, DBRS has confirmed the ratings of the following five
classes of Taurus:

-- Class X1 at AAA (sf)
-- Class X2 at AAA (sf)
-- Class D at CCC (sf)
-- Class E at C (sf)
-- Class F at C (sf)

The trends on Classes A1, A2, B, C, X1 and X2 are Stable. No
trends are assigned to Classes D, E and F.

This transaction originally consisted of one fixed-rate loan and
12 floating-rate loans secured by 57 residential and commercial
properties located in Switzerland, Germany and France.  The
original securitized balance of the pool was EUR549,891,408.
According to the most recent servicer report, the current
securitized balance of the pool is EUR395,632,973.  The pool now
consists of nine loans backed by 48 properties.

There are no loans in special servicing; however, four loans have
been placed on the servicer's watchlist because of their upcoming
maturity dates.

The largest loan on the servicer's watchlist is the Galeries
Lafayette loan (17.1% of the current pool balance), which is
secured by a landmark department store in Berlin, Germany.  The
property is anchored by the French retailer, Galeries Lafayette.
This loan was scheduled to mature in January 2012 and, at
that time, the borrower and the servicer agreed upon a three-
month extension of the maturity date to give the borrower
additional time to sell the asset and repay the loan in full.
The loan's extended maturity date is April 30, 2012.

According to the servicer, the borrower has submitted evidence
that a full repayment of the loan is likely at the April 30,
2012, maturity date.  However, the DBRS capacity of debt analysis
assumes a loan-to-value (LTV) ratio that would imply a 36.7%
decline to the most recent appraised value.

The next largest loan on the servicer's watchlist is Saturn, and
is secured by a single property located approximately one
kilometer from the center of Frankfurt, Germany.  This loan
represents 7.1% of the current pool balance.  As of the most
recent servicer report, the property is approximately 90%
occupied and used primarily for retail purposes.  The main
retailer's lease runs through December 2013.  The loan was added
to the servicer's watchlist to be monitored as its maturity date
approaches in April 2012.  According to the servicer, they
are currently in discussions with the borrower regarding the loan
repayment.  A January 2011 valuation report implied a securitized
LTV of 74.8%.  The most recent DBRS analysis is based on the LTV
as implied by the January 2012 valuation report.

In general, the collateral securing the loans in this transaction
have been subject to the overall deflation in property values in
the greater European commercial real estate market.  When taking
the market decline into account, the capacity of debt, on a loan-
by-loan basis, in the DBRS analysis, has decreased substantially
since issuance.  As a result, DBRS has downgraded certain classes
as listed above.


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G R E E C E
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* GREECE: Ex-PM to Appear in Court Today Over 2008 Banking Crisis
-----------------------------------------------------------------
Deutsche Press-Agentur reports that Geir Haarde, Iceland's former
prime minister, is due to appear before a special court today,
where he will be asked to respond to accusations that he put the
interests of the state at risk by failing to prevent the
country's devastating banking crisis of 2008.

The former leader of the conservative Independence Party resigned
in January 2009 in the wake of the collapse of the Atlantic
island nation's three main banks, DPA recounts.

According to the indictment, Mr. Haarde faces charges of
negligence for failing to take action when Kaupthing, Landsbanki
and Glitnir failed, DPA discloses.  If convicted, the 60-year-old
risks a two-year jail term, DPA notes.

The case has generated controversy as Haarde is the only member
of the former government to face trial, DPA says.


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H U N G A R Y
=============


* HUNGARY: Mandatory Company Liquidations Up 18.5% in February
--------------------------------------------------------------
MTI-Econews reports that company information provider Opten said
on Friday the number of mandatory liquidation procedures
initiated against Hungarian companies came to 1,878 in February,
up 18.5% from a year earlier.

According to MTI, Opten said that the number of voluntary
liquidations jumped 47% to 3,321 in February.


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I R E L A N D
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ELAN CORPORATION: Moody's Raises CFR to 'B1'; Outlook Stable
------------------------------------------------------------
Moody's Investors Service upgraded the ratings of Elan
Corporation, plc, including the Corporate Family Rating to B1
from B2. Moody's upgraded the company's senior unsecured notes
due in 2016 to B1 (LGD 4, 66%) from B2 (LGD 4, 66%) and the
Probability of Default rating to Ba3 from B1. In addition,
Moody's affirmed the SGL-1 Speculative Grade Liquidity rating.
Following these rating actions, the rating outlook is stable.

Ratings upgraded:

Elan Corporation plc:

Corporate Family Rating to B1 from B2

Probability of Default Rating to Ba3 from B1

Elan Finance plc:

Senior unsecured notes due 2016, guaranteed by Elan Corporation
plc and subsidiaries to B1 (LGD 4, 66%) from B2 (LGD 4, 66%);

Ratings affirmed:

Elan Corporation plc:

Speculative Grade Liquidity Rating at SGL-1

Ratings Rationale

"The upgrade reflects Elan's significant deleveraging in 2011 and
the expectation for improving EBITDA driven by rising Tysabri
sales," stated Michael Levesque, Moody's Senior Vice President.

Elan's B1 Corporate Family Rating reflects the company's limited
scale, high product concentration risk and modest albeit
improving free cash flow generation. Following the 2011
separation of the Elan Drug Technology business,

Elan's revenues are now comprised 100% of Tysabri sales. Although
Tysabri utilization trends should be positive, competition and
safety factors will reduce its rate of growth compared to recent
results. Elan will remain highly reliant on Tysabri until its
pipeline of new drugs shows success. Importantly, Phase III data
for bapineuzumab, an experimental Alzheimer's drug, is pending in
the second half of 2012. The product could have substantial
commercial potential given unmet medical need, but this area of
pharmaceutical research remains high-risk. Elan's balance sheet
could further improve in 2012, especially if Elan monetizes
shares of Alkermes plc and uses the proceeds for further debt
reduction.

The FDA recently approved a label change for Tysabri to include
Anti-JC virus antibody status as a PML risk factor. Patients who
carry the JC virus antibody are more vulnerable to PML, a rare
brain disease. Clarity around the low risk for patients known to
be Anti-JCV antibody negative is an important growth driver for
Tysabri going forward.

The rating outlook is stable. Although Tysabri sales should rise
in 2012, resulting in improving credit metrics, Elan's product
concentration precludes upward rating pressure over the near
term. Over time, an upgrade could occur with improved revenue
diversity and further strengthening of credit metrics. If
bapineuzumab appears highly likely to be approved and Elan's
debt/EBITDA can be sustained below 3.0 times, the rating could be
upgraded. Conversely, the rating could be downgraded if
debt/EBITDA is sustained above 4.0 times. While not currently
expected, this could occur if Tysabri sales flatten or decline
and if the bapineuzumab program is unsuccessful.

The principal methodology used in rating Elan was the Global
Pharmaceuticals Industry Methodology published in October 2009.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.


GATE SME: Fitch Affirms Ratings on Two Note Classes at 'CCCsf'
--------------------------------------------------------------
Fitch Ratings has downgraded GATE SME CLO 2006-1 Ltd's (GATE)
class A notes and affirmed the class B to E notes, as follows:

  -- EUR42m class A notes (ISIN: XS0271959388): downgraded to
     'BBsf' from 'BBB-sf'; Negative Outlook

  -- EUR26.5m class B notes (ISIN: XS0271960048): affirmed at
     'B+sf'; Negative Outlook

  -- EUR7.5m class C notes (ISIN: XS0271960550): affirmed at
     'B+sf'; Negative Outlook

  -- EUR20m class D notes (ISIN: XS0271961012): affirmed at
     'CCCsf'; assigned Recovery Estimate (RE) of RE60%

  -- EUR15.5m class E notes (ISIN: XS0271961103): affirmed at
     'CCCsf'; assigned RE0%

The downgrade of the class A note reflects the increased risk if
a few large obligors default (event risk).  In Fitch's view, this
risk is more material due to the expected economy cool-down.  The
default of few large obligors can almost deplete the available
credit enhancement or result to losses to a note.  Currently, the
available credit enhancement for the class A notes can only
provide for a default of the four largest obligors after
accounting for defaulted loans in the current portfolio and
expected recoveries.

Fitch also acknowledges the increased defaults in the transaction
since its last review in August 2011. In particular, the share of
defaulted assets that have not yet been liquidated has risen to
1.8% from 1.1%.  The total cumulative defaults increased to 3.1%
from 2.4% of the initial pool balance for the same period.
Although no defaulted assets have been liquidated since the last
review, leaving the credit enhancement unchanged, Fitch expects
the increased defaults to result in additional losses to the
transaction once the defaulted assets have been worked out.

Once losses are realised, the available credit protection to the
rated notes will decrease. Fitch believes that the expected
decrease of available credit protection will make the class A
notes more vulnerable to heightened event risk.  In Fitch's view,
a 'BBB-sf' rating is no longer sustainable given the increased
event risk.

The Negative Outlook on the class A, B and C notes reflects the
expected economy cool-down that is likely to result in higher
corporate insolvencies.  Additionally, the agency takes into
account the low credit protection available to the rated notes,
which is by means of subordination only.  Although the realised
losses have so far been absorbed by the non-rated class F notes,
the agency notes that no additional credit protection can be
built up (in absolute terms) as long as the transaction is
replenishing.

In order to analyze the credit quality of the current portfolio,
the agency used its Portfolio Credit Model (PCM), which derives
rating-dependent default and recovery rates.  In Fitch's view,
the current credit enhancement of class A is insufficient to
provide for the expected losses in a 'BBB-sf' rating scenario.

Fitch assigns Recovery Estimates to all notes rated 'CCCsf' or
below.  REs are forward-looking recovery estimates, taking into
account Fitch's expectations for principal repayments on a
distressed structured finance security.

The transaction is a partially-funded synthetic CDO referencing
portfolios of loans, revolving credit facilities and other
payment claims to SMEs and larger companies based predominantly
in Germany.  The debt instruments were originated by Deutsche
Bank AG (rated 'A+'/Stable/'F1+'), which is also the CDS
counterparty.


HARVEST CLO: Fitch Affirms Ratings on Two Note Classes at 'Bsf'
---------------------------------------------------------------
Fitch Ratings has affirmed Harvest CLO IV PLC's notes, as
follows:

  -- EUR440.4m Class A-1A (ISIN XS0254041493): affirmed at
     'AAAsf'; Outlook Stable

  -- EUR74.0m Class A-1B (ISIN XS0254042541): affirmed at 'AAsf';
     Outlook Stable

  -- EUR48.5m Class A-2 (ISIN XS0254042970): affirmed at 'AAsf';
     Outlook Stable

  -- EUR54.6m Class B-1 (ISIN XS0254043861): affirmed at 'Asf';
     Outlook Stable

  -- EUR4.4m Class B-2 (ISIN XS0254046963): affirmed at 'Asf';
     Outlook Stable

  -- EUR29.0m Class C (ISIN XS0254048746): affirmed at 'BBBsf';
     Outlook Negative

  -- EUR11.1m Class D-1 (ISIN XS0254050213): affirmed at 'BBsf';
     Outlook Negative

  -- EUR8.9m Class D-2 (ISIN XS0254052771): affirmed at 'BBsf';
     Outlook Negative

  -- EUR15.4m Class E-1 (ISIN XS0254054553): affirmed at 'Bsf';
     Outlook Negative

  -- EUR1.6m Class E-2 (ISIN XS0254055360): affirmed at 'Bsf';
     Outlook Negative

  -- EUR12.3m Class M (ISIN XS0254059784): affirmed at 'AAAsf';
     Outlook Negative

The affirmation reflects the stable performance of the portfolio.
Assets rated 'CCC' or below currently represent 4.5% of
performing collateral and cash, up from 4.0% at the last review
in April 2011.

All over-collateralization (OC) tests as well as the reinvestment
test have been passing since March 2011.  A breach of the
reinvestment test during the reinvestment period triggers the use
of up to 50% of available interest proceeds to purchase
additional collateral or redeem the notes in order of seniority
(choice at manager's discretion).  The interest coverage (IC)
tests have never failed.  However, IC test results have been
volatile.

The Negative Outlooks on the mezzanine and junior notes reflect
their vulnerability to a clustering of defaults and negative
rating migration in the European leveraged loan market due to the
approaching refinancing wall.

Harvest CLO IV PLC is a securitization of only senior secured
loans extended to mostly European obligors.  At closing a total
note issuance of EUR752 million was used to invest in a target
portfolio of EUR750 million.  The portfolio is actively managed
by 3i Debt Management Investments Ltd.


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I T A L Y
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BANCA UBAE: Fitch Affirms Issuer Default Rating at 'BB'
-------------------------------------------------------
Fitch Ratings has affirmed Banca UBAE's Long-term Issuer Default
Rating (IDR) at 'BB' and Viability Rating at 'bb' and removed
them from Rating Watch Negative (RWN).  The Outlook is Stable.

The affirmations reflect Fitch's view that uncertainties around
the bank's operations have diminished following the lifting of
most sanctions against Libyan interests, and after the Bank of
Italy removed its special administration order on the bank on 29
February 2012.  Although Libya, where Banca UBAE's majority
shareholder, the Libyan Foreign Bank (LFB), is domiciled, is
undergoing important structural changes, Fitch believes that
Banca UBAE's operations, which suffered from reduced volumes in
trade finance in 2011, given the turmoil in many countries it
operates in, should stabilize in 2012.  On February 29, UBAE's
shareholders met for the first time since the bank was placed
under special administration by the Bank of Italy in March 2011,
and a board of directors was elected.

Banca UBAE did not suffer any significant withdrawals of funds
from its largest shareholder LFB after the recent lifting of
sanctions blocking these deposits.  Nonetheless, funding
continues to be concentrated and in the form of interbank funding
with contractually short-term maturities.

Banca UBAE's ratings are based on its operations as a niche bank
concentrating on trade finance business with its good franchise
in the MENA region.  The ratings also reflect the bank's
operations in potentially more volatile countries and the high
concentration to single counterparties in its investments
relative to the small absolute size of its equity.  The bank's
Support Rating is based on potential support from the LFB.  The
affirmation of the Support Rating reflects Fitch's view that
although support may be provided for the bank by LFB, it cannot
be relied upon given the current circumstances in Libya.

Banca UBAE's ratings could come under pressure if the situation
in Libya became more volatile again, if asset quality
deteriorated or if the bank's strategic importance to its
majority shareholders diminished.  Fitch notes that the bank's
capital base, in the context of the high concentration of the
bank's exposures, would need to be materially strengthened before
the ratings could be upgraded.

Rome-based Banca UBAE is a niche provider of trade finance,
payment and treasury services, predominantly to customers in the
Middle East and North African markets.  Banca UBAE is 67.5% owned
by LFB.

The rating actions are as follows:

Banca UBAE:

  -- Long-term IDR: affirmed at 'BB'; RWN removed, Stable Outlook
  -- Short-term IDR: affirmed at 'B'
  -- Viability Rating: affirmed at 'bb'; RWN removed
  -- Support Rating: affirmed at '5'


SEAT PAGINE: Controlling Investors Back Debt Restructuring Plan
---------------------------------------------------------------
Chiara Remondini at Bloomberg News reports that Seat Pagine
Gialle SpA said its debt restructuring plan was endorsed by
investors including CVC Capital Partners Ltd. and some creditors'
committees.

According to Bloomberg, Seat Pagine said a stock-exchange
statement on Friday that it received "full support" for the debt
proposal by controlling investors CVC, Permira Advisers Ltd. and
Investitori Associati SpA, the senior noteholders committee and
Lighthouse bondholder committee.

Seat Pagine is "close to safety," Bloomberg quotes Marco Greco,
an analyst at Mediobanca SpA, as saying.  Mr. Greco, as cited by
Bloomberg, said in a note on Friday that "there are only a few
technical points to be solved and then a positive conclusion to
this never ending saga will be achieved.  It's too early to
assume that the bankruptcy risk is totally over."

Seat Pagine is seeking backing from at least 75% of its creditors
on a final proposal for the company's debt reorganization,
Bloomberg discloses.  The board is giving creditors until March 7
to accept the restructuring plan, Bloomberg notes.  The proposal
has to be backed by senior bondholders as well as senior lenders
and junior note holders, Bloomberg states.

                        About Seat Pagine

Seat Pagine Gialle SpA (PG IM) -- http://www.seat.it/-- is an
Italy-based company that operates multimedia platform for
assisting in the development of business contacts between users
and advertisers.  It is active in the sector of multimedia
profiled advertising, offering print-voice-online directories,
products for the Internet and for satellite and ortophotometric
navigation, and communication services such as one-to-one
marketing.  Its products include EuroPages, PgineBianche,
Tuttocitta and EuroCompass, among others.  Its activity is
divided into four divisions: Directories Italia, operating
through, Seat Pagine Gialle; Directories UK, through TDL
Infomedia Ltd. and its subsidiary Thomson Directories Ltd.;
Directory Assistance, through Telegate AG, Telegate Italia Srl,
11881 Nueva Informacion Telefonica SAU, Telegate 118 000 Sarl,
Telegate Media AG and Prontoseat Srl, and Other Activitites
division, through Consodata SpA, Cipi SpA, Europages SA, Wer
liefert was GmbH and Katalog Yayin ve Tanitim Hizmetleri AS.

                        *     *     *

As reported by the Troubled Company Reporter-Europe on Jan. 11,
2012, Standard & Poor's Ratings Services lowered its issue rating
on the senior secured bank debt of Italy-based international
publisher of classified directories SEAT PagineGialle SpA (SEAT)
to 'D' (Default) from 'CCC-'.  "The recovery rating on this
instrument is unchanged at '2', indicating our expectation of
substantial (70%-90%) recovery in the event of a payment
default," S&P said.  All our other ratings on SEAT, including the
long-term corporate credit rating of 'SD' (Selective Default),
are unchanged.  The lowering of the rating on SEAT's senior
secured bank debt follows the company's failure to pay its
interest payment and debt amortization requirement beyond the
fifth business day after the scheduled due date at the end of
December 2011.


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


E-MAC DE 2006: Fitch Cuts Rating on Class E Notes to 'CCsf'
-----------------------------------------------------------
Fitch Ratings has taken rating actions on E-MAC DE 2006-I B.V.,
E-MAC DE 2005-I B.V. and E-MAC DE 2006-II B.V.

The transactions are securitizations of German residential
mortgage loans originated by GMAC-RFC Bank GmbH, which was
renamed Paratus AMC GmbH in 2011.

The downgrade of E-MAC DE 2006-I's class C, D and E notes reflect
the reduction of the reserve fund by more than 50% and the
expectation that the class E principal deficiency ledger (PDL)
balance will soon be debited.  The reserve fund stands at 21 % of
its target level.  The likelihood of the class D PDL balance
being debited has also increased significantly.  The Outlook for
the class A and B notes has been revised to Negative from Stable
following the expected loss allocation to the junior notes.

The affirmation of E-MAC DE 2005-I and E-MAC DE 2006-II reflect
that the current performance of the transactions is in line with
Fitch's expectations.  The supporting factors for the
affirmations were the lower levels of losses and lower reserve
fund draws compared to EMAC DE 2006-I.

Cumulative losses for E-MAC DE 2005-I are at 3.5%, for E-MAC DE
2006-I at 4.2% and for E-MAC DE 2006-II at 2.6%. Generally there
is a strong reliance on excess spread in these transactions
though for E-MAC DE 2006-I and II reserve fund draws were
necessary to cover losses.  The reserve fund for E-MAC DE 2005-I
stands at its target level while the reserve fund for E-MAC DE
2006-II stands at 88% of its target level.

E-MAC DE 2005-I noteholders may exercise their put right to sell
their notes to the issuer in May 2012.  Like the other E-MAC
transactions in the Netherlands Fitch does not believe that the
MPT provider (which is CMIS Investments B.V. for the German
transactions) will provide the necessary funds to the issuer.  If
the issuer is not able to repurchase the notes, the note margins
will be reset to a higher level.  However, as any excess over the
original margins ranks junior in the waterfall, Fitch does not
expect this to have an impact on existing ratings for this
transaction.

The ratings actions are as follows:

E-MAC DE 2005-I B.V:

  -- Class A (ISIN XS0221900243): affirmed at 'AAsf'; Stable
     Outlook
  -- Class B (ISIN XS0221901050): affirmed at 'Asf'; Stable
     Outlook
  -- Class C (ISIN XS0221902538): affirmed at 'BBB-sf'; Stable
     Outlook
  -- Class D (ISIN XS0221903429): affirmed at 'B+sf'; Stable
     Outlook
  -- Class E (ISIN XS0221904237): affirmed at 'CCCsf'; Recovery
     Estimate (RE) of 100%
  -- Class F (ISIN XS0221922056): Paid in full

E-MAC DE 2006-I B.V.:

  -- Class A (ISIN XS0257589860): affirmed at 'A+sf'; Outlook
     revised to Negative from Stable
  -- Class B (ISIN XS0257590876): affirmed at 'BBBsf'; Outlook
     revised to Negative from Stable
  -- Class C (ISIN XS0257591338): downgraded to 'Bsf'; Outlook
     Stable
  -- Class D (ISIN XS0257592062): downgraded to 'CCCsf'; RE 0%
  -- Class E (ISIN XS0257592575): downgraded to 'CCsf'; RE 0%
  -- Class F (ISIN XS0257704717): Paid in full

E-MAC DE 2006-II B.V.:

  -- Class A1 (ISIN XS0276932539): affirmed at 'A+sf'; Stable
     Outlook
  -- Class A2 (ISIN XS0276933347): affirmed at 'A+sf'; Stable
     Outlook
  -- Class B (ISIN XS0276933859): affirmed at 'BBBsf'; Stable
     Outlook
  -- Class C (ISIN XS0276934667): affirmed at 'BBsf'; Stable
     Outlook
  -- Class D (ISIN XS0276935045): affirmed at 'Bsf'; Negative
     Outlook
  -- Class E (ISIN XS0276936019): affirmed at 'CCCsf'; RE 0%
  -- Class F (ISIN XS0276936951): Paid in full


SCHEUTEN SOLAR: Files Notice for Suspension of Payments
-------------------------------------------------------
Mark Osborne at PV-Tech reports that Scheuten Solar has
officially filed notice that it is suspending payments as it is
unable to serve its creditors.

According to PV-Tech, Scheuten said in a statement on its Web
site that its margins had been under tremendous pressure over the
last 18-months due to the dramatic oversupply of standard PV
modules in the European market, putting the company into
financial difficulties.

Scheuten Solar said that it had undertaken continuous cost
reduction measures and efforts to secure a business partner
within the PV industry proved fruitless after negotiations with
an unidentified company failed, PV-Tech relates.

Scheuten Solar is a Netherlands-based module manufacturer and
BIPV specialist.


WOOD STREET: Fitch Lowers Rating on Class E Notes to 'B-(sf)'
-------------------------------------------------------------
Fitch Ratings has downgraded Wood Street CLO VI B.V.'s class C, D
and E notes, as follows:

  -- EUR207.1m Class A-1 (ISIN XS0315358084): affirmed at
     'AAAsf'; Outlook Stable
  -- EUR15.0m Class A-2 (ISIN XS0315362433): affirmed at 'AAAsf';
     Outlook Stable
  -- EUR23.7m Class B (ISIN XS0315364991): affirmed at 'AAsf';
     Outlook Stable
  -- EUR18.4m Class C (ISIN XS0315365451): downgraded to 'BBB+sf'
     from 'Asf'; Outlook Negative
  -- EUR15.5m Class D (ISIN XS0315365618): downgraded to 'BB+sf'
     from 'BBBsf'; Outlook Negative
  -- EUR13.2m Class E (ISIN XS0315366186): downgraded to 'B-sf'
     from 'Bsf'; Outlook Negative

The affirmation of the class A-1, A-2, and B notes reflects the
stable performance of the portfolio.  Assets rated 'CCC' or below
currently represent 13.5% of performing collateral and cash, down
from 16.4% at the last review in April 2011.

Fitch has downgraded the class C, D, and E notes due to their
sensitivity to a back-loaded default timing scenario.  In this
scenario, a cluster of defaults occurs towards the end of the
life of the transaction when minimal excess spread remains.  The
weighted average maturity of the portfolio increased to
January 23, 2016 from July 23, 2015 in April 2011.  The notes
have been unable to accumulate sufficient credit enhancement to
offset this risk due to a number of defaults in the portfolio.

All over-collateralization (OC) tests and the reinvestment test
have been passing since March 2011.  A breach of the reinvestment
test triggers the use of up to 50% of available interest proceeds
to purchase additional collateral or redeem the notes in order of
seniority (choice at manager's discretion).  The interest
coverage (IC) tests have never failed.  However, results have
been volatile.

The Negative Outlooks on the mezzanine and junior notes reflect
their vulnerability to a clustering of defaults and negative
rating migration in the European leveraged loan market due to the
approaching refinancing wall.

Wood Street CLO VI B.V. is a securitization of mainly European
senior secured loans, senior unsecured loans, second-lien loans,
mezzanine obligations, high-yield bonds and structured finance
securities.  At closing, a total note issuance of EUR325.8
million was used to invest in a target portfolio of EUR317.05
million.  The portfolio is actively managed by Alcentra Ltd.


===========
N O R W A Y
===========


STOREBRAND LIVFORSIKRING: Fitch Affirms 'BB+' Sub. Debt Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Norwegian life insurer Storebrand
Livforsikring's (SL) Insurer Financial Strength (IFS) rating at
'BBB+' and Long-term Issuer Default Rating (IDR) at 'BBB'.  Fitch
has also affirmed Storebrand ASA's (SA) Long-term IDR at 'BBB-'.
SA is SL's ultimate parent company.  The Outlooks on the IFS
rating and IDRs are Stable.  Fitch has also affirmed SL's
subordinated debt issues at 'BB+' and SA's senior unsecured debt
at 'BB+'.

The ratings actions reflect the Storebrand group's resilient
performance in 2011 despite difficult market conditions.  Strong
capital adequacy (with healthy buffer reserves) and the soundness
of the Norwegian economy also support the ratings.  Offsetting
factors are the group's exposure to a low interest rate
environment for both SL and SPP (SL's main subsidiary in Sweden;
not rated), volatile financial results and the expectation of
depressed earnings.

In line with Fitch's expectation, group earnings fell in 2011,
due to a combination of the low interest rate environment, a
significant fall in equity values and the group's continued
efforts to rebuild buffer capital.  Despite these challenges, the
group reported positive net income for 2011 of NOK681 million
(2010: NOK1,480 million).  Fitch believes that the group can, to
some extent, cope with downside risk related to a prolonged
period of low interest rates and increased market volatility.

The agency views negatively the ongoing uncertainty surrounding
the development of a new Solvency II-compliant regulatory
framework in Norway.  Against market expectations, the group
decided not to pay a dividend in respect of 2011, awaiting
further clarification on the new capital requirements.

In addition, SL unexpectedly strengthened its longevity reserves
by NOK1.1 billion in 2011 and Fitch cautions that additional
material reserve adjustments may be required in the future given
the continuing rise in Norwegian life expectancy.

Other negative rating drivers include the group's relatively high
equity exposure as well as low fixed charge coverage as assessed
by Fitch.  The portfolio allocation to equities was 12% in both
SL and SPP at end-2011 and although this is lower than 2010 (in
particular in SPP where the exposure was 27% at end-2010) the
agency still views the overall exposure unfavorably.  The Fitch-
calculated fixed charge coverage ratio for the consolidated group
remains relatively weak at around 2.3x (based on 2011 results),
down from 3.5x in 2010.

Based on the consolidated regulatory solvency position (160% at
end-2011) and on Fitch's own risk-adjusted analysis, group
capital adequacy as at end-2011 was solid, with NOK5.4 billion of
additional statutory reserves (equal to approximately 90% of the
annual cost of minimum guarantees).  This allows the group to
have higher risk appetite in seeking to achieve higher expected
returns in its profit-sharing portfolios.  However, the quality
of capital is negatively affected by a significant amount of
goodwill.

SL's ratings could be upgraded if the company manages to
strengthen, on a sustainable basis, its buffer capital through
additional statutory reserves to maintain an amount sufficient to
cover one year of minimum guarantees (around NOK6 billion).
Other factors leading to a possible upgrade would include reduced
sensitivity of earnings to changes in interest rates through
better asset liability management (ALM), in particular in SPP.

Conversely, the ratings could be downgraded if the exposure to
equities at SPP results in material losses to the extent that
SL's consolidated regulatory solvency margin falls below 130% or
shareholders' funds declined by more than 15% from NOK18.8
billion at end- 2011.  Also, failure to mitigate SPP's financial
volatility over time would exert negative pressure on the
ratings.


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


SAGRES-SOCIEDADE: DBRS Lowers Rating on Class B Notes to 'BB'
-------------------------------------------------------------
DBRS Ratings Limited and DBRS, Inc. have confirmed and downgraded
eight ratings from the following seven Portuguese Issuers:

    * GAMMA - Sociedade de Titularizacao de Creditos, S.A.
      (ATLANTES No. 1)

    * SAGRES SOCIEDADE DE TITULARIZACAO DE CREDITOS, S.A. (DOURO
      SME No.2)

    * Caravela SME No. 1 LTD

    * TAGUS SOCIEDADE DE TITULARIZACAO DE CREDITOS, S.A.
      (Caravela SME No.2)

    * SAGRES SOCIEDADE DE TITULARIZACAO DE CREDITOS, S.A.
      (Lusitano SME No.2)

    * TAGUS - Sociedade de Titularizacao de Creditos, S.A. (BST
      SME No. 1)

   * Sagres Sociedade de Titularizacao de Creditos, S.A. (Pelican
     SME No. 1)

The rating actions occurred between February 23, 2012 and
February 27, 2012, and reflect the January 30, 2012, DBRS
downgrade of the Republic of Portugal's Long Term Foreign
Currency and Long-Term Local Currency ratings from BBB to BBB
(low) with the Negative Trend maintained. The rating actions
above represent a summary of all rating actions taken by DBRS on
SME CLOs with public DBRS ratings affected by the January 30,
2012 DBRS downgrade of the Republic of Portugal.  Increased
uncertainty surrounding the impact of macroeconomic variables on
collateral performance due to austerity measures taken by the
Republic of Portugal, as well as a heightened concern with
respect to the stress certain transaction parties may come under
to perform transaction obligations (servicers and collection
account banks domiciled in Portugal) were factored into the
rating actions.

For a more detailed discussion of sovereign risk impact on
Structured Finance ratings, please refer to DBRS commentary "The
Effect of Sovereign Risk on Securitisations in the Euro Area",
located at http://dbrs.com/research/239786

The principal methodology is the Master European Granular
Corporate Securitisations (SME CLOs), which can be found on
DBRS's Web site under Methodologies.

Ratings assigned by DBRS Ratings Limited are subject to EU
regulations only.

SAGRES SOCIEDADE DE TITULARIZACAO DE CREDITOS, S.A. (Lusitano SME
No.2) Class B

Downgraded BB (low) (sf) -- Principal Only Feb 23, 2012


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


MARI EL: Fitch Assigns 'BB' Foreign & Local Currency Ratings
------------------------------------------------------------
Fitch Ratings has assigned Russia's Mari El Republic a Long-term
foreign and local currency rating of 'BB', a Short-term foreign
currency rating of 'B' and a National Long-term rating of 'AA-
(rus)'.  The Outlooks for the Long-term ratings are Stable.

The ratings reflect the republic's track record of sound
budgetary performance, moderate direct risk and low contingent
risk.  However, the ratings also factor in the small size of the
region's economy with wealth indicators below the national
average.

A consolidation of the region's budgetary performance with a
narrowing of the deficit before debt to below 5% of total revenue
coupled with the extension of the debt maturity profile would be
positive for the ratings.  Conversely, the deterioration of its
budgetary performance along with the growth of direct risk to
above 40% of current revenue would be negative for the ratings.

Fitch expects Mari El's budget to consolidate its sound
performance in 2012-2014, with the operating balance averaging
13% of operating revenue.  This will be supported by the stable
growth of tax revenue and current transfers and prudent fiscal
management.  Fitch also expects the region's full-year deficit
before debt variation to be about 7% of total revenue in 2012,
which is in line with 2011.

Fitch expects the region's direct risk to increase up to RUB7
billion by end-2012, or 38% of current revenue and then stabilize
at 37%-38% in 2013-2014.  Fitch expects the republic's payback
ratio to be at about three years in 2012-2014, matching the debt
portfolio's average maturity.  The region's direct risk is 48.4%
composed of bank loans, followed by subsidized federal budget
loans (26.8%) and loans contracted from International Finance
Corporation (24.8%).  The region's contingent risk is low,
comprised of outstanding guarantees (totalling RUB440 million by
end-2011) and minor public companies' debt.

The Mari El Republic is a part of the Privolzhsky Federal
District, which lies in the eastern part of European Russia.  The
region contributed 0.2% of the Russian Federation's GDP in 2009
and accounted for 0.5% of the country's population.  The local
economy, despite below national average wealth indicators, proved
resilient to the adverse macro-economic environment in 2008-2009.
Gross regional product according to the administration's
estimates increased by 3.9% yoy in 2011.


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


SERVETTE: Owner Opts to Put Club Into Bankruptcy
------------------------------------------------
The Associated Press reports that Iranian businessman Majid
Pishyar, the owner of Servette, placed the Swiss football club
into bankruptcy on Thursday.

Mr. Pishyar, the AP says, directed blame at the city's government
and business community whose "support has, unfortunately, been
below my expectations."

Servette's debts have been reported at between CHF1.7 to CHF3
million (US$1.88-US$3.3 million), and the club has fended off
bankruptcy hearings from creditors including the company which
cleans the stadium, the AP discloses.

However, the club does not own the Stade de Geneve, which was
built by local authorities to be a venue for the 2008 European
Championship, the AP notes.

According to the AP, Mr. Pishyar, who took charge in 2008, said
that "we will continue to fight for Servette."

It was unclear if the club will complete its matches this season,
the AP states.  It also fell into bankruptcy in 2005 and was
demoted midseason, the AP recounts.

The Swiss Football League issued a brief statement to say it was
in the process of seeking clarity for the league's future, the AP
relates.


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


INNOVATSIYNO PROMYSLOVYI: Central Bank to Commence Liquidation
--------------------------------------------------------------
Kateryna Choursina at Bloomberg News reports that Ukraine's
central bank will revoke the banking license held by PAT
Innovatsiyno Promyslovyi Bank, or Inprombank, and begin
liquidation proceedings.

According to Bloomberg, the central bank said in a statement on
its Web site on Friday that it appointed Oleksiy Halaburda, the
head of the bank supervision department, as the liquidator of the
institution.

The statement also said that Kiev-based central bank will replace
the official liquidator of lender AKB Yevropeyskyi and appoint
independent expert Vitaliy Kovalevskyi to replace Yuriy
Stulkivskyi, Bloomberg notes.


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


ECO-BAT FINANCE: Moody's Rates EUR300-Mil. Notes at '(P)B1'
-----------------------------------------------------------
Moody's Investors Service has assigned a (P)B1 rating to the new
EUR300 million senior unsecured notes maturing in March 2017 to
be issued by Eco-Bat Finance PLC. Concurrently, Moody's has
affirmed Eco-Bat Technologies Limited's Corporate Family Rating
at Ba3. The outlook on the ratings remains stable.

Ratings Rationale

Eco-Bat's Ba3 CFR is supported by the company's large scale as
the world's largest lead producer, as well as its solid operating
performance based on a prudent hedging strategy limiting
commodity risk. The rating is also supported by the company's
strong liquidity position, further enhanced by the new bond
issuance and availability under the company's borrowing base
facilities.

In the first nine months of 2011, Eco-Bat generated revenues of
GBP1.4 billion compared to GBP1.1 billion in the previous year
driven by higher average LME lead prices. During the same period,
the operating profit increased to GBP 170 million from GBP 116
million.

The majority shareholder of Eco-Bat is EB Holdings II, Inc. which
owns about 87% of the company. The overall group debt structure
is unusually top-heavy in combining relatively modest leverage at
the Eco-Bat level, with a much larger PIK instrument at EB
Holdings II (which is outside the Eco-Bat restricted group). The
PIK, which was initially EUR600 million at its inception in 2006,
has accrued (at 11%) to EUR 986 million. The instrument also
matures in March 2017, shortly after the maturity date of the
Notes.

Although the PIK is ring fenced from the Eco-Bat group, its
presence creates material uncertainty over future event risk. In
particular, there is ongoing lack of clarity regarding the
shareholders' intentions to refinance it with additional debt
that could be raised within the Eco-Bat restricted group. Moody's
recognizes that the Notes include an opening restricted payment
basket carried forward from its previous notes (GBP308 million at
end-December 2011) and a general basket of GBP50 million leading
to a total restricted payment capacity of approximately GBP358
million as of fiscal year end 2011, which will further grow over
time as the group generates additional net income. Debt
incurrence is also subject to a 2.25x and 2.5x fixed charge cover
ratio test in the bond indenture and bank credit facility,
respectively, which Moody's expects the company to be able to
meet with relative ease over the medium term.

In that context, although the company has indicated no plans for
dividends, Moody's analysis of Eco-Bat's debt considers the full
flexibility that the company may have to use its baskets to
distribute dividends. The Ba3 CFR and (P)B1 rating on the new
2017 notes incorporates this.

In that context, combined also with the cyclical nature of the
business and the exposure to volatile LME lead prices, Moody's
considers that the prospect for near-term upwards rating
migration is limited. This will likely only happen once there is
greater certainty that Eco-Bat's resources will not ultimately be
used to support the PIK note.

Downward pressure would occur if operating performance and credit
metrics deteriorated materially due to lower lead prices or a
weakening of demand. The ratings could also be downgraded as the
restricted payment basket grows over time due to increasing
consolidated net income, giving the company greater flexibility
to make distributions as outlined above. Further complexity added
to the capital structure could also lead to rating pressure, as
would a material debt-funded acquisition.

The Notes issued by Eco-Bat Finance PLC will benefit from
unsecured guarantees from Eco-Bat and certain of its
subsidiaries. The (P)B1 rating of the Notes, one level below the
CFR, reflects the subordination of the Notes to the borrowing
base facilities secured by assets.

Moody's issues provisional ratings in advance of the final sale
of securities and these reflect Moody's credit opinion regarding
the transaction only. Upon closing of the transaction and a
conclusive review of the final documentation, Moody's will
endeavor to assign definitive ratings to Eco-Bat's Notes. A
definitive rating may differ from a provisional rating.

Eco-Bat Finance plc's ratings were assigned by evaluating factors
that Moody's considers relevant to the credit profile of the
issuer, such as the company's (i) business risk and competitive
position compared with others within the industry; (ii) capital
structure and financial risk; (iii) projected performance over
the near to intermediate term; and (iv) management's track record
and tolerance for risk. Moody's compared these attributes against
other issuers both within and outside Eco-Bat Finance plc's core
industry and believes Eco-Bat Finance plc's ratings are
comparable to those of other issuers with similar credit risk.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Headquartered in Matlock, UK, Eco-Bat Technologies Limited is the
world's largest producer of lead. The company produces around 85%
of its total lead output from secondary lead smelting, primarily
the recycling of spent automotive and industrial lead-acid
batteries. The company, which is privately held with a dominant
shareholder, generated revenue of around GBP1,575 million for the
full year ending December 31, 2010.


INDUS ECLIPSE: DBRS Cuts Ratings on Note Classes D & E to 'D'
-------------------------------------------------------------
DBRS has downgraded the ratings of INDUS (ECLIPSE 2007-1) plc
(Indus) as follows:

-- Class A to BBB (sf) from AAA (sf)
-- Class B to BB (sf) from AA (low) (sf)
-- Class C to CCC (sf) from BBB (low) (sf)
-- Class D to D (sf) from CCC (sf)
-- Class E to D (sf) from C (sf)

In addition, DBRS has confirmed Class X at AAA (sf).

The ratings have been removed from Under Review with Negative
Implications, where they were placed on December 3, 2009.  The
trends on Class A and B are Stable.  No trends are assigned to
Classes C, D and E.

This transaction originally consisted of 14 fixed-rate loan and
five floating-rate loans secured by 366 residential and
commercial properties located in England and Scotland.  The
original securitized balance of the pool was GBP894,431,744.
According to the January 2012 cash management report, the current
securitized balance of the pool is 695,343,701. Of the original
20 loans, 15 remain.

The Agora Max loan, originally secured by two anchored retail
properties and one mixed-use retail and office property, was
liquidated from the trust with the January 2012 cash management
report.  The loan reached its scheduled maturity date in March
2011 and failed to refinance.  A January 2012 RNS notice
indicated that after a lengthy marketing and sales process
conducted by the special servicer, the remaining collateral was
sold, resulting in a crystallized loss to the trust totalling
GBP12.2 million.  This loss fully eroded Class E and a portion
of Class D.  As such, DBRS has downgraded the ratings of both
classes to D (sf).

Of the remaining 15 loans, three have reached their maturity
dates and failed to refinance.  The largest of these loans is
Adelphi House.

The Adelphi House loan is secured by an office building located
in London's West End, along the north bank of the River Thames.
The property comprises approximately 330,000 square feet (sf) on
13 floors.  According to the most recent servicer report, the
property is currently 99.6% occupied.  The largest tenant in the
building is the U.K. government's Secretary of State, occupying
48.6% of the net rentable area (NRA) with a lease expiring in
approximately 18 months.

The Adelphi House loan is the largest in the pool, currently
representing 30.6% of the pool balance.  The loan reached its
scheduled maturity date in October 2011 and failed to refinance.
At that time, the borrower was in the process of selling the
asset; however, that sale fell through.

Further to the difficulties surrounding the refinance of such a
large loan, there is a long-dated interest rate swap associated
with the loan.  The swap currently has a significant negative
mark-to-market value which ranks senior to the lenders in the
loan waterfall.  With the mark-to-market value of the swap taken
into consideration, the DBRS assumed severity of loss in an
enforcement or liquidation scenario increases substantially.

In general, the collateral securing the loans in this transaction
have been subject to the overall deflation in property values in
the greater European commercial real estate market.  When taking
the market decline into account, the capacity of debt, on a loan-
by-loan basis, in the DBRS analysis, has decreased substantially
since issuance.  As a result, DBRS has downgraded Classes A to E
as listed above.

DBRS has confirmed the rating of Class X based on the definition
within the transaction documents that allow for it to receive the
greater of zero or any excess interest in pari passu priority
with Class A.


ITV PLC: Fitch Says Financial Results Ahead of Expectations
-----------------------------------------------------------
UK broadcaster ITV's results provide further proof that TV is the
most resilient form of traditional advertising media.  Fitch
Ratings cautions against reading too much into them about the
broader UK economic picture, though the advertising market
remains volatile and short term.

Fitch said "ITV -- which we rate 'BB' with a Positive Outlook --
reported results that were ahead of our expectations.  Rather
than a modest fall in advertising revenue for 2011, both ITV and
the market saw small increases - 1% and 0.7% respectively.
EBITDA was 9.2% ahead of our conservative forecasts."

"By comparison, print media continues to weaken.  Daily Mail and
General Trust reported a 2% advertising fall in its Associated
Newspapers arm and a 6% fall in its regional operations in the
quarter to December 2011.  These falls were offset by a
combination of cost-cutting, and growth in its business-to-
business operations.

"TV has maintained its popularity with audiences much more than
print media and has a greater ability to aggregate mass
audiences.  TV's share of time spent has fallen far less than
print's, and ITV's programs continue to draw audiences well ahead
of any other UK commercial media.

"ITV's advertising expectations for Q1 are consistent with an
improvement in economic activity towards the end of Q1, but we
don't think they provide much of a leading indicator in this
instance.  The pattern ITV has signalled -- advertising revenue
down 4% in January and February, up 2% in March and flat in April
-- is mostly driven by strong comparatives (including a rise of
over 20% in February 2011).  Movements will increasingly be
driven by one-off events (the Euro 2012 football tournament and
the Olympics) as we move into the summer.

"The overall market remains volatile, and this can be seen from
the sources of advertising.  Food and household stores both
reduced spend by over 15% in 2011.  Finance, telecoms, and
airline, travel and holidays, were all up 10% or more.  Retail --
the largest single category -- was down 3%, with increases by
electrical retailers and supermarkets offset by falls in
furniture and DIY.

"This volatility and the broadly stagnant market give us some
cause for caution, as does the continued fall in ITV1's share of
commercial impacts, upon which the regulated portion of the
company's revenue depends.

"We see a consistent stabilization of UK advertising revenue as a
prerequisite of any positive rating action on ITV, but are more
concerned with its ability to execute its five-year plan, which
-- among other things -- requires greater diversification away
from advertising revenue.  The results showed solid progress in
improving its in-house production of content, with which comes
more options for monetization than bought-in content.  ITV's move
into a net cash position is also positive for the credit
profile."


RANGERS FOOTBALL: Delays Decision to Reduce Costs
-------------------------------------------------
Bob Bensch at Bloomberg News reports that Rangers Football Club's
administrator Paul Clark said the club will delay any decision on
reducing costs until early this week.

According to Bloomberg, Mr. Clark said in a statement on the
Glasgow club's Web site that Mr. Rangers must fill an approximate
GBP4.5 million (US$7 million) shortfall by the end of the season
and it is "imperative" it finds find savings of approximately
GBP1 million per month to ensure its future.

As reported by the Troubled Company Reporter-Europe, BBC News
related that Rangers appointed administrators on Feb. 14, with
Her Majesty's Revenue and Customs pursuing an unpaid GBP9 million
tax bill accrued since Mr. Whyte assumed control at Ibrox last
May.

                  About Rangers Football Club

Rangers Football Club PLC -- http://www.rangers.premiumtv.co.uk/
-- is a United Kingdom-based company engaged in the operation of
a professional football club.  The Company has launched its own
Internet television station, RANGERSTV.tv.  The station combines
the use of Internet television programming alongside traditional
Web-based services.  Services offered include the streaming of
home matches and on-demand streaming of domestic and European
games, which include dedicated pre-match, half-time and post-
match commentary.  The Company will produce dedicated news
magazine and feature programs, while the fans can also access a
library of classic European, Old Firm and Scottish Premier League
(SPL) action.  Its own dedicated television studio at Ibrox
provides onsite production, editing and encoding facilities to
produce content for distribution on all media platforms.


TRITON: Fitch Affirms Ratings on Three Note Classes at 'CCsf'
-------------------------------------------------------------
Fitch Ratings has affirmed Triton (European Loan Conduit No. 26)
Plc's notes, as follows:

  -- GBP254.0m Class A1 (XS0294600514) affirmed at 'Asf'; Outlook
     Stable

  -- GBP75.2m Class A2 (XS0294602486) affirmed at 'Asf'; Outlook
     Stable

  -- USD87.3m Class B (XS0294620207) affirmed at 'BBBsf'; Outlook
     Stable

  -- GBP32.0m Class C (XS0294603294) affirmed at 'Bsf'; Outlook
     Stable

  -- GBP7.6m Class D (XS0294603708) affirmed at 'Bsf'; Outlook
     Stable

  -- GBP15.2m Class E (XS0294604185) affirmed at 'CCCsf'; RE90%

  -- GBP8.0m Class F (XS0294604771) affirmed at 'CCsf'; RE0%

  -- GBP16.4m Class G (XS0294607287) affirmed at 'CCsf'; RE0%

  -- GBP18.3m Class H (XS0294608335) affirmed at 'CCsf'; RE0%

The affirmations reflect the transaction's stable performance
since the last rating action in March 2011.  The transaction has
also benefited from the full repayment of the Sanctuary Buildings
loan in July 2011 following its maturity.  The proceeds were
allocated against the notes on a modified pro rata basis with 82%
of the principal used to reduce the A1 and A2 classes, further
enhancing the credit quality of the most senior note tranches.

The Devonshire Square Estate loan (60.6% of the pool) was
scheduled to mature in October 2011.  However, it was
restructured and the loan maturity date was extended to April
2013.  The terms of the restructure included the implementation
of a business plan aimed at improving the tenant profile, via the
re-gearing of major leases, prior to either marketing the
property for sale or completing the refinancing of the loan.  The
improvement in the tenant profile is already evident with passing
rent having increased by 4.5% since the last review and the
weighted average lease term increasing to 5.6 years from 4.7.

However, with AON (rated 'BBB+/Stable/F2'), which contributes 43%
of in place rent, likely to exercise the option to break their
lease in June 2014, the estate may face a sharp drop in rental
income unless replacement tenants are found.  The ability to re-
let the space occupied by AON is assisted by the layout of the
estate, which could allow for a gradual re-let of the floor space
to multiple tenants without having to find a sole replacement.
In addition, the substantial amount of surplus rental income
being trapped by the servicer could be utilized for additional
capex and incentives to attract new tenants.

Fitch estimates the loan-to-value ratio (LTV) on the secured loan
to be 120.8%, reflecting the precarious position that this loan
is currently in.  However, Fitch regards the restructure to be a
positive development, which pending a well administered business
plan, should increase the market value of the collateral and
therefore the chances of repayment or at least mitigate the
losses that this loan is facing.

The Access Self Storage loan (33.6% of the pool) is supported by
30 self storage centers located throughout the UK.  Storage
centers generally rely on the housing market churn in order to
generate income, so an increase in net operating income of
approximately 25% since closing during a time of low housing
sales provides some confidence in the strength of the collateral
as an investment opportunity.  The Fitch LTV for the whole loan
is 109.4% (94.4% on the secured loan), which indicates that
refinancing at maturity in 2013 could be difficult.  However,
Fitch does not expect a loss to be made with final legal maturity
in 2019 providing a sufficient timeframe to successfully work out
the loan.


VEDANTA RESOURCES: Fitch Affirms Issuer Default Rating at 'BB+'
---------------------------------------------------------------
Fitch Ratings has affirmed Vedanta Resources Plc's (Vedanta)
Long-Term Issuer Default Rating (IDR) at 'BB+', following its
proposed reorganization The Outlook is Stable.

Fitch believes the reorganization will reduce the extent of debt
to be serviced to US$3.8 billion from the current US$9.7 billion
at the holding company and, in turn, reduce dividend leakages
from some of the operating entities (mainly Sesa Goa Ltd and
Sterlite Industries Limited) to Vedanta.

The agency notes that debt at Vedanta increased significantly
post the acquisition of Cairn India Ltd (CIL) to US$9.7 billion
at end-December 2011 and US$6.8 billion at end-September 2011
from US$5.1 billion at end-March 2011.  The proposed
reorganization, to an extent, limits the higher debt burden
placed at the holdco level, besides simplifying the overall
corporate structure.

Post reorganization, Sesa Goa will be merged with Sterlite
Industries to form Sesa-Sterlite (SS).  Total gross debt at SS
level will be US$13.5 billion, and consolidated EBITDA (including
CIL's full year financials) was US$5.3 billion for the full year
ended December 2011.  The Sesa-Sterlite entity would include the
current businesses of Sterlite Industries ('Fitch AA+(ind)'),
Sesa Goa, Madras Aluminium Company Ltd, and Vedanta Aluminium
Ltd's (VAL, 'Fitch A-(ind)'/Stable) aluminium business.
Vedanta's 38.8% holding of CIL will also be transferred to SS,
along with its debt of US$5.9 billion.

The company estimates that the combined entity will receive cost
synergies of US$200 million annually, due to operational and tax-
related benefits.  Fitch notes that most of the EBITDA and cash
balance will be at Hindustan Zinc Ltd, which is currently 64.9%
owned by Sterlite Industries, as well as at CIL, which is 20.1%-
owned by Sesa Goa.  Post reorganization, Hindustan Zinc and CIL
will be held 64.9% and 58.9%, respectively, by the new proposed
SS.

The transaction will require regulatory and shareholder approvals
at various companies.  The company estimates the reorganization
to be completed by end-2012.  Until the reorganization has been
implemented, the US$9.7 billion debt at Vedanta would entail
interest servicing of around US$500 million.  The debt is likely
to be serviced through dividend receipt and share buybacks
carried out at key subsidiaries.

The ratings reflect Vedanta's continued leadership in across
various metals such as zinc, iron ore and aluminium.  The company
also has one of the lowest costs of production at its zinc and
iron ore operations.  Fitch notes that profitability at the iron
ore operations has recently been impacted by regulatory sanctions
and increase in export duties.  The ratings also reflect
significant cash generation at CIL, with its largest field in
Rajasthan consistently producing 125,000 barrels of oil per day
(bopd).  CIL aims to achieve a total production of 175,000 bopd
by end-March 2012.

Any fresh capex/ investments andr major debt-led acquisition
impacting credit metrics and increasing operating risks could put
pressure on the ratings.  A net adjusted debt/operating EBITDAR
above 2.75x on a sustained basis may be negative for the ratings.
A sustained de-leveraging of the company leading to a net
adjusted debt/operating EBITDAR below 2x on a sustained basis may
be positive for the ratings.

For 9MFY12, Vedanta had revenues of around US$10 billion (9MFY11:
US$7.6 billion), and EBITDA of US$2.6 billion (US$2.2 billion).
Its zinc operations were the strongest performer, which had
revenues of US$2.5 billion (US$1.5 billion) and EBITDA of US$1.2
billion (US$0.8 billion).

Vedanta Resources Plc, UK

  -- USD1.25bn senior unsecured bonds: affirmed at 'BB'
  -- USD1.65bn senior unsecured bonds: affirmed at 'BB'
  -- USD180m senior unsecured loan facility: affirmed at 'BB'

Twinstar Holdings Ltd, Mauritius

  -- USD150m unsecured loan facility backed by an unconditional,
     irrevocable guarantee of Vedanta Resources Plc: affirmed at
     'BB'


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


* Terra Firma Chief Says Private Equity Can Assist European Firms
-----------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Terra Firma boss
Guy Hands said private equity was the ideal resource for European
companies that come to market as banks, governments and
corporates dispose assets and streamline businesses to preserve
capital in an era of austerity.


* BOND PRICING: For the Week February 27 to March 2, 2012
---------------------------------------------------------

Issuer                   Coupon    Maturity  Currency    Price
------                   ------    --------  --------    -----

AUSTRIA
-------
BA CREDITANSTALT           5.470   8/28/2013      EUR     72.25
BAWAG                      5.430   2/26/2024      EUR     74.60
ERSTE BANK                 6.000    2/1/2014      EUR     73.75
ERSTE BANK                 6.000   7/31/2014      EUR     68.75
HAA-BANK INTL AG           5.270    4/7/2028      EUR     71.65
IMMOFINANZ                 4.250    3/8/2018      EUR      3.84
KOMMUNALKREDIT             4.900   6/23/2031      EUR     71.25
KOMMUNALKREDIT             4.440  12/20/2030      EUR     67.25
OESTER VOLKSBK             4.750   4/30/2021      EUR     72.65
OESTER VOLKSBK             4.810   7/29/2025      EUR     65.00
OESTER VOLKSBK             5.270    2/8/2027      EUR     67.13
OESTER VOLKSBK             4.170   7/29/2015      EUR     66.38
OESTER VOLKSBK             4.160   5/20/2025      EUR     72.71
RAIFF CENTROBANK           9.876   1/23/2013      EUR     63.57
RAIFF CENTROBANK           7.965   1/23/2013      EUR     73.27
RAIFF CENTROBANK          11.718   7/25/2012      EUR     27.72
RAIFF CENTROBANK          10.090   7/25/2012      EUR     68.83
RAIFF CENTROBANK           9.114   7/25/2012      EUR     66.78
RAIFF CENTROBANK           7.812   7/25/2012      EUR     59.59
RAIFF CENTROBANK           7.812   7/25/2012      EUR     67.62
RAIFF CENTROBANK          10.416   7/20/2012      EUR     61.32
RAIFF CENTROBANK           7.812   7/20/2012      EUR     70.85
RAIFF CENTROBANK           7.161   7/20/2012      EUR     65.92
RAIFF CENTROBANK          11.718   7/25/2012      EUR     68.06
RAIFF ZENTRALBK            4.500   9/28/2035      EUR     59.48
RAIFF ZENTRALBK            5.470   2/28/2028      EUR     73.70

BELGIUM
-------
ECONOCOM GROUP             4.000    6/1/2016      EUR     20.27
IDEAL STANDARD I          11.750    5/1/2018      EUR     56.17
IDEAL STANDARD I          11.750    5/1/2018      EUR     56.38

CYPRUS
------
AVANGARDCO INVES          10.000  10/29/2015      USD     76.02
CYPRUS GOVT BOND           4.500   10/9/2016      EUR     65.50
CYPRUS GOVT BOND           4.500   7/11/2016      EUR     66.75
CYPRUS GOVT BOND           5.000    6/9/2016      EUR     69.83
CYPRUS GOVT BOND           4.500    6/2/2016      EUR     67.38
CYPRUS GOVT BOND           4.750   9/30/2015      EUR     74.23
CYPRUS GOVT BOND           3.750   11/1/2015      EUR     69.02
CYPRUS GOVT BOND           4.750   12/2/2015      EUR     73.18
CYPRUS GOVT BOND           4.500    1/2/2016      EUR     69.63
CYPRUS GOVT BOND           4.500   3/30/2016      EUR     68.25
CYPRUS GOVT BOND           6.500   8/25/2021      EUR     61.11
CYPRUS GOVT BOND           6.000    6/9/2021      EUR     59.97
CYPRUS GOVT BOND           5.350    6/9/2020      EUR     59.11
CYPRUS GOVT BOND           6.100   4/20/2020      EUR     63.00
CYPRUS GOVT BOND           4.625    2/3/2020      EUR     56.03
CYPRUS GOVT BOND           6.100   6/24/2019      EUR     62.50
CYPRUS GOVT BOND           4.600   2/26/2019      EUR     56.88
CYPRUS GOVT BOND           4.600  10/23/2018      EUR     57.88
CYPRUS GOVT BOND           4.600   4/23/2018      EUR     59.38
CYPRUS GOVT BOND           5.100   1/29/2018      EUR     62.13
CYPRUS GOVT BOND           4.500   9/28/2017      EUR     61.13
CYPRUS GOVT BOND           5.600   4/15/2017      EUR     69.26
CYPRUS GOVT BOND           4.500    4/2/2017      EUR     63.25
CYPRUS GOVT BOND           4.500   2/15/2017      EUR     63.75
CYPRUS GOVT BOND           4.500    1/4/2017      EUR     64.38
CYPRUS GOVT BOND           6.600  10/26/2016      EUR     72.00
MARFIN POPULAR             4.350  11/20/2014      EUR     69.25
REP OF CYPRUS              4.750   2/25/2016      EUR     66.66

DENMARK
-------
FIN-DANISH IND             4.910    7/6/2021      EUR     67.75
KALMAR STRUCTRD            7.500   9/30/2013      EUR      2.51
KOMMUNEKREDIT              0.500   2/23/2017      ZAR     69.56
KOMMUNEKREDIT              0.500  12/14/2020      ZAR     50.08
KOMMUNEKREDIT              0.500   1/25/2017      ZAR     70.03

FINLAND
-------
MUNI FINANCE PLC           0.500  10/27/2016      TRY     73.99
MUNI FINANCE PLC           1.000   6/30/2017      ZAR     67.85
MUNI FINANCE PLC           0.500  11/16/2017      TRY     64.75
MUNI FINANCE PLC           0.500   4/27/2018      ZAR     60.90
MUNI FINANCE PLC           0.500  11/21/2018      ZAR     58.10
MUNI FINANCE PLC           0.500  11/21/2018      TRY     66.16
MUNI FINANCE PLC           0.500  12/20/2018      ZAR     58.45
MUNI FINANCE PLC           0.500  12/14/2018      TRY     65.95
MUNI FINANCE PLC           0.500  11/25/2020      ZAR     50.16
MUNI FINANCE PLC           0.500   9/24/2020      CAD     70.52
MUNI FINANCE PLC           0.500  12/21/2021      NZD     63.57
MUNI FINANCE PLC           0.500  11/10/2021      NZD     63.27
MUNI FINANCE PLC           0.250   6/28/2040      CAD     20.43
MUNI FINANCE PLC           0.500   3/17/2025      CAD     52.75
MUNI FINANCE PLC           0.500   4/26/2016      ZAR     73.06
MUNI FINANCE PLC           0.500  10/27/2016      ZAR     70.35
MUNI FINANCE PLC           0.500    2/9/2016      ZAR     74.73
MUNI FINANCE PLC           0.500  11/17/2016      ZAR     70.21
MUNI FINANCE PLC           0.500   12/6/2016      TRY     74.09
MUNI FINANCE PLC           0.500  12/21/2016      TRY     73.35

FRANCE
------
AIR FRANCE-KLM             4.970    4/1/2015      EUR     11.73
ALCATEL-LUCENT             5.000    1/1/2015      EUR      3.06
ALTRAN TECHNOLOG           6.720    1/1/2015      EUR      5.10
ASSYSTEM                   4.000    1/1/2017      EUR     21.09
ATOS ORIGIN SA             2.500    1/1/2016      EUR     53.76
BNP PARIBAS               10.050   7/24/2012      USD     33.63
BNP PARIBAS                2.890   5/16/2036      JPY     65.76
CAISSE CENT IMMO           7.000   5/18/2015      EUR     16.04
CAISSE CENT IMMO           7.000   5/16/2014      EUR     39.64
CAISSE CENT IMMO           7.000   9/10/2015      EUR     17.78
CALYON                     6.000   6/18/2047      EUR     21.07
CAP GEMINI SOGET           3.500    1/1/2014      EUR     39.81
CGG VERITAS                1.750    1/1/2016      EUR     30.17
CLUB MEDITERRANE           6.110   11/1/2015      EUR     19.70
CLUB MEDITERRANE           5.000    6/8/2012      EUR     16.63
CMA CGM                    8.500   4/15/2017      USD     59.52
CMA CGM                    8.500   4/15/2017      USD     61.38
CMA CGM                    8.875   4/15/2019      EUR     61.25
CMA CGM                    8.875   4/15/2019      EUR     61.05
CREDIT LOCAL FRA           3.750   5/26/2020      EUR     63.16
DEXIA CRED LOCAL           4.110   9/18/2018      EUR     72.21
DEXIA CRED LOCAL           4.500   2/25/2020      EUR     68.15
DEXIA CRED LOCAL           4.550    4/2/2020      EUR     68.21
DEXIA CRED LOCAL           5.037    8/4/2020      EUR     69.64
DEXIA MUNI AGNCY           2.875   4/23/2030      CHF     69.50
DEXIA MUNI AGNCY           4.680    3/9/2029      CAD     74.82
DEXIA MUNI AGNCY           1.000  12/23/2024      EUR     65.82
EURAZEO                    6.250   6/10/2014      EUR     57.53
EUROPCAR GROUPE            9.375   4/15/2018      EUR     73.32
EUROPCAR GROUPE            9.375   4/15/2018      EUR     73.13
EXANE FINANCE             18.150   5/17/2012      CHF     45.35
FAURECIA                   4.500    1/1/2015      EUR     24.39
GROUPAMA SA                7.875  10/27/2039      EUR     60.95
GROUPE VIAL                2.500    1/1/2014      EUR      2.81
INGENICO                   2.750    1/1/2017      EUR     47.44
MAUREL ET PROM             7.125   7/31/2014      EUR     19.44
MAUREL ET PROM             7.125   7/31/2015      EUR     18.47
NEXANS SA                  2.500    1/1/2019      EUR     73.24
NEXANS SA                  4.000    1/1/2016      EUR     62.64
ORPEA                      3.875    1/1/2016      EUR     44.09
PAGESJAUNES FINA           8.875    6/1/2018      EUR     74.13
PEUGEOT SA                 4.450    1/1/2016      EUR     25.54
PIERRE VACANCES            4.000   10/1/2015      EUR     70.80
PUBLICIS GROUPE            3.125   7/30/2014      EUR     41.37
PUBLICIS GROUPE            1.000   1/18/2018      EUR     52.15
SOC AIR FRANCE             2.750    4/1/2020      EUR     20.89
SOITEC                     6.250    9/9/2014      EUR      8.92
TEM                        4.250    1/1/2015      EUR     54.90
THEOLIA                    2.700    1/1/2041      EUR      9.21

GERMANY
-------
BAYERISCHE LNDBK           6.100   6/15/2012      EUR     47.68
BAYERISCHE LNDBK           5.500   6/29/2012      EUR     74.57
BAYERISCHE LNDBK           5.800   7/13/2012      EUR     69.30
BAYERISCHE LNDBK           5.100   6/29/2012      EUR     63.73
BAYERISCHE LNDBK           3.200   10/1/2012      EUR     42.21
BHF-BANK AG               13.200    6/8/2012      EUR     67.28
BHW BAUSPARKASSE           4.270   1/15/2019      EUR     74.38
BNP EMIS-U.HANDE           7.750   6/21/2012      EUR     66.43
BNP EMIS-U.HANDE           8.500   3/22/2012      EUR     66.41
BNP EMIS-U.HANDE           8.500   3/22/2012      EUR     70.09
BNP EMIS-U.HANDE           9.500   3/22/2012      EUR     73.74
BNP EMIS-U.HANDE          10.250   3/22/2012      EUR     75.32
BNP EMIS-U.HANDE          10.500   3/22/2012      EUR     74.00
BNP EMIS-U.HANDE          10.750   3/22/2012      EUR     50.44
BNP EMIS-U.HANDE          10.750   3/22/2012      EUR     72.88
BNP EMIS-U.HANDE          11.250   3/22/2012      EUR     69.26
BNP EMIS-U.HANDE          13.000   3/22/2012      EUR     52.41
BNP EMIS-U.HANDE          14.250   3/22/2012      EUR     63.82
BNP EMIS-U.HANDE          15.500   3/22/2012      EUR     38.67
BNP EMIS-U.HANDE          19.000   3/22/2012      EUR     11.40
BNP EMIS-U.HANDE           5.000   4/26/2012      EUR     73.29
BNP EMIS-U.HANDE           6.000   4/26/2012      EUR     69.37
BNP EMIS-U.HANDE           6.000   4/26/2012      EUR     55.71
BNP EMIS-U.HANDE           9.000   4/26/2012      EUR     62.56
BNP EMIS-U.HANDE           5.250   5/24/2012      EUR     73.65
BNP EMIS-U.HANDE           7.000   5/24/2012      EUR     60.43
BNP EMIS-U.HANDE           7.500   6/21/2012      EUR     71.66
BNP EMIS-U.HANDE           7.500   6/21/2012      EUR     73.53
BNP EMIS-U.HANDE           8.250   6/21/2012      EUR     73.98
BNP EMIS-U.HANDE           8.500   6/21/2012      EUR     72.23
BNP EMIS-U.HANDE           9.250   6/21/2012      EUR     55.48
BNP EMIS-U.HANDE           9.250   6/21/2012      EUR     54.14
BNP EMIS-U.HANDE           9.500   6/21/2012      EUR     69.36
BNP EMIS-U.HANDE          10.000   6/21/2012      EUR     71.89
BNP EMIS-U.HANDE          10.250   6/21/2012      EUR     54.45
BNP EMIS-U.HANDE          10.500   6/21/2012      EUR     69.31
BNP EMIS-U.HANDE          10.500   6/21/2012      EUR     70.31
BNP EMIS-U.HANDE          11.000   6/21/2012      EUR     54.69
BNP EMIS-U.HANDE          11.500   6/21/2012      EUR     70.59
BNP EMIS-U.HANDE          11.750   6/21/2012      EUR     52.60
BNP EMIS-U.HANDE          13.500   6/21/2012      EUR     62.01
BNP EMIS-U.HANDE          13.750   6/21/2012      EUR     69.53
BNP EMIS-U.HANDE          14.250   6/21/2012      EUR     54.63
BNP EMIS-U.HANDE          15.500   6/21/2012      EUR     36.33
BNP EMIS-U.HANDE          16.000   6/21/2012      EUR     32.51
BNP EMIS-U.HANDE          18.250   6/21/2012      EUR     15.22
BNP EMIS-U.HANDE          19.250   6/21/2012      EUR     18.14
BNP EMIS-U.HANDE           6.000   7/26/2012      EUR     53.10
BNP EMIS-U.HANDE           6.000   7/26/2012      EUR     49.28
BNP EMIS-U.HANDE           6.000   7/26/2012      EUR     75.05
BNP EMIS-U.HANDE           6.000   7/26/2012      EUR     69.20
BNP EMIS-U.HANDE           6.500   7/26/2012      EUR     72.11
BNP EMIS-U.HANDE           7.000   7/26/2012      EUR     65.94
BNP EMIS-U.HANDE           7.000   7/26/2012      EUR     55.84
BNP EMIS-U.HANDE           7.000   7/26/2012      EUR     42.66
BNP EMIS-U.HANDE           7.000   7/26/2012      EUR     50.79
BNP EMIS-U.HANDE           8.000   7/26/2012      EUR     65.43
BNP EMIS-U.HANDE           8.000   7/26/2012      EUR     57.61
BNP EMIS-U.HANDE           9.000   7/26/2012      EUR     67.62
BNP EMIS-U.HANDE           9.000   7/26/2012      EUR     44.25
BNP EMIS-U.HANDE           9.000   7/26/2012      EUR     69.35
BNP EMIS-U.HANDE           9.000   7/26/2012      EUR     73.57
BNP EMIS-U.HANDE           9.000   7/26/2012      EUR     58.42
BNP EMIS-U.HANDE           9.000   7/26/2012      EUR     47.91
BNP EMIS-U.HANDE          10.000   7/26/2012      EUR     61.54
BNP EMIS-U.HANDE          10.000   7/26/2012      EUR     61.62
BNP EMIS-U.HANDE          10.000   7/26/2012      EUR     50.64
BNP EMIS-U.HANDE           8.500  12/28/2012      EUR     74.63
BNP EMIS-U.HANDE          10.500  12/28/2012      EUR     72.21
BNP EMIS-U.HANDE           7.750  12/31/2012      EUR     68.58
COMMERZBANK AG            11.500   6/22/2012      EUR     64.31
COMMERZBANK AG            10.500    7/6/2012      EUR     74.82
COMMERZBANK AG            11.500    7/6/2012      EUR     12.79
COMMERZBANK AG             8.000   11/5/2012      EUR     64.25
COMMERZBANK AG             8.500    8/3/2012      EUR     62.96
COMMERZBANK AG            16.000    7/9/2012      EUR     69.07
COMMERZBANK AG             7.700   9/28/2012      EUR     67.42
COMMERZBANK AG             9.000    8/3/2012      EUR     73.74
COMMERZBANK AG             8.400  12/30/2013      EUR     21.73
COMMERZBANK AG             8.000  12/27/2012      EUR     64.63
COMMERZBANK AG             7.000  12/27/2012      EUR     73.09
COMMERZBANK AG             9.000  10/29/2012      EUR     14.13
COMMERZBANK AG            10.000   11/5/2012      EUR     74.70
COMMERZBANK AG             9.500    3/5/2012      EUR     60.16
COMMERZBANK AG            12.100   4/27/2012      EUR     24.17
COMMERZBANK AG             7.250    5/7/2012      EUR     70.96
COMMERZBANK AG             8.000    5/7/2012      EUR     56.54
COMMERZBANK AG            10.800   3/30/2012      EUR     70.92
COMMERZBANK AG             7.250    5/7/2012      EUR     53.99
COMMERZBANK AG            11.500   11/5/2012      EUR     72.98
DEUTSCHE BANK AG          10.000   5/31/2012      EUR     68.60
DEUTSCHE BANK AG          10.000   4/30/2012      EUR     68.10
DEUTSCHE BANK AG          10.000   5/31/2012      EUR     64.60
DEUTSCHE BANK AG          10.000   5/31/2012      EUR     66.60
DEUTSCHE BANK AG           8.000   5/31/2012      EUR     64.50
DEUTSCHE BANK AG           8.000   5/31/2012      EUR     70.90
DEUTSCHE BANK AG           8.000   5/31/2012      EUR     65.20
DEUTSCHE BANK AG           8.000   5/31/2012      EUR     70.40
DEUTSCHE BANK AG           7.000   5/31/2012      EUR     68.40
DEUTSCHE BANK AG           7.000   5/31/2012      EUR     67.00
DEUTSCHE BANK AG          10.000   5/31/2012      EUR     61.90
DEUTSCHE BANK AG          10.000   4/30/2012      EUR     66.20
DEUTSCHE BANK AG          10.000   4/30/2012      EUR     68.50
DEUTSCHE BANK AG           8.000   4/30/2012      EUR     68.70
DEUTSCHE BANK AG           8.000   4/30/2012      EUR     71.30
DEUTSCHE BANK AG           8.000   4/30/2012      EUR     71.80
DEUTSCHE BANK AG           8.000   4/30/2012      EUR     60.50
DEUTSCHE BANK AG           7.000   5/31/2012      EUR     73.70
DEUTSCHE BANK AG           7.000   4/30/2012      EUR     74.60
DEUTSCHE BANK AG           7.000   4/30/2012      EUR     71.30
DEUTSCHE BANK AG           7.000   4/30/2012      EUR     74.20
DEUTSCHE BANK AG          10.000   3/29/2012      EUR     74.30
DEUTSCHE BANK AG          10.000   3/29/2012      EUR     61.10
DEUTSCHE BANK AG          10.000   3/29/2012      EUR     73.20
DEUTSCHE BANK AG          10.000   3/29/2012      EUR     73.70
DEUTSCHE BANK AG           9.500   3/29/2012      EUR     74.70
DEUTSCHE BANK AG           9.500   3/29/2012      EUR     69.20
DEUTSCHE BANK AG           9.500   3/29/2012      EUR     70.30
DEUTSCHE BANK AG           9.500   3/29/2012      EUR     58.60
DEUTSCHE BANK AG           9.500   3/29/2012      EUR     71.30
DEUTSCHE BANK AG           8.000   3/29/2012      EUR     62.10
DEUTSCHE BANK AG           7.500   3/29/2012      EUR     73.80
DEUTSCHE BANK AG           7.000   4/30/2012      EUR     63.40
DEUTSCHE BANK AG           7.500   3/29/2012      EUR     75.10
DEUTSCHE BANK AG           7.500   3/29/2012      EUR     59.60
DEUTSCHE BANK AG           7.000   3/29/2012      EUR     65.40
DEUTSCHE BANK AG           6.500   3/29/2012      EUR     75.00
DEUTSCHE BANK AG           6.500   3/29/2012      EUR     62.80
DEUTSCHE BANK AG          15.000   2/20/2013      EUR     72.20
DEUTSCHE BANK AG           8.000  12/20/2012      EUR     55.70
DEUTSCHE BANK AG          10.000   7/31/2012      EUR     69.50
DEUTSCHE BANK AG          10.000   7/31/2012      EUR     74.30
DEUTSCHE BANK AG          10.000   7/31/2012      EUR     67.80
DEUTSCHE BANK AG           8.000   7/31/2012      EUR     72.10
DEUTSCHE BANK AG           8.000   7/31/2012      EUR     69.50
DEUTSCHE BANK AG           7.000   7/31/2012      EUR     71.90
DEUTSCHE BANK AG          10.000   4/30/2012      EUR     58.40
DEUTSCHE BANK AG           7.000   7/31/2012      EUR     74.50
DEUTSCHE BANK AG          10.000   6/29/2012      EUR     68.30
DEUTSCHE BANK AG          10.000   6/29/2012      EUR     69.50
DEUTSCHE BANK AG          10.000   6/29/2012      EUR     68.80
DEUTSCHE BANK AG          10.000   6/29/2012      EUR     66.80
DEUTSCHE BANK AG          10.000   6/29/2012      EUR     61.50
DEUTSCHE BANK AG           8.000   6/29/2012      EUR     72.00
DEUTSCHE BANK AG           8.000   6/29/2012      EUR     70.10
DEUTSCHE BANK AG           8.000   6/29/2012      EUR     70.20
DEUTSCHE BANK AG           8.000   6/29/2012      EUR     63.80
DEUTSCHE BANK AG           8.000   6/29/2012      EUR     70.40
DEUTSCHE BANK AG           7.000   6/29/2012      EUR     73.50
DEUTSCHE BANK AG           7.000   6/29/2012      EUR     74.10
DEUTSCHE BANK AG           7.000   6/29/2012      EUR     74.60
DEUTSCHE BANK AG           7.000   6/29/2012      EUR     66.20
DEUTSCHE BANK AG           7.000   6/29/2012      EUR     73.00
DEUTSCHE BANK AG          10.000   5/31/2012      EUR     75.30
DEUTSCHE BANK AG           7.500   3/29/2012      EUR     72.00
DRESDNER BANK AG           5.700   7/31/2023      EUR     72.68
DRESDNER BANK AG           6.180   2/28/2023      EUR     73.38
DZ BANK AG                11.000   6/22/2012      EUR     48.19
DZ BANK AG                10.750   6/22/2012      EUR     59.95
DZ BANK AG                10.750   6/22/2012      EUR     65.61
DZ BANK AG                10.750   6/22/2012      EUR     71.88
DZ BANK AG                10.500   6/22/2012      EUR     46.30
DZ BANK AG                10.000   6/22/2012      EUR     64.72
DZ BANK AG                 9.750   6/22/2012      EUR     68.55
DZ BANK AG                 9.750   6/22/2012      EUR     69.34
DZ BANK AG                 9.000   6/22/2012      EUR     41.30
DZ BANK AG                 9.000   6/22/2012      EUR     63.10
DZ BANK AG                 8.500   6/22/2012      EUR     73.30
DZ BANK AG                 8.250   6/22/2012      EUR     74.46
DZ BANK AG                 8.000   6/22/2012      EUR     50.44
DZ BANK AG                 7.500   6/22/2012      EUR     73.78
DZ BANK AG                 7.250   6/22/2012      EUR     75.34
DZ BANK AG                 5.500   6/22/2012      EUR     73.17
DZ BANK AG                 4.000   6/20/2012      EUR     64.97
DZ BANK AG                 8.000   6/11/2012      EUR     65.82
DZ BANK AG                12.250    6/8/2012      EUR     73.55
DZ BANK AG                11.250    6/8/2012      EUR     64.08
DZ BANK AG                10.750    6/8/2012      EUR     73.96
DZ BANK AG                10.500    6/8/2012      EUR     59.57
DZ BANK AG                 9.750    6/8/2012      EUR     70.77
DZ BANK AG                 9.500    6/8/2012      EUR     74.45
DZ BANK AG                 9.250    6/8/2012      EUR     64.85
DZ BANK AG                 9.000    6/8/2012      EUR     71.08
DZ BANK AG                 8.000    6/8/2012      EUR     69.29
DZ BANK AG                 8.000    6/8/2012      EUR     72.42
DZ BANK AG                 7.500    6/8/2012      EUR     68.49
DZ BANK AG                 6.750    6/8/2012      EUR     64.92
DZ BANK AG                 6.000    6/8/2012      EUR     72.55
DZ BANK AG                 8.000    6/7/2012      EUR     70.78
DZ BANK AG                 9.250   5/11/2012      EUR     63.43
DZ BANK AG                16.500   4/27/2012      EUR      3.56
DZ BANK AG                11.250   4/27/2012      EUR     64.63
DZ BANK AG                 9.000   4/27/2012      EUR     50.10
DZ BANK AG                21.500   3/23/2012      EUR     12.10
DZ BANK AG                14.500   3/23/2012      EUR     62.07
DZ BANK AG                10.250   3/23/2012      EUR     74.85
DZ BANK AG                 9.000   3/23/2012      EUR     62.48
DZ BANK AG                 8.750   3/23/2012      EUR     51.97
DZ BANK AG                 7.250   3/23/2012      EUR     73.20
DZ BANK AG                10.000    3/9/2012      EUR     69.38
DZ BANK AG                 7.250    3/9/2012      EUR     67.01
DZ BANK AG                11.000   6/22/2012      EUR     62.13
DZ BANK AG                11.250   6/22/2012      EUR     53.99
DZ BANK AG                11.750   6/22/2012      EUR     62.91
DZ BANK AG                11.750   6/22/2012      EUR     57.69
DZ BANK AG                12.000   6/22/2012      EUR     58.52
DZ BANK AG                13.000   6/22/2012      EUR     49.96
DZ BANK AG                16.000   6/22/2012      EUR     16.80
DZ BANK AG                 7.000   7/11/2012      EUR     71.30
DZ BANK AG                 5.000   7/13/2012      EUR     68.86
DZ BANK AG                 6.200   7/13/2012      EUR     74.36
DZ BANK AG                 6.750   7/13/2012      EUR     69.58
DZ BANK AG                 7.000   7/13/2012      EUR     67.92
DZ BANK AG                 7.250   7/13/2012      EUR     70.10
DZ BANK AG                 7.500   7/13/2012      EUR     61.08
DZ BANK AG                 8.250   7/13/2012      EUR     74.40
DZ BANK AG                 8.500   7/13/2012      EUR     67.41
DZ BANK AG                 8.500   7/13/2012      EUR     63.43
DZ BANK AG                12.500   7/13/2012      EUR     71.38
DZ BANK AG                 6.000   7/27/2012      EUR     73.28
DZ BANK AG                 8.000   7/27/2012      EUR     66.99
DZ BANK AG                 9.250   7/27/2012      EUR     72.27
DZ BANK AG                 9.800   7/27/2012      EUR     67.79
DZ BANK AG                10.000   7/27/2012      EUR     73.18
DZ BANK AG                10.500   7/27/2012      EUR     73.73
DZ BANK AG                10.750   7/27/2012      EUR     62.61
DZ BANK AG                11.250   7/27/2012      EUR     74.83
DZ BANK AG                11.500   7/27/2012      EUR     65.19
DZ BANK AG                12.000   7/27/2012      EUR     71.20
DZ BANK AG                12.500   7/27/2012      EUR     72.38
DZ BANK AG                15.000   7/27/2012      EUR     60.92
DZ BANK AG                15.250   7/27/2012      EUR     70.22
DZ BANK AG                 5.850   9/14/2012      EUR     74.15
DZ BANK AG                 6.250   9/14/2012      EUR     69.45
DZ BANK AG                 7.500   9/14/2012      EUR     70.35
DZ BANK AG                 8.000   9/14/2012      EUR     64.52
DZ BANK AG                 8.500   9/14/2012      EUR     71.15
DZ BANK AG                10.500   9/14/2012      EUR     65.31
DZ BANK AG                 4.500   10/5/2012      EUR     71.44
DZ BANK AG                 5.700   10/5/2012      EUR     69.34
DZ BANK AG                 8.300   10/5/2012      EUR     65.69
DZ BANK AG                 7.000  10/12/2012      EUR     62.52
DZ BANK AG                 7.000  10/12/2012      EUR     73.42
DZ BANK AG                 8.000  10/12/2012      EUR     65.03
DZ BANK AG                 3.850  12/21/2012      EUR     33.00
DZ BANK AG                 5.000   3/22/2013      EUR     22.02
DZ BANK AG                 5.000   3/22/2013      EUR     38.50
DZ BANK AG                 5.410   3/22/2013      EUR     22.02
DZ BANK AG                 5.000   6/24/2013      EUR     26.18
DZ BANK AG                 5.270   6/24/2013      EUR     35.00
DZ BANK AG                 5.760  12/23/2013      EUR     71.11
DZ BANK AG                 3.400   3/25/2015      EUR     67.17
DZ BANK AG                 5.500   3/25/2015      EUR     23.50
DZ BANK AG                 0.528  12/27/2016      EUR     20.98
DZ BANK AG                 5.000   6/22/2018      EUR     51.41
DZ BANK AG                 5.000   9/14/2012      EUR     71.13
EUROHYPO AG                3.830   9/21/2020      EUR     72.88
GOTHAER ALLG VER           5.527   9/29/2026      EUR     76.26
HECKLER & KOCH             9.500   5/15/2018      EUR     65.17
HECKLER & KOCH             9.500   5/15/2018      EUR     64.25
HEIDELBERG DRUCK           9.250   4/15/2018      EUR     72.75
HEIDELBERG DRUCK           9.250   4/15/2018      EUR     73.03
L-BANK FOERDERBK           0.500   5/10/2027      CAD     51.38
LANDESBK BERLIN            5.500  12/23/2013      EUR     74.30
LB BADEN-WUERTT            5.000  11/23/2012      EUR     70.61
LB BADEN-WUERTT           10.000    1/4/2013      EUR     35.94
LB BADEN-WUERTT            5.000   1/25/2013      EUR     50.31
LB BADEN-WUERTT            7.500   1/25/2013      EUR     72.96
LB BADEN-WUERTT            7.500   1/25/2013      EUR     46.91
LB BADEN-WUERTT           10.000   1/25/2013      EUR     69.71
LB BADEN-WUERTT           10.000  10/26/2012      EUR     70.52
LB BADEN-WUERTT            4.000   9/20/2014      EUR     20.00
LB BADEN-WUERTT            4.500  12/20/2014      EUR     20.00
LB BADEN-WUERTT            5.250  10/20/2015      EUR     26.50
LB BADEN-WUERTT            6.750  12/31/2020      EUR     70.00
LB BADEN-WUERTT           10.000   1/25/2013      EUR     45.08
LB BADEN-WUERTT            2.800   2/23/2037      JPY     47.54
LB BADEN-WUERTT           10.000  10/26/2012      EUR     71.63
LB BADEN-WUERTT           10.000  10/26/2012      EUR     33.64
LB BADEN-WUERTT           10.000  10/26/2012      EUR     65.33
LB BADEN-WUERTT            2.500   1/30/2034      EUR     69.53
LB BADEN-WUERTT           10.000  10/26/2012      EUR     13.07
LB BADEN-WUERTT            7.500  10/26/2012      EUR     35.15
LB BADEN-WUERTT            7.500  10/26/2012      EUR     12.64
LB BADEN-WUERTT            7.500  10/26/2012      EUR     70.53
LB BADEN-WUERTT            7.500  10/26/2012      EUR     67.18
LB BADEN-WUERTT            5.000  10/26/2012      EUR     38.40
LB BADEN-WUERTT            5.000  10/26/2012      EUR     12.05
LB BADEN-WUERTT            5.000  10/26/2012      EUR     74.23
LB BADEN-WUERTT            8.000   9/28/2012      EUR     52.01
LB BADEN-WUERTT           10.000  10/26/2012      EUR     63.07
LB BADEN-WUERTT            8.000   9/28/2012      EUR     40.28
LB BADEN-WUERTT            8.000   9/28/2012      EUR     72.28
LB BADEN-WUERTT            6.000   9/28/2012      EUR     69.20
LB BADEN-WUERTT            6.000   9/28/2012      EUR     55.71
LB BADEN-WUERTT            6.000   9/28/2012      EUR     44.46
LB BADEN-WUERTT            4.000   9/28/2012      EUR     62.94
LB BADEN-WUERTT            4.000   9/28/2012      EUR     52.00
LB BADEN-WUERTT            7.500  11/23/2012      EUR     36.15
LB BADEN-WUERTT            7.500  11/23/2012      EUR     75.27
LB BADEN-WUERTT            7.500  11/23/2012      EUR     64.09
LB BADEN-WUERTT           10.000  11/23/2012      EUR     60.18
LB BADEN-WUERTT           10.000  11/23/2012      EUR     72.09
LB BADEN-WUERTT           10.000  11/23/2012      EUR     74.78
LB BADEN-WUERTT           10.000  11/23/2012      EUR     70.87
LB BADEN-WUERTT           10.000  11/23/2012      EUR     74.37
LB BADEN-WUERTT           10.000  11/23/2012      EUR     34.74
LB BADEN-WUERTT            3.750  12/20/2012      EUR     20.00
LB BADEN-WUERTT            5.000    1/4/2013      EUR     72.11
LB BADEN-WUERTT            5.000    1/4/2013      EUR     39.49
LB BADEN-WUERTT            7.500    1/4/2013      EUR     36.69
LB BADEN-WUERTT            5.000    1/4/2013      EUR     61.36
LB BADEN-WUERTT            7.500    1/4/2013      EUR     72.72
LB BADEN-WUERTT            7.500    1/4/2013      EUR     55.13
LB BADEN-WUERTT            7.500    1/4/2013      EUR     74.16
LB BADEN-WUERTT            7.500    1/4/2013      EUR     73.13
LB BADEN-WUERTT           10.000    1/4/2013      EUR     67.58
LB BADEN-WUERTT           10.000    1/4/2013      EUR     52.85
LB BADEN-WUERTT           10.000    1/4/2013      EUR     69.40
LB BADEN-WUERTT           10.000    1/4/2013      EUR     73.60
LB BADEN-WUERTT            8.000   9/28/2012      EUR     63.79
LB BADEN-WUERTT            5.000   8/24/2012      EUR     48.09
LB BADEN-WUERTT            4.000   8/24/2012      EUR     57.85
LB BADEN-WUERTT           10.000   7/27/2012      EUR     73.60
LB BADEN-WUERTT           10.000   7/27/2012      EUR     50.78
LB BADEN-WUERTT           10.000   7/27/2012      EUR     21.47
LB BADEN-WUERTT           10.000   7/27/2012      EUR     35.64
LB BADEN-WUERTT           10.000   7/27/2012      EUR     69.67
LB BADEN-WUERTT           10.000   7/27/2012      EUR     50.51
LB BADEN-WUERTT           10.000   7/27/2012      EUR     62.55
LB BADEN-WUERTT           10.000   7/27/2012      EUR     49.75
LB BADEN-WUERTT           10.000   7/27/2012      EUR     69.14
LB BADEN-WUERTT           10.000   7/27/2012      EUR     67.78
LB BADEN-WUERTT           10.000   7/27/2012      EUR     67.03
LB BADEN-WUERTT            8.000   7/27/2012      EUR     73.89
LB BADEN-WUERTT            8.000   7/27/2012      EUR     67.34
LB BADEN-WUERTT            8.000   7/27/2012      EUR     54.83
LB BADEN-WUERTT            8.000   7/27/2012      EUR     59.67
LB BADEN-WUERTT            7.500   7/27/2012      EUR     54.35
LB BADEN-WUERTT            7.500   7/27/2012      EUR     53.78
LB BADEN-WUERTT            6.000   8/24/2012      EUR     50.45
LB BADEN-WUERTT            6.000   8/24/2012      EUR     74.70
LB BADEN-WUERTT            7.500   7/27/2012      EUR     73.69
LB BADEN-WUERTT            7.500   7/27/2012      EUR     72.78
LB BADEN-WUERTT            7.500   7/27/2012      EUR     52.73
LB BADEN-WUERTT            7.500   7/27/2012      EUR     65.94
LB BADEN-WUERTT            7.500   7/27/2012      EUR     37.25
LB BADEN-WUERTT            7.500   7/27/2012      EUR     74.46
LB BADEN-WUERTT            7.500   7/27/2012      EUR     20.50
LB BADEN-WUERTT            7.500   7/27/2012      EUR     71.22
LB BADEN-WUERTT            6.000   7/27/2012      EUR     65.52
LB BADEN-WUERTT            6.000   7/27/2012      EUR     43.77
LB BADEN-WUERTT            6.000   7/27/2012      EUR     59.86
LB BADEN-WUERTT            6.000   7/27/2012      EUR     71.72
LB BADEN-WUERTT            5.000   7/27/2012      EUR     58.71
LB BADEN-WUERTT            5.000   7/27/2012      EUR     39.87
LB BADEN-WUERTT            5.000   7/27/2012      EUR     56.89
LB BADEN-WUERTT            5.000   7/27/2012      EUR     59.25
LB BADEN-WUERTT            5.000   7/27/2012      EUR     71.36
LB BADEN-WUERTT            5.000   7/27/2012      EUR     19.53
LB BADEN-WUERTT            5.000   7/27/2012      EUR     61.85
LB BADEN-WUERTT            4.000   7/27/2012      EUR     69.27
LB BADEN-WUERTT            4.000   7/27/2012      EUR     72.71
LB BADEN-WUERTT           10.000   6/22/2012      EUR     72.14
LB BADEN-WUERTT           10.000   6/22/2012      EUR     70.88
LB BADEN-WUERTT           10.000   6/22/2012      EUR     12.40
LB BADEN-WUERTT           10.000   6/22/2012      EUR     50.15
LB BADEN-WUERTT           10.000   6/22/2012      EUR     66.55
LB BADEN-WUERTT           10.000   6/22/2012      EUR     66.38
LB BADEN-WUERTT           10.000   6/22/2012      EUR     74.30
LB BADEN-WUERTT           10.000   6/22/2012      EUR     72.62
LB BADEN-WUERTT           10.000   6/22/2012      EUR     70.04
LB BADEN-WUERTT           10.000   6/22/2012      EUR     33.45
LB BADEN-WUERTT           10.000   6/22/2012      EUR     59.68
LB BADEN-WUERTT            8.000   6/22/2012      EUR     52.20
LB BADEN-WUERTT            8.000   6/22/2012      EUR     62.68
LB BADEN-WUERTT            8.000   6/22/2012      EUR     69.95
LB BADEN-WUERTT            8.000   6/22/2012      EUR     51.85
LB BADEN-WUERTT            8.000   6/22/2012      EUR     56.69
LB BADEN-WUERTT            8.000   6/22/2012      EUR     72.99
LB BADEN-WUERTT            8.000   6/22/2012      EUR     74.68
LB BADEN-WUERTT            7.500   6/22/2012      EUR     13.31
LB BADEN-WUERTT           10.000   8/24/2012      EUR     72.28
LB BADEN-WUERTT           10.000   8/24/2012      EUR     69.86
LB BADEN-WUERTT           10.000   8/24/2012      EUR     66.75
LB BADEN-WUERTT           10.000   8/24/2012      EUR     73.80
LB BADEN-WUERTT           10.000   8/24/2012      EUR     75.00
LB BADEN-WUERTT           10.000   8/24/2012      EUR     73.09
LB BADEN-WUERTT           10.000   8/24/2012      EUR     69.41
LB BADEN-WUERTT           10.000   8/24/2012      EUR     41.20
LB BADEN-WUERTT           10.000   8/24/2012      EUR     51.41
LB BADEN-WUERTT            8.000   8/24/2012      EUR     74.74
LB BADEN-WUERTT            8.000   8/24/2012      EUR     73.40
LB BADEN-WUERTT            8.000   8/24/2012      EUR     72.35
LB BADEN-WUERTT            8.000   8/24/2012      EUR     73.87
LB BADEN-WUERTT            8.000   8/24/2012      EUR     70.63
LB BADEN-WUERTT            8.000   8/24/2012      EUR     70.47
LB BADEN-WUERTT            8.000   8/24/2012      EUR     46.50
LB BADEN-WUERTT            8.000   8/24/2012      EUR     75.03
LB BADEN-WUERTT            8.000   8/24/2012      EUR     69.87
LB BADEN-WUERTT            8.000   8/24/2012      EUR     71.07
LB BADEN-WUERTT            8.000   8/24/2012      EUR     74.01
LB BADEN-WUERTT            7.500   8/24/2012      EUR     72.80
LB BADEN-WUERTT            7.500   8/24/2012      EUR     70.38
LB BADEN-WUERTT            7.500   8/24/2012      EUR     74.29
LB BADEN-WUERTT            6.000   8/24/2012      EUR     74.54
LB BADEN-WUERTT            7.500   8/24/2012      EUR     43.53
LB BADEN-WUERTT            7.500   8/24/2012      EUR     54.61
LB BADEN-WUERTT            4.000   3/23/2012      EUR     71.54
LB BADEN-WUERTT            4.000   3/23/2012      EUR     57.72
LB BADEN-WUERTT            4.000   3/23/2012      EUR     61.02
LB BADEN-WUERTT            4.000   3/23/2012      EUR     52.26
LB BADEN-WUERTT            4.000   3/23/2012      EUR     64.69
LB BADEN-WUERTT            4.000   3/23/2012      EUR     13.00
LB BADEN-WUERTT            6.000   3/23/2012      EUR     52.14
LB BADEN-WUERTT            6.000   3/23/2012      EUR     46.44
LB BADEN-WUERTT            6.000   3/23/2012      EUR     74.21
LB BADEN-WUERTT            6.000   3/23/2012      EUR     52.33
LB BADEN-WUERTT            6.000   3/23/2012      EUR     13.09
LB BADEN-WUERTT            6.000   3/23/2012      EUR     67.19
LB BADEN-WUERTT            6.000   3/23/2012      EUR     52.54
LB BADEN-WUERTT            6.000   3/23/2012      EUR     64.65
LB BADEN-WUERTT            8.000   3/23/2012      EUR     12.25
LB BADEN-WUERTT            8.000   3/23/2012      EUR     43.28
LB BADEN-WUERTT            8.000   3/23/2012      EUR     71.58
LB BADEN-WUERTT            8.000   3/23/2012      EUR     73.88
LB BADEN-WUERTT            8.000   3/23/2012      EUR     48.14
LB BADEN-WUERTT            8.000   3/23/2012      EUR     69.85
LB BADEN-WUERTT            8.000   3/23/2012      EUR     45.66
LB BADEN-WUERTT            8.000   3/23/2012      EUR     60.25
LB BADEN-WUERTT            8.000   3/23/2012      EUR     60.97
LB BADEN-WUERTT            8.000   3/23/2012      EUR     47.12
LB BADEN-WUERTT            4.000   4/27/2012      EUR     72.34
LB BADEN-WUERTT            4.000   4/27/2012      EUR     61.59
LB BADEN-WUERTT            4.000   4/27/2012      EUR     59.40
LB BADEN-WUERTT            4.000   4/27/2012      EUR     15.22
LB BADEN-WUERTT            4.000   4/27/2012      EUR     56.26
LB BADEN-WUERTT            4.000   4/27/2012      EUR     71.89
LB BADEN-WUERTT            4.000   4/27/2012      EUR     40.73
LB BADEN-WUERTT            4.000   4/27/2012      EUR     14.47
LB BADEN-WUERTT            5.000  11/23/2012      EUR     38.84
LB BADEN-WUERTT            4.000   4/27/2012      EUR     72.01
LB BADEN-WUERTT            6.000   4/27/2012      EUR     65.95
LB BADEN-WUERTT            6.000   4/27/2012      EUR     15.51
LB BADEN-WUERTT            6.000   4/27/2012      EUR     37.43
LB BADEN-WUERTT            6.000   4/27/2012      EUR     63.42
LB BADEN-WUERTT            6.000   4/27/2012      EUR     13.28
LB BADEN-WUERTT            6.000   4/27/2012      EUR     51.92
LB BADEN-WUERTT            6.000   4/27/2012      EUR     74.03
LB BADEN-WUERTT            6.000   4/27/2012      EUR     53.65
LB BADEN-WUERTT            6.000   4/27/2012      EUR     63.42
LB BADEN-WUERTT            6.000   4/27/2012      EUR     50.73
LB BADEN-WUERTT            8.000   4/27/2012      EUR     34.71
LB BADEN-WUERTT            8.000   4/27/2012      EUR     68.30
LB BADEN-WUERTT            8.000   4/27/2012      EUR     58.16
LB BADEN-WUERTT            8.000   4/27/2012      EUR     57.99
LB BADEN-WUERTT            8.000   4/27/2012      EUR     73.82
LB BADEN-WUERTT            8.000   4/27/2012      EUR     44.79
LB BADEN-WUERTT            8.000   4/27/2012      EUR     49.60
LB BADEN-WUERTT            8.000   4/27/2012      EUR     13.56
LB BADEN-WUERTT            8.000   4/27/2012      EUR     48.70
LB BADEN-WUERTT            8.000   4/27/2012      EUR     12.36
LB BADEN-WUERTT            8.000   4/27/2012      EUR     62.09
LB BADEN-WUERTT            8.000   4/27/2012      EUR     71.39
LB BADEN-WUERTT            8.000   4/27/2012      EUR     72.97
LB BADEN-WUERTT            8.000   4/27/2012      EUR     73.58
LB BADEN-WUERTT            4.000   5/25/2012      EUR     68.32
LB BADEN-WUERTT            4.000   5/25/2012      EUR     64.83
LB BADEN-WUERTT            6.000   5/25/2012      EUR     53.29
LB BADEN-WUERTT            6.000   5/25/2012      EUR     73.99
LB BADEN-WUERTT            6.000   5/25/2012      EUR     60.70
LB BADEN-WUERTT            6.000   5/25/2012      EUR     72.57
LB BADEN-WUERTT            8.000   5/25/2012      EUR     67.40
LB BADEN-WUERTT            8.000   5/25/2012      EUR     48.77
LB BADEN-WUERTT            8.000   5/25/2012      EUR     55.69
LB BADEN-WUERTT            8.000   5/25/2012      EUR     75.01
LB BADEN-WUERTT            8.000   5/25/2012      EUR     74.12
LB BADEN-WUERTT            8.000   5/25/2012      EUR     64.97
LB BADEN-WUERTT            8.000   5/25/2012      EUR     71.61
LB BADEN-WUERTT            8.350   5/25/2012      EUR     57.34
LB BADEN-WUERTT            4.000   6/22/2012      EUR     69.66
LB BADEN-WUERTT            4.000   6/22/2012      EUR     64.19
LB BADEN-WUERTT            4.000   6/22/2012      EUR     70.53
LB BADEN-WUERTT            5.000   6/22/2012      EUR     58.41
LB BADEN-WUERTT            5.000   6/22/2012      EUR     14.21
LB BADEN-WUERTT            5.000   6/22/2012      EUR     68.29
LB BADEN-WUERTT            5.000   6/22/2012      EUR     39.00
LB BADEN-WUERTT            6.000   6/22/2012      EUR     61.91
LB BADEN-WUERTT            6.000   6/22/2012      EUR     69.70
LB BADEN-WUERTT            6.000   6/22/2012      EUR     58.36
LB BADEN-WUERTT            6.000   6/22/2012      EUR     57.35
LB BADEN-WUERTT            7.500   6/22/2012      EUR     53.40
LB BADEN-WUERTT            7.500   6/22/2012      EUR     74.40
LB BADEN-WUERTT            7.500   6/22/2012      EUR     73.90
LB BADEN-WUERTT            7.500   6/22/2012      EUR     70.46
LB BADEN-WUERTT            7.500   6/22/2012      EUR     35.44
LB BADEN-WUERTT            7.500   6/22/2012      EUR     63.03
LB BADEN-WUERTT            7.500   6/22/2012      EUR     72.43
LB BADEN-WUERTT            5.000   8/24/2012      EUR     59.69
MACQUARIE STRUCT          14.250   3/23/2012      EUR     61.03
MACQUARIE STRUCT          12.000   3/23/2012      EUR     67.71
MACQUARIE STRUCT          11.250   3/23/2012      EUR     72.75
MACQUARIE STRUCT          13.250   3/23/2012      EUR     52.97
MACQUARIE STRUCT          23.750   3/23/2012      EUR     10.33
MACQUARIE STRUCT          26.000   3/23/2012      EUR     66.34
MACQUARIE STRUCT          15.000   3/23/2012      EUR     35.35
MACQUARIE STRUCT          13.250   4/27/2012      EUR     64.12
MACQUARIE STRUCT           9.000   6/22/2012      EUR     73.54
MACQUARIE STRUCT          10.500   4/27/2012      EUR     62.15
MACQUARIE STRUCT           9.250   6/22/2012      EUR     46.60
MACQUARIE STRUCT           9.750   6/22/2012      EUR     67.26
MACQUARIE STRUCT           9.250   6/22/2012      EUR     73.49
MACQUARIE STRUCT          10.250   6/22/2012      EUR     58.64
MACQUARIE STRUCT          10.750   6/22/2012      EUR     43.73
MACQUARIE STRUCT          10.000   6/22/2012      EUR     61.73
MACQUARIE STRUCT          11.500   6/22/2012      EUR     45.82
MACQUARIE STRUCT          11.500   6/22/2012      EUR     66.89
MACQUARIE STRUCT          11.500   6/22/2012      EUR     71.17
MACQUARIE STRUCT          12.000   6/22/2012      EUR     74.59
MACQUARIE STRUCT          12.500   6/22/2012      EUR     57.16
MACQUARIE STRUCT          11.750   6/22/2012      EUR     72.87
MACQUARIE STRUCT          13.500   6/22/2012      EUR     40.23
MACQUARIE STRUCT          15.750   6/22/2012      EUR     72.82
MACQUARIE STRUCT          12.500   6/22/2012      EUR     45.41
MACQUARIE STRUCT          16.000   6/22/2012      EUR     37.84
MACQUARIE STRUCT          17.000   6/22/2012      EUR     57.02
MACQUARIE STRUCT          15.750   6/22/2012      EUR     26.77
MACQUARIE STRUCT           9.000   9/28/2012      EUR     65.48
MACQUARIE STRUCT           9.250   9/28/2012      EUR     70.47
MACQUARIE STRUCT          23.250   6/22/2012      EUR     12.14
MACQUARIE STRUCT          13.250   3/23/2012      EUR     38.82
MACQUARIE STRUCT          14.750   3/23/2012      EUR     37.99
MACQUARIE STRUCT           9.750   9/28/2012      EUR     65.89
MACQUARIE STRUCT          10.500   3/23/2012      EUR     52.34
MACQUARIE STRUCT           9.750   3/23/2012      EUR     52.22
MACQUARIE STRUCT          11.500   9/28/2012      EUR     65.43
MACQUARIE STRUCT          11.000   3/23/2012      EUR     50.67
MACQUARIE STRUCT          10.750   3/23/2012      EUR     73.65
MACQUARIE STRUCT           7.250   3/23/2012      EUR     67.75
MACQUARIE STRUCT           8.750   3/23/2012      EUR     66.14
NORDDEUTSCHE L/B           7.000    6/8/2012      EUR     71.43
Q-CELLS                    6.750  10/21/2015      EUR      0.84
QIMONDA FINANCE            6.750   3/22/2013      USD      1.00
SOLARWORLD AG              6.125   1/21/2017      EUR     54.28
SOLON AG SOLAR             1.375   12/6/2012      EUR      3.14
TUI AG                     5.500  11/17/2014      EUR     70.22
TUI AG                     2.750   3/24/2016      EUR     50.57
UNICREDIT BANK A           7.000   6/21/2012      EUR     56.18
VONTOBEL FIN PRO          13.275   3/23/2012      EUR     49.98
VONTOBEL FIN PRO          13.188   3/23/2012      EUR     65.62
VONTOBEL FIN PRO          13.124   3/23/2012      EUR     63.90
VONTOBEL FIN PRO          13.007   3/23/2012      EUR     53.40
VONTOBEL FIN PRO          12.973   3/23/2012      EUR     66.46
VONTOBEL FIN PRO          12.964   3/23/2012      EUR     45.04
VONTOBEL FIN PRO          12.947   3/23/2012      EUR     55.88
VONTOBEL FIN PRO          12.824   3/23/2012      EUR     71.94
VONTOBEL FIN PRO          12.818   3/23/2012      EUR     51.80
VONTOBEL FIN PRO          12.812   3/23/2012      EUR     72.76
VONTOBEL FIN PRO          12.782   3/23/2012      EUR     43.34
VONTOBEL FIN PRO          12.779   3/23/2012      EUR     71.74
VONTOBEL FIN PRO          12.761   3/23/2012      EUR     44.64
VONTOBEL FIN PRO          12.701   3/23/2012      EUR     60.30
VONTOBEL FIN PRO          12.680   3/23/2012      EUR     64.20
VONTOBEL FIN PRO          12.632   3/23/2012      EUR     65.74
VONTOBEL FIN PRO          12.605   3/23/2012      EUR     72.26
VONTOBEL FIN PRO          12.589   3/23/2012      EUR     61.54
VONTOBEL FIN PRO          12.335   3/23/2012      EUR     55.58
VONTOBEL FIN PRO          12.332   3/23/2012      EUR     44.90
VONTOBEL FIN PRO          12.197   3/23/2012      EUR     54.76
VONTOBEL FIN PRO          12.168   3/23/2012      EUR     72.90
VONTOBEL FIN PRO          12.146   3/23/2012      EUR     53.22
VONTOBEL FIN PRO          12.135   3/23/2012      EUR     55.58
VONTOBEL FIN PRO          12.134   3/23/2012      EUR     71.86
VONTOBEL FIN PRO          12.083   3/23/2012      EUR     60.04
VONTOBEL FIN PRO          12.045   3/23/2012      EUR     50.70
VONTOBEL FIN PRO          12.045   3/23/2012      EUR     67.68
VONTOBEL FIN PRO          12.045   3/23/2012      EUR     67.76
VONTOBEL FIN PRO          12.000   3/23/2012      EUR     74.98
VONTOBEL FIN PRO          11.986   3/23/2012      EUR     60.92
VONTOBEL FIN PRO          11.910   3/23/2012      EUR     71.86
VONTOBEL FIN PRO          11.910   3/23/2012      EUR     75.20
VONTOBEL FIN PRO          11.904   3/23/2012      EUR     48.34
VONTOBEL FIN PRO          11.869   3/23/2012      EUR     55.84
VONTOBEL FIN PRO          11.865   3/23/2012      EUR     62.26
VONTOBEL FIN PRO          11.863   3/23/2012      EUR     35.08
VONTOBEL FIN PRO          11.846   3/23/2012      EUR     64.94
VONTOBEL FIN PRO          11.825   3/23/2012      EUR     73.54
VONTOBEL FIN PRO          11.777   3/23/2012      EUR     54.40
VONTOBEL FIN PRO          11.774   3/23/2012      EUR     59.82
VONTOBEL FIN PRO          11.750   3/23/2012      EUR     69.82
VONTOBEL FIN PRO          11.732   3/23/2012      EUR     72.98
VONTOBEL FIN PRO          11.674   3/23/2012      EUR     50.04
VONTOBEL FIN PRO          11.639   3/23/2012      EUR     62.66
VONTOBEL FIN PRO          11.599   3/23/2012      EUR     67.24
VONTOBEL FIN PRO          11.594   3/23/2012      EUR     64.10
VONTOBEL FIN PRO          11.518   3/23/2012      EUR     74.94
VONTOBEL FIN PRO          11.508   3/23/2012      EUR     73.04
VONTOBEL FIN PRO          11.489   3/23/2012      EUR     72.98
VONTOBEL FIN PRO          11.464   3/23/2012      EUR     45.96
VONTOBEL FIN PRO          11.455   3/23/2012      EUR     53.22
VONTOBEL FIN PRO          11.437   3/23/2012      EUR     53.22
VONTOBEL FIN PRO          11.434   3/23/2012      EUR     66.58
VONTOBEL FIN PRO          11.387   3/23/2012      EUR     69.54
VONTOBEL FIN PRO          11.368   3/23/2012      EUR     69.10
VONTOBEL FIN PRO          11.310   3/23/2012      EUR     71.86
VONTOBEL FIN PRO          11.298   3/23/2012      EUR     71.88
VONTOBEL FIN PRO          11.256   3/23/2012      EUR     65.76
VONTOBEL FIN PRO          11.244   3/23/2012      EUR     62.52
VONTOBEL FIN PRO          11.238   3/23/2012      EUR     35.02
VONTOBEL FIN PRO          11.115   3/23/2012      EUR     72.46
VONTOBEL FIN PRO          11.099   3/23/2012      EUR     70.68
VONTOBEL FIN PRO          11.084   3/23/2012      EUR     63.60
VONTOBEL FIN PRO          11.080   3/23/2012      EUR     46.46
VONTOBEL FIN PRO          11.071   3/23/2012      EUR     60.28
VONTOBEL FIN PRO          11.038   3/23/2012      EUR     52.16
VONTOBEL FIN PRO          10.985   3/23/2012      EUR     54.82
VONTOBEL FIN PRO          10.879   3/23/2012      EUR     64.92
VONTOBEL FIN PRO          10.861   3/23/2012      EUR     56.44
VONTOBEL FIN PRO          10.812   3/23/2012      EUR     71.72
VONTOBEL FIN PRO          10.812   3/23/2012      EUR     61.26
VONTOBEL FIN PRO          10.800   3/23/2012      EUR     44.84
VONTOBEL FIN PRO          10.787   3/23/2012      EUR     68.50
VONTOBEL FIN PRO          10.781   3/23/2012      EUR     55.40
VONTOBEL FIN PRO          10.753   3/23/2012      EUR     68.26
VONTOBEL FIN PRO          10.733   3/23/2012      EUR     70.42
VONTOBEL FIN PRO          10.693   3/23/2012      EUR     68.32
VONTOBEL FIN PRO          10.686   3/23/2012      EUR     63.26
VONTOBEL FIN PRO          10.686   3/23/2012      EUR     48.36
VONTOBEL FIN PRO          10.641   3/23/2012      EUR     54.36
VONTOBEL FIN PRO          10.582   3/23/2012      EUR     72.36
VONTOBEL FIN PRO          10.574   3/23/2012      EUR     72.20
VONTOBEL FIN PRO          10.556   3/23/2012      EUR     69.94
VONTOBEL FIN PRO          10.515   3/23/2012      EUR     66.04
VONTOBEL FIN PRO          10.485   3/23/2012      EUR     69.06
VONTOBEL FIN PRO          10.475   3/23/2012      EUR     58.74
VONTOBEL FIN PRO          10.470   3/23/2012      EUR     64.02
VONTOBEL FIN PRO          10.467   3/23/2012      EUR     74.90
VONTOBEL FIN PRO          10.442   3/23/2012      EUR     62.56
VONTOBEL FIN PRO          10.436   3/23/2012      EUR     70.74
VONTOBEL FIN PRO          10.324   3/23/2012      EUR     58.74
VONTOBEL FIN PRO          10.279   3/23/2012      EUR     74.54
VONTOBEL FIN PRO          10.219   3/23/2012      EUR     47.38
VONTOBEL FIN PRO          10.212   3/23/2012      EUR     48.94
VONTOBEL FIN PRO          10.128   3/23/2012      EUR     72.96
VONTOBEL FIN PRO          10.117   3/23/2012      EUR     66.82
VONTOBEL FIN PRO          10.005   3/23/2012      EUR     72.32
VONTOBEL FIN PRO           9.908   3/23/2012      EUR     69.82
VONTOBEL FIN PRO           9.891   3/23/2012      EUR     71.08
VONTOBEL FIN PRO           9.810   3/23/2012      EUR     71.86
VONTOBEL FIN PRO           9.744   3/23/2012      EUR     69.04
VONTOBEL FIN PRO           9.743   3/23/2012      EUR     52.34
VONTOBEL FIN PRO           9.728   3/23/2012      EUR     74.08
VONTOBEL FIN PRO           9.718   3/23/2012      EUR     75.48
VONTOBEL FIN PRO           9.666   3/23/2012      EUR     68.76
VONTOBEL FIN PRO           9.624   3/23/2012      EUR     73.06
VONTOBEL FIN PRO           9.595   3/23/2012      EUR     68.64
VONTOBEL FIN PRO           9.587   3/23/2012      EUR     66.08
VONTOBEL FIN PRO           9.546   3/23/2012      EUR     73.12
VONTOBEL FIN PRO           9.506   3/23/2012      EUR     71.58
VONTOBEL FIN PRO           9.460   3/23/2012      EUR     61.04
VONTOBEL FIN PRO           9.372   3/23/2012      EUR     66.56
VONTOBEL FIN PRO           9.335   3/23/2012      EUR     67.34
VONTOBEL FIN PRO           9.193   3/23/2012      EUR     70.34
VONTOBEL FIN PRO           9.177   3/23/2012      EUR     71.84
VONTOBEL FIN PRO           9.175   3/23/2012      EUR     67.34
VONTOBEL FIN PRO           9.165   3/23/2012      EUR     70.02
VONTOBEL FIN PRO           9.064   3/23/2012      EUR     56.86
VONTOBEL FIN PRO           9.107   3/23/2012      EUR     73.10
VONTOBEL FIN PRO           8.934   3/23/2012      EUR     50.20
VONTOBEL FIN PRO           9.000   3/23/2012      EUR     58.60
VONTOBEL FIN PRO           8.901   3/23/2012      EUR     65.32
VONTOBEL FIN PRO           8.929   3/23/2012      EUR     63.34
VONTOBEL FIN PRO           8.835   3/23/2012      EUR     73.02
VONTOBEL FIN PRO           8.842   3/23/2012      EUR     73.38
VONTOBEL FIN PRO           8.758   3/23/2012      EUR     61.52
VONTOBEL FIN PRO           8.759   3/23/2012      EUR     67.12
VONTOBEL FIN PRO           8.626   3/23/2012      EUR     52.36
VONTOBEL FIN PRO           8.662   3/23/2012      EUR     70.44
VONTOBEL FIN PRO           8.584   3/23/2012      EUR     52.26
VONTOBEL FIN PRO           8.584   3/23/2012      EUR     61.02
VONTOBEL FIN PRO           8.463   3/23/2012      EUR     68.98
VONTOBEL FIN PRO           8.476   3/23/2012      EUR     57.50
VONTOBEL FIN PRO           8.186   3/23/2012      EUR     44.84
VONTOBEL FIN PRO           8.333   3/23/2012      EUR     49.16
VONTOBEL FIN PRO           8.051   3/23/2012      EUR     55.28
VONTOBEL FIN PRO           8.061   3/23/2012      EUR     70.28
VONTOBEL FIN PRO           7.897   3/23/2012      EUR     62.44
VONTOBEL FIN PRO           7.928   3/23/2012      EUR     70.40
VONTOBEL FIN PRO           7.679   3/23/2012      EUR     72.86
VONTOBEL FIN PRO           7.733   3/23/2012      EUR     61.16
VONTOBEL FIN PRO           7.340   3/23/2012      EUR     59.82
VONTOBEL FIN PRO           7.638   3/23/2012      EUR     70.24
VONTOBEL FIN PRO           6.613   3/23/2012      EUR     66.44
VONTOBEL FIN PRO           7.226   3/23/2012      EUR     67.32
VONTOBEL FIN PRO          11.564    3/2/2012      EUR     39.40
VONTOBEL FIN PRO          11.564   3/16/2012      EUR     54.30
VONTOBEL FIN PRO          11.112    3/2/2012      EUR     66.10
VONTOBEL FIN PRO          13.366   3/23/2012      EUR     44.86
VONTOBEL FIN PRO          13.358   3/23/2012      EUR     43.26
VONTOBEL FIN PRO          13.314   3/23/2012      EUR     52.54
VONTOBEL FIN PRO          13.314   3/23/2012      EUR     45.60
VONTOBEL FIN PRO          11.413    3/2/2012      EUR     70.50
VONTOBEL FIN PRO           8.487   6/22/2012      EUR     70.20
VONTOBEL FIN PRO           8.466   6/22/2012      EUR     43.78
VONTOBEL FIN PRO           8.466   6/22/2012      EUR     68.14
VONTOBEL FIN PRO           8.460   6/22/2012      EUR     56.96
VONTOBEL FIN PRO           8.407   6/22/2012      EUR     60.24
VONTOBEL FIN PRO           8.377   6/22/2012      EUR     51.42
VONTOBEL FIN PRO           8.347   6/22/2012      EUR     62.44
VONTOBEL FIN PRO           8.340   6/22/2012      EUR     30.30
VONTOBEL FIN PRO           8.340   6/22/2012      EUR     69.16
VONTOBEL FIN PRO           8.327   6/22/2012      EUR     74.80
VONTOBEL FIN PRO           8.302   6/22/2012      EUR     69.62
VONTOBEL FIN PRO           8.284   6/22/2012      EUR     54.76
VONTOBEL FIN PRO           8.267   6/22/2012      EUR     74.56
VONTOBEL FIN PRO           8.189   6/22/2012      EUR     52.88
VONTOBEL FIN PRO           8.185   6/22/2012      EUR     57.22
VONTOBEL FIN PRO           8.152   6/22/2012      EUR     74.46
VONTOBEL FIN PRO           8.068   6/22/2012      EUR     70.66
VONTOBEL FIN PRO           8.031   6/22/2012      EUR     69.68
VONTOBEL FIN PRO           8.015   6/22/2012      EUR     54.78
VONTOBEL FIN PRO           8.014   6/22/2012      EUR     70.48
VONTOBEL FIN PRO           8.008   6/22/2012      EUR     72.58
VONTOBEL FIN PRO           7.996   6/22/2012      EUR     70.18
VONTOBEL FIN PRO           7.974   6/22/2012      EUR     46.34
VONTOBEL FIN PRO           7.974   6/22/2012      EUR     61.96
VONTOBEL FIN PRO           7.956   6/22/2012      EUR     73.94
VONTOBEL FIN PRO           7.754   6/22/2012      EUR     63.22
VONTOBEL FIN PRO           7.562   6/22/2012      EUR     68.28
VONTOBEL FIN PRO           7.509   6/22/2012      EUR     59.32
VONTOBEL FIN PRO           7.500   6/22/2012      EUR     60.92
VONTOBEL FIN PRO           7.236   6/22/2012      EUR     68.82
VONTOBEL FIN PRO           7.228   6/22/2012      EUR     70.74
VONTOBEL FIN PRO           7.150   6/22/2012      EUR     65.38
VONTOBEL FIN PRO           7.101   6/22/2012      EUR     55.78
VONTOBEL FIN PRO           7.094   6/22/2012      EUR     70.34
VONTOBEL FIN PRO           6.876   6/22/2012      EUR     61.26
VONTOBEL FIN PRO           6.697   6/22/2012      EUR     73.30
VONTOBEL FIN PRO          10.458   6/15/2012      EUR     61.90
VONTOBEL FIN PRO          10.358   6/15/2012      EUR     64.10
VONTOBEL FIN PRO           7.889    6/6/2012      EUR     62.10
VONTOBEL FIN PRO          12.369    6/1/2012      EUR     49.60
VONTOBEL FIN PRO          10.358    6/1/2012      EUR     74.40
VONTOBEL FIN PRO          11.564   5/25/2012      EUR     61.70
VONTOBEL FIN PRO          12.168   5/18/2012      EUR     48.80
VONTOBEL FIN PRO          10.961   5/18/2012      EUR     65.70
VONTOBEL FIN PRO          10.056   5/11/2012      EUR     68.80
VONTOBEL FIN PRO          13.173    5/4/2012      EUR     60.40
VONTOBEL FIN PRO          12.067    5/4/2012      EUR     70.80
VONTOBEL FIN PRO          10.659   4/27/2012      EUR     71.90
VONTOBEL FIN PRO          11.031   4/20/2012      EUR     69.20
VONTOBEL FIN PRO          10.028   4/20/2012      EUR     56.10
VONTOBEL FIN PRO          12.469   4/13/2012      EUR     50.20
VONTOBEL FIN PRO          16.639    4/5/2012      EUR     20.65
VONTOBEL FIN PRO          10.740    4/5/2012      EUR     68.80
VONTOBEL FIN PRO          10.028   3/30/2012      EUR     40.50
VONTOBEL FIN PRO          25.577   3/23/2012      EUR     59.24
VONTOBEL FIN PRO          21.110   3/23/2012      EUR     64.32
VONTOBEL FIN PRO          20.386   3/23/2012      EUR     27.92
VONTOBEL FIN PRO          19.805   3/23/2012      EUR     36.02
VONTOBEL FIN PRO          19.599   3/23/2012      EUR     29.12
VONTOBEL FIN PRO          19.591   3/23/2012      EUR     66.76
VONTOBEL FIN PRO          18.316   3/23/2012      EUR     67.18
VONTOBEL FIN PRO          18.131   3/23/2012      EUR     38.10
VONTOBEL FIN PRO          18.045   3/23/2012      EUR     35.36
VONTOBEL FIN PRO          17.921   3/23/2012      EUR     73.28
VONTOBEL FIN PRO          17.902   3/23/2012      EUR     37.40
VONTOBEL FIN PRO          17.825   3/23/2012      EUR     39.68
VONTOBEL FIN PRO          17.587   3/23/2012      EUR     30.40
VONTOBEL FIN PRO          17.300   3/23/2012      EUR     64.04
VONTOBEL FIN PRO          17.053   3/23/2012      EUR     69.46
VONTOBEL FIN PRO          16.800   3/23/2012      EUR     71.52
VONTOBEL FIN PRO          16.686   3/23/2012      EUR     70.66
VONTOBEL FIN PRO          16.683   3/23/2012      EUR     45.96
VONTOBEL FIN PRO          16.672   3/23/2012      EUR     73.40
VONTOBEL FIN PRO          16.667   3/23/2012      EUR     48.54
VONTOBEL FIN PRO          16.466   3/23/2012      EUR     47.84
VONTOBEL FIN PRO          16.404   3/23/2012      EUR     58.50
VONTOBEL FIN PRO          16.358   3/23/2012      EUR     63.32
VONTOBEL FIN PRO          16.248   3/23/2012      EUR     68.76
VONTOBEL FIN PRO          16.015   3/23/2012      EUR     38.24
VONTOBEL FIN PRO          15.723   3/23/2012      EUR     40.44
VONTOBEL FIN PRO          15.699   3/23/2012      EUR     37.30
VONTOBEL FIN PRO          15.682   3/23/2012      EUR     58.82
VONTOBEL FIN PRO          15.663   3/23/2012      EUR     72.58
VONTOBEL FIN PRO          15.614   3/23/2012      EUR     69.14
VONTOBEL FIN PRO          15.576   3/23/2012      EUR     31.78
VONTOBEL FIN PRO          15.372   3/23/2012      EUR     42.18
VONTOBEL FIN PRO          15.303   3/23/2012      EUR     53.68
VONTOBEL FIN PRO          15.215   3/23/2012      EUR     54.76
VONTOBEL FIN PRO          15.203   3/23/2012      EUR     54.96
VONTOBEL FIN PRO          15.158   3/23/2012      EUR     33.40
VONTOBEL FIN PRO          14.978   3/23/2012      EUR     41.30
VONTOBEL FIN PRO          14.895   3/23/2012      EUR     61.20
VONTOBEL FIN PRO          14.805   3/23/2012      EUR     50.06
VONTOBEL FIN PRO          14.754   3/23/2012      EUR     58.46
VONTOBEL FIN PRO          14.669   3/23/2012      EUR     45.66
VONTOBEL FIN PRO          14.636   3/23/2012      EUR     50.04
VONTOBEL FIN PRO          14.625   3/23/2012      EUR     52.78
VONTOBEL FIN PRO          14.614   3/23/2012      EUR     70.96
VONTOBEL FIN PRO          14.400   3/23/2012      EUR     66.80
VONTOBEL FIN PRO          14.391   3/23/2012      EUR     51.34
VONTOBEL FIN PRO          14.346   3/23/2012      EUR     41.90
VONTOBEL FIN PRO          14.228   3/23/2012      EUR     61.66
VONTOBEL FIN PRO          14.211   3/23/2012      EUR     64.86
VONTOBEL FIN PRO          14.208   3/23/2012      EUR     53.46
VONTOBEL FIN PRO          14.170   3/23/2012      EUR     63.50
VONTOBEL FIN PRO          14.016   3/23/2012      EUR     49.10
VONTOBEL FIN PRO          13.909   3/23/2012      EUR     60.46
VONTOBEL FIN PRO          13.869   3/23/2012      EUR     66.58
VONTOBEL FIN PRO          13.802   3/23/2012      EUR     46.58
VONTOBEL FIN PRO          13.790   3/23/2012      EUR     57.10
VONTOBEL FIN PRO          13.737   3/23/2012      EUR     71.40
VONTOBEL FIN PRO          13.735   3/23/2012      EUR     48.58
VONTOBEL FIN PRO          13.733   3/23/2012      EUR     73.64
VONTOBEL FIN PRO          13.719   3/23/2012      EUR     61.50
VONTOBEL FIN PRO          13.714   3/23/2012      EUR     51.50
VONTOBEL FIN PRO          13.669   3/23/2012      EUR     62.40
VONTOBEL FIN PRO          13.648   3/23/2012      EUR     62.54
VONTOBEL FIN PRO          13.620   3/23/2012      EUR     71.38
VONTOBEL FIN PRO          13.579   3/23/2012      EUR     72.26
VONTOBEL FIN PRO          13.534   3/23/2012      EUR     47.08
VONTOBEL FIN PRO          13.457   3/23/2012      EUR     55.90
VONTOBEL FIN PRO          13.426   3/23/2012      EUR     62.26
VONTOBEL FIN PRO          13.426   3/23/2012      EUR     69.42
VONTOBEL FIN PRO           5.100   4/14/2014      EUR     48.30
VONTOBEL FIN PRO           5.474   3/17/2014      EUR     73.50
VONTOBEL FIN PRO           7.389  11/25/2013      EUR     47.00
VONTOBEL FIN PRO          10.930    1/2/2013      EUR     64.86
VONTOBEL FIN PRO           8.987    1/2/2013      EUR     45.05
VONTOBEL FIN PRO           8.042    1/2/2013      EUR     67.90
VONTOBEL FIN PRO          14.211  12/31/2012      EUR     67.30
VONTOBEL FIN PRO          14.150  12/31/2012      EUR     66.16
VONTOBEL FIN PRO          13.518  12/31/2012      EUR     66.26
VONTOBEL FIN PRO          13.123  12/31/2012      EUR     35.20
VONTOBEL FIN PRO          12.912  12/31/2012      EUR     69.36
VONTOBEL FIN PRO          12.650  12/31/2012      EUR     72.68
VONTOBEL FIN PRO          11.790  12/31/2012      EUR     70.98
VONTOBEL FIN PRO          11.784  12/31/2012      EUR     73.09
VONTOBEL FIN PRO          11.750  12/31/2012      EUR     67.70
VONTOBEL FIN PRO          11.649  12/31/2012      EUR     71.72
VONTOBEL FIN PRO          10.807  12/31/2012      EUR     34.96
VONTOBEL FIN PRO          10.611  12/31/2012      EUR     69.26
VONTOBEL FIN PRO          10.500  12/31/2012      EUR     71.22
VONTOBEL FIN PRO          10.421  12/31/2012      EUR     72.84
VONTOBEL FIN PRO          10.175  12/31/2012      EUR     51.92
VONTOBEL FIN PRO           9.841  12/31/2012      EUR     70.08
VONTOBEL FIN PRO           9.754  12/31/2012      EUR     52.20
VONTOBEL FIN PRO           9.700  12/31/2012      EUR     71.24
VONTOBEL FIN PRO           9.250  12/31/2012      EUR     61.62
VONTOBEL FIN PRO           9.193  12/31/2012      EUR     52.74
VONTOBEL FIN PRO           8.526  12/31/2012      EUR     34.96
VONTOBEL FIN PRO           8.300  12/31/2012      EUR     68.04
VONTOBEL FIN PRO           8.246  12/31/2012      EUR     53.70
VONTOBEL FIN PRO           8.230  12/31/2012      EUR     75.14
VONTOBEL FIN PRO           8.163  12/31/2012      EUR     73.14
VONTOBEL FIN PRO           8.019  12/31/2012      EUR     72.76
VONTOBEL FIN PRO           7.050  12/31/2012      EUR     63.94
VONTOBEL FIN PRO           5.006  12/28/2012      EUR     65.94
VONTOBEL FIN PRO          11.500  12/14/2012      EUR      3.44
VONTOBEL FIN PRO          17.000   9/28/2012      EUR     71.16
VONTOBEL FIN PRO          16.183   9/28/2012      EUR     63.60
VONTOBEL FIN PRO          14.895   9/28/2012      EUR     60.72
VONTOBEL FIN PRO          14.500   9/28/2012      EUR     74.28
VONTOBEL FIN PRO          14.191   9/28/2012      EUR     69.50
VONTOBEL FIN PRO          14.154   9/28/2012      EUR     70.92
VONTOBEL FIN PRO          14.150   9/28/2012      EUR     71.42
VONTOBEL FIN PRO          13.950   9/28/2012      EUR     61.98
VONTOBEL FIN PRO          13.352   9/28/2012      EUR     59.50
VONTOBEL FIN PRO          13.259   9/28/2012      EUR     69.14
VONTOBEL FIN PRO          13.257   9/28/2012      EUR     64.92
VONTOBEL FIN PRO          12.857   9/28/2012      EUR     51.78
VONTOBEL FIN PRO          12.847   9/28/2012      EUR     73.24
VONTOBEL FIN PRO          12.761   9/28/2012      EUR     69.46
VONTOBEL FIN PRO          12.398   9/28/2012      EUR     49.80
VONTOBEL FIN PRO          12.350   9/28/2012      EUR     63.50
VONTOBEL FIN PRO          12.203   9/28/2012      EUR     70.44
VONTOBEL FIN PRO          12.067   9/28/2012      EUR     64.42
VONTOBEL FIN PRO          11.900   9/28/2012      EUR     70.36
VONTOBEL FIN PRO          11.895   9/28/2012      EUR     61.58
VONTOBEL FIN PRO          11.797   9/28/2012      EUR     69.21
VONTOBEL FIN PRO          11.790   9/28/2012      EUR     72.18
VONTOBEL FIN PRO          11.676   9/28/2012      EUR     66.84
VONTOBEL FIN PRO          11.502   9/28/2012      EUR     73.10
VONTOBEL FIN PRO          11.502   9/28/2012      EUR     47.78
VONTOBEL FIN PRO          11.497   9/28/2012      EUR     63.96
VONTOBEL FIN PRO          11.175   9/28/2012      EUR     73.36
VONTOBEL FIN PRO          11.145   9/28/2012      EUR     65.60
VONTOBEL FIN PRO          11.027   9/28/2012      EUR     70.70
VONTOBEL FIN PRO          11.017   9/28/2012      EUR     73.58
VONTOBEL FIN PRO          10.909   9/28/2012      EUR     74.24
VONTOBEL FIN PRO          10.850   9/28/2012      EUR     65.28
VONTOBEL FIN PRO          10.830   9/28/2012      EUR     69.06
VONTOBEL FIN PRO          10.830   9/28/2012      EUR     69.02
VONTOBEL FIN PRO          10.556   9/28/2012      EUR     64.04
VONTOBEL FIN PRO          10.494   9/28/2012      EUR     48.66
VONTOBEL FIN PRO          10.366   9/28/2012      EUR     72.62
VONTOBEL FIN PRO          10.336   9/28/2012      EUR     66.92
VONTOBEL FIN PRO          10.083   9/28/2012      EUR     71.34
VONTOBEL FIN PRO          10.083   9/28/2012      EUR     70.62
VONTOBEL FIN PRO          10.046   9/28/2012      EUR     75.30
VONTOBEL FIN PRO          10.046   9/28/2012      EUR     52.02
VONTOBEL FIN PRO          10.014   9/28/2012      EUR     62.86
VONTOBEL FIN PRO          10.000   9/28/2012      EUR     62.74
VONTOBEL FIN PRO           9.950   9/28/2012      EUR     70.54
VONTOBEL FIN PRO           9.877   9/28/2012      EUR     64.52
VONTOBEL FIN PRO           9.860   9/28/2012      EUR     65.98
VONTOBEL FIN PRO           9.672   9/28/2012      EUR     66.10
VONTOBEL FIN PRO           9.634   9/28/2012      EUR     71.92
VONTOBEL FIN PRO           9.523   9/28/2012      EUR     49.68
VONTOBEL FIN PRO           9.492   9/28/2012      EUR     55.44
VONTOBEL FIN PRO           9.405   9/28/2012      EUR     60.32
VONTOBEL FIN PRO           9.400   9/28/2012      EUR     66.64
VONTOBEL FIN PRO           9.284   9/28/2012      EUR     70.38
VONTOBEL FIN PRO           9.037   9/28/2012      EUR     72.08
VONTOBEL FIN PRO           8.878   9/28/2012      EUR     71.14
VONTOBEL FIN PRO           8.862   9/28/2012      EUR     73.10
VONTOBEL FIN PRO           8.626   9/28/2012      EUR     72.98
VONTOBEL FIN PRO           8.581   9/28/2012      EUR     66.86
VONTOBEL FIN PRO           8.440   9/28/2012      EUR     68.22
VONTOBEL FIN PRO           8.174   9/28/2012      EUR     73.76
VONTOBEL FIN PRO           7.950   9/28/2012      EUR     72.22
VONTOBEL FIN PRO          12.864   7/27/2012      EUR     71.50
VONTOBEL FIN PRO          11.564   7/27/2012      EUR     74.20
VONTOBEL FIN PRO          10.860   7/20/2012      EUR     65.50
VONTOBEL FIN PRO          11.061   7/13/2012      EUR     70.40
VONTOBEL FIN PRO          11.514    7/6/2012      EUR     55.50
VONTOBEL FIN PRO          12.067   6/29/2012      EUR     71.80
VONTOBEL FIN PRO          12.067   6/29/2012      EUR     60.20
VONTOBEL FIN PRO          21.456   6/22/2012      EUR     64.34
VONTOBEL FIN PRO          18.295   6/22/2012      EUR     39.18
VONTOBEL FIN PRO          18.289   6/22/2012      EUR     27.76
VONTOBEL FIN PRO          18.164   6/22/2012      EUR     28.10
VONTOBEL FIN PRO          18.036   6/22/2012      EUR     68.64
VONTOBEL FIN PRO          17.784   6/22/2012      EUR     41.16
VONTOBEL FIN PRO          17.712   6/22/2012      EUR     28.62
VONTOBEL FIN PRO          17.333   6/22/2012      EUR     60.24
VONTOBEL FIN PRO          17.260   6/22/2012      EUR     27.68
VONTOBEL FIN PRO          17.189   6/22/2012      EUR     59.62
VONTOBEL FIN PRO          16.746   6/22/2012      EUR     33.56
VONTOBEL FIN PRO          16.667   6/22/2012      EUR     37.36
VONTOBEL FIN PRO          16.497   6/22/2012      EUR     35.22
VONTOBEL FIN PRO          16.488   6/22/2012      EUR     37.08
VONTOBEL FIN PRO          16.293   6/22/2012      EUR     71.42
VONTOBEL FIN PRO          16.156   6/22/2012      EUR     69.52
VONTOBEL FIN PRO          16.150   6/22/2012      EUR     62.12
VONTOBEL FIN PRO          16.110   6/22/2012      EUR     29.28
VONTOBEL FIN PRO          15.950   6/22/2012      EUR     74.72
VONTOBEL FIN PRO          15.940   6/22/2012      EUR     49.64
VONTOBEL FIN PRO          15.920   6/22/2012      EUR     30.46
VONTOBEL FIN PRO          15.840   6/22/2012      EUR     43.00
VONTOBEL FIN PRO          15.526   6/22/2012      EUR     72.50
VONTOBEL FIN PRO          15.448   6/22/2012      EUR     64.98
VONTOBEL FIN PRO          15.370   6/22/2012      EUR     41.82
VONTOBEL FIN PRO          15.308   6/22/2012      EUR     56.66
VONTOBEL FIN PRO          15.167   6/22/2012      EUR     62.86
VONTOBEL FIN PRO          15.091   6/22/2012      EUR     73.14
VONTOBEL FIN PRO          14.821   6/22/2012      EUR     49.16
VONTOBEL FIN PRO          14.791   6/22/2012      EUR     34.68
VONTOBEL FIN PRO          14.717   6/22/2012      EUR     51.22
VONTOBEL FIN PRO          14.712   6/22/2012      EUR     58.28
VONTOBEL FIN PRO          14.680   6/22/2012      EUR     63.30
VONTOBEL FIN PRO          14.652   6/22/2012      EUR     73.92
VONTOBEL FIN PRO          14.640   6/22/2012      EUR     74.46
VONTOBEL FIN PRO          14.580   6/22/2012      EUR     71.20
VONTOBEL FIN PRO          14.450   6/22/2012      EUR     57.16
VONTOBEL FIN PRO          14.436   6/22/2012      EUR     38.66
VONTOBEL FIN PRO          14.345   6/22/2012      EUR     63.90
VONTOBEL FIN PRO          14.302   6/22/2012      EUR     32.06
VONTOBEL FIN PRO          14.278   6/22/2012      EUR     48.70
VONTOBEL FIN PRO          14.229   6/22/2012      EUR     57.00
VONTOBEL FIN PRO          14.201   6/22/2012      EUR     41.38
VONTOBEL FIN PRO          14.172   6/22/2012      EUR     53.26
VONTOBEL FIN PRO          14.160   6/22/2012      EUR     31.32
VONTOBEL FIN PRO          14.061   6/22/2012      EUR     69.86
VONTOBEL FIN PRO          14.000   6/22/2012      EUR     64.04
VONTOBEL FIN PRO          14.000   6/22/2012      EUR     42.36
VONTOBEL FIN PRO          13.980   6/22/2012      EUR     58.18
VONTOBEL FIN PRO          13.886   6/22/2012      EUR     68.14
VONTOBEL FIN PRO          13.860   6/22/2012      EUR     45.18
VONTOBEL FIN PRO          13.846   6/22/2012      EUR     73.24
VONTOBEL FIN PRO          13.832   6/22/2012      EUR     54.74
VONTOBEL FIN PRO          13.832   6/22/2012      EUR     64.48
VONTOBEL FIN PRO          13.829   6/22/2012      EUR     45.26
VONTOBEL FIN PRO          13.812   6/22/2012      EUR     64.84
VONTOBEL FIN PRO          13.803   6/22/2012      EUR     62.68
VONTOBEL FIN PRO          13.792   6/22/2012      EUR     66.46
VONTOBEL FIN PRO          13.758   6/22/2012      EUR     45.18
VONTOBEL FIN PRO          13.748   6/22/2012      EUR     59.12
VONTOBEL FIN PRO          13.748   6/22/2012      EUR     72.36
VONTOBEL FIN PRO          13.648   6/22/2012      EUR     64.56
VONTOBEL FIN PRO          13.615   6/22/2012      EUR     61.98
VONTOBEL FIN PRO          13.536   6/22/2012      EUR     44.54
VONTOBEL FIN PRO          13.522   6/22/2012      EUR     71.94
VONTOBEL FIN PRO          13.521   6/22/2012      EUR     60.34
VONTOBEL FIN PRO          13.514   6/22/2012      EUR     70.70
VONTOBEL FIN PRO          13.500   6/22/2012      EUR     50.92
VONTOBEL FIN PRO          13.463   6/22/2012      EUR     48.14
VONTOBEL FIN PRO          13.355   6/22/2012      EUR     66.40
VONTOBEL FIN PRO          13.343   6/22/2012      EUR     48.30
VONTOBEL FIN PRO          13.293   6/22/2012      EUR     56.18
VONTOBEL FIN PRO          13.288   6/22/2012      EUR     59.02
VONTOBEL FIN PRO          13.283   6/22/2012      EUR     62.30
VONTOBEL FIN PRO          13.253   6/22/2012      EUR     61.62
VONTOBEL FIN PRO          13.224   6/22/2012      EUR     74.38
VONTOBEL FIN PRO          13.208   6/22/2012      EUR     42.12
VONTOBEL FIN PRO          13.150   6/22/2012      EUR     62.32
VONTOBEL FIN PRO          13.150   6/22/2012      EUR     67.12
VONTOBEL FIN PRO          13.111   6/22/2012      EUR     65.92
VONTOBEL FIN PRO          13.084   6/22/2012      EUR     66.46
VONTOBEL FIN PRO          13.032   6/22/2012      EUR     48.72
VONTOBEL FIN PRO          13.000   6/22/2012      EUR     38.48
VONTOBEL FIN PRO          12.880   6/22/2012      EUR     74.92
VONTOBEL FIN PRO          12.878   6/22/2012      EUR     75.14
VONTOBEL FIN PRO          12.870   6/22/2012      EUR     73.00
VONTOBEL FIN PRO          12.830   6/22/2012      EUR     54.52
VONTOBEL FIN PRO          12.799   6/22/2012      EUR     62.52
VONTOBEL FIN PRO          12.716   6/22/2012      EUR     53.24
VONTOBEL FIN PRO          12.689   6/22/2012      EUR     63.54
VONTOBEL FIN PRO          12.685   6/22/2012      EUR     61.32
VONTOBEL FIN PRO          12.679   6/22/2012      EUR     73.53
VONTOBEL FIN PRO          12.672   6/22/2012      EUR     56.46
VONTOBEL FIN PRO          12.652   6/22/2012      EUR     67.32
VONTOBEL FIN PRO          12.627   6/22/2012      EUR     59.04
VONTOBEL FIN PRO          12.623   6/22/2012      EUR     51.50
VONTOBEL FIN PRO          12.595   6/22/2012      EUR     69.82
VONTOBEL FIN PRO          12.578   6/22/2012      EUR     54.48
VONTOBEL FIN PRO          12.578   6/22/2012      EUR     73.74
VONTOBEL FIN PRO          12.547   6/22/2012      EUR     71.50
VONTOBEL FIN PRO          12.544   6/22/2012      EUR     50.10
VONTOBEL FIN PRO          12.537   6/22/2012      EUR     63.38
VONTOBEL FIN PRO          12.520   6/22/2012      EUR     64.69
VONTOBEL FIN PRO          12.512   6/22/2012      EUR     46.32
VONTOBEL FIN PRO          12.462   6/22/2012      EUR     71.46
VONTOBEL FIN PRO          12.456   6/22/2012      EUR     72.36
VONTOBEL FIN PRO          12.451   6/22/2012      EUR     46.82
VONTOBEL FIN PRO          12.420   6/22/2012      EUR     40.54
VONTOBEL FIN PRO          12.393   6/22/2012      EUR     66.40
VONTOBEL FIN PRO          12.389   6/22/2012      EUR     50.76
VONTOBEL FIN PRO          12.382   6/22/2012      EUR     68.86
VONTOBEL FIN PRO          12.352   6/22/2012      EUR     71.64
VONTOBEL FIN PRO          12.343   6/22/2012      EUR     47.42
VONTOBEL FIN PRO          12.340   6/22/2012      EUR     58.04
VONTOBEL FIN PRO          12.323   6/22/2012      EUR     53.72
VONTOBEL FIN PRO          12.313   6/22/2012      EUR     74.18
VONTOBEL FIN PRO          12.298   6/22/2012      EUR     65.44
VONTOBEL FIN PRO          12.276   6/22/2012      EUR     71.56
VONTOBEL FIN PRO          12.260   6/22/2012      EUR     67.48
VONTOBEL FIN PRO          12.247   6/22/2012      EUR     63.82
VONTOBEL FIN PRO          12.226   6/22/2012      EUR     31.40
VONTOBEL FIN PRO          12.216   6/22/2012      EUR     72.14
VONTOBEL FIN PRO          12.204   6/22/2012      EUR     50.46
VONTOBEL FIN PRO          12.168   6/22/2012      EUR     65.08
VONTOBEL FIN PRO          12.144   6/22/2012      EUR     64.50
VONTOBEL FIN PRO          12.123   6/22/2012      EUR     63.86
VONTOBEL FIN PRO          12.117   6/22/2012      EUR     52.96
VONTOBEL FIN PRO          12.103   6/22/2012      EUR     68.05
VONTOBEL FIN PRO          12.017   6/22/2012      EUR     53.44
VONTOBEL FIN PRO          12.013   6/22/2012      EUR     58.76
VONTOBEL FIN PRO          12.000   6/22/2012      EUR     65.82
VONTOBEL FIN PRO          11.967   6/22/2012      EUR     67.64
VONTOBEL FIN PRO          11.955   6/22/2012      EUR     42.18
VONTOBEL FIN PRO          11.952   6/22/2012      EUR     47.68
VONTOBEL FIN PRO          11.944   6/22/2012      EUR     74.54
VONTOBEL FIN PRO          11.910   6/22/2012      EUR     49.66
VONTOBEL FIN PRO          11.844   6/22/2012      EUR     62.98
VONTOBEL FIN PRO          11.819   6/22/2012      EUR     70.18
VONTOBEL FIN PRO          11.811   6/22/2012      EUR     61.86
VONTOBEL FIN PRO          11.807   6/22/2012      EUR     66.10
VONTOBEL FIN PRO          11.807   6/22/2012      EUR     73.98
VONTOBEL FIN PRO          11.778   6/22/2012      EUR     51.28
VONTOBEL FIN PRO          11.774   6/22/2012      EUR     41.50
VONTOBEL FIN PRO          11.750   6/22/2012      EUR     68.12
VONTOBEL FIN PRO          11.736   6/22/2012      EUR     54.18
VONTOBEL FIN PRO          11.705   6/22/2012      EUR     64.49
VONTOBEL FIN PRO          11.693   6/22/2012      EUR     63.78
VONTOBEL FIN PRO          11.614   6/22/2012      EUR     60.52
VONTOBEL FIN PRO          11.600   6/22/2012      EUR     64.10
VONTOBEL FIN PRO          11.591   6/22/2012      EUR     74.54
VONTOBEL FIN PRO          11.586   6/22/2012      EUR     73.41
VONTOBEL FIN PRO          11.581   6/22/2012      EUR     63.66
VONTOBEL FIN PRO          11.566   6/22/2012      EUR     63.90
VONTOBEL FIN PRO          11.560   6/22/2012      EUR     43.20
VONTOBEL FIN PRO          11.534   6/22/2012      EUR     52.50
VONTOBEL FIN PRO          11.455   6/22/2012      EUR     66.98
VONTOBEL FIN PRO          11.443   6/22/2012      EUR     73.46
VONTOBEL FIN PRO          11.425   6/22/2012      EUR     70.92
VONTOBEL FIN PRO          11.425   6/22/2012      EUR     63.02
VONTOBEL FIN PRO          11.422   6/22/2012      EUR     51.12
VONTOBEL FIN PRO          11.409   6/22/2012      EUR     70.52
VONTOBEL FIN PRO          11.405   6/22/2012      EUR     71.94
VONTOBEL FIN PRO          11.396   6/22/2012      EUR     69.07
VONTOBEL FIN PRO          11.377   6/22/2012      EUR     57.04
VONTOBEL FIN PRO          11.361   6/22/2012      EUR     62.50
VONTOBEL FIN PRO          11.328   6/22/2012      EUR     74.42
VONTOBEL FIN PRO          11.319   6/22/2012      EUR     61.66
VONTOBEL FIN PRO          11.304   6/22/2012      EUR     69.98
VONTOBEL FIN PRO          11.296   6/22/2012      EUR     68.96
VONTOBEL FIN PRO          11.283   6/22/2012      EUR     57.70
VONTOBEL FIN PRO          11.238   6/22/2012      EUR     68.04
VONTOBEL FIN PRO          11.219   6/22/2012      EUR     68.60
VONTOBEL FIN PRO          11.103   6/22/2012      EUR     74.22
VONTOBEL FIN PRO          11.098   6/22/2012      EUR     73.40
VONTOBEL FIN PRO          11.080   6/22/2012      EUR     74.84
VONTOBEL FIN PRO          11.052   6/22/2012      EUR     58.44
VONTOBEL FIN PRO          11.029   6/22/2012      EUR     62.70
VONTOBEL FIN PRO          11.019   6/22/2012      EUR     64.36
VONTOBEL FIN PRO          10.955   6/22/2012      EUR     73.36
VONTOBEL FIN PRO          10.925   6/22/2012      EUR     61.54
VONTOBEL FIN PRO          10.925   6/22/2012      EUR     73.54
VONTOBEL FIN PRO          10.920   6/22/2012      EUR     47.46
VONTOBEL FIN PRO          10.909   6/22/2012      EUR     42.84
VONTOBEL FIN PRO          10.878   6/22/2012      EUR     63.30
VONTOBEL FIN PRO          10.847   6/22/2012      EUR     72.48
VONTOBEL FIN PRO          10.843   6/22/2012      EUR     66.70
VONTOBEL FIN PRO          10.833   6/22/2012      EUR     52.06
VONTOBEL FIN PRO          10.800   6/22/2012      EUR     44.26
VONTOBEL FIN PRO          10.791   6/22/2012      EUR     71.76
VONTOBEL FIN PRO          10.757   6/22/2012      EUR     73.84
VONTOBEL FIN PRO          10.757   6/22/2012      EUR     66.46
VONTOBEL FIN PRO          10.726   6/22/2012      EUR     66.58
VONTOBEL FIN PRO          10.724   6/22/2012      EUR     63.98
VONTOBEL FIN PRO          10.668   6/22/2012      EUR     69.20
VONTOBEL FIN PRO          10.668   6/22/2012      EUR     73.30
VONTOBEL FIN PRO          10.660   6/22/2012      EUR     48.40
VONTOBEL FIN PRO          10.642   6/22/2012      EUR     73.19
VONTOBEL FIN PRO          10.620   6/22/2012      EUR     66.06
VONTOBEL FIN PRO          10.612   6/22/2012      EUR     74.30
VONTOBEL FIN PRO          10.607   6/22/2012      EUR     71.08
VONTOBEL FIN PRO          10.577   6/22/2012      EUR     74.10
VONTOBEL FIN PRO          10.567   6/22/2012      EUR     51.18
VONTOBEL FIN PRO          10.548   6/22/2012      EUR     65.74
VONTOBEL FIN PRO          10.520   6/22/2012      EUR     54.30
VONTOBEL FIN PRO          10.500   6/22/2012      EUR     60.78
VONTOBEL FIN PRO          10.490   6/22/2012      EUR     51.74
VONTOBEL FIN PRO          10.486   6/22/2012      EUR     44.14
VONTOBEL FIN PRO          10.476   6/22/2012      EUR     42.84
VONTOBEL FIN PRO          10.440   6/22/2012      EUR     69.84
VONTOBEL FIN PRO          10.439   6/22/2012      EUR     52.86
VONTOBEL FIN PRO          10.438   6/22/2012      EUR     71.18
VONTOBEL FIN PRO          10.402   6/22/2012      EUR     66.48
VONTOBEL FIN PRO          10.325   6/22/2012      EUR     73.00
VONTOBEL FIN PRO          10.286   6/22/2012      EUR     71.36
VONTOBEL FIN PRO          10.278   6/22/2012      EUR     52.64
VONTOBEL FIN PRO          10.273   6/22/2012      EUR     66.44
VONTOBEL FIN PRO          10.264   6/22/2012      EUR     69.13
VONTOBEL FIN PRO          10.260   6/22/2012      EUR     53.30
VONTOBEL FIN PRO          10.257   6/22/2012      EUR     62.62
VONTOBEL FIN PRO          10.254   6/22/2012      EUR     72.92
VONTOBEL FIN PRO          10.207   6/22/2012      EUR     74.02
VONTOBEL FIN PRO          10.186   6/22/2012      EUR     70.44
VONTOBEL FIN PRO          10.167   6/22/2012      EUR     58.92
VONTOBEL FIN PRO          10.142   6/22/2012      EUR     72.78
VONTOBEL FIN PRO          10.116   6/22/2012      EUR     50.96
VONTOBEL FIN PRO          10.110   6/22/2012      EUR     46.20
VONTOBEL FIN PRO          10.100   6/22/2012      EUR     68.24
VONTOBEL FIN PRO          10.038   6/22/2012      EUR     62.96
VONTOBEL FIN PRO          10.028   6/22/2012      EUR     71.88
VONTOBEL FIN PRO          10.028   6/22/2012      EUR     70.56
VONTOBEL FIN PRO          10.026   6/22/2012      EUR     75.28
VONTOBEL FIN PRO           9.991   6/22/2012      EUR     69.52
VONTOBEL FIN PRO           9.969   6/22/2012      EUR     57.86
VONTOBEL FIN PRO           9.957   6/22/2012      EUR     63.94
VONTOBEL FIN PRO           9.921   6/22/2012      EUR     66.20
VONTOBEL FIN PRO           9.918   6/22/2012      EUR     68.38
VONTOBEL FIN PRO           9.887   6/22/2012      EUR     69.54
VONTOBEL FIN PRO           9.832   6/22/2012      EUR     74.46
VONTOBEL FIN PRO           9.832   6/22/2012      EUR     75.50
VONTOBEL FIN PRO           9.797   6/22/2012      EUR     63.38
VONTOBEL FIN PRO           9.781   6/22/2012      EUR     59.14
VONTOBEL FIN PRO           9.732   6/22/2012      EUR     74.18
VONTOBEL FIN PRO           9.724   6/22/2012      EUR     60.24
VONTOBEL FIN PRO           9.709   6/22/2012      EUR     54.54
VONTOBEL FIN PRO           9.709   6/22/2012      EUR     56.54
VONTOBEL FIN PRO           9.699   6/22/2012      EUR     69.56
VONTOBEL FIN PRO           9.698   6/22/2012      EUR     68.22
VONTOBEL FIN PRO           9.689   6/22/2012      EUR     72.78
VONTOBEL FIN PRO           9.673   6/22/2012      EUR     64.84
VONTOBEL FIN PRO           9.623   6/22/2012      EUR     53.30
VONTOBEL FIN PRO           9.623   6/22/2012      EUR     40.88
VONTOBEL FIN PRO           9.606   6/22/2012      EUR     70.52
VONTOBEL FIN PRO           9.576   6/22/2012      EUR     68.86
VONTOBEL FIN PRO           9.557   6/22/2012      EUR     70.10
VONTOBEL FIN PRO           9.556   6/22/2012      EUR     39.94
VONTOBEL FIN PRO           9.553   6/22/2012      EUR     71.66
VONTOBEL FIN PRO           9.534   6/22/2012      EUR     69.46
VONTOBEL FIN PRO           9.511   6/22/2012      EUR     66.38
VONTOBEL FIN PRO           9.472   6/22/2012      EUR     41.71
VONTOBEL FIN PRO           9.472   6/22/2012      EUR     67.62
VONTOBEL FIN PRO           9.466   6/22/2012      EUR     68.50
VONTOBEL FIN PRO           9.461   6/22/2012      EUR     74.04
VONTOBEL FIN PRO           9.454   6/22/2012      EUR     45.16
VONTOBEL FIN PRO           9.414   6/22/2012      EUR     69.58
VONTOBEL FIN PRO           9.389   6/22/2012      EUR     53.52
VONTOBEL FIN PRO           9.373   6/22/2012      EUR     63.85
VONTOBEL FIN PRO           9.332   6/22/2012      EUR     65.32
VONTOBEL FIN PRO           9.316   6/22/2012      EUR     69.36
VONTOBEL FIN PRO           9.292   6/22/2012      EUR     57.54
VONTOBEL FIN PRO           9.283   6/22/2012      EUR     60.54
VONTOBEL FIN PRO           9.274   6/22/2012      EUR     71.28
VONTOBEL FIN PRO           9.208   6/22/2012      EUR     57.14
VONTOBEL FIN PRO           9.162   6/22/2012      EUR     68.56
VONTOBEL FIN PRO           9.142   6/22/2012      EUR     70.14
VONTOBEL FIN PRO           9.072   6/22/2012      EUR     63.16
VONTOBEL FIN PRO           9.071   6/22/2012      EUR     67.54
VONTOBEL FIN PRO           9.026   6/22/2012      EUR     62.86
VONTOBEL FIN PRO           9.019   6/22/2012      EUR     53.52
VONTOBEL FIN PRO           8.906   6/22/2012      EUR     62.60
VONTOBEL FIN PRO           8.900   6/22/2012      EUR     64.94
VONTOBEL FIN PRO           8.892   6/22/2012      EUR     69.20
VONTOBEL FIN PRO           8.889   6/22/2012      EUR     70.38
VONTOBEL FIN PRO           8.835   6/22/2012      EUR     71.84
VONTOBEL FIN PRO           8.806   6/22/2012      EUR     70.22
VONTOBEL FIN PRO           8.806   6/22/2012      EUR     68.66
VONTOBEL FIN PRO           8.795   6/22/2012      EUR     72.58
VONTOBEL FIN PRO           8.795   6/22/2012      EUR     58.86
VONTOBEL FIN PRO           8.793   6/22/2012      EUR     67.94
VONTOBEL FIN PRO           8.755   6/22/2012      EUR     65.40
VONTOBEL FIN PRO           8.755   6/22/2012      EUR     64.88
VONTOBEL FIN PRO           8.755   6/22/2012      EUR     52.76
VONTOBEL FIN PRO           8.753   6/22/2012      EUR     69.24
VONTOBEL FIN PRO           8.701   6/22/2012      EUR     51.26
VONTOBEL FIN PRO           8.690   6/22/2012      EUR     67.54
VONTOBEL FIN PRO           8.681   6/22/2012      EUR     67.92
VONTOBEL FIN PRO           8.679   6/22/2012      EUR     70.02
VONTOBEL FIN PRO           8.642   6/22/2012      EUR     68.65
VONTOBEL FIN PRO           8.640   6/22/2012      EUR     45.62
VONTOBEL FIN PRO           8.566   6/22/2012      EUR     66.68
VONTOBEL FIN PRO           8.528   6/22/2012      EUR     70.58
VONTOBEL FIN PRO           8.525   6/22/2012      EUR     73.50
VONTOBEL FIN PRO           8.491   6/22/2012      EUR     62.66
VONTOBEL FIN PRO           8.491   6/22/2012      EUR     63.36
WESTLB AG                  8.500   6/21/2012      EUR     71.71
WESTLB AG                  8.500   6/21/2012      EUR     66.23
WESTLB AG                  7.000   6/21/2012      EUR     73.61
WESTLB AG                  5.250   5/21/2012      EUR     73.04
WESTLB AG                  6.000   3/26/2012      EUR     50.65
WESTLB AG                  8.000   3/22/2012      EUR     59.52
WESTLB AG                  8.000   3/22/2012      EUR     67.96
WESTLB AG                  4.500   3/22/2012      EUR     71.19
WESTLB AG                  7.500   3/22/2012      EUR     61.74
WESTLB AG                  7.500   3/22/2012      EUR     64.88
WESTLB AG                  7.000   3/22/2012      EUR     51.49
WESTLB AG                  6.500   3/22/2012      EUR     74.31
WESTLB AG                  5.000   3/22/2012      EUR     67.83
WESTLB AG                  5.000   3/22/2012      EUR     72.46
WESTLB AG                  4.500   3/22/2012      EUR     51.38
WESTLB AG                  5.000   4/12/2016      EUR     29.01
WESTLB AG                  0.100   9/27/2012      EUR     59.67
WESTLB AG                  0.075   9/27/2012      EUR     73.05
WGZ BANK                   8.000  12/28/2012      EUR     73.55
WGZ BANK                   8.000  12/21/2012      EUR     72.78
WGZ BANK                   8.000   6/13/2012      EUR     46.23
WGZ BANK                   7.000  12/21/2012      EUR     74.19
WGZ BANK                   6.000   6/13/2012      EUR     50.01
WGZ BANK                   7.000   6/13/2012      EUR     48.02
WGZ BANK                   4.000   6/13/2012      EUR     57.71
WGZ BANK                   5.000   6/13/2012      EUR     52.22
WGZ BANK                   7.000   3/29/2012      EUR     73.11
WGZ BANK                   8.000   3/29/2012      EUR     71.78
WGZ BANK                   9.000   3/27/2012      EUR     73.08
WGZ BANK                   6.000   3/29/2012      EUR     74.49
WGZ BANK                   7.000   3/27/2012      EUR     75.53
WGZ BANK                   8.000   3/27/2012      EUR     74.28

GREECE
------
HELLENIC REP I/L           2.300   7/25/2030      EUR     17.18
HELLENIC REP I/L           2.900   7/25/2025      EUR     16.68
HELLENIC REPUB             4.625   6/25/2013      USD     38.25
HELLENIC REPUB             5.200   7/17/2034      EUR     20.13
HELLENIC REPUB             6.140   4/14/2028      EUR     28.50
HELLENIC REPUB             5.000   3/11/2019      EUR     26.00
HELLENIC REPUB             5.000   8/22/2016      JPY     26.47
HELLENIC REPUB             4.590    4/8/2016      EUR     15.75
HELLENIC REPUB             2.125    7/5/2013      CHF     42.25
HELLENIC REPUB             3.187    7/7/2024      EUR     10.75
HELLENIC REPUBLI           4.300   3/20/2012      EUR     22.09
HELLENIC REPUBLI           5.250   5/18/2012      EUR     17.00
HELLENIC REPUBLI           5.250   6/20/2012      EUR     70.38
HELLENIC REPUBLI           1.000   6/30/2012      EUR     68.38
HELLENIC REPUBLI           4.100   8/20/2012      EUR     18.09
HELLENIC REPUBLI           4.506   3/31/2013      EUR     37.86
HELLENIC REPUBLI           4.600   5/20/2013      EUR     18.75
HELLENIC REPUBLI           7.500   5/20/2013      EUR     19.50
HELLENIC REPUBLI           3.900    7/3/2013      EUR     25.00
HELLENIC REPUBLI           4.427   7/31/2013      EUR     30.83
HELLENIC REPUBLI           4.000   8/20/2013      EUR     18.47
HELLENIC REPUBLI           4.520   9/30/2013      EUR     26.25
HELLENIC REPUBLI           6.500   1/11/2014      EUR     18.51
HELLENIC REPUBLI           4.500   5/20/2014      EUR     19.51
HELLENIC REPUBLI           4.500    7/1/2014      EUR     20.13
HELLENIC REPUBLI           5.500   8/20/2014      EUR     18.00
HELLENIC REPUBLI           4.113   9/30/2014      EUR     20.54
HELLENIC REPUBLI           3.700   7/20/2015      EUR     18.38
HELLENIC REPUBLI           6.100   8/20/2015      EUR     18.51
HELLENIC REPUBLI           3.702   9/30/2015      EUR     18.42
HELLENIC REPUBLI           3.700  11/10/2015      EUR     19.63
HELLENIC REPUBLI           3.600   7/20/2016      EUR     17.88
HELLENIC REPUBLI           4.020   9/13/2016      EUR     17.96
HELLENIC REPUBLI           4.225    3/1/2017      EUR     18.14
HELLENIC REPUBLI           5.900   4/20/2017      EUR     17.75
HELLENIC REPUBLI           4.300   7/20/2017      EUR     17.00
HELLENIC REPUBLI           4.675   10/9/2017      EUR     18.68
HELLENIC REPUBLI           4.590    4/3/2018      EUR     18.37
HELLENIC REPUBLI           4.600   7/20/2018      EUR     19.51
HELLENIC REPUBLI           5.959    3/4/2019      EUR     20.32
HELLENIC REPUBLI           6.000   7/19/2019      EUR     18.51
HELLENIC REPUBLI           6.500  10/22/2019      EUR     18.88
HELLENIC REPUBLI           6.250   6/19/2020      EUR     19.63
HELLENIC REPUBLI           5.900  10/22/2022      EUR     18.63
HELLENIC REPUBLI           4.700   3/20/2024      EUR     18.13
HELLENIC REPUBLI           5.300   3/20/2026      EUR     17.46
HELLENIC REPUBLI           4.500   9/20/2037      EUR     17.28
HELLENIC REPUBLI           4.600   9/20/2040      EUR     17.75
HELLENIC REPUBLI           5.014   2/27/2019      EUR     19.28
NATL BK GREECE             3.875   10/7/2016      EUR     69.18
YIOULA GLASSWORK           9.000   12/1/2015      EUR     50.67
YIOULA GLASSWORK           9.000   12/1/2015      EUR     51.25

GUERNSEY
--------
BCV GUERNSEY              13.000   5/18/2012      CHF     61.30
BCV GUERNSEY              10.000   5/18/2012      CHF     53.66
BCV GUERNSEY              19.200   5/17/2012      EUR     44.96
BCV GUERNSEY              18.150   5/17/2012      CHF     43.70
BCV GUERNSEY              10.030   5/11/2012      CHF     75.22
BCV GUERNSEY              18.600   5/17/2012      USD     43.75
BCV GUERNSEY               9.500   4/13/2012      EUR     34.95
BCV GUERNSEY               7.200   4/13/2012      CHF     67.49
BCV GUERNSEY               7.500    3/8/2012      USD     65.88
BCV GUERNSEY               8.500    3/1/2012      CHF     73.03
BCV GUERNSEY               8.500   3/30/2012      CHF     71.25
BCV GUERNSEY               8.500   5/25/2012      EUR     58.08
BCV GUERNSEY              10.030   4/20/2012      CHF     70.47
BKB FINANCE                7.000    3/1/2012      CHF     63.72
BKB FINANCE                7.250    3/1/2012      CHF     57.92
BKB FINANCE                7.650   6/14/2012      CHF     75.20
BKB FINANCE                9.200   6/21/2012      CHF     63.82
BKB FINANCE                6.850   6/14/2012      CHF     64.92
BKB FINANCE                7.750    6/7/2012      CHF     41.96
BKB FINANCE                6.400   5/10/2012      CHF     66.49
BKB FINANCE                8.050    5/3/2012      CHF     69.25
BKB FINANCE                7.800    5/3/2012      CHF     64.68
BKB FINANCE                9.850   4/26/2012      CHF     55.93
BKB FINANCE                8.500   3/29/2012      CHF     63.84
BKB FINANCE                7.000   3/29/2012      CHF     71.21
BKB FINANCE                7.400   6/28/2012      CHF     73.06
BKB FINANCE                6.300   7/12/2012      CHF     73.15
BKB FINANCE                9.050    8/9/2012      CHF     59.78
BKB FINANCE                8.900   9/27/2012      CHF     65.02
BKB FINANCE                8.350   1/14/2013      CHF     65.16
BKB FINANCE               10.000    3/1/2012      CHF      5.01
BKB FINANCE                5.300    3/8/2012      CHF     72.04
EFG FINANCIAL PR          11.500    3/9/2012      EUR     68.40
EFG FINANCIAL PR          15.000   3/14/2012      USD     66.93
EFG FINANCIAL PR          17.500   3/14/2012      EUR     67.58
EFG FINANCIAL PR           8.000   3/15/2012      CHF     63.47
EFG FINANCIAL PR          10.850   3/16/2012      USD     58.54
EFG FINANCIAL PR          16.250   3/16/2012      USD     63.47
EFG FINANCIAL PR          19.400   3/16/2012      USD     29.08
EFG FINANCIAL PR           8.000   3/19/2012      CHF     61.91
EFG FINANCIAL PR          10.000   3/19/2012      CHF     48.10
EFG FINANCIAL PR          11.550   3/19/2012      CHF     43.83
EFG FINANCIAL PR          10.000   3/20/2012      CHF     58.66
EFG FINANCIAL PR          10.000   3/22/2012      CHF     62.00
EFG FINANCIAL PR          17.700   3/23/2012      USD     38.51
EFG FINANCIAL PR           9.040   3/26/2012      USD     63.10
EFG FINANCIAL PR          10.750   3/28/2012      EUR     55.80
EFG FINANCIAL PR          11.000   3/28/2012      EUR     57.29
EFG FINANCIAL PR           8.500   3/29/2012      CHF     64.35
EFG FINANCIAL PR          18.000    4/4/2012      CHF     21.59
EFG FINANCIAL PR           7.200    4/5/2012      USD     61.40
EFG FINANCIAL PR           8.500    4/5/2012      USD     61.87
EFG FINANCIAL PR           8.550    4/5/2012      USD     53.00
EFG FINANCIAL PR           9.500    4/5/2012      EUR     53.19
EFG FINANCIAL PR           9.500    4/5/2012      USD     53.23
EFG FINANCIAL PR          10.400    4/5/2012      USD     62.16
EFG FINANCIAL PR          12.100    4/5/2012      USD     62.58
EFG FINANCIAL PR           9.000   4/11/2012      USD     71.11
EFG FINANCIAL PR           9.300   4/11/2012      USD     52.96
EFG FINANCIAL PR           9.600   4/11/2012      USD     61.87
EFG FINANCIAL PR          10.000   4/19/2012      CHF     63.06
EFG FINANCIAL PR          10.500   4/19/2012      CHF     63.42
EFG FINANCIAL PR          13.050   4/19/2012      USD     52.01
EFG FINANCIAL PR          14.150   4/19/2012      EUR     52.06
EFG FINANCIAL PR          16.500   4/19/2012      EUR     67.22
EFG FINANCIAL PR          18.110   4/19/2012      EUR     67.48
EFG FINANCIAL PR           9.450   4/20/2012      CHF     61.74
EFG FINANCIAL PR          10.000   4/20/2012      USD     55.07
EFG FINANCIAL PR          10.500   4/20/2012      USD     55.19
EFG FINANCIAL PR          11.000   4/20/2012      USD     71.21
EFG FINANCIAL PR           8.650   4/23/2012      USD     75.02
EFG FINANCIAL PR          10.250   4/26/2012      EUR     52.76
EFG FINANCIAL PR          11.300   4/27/2012      EUR     69.47
EFG FINANCIAL PR          10.800    5/2/2012      CHF     69.75
EFG FINANCIAL PR           6.500    5/3/2012      USD     65.78
EFG FINANCIAL PR           9.500    5/4/2012      CHF     64.96
EFG FINANCIAL PR          11.000    5/4/2012      USD     66.10
EFG FINANCIAL PR          14.750    5/4/2012      EUR     47.93
EFG FINANCIAL PR          18.600    5/4/2012      CHF     71.05
EFG FINANCIAL PR           7.000    5/7/2012      CHF     74.68
EFG FINANCIAL PR           9.000    5/7/2012      USD     52.66
EFG FINANCIAL PR           9.290    5/7/2012      CHF     70.58
EFG FINANCIAL PR          10.600    5/9/2012      CHF     32.20
EFG FINANCIAL PR          10.000   5/11/2012      CHF     27.93
EFG FINANCIAL PR          10.050   5/11/2012      CHF     66.62
EFG FINANCIAL PR          11.000   5/11/2012      EUR     27.94
EFG FINANCIAL PR           8.950   5/14/2012      CHF     64.76
EFG FINANCIAL PR           9.000   5/16/2012      CHF     75.45
EFG FINANCIAL PR          10.830   5/18/2012      CHF      6.64
EFG FINANCIAL PR          12.960   5/21/2012      EUR     28.71
EFG FINANCIAL PR          10.750   5/22/2012      CHF     71.58
EFG FINANCIAL PR          11.250   5/22/2012      CHF     60.43
EFG FINANCIAL PR          12.750   5/22/2012      EUR     66.66
EFG FINANCIAL PR          14.000   5/22/2012      EUR     73.37
EFG FINANCIAL PR           8.000   5/24/2012      USD     62.21
EFG FINANCIAL PR           7.440   5/25/2012      EUR     62.28
EFG FINANCIAL PR          10.910   5/29/2012      EUR     47.45
EFG FINANCIAL PR          10.000   5/30/2012      CHF     60.11
EFG FINANCIAL PR          12.750    6/6/2012      EUR     74.09
EFG FINANCIAL PR          12.750    6/6/2012      CHF     69.10
EFG FINANCIAL PR          10.000    6/8/2012      CHF     36.80
EFG FINANCIAL PR          12.250    6/8/2012      EUR     68.47
EFG FINANCIAL PR           5.200   6/14/2012      CHF     66.57
EFG FINANCIAL PR          12.250   6/15/2012      EUR     17.99
EFG FINANCIAL PR          13.110   6/18/2012      USD     59.43
EFG FINANCIAL PR           9.650   6/20/2012      USD     59.53
EFG FINANCIAL PR           7.000   6/21/2012      CHF     66.23
EFG FINANCIAL PR          10.000   6/22/2012      CHF     46.08
EFG FINANCIAL PR          11.300   6/28/2012      EUR     62.74
EFG FINANCIAL PR          10.500    7/5/2012      CHF     48.05
EFG FINANCIAL PR          10.250   7/25/2012      CHF     48.10
EFG FINANCIAL PR          11.000   7/25/2012      CHF     28.50
EFG FINANCIAL PR          10.000   7/31/2012      CHF     59.69
EFG FINANCIAL PR          11.500   7/31/2012      EUR     64.49
EFG FINANCIAL PR          11.750   7/31/2012      CHF     60.41
EFG FINANCIAL PR          11.750   7/31/2012      CHF     60.63
EFG FINANCIAL PR           9.000    8/3/2012      CHF     14.57
EFG FINANCIAL PR           9.000    8/3/2012      CHF     58.46
EFG FINANCIAL PR           9.000    8/3/2012      CHF     70.40
EFG FINANCIAL PR          10.000    8/7/2012      CHF     60.55
EFG FINANCIAL PR          11.000    8/7/2012      CHF     52.78
EFG FINANCIAL PR          19.000    8/8/2012      USD     66.45
EFG FINANCIAL PR          11.700   8/10/2012      USD     51.27
EFG FINANCIAL PR          12.800   8/10/2012      CHF     61.91
EFG FINANCIAL PR           3.850   8/13/2012      EUR     53.69
EFG FINANCIAL PR          11.000   8/14/2012      CHF     59.33
EFG FINANCIAL PR          12.750   8/14/2012      CHF     60.64
EFG FINANCIAL PR          13.750   8/14/2012      EUR     72.82
EFG FINANCIAL PR          12.000   8/16/2012      EUR     40.32
EFG FINANCIAL PR          11.600   8/17/2012      EUR     67.25
EFG FINANCIAL PR          11.800   8/17/2012      CHF     62.30
EFG FINANCIAL PR          11.500   8/24/2012      CHF     58.61
EFG FINANCIAL PR          11.750   8/24/2012      CHF     74.15
EFG FINANCIAL PR          14.000   8/24/2012      CHF     43.60
EFG FINANCIAL PR          22.000   8/24/2012      USD     28.34
EFG FINANCIAL PR          10.500    9/3/2012      CHF     60.06
EFG FINANCIAL PR           9.500    9/4/2012      USD     51.89
EFG FINANCIAL PR           9.600    9/4/2012      USD     64.17
EFG FINANCIAL PR           7.000    9/7/2012      CHF     58.97
EFG FINANCIAL PR           7.000    9/7/2012      EUR     71.93
EFG FINANCIAL PR           9.000   9/10/2012      CHF     65.54
EFG FINANCIAL PR          11.250   9/25/2012      CHF     71.08
EFG FINANCIAL PR          10.000   10/1/2012      CHF     71.46
EFG FINANCIAL PR           9.930   10/3/2012      EUR     51.82
EFG FINANCIAL PR          10.620   10/3/2012      USD     51.68
EFG FINANCIAL PR          12.500  10/11/2012      CHF     72.05
EFG FINANCIAL PR          20.000  10/11/2012      CHF     38.17
EFG FINANCIAL PR          12.000  10/19/2012      USD     65.69
EFG FINANCIAL PR           6.250  10/25/2012      CHF     68.80
EFG FINANCIAL PR          11.250  10/26/2012      CHF     71.75
EFG FINANCIAL PR          13.250  10/26/2012      CHF     73.52
EFG FINANCIAL PR          16.750  10/26/2012      CHF     43.26
EFG FINANCIAL PR          17.000  10/26/2012      EUR     60.00
EFG FINANCIAL PR          20.000  10/26/2012      CHF     40.36
EFG FINANCIAL PR          20.500  10/26/2012      EUR     40.86
EFG FINANCIAL PR          21.000  10/26/2012      USD     40.92
EFG FINANCIAL PR           9.330  10/29/2012      USD     61.08
EFG FINANCIAL PR          10.500  11/13/2012      CHF     73.80
EFG FINANCIAL PR          10.500  11/13/2012      CHF     72.91
EFG FINANCIAL PR          12.750  11/13/2012      CHF     33.13
EFG FINANCIAL PR          13.000  11/13/2012      CHF     35.80
EFG FINANCIAL PR          14.000  11/13/2012      USD     36.20
EFG FINANCIAL PR          17.000  11/13/2012      EUR     68.87
EFG FINANCIAL PR           8.000  11/20/2012      CHF     71.35
EFG FINANCIAL PR          11.500  11/20/2012      EUR     74.40
EFG FINANCIAL PR          14.800  11/20/2012      EUR     73.92
EFG FINANCIAL PR          11.250  11/27/2012      CHF     74.73
EFG FINANCIAL PR          14.500  11/27/2012      CHF     59.44
EFG FINANCIAL PR          16.000  11/27/2012      EUR     60.72
EFG FINANCIAL PR          13.750   12/6/2012      CHF     54.85
EFG FINANCIAL PR          17.500  12/14/2012      EUR     64.11
EFG FINANCIAL PR           9.300  12/21/2012      CHF     74.19
EFG FINANCIAL PR          12.000  12/27/2012      CHF     17.61
EFG FINANCIAL PR           8.830  12/28/2012      USD     66.51
EFG FINANCIAL PR           9.000   1/15/2013      CHF     50.65
EFG FINANCIAL PR          10.250   1/15/2013      CHF     33.42
EFG FINANCIAL PR          12.500   1/15/2013      CHF     53.90
EFG FINANCIAL PR          16.500   1/18/2013      CHF     72.34
EFG FINANCIAL PR           5.800   1/23/2013      CHF     73.45
EFG FINANCIAL PR          14.000   2/19/2013      CHF     24.54
EFG FINANCIAL PR           7.000   4/19/2013      EUR     75.54
EFG FINANCIAL PR           6.500   8/27/2013      CHF     59.08
EFG FINANCIAL PR           8.400   9/30/2013      CHF     70.07
EFG FINANCIAL PR           7.250    3/9/2012      EUR     36.96
EFG FINANCIAL PR          15.000    3/8/2012      CHF     38.75
EFG FINANCIAL PR          15.000    3/8/2012      EUR     59.49
EFG FINANCIAL PR          12.000    3/8/2012      CHF     49.07
EFG FINANCIAL PR           4.200    3/9/2012      CHF     68.26
EFG FINANCIAL PR           7.400    3/9/2012      EUR     74.87
EFG FINANCIAL PR           9.400    3/7/2012      USD     48.79
MARE BALTIC PCC            2.000   11/1/2015      DKK      0.01
MARE BALTIC PCC            3.000  11/17/2014      DKK      1.00
MARE BALTIC PCC            2.000   11/1/2015      DKK      0.01
MARE BALTIC PCC            3.000   11/1/2012      DKK     25.00
MARE BALTIC PCC            3.000  11/17/2014      DKK     20.00
ZURCHER KANT FIN          11.783   4/27/2012      CHF     75.25
ZURCHER KANT FIN          11.000   4/20/2012      CHF     54.60
ZURCHER KANT FIN          11.765   5/11/2012      CHF     75.36
ZURCHER KANT FIN           7.844   5/18/2012      CHF     67.16
ZURCHER KANT FIN           8.000   6/15/2012      CHF     69.45
ZURCHER KANT FIN          13.575   6/15/2012      CHF     71.40
ZURCHER KANT FIN           9.000   6/18/2012      CHF     62.25
ZURCHER KANT FIN           8.548    7/6/2012      EUR     71.44
ZURCHER KANT FIN          11.000   7/13/2012      CHF     70.29
ZURCHER KANT FIN          11.000   3/16/2012      CHF     72.62
ZURCHER KANT FIN          10.250   7/19/2012      CHF     71.05
ZURCHER KANT FIN           7.340   4/16/2013      CHF     68.24
ZURCHER KANT FIN           9.250   11/9/2012      CHF     67.15
ZURCHER KANT FIN           7.721   3/30/2012      CHF     70.92
ZURCHER KANT FIN          13.000   4/19/2012      CHF     74.49
ZURCHER KANT FIN          12.334   3/15/2012      CHF     73.96
FHB MORTGAGE BAN           4.500   3/22/2022      EUR     53.50

IRELAND
-------
AIB MORTGAGE BNK           5.580   4/28/2028      EUR     57.53
AIB MORTGAGE BNK           5.000    3/1/2030      EUR     51.70
AIB MORTGAGE BNK           5.000   2/12/2030      EUR     51.72
BANK OF IRELAND            5.600   9/18/2023      EUR     56.63
BANK OF IRELAND           10.000   2/12/2020      EUR     78.25
BK IRELAND MTGE            5.450    3/1/2030      EUR     56.39
BK IRELAND MTGE            5.360  10/12/2029      EUR     55.96
BK IRELAND MTGE            5.760    9/7/2029      EUR     59.14
BK IRELAND MTGE            5.400   11/6/2029      EUR     56.22
DEPFA ACS BANK             0.500    3/3/2025      CAD     39.59
DEPFA ACS BANK             5.125   3/16/2037      USD     70.00
DEPFA ACS BANK             4.900   8/24/2035      CAD     70.17
DEPFA ACS BANK             5.125   3/16/2037      USD     70.65
KALVEBOD PLC               2.000    5/1/2106      DKK     32.05

ITALY
-----
BANCA POP VICENT           4.970   4/20/2027      EUR     71.97
CITY OF VENICE             4.265   3/26/2026      EUR     76.27
CITY OF VENICE             4.265   3/26/2026      EUR     76.74
CO CASTELMASSA             3.960   3/31/2026      EUR     73.76
ICCREA BANCAIMPR           5.220   4/11/2017      EUR     62.50
MONTE DEI PASCHI          29.540  10/31/2018      EUR     40.00
REGION OF LOMBAR           5.804  10/25/2032      USD     76.54
REP OF ITALY               2.870   5/19/2036      JPY     52.74
REP OF ITALY               5.250   12/7/2034      GBP     72.41
REP OF ITALY               1.850   9/15/2057      EUR     58.79
REP OF ITALY               2.200   9/15/2058      EUR     66.14
REP OF ITALY               4.850   6/11/2060      EUR     73.95
REP OF ITALY               2.000   9/15/2062      EUR     60.61
SEAT PAGINE               10.500   1/31/2017      EUR     60.04
SEAT PAGINE               10.500   1/31/2017      EUR     60.02
UBI BANCA SPCA             6.250  11/18/2018      EUR     50.94
UNIPOL ASSICURAZ           5.660   7/28/2023      EUR     69.02

LUXEMBOURG
----------
ARCELORMITTAL              7.250    4/1/2014      EUR     24.41
CONTROLINVESTE             3.000   1/28/2015      EUR     72.29
DEXIA BQ INT LUX           6.000    7/2/2018      EUR     71.11
ESFG INTERNATION           6.875  10/21/2019      EUR     61.12
ESPIRITO SANTO F           9.750  12/19/2025      EUR     65.78
FORTIS LUX FIN             3.420   6/29/2021      EUR     56.00
FORTIS LUX FINAN           6.500  10/22/2012      EUR     66.04
INTRALOT LUX SA            2.250  12/20/2013      EUR     68.49
VIVALDIS                   0.500   6/13/2028      EUR     66.29
VIVALDIS                   0.500    8/8/2028      EUR     70.89
VIVALDIS                   0.500   6/13/2013      EUR     66.29

NETHERLANDS
-----------
APP INTL FINANCE          11.750   10/1/2005      USD      0.00
BK NED GEMEENTEN           0.500   6/22/2021      ZAR     47.38
BK NED GEMEENTEN           0.500   3/17/2016      TRY     74.10
BK NED GEMEENTEN           0.500   4/27/2016      TRY     73.54
BK NED GEMEENTEN           0.500   5/25/2016      TRY     73.16
BK NED GEMEENTEN           0.500   6/22/2016      TRY     72.79
BK NED GEMEENTEN           0.500   9/15/2016      TRY     71.67
BK NED GEMEENTEN           0.500    3/3/2021      NZD     69.63
BK NED GEMEENTEN           0.500   2/24/2025      CAD     64.31
BK NED GEMEENTEN           0.500   3/29/2021      NZD     69.38
BK NED GEMEENTEN           0.500   5/12/2021      ZAR     47.85
BLT FINANCE BV             7.500   5/15/2014      USD     26.00
BRIT INSURANCE             6.625   12/9/2030      GBP     60.00
FRIESLAND BANK             4.210  12/29/2025      EUR     71.96
INDAH KIAT INTL           11.875   6/15/2002      USD      0.01
INDAH KIAT INTL           12.500   6/15/2006      USD      0.01
ING BANK NV                4.200  12/19/2035      EUR     64.12
KBC IFIMA NV               7.500   4/30/2012      EUR     57.76
LEHMAN BROS TSY            6.000   11/2/2035      EUR      6.50
LEHMAN BROS TSY            7.250   10/5/2035      EUR      7.00
LEHMAN BROS TSY            7.000   5/17/2035      EUR      7.00
LEHMAN BROS TSY            8.250   3/16/2035      EUR      6.00
LEHMAN BROS TSY            6.000   2/15/2035      EUR      6.00
LEHMAN BROS TSY            4.870   10/8/2013      USD     34.50
NATL INVESTER BK          25.983    5/7/2029      EUR     18.72
NED WATERSCHAPBK           0.500   3/11/2025      CAD     61.59
NIB CAPITAL BANK           4.510  12/16/2035      EUR     60.00
PORTUGAL TEL FIN           4.500   6/16/2025      EUR     67.84
Q-CELLS INTERNAT           5.750   5/26/2014      EUR     19.87
RABOBANK                   0.500  11/26/2021      ZAR     47.12
RABOBANK                   0.500  10/27/2016      ZAR     72.14
RBS NV                     9.000  12/13/2028      USD     72.22
RBS NV EX-ABN NV           6.500   5/17/2018      AUD     73.07
RBS NV EX-ABN NV           2.910   6/21/2036      JPY     64.89
SNS BANK                   4.650  10/19/2021      EUR     73.29
SNS BANK                   4.580   3/20/2026      EUR     61.97
SNS BANK                   5.215   12/3/2027      EUR     65.10
SNS BANK                   4.996   1/26/2035      EUR     65.00
SNS BANK                   6.625   5/14/2018      EUR     88.85
SNS BANK                   5.300   1/27/2023      EUR     73.87
SNS BANK                   5.250   4/11/2023      EUR     72.74
TJIWI KIMIA FIN           13.250    8/1/2001      USD      0.01

NORWAY
------
KOMMUNALBANKEN             0.500   5/25/2016      ZAR     73.31
KOMMUNALBANKEN             0.500   3/24/2016      ZAR     74.38
KOMMUNALBANKEN             0.500    3/1/2016      ZAR     74.77
KOMMUNALBANKEN             0.500   5/25/2018      ZAR     61.34
KOMMUNALBANKEN             0.500   7/26/2016      ZAR     72.27
KOMMUNALBANKEN             0.500   7/29/2016      ZAR     72.21
NORSKE SKOGIND             6.125  10/15/2015      USD     70.00
NORSKE SKOGIND             6.125  10/15/2015      USD     70.00
NORSKE SKOGIND             7.000   6/26/2017      EUR     63.79
NORSKE SKOGIND             7.125  10/15/2033      USD     53.50
NORSKE SKOGIND             7.125  10/15/2033      USD     53.50
RENEWABLE CORP             6.500    6/4/2014      EUR     63.26

POLAND
------
POLAND-REGD-RSTA           2.810  11/16/2037      JPY     74.56
REP OF POLAND              2.648   3/29/2034      JPY     73.43

PORTUGAL
--------
BANCO COM PORTUG           4.750   6/22/2017      EUR     73.84
BANCO COM PORTUG           3.750   10/8/2016      EUR     73.45
BANCO ESPIRITO             4.600   1/26/2017      EUR     74.34
CAIXA GERAL DEPO           4.250   1/27/2020      EUR     72.78
CAIXA GERAL DEPO           4.455   8/20/2017      EUR     74.25
CAIXA GERAL DEPO           5.380   10/1/2038      EUR     56.58
CAIXA GERAL DEPO           5.320    8/5/2021      EUR     66.63
CAIXA GERAL DEPO           4.400   10/8/2019      EUR     66.13
COMBOIOS DE PORT           4.170  10/16/2019      EUR     50.88
METRO DE LISBOA            4.799   12/7/2027      EUR     44.00
METRO DE LISBOA            4.061   12/4/2026      EUR     44.13
METRO DE LISBOA            7.300  12/23/2025      EUR     48.38
METRO DE LISBOA            5.750    2/4/2019      EUR     54.50
MONTEPIO GERAL             5.000    2/8/2017      EUR     61.75
PARPUBLICA                 4.200  11/16/2026      EUR     45.00
PARPUBLICA                 3.567   9/22/2020      EUR     49.63
PORTUGAL (REP)             3.500   3/25/2015      USD     71.92
PORTUGAL (REP)             3.500   3/25/2015      USD     71.92
PORTUGUESE OT'S            4.450   6/15/2018      EUR     54.55
PORTUGUESE OT'S            3.600  10/15/2014      EUR     74.24
PORTUGUESE OT'S            3.350  10/15/2015      EUR     66.68
PORTUGUESE OT'S            6.400   2/15/2016      EUR     70.47
PORTUGUESE OT'S            4.200  10/15/2016      EUR     61.88
PORTUGUESE OT'S            4.350  10/16/2017      EUR     56.69
PORTUGUESE OT'S            4.750   6/14/2019      EUR     53.28
PORTUGUESE OT'S            4.800   6/15/2020      EUR     51.96
PORTUGUESE OT'S            3.850   4/15/2021      EUR     50.07
PORTUGUESE OT'S            4.950  10/25/2023      EUR     49.02
PORTUGUESE OT'S            4.100   4/15/2037      EUR     42.52
REFER                      4.250  12/13/2021      EUR     36.88
REFER                      4.047  11/16/2026      EUR     45.64
REFER                      4.675  10/16/2024      EUR     39.38
REFER                      5.875   2/18/2019      EUR     50.50
REFER                      4.000   3/16/2015      EUR     50.03

RUSSIA
------
ARIZK                      3.000  12/20/2030      RUB     49.63
DVTG-FINANS                7.750   7/18/2013      RUB     20.29
DVTG-FINANS               17.000   8/29/2013      RUB     55.55
MIRAX                     17.000   9/17/2012      RUB     20.11
MOSMART FINANS             0.010   4/12/2012      RUB      1.81
NOK                       12.500   8/26/2014      RUB      5.00
PROMPEREOSNASTKA           1.000  12/17/2012      RUB      0.02
PROTON-FINANCE             9.000   6/12/2012      RUB     65.00
RBC OJSC                   7.000   4/23/2015      RUB     71.51
RBC OJSC                   7.000   4/23/2015      RUB     69.02
RBC OJSC                   3.270   4/19/2018      RUB     41.00
SAHO                      10.000   5/21/2012      RUB     50.00
SATURN                     8.000    6/6/2014      RUB      2.00

SPAIN
-----
AYT CEDULAS CAJA           3.750  12/14/2022      EUR     66.10
AYT CEDULAS CAJA           4.750   5/25/2027      EUR     65.58
AYT CEDULAS CAJA           3.750   6/30/2025      EUR     58.36
AYT CEDULAS CAJA           4.250  10/25/2023      EUR     68.28
AYUNTAM DE MADRD           4.550   6/16/2036      EUR     64.44
BANCAJA                    1.500   5/22/2018      EUR     67.42
BANCAJA EMI SA             2.755   5/11/2037      JPY     72.39
BANCO BILBAO VIZ           6.025    3/3/2033      EUR     59.84
BANCO BILBAO VIZ           4.500   2/16/2022      EUR     73.85
BANCO CASTILLA             1.500   6/23/2021      EUR     69.72
BANCO POP ESPAN            5.702  12/22/2019      EUR     76.22
BASQUE GOV'T               4.600    1/7/2025      EUR     67.65
BBVA SUB CAP UNI           2.750  10/22/2035      JPY     50.74
CAIXA TERRASSA             4.700    8/9/2021      EUR     55.92
CAJA MADRID                5.116   7/15/2015      EUR     85.63
CAJA MADRID                4.125   3/24/2036      EUR     70.38
CEDULAS TDA 6 FO           3.875   5/23/2025      EUR     60.98
CEDULAS TDA 6 FO           4.250   4/10/2031      EUR     56.56
CEDULAS TDA A-4            4.125   4/10/2021      EUR     74.41
CEDULAS TDA A-5            4.250   3/28/2027      EUR     60.52
COMUN AUTO CANAR           4.200  10/25/2036      EUR     50.98
COMUN AUTO CANAR           3.900  11/30/2035      EUR     49.35
COMUN AUTO CANAR           5.750  10/15/2029      EUR     70.50
COMUNIDAD ARAGON           4.646   7/11/2036      EUR     69.41
COMUNIDAD BALEAR           4.063  11/23/2035      EUR     47.54
COMUNIDAD BALEAR           3.869  11/23/2020      EUR     69.62
COMUNIDAD MADRID           4.300   9/15/2026      EUR     71.50
DIPUTACION FOR             4.323  12/29/2023      EUR     66.55
GEN DE CATALUNYA           4.220   4/26/2035      EUR     50.32
GEN DE CATALUNYA           5.950   10/1/2030      EUR     66.93
GEN DE CATALUNYA           5.900   5/28/2030      EUR     67.54
GEN DE CATALUNYA           5.400   5/13/2030      EUR     62.92
GEN DE CATALUNYA           2.965    9/8/2039      JPY     50.98
GEN DE CATALUNYA           5.219   9/10/2029      EUR     61.95
GEN DE CATALUNYA           5.325   10/5/2028      EUR     64.31
GEN DE CATALUNYA           5.250   10/5/2023      EUR     69.12
GEN DE CATALUNYA           4.900   9/15/2021      EUR     72.30
GEN DE CATALUNYA           4.801   7/31/2020      EUR     73.30
GEN DE CATALUNYA           4.950   2/11/2020      EUR     76.44
GEN DE CATALUNYA           6.350  11/30/2041      EUR     67.73
GEN DE CATALUNYA           4.690  10/28/2034      EUR     54.65
GENERAL DE ALQUI           2.750   8/20/2012      EUR     71.14
GENERAL VALENCIA           5.900  11/30/2032      EUR     58.13
GENERAL VALENCIA           4.900   3/17/2020      EUR     58.13
GENERAL VALENCIA           4.000   11/2/2016      EUR     79.57
IM CEDULAS 5               3.500   6/15/2020      EUR     73.76
INSTIT CRDT OFCL           2.100   2/23/2021      JPY     74.99
INSTITUT CATALA            4.250   6/15/2024      EUR     64.19
JUNTA ANDALUCIA            5.000   7/13/2022      EUR     74.02
JUNTA ANDALUCIA            3.170   7/29/2039      JPY     54.66
JUNTA ANDALUCIA            4.250  10/31/2036      EUR     49.99
JUNTA ANDALUCIA            5.150   5/24/2034      EUR     59.45
JUNTA ANDALUCIA            6.600  11/29/2030      EUR     73.65
JUNTA ANDALUCIA            5.700   7/20/2028      EUR     68.46
JUNTA ANDALUCIA            3.065   7/29/2039      JPY     53.31
JUNTA ANDALUCIA            4.125   1/20/2020      EUR     73.33
JUNTA CASTILLA             4.650   11/8/2022      EUR     66.46
JUNTA LA MANCHA            2.810  10/14/2022      JPY     68.88
JUNTA LA MANCHA            7.705   2/15/2033      EUR     66.13
JUNTA LA MANCHA            4.625  11/30/2022      EUR     63.50
JUNTA LA MANCHA            3.875   1/31/2036      EUR     33.13
JUNTA LA MANCHA            5.950    9/9/2030      EUR     55.88
JUNTA LA MANCHA            4.875   3/18/2020      EUR     68.88
MAPFRE SA                  5.921   7/24/2037      EUR     72.58
SACYR VALLEHERM            6.500    5/1/2016      EUR     65.23
XUNTA DE GALICIA           5.350  11/22/2028      EUR     64.41
XUNTA DE GALICIA           4.025  11/28/2035      EUR     47.84

SWEDEN
------
SWEDISH EXP CRED           0.500   8/25/2016      ZAR     72.21
SWEDISH EXP CRED           9.250   4/27/2012      USD      8.29
SWEDISH EXP CRED           0.500   6/14/2016      ZAR     73.43
SWEDISH EXP CRED           0.500   1/31/2022      ZAR     48.12
SWEDISH EXP CRED           0.500   2/22/2022      ZAR     46.46
SWEDISH EXP CRED           0.500   8/26/2016      ZAR     72.23
SWEDISH EXP CRED           9.750   3/23/2012      USD      8.96
SWEDISH EXP CRED           7.000    3/9/2012      USD     10.72
SWEDISH EXP CRED           7.000    3/9/2012      USD     10.89
SWEDISH EXP CRED           0.500   8/26/2021      AUD     63.69
SWEDISH EXP CRED           0.500   3/15/2022      ZAR     46.38
SWEDISH EXP CRED           0.500  12/17/2027      USD     53.85
SWEDISH EXP CRED           0.500   9/20/2016      ZAR     71.76
SWEDISH EXP CRED           0.500   1/25/2028      USD     53.39
SWEDISH EXP CRED           0.500   6/29/2016      TRY     71.70
SWEDISH EXP CRED           0.500   8/25/2021      ZAR     48.20
SWEDISH EXP CRED           0.500  11/27/2015      TRY     74.83
SWEDISH EXP CRED           7.500   6/12/2012      USD      7.92
SWEDISH EXP CRED           0.500   9/30/2016      ZAR     71.63

SWITZERLAND
-----------
BANK JULIUS BAER           9.500    4/5/2012      CHF     65.95
BANK JULIUS BAER          11.000    4/5/2012      CHF     68.25
BANK JULIUS BAER           7.200   4/12/2012      CHF     62.20
BANK JULIUS BAER           7.400   4/12/2012      CHF     38.20
BANK JULIUS BAER           9.200   4/12/2012      CHF     54.65
BANK JULIUS BAER          10.000   4/12/2012      CHF     58.30
BANK JULIUS BAER          12.200   4/12/2012      CHF      6.05
BANK JULIUS BAER          13.200   4/12/2012      CHF     61.50
BANK JULIUS BAER          13.400   4/12/2012      EUR     74.70
BANK JULIUS BAER          10.500   4/13/2012      EUR     70.35
BANK JULIUS BAER          12.000   4/16/2012      EUR     63.70
BANK JULIUS BAER          11.700   4/20/2012      EUR     71.85
BANK JULIUS BAER          12.100   4/20/2012      EUR     72.25
BANK JULIUS BAER          12.300   4/20/2012      CHF     62.85
BANK JULIUS BAER          13.600   3/30/2012      EUR     67.10
BANK JULIUS BAER           8.200   4/26/2012      EUR     72.95
BANK JULIUS BAER          10.500   4/26/2012      CHF     65.55
BANK JULIUS BAER          10.500    5/9/2012      EUR     73.00
BANK JULIUS BAER          10.500    5/9/2012      EUR     68.40
BANK JULIUS BAER           7.100   5/10/2012      CHF     64.15
BANK JULIUS BAER           6.200   5/11/2012      USD     62.95
BANK JULIUS BAER           8.300   5/11/2012      CHF     67.70
BANK JULIUS BAER          12.000    4/9/2013      CHF     67.15
BANK JULIUS BAER           9.000   9/17/2012      CHF     56.20
BANK JULIUS BAER           8.400   5/23/2012      CHF     66.30
BANK JULIUS BAER           9.200   5/25/2012      EUR     69.45
BANK JULIUS BAER          22.800    8/3/2012      USD     73.56
BANK JULIUS BAER           9.000   5/30/2012      CHF     62.15
BANK JULIUS BAER          10.000    6/1/2012      CHF     67.40
BANK JULIUS BAER          13.000    6/1/2012      USD     63.90
BANK JULIUS BAER          10.100    7/6/2012      CHF     44.90
BANK JULIUS BAER           7.600    3/2/2012      CHF     58.25
BANK JULIUS BAER           9.900    3/2/2012      USD     57.15
BANK JULIUS BAER          10.000    3/2/2012      EUR     71.35
BANK JULIUS BAER          10.000   5/11/2012      CHF     67.00
BANK JULIUS BAER          11.300    7/6/2012      CHF     45.75
BANK JULIUS BAER           7.000    3/9/2012      CHF     72.95
BANK JULIUS BAER           9.000   3/15/2012      EUR     72.70
BANK JULIUS BAER          12.500   3/23/2012      CHF     65.60
BANK JULIUS BAER          11.500    3/1/2012      EUR     68.25
BANK JULIUS BAER          14.300   7/13/2012      CHF     67.70
BANK JULIUS BAER           8.200   5/18/2012      EUR     74.55
BANK JULIUS BAER          13.000   3/23/2012      EUR     73.55
BANK JULIUS BAER           7.700   3/30/2012      EUR     68.20
BANK JULIUS BAER           8.300   3/30/2012      EUR     73.45
BANK JULIUS BAER           9.200   3/30/2012      EUR     72.10
BANK JULIUS BAER           9.200   3/30/2012      EUR     70.90
BANK JULIUS BAER          12.100   3/30/2012      EUR     72.90
BANK JULIUS BAER          11.900    7/6/2012      CHF     73.40
BANK JULIUS BAER          12.400    7/6/2012      CHF     54.75
BANK JULIUS BAER           6.600    4/5/2012      CHF     61.50
BANK JULIUS BAER           9.300    4/5/2012      CHF     63.45
BANK JULIUS BAER          15.600   4/20/2012      EUR     55.45
CLARIDEN LEU NAS           9.000   3/14/2012      EUR     70.66
CLARIDEN LEU NAS           6.500   4/26/2013      CHF     67.26
CLARIDEN LEU NAS           7.250   3/14/2012      CHF     68.61
CLARIDEN LEU NAS           7.000   3/14/2012      CHF     58.78
CLARIDEN LEU NAS           8.500    3/8/2012      CHF     69.97
CLARIDEN LEU NAS          13.100    3/7/2012      EUR     73.42
CLARIDEN LEU NAS           3.250   9/16/2013      CHF     72.79
CLARIDEN LEU NAS           0.000   9/23/2013      CHF     74.43
CLARIDEN LEU NAS           0.000  11/26/2013      CHF     70.82
CLARIDEN LEU NAS           0.000   2/11/2014      CHF     61.88
CLARIDEN LEU NAS          12.500    3/7/2012      EUR     48.88
CLARIDEN LEU NAS          12.050    3/7/2012      CHF     69.79
CLARIDEN LEU NAS          11.000    3/7/2012      CHF     68.95
CLARIDEN LEU NAS          11.000    3/7/2012      EUR     61.67
CLARIDEN LEU NAS          11.000    3/7/2012      USD     61.71
CLARIDEN LEU NAS          10.500    3/7/2012      EUR     68.17
CLARIDEN LEU NAS          10.000    3/7/2012      CHF     61.87
CLARIDEN LEU NAS           9.000    3/2/2012      CHF     55.85
CLARIDEN LEU NAS           9.500    3/1/2012      CHF     74.60
CLARIDEN LEU NAS           0.000   2/24/2014      CHF     62.26
CLARIDEN LEU NAS           0.000   5/13/2014      CHF     70.07
CLARIDEN LEU NAS           0.000   5/26/2014      CHF     71.43
CLARIDEN LEU NAS           0.000   6/10/2014      CHF     74.33
CLARIDEN LEU NAS           0.000   6/10/2014      CHF     70.94
CLARIDEN LEU NAS           5.250    8/6/2014      CHF     70.39
CLARIDEN LEU NAS           4.500   8/13/2014      CHF     65.72
CLARIDEN LEU NAS           0.000   9/10/2014      CHF     73.13
CLARIDEN LEU NAS           0.000  10/15/2014      CHF     74.71
CLARIDEN LEU NAS           9.000   6/14/2012      CHF     69.16
CLARIDEN LEU NAS          13.500    6/8/2012      EUR     71.74
CLARIDEN LEU NAS           8.500    6/8/2012      CHF     66.86
CLARIDEN LEU NAS          12.000   6/14/2012      CHF     41.20
CLARIDEN LEU NAS          13.250    6/1/2012      USD     26.73
CLARIDEN LEU NAS          12.500    6/1/2012      CHF     26.63
CLARIDEN LEU NAS          12.250   5/31/2012      EUR     61.53
CLARIDEN LEU NAS          10.750   5/30/2012      CHF     68.75
CLARIDEN LEU NAS          12.750   5/24/2012      EUR     66.03
CLARIDEN LEU NAS          14.000   5/23/2012      EUR     25.10
CLARIDEN LEU NAS          13.000   5/23/2012      CHF     24.94
CLARIDEN LEU NAS           3.550   6/20/2012      CHF     53.06
CLARIDEN LEU NAS          12.000   5/18/2012      EUR     67.19
CLARIDEN LEU NAS          10.250   6/20/2012      SEK     72.89
CLARIDEN LEU NAS           9.000   6/21/2012      CHF     71.96
CLARIDEN LEU NAS          10.000   6/21/2012      EUR     69.87
CLARIDEN LEU NAS          10.500   6/21/2012      EUR     72.37
CLARIDEN LEU NAS          10.600   5/18/2012      CHF     66.73
CLARIDEN LEU NAS          10.550   5/16/2012      EUR     67.61
CLARIDEN LEU NAS          12.000   5/11/2012      EUR     65.38
CLARIDEN LEU NAS          10.750   5/11/2012      CHF     67.35
CLARIDEN LEU NAS          10.750    5/9/2012      CHF     74.24
CLARIDEN LEU NAS          10.000   6/22/2012      CHF     72.94
CLARIDEN LEU NAS          11.250   6/22/2012      CHF     65.94
CLARIDEN LEU NAS          15.500   6/29/2012      EUR     66.01
CLARIDEN LEU NAS          10.500    7/4/2012      EUR     74.67
CLARIDEN LEU NAS          10.500   7/12/2012      CHF     75.19
CLARIDEN LEU NAS           9.000   7/19/2012      CHF     75.55
CLARIDEN LEU NAS          10.500    8/2/2012      EUR     68.49
CLARIDEN LEU NAS          11.750    8/8/2012      EUR     70.60
CLARIDEN LEU NAS           9.250    9/4/2012      CHF     60.17
CLARIDEN LEU NAS          12.000    9/4/2012      EUR     59.07
CLARIDEN LEU NAS           9.000    5/9/2012      EUR     68.81
CLARIDEN LEU NAS           7.300    5/9/2012      CHF     64.46
CLARIDEN LEU NAS          10.250    5/4/2012      CHF     57.83
CLARIDEN LEU NAS           9.500    5/3/2012      CHF     64.32
CLARIDEN LEU NAS          11.000    5/2/2012      CHF     65.77
CLARIDEN LEU NAS          10.500    5/2/2012      EUR     72.28
CLARIDEN LEU NAS           7.500   9/10/2012      CHF     71.59
CLARIDEN LEU NAS          10.000   9/11/2012      CHF     63.43
CLARIDEN LEU NAS          10.250   9/17/2012      CHF     64.81
CLARIDEN LEU NAS           7.000   10/4/2012      CHF     65.04
CLARIDEN LEU NAS          10.000   10/8/2012      EUR     67.26
CLARIDEN LEU NAS           8.500  10/15/2012      CHF     63.38
CLARIDEN LEU NAS           9.500  10/15/2012      CHF     64.83
CLARIDEN LEU NAS          10.000  10/15/2012      CHF     64.47
CLARIDEN LEU NAS           9.500    5/2/2012      EUR     71.47
CLARIDEN LEU NAS           7.500  11/13/2012      CHF     68.62
CLARIDEN LEU NAS          13.000   4/27/2012      CHF     23.43
CLARIDEN LEU NAS           9.000   4/27/2012      USD     22.39
CLARIDEN LEU NAS           7.250  11/16/2012      CHF     68.33
CLARIDEN LEU NAS          10.000   4/26/2012      CHF     71.22
CLARIDEN LEU NAS           8.250   4/20/2012      EUR     74.55
CLARIDEN LEU NAS           9.000   4/19/2012      CHF     67.52
CLARIDEN LEU NAS           9.650   4/13/2012      CHF     37.64
CLARIDEN LEU NAS          11.000   4/12/2012      EUR     56.35
CLARIDEN LEU NAS           9.500   4/12/2012      CHF     44.22
CLARIDEN LEU NAS          10.000   4/11/2012      USD     35.16
CLARIDEN LEU NAS           7.125  11/19/2012      CHF     68.54
CLARIDEN LEU NAS           0.000  12/14/2012      CHF     44.14
CLARIDEN LEU NAS           0.000  12/17/2012      EUR     69.79
CLARIDEN LEU NAS           9.500   4/11/2012      CHF     61.67
CLARIDEN LEU NAS          15.000    4/5/2012      USD     58.12
CLARIDEN LEU NAS           8.500    4/5/2012      CHF     56.05
CLARIDEN LEU NAS           7.700    4/5/2012      CHF     39.61
CLARIDEN LEU NAS          13.500    4/4/2012      CHF     20.84
CLARIDEN LEU NAS           8.250    4/4/2012      CHF     63.77
CLARIDEN LEU NAS          15.250   3/28/2012      EUR     56.12
CLARIDEN LEU NAS          12.000   3/28/2012      CHF     66.42
CLARIDEN LEU NAS          12.000   3/22/2012      EUR     71.47
CLARIDEN LEU NAS           9.250   3/22/2012      CHF     64.69
CLARIDEN LEU NAS          11.250   3/21/2012      EUR     66.81
CLARIDEN LEU NAS           6.500   3/21/2012      EUR     73.16
CLARIDEN LEU NAS          10.750   3/16/2012      EUR     58.88
CLARIDEN LEU NAS          10.000   3/16/2012      CHF     61.71
CLARIDEN LEU NAS          12.500   3/14/2012      USD     63.61
CLARIDEN LEU NAS           0.000   3/25/2013      CHF     69.09
CLARIDEN LEU NAS          10.250   3/14/2012      USD     74.85
CLARIDEN LEU NAS           8.750   3/14/2012      USD     73.91
CRED SUIS NY               8.000   1/25/2013      USD     48.69
CREDIT SUISSE LD           4.000  12/10/2012      EUR     45.20
SARASIN CI LTD             8.500    3/7/2012      CHF      5.52
SARASIN CI LTD            10.000   3/16/2012      CHF     59.05
SARASIN CI LTD            10.080    5/4/2012      CHF     47.16
SARASIN CI LTD            10.200   3/30/2012      CHF     58.53
SARASIN CI LTD             8.500   4/26/2012      CHF     54.62
SARASIN CI LTD             8.000    9/3/2012      CHF     47.76
SARASIN CI LTD            10.500   4/26/2012      CHF     64.59
SARASIN CI LTD             5.538   6/18/2012      CHF     65.67
SARASIN CI LTD            12.000   6/27/2012      CHF     48.35
SARASIN CI LTD             7.000   5/24/2012      CHF     68.56
SARASIN CI LTD            11.000   4/26/2012      CHF     64.36
SARASIN CI LTD            11.000    5/9/2012      CHF     64.71
SARASIN CI LTD            12.500   5/11/2012      CHF     59.50
SARASIN/GUERNSEY           7.200   7/16/2012      CHF     58.18
SARASIN/GUERNSEY          12.100   7/12/2012      CHF     75.25
SARASIN/GUERNSEY          10.000   8/10/2012      EUR     68.11
UBS AG                    10.010    3/6/2012      CHF     59.19
UBS AG                     8.000    3/8/2012      EUR     60.25
UBS AG                     9.040    3/9/2012      EUR     69.87
UBS AG                     9.160    3/9/2012      EUR     64.70
UBS AG                    10.240    3/9/2012      EUR     66.57
UBS AG                    11.480    3/9/2012      EUR     41.13
UBS AG                    12.070    3/9/2012      EUR     51.70
UBS AG                    12.730    3/9/2012      EUR     57.20
UBS AG                    13.370    3/9/2012      EUR     59.34
UBS AG                    13.860    3/9/2012      EUR     51.11
UBS AG                    14.050    3/9/2012      EUR     57.60
UBS AG                     6.610   3/12/2012      CHF     72.74
UBS AG                     7.620   3/12/2012      CHF     72.05
UBS AG                     8.400   3/12/2012      CHF     73.39
UBS AG                     9.750   3/12/2012      CHF     71.91
UBS AG                     8.720   3/20/2012      USD     32.08
UBS AG                     9.250   3/20/2012      USD     14.04
UBS AG                     8.500   3/21/2012      CHF     62.30
UBS AG                    10.070   3/23/2012      USD     35.55
UBS AG                    16.850   3/23/2012      EUR     73.30
UBS AG                    18.350   3/23/2012      EUR     71.98
UBS AG                    21.530   3/23/2012      EUR     69.50
UBS AG                    24.890   3/23/2012      EUR     67.22
UBS AG                    26.070   3/23/2012      EUR     73.57
UBS AG                    28.140   3/23/2012      EUR     73.50
UBS AG                    29.120   3/23/2012      EUR     71.23
UBS AG                     7.020   3/26/2012      EUR     38.57
UBS AG                     7.190   3/26/2012      EUR     68.77
UBS AG                     7.380   3/26/2012      EUR     38.58
UBS AG                     7.590   3/26/2012      EUR     50.49
UBS AG                     7.610   3/26/2012      EUR     68.79
UBS AG                     7.730   3/26/2012      EUR     38.60
UBS AG                     8.000   3/26/2012      EUR     68.81
UBS AG                     8.060   3/26/2012      EUR     38.62
UBS AG                     8.240   3/26/2012      EUR     55.98
UBS AG                     8.270   3/26/2012      EUR     68.51
UBS AG                     8.340   3/26/2012      EUR     68.82
UBS AG                     8.380   3/26/2012      EUR     38.63
UBS AG                     8.380   3/26/2012      EUR     50.52
UBS AG                     8.640   3/26/2012      EUR     68.84
UBS AG                     8.710   3/26/2012      EUR     67.21
UBS AG                     8.720   3/26/2012      EUR     53.58
UBS AG                     8.900   3/26/2012      EUR     68.85
UBS AG                     8.960   3/26/2012      EUR     38.67
UBS AG                     9.120   3/26/2012      EUR     50.56
UBS AG                     9.220   3/26/2012      EUR     72.83
UBS AG                     9.230   3/26/2012      EUR     51.39
UBS AG                     9.480   3/26/2012      EUR     38.69
UBS AG                     9.630   3/26/2012      EUR     64.77
UBS AG                     9.750   3/26/2012      EUR     49.37
UBS AG                     9.800   3/26/2012      EUR     50.59
UBS AG                     9.810   3/26/2012      EUR     70.28
UBS AG                     9.920   3/26/2012      EUR     38.70
UBS AG                    10.010   3/26/2012      EUR     71.37
UBS AG                    10.280   3/26/2012      EUR     38.73
UBS AG                    10.290   3/26/2012      EUR     47.51
UBS AG                    10.410   3/26/2012      EUR     67.90
UBS AG                    10.410   3/26/2012      EUR     50.62
UBS AG                    10.530   3/26/2012      EUR     71.39
UBS AG                    10.580   3/26/2012      EUR     38.74
UBS AG                    10.600   3/26/2012      EUR     62.52
UBS AG                    10.850   3/26/2012      EUR     45.79
UBS AG                    10.940   3/26/2012      EUR     50.65
UBS AG                    11.000   3/26/2012      EUR     71.41
UBS AG                    11.010   3/26/2012      EUR     65.68
UBS AG                    11.400   3/26/2012      EUR     50.67
UBS AG                    11.430   3/26/2012      EUR     71.43
UBS AG                    11.430   3/26/2012      EUR     44.20
UBS AG                    11.610   3/26/2012      EUR     60.40
UBS AG                    11.620   3/26/2012      EUR     63.60
UBS AG                    11.670   3/26/2012      EUR     73.23
UBS AG                    11.790   3/26/2012      EUR     50.68
UBS AG                    11.820   3/26/2012      EUR     71.45
UBS AG                    12.030   3/26/2012      EUR     42.71
UBS AG                    12.100   3/26/2012      EUR     50.70
UBS AG                    12.160   3/26/2012      EUR     71.47
UBS AG                    12.230   3/26/2012      EUR     61.66
UBS AG                    12.350   3/26/2012      EUR     50.71
UBS AG                    12.460   3/26/2012      EUR     71.48
UBS AG                    12.540   3/26/2012      EUR     50.72
UBS AG                    12.640   3/26/2012      EUR     41.33
UBS AG                    12.660   3/26/2012      EUR     58.45
UBS AG                    12.720   3/26/2012      EUR     71.49
UBS AG                    12.850   3/26/2012      EUR     59.83
UBS AG                    12.910   3/26/2012      EUR     70.37
UBS AG                    12.940   3/26/2012      EUR     71.51
UBS AG                    13.130   3/26/2012      EUR     71.51
UBS AG                    13.270   3/26/2012      EUR     40.05
UBS AG                    13.280   3/26/2012      EUR     71.52
UBS AG                    13.400   3/26/2012      EUR     71.53
UBS AG                    13.470   3/26/2012      EUR     58.11
UBS AG                    13.490   3/26/2012      EUR     71.53
UBS AG                    13.730   3/26/2012      EUR     56.63
UBS AG                    13.910   3/26/2012      EUR     38.84
UBS AG                    14.100   3/26/2012      EUR     56.49
UBS AG                    14.130   3/26/2012      EUR     72.79
UBS AG                    14.180   3/26/2012      EUR     67.73
UBS AG                    14.550   3/26/2012      EUR     37.71
UBS AG                    14.720   3/26/2012      EUR     54.96
UBS AG                    14.810   3/26/2012      EUR     54.91
UBS AG                    15.050   3/26/2012      EUR     72.99
UBS AG                    15.210   3/26/2012      EUR     36.65
UBS AG                    15.350   3/26/2012      EUR     53.51
UBS AG                    15.460   3/26/2012      EUR     65.29
UBS AG                    15.600   3/26/2012      EUR     70.73
UBS AG                    15.870   3/26/2012      EUR     70.43
UBS AG                    15.880   3/26/2012      EUR     35.65
UBS AG                    15.980   3/26/2012      EUR     52.14
UBS AG                    16.550   3/26/2012      EUR     34.71
UBS AG                    16.610   3/26/2012      EUR     50.85
UBS AG                    16.960   3/26/2012      EUR     73.27
UBS AG                    17.220   3/26/2012      EUR     33.82
UBS AG                    17.240   3/26/2012      EUR     49.62
UBS AG                    18.020   3/26/2012      EUR     63.45
UBS AG                    18.370   3/26/2012      EUR     69.41
UBS AG                    18.790   3/26/2012      EUR     46.80
UBS AG                     8.020   4/16/2012      CHF     70.62
UBS AG                     9.050   4/16/2012      CHF     59.07
UBS AG                    10.290   4/16/2012      CHF     68.45
UBS AG                     7.810   4/19/2012      CHF     59.75
UBS AG                     7.910   4/19/2012      CHF     67.87
UBS AG                    10.100   4/19/2012      CHF     68.14
UBS AG                    10.780   4/19/2012      CHF     55.65
UBS AG                     8.000   4/20/2012      CHF     61.85
UBS AG                    11.930   4/20/2012      CHF     42.70
UBS AG                     7.500    5/3/2012      EUR     74.65
UBS AG                     8.500    5/3/2012      CHF     63.65
UBS AG                    15.000    5/3/2012      EUR     59.00
UBS AG                     6.600   5/11/2012      USD     66.80
UBS AG                     6.870   5/11/2012      EUR     64.34
UBS AG                     9.110   5/11/2012      EUR     73.37
UBS AG                     9.880   5/11/2012      EUR     62.17
UBS AG                    10.060   5/11/2012      EUR     69.15
UBS AG                    10.940   5/11/2012      EUR     57.82
UBS AG                    11.240   5/11/2012      EUR     66.62
UBS AG                    12.900   5/11/2012      EUR     57.40
UBS AG                    13.150   5/11/2012      EUR     65.47
UBS AG                    15.150   5/11/2012      EUR     59.95
UBS AG                    13.300   5/23/2012      USD      3.68
UBS AG                    13.700   5/23/2012      USD     13.57
UBS AG                    17.720    6/4/2012      EUR     66.16
UBS AG                    16.710   6/22/2012      EUR     73.62
UBS AG                    19.000   6/22/2012      EUR     71.78
UBS AG                    21.370   6/22/2012      EUR     70.14
UBS AG                     7.110   6/25/2012      EUR     40.30
UBS AG                     7.150   6/25/2012      EUR     74.26
UBS AG                     7.410   6/25/2012      EUR     40.39
UBS AG                     7.420   6/25/2012      EUR     66.93
UBS AG                     7.420   6/25/2012      EUR     74.34
UBS AG                     7.670   6/25/2012      EUR     74.41
UBS AG                     7.690   6/25/2012      EUR     40.47
UBS AG                     7.710   6/25/2012      EUR     49.90
UBS AG                     7.870   6/25/2012      EUR     74.47
UBS AG                     7.890   6/25/2012      EUR     67.10
UBS AG                     7.960   6/25/2012      EUR     40.55
UBS AG                     8.220   6/25/2012      EUR     40.63
UBS AG                     8.320   6/25/2012      EUR     67.20
UBS AG                     8.490   6/25/2012      EUR     50.10
UBS AG                     8.690   6/25/2012      EUR     40.76
UBS AG                     8.720   6/25/2012      EUR     67.34
UBS AG                     9.080   6/25/2012      EUR     67.45
UBS AG                     9.090   6/25/2012      EUR     40.88
UBS AG                     9.220   6/25/2012      EUR     50.31
UBS AG                     9.390   6/25/2012      EUR     67.54
UBS AG                     9.430   6/25/2012      EUR     40.98
UBS AG                     9.660   6/25/2012      EUR     67.62
UBS AG                     9.710   6/25/2012      EUR     41.07
UBS AG                     9.890   6/25/2012      EUR     67.66
UBS AG                     9.900   6/25/2012      EUR     50.51
UBS AG                     9.920   6/25/2012      EUR     41.13
UBS AG                    10.040   6/25/2012      EUR     73.35
UBS AG                    10.420   6/25/2012      EUR     73.46
UBS AG                    10.500   6/25/2012      EUR     50.69
UBS AG                    10.770   6/25/2012      EUR     73.56
UBS AG                    11.030   6/25/2012      EUR     50.89
UBS AG                    11.080   6/25/2012      EUR     73.65
UBS AG                    11.360   6/25/2012      EUR     73.74
UBS AG                    11.480   6/25/2012      EUR     50.98
UBS AG                    11.600   6/25/2012      EUR     73.85
UBS AG                    11.810   6/25/2012      EUR     73.87
UBS AG                    11.860   6/25/2012      EUR     51.09
UBS AG                    11.990   6/25/2012      EUR     73.92
UBS AG                    12.140   6/25/2012      EUR     73.97
UBS AG                    12.170   6/25/2012      EUR     51.18
UBS AG                    12.270   6/25/2012      EUR     74.01
UBS AG                    12.370   6/25/2012      EUR     74.04
UBS AG                    12.410   6/25/2012      EUR     51.25
UBS AG                    12.450   6/25/2012      EUR     74.06
UBS AG                    12.510   6/25/2012      EUR     74.08
UBS AG                    12.610   6/25/2012      EUR     51.31
UBS AG                    12.750   6/25/2012      EUR     51.40
UBS AG                    14.400   6/29/2012      CHF     70.05
UBS AG                    11.760   7/31/2012      USD     28.35
UBS AG                    12.040   7/31/2012      USD     22.37
UBS AG                    10.500    8/2/2012      EUR     73.95
UBS AG                    11.000    8/2/2012      EUR     69.80
UBS AG                     9.500   8/10/2012      USD     28.50
UBS AG                    17.250   8/15/2012      EUR     74.30
UBS AG                     8.650   8/29/2012      USD     33.17
UBS AG                     9.430   8/31/2012      USD     33.68
UBS AG                    17.090   9/28/2012      EUR     73.28
UBS AG                     7.140   10/1/2012      EUR     42.11
UBS AG                     7.240   10/1/2012      EUR     68.71
UBS AG                     7.380   10/1/2012      EUR     42.24
UBS AG                     7.610   10/1/2012      EUR     68.92
UBS AG                     7.620   10/1/2012      EUR     42.38
UBS AG                     7.660   10/1/2012      EUR     51.79
UBS AG                     7.840   10/1/2012      EUR     42.50
UBS AG                     7.940   10/1/2012      EUR     69.10
UBS AG                     8.050   10/1/2012      EUR     42.62
UBS AG                     8.240   10/1/2012      EUR     69.30
UBS AG                     8.310   10/1/2012      EUR     52.15
UBS AG                     8.420   10/1/2012      EUR     42.83
UBS AG                     8.500   10/1/2012      EUR     69.42
UBS AG                     8.720   10/1/2012      EUR     69.54
UBS AG                     8.730   10/1/2012      EUR     43.00
UBS AG                     8.910   10/1/2012      EUR     69.64
UBS AG                     8.910   10/1/2012      EUR     52.49
UBS AG                     9.060   10/1/2012      EUR     69.78
UBS AG                     9.200   10/1/2012      EUR     43.26
UBS AG                     9.360   10/1/2012      EUR     43.35
UBS AG                     9.440   10/1/2012      EUR     52.79
UBS AG                     9.540   10/1/2012      EUR     74.53
UBS AG                     9.860   10/1/2012      EUR     74.77
UBS AG                     9.900   10/1/2012      EUR     43.65
UBS AG                     9.910   10/1/2012      EUR     53.05
UBS AG                    10.150   10/1/2012      EUR     74.87
UBS AG                    10.310   10/1/2012      EUR     53.27
UBS AG                    10.650   10/1/2012      EUR     53.46
UBS AG                    10.930   10/1/2012      EUR     53.62
UBS AG                    11.150   10/1/2012      EUR     53.74
UBS AG                    11.330   10/1/2012      EUR     53.85
UBS AG                    11.460   10/1/2012      EUR     53.92
UBS AG                    11.560   10/1/2012      EUR     53.97
UBS AG                    13.340  10/24/2012      USD     46.27
UBS AG                     6.700  11/12/2012      EUR     67.18
UBS AG                     8.370  11/12/2012      EUR     72.25
UBS AG                     9.470  11/12/2012      EUR     62.18
UBS AG                     9.650  11/12/2012      EUR     65.74
UBS AG                    10.930  11/12/2012      EUR     71.34
UBS AG                    11.260  11/12/2012      EUR     69.61
UBS AG                    11.660  11/12/2012      EUR     62.21
UBS AG                    13.560  11/12/2012      EUR     70.15
UBS AG                    13.600  11/12/2012      EUR     66.34
UBS AG                     9.580   2/28/2013      USD     35.76
UBS AG                     9.590   2/28/2013      USD     35.76
UBS AG                    10.080   2/28/2013      USD     16.50
UBS AG                    13.830  12/17/2013      USD     20.11
UBS AG                    11.000    3/4/2014      USD     19.73
UBS AG                     9.650   8/23/2013      USD     33.90
UBS AG JERSEY              3.220   7/31/2012      EUR     41.61

UNITED KINGDOM
--------------
ABBEY NATL PLC             6.500  10/21/2030      GBP     75.47
ALLIANC&LEIC BLD           5.875   8/14/2031      GBP     74.88
BANK OF SCOTLAND           2.650   6/21/2026      JPY     69.91
BANK OF SCOTLAND           2.650   8/10/2026      JPY     69.60
BANK OF SCOTLAND           2.340  12/28/2026      JPY     66.38
BANK OF SCOTLAND           2.408    2/9/2027      JPY     65.99
BANK OF SCOTLAND           2.550   4/23/2037      JPY     54.16
BANK OF SCOTLAND           2.595    5/8/2037      JPY     54.27
BANK OF SCOTLAND           2.359   3/27/2029      JPY     61.17
BARCLAYS BK PLC           11.500   6/28/2013      EUR     71.96
BARCLAYS BK PLC           11.000   6/28/2013      EUR     74.29
BARCLAYS BK PLC           11.500   3/22/2013      EUR     71.08
BARCLAYS BK PLC           10.750   3/22/2013      EUR     74.28
BARCLAYS BK PLC           12.000    1/2/2013      EUR     69.95
BARCLAYS BK PLC           11.000    1/2/2013      EUR     73.72
BARCLAYS BK PLC           11.000  12/14/2012      EUR     74.17
BARCLAYS BK PLC            9.000  10/16/2012      USD     10.97
BARCLAYS BK PLC            8.500  10/16/2012      USD     10.92
BARCLAYS BK PLC           14.000   10/1/2012      USD     10.63
BARCLAYS BK PLC            9.000   10/1/2012      USD     10.03
BARCLAYS BK PLC           13.000   9/28/2012      EUR     67.95
BARCLAYS BK PLC           11.750   9/28/2012      EUR     72.39
BARCLAYS BK PLC           10.500   9/28/2012      EUR     74.60
BARCLAYS BK PLC            8.000   9/28/2012      USD     10.51
BARCLAYS BK PLC           12.000   9/14/2012      EUR     72.19
BARCLAYS BK PLC            8.000   9/11/2012      USD     10.92
BARCLAYS BK PLC            8.000   9/11/2012      USD     10.94
BARCLAYS BK PLC            9.000   8/28/2012      USD     10.41
BARCLAYS BK PLC           10.800   7/31/2012      USD     26.64
BARCLAYS BK PLC           11.500   7/27/2012      USD      9.27
BARCLAYS BK PLC            7.000   7/27/2012      USD      9.76
BARCLAYS BK PLC           10.000   7/20/2012      USD      7.95
BARCLAYS BK PLC            8.000   6/29/2012      USD      9.67
BARCLAYS BK PLC           15.000   6/22/2012      EUR     72.31
BARCLAYS BK PLC           14.500   6/22/2012      EUR     65.28
BARCLAYS BK PLC           12.750   6/22/2012      EUR     70.25
BARCLAYS BK PLC           12.000   6/22/2012      EUR     71.02
BARCLAYS BK PLC           12.000   6/22/2012      EUR     64.50
BARCLAYS BK PLC           11.750   6/22/2012      EUR     66.34
BARCLAYS BK PLC           11.500   6/22/2012      EUR     72.46
BARCLAYS BK PLC           11.000   6/22/2012      EUR     61.74
BARCLAYS BK PLC           10.750   6/22/2012      EUR     74.47
BARCLAYS BK PLC           10.750   6/22/2012      EUR     72.12
BARCLAYS BK PLC           10.500   6/22/2012      EUR     62.48
BARCLAYS BK PLC           10.500   6/22/2012      EUR     68.59
BARCLAYS BK PLC            9.750   6/22/2012      EUR     66.19
BARCLAYS BK PLC            8.500   6/22/2012      EUR     72.04
BARCLAYS BK PLC            8.250   6/22/2012      EUR     72.89
BARCLAYS BK PLC            8.000   6/22/2012      EUR     72.40
BARCLAYS BK PLC            8.000   6/22/2012      EUR     69.51
BARCLAYS BK PLC            7.250   6/22/2012      EUR     69.16
BARCLAYS BK PLC           13.000    6/8/2012      EUR     70.21
BARCLAYS BK PLC           12.500    6/8/2012      EUR     72.75
BARCLAYS BK PLC           11.750    6/8/2012      EUR     70.11
BARCLAYS BK PLC           11.090    6/8/2012      EUR     70.06
BARCLAYS BK PLC           11.000    6/8/2012      EUR     71.83
BARCLAYS BK PLC           10.500    6/8/2012      EUR     63.21
BARCLAYS BK PLC            9.250    6/8/2012      EUR     69.69
BARCLAYS BK PLC            8.250    6/8/2012      EUR     65.19
BARCLAYS BK PLC            8.000    6/8/2012      EUR     67.26
BARCLAYS BK PLC           12.950   4/20/2012      USD     23.40
BARCLAYS BK PLC           15.000   3/23/2012      EUR     70.48
BARCLAYS BK PLC           14.500   3/23/2012      EUR     74.57
BARCLAYS BK PLC           14.000   3/23/2012      EUR     65.34
BARCLAYS BK PLC           13.500   3/23/2012      EUR     61.73
BARCLAYS BK PLC           12.500   3/23/2012      EUR     69.26
BARCLAYS BK PLC           12.250   3/23/2012      EUR     70.27
BARCLAYS BK PLC           11.750   3/23/2012      EUR     65.71
BARCLAYS BK PLC           11.500   3/23/2012      EUR     66.12
BARCLAYS BK PLC           11.000   3/23/2012      EUR     61.44
BARCLAYS BK PLC           10.500   3/23/2012      EUR     71.54
BARCLAYS BK PLC           10.500   3/23/2012      EUR     62.08
BARCLAYS BK PLC           10.000   3/23/2012      EUR     74.73
BARCLAYS BK PLC            9.500   3/23/2012      EUR     66.04
BARCLAYS BK PLC            9.000   3/23/2012      EUR     69.83
BARCLAYS BK PLC            8.750   3/23/2012      EUR     71.49
BARCLAYS BK PLC            8.000   3/23/2012      EUR     71.33
BARCLAYS BK PLC            8.000   3/23/2012      EUR     68.52
BARCLAYS BK PLC            6.750   3/23/2012      EUR     69.83
BARCLAYS BK PLC            6.000   3/23/2012      EUR     73.30
BARCLAYS BK PLC           12.720    3/9/2012      EUR     67.91
BARCLAYS BK PLC           12.500    3/9/2012      EUR     69.74
BARCLAYS BK PLC           12.250    3/9/2012      EUR     60.62
BARCLAYS BK PLC           12.250    3/9/2012      EUR     70.41
BARCLAYS BK PLC           10.750    3/9/2012      EUR     69.79
BARCLAYS BK PLC           10.500    3/9/2012      EUR     71.86
BARCLAYS BK PLC            8.000    3/9/2012      EUR     66.61
BARCLAYS BK PLC            8.000    3/9/2012      EUR     69.97
BRADFORD&BIN BLD           4.910    2/1/2047      EUR     69.73
CO-OPERATIVE BNK           5.750   12/2/2024      GBP     72.52
CO-OPERATIVE BNK           5.625  11/16/2021      GBP     73.49
CO-OPERATIVE BNK           5.875   3/28/2033      GBP     72.77
EFG HELLAS PLC             6.010    1/9/2036      EUR     38.50
EFG HELLAS PLC             5.400   11/2/2047      EUR     22.75
EMPORIKI GRP FIN           5.100   12/9/2021      EUR     40.38
EMPORIKI GRP FIN           4.350   7/22/2014      EUR     66.63
EMPORIKI GRP FIN           5.000   12/2/2021      EUR     39.88
ENTERPRISE INNS            6.875   2/15/2021      GBP     71.17
ENTERPRISE INNS            6.875    5/9/2025      GBP     67.25
ENTERPRISE INNS            6.375   9/26/2031      GBP     65.50
ESSAR ENERGY               4.250    2/1/2016      USD     53.48
F&C ASSET MNGMT            6.750  12/20/2026      GBP     66.72
GALA ELECTRIC CA          11.500    6/1/2019      GBP     72.63
GALA ELECTRIC CA          11.500    6/1/2019      GBP     72.36
GS INTERNATIONAL           9.750   5/22/2012      CHF     58.40
GS INTERNATIONAL          13.000   6/28/2012      CHF     66.20
GS INTERNATIONAL           9.500   4/20/2012      CHF     53.20
HBOS PLC                   6.000   11/1/2033      USD     72.29
HBOS PLC                   4.500   3/18/2030      EUR     65.84
HBOS PLC                   6.000   11/1/2033      USD     72.29
HBOS PLC                   5.374   6/30/2021      EUR     72.63
MATALAN                    9.625   3/31/2017      GBP     67.17
MATALAN                    9.625   3/31/2017      GBP     66.81
MAX PETROLEUM              6.750    9/8/2013      USD     58.89
NOMURA BANK INTL           0.800  12/21/2020      EUR     66.87
OTE PLC                    7.250    4/8/2014      EUR     73.50
OTE PLC                    4.625   5/20/2016      EUR     66.06
PRIVATBANK                 5.799    2/9/2016      USD     71.99
ROYAL BK SCOTLND           5.168   6/29/2030      EUR     63.56
ROYAL BK SCOTLND           4.692    6/9/2025      EUR     55.00
ROYAL BK SCOTLND           6.132    4/4/2025      USD     55.05
ROYAL BK SCOTLND          20.000   2/23/2017      SEK     65.00
ROYAL BK SCOTLND           6.250  12/20/2012      EUR     52.00
SPIRIT ISSUER              5.472  12/28/2028      GBP     72.99
THOMAS COOK GR             7.750   6/22/2017      GBP     49.11
THOMAS COOK GR             6.750   6/22/2015      EUR     52.58
UNIQUE PUB FIN             5.659   6/30/2027      GBP     74.92
UNIQUE PUB FIN             6.464   3/30/2032      GBP     43.17
WESSEX WATER FIN           1.499  11/29/2058      GBP     69.28
WESSEX WATER FIN           1.369   7/31/2057      GBP     68.92


                            *********

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.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

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., Frederick, Maryland
USA.  Valerie U. Pascual, Marites O. Claro, Rousel Elaine T.
Fernandez, Joy A. Agravante, Ivy B. Magdadaro, Frauline S.
Abangan and Peter A. Chapman, Editors.

Copyright 2012.  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$625 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 240/629-3300.


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