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        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 19, 2012, Vol. 13, No. 56

                            Headlines



C Z E C H   R E P U B L I C

ECM REAL ESTATE: Gets Court Permission to Reorganize


F R A N C E

KLESCH GROUP: Files Rescue Plan for Petit-Couronne Refinery


I R E L A N D

CLEAR PLC: Moody's Cuts Ratings on Two Note Classes to 'C (sf)'
HOUSE OF EUROPE: Moody's Lowers Rating on Class B Notes to 'C'
MCSWEENEY RETAIL: Set to Exit Examinership; Rescue Scheme Okayed
* IRELAND: Moody's Says Jan. 2012 RMBS Performance Deteriorates


L U X E M B O U R G

DUCHESS III: S&P Lowers Ratings on Two Classes of Notes to 'CCC+'


N E T H E R L A N D S

FORNAX ECLIPSE: S&P Withdraws Low-B Ratings on Three Note Classes
SAECURE 6: Fitch Downgrades Rating on Class C Notes to 'B+sf'


P O R T U G A L

BMORE FINANCE: Moody's Cuts Rating on Class D Notes to 'B3(sf)'


R U S S I A

INTER RAO: Fitch Assigns 'BB+' Long-Term Issuer Default Ratings
OGK-1 JSC: Moody's Withdraws Corporate Family Rating
* RUSSIA: Moody's Says WTO Membership to Have Mixed Impact


S P A I N

ICO MEDIACION: Fitch Cuts Rating on EUR249.4-Bil. Loan to 'B+sf'
OBRASCON HUARTE: Moody's Assigns '(P)Ba2' Rating to Senior Notes
OBRASCON HUARTE: Fitch Rates EUR300-Mil. Unsec. Bond 'BB-'


U K R A I N E

BANK OF CYPRUS: B2 Rating Results in Lowered Rating in Unit
UNIASTRUM BANK: Moody's Cuts Long-Term Deposit Ratings to 'B2'


U N I T E D   K I N G D O M

ALBURN REAL: Fitch Affirms Ratings on Two Note Classes at 'Csf'
GAME GROUP: Needs to Raise GBP180 Million to Avert Administration
HMV PLC: Potential Buyers Eye HMV Live Unit
THOMAS COOK: Chairman Rejects Proposal to Inject GBP400 Million


X X X X X X X X

* BOND PRICING: For the Week March 12 to March 16, 2012


                            *********


===========================
C Z E C H   R E P U B L I C
===========================


ECM REAL ESTATE: Gets Court Permission to Reorganize
----------------------------------------------------
CTK, citing the insolvency register, reports that the City Court
in Prague on Thursday permitted reorganization of debt-ridden ECM
Real Estate Investments, although part of its creditors and the
insolvency administrator demanded bankruptcy.

As reported by the Troubled Company Reporter-Europe on Nov. 24,
2011, Ivo Hala, the insolvency administrator of ECM, said at a
creditor meeting that billionaire Radovan Vitek's CPI group
submitted a bid for the purchase of assets and projects of the
indebted company.

ECM Real Estate Investments AG is known mainly as the builder of
high-rise buildings in Prague's Pankrac district.


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


KLESCH GROUP: Files Rescue Plan for Petit-Couronne Refinery
-----------------------------------------------------------
Steve Rhinds at Bloomberg News, citing Le Figaro, reports that
The Klesch Group has filed a five-year rescue plan for Petroplus
Holdings AG's Petit-Couronne refinery in France with the court
administrator.

Meanwhile, Emma Farge and Gus Trompiz at Reuters report that
private investor Gary Klesch said on Thursday that his Swiss-
based company has submitted the only bid for the Petit-Couronne
refinery.

Asked if it was true that his firm had made an offer for the
refiner, Mr. Klesch, as cited by Reuters, said: "It is.  We were
told by the court there were no other bids . . . We are in
negotiations on the others."

Mr. Klesch also confirmed an earlier report that his firm had
pledged to invest EUR160 million in the refinery over five years
and to retain around 410 of 550 jobs, Reuters relates.

Thursday is the deadline for offers to be submitted to the
administrators of the French refinery, Reuters notes.

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


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


CLEAR PLC: Moody's Cuts Ratings on Two Note Classes to 'C (sf)'
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the
following notes issued by Clear PLC:

Issuer: Clear PLC - Series 25-29

    Series 29: US$40,000,000 Limited Recourse Secured Floating
    Rate Credit-Linked Notes due 2017, Downgraded to C (sf);
    previously on Jun 4, 2010 Upgraded to Caa2 (sf)

    Series 28: US$7,000,000 Limited Recourse Secured Floating
    Rate Credit-Linked Notes due 2017, Downgraded to C (sf);
    previously on Mar 10, 2009 Downgraded to Ca (sf)

This transaction is a collateralized debt obligation (the
"Collateralized Synthetic Obligation" or "CSO") referencing a
managed portfolio of corporate and sovereign entities.

Ratings Rationale

Moody's rating action is the result of a credit event on The PMI
Group, which lead to the write down of Series 28 and Series 29 to
US$795,292 and US$13,460,885 respectively, from their initial
value of US$7,000,000 and US$40,000,000 respectively. Reflecting
this, the ratings on Series 28 and Series 29 are now commensurate
with the Moody's expected recoveries for the notes, as outlined
in the paper titled "Moody's Approach to Rating Structured
Finance Securities in Default" published in November 2009. The
Notes have a remaining life of 5 years.

No additional cash flow analysis or stress scenarios have been
conducted as the rating was directly derived from the expected
recoveries as described above.

The principal methodology used in this rating was "Moody's
Approach to Rating Corporate Collateralized Synthetic
Obligations" published in September 2009.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record,
and the potential for selection bias in the portfolio. All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


HOUSE OF EUROPE: Moody's Lowers Rating on Class B Notes to 'C'
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the
following notes issued by House of Europe Funding I, Ltd.:

EUR880,000,000 Class A Notes Due September 28, 2015 (current
outstanding balance of EUR355,015,170), Downgraded to Caa2 (sf);
previously on April 22, 2009 Downgraded to B2 (sf);

EUR65,000,000 Class B Notes Due March 28, 2047, Downgraded to C
(sf); previously on April 22, 2009 Downgraded to Ca (sf).

Ratings Rationale

According to Moody's, the rating downgrades are the result of
deterioration in the transaction's overcollateralization ratios
and the credit quality of the underlying portfolio. The credit
quality deterioration is observed through an increase in the WARF
and an increase in the euro amount of defaulted securities. Based
on the latest trustee report dated February 21 2012, the Class
A/B and Class C overcollateralization ratios are reported at
75.08% and 67.10%, respectively, versus April 2009 levels of
87.49% and 82.07%, respectively. The WARF of the portfolio has
increased to 841 from 741 since the last rating action in April
2009. Additionally, defaulted securities have increased from
EUR12.5 million in April 2009 to EUR38.1 million in February
2012.

Moody's also noted that both the Class A/B OC and Class A/B IC
tests are failing. Due to the shortfall in interest proceeds
available to pay interest on the Class A Notes and Class B Notes,
principal proceeds are currently being, and are expected to
continue to be, diverted to pay interest on the Class A Notes and
Class B Notes before being used to pay down principal on the
Class A Notes.

House of Europe Funding I, Ltd., issued in June 2005, is a
collateralized debt obligation backed primarily by a portfolio of
RMBS, CMBS and Corporate CDOs originated from 2006 to 2008.

The principal methodology used in this rating was "Moody's
Approach to Rating SF CDOs" published in November 2010.

Moody's applied the Monte Carlo simulation framework within
CDOROMv2.8 to model the loss distribution for SF CDOs. Within
this framework, defaults are generated so that they occur with
the frequency indicated by the adjusted default probability pool
(the default probability associated with the current rating
multiplied by the Resecuritization Stress) for each credit in the
reference. Specifically, correlated defaults are simulated using
a normal (or "Gaussian") copula model that applies the asset
correlation framework. Recovery rates for defaulted credits are
generated by applying within the simulation the distributional
assumptions, including correlation between recovery values.
Together, the simulated defaults and recoveries across each of
the Monte Carlo scenarios define the loss distribution for the
reference pool.

Once the loss distribution for the collateral has been
calculated, each collateral loss scenario derived through the
CDOROM loss distribution is associated with the interest and
principal received by the rated liability classes via the CDOEdge
cash-flow model . The cash flow model takes into account the
following: collateral cash flows, the transaction covenants, the
priority of payments (waterfall) for interest and principal
proceeds received from portfolio assets, reinvestment
assumptions, the timing of defaults, interest-rate scenarios and
foreign exchange risk (if present). The Expected Loss (EL) for
each tranche is the weighted average of losses to each tranche
across all the scenarios, where the weight is the likelihood of
the scenario occurring. Moody's defines the loss as the shortfall
in the present value of cash flows to the tranche relative to the
present value of the promised cash flows. The present values are
calculated using the promised tranche coupon rate as the discount
rate. For floating rate tranches, the discount rate is based on
the promised spread over Libor and the assumed Libor scenario.

Moody's notes that in arriving at its ratings of SF CDOs, there
exist a number of sources of uncertainty, operating both on a
macro level and on a transaction-specific level. Primary sources
of assumption uncertainty are the extent of the slowdown in
growth in the current macroeconomic environment and the
commercial and residential real estate property markets. While
commercial real estate property markets are gaining momentum, a
consistent upward trend will not be evident until the volume of
transactions increases, distressed properties are cleared from
the pipeline and job creation rebounds. Among the uncertainties
in the residential real estate property market are those
surrounding future housing prices, pace of residential mortgage
foreclosures, loan modification and refinancing, unemployment
rate and interest rates.

Moody's rating action factors in a number of sensitivity analyses
and stress scenarios, discussed below. Results are shown in terms
of the number of notches' difference versus the current model
output, where a positive difference corresponds to lower expected
loss, assuming that all other factors are held equal:

Moody's Caa Assets notched up by 2 rating notches:

Class A: +0

Class B: +0

Moody's Caa Assets notched down by 2 rating notches:

Class A: -0

Class B: -0


MCSWEENEY RETAIL: Set to Exit Examinership; Rescue Scheme Okayed
----------------------------------------------------------------
The Irish Times reports that McSweeney Retail Pharmacy Group is
to emerge from examinership at the end of the month.

The High Court has approved the scheme of arrangement proposed by
the examiner, which was appointed late last year, to the group,
the Irish Times relates.  It will remain under court protection
until noon on March 28th, when it officially comes out of
examinership, the Irish Times discloses.

The group had debts of about EUR17 million, owing about EUR13
million to AIB, the Irish Times notes.  The bank had opposed the
examinership, seeking instead to have a receiver appointed, the
Irish Times recounts.

McSweeney Retail Pharmacy Group employs 95 staff in eight
pharmacies, six in the west and south and two in Dublin.


* IRELAND: Moody's Says Jan. 2012 RMBS Performance Deteriorates
---------------------------------------------------------------
The performance of the Irish prime residential mortgage-backed
securities (RMBS) market continued to deteriorate rapidly during
the three-month period leading to January 2012, according to the
latest indices published by Moody's Investors Service.

From October 2011 to January 2012, the 90+ day delinquency trend
and 360+ day delinquent loans (which are used as a proxy for
defaults) reached a new peak, rising steeply to 11.98% from
10.14% and to 4.23% from 3.42% (in October 2011), respectively,
of the outstanding portfolios. Moody's annualized total
redemption rate (TRR) trend was 3.22% in January 2012, down from
4.17% in January 2011.

Moody's outlook for Irish RMBS is negative, reflecting rising
unemployment levels, which are pushing borrowers into arrears.
The rating agency predicts that Irish unemployment rates will
slightly increase to 14.7% in 2012 from 14.4% in 2011. Falling
house prices will increase the size of losses on defaulted
mortgages. House prices have already fallen by 48% between
September 2007 and January 2012 and will fall further during
2012.

Moody's expects that new Irish personal insolvency legislation
proposed in January -- and expected to come into force in 2013 --
will see the introduction of debt forgiveness for borrowers
deemed to have unsustainable mortgage debt. Moody's views the
proposal as credit negative for Irish RMBS because many mortgage
loans will be written down and many borrowers will become
discouraged from maintaining their mortgage loan repayments. See
the report entitled "Proposed Irish Legislation Opens Door To
Widespread Debt Forgiveness", published on February 8, 2011, at
http://is.gd/aBxExC

On December 7, 2011, Moody's completed a review of the
performance of the Irish RMBS market and updated its portfolio
loss assumptions for 15 transactions. Moody's placed the ratings
of 19 tranches in six transactions on review for downgrade
because of worse-than-expected performance.  See
http://is.gd/YU8b6o

On February 17, 2012, Moody's downgraded the ratings of Irish
RMBS notes issued by Fastnet Securities 4 Ltd. The rating action
took into account (i) the continued rapid deterioration in
performance of the transaction; and (ii) Moody's negative outlook
for Irish RMBS.  See http://is.gd/huaQvh

On February 29, 2012, Moody's upgraded the ratings of the class A
notes issued by Fastnet Securities 5 Ltd to A2(sf) and affirmed
the ratings of the class A notes issued by Fastnet Securities 8
Ltd. This rating action followed recent amendments to the two
transactions to address operational risk. See http://is.gd/DtoCSf

On March 12, 2012, Moody's downgraded all the ratings of Irish
RMBS notes issued by CELTIC RESIDENTIAL IRISH MORTGAGE
SECURITISATION NOs 9 and 10 PLC and downgraded the ratings of
five RMBS notes issued by CELTIC RESIDENTIAL IRISH MORTGAGE
SECURITISATION NO 11 due to weak, deteriorating performance. This
rating action concludes the review for downgrade initiated by
Moody's on December 7, 2011.  See http://is.gd/NcLH1m

As of January 2012, the 19 Moody's-rated Irish prime RMBS
transactions had an outstanding pool balance of EUR50.6 billion.
This constitutes a year-on-year decrease of 11.4% compared with
EUR57.1 billion for the same period in the previous year.


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


DUCHESS III: S&P Lowers Ratings on Two Classes of Notes to 'CCC+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Duchess III CDO S.A.'s class A and B notes. "At the same time, we
have lowered our ratings on the class C-1 and C-2 notes and
affirmed our ratings on the class D-1 and D-2 notes," S&P said.

"The rating actions follow our assessment of the transaction's
performance, and the application of our relevant criteria for
transactions of this type," S&P said.

"For our review of the transaction's performance, we used data
from the trustee report (dated Jan. 23, 2012), in addition to our
cash flow analysis. We have taken into account recent
developments in the transaction, and have applied our 2010
counterparty criteria, as well as our cash flow criteria," S&P
said.

"From our analysis, we have observed a small decline in the
proportion of assets that we consider to be rated in the 'CCC'
category ('CCC+', 'CCC', and 'CCC-'). However, the proportion of
defaulted assets (rated 'CC', 'SD' [selective default], and 'D')
have increased in the collateral pool since we last reviewed the
transaction. The VFN notes paid down in May 2011, and 44.57% of
the class A notes remains outstanding as of the January 2012
reports," S&P said.

"We have also noted an increase in the weighted-average spread
earned on Duchess III's amortizing collateral pool. The senior
overcollateralization test and class C overcollateralization test
results are higher than in April 2010. However, the class D
overcollateralization test continues to perform below trigger
levels, as was the case during our last analysis. Since April
2010, the transaction has also experienced principal losses on
the sale of defaulted assets, asset sales, and payment made
toward class D notes from principal proceeds," S&P said.

"We subjected the capital structure to a cash flow analysis in
order to determine the break-even default rate. In our analysis,
we used the reported portfolio balance that we consider to be
performing, the principal cash balance, the current weighted-
average spread, and the weighted-average recovery rates that we
considered to be appropriate. We incorporated various cash flow
stress scenarios using various default patterns, levels, and
timings for each liability rating category, in conjunction with
different interest rate stress scenarios," S&P said.

"Taking into account our credit and cash flow analyses and our
2010 counterparty criteria, we consider the credit enhancement
available to the class A and B notes in this transaction to be
commensurate with higher ratings. On the other hand, we consider
the credit enhancement for the class C-1 and C-2 notes to be
commensurate with lower ratings than previously assigned, and for
the class D-1 and D-2 notes, we consider it to be commensurate
with the current ratings," S&P said.

"The class B, C-1, and C-2 notes were constrained by the
application of the largest obligor default test, a supplemental
stress test we introduced in our 2009 criteria update for
corporate collateralized debt obligations (CDOs)," S&P said.

"We have analyzed the derivative counterparty exposure to the
transaction under scenarios where the counterparty failed to
perform. We have concluded that the derivative exposure is
currently sufficiently limited so as not to affect the ratings
assigned," S&P said.

Duchess III CDO is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms.

             Standard & Poor's 17g-7 Disclosure Report

Sec Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

         http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class               Rating
          To                  From

Duchess III CDO S.A.
EUR450 Million Secured Fixed- and Floating-Rate Notes

Ratings Raised

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

Ratings Lowered

C-1       CCC+ (sf)           B+ (sf)
C-2       CCC+ (sf)           B+ (sf)

Ratings Affirmed

D-1       CCC- (sf)
D-2       CCC- (sf)


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


FORNAX ECLIPSE: S&P Withdraws Low-B Ratings on Three Note Classes
-----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'AA+ (sf)' credit
rating on Fornax (Eclipse 2006-2) B.V.'s class A notes due to the
redemption of these notes on the February 2012 interest payment
date.

On the February 2012 interest payment date, loan-level
amortization payments resulted in the full repayment of the class
A notes.

         Potential Effects of Proposed Criteria Changes

"Our ratings in this transaction are based on our criteria for
rating European CMBS. However, these criteria are under review,"
S&P said.

"As highlighted in the Nov. 8 Advance Notice of Proposed Criteria
Change, we expect to publish a request for comment (RFC)
outlining our proposed criteria changes for rating European CMBS
transactions. Subsequently, we will consider market feedback
before publishing our updated criteria. Our review may result in
changes to the methodology and assumptions we use when rating
European CMBS, and consequently, it may affect both new and
outstanding ratings on European CMBS transactions," S&P said.

"Until such time that we adopt new criteria for rating European
CMBS, we will continue to rate and surveil this transaction using
our existing criteria," S&P said.

             Standard & Poor's 17g-7 Disclosure Report

Sec Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

         http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Fornax (Eclipse 2006-2) B.V.
EUR545.134 Million Commercial Mortgage-Backed Variable- and
Floating-Rate Notes

Class              Rating
            To                From

Rating Withdrawn

A           NR                AA+ (sf)

Ratings Unaffected

B           AA+ (sf)
C           AA (sf)
X           AA (sf)
D           A (sf)
E           BB- (sf)
F           B+ (sf)
G           B (sf)

NR - Not rated.


SAECURE 6: Fitch Downgrades Rating on Class C Notes to 'B+sf'
-------------------------------------------------------------
Fitch Ratings has affirmed SAECURE 6 NHG B.V.'s class A notes at
'AAAsf', downgraded the non-collateralized class B and C notes
and removed the Rating Watch Negative (RWN) from all notes.  At
the same time, Fitch has assigned ratings to the new class S1 and
S2 notes.  The transaction comprises 100% NHG-backed mortgage
loans originated and sold by Haagsche Leeuw Hypotheken B.V. and
its legal successor AEGON Levensverzekering N.V. (AEGON Leven), a
100% indirect subsidiary of AEGON N.V.

Following the update to Fitch's criteria for rating RMBS
transactions backed by Nationale Hypotheek Garantie (NHG), the
SAECURE 6 transaction has been restructured.  The affirmation of
the class A notes' 'AAAsf' rating reflects the increased credit
enhancement provided by the newly created class S1 and S2 notes.

The agency was provided with updated pool cuts, historical NHG
claims submitted to the Stichting WEW, historical foreclosure
data of the NHG-backed loans and set-off risk assessments,
followed by proposals to restructure the transaction and amended
documentation.

On the restructure date, 15 March 2012, the proceeds of the
issuance of the mezzanine class S1 and S2 notes were used to
partially redeem the class A notes.  The class S1 and S2 notes
rank senior to the non-collateralized class B and C notes, but
junior to the class A notes, leading to an increase in credit
enhancement for the class A notes.  The margins on the both class
S notes are equal to the margin on the class A notes.

The substitution period ended on the restructure date.  It was
originally due to run until the payment date falling in August
2013.  Furthermore, the servicing fees in the transaction have
been increased to reflect market standards.

Fitch has given full credit to the notification trigger to notify
the borrowers if AEGON N.V. ('A'/Stable/'F1') is downgraded, as
the trigger is set at the 'A' level for the transaction.  In
Fitch's view, this trigger sufficiently mitigates the commingling
risks and therefore the agency did not size for these risks in
the transaction.

The agency sized for insurance set-off risk in all rating
scenarios below the rating of the sole insurance provider, AEGON
Leven. Based on legal opinion, Fitch assumed that the set-off
risk likelihood for AEGON Leven was 100%.  Insurance mortgage
loans make up 64% of the transaction and as a result notes rated
below 'Asf' are linked to or capped at AEGON N.V.'s rating.

The rating actions are as follows:

SAECURE 6 NHG B.V.

  -- Class A (XS0266744761) affirmed at 'AAAsf'; off RWN; Outlook
     Stable
  -- Class B (XS00266745735) downgraded to 'BBsf' from 'Asf'; off
     RWN; Outlook Stable
  -- Class C (XS0268063566) downgraded to 'B+sf' from 'BBB-sf';
     off RWN; Outlook Stable

Fitch has assigned final ratings to the class S notes as follows:

  -- EUR60,000,000 floating-rate class S1 mortgage-backed notes:
     'Asf'; Outlook Stable
  -- EUR55,421,632 floating-rate class S2 mortgage-backed notes:
     'BBBsf'; Outlook Stable

The rating of the class S1 notes is credit-linked to AEGON N.V.,
while the class S2 notes are capped at AEGON N.V.'s rating.
Fitch affirmed AEGON N.V.'s Long-term Issuer Default Rating (IDR)
at 'A' with a Stable Outlook on 21 November 2011.

To analyse the CE levels, Fitch evaluated the collateral using
its default model, details of which can be found in the reports
entitled "EMEA Residential Mortgage Loss Criteria", dated 16
August 2011, "EMEA RMBS Criteria Addendum -- Netherlands" and
"EMEA RMBS Criteria Addendum -- Netherlands -- NHG-Backed", both
dated 6 July 2011, available at www.fitchratings.com.  The agency
assessed the transaction cash flows using default and loss
severity assumptions indicated by the default model under various
structural stresses including prepayment speeds and interest rate
scenarios.  The cash flow tests showed that each class of notes
could withstand loan losses at a level corresponding to the
related stress scenario without incurring any principal loss or
interest shortfall and can retire principal by the legal final
maturity.


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


BMORE FINANCE: Moody's Cuts Rating on Class D Notes to 'B3(sf)'
---------------------------------------------------------------
Moody's Investors Service has downgraded to B3(sf) from Baa2(sf)
the ratings of the class D notes of BMORE Finance No. 4. The
downgrade follows the steep build-up of long past due
receivables, which have not been written off over time. As a
result, Moody's now considers a loss on the class D notes to be
very likely.

Issuer: BMORE Finance No. 4 plc

    EUR12 million, Downgraded to B3(sf); previously on May 18,
    2004, Baa2(sf) Definitive Rating Assigned

BMORE Finance No. 4 is a Portuguese asset-backed securities (ABS)
transaction backed by a portfolio of auto and consumer loans
originated by Banif Mais, a subsidiary of Banif -- Banco
Internacional do Funchal (Ba3 on review for possible downgrade).
The transaction was originated in May 2004 and currently has a
pool factor of 2.1% (outstanding balance as a proportion of the
initial transaction balance). The most junior class D notes are
the only notes still outstanding, all other notes have been
repaid.

Ratings Rationale

The rating action reflects the increased probability that the
class D notes will suffer a loss on their principal balance. This
is due to the accumulation of a large stock of long past due
receivables, with very low recovery prospects. A steep increase
in the proportion of delinquent receivables has been driven in
part by the simultaneous reduction of the pool balance and the
accumulation of loans that were not written off, despite being
delinquent by more than a year. Moody's expects Banif Mais to
write-off an amount likely to exceed EUR1 million of such
receivables in addition to the periodic write-offs at the next
payment date in May 2012.

As a consequence, Moody's expects losses to exceed available
credit enhancement, which takes the form of (i) an amortizing
reserve fund held at Deutsche Bank (Aa3/P-1); and (ii) the
potential benefit of excess spread in the future. As a result of
the late write-off recognition for these loans, the substantial
level of excess spread observed in the transaction was not used
to cover future losses.

-- EXPECTED LOSS

Moody's expects a potential loss of up to 8% of the current
outstanding balance of the class D notes. This expected loss
translates into a downgrade of the class D notes to B3(sf) from
Baa2(sf). This takes into account the current size of the reserve
fund (12.5% of the pool balance), which provides the only hard
credit enhancement for the class D notes. While the rating agency
expects no recoveries from the additional write-offs, ongoing
periodic write-offs are expected to be covered by future
recoveries and excess spread.

-- RECEIVABLES PERFORMANCE

While receivables over 90 days past due have nearly doubled to
36.6% from 19.7% in the period from July 2011 to February 2012,
they were consistently high prior that date. At the same time,
cumulative write-offs have only reached 6.3% of the initial
balance of the pool. This compares with Moody's initial
cumulative default assumption of 6.9%.

-- ASSUMPTION SENSITIVITY

Moody's projected future expected losses for the class D notes of
up to 8% to be materialized at the notes legal maturity in 2014.
In addition, the rating agency considered some sensitivities
around recoveries and periodic write-offs to test the volatility
of this expected loss figure. Uncertainty mainly stems from the
future performance of the pool. If future delinquencies create
further losses, which are not covered by excess spread or future
recoveries, the rating of the notes would be negatively affected.
Conversely, recoveries significantly in excess of expectations
may reduce the negative impact of the write-offs on the large
stock of delinquent receivables.

Principal Methodology

The principal methodology used in this rating was "Moody's
Approach to Rating European Auto ABS", published in November
2002.

As the Euro area crisis continues, the rating of the structured
finance notes remain exposed to the uncertainties of credit
conditions in the general economy. The deteriorating
creditworthiness of euro area sovereigns as well as the weakening
credit profile of the global banking sector could negatively
impact the ratings of the notes.


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


INTER RAO: Fitch Assigns 'BB+' Long-Term Issuer Default Ratings
---------------------------------------------------------------
Fitch Ratings has assigned Russia-based JSC Inter RAO UES (Inter
RAO) Long-term foreign and local currency Issuer Default Ratings
(IDR) of 'BB+' and a National Long-term rating of 'AA(rus)'.
Fitch has also assigned Inter RAO Short-term foreign and local
currency IDRs of 'B'.  The Outlooks on the Long-term ratings are
Stable.

Inter RAO's ratings are driven by support from and linkage with
its indirect majority shareholder, the Russian Federation
('BBB'/Stable/'F3'), in accordance with Fitch's parent and
subsidiary rating linkage methodology.  Fitch assesses Inter
RAO's credit strength at two notches below that of the state due
to the strategic importance of the company to the national
economy and its position in cross-border power trading, majority
state ownership, which Fitch expects to continue in the medium
term, and in-kind and cash contributions of over RUB310 billion
over the past few years.  In the absence of any material changes
to its linkage with the sovereign, any rating or Outlook revision
for the Russian Federation would be replicated for Inter RAO,
maintaining the two-notch Long-term IDR differential.

Fitch assesses Inter RAO's standalone credit profile in the 'BB'
category, but notes that this may be subject to change due to the
likely dynamic development of its business and financial profile.
Following a series of equity contributions from the state, asset
swaps and acquisitions, Inter RAO became the third-largest power
generation company in Russia by installed electric capacity and
the largest domestic power retail company with a 15% market
share.  Additionally, Inter RAO benefits from a near-monopoly
position in cross-border power trading between Russia and several
neighboring countries.

Inter RAO's leverage fluctuated over 2007-2010. In 2010, it
reported FFO adjusted net leverage of 1.3x and FFO interest
coverage of 4.4x.  According to its conservative ratings case,
Fitch expects Inter RAO's leverage to peak at about 1.7x in 2013,
and FFO interest coverage to stay between 5.5x and 9x in 2011-
2014, despite a sharp increase in debt to finance capex.

At June 30, 2011, Inter RAO had unadjusted debt of RUB49.8
billion, up from RUB38.5 billion at end-2010.  Of this, 90% was
long term.  Short-term debt of RUB5.1 billion compared well with
RUB51.4 billion in cash.  Fitch expects Inter RAO to have
generated RUB30.6 billion operating cash flow in 2011, before
RUB44.8 billion capex, dividends and acquisitions.  Inter RAO's
debt repayment profile is comfortable, with most debt repayments
falling due in 2013-2015.

On March 2, 2012, Inter RAO reported that it reached an agreement
to sell its 26.43% stake in Enel OGK-5 to a consortium of
investors for a cash consideration of US$625 million (RUB18.4
billion) along with a share in potential proceeds of the
consortium from the investment depending on its performance.
This transaction, together with prior disposals of minority
stakes for RUB8.2 billion, improves Inter RAO's cash position and
will help it meet its potential obligations.

Fitch has a stable outlook for the Russian power utility sector.
The agency does not expect significant power volume growth in
2012, and power and heat price increases in the medium term are
likely to fall below the expected 15% annual price increase for
natural gas, which accounts for half the fuel consumption of
Russian power utilities.  Fitch believes that within two years,
leading Russian geographically-diversified operators of gas or
hydro power stations with strong credit metrics could be rated
investment grade. This will also depend on regulatory
developments.


OGK-1 JSC: Moody's Withdraws Corporate Family Rating
----------------------------------------------------
Moody's Interfax Rating Agency has withdrawn the Aa3.ru national
scale corporate family rating (CFR) of JSC OGK-1, a Russian
thermal electricity generator.

Ratings Rationale

Moody's Interfax Rating Agency has withdrawn the rating for its
own business reasons.

Moody's Interfax Rating Agency notes that OGK-1 has no debt
rated by the agency.

Headquartered in Moscow, JSC OGK-1 is one of six wholesale
thermal power generation companies in Russia. The company is
majority owned by JSC INTER RAO UES, which is ultimately
controlled by the state. OGK-1's 2010 revenues were RUB56.8
billion (US$1.9 billion).

Moody's Interfax Rating Agency's National Scale Ratings (NSRs)
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs differ from Moody's
global scale ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".ru" for Russia.

Moody's Interfax Rating Agency (MIRA) specializes in credit risk
analysis in Russia. MIRA is a joint-venture between Moody's
Investors Service, a leading provider of credit ratings, research
and analysis covering debt instruments and securities in the
global capital markets, and the Interfax Information Services
Group. Moody's Investors Service is a subsidiary of Moody's
Corporation (NYSE: MCO).


* RUSSIA: Moody's Says WTO Membership to Have Mixed Impact
----------------------------------------------------------
While Russia's accession to the World Trade Organization (WTO)
later this year will benefit domestic importers/exporters, the
country's machinery and equipment industries are likely to
suffer, says Moody's Investors Service in a Special Comment
published on March 15.

The new report, entitled "Russia's WTO Membership Will Lead to
Winners and Losers Among Domestic Non-Financial Corporates", is
now available on www.moodys.com. Moody's subscribers can access
this report via the link provided at the end of this press
release.

"Conditions of Russia's accession to the WTO include reducing the
average ceiling on import tariffs to 7.8% from 10%, which in
general should benefit consumers, stimulate demand and help
companies that are significant importers, " says Sergei
Grishunin, an Assistant Vice President, Analyst in Moody's
Corporate Finance Group and author of the report.

"Both food and non-food retailers will benefit because imports
make up a considerable share of the retail market and the
retailers will pass on only a relatively small portion of the
tariff savings to end-consumers," explains Mr. Grishiunin. "The
credit profiles of companies that achieve sales and profits
growth and increase their pace of deleveraging might improve."
Specifically, Moody's expects that companies such as X5 Retail
Group NV (B2 stable), Azbuka Vkusa (not rated), O'Key Group S.A.
(not rated) and OAO 'Compania M. Video (not rated) will benefit.

In addition, Moody's believes that companies that export a
relatively large share of their output may benefit from the
removal or reduction of import tariffs by other WTO members, such
as the US or the EU.

In Moody's view, producers of non-ferrous metals, ferrous metals
and chemicals are most likely to increase production, but for
these industries positive implications of Russia's WTO membership
will be seen mainly over the longer term and full benefits are as
yet difficult to quantify. However, the rating agency expects
that companies such as OJSC Novolipetsk Steel (Baa3 stable) and
OAO Severstal (Ba2 stable) will be positively affected.

Moody's believes that WTO membership should also help foster a
more transparent and predictable trade environment that could
create new opportunities for domestic and foreign investors.
Indeed, the World Bank estimates that joining the WTO may add
3.7% to Russia's GDP between 2012-16 and 11% between 2012-21.

"However, we believe that domestic manufacturers of agricultural
machinery and equipment, among other heavy goods makers, are
likely to be hurt by WTO accession," continues Mr. Grishunin.
"These companies' output is not competitive globally and they
have limited capabilities to improve operational efficiencies. A
loss in market share and contraction of sales that ultimately
reduces profitability could result in a deterioration in the
credit metrics of these manufacturers." In Moody's view,
companies such as GAZ Group (not rated) and OAO Kamaz (not rated)
may be the most affected.

To offset the negative effect on some industries, Russia has an
arsenal of tools it could use during WTO implementation periods,
such as aid programs to stimulate private investment and improve
competitiveness, subsidies to agricultural sectors or various tax
incentives. Nevertheless, the level of support depends on the
government's political will and economic policies.


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


ICO MEDIACION: Fitch Cuts Rating on EUR249.4-Bil. Loan to 'B+sf'
----------------------------------------------------------------
Fitch Ratings has downgraded ICO Mediacion I AyT, FTA and ICO
Mediacion II AyT, FTA and removed the notes from Rating Watch
Negative (RWN), where they were placed on February 29, 2012, as
follows:

ICO Mediacion I AyT, FTA (ICO I):

  -- EUR1,026.3bn class A notes (ISIN ES0347524003) downgraded to
     'Asf' from 'AAAsf', Outlook Negative, off RWN
  -- EUR249.4bn Syndicated Loan downgraded to 'B+sf' from 'BBB-
     sf', Outlook Negative, off RWN

ICO Mediacion II AyT, FTA (ICO II):

  -- EUR9,018.1bn class A notes (ISIN ES0347456008) downgraded to
     'AAsf' from 'AAAsf', Outlook Negative, off RWN

The downgrades reflect the characteristics of the collateral and
the protection mechanisms featured by the structures.  The rating
actions also reflect systemic risk that cannot be fully
structured away in the SPV.

Fitch believes that the 100% concentration in the banking sector
and the inter-dependence of the banking system and sovereign do
not allow a full delinkage of the ratings.  The agency has
applied a dynamic rating cap at three notches above the rating of
Kingdom of Spain ('A'/Negative/'F1') that prevents ICO II's class
A notes from being rated higher than 'AAsf'.  The Negative
Outlook is imposed by the cap, reflecting the Outlook on the
sovereign.

The Negative Outlook on ICO I's ratings reflects the Negative
Outlook on a relatively large number of financial institutions.
The agency highlights that there is still a high degree of
uncertainty around future events affecting the stability of the
financial system.

Fitch has considered a stressed correlation framework for the
analysis of the portfolios using its Portfolio Credit Model (PCM,
available at www.fitchratings.com).  The agency has doubled the
criteria correlation assumption for the global banking and
finance sector (ie to 28% up from 14%) to produce a total
correlation of 49% accounting for all geographic and sector
correlation factors.

Furthermore, Fitch has addressed the high obligor concentration
and analyzed the portfolios using the obligor concentration
uplift (OCU) feature in PCM. Via the OCU feature, the agency has
increased the correlation of the largest five obligors in each
portfolio by summing an additional 50%.  The top one obligor and
top five obligors combined represent 12.7% and 47.3% for ICO I,
respectively, and 15.6% and 55.7% for ICO II, as of the dates of
the pool cuts used for the analysis (ie 29 February 2012).

All ratings have been removed from RWN, where they were placed
following the downgrades of Spain and Instituto de Credito
Oficial (ICO; credit linked to Spain's sovereign rating) to
'A'/Negative/'F1'.

ICO I and ICO II are cash-flow securitizations of two static
pools of loans granted by Instituto de Credito Oficial to
virtually all Spanish financial institutions.  The collateral
consists of thousands of senior unsecured obligations of the
financial institutions known as mediation loans.  These loans are
granted to financial institutions to on-lend mainly to small- and
medium-sized enterprises (SMEs) at preference rates.

The transactions are consequently 100% concentrated in the
banking and finance sector in Spain.  Obligor concentrations in
the portfolios are a reflection of the market shares of the
different financial institutions in SME lending.


OBRASCON HUARTE: Moody's Assigns '(P)Ba2' Rating to Senior Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba2
rating with a Loss Given Default assessment of 3 (LGD3) to the
proposed issuance of EUR300 million worth of senior notes due
2020 by Obrascon Huarte Lain S.A. (OHL). The company's Ba2
corporate family rating (CFR) and probability of default rating
(PDR), as well as the ratings on its existing senior unsecured
debt instruments, remain unchanged. The outlook on all ratings is
negative.

OHL will use the proceeds from this offering to purchase an
equivalent amount of its outstanding EUR700 million worth of
senior notes due 2015. The new notes will rank pari passu with
OHL's existing senior unsecured notes.

Moody's issues provisional instrument ratings in advance of the
final sale of securities and these ratings reflect the rating
agency's preliminary credit opinion regarding the transaction
only. Upon a conclusive review of the final documentation,
Moody's will endeavour to assign a definitive rating to the
notes. The definitive rating may differ from the provisional
rating.

Ratings Rationale

"The (P)Ba2/LGD3 instrument ratings for the proposed senior notes
reflect their senior unsecured status and pari-passu ranking with
a large majority of OHL's existing and future obligations," says
Ivan Palacios, a Moody's Vice President -- Senior Analyst and
lead analyst for OHL.

"The company's ratings and outlook remain unchanged after this
offering, given that the transaction is leverage-neutral.
However, Moody's notes positively that the proposed transaction
will improve OHL's debt maturity profile, as the company is
pushing to 2020 part of its 2015 debt maturities," adds
Mr. Palacios.

The Ba2 CFR continues to take into account OHL's (i) portfolio of
businesses, through which it balances cyclical construction
activities with more predictable concession-generated revenues;
and (ii) gradually decreasing exposure to the Spanish economy,
given the company's involvement in international construction
projects and a growing portfolio of Latin American infrastructure
assets. At the same time, the rating factors in (i) the potential
for volatility in the cyclical construction industry, mitigated
by the revenue visibility provided by OHL's strong international
order backlog; and (ii) the challenges that OHL faces in
controlling its expanding international activities. The rating
also incorporates OHL's relatively high leverage, particularly in
its recourse business, and the company's weak liquidity profile,
due to its reliance on short-term bilateral facilities.

The negative outlook reflects that OHL's net recourse leverage is
still higher than Moody's guidance for the rating category, and
the rating agency would expect the group to continue focusing on
debt reduction over the next 12 months. Nevertheless, Moody's
recognizes that OHL has managed to address a number of concerns
embedded in the negative outlook, achieving significant year-on-
year growth in EBITDA, primarily on account of the better-than-
expected performance of the concessions business.

For OHL to be adequately positioned within the Ba2 rating
category, Moody's estimates that the group's net consolidated
adjusted debt/EBITDA would need to be within 4.5x and 5.0x. For
the recourse business, gross reported recourse debt/recourse
EBITDA would need to stay below 4.0x, which would be broadly in
line with net reported recourse debt/recourse EBITDA of around
2.5x to 3.0x.

WHAT COULD CHANGE THE RATING UP/DOWN

The Ba2 rating could come under pressure if OHL's credit metrics
weaken further because of deteriorating operating performance,
including (i) a further decline in domestic construction
activity; (ii) the contribution to group revenues of
international construction growing below expectations; (iii)
adverse working capital movements; or (iv) other unexpected cash
calls draining recourse cash flows. Downward pressure could be
exerted on the rating if net consolidated debt/EBITDA (as
adjusted by Moody's) increases above 5.0x, gross recourse
debt/recourse EBITDA (as reported by OHL) rises above 4.0x and
net recourse debt/recourse EBITDA remains above 3.0x on a
sustained basis.

Conversely, upward pressure on the rating could develop if net
consolidated debt/EBITDA (as adjusted by Moody's) falls well
below 4.5x, gross recourse debt/recourse EBITDA (as reported by
OHL) moves to below 3.5x and net recourse debt/EBITDA (as
reported by OHL) improves below 2.5x on a sustained basis. Upward
pressure on the rating would also require an improvement in the
group's liquidity profile and an expectation of positive free
cash flow generation at a consolidated level on a sustainable
basis.

Principal Methodology

The principal methodology used in rating Obrascon Huarte Lain
S.A. was the Global Construction Methodology published in
November 2010. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

Headquartered in Madrid, OHL is one of Spain's leading
construction companies and the world's eighth-largest concessions
operator, with a large concessions business in Brazil and Mexico.
In 2011, OHL reported sales of EUR4.9 billion and EBITDA of
EUR1.2 billion.


OBRASCON HUARTE: Fitch Rates EUR300-Mil. Unsec. Bond 'BB-'
----------------------------------------------------------
Fitch Ratings has assigned Obrascon Huarte Lain's (OHL)
prospective EUR300 million eight-year unsecured bond an expected
'BB-(exp)' rating.  The expected rating is in line with OHL's
senior unsecured 'BB-' rating.  OHL's Issuer Default Rating (IDR)
is 'BB-' with a Stable Outlook.

OHL's 2011 pro forma leverage (recourse adjusted net
debt/EBITDAR) stabilized around 3.0x, in light of the upstreaming
of EUR350 million from the non-recourse concessions segment, the
EUR231 million sale of the Environment Services unit and improved
working capital.   a dismal domestic construction market, the
international construction segment now accounts for 77% of the
total order book, and will likely offset this weakness.  Ongoing
asset maturity at the concession level and improved recourse
liquidity further support the current Stable Outlook.

The final rating is contingent upon the receipt of final
documentation conforming to information already received by the
agency.

The bond will be used to repurchase up to EUR300 million of the
existing EUR700 million 2015 bond.  This is viewed as somewhat
positive for OHL's ratings, extending 20%-25% of existing bond
debt maturities by five years.  The notes will be jointly,
severally and irrevocably guaranteed by OHL SA, and its key
majority owned subsidiaries.  The bond documentation includes
negative pledge and change of control clauses, with recourse
subsidiaries of the group allowed to procure additional
indebtedness only if the recourse net interest coverage ratio
remains above 2.5x.


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


BANK OF CYPRUS: B2 Rating Results in Lowered Rating in Unit
-----------------------------------------------------------
Moody's Interfax has downgraded to A3.ru from Aa3.ru the national
scale rating of Uniastrum Bank. This concludes the review for
downgrade initiated on November 15, 2011. National scale ratings
carry no specify outlook.

The rating action follows the downgrade by Moody's Investors
Service (Moody's) of Uniastrum Bank's parent, Bank of Cyprus.
This action is discussed further in the press release " Moody's
downgrades three Cypriot banks and concludes review", published
March 14, 2012 on www.moodys.com.

Ratings Rationale

According to Moody's Interfax, the downgrade was the result of
Moody's recent rating action on the bank's parent -- Bank of
Cyprus, which owns an 80% stake in Uniastrum Bank -- whereby the
parent's BFSR was downgraded to E+ mapping to B2 on the long-term
scale, from D- (mapping to Ba3) previously.

In Moody's view, the financial capacity of Bank of Cyprus to
provide support to Uniastrum Bank has weakened. Therefore,
Moody's has changed its assumption on the probability of parental
support to moderate from high. Due to the low level of Bank of
Cyprus's standalone rating, the assumption of a moderate
probability of parental support from Bank of Cyprus to its
Russian subsidiary does not result in any notches of uplift of
Uniastrum Bank's deposit ratings from its long-term scale of B2,
in accordance with Moody's Joint-Default Analysis ("JDA")
Methodology.

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007.

Moody's Interfax Rating Agency's National Scale Ratings (NSRs)
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs differ from Moody's
global scale ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".ru" for Russia.

Moody's Interfax Rating Agency (MIRA) specializes in credit risk
analysis in Russia. MIRA is a joint-venture between Moody's
Investors Service, a leading provider of credit ratings, research
and analysis covering debt instruments and securities in the
global capital markets, and the Interfax Information Services
Group. Moody's Investors Service is a subsidiary of Moody's
Corporation (NYSE: MCO).


UNIASTRUM BANK: Moody's Cuts Long-Term Deposit Ratings to 'B2'
--------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from Ba3 the long-
term local and foreign currency deposit ratings of Uniastrum
Bank. This concludes the review for downgrade initiated on
November 15, 2011. The bank's standalone E+ bank financial
strength rating ("BFSR"), mapping to B2 on the long-term scale,
and the Not Prime short-term local and foreign currency deposit
ratings remain unchanged. The outlook on all ratings is stable.

This rating action follows the downgrade of Uniastrum Bank's
parent, Bank of Cyprus.

Ratings Rationale

The downgrade of Uniastrum Bank was the result of Moody's recent
rating action on the bank's parent -- Bank of Cyprus, which owns
an 80% stake in Uniastrum Bank -- whereby the parent's BFSR was
downgraded to E+, mapping to B2 on the long-term scale -- from D-
(mapping to Ba3) previously.

In Moody's view the financial capacity of Bank of Cyprus to
provide support to Uniastrum Bank has weakened. Therefore, the
rating agency has changed its assumption on the probability of
parental support to moderate from high. Due to the low level of
Bank of Cyprus's standalone rating, the assumption of a moderate
probability of parental support from Bank of Cyprus to its
Russian subsidiary does not result in any notches of uplift of
Uniastrum Bank's deposit ratings from its long-term scale of B2,
in accordance with Moody's Joint-Default Analysis ("JDA")
Methodology.

Principal Methodologies

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007.


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


ALBURN REAL: Fitch Affirms Ratings on Two Note Classes at 'Csf'
---------------------------------------------------------------
Fitch Ratings has downgraded Alburn Real Estate Capital Limited's
class A, B and C notes and affirmed the class D and E notes, as
follows:

  -- GBP121.6m Class A (XS0285749833) downgraded to 'CCCsf' from
     'BBsf'; Recovery Estimate RE90%
  -- GBP19.8m Class B (XS0285751904) downgraded to 'CCsf' from
     'CCCsf'; RE0%
  -- GBP18.5m Class C (XS0285753272) downgraded to 'CCsf' from
     'CCCsf'; RE0%
  -- GBP18.5m Class D (XS0285753942) affirmed at 'Csf'; RE0%
  -- GBP5.5m Class E (XS0285755053) affirmed at 'Csf'; RE0%

The downgrades have been driven by the ongoing performance
deterioration, as highlighted by the single loan's ongoing
default, continuous collateral depreciation and inability to make
scheduled amortization payments since October 2011 due to
increased senior costs (e.g. property costs). It also
incorporates the impact of swap breakage costs on the expected
recoveries should the loan be enforced prior to its maturity in
October 2013. The final legal maturity of the transaction is
October 2016.

According to issuer statements, Hatfield Philips International
Limited (rated 'CSS3+') is in the process of being appointed as
special servicer, as requested by the junior lender. Fitch views
the appointment of an experienced special servicer positively.
However, according to the statements, it is intended to enforce
the loan prior to maturity in October 2013 and dispose of the
underlying assets (45 secondary UK commercial assets,
predominantly offices and industrial properties). This would
result in a swap breakage fee of up to GBP10.6 million, depending
on the remaining loan term at that point.

In January 2012, the A-note and whole loan interest coverage
ratios (ICRs) stood at 1.45x and 1.34x, compared to covenants at
1.35x and 1.25x, respectively. However, this includes GBP3.6
million of cash held in the property account. Without these
funds, A-note and whole loan coverage would be in breach of their
covenants, standing at 1.1x and 1.0x, respectively.

The LTV has been reported at 147.4% (securitized A-note) and
156.8% (whole loan). The original whole loan covenant had been
set at 80% and was breached in 2009. Part of the subsequent
restructuring was a waiver for the breach and, starting in April
2011, the test against new covenants at 125% (A-note) and 135%
(whole loan). As the borrower failed to pay certain fees to the
lender (as part of the 2009 restructuring agreement) and to
achieve LTV covenant compliance, the loan continues to be in
default.


GAME GROUP: Needs to Raise GBP180 Million to Avert Administration
-----------------------------------------------------------------
The UK Press Association reports that Game Group has a week to
raise GBP180 million or face collapsing into administration,
putting 10,000 jobs at risk.

According to UKPA, the Sunday Times said the company needs GBP180
million to pay creditors, suppliers and banks, and is currently
in talks with potential backers about putting up the support
needed.

Game Group faces a GBP21 million rent payment this Sunday and a
GBP12 million wage bill at the end of the month, and owes more
than GBP10 million in VAT and GBP40 million to suppliers, UKPA
discloses.  A new investor would have to pay up to GBP100 million
to Game's banks, UKPA says.

As reported by the Troubled Company Reporter-Europe on March 13,
2012, The Financial Times related that Game Group warned it was
"uncertain" whether discussions with lenders and suppliers would
find a solution for the chain and that the stock could be left
worthless.  The company said it was also exploring alternative
sources of funding and "reviewing the position of all of its
assets," adding that difficulties in securing new releases from
several suppliers had persisted, the FT disclosed.  Several
suppliers, including EA and Nintendo, began holding back new
releases from Game last month, the FT recounted.  Pressure has
been intensifying on the group since it was forced to renegotiate
its banking covenants earlier this year after poor sales over its
peak Christmas period, the FT noted.  Game, the FT said, blamed a
lack of new console releases and poor consumer sentiment for a
near 13% fall in sales, and it has also faced growing competition
from online stores and supermarkets.  Peter Smedley, retail
analyst at Charles Stanley Securities, said that "imminent"
collapse into administration "is now a real possibility", and
that Gamestop, the US specialist retailer, was the most likely
acquirer for Game's assets, according to the FT.  In its first-
half results last July, Game Group reported net debt of GBP91
million, up from GBP63.5 million a year earlier, the FT
disclosed.

Game Group is a video games retailer.  The company operates from
1,274 stores worldwide.


HMV PLC: Potential Buyers Eye HMV Live Unit
-------------------------------------------
Global Insolvency, citing Dow Jones DBR Small Cap, reports that
HMV PLC Thursday said a number of potential buyers are looking at
its HMV Live unit, as the firm struggles with dwindling high-
street sales and crippling debts.

According to Global Insolvency, the announcement follows
speculation in the U.K. press Wednesday that closely held U.S.
company Anschutz Entertainment Group, owner of London's O2 Arena,
was preparing a GBP65 million (US$102 million) bid for the
business.

United Kingdom-based HMV Group plc is engaged in retailing of
pre-recorded music, video, electronic games and related
entertainment products under the HMV and Fopp brands, and the
retailing of books principally under the Waterstone's brand.  The
Company operates in four segments: HMV UK & Ireland, HMV
International, HMV Live, and Waterstone's.


THOMAS COOK: Chairman Rejects Proposal to Inject GBP400 Million
---------------------------------------------------------------
Reuters, citing the Financial Times, reports that Frank Meysman,
the chairman of Thomas Cook, recently rejected a proposal to
inject GBP400 million into the ailing company.

According to Reuters, the newspaper, citing one person with
knowledge of the talks, reported that a group led by two leisure
industry veterans, backed by some shareholders of the company,
had their proposal dismissed two weeks ago by Mr. Meysman.

The group told Mr. Meysman in a two-hour meeting it had support
from existing shareholders and outside investors for a GBP400
million pot to support a rights issue and an injection of working
capital into the business, Reuters relates.

Reuters notes that two people familiar with the talks told the FT
the plan was supported by Invesco, the company's second-largest
shareholder, and several other unidentified shareholders,

The FT said that the group is no longer working on the plan,
according to Reuters.

As reported by the Troubled Company Reporter-Europe on Dec. 21,
2011, The Financial Times related that Thomas Cook laid out its
turnaround strategy on Dec. 14, but admitted there was no
certainty that the rescue plan for its struggling UK business
would succeed.

Thomas Cook Group plc is a United Kingdom-based company.  The
Company, together with its subsidiaries, is engaged in the
provision of leisure travel services.  Its main brands include
Airtours, Aspro, Club 18-30, Cresta, Manos, Neilson, Sunset,
Sunworld Holidays, Swiss Travel Service, Thomas Cook, Thomas Cook
Style Collection, Thomas Cook Signature and Thomas Cook Tours.
It has six geographic operating divisions: United Kingdom,
Central Europe, West and East Europe, Northern Europe, North
America and Airlines Germany.


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


* BOND PRICING: For the Week March 12 to March 16, 2012
-------------------------------------------------------

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

AUSTRIA
-------
ERSTE BANK                6.000     2/1/2014      EUR      72.38
ERSTE BANK                6.000    7/31/2014      EUR      68.75
IMMOFINANZ                4.250     3/8/2018      EUR       3.91
KOMMUNALKREDIT            4.900    6/23/2031      EUR      72.63
KOMMUNALKREDIT            4.440   12/20/2030      EUR      68.50
OESTER VOLKSBK            4.810    7/29/2025      EUR      57.00
OESTER VOLKSBK            4.160    5/20/2025      EUR      74.85
OESTER VOLKSBK            4.750    4/30/2021      EUR      73.49
OESTER VOLKSBK            4.170    7/29/2015      EUR      66.25
OESTER VOLKSBK            5.270     2/8/2027      EUR      74.31
RAIFF CENTROBANK         11.000    5/24/2012      EUR      74.03
RAIFF CENTROBANK          7.161    7/20/2012      EUR      70.49
RAIFF CENTROBANK          7.812    7/20/2012      EUR      71.41
RAIFF CENTROBANK         10.416    7/20/2012      EUR      58.41
RAIFF CENTROBANK          7.812    7/25/2012      EUR      56.46
RAIFF CENTROBANK          7.812    7/25/2012      EUR      64.65
RAIFF CENTROBANK          9.114    7/25/2012      EUR      57.90
RAIFF CENTROBANK         10.090    7/25/2012      EUR      69.42
RAIFF CENTROBANK         11.718    7/25/2012      EUR      33.23
RAIFF CENTROBANK          7.965    1/23/2013      EUR      73.75
RAIFF CENTROBANK          9.876    1/23/2013      EUR      60.96
RAIFF CENTROBANK         11.718    7/25/2012      EUR      67.71
RAIFF ZENTRALBK           4.500    9/28/2035      EUR      63.91

BELGIUM
-------
ECONOCOM GROUP            4.000     6/1/2016      EUR      21.43
IDEAL STANDARD I         11.750     5/1/2018      EUR      60.17
IDEAL STANDARD I         11.750     5/1/2018      EUR      60.38

CYPRUS
------
CYPRUS GOVT BOND          4.600   10/23/2018      EUR      61.63
CYPRUS GOVT BOND          4.600    4/23/2018      EUR      62.63
CYPRUS GOVT BOND          6.100    6/24/2019      EUR      67.13
CYPRUS GOVT BOND          4.600    2/26/2019      EUR      61.00
CYPRUS GOVT BOND          5.600    4/15/2017      EUR      71.63
CYPRUS GOVT BOND          6.500    8/25/2021      EUR      65.00
CYPRUS GOVT BOND          5.100    1/29/2018      EUR      65.13
CYPRUS GOVT BOND          4.500    9/28/2017      EUR      63.75
CYPRUS GOVT BOND          4.625     2/3/2020      EUR      59.84
CYPRUS GOVT BOND          4.750    9/30/2015      EUR      74.00
CYPRUS GOVT BOND          6.100    4/20/2020      EUR      66.13
CYPRUS GOVT BOND          5.350     6/9/2020      EUR      62.25
CYPRUS GOVT BOND          4.500    3/30/2016      EUR      70.00
CYPRUS GOVT BOND          4.500     1/2/2016      EUR      71.50
CYPRUS GOVT BOND          6.000     6/9/2021      EUR      63.75
CYPRUS GOVT BOND          4.750    12/2/2015      EUR      72.88
CYPRUS GOVT BOND          3.750    11/1/2015      EUR      70.00
CYPRUS GOVT BOND          6.600   10/26/2016      EUR      74.13
CYPRUS GOVT BOND          4.500     1/4/2017      EUR      66.38
CYPRUS GOVT BOND          4.500    2/15/2017      EUR      65.88
CYPRUS GOVT BOND          4.500     4/2/2017      EUR      65.38
CYPRUS GOVT BOND          4.500    10/9/2016      EUR      67.50
CYPRUS GOVT BOND          4.500    7/11/2016      EUR      68.63
CYPRUS GOVT BOND          5.000     6/9/2016      EUR      70.50
CYPRUS GOVT BOND          4.500     6/2/2016      EUR      69.13
MARFIN POPULAR            4.350   11/20/2014      EUR      71.63
REP OF CYPRUS             4.750    2/25/2016      EUR      68.59

DENMARK
-------
FIN-DANISH IND            4.910     7/6/2021      EUR      68.88
KALMAR STRUCTRD           7.500    9/30/2013      EUR       0.01
KOMMUNEKREDIT             0.500    2/23/2017      ZAR      69.50
KOMMUNEKREDIT             0.500    1/25/2017      ZAR      69.97
KOMMUNEKREDIT             0.500   12/14/2020      ZAR      49.77

FINLAND
-------
MUNI FINANCE PLC          0.500   12/21/2016      TRY      72.93
MUNI FINANCE PLC          0.500    2/16/2017      TRY      74.13
MUNI FINANCE PLC          0.500   11/16/2017      TRY      69.05
MUNI FINANCE PLC          0.500   11/21/2018      ZAR      56.67
MUNI FINANCE PLC          0.500   11/21/2018      TRY      65.31
MUNI FINANCE PLC          0.500   12/14/2018      TRY      65.09
MUNI FINANCE PLC          0.500   12/20/2018      ZAR      60.28
MUNI FINANCE PLC          1.000    6/30/2017      ZAR      69.67
MUNI FINANCE PLC          0.500    4/26/2016      ZAR      72.87
MUNI FINANCE PLC          0.500    12/6/2016      TRY      73.52
MUNI FINANCE PLC          0.500   11/17/2016      ZAR      69.41
MUNI FINANCE PLC          0.500   10/27/2016      ZAR      69.81
MUNI FINANCE PLC          0.500   10/27/2016      TRY      73.60
MUNI FINANCE PLC          0.250    6/28/2040      CAD      20.24
MUNI FINANCE PLC          0.500     2/9/2016      ZAR      74.61
MUNI FINANCE PLC          1.000    2/27/2018      AUD      74.94
MUNI FINANCE PLC          0.500   11/10/2021      NZD      63.28
MUNI FINANCE PLC          0.500    3/17/2025      CAD      50.97
MUNI FINANCE PLC          0.500   12/21/2021      NZD      63.38
MUNI FINANCE PLC          0.500    9/24/2020      CAD      68.98
MUNI FINANCE PLC          0.500   11/25/2020      ZAR      45.90
MUNI FINANCE PLC          0.500    4/27/2018      ZAR      62.86

FRANCE
------
AIR FRANCE-KLM            4.970     4/1/2015      EUR      11.62
ALCATEL-LUCENT            5.000     1/1/2015      EUR       3.08
ALTRAN TECHNOLOG          6.720     1/1/2015      EUR       5.50
ASSYSTEM                  4.000     1/1/2017      EUR      21.95
ATOS ORIGIN SA            2.500     1/1/2016      EUR      54.21
BNP PARIBAS               2.890    5/16/2036      JPY      68.80
CAISSE CENT IMMO          7.000    9/10/2015      EUR      18.34
CAISSE CENT IMMO          7.000    5/16/2014      EUR      40.53
CAISSE CENT IMMO          7.000    5/18/2015      EUR      16.09
CALYON                    6.000    6/18/2047      EUR      27.82
CAP GEMINI SOGET          3.500     1/1/2014      EUR      39.92
CGG VERITAS               1.750     1/1/2016      EUR      30.20
CLUB MEDITERRANE          5.000     6/8/2012      EUR      16.78
CLUB MEDITERRANE          6.110    11/1/2015      EUR      19.78
CMA CGM                   8.500    4/15/2017      USD      68.75
CMA CGM                   8.875    4/15/2019      EUR      65.37
CMA CGM                   8.875    4/15/2019      EUR      65.56
CMA CGM                   8.500    4/15/2017      USD      65.25
CREDIT LOCAL FRA          3.750    5/26/2020      EUR      65.04
DEXIA CRED LOCAL          4.110    9/18/2018      EUR      73.51
DEXIA CRED LOCAL          4.550     4/2/2020      EUR      70.05
DEXIA CRED LOCAL          5.037     8/4/2020      EUR      71.57
DEXIA CRED LOCAL          4.500    2/25/2020      EUR      69.98
DEXIA MUNI AGNCY          4.680     3/9/2029      CAD      72.93
DEXIA MUNI AGNCY          1.000   12/23/2024      EUR      66.20
EURAZEO                   6.250    6/10/2014      EUR      57.75
EUROPCAR GROUPE           9.375    4/15/2018      EUR      72.68
EUROPCAR GROUPE           9.375    4/15/2018      EUR      72.88
EXANE FINANCE            18.150    5/17/2012      CHF      46.65
FAURECIA                  4.500     1/1/2015      EUR      24.31
GROUPAMA SA               7.875   10/27/2039      EUR      61.52
GROUPE VIAL               2.500     1/1/2014      EUR       2.63
INGENICO                  2.750     1/1/2017      EUR      47.01
MAUREL ET PROM            7.125    7/31/2014      EUR      19.08
MAUREL ET PROM            7.125    7/31/2015      EUR      18.05
NEXANS SA                 4.000     1/1/2016      EUR      63.10
NEXANS SA                 2.500     1/1/2019      EUR      73.46
ORPEA                     3.875     1/1/2016      EUR      44.50
PAGESJAUNES FINA          8.875     6/1/2018      EUR      76.47
PEUGEOT SA                4.450     1/1/2016      EUR      25.94
PIERRE VACANCES           4.000    10/1/2015      EUR      70.25
PUBLICIS GROUPE           1.000    1/18/2018      EUR      52.41
PUBLICIS GROUPE           3.125    7/30/2014      EUR      42.50
SOC AIR FRANCE            2.750     4/1/2020      EUR      20.92
SOCIETE GENERALE          0.500     9/7/2021      AUD      45.98
SOCIETE GENERALE          0.500    12/6/2021      AUD      45.07
SOITEC                    6.250     9/9/2014      EUR       8.89
TEM                       4.250     1/1/2015      EUR      55.58
THEOLIA                   2.700     1/1/2041      EUR       9.07

GERMANY
-------
BAYERISCHE LNDBK          5.100    6/29/2012      EUR      69.96
BAYERISCHE LNDBK          6.100    6/15/2012      EUR      47.33
BAYERISCHE LNDBK          5.800    7/13/2012      EUR      68.80
BAYERISCHE LNDBK          3.200    10/1/2012      EUR      40.93
BAYERISCHE LNDBK          5.500    6/29/2012      EUR      73.93
BHF-BANK AG              13.200     6/8/2012      EUR      68.70
BNP EMIS-U.HANDE         18.250    6/21/2012      EUR      15.32
BNP EMIS-U.HANDE          8.500    3/22/2012      EUR      65.73
BNP EMIS-U.HANDE          8.500    3/22/2012      EUR      67.75
BNP EMIS-U.HANDE          9.500    3/22/2012      EUR      73.78
BNP EMIS-U.HANDE         10.250    3/22/2012      EUR      73.95
BNP EMIS-U.HANDE         10.500    3/22/2012      EUR      72.23
BNP EMIS-U.HANDE         10.750    3/22/2012      EUR      54.56
BNP EMIS-U.HANDE         10.750    3/22/2012      EUR      74.12
BNP EMIS-U.HANDE         11.250    3/22/2012      EUR      69.20
BNP EMIS-U.HANDE         13.000    3/22/2012      EUR      52.72
BNP EMIS-U.HANDE         14.250    3/22/2012      EUR      62.01
BNP EMIS-U.HANDE         15.500    3/22/2012      EUR      36.55
BNP EMIS-U.HANDE         19.000    3/22/2012      EUR       9.83
BNP EMIS-U.HANDE          5.000    4/26/2012      EUR      72.57
BNP EMIS-U.HANDE          6.000    4/26/2012      EUR      74.69
BNP EMIS-U.HANDE          6.000    4/26/2012      EUR      53.13
BNP EMIS-U.HANDE          9.000    4/26/2012      EUR      61.48
BNP EMIS-U.HANDE          5.250    5/24/2012      EUR      74.25
BNP EMIS-U.HANDE          7.000    5/24/2012      EUR      62.87
BNP EMIS-U.HANDE          7.500    6/21/2012      EUR      72.10
BNP EMIS-U.HANDE          7.750    6/21/2012      EUR      71.51
BNP EMIS-U.HANDE          8.250    6/21/2012      EUR      70.60
BNP EMIS-U.HANDE          8.500    6/21/2012      EUR      72.42
BNP EMIS-U.HANDE          9.250    6/21/2012      EUR      64.22
BNP EMIS-U.HANDE          9.250    6/21/2012      EUR      53.25
BNP EMIS-U.HANDE          9.500    6/21/2012      EUR      68.94
BNP EMIS-U.HANDE         10.000    6/21/2012      EUR      74.45
BNP EMIS-U.HANDE         10.000    6/21/2012      EUR      71.43
BNP EMIS-U.HANDE         10.250    6/21/2012      EUR      62.93
BNP EMIS-U.HANDE         10.500    6/21/2012      EUR      66.07
BNP EMIS-U.HANDE         10.500    6/21/2012      EUR      72.14
BNP EMIS-U.HANDE         11.000    6/21/2012      EUR      54.93
BNP EMIS-U.HANDE         11.500    6/21/2012      EUR      72.39
BNP EMIS-U.HANDE         11.750    6/21/2012      EUR      54.40
BNP EMIS-U.HANDE         13.500    6/21/2012      EUR      60.76
BNP EMIS-U.HANDE         13.750    6/21/2012      EUR      68.66
BNP EMIS-U.HANDE         14.250    6/21/2012      EUR      56.39
BNP EMIS-U.HANDE         15.500    6/21/2012      EUR      35.66
BNP EMIS-U.HANDE         16.000    6/21/2012      EUR      31.84
BNP EMIS-U.HANDE         19.250    6/21/2012      EUR      18.50
BNP EMIS-U.HANDE          6.000    7/26/2012      EUR      52.41
BNP EMIS-U.HANDE          6.000    7/26/2012      EUR      48.57
BNP EMIS-U.HANDE          6.000    7/26/2012      EUR      69.42
BNP EMIS-U.HANDE          7.000    7/26/2012      EUR      66.17
BNP EMIS-U.HANDE          7.000    7/26/2012      EUR      42.32
BNP EMIS-U.HANDE          7.000    7/26/2012      EUR      65.56
BNP EMIS-U.HANDE          7.000    7/26/2012      EUR      50.51
BNP EMIS-U.HANDE          8.000    7/26/2012      EUR      54.82
BNP EMIS-U.HANDE          8.000    7/26/2012      EUR      65.45
BNP EMIS-U.HANDE          9.000    7/26/2012      EUR      43.44
BNP EMIS-U.HANDE          9.000    7/26/2012      EUR      47.08
BNP EMIS-U.HANDE          9.000    7/26/2012      EUR      73.76
BNP EMIS-U.HANDE          9.000    7/26/2012      EUR      62.71
BNP EMIS-U.HANDE          9.000    7/26/2012      EUR      69.69
BNP EMIS-U.HANDE          9.000    7/26/2012      EUR      67.25
BNP EMIS-U.HANDE         10.000    7/26/2012      EUR      63.89
BNP EMIS-U.HANDE         10.000    7/26/2012      EUR      59.72
BNP EMIS-U.HANDE         10.000    7/26/2012      EUR      60.82
BNP EMIS-U.HANDE          8.500   12/28/2012      EUR      74.85
BNP EMIS-U.HANDE         10.500   12/28/2012      EUR      72.67
BNP EMIS-U.HANDE          7.750   12/31/2012      EUR      73.32
COMMERZBANK AG           10.500     7/6/2012      EUR      74.08
COMMERZBANK AG            8.500     8/3/2012      EUR      59.71
COMMERZBANK AG            9.000     8/3/2012      EUR      74.77
COMMERZBANK AG            7.700    9/28/2012      EUR      67.86
COMMERZBANK AG            9.000   10/29/2012      EUR      15.02
COMMERZBANK AG            8.000    11/5/2012      EUR      69.59
COMMERZBANK AG           11.500     7/6/2012      EUR      13.61
COMMERZBANK AG            7.000   12/27/2012      EUR      74.13
COMMERZBANK AG            8.000   12/27/2012      EUR      63.97
COMMERZBANK AG            8.400   12/30/2013      EUR      22.56
COMMERZBANK AG            5.000    3/30/2018      EUR      64.88
COMMERZBANK AG           10.800    3/30/2012      EUR      74.57
COMMERZBANK AG           12.100    4/27/2012      EUR      24.95
COMMERZBANK AG            7.250     5/7/2012      EUR      72.03
COMMERZBANK AG            7.250     5/7/2012      EUR      58.64
COMMERZBANK AG            8.000     5/7/2012      EUR      55.89
COMMERZBANK AG           11.500    6/22/2012      EUR      66.23
COMMERZBANK AG           10.000    11/5/2012      EUR      74.08
DEUTSCHE BANK AG          8.000    6/29/2012      EUR      63.90
DEUTSCHE BANK AG          8.000    6/29/2012      EUR      70.60
DEUTSCHE BANK AG          8.000    6/29/2012      EUR      72.50
DEUTSCHE BANK AG          8.000    6/29/2012      EUR      74.00
DEUTSCHE BANK AG         10.000    6/29/2012      EUR      61.50
DEUTSCHE BANK AG         10.000    6/29/2012      EUR      71.70
DEUTSCHE BANK AG         10.000    6/29/2012      EUR      69.80
DEUTSCHE BANK AG         10.000    6/29/2012      EUR      66.60
DEUTSCHE BANK AG          7.000    7/31/2012      EUR      74.90
DEUTSCHE BANK AG          8.000    7/31/2012      EUR      73.10
DEUTSCHE BANK AG          8.000    7/31/2012      EUR      72.40
DEUTSCHE BANK AG         10.000    7/31/2012      EUR      69.60
DEUTSCHE BANK AG         10.000    7/31/2012      EUR      71.10
DEUTSCHE BANK AG         10.000    3/29/2012      EUR      73.20
DEUTSCHE BANK AG          7.000    4/30/2012      EUR      69.30
DEUTSCHE BANK AG          7.000    4/30/2012      EUR      71.50
DEUTSCHE BANK AG          7.000    4/30/2012      EUR      74.80
DEUTSCHE BANK AG          8.000    4/30/2012      EUR      66.00
DEUTSCHE BANK AG          8.000    4/30/2012      EUR      68.80
DEUTSCHE BANK AG          8.000    4/30/2012      EUR      71.90
DEUTSCHE BANK AG          8.000    4/30/2012      EUR      74.90
DEUTSCHE BANK AG         10.000    4/30/2012      EUR      63.60
DEUTSCHE BANK AG         10.000    4/30/2012      EUR      68.50
DEUTSCHE BANK AG         10.000    4/30/2012      EUR      71.40
DEUTSCHE BANK AG         10.000    4/30/2012      EUR      66.20
DEUTSCHE BANK AG          7.000    5/31/2012      EUR      75.00
DEUTSCHE BANK AG          7.000    5/31/2012      EUR      67.30
DEUTSCHE BANK AG          7.000    5/31/2012      EUR      75.00
DEUTSCHE BANK AG          8.000    5/31/2012      EUR      70.50
DEUTSCHE BANK AG          8.000    5/31/2012      EUR      74.60
DEUTSCHE BANK AG          8.000    5/31/2012      EUR      64.60
DEUTSCHE BANK AG          8.000    5/31/2012      EUR      71.40
DEUTSCHE BANK AG         10.000    5/31/2012      EUR      61.90
DEUTSCHE BANK AG         10.000    5/31/2012      EUR      70.60
DEUTSCHE BANK AG         10.000    5/31/2012      EUR      72.00
DEUTSCHE BANK AG         10.000    5/31/2012      EUR      66.50
DEUTSCHE BANK AG          7.000    6/29/2012      EUR      66.40
DEUTSCHE BANK AG          7.000    6/29/2012      EUR      74.80
DEUTSCHE BANK AG          8.000   12/20/2012      EUR      60.20
DEUTSCHE BANK AG          7.500    3/29/2012      EUR      65.10
DEUTSCHE BANK AG          7.500    3/29/2012      EUR      72.10
DEUTSCHE BANK AG          8.000    3/29/2012      EUR      67.80
DEUTSCHE BANK AG          9.500    3/29/2012      EUR      63.90
DEUTSCHE BANK AG          9.500    3/29/2012      EUR      69.30
DEUTSCHE BANK AG          9.500    3/29/2012      EUR      71.30
DEUTSCHE BANK AG          9.500    3/29/2012      EUR      73.80
DEUTSCHE BANK AG         10.000    3/29/2012      EUR      66.60
DEUTSCHE BANK AG         10.000    3/29/2012      EUR      74.30
DEUTSCHE BANK AG         15.000    2/20/2013      EUR      73.10
DEUTSCHE BANK AG          6.500    3/29/2012      EUR      68.70
DEUTSCHE BANK AG          7.000    3/29/2012      EUR      71.50
DEUTSCHE BK LOND          2.100    3/23/2017      EUR      44.26
DRESDNER BANK AG          5.700    7/31/2023      EUR      75.00
DZ BANK AG                8.500    9/14/2012      EUR      71.08
DZ BANK AG                7.500    9/14/2012      EUR      70.65
DZ BANK AG                8.000    9/14/2012      EUR      64.64
DZ BANK AG                5.850    9/14/2012      EUR      74.80
DZ BANK AG                6.250    9/14/2012      EUR      69.72
DZ BANK AG               15.250    7/27/2012      EUR      69.43
DZ BANK AG               15.000    7/27/2012      EUR      59.73
DZ BANK AG               12.500    7/27/2012      EUR      72.69
DZ BANK AG                6.750    7/13/2012      EUR      73.42
DZ BANK AG                5.000    7/13/2012      EUR      72.80
DZ BANK AG                7.000    7/11/2012      EUR      74.34
DZ BANK AG               16.000    6/22/2012      EUR      16.77
DZ BANK AG               13.000    6/22/2012      EUR      49.21
DZ BANK AG               12.000    6/22/2012      EUR      62.53
DZ BANK AG               11.750    6/22/2012      EUR      57.06
DZ BANK AG               11.750    6/22/2012      EUR      62.06
DZ BANK AG               11.250    6/22/2012      EUR      53.33
DZ BANK AG               11.000    6/22/2012      EUR      49.88
DZ BANK AG               11.000    6/22/2012      EUR      61.64
DZ BANK AG               10.750    6/22/2012      EUR      59.41
DZ BANK AG               10.750    6/22/2012      EUR      64.97
DZ BANK AG               10.500    6/22/2012      EUR      45.27
DZ BANK AG               10.000    6/22/2012      EUR      68.20
DZ BANK AG                9.750    6/22/2012      EUR      69.86
DZ BANK AG                9.750    6/22/2012      EUR      70.76
DZ BANK AG                9.000    6/22/2012      EUR      41.15
DZ BANK AG                9.000    6/22/2012      EUR      67.67
DZ BANK AG                8.000    6/22/2012      EUR      49.45
DZ BANK AG                7.500    6/22/2012      EUR      74.14
DZ BANK AG                4.000    6/20/2012      EUR      67.86
DZ BANK AG                8.000    6/11/2012      EUR      69.39
DZ BANK AG               11.250     6/8/2012      EUR      63.62
DZ BANK AG               10.500     6/8/2012      EUR      59.01
DZ BANK AG                9.750     6/8/2012      EUR      74.70
DZ BANK AG                9.250     6/8/2012      EUR      64.89
DZ BANK AG                7.000    7/13/2012      EUR      71.68
DZ BANK AG                8.000     6/8/2012      EUR      73.08
DZ BANK AG                7.500     6/8/2012      EUR      68.80
DZ BANK AG                9.000     6/8/2012      EUR      70.39
DZ BANK AG               11.250    7/27/2012      EUR      74.61
DZ BANK AG               10.750    7/27/2012      EUR      66.88
DZ BANK AG               10.500    7/27/2012      EUR      74.03
DZ BANK AG                9.800    7/27/2012      EUR      71.22
DZ BANK AG                8.000    7/27/2012      EUR      71.79
DZ BANK AG               12.500    7/13/2012      EUR      71.38
DZ BANK AG                8.500    7/13/2012      EUR      63.49
DZ BANK AG                8.500    7/13/2012      EUR      67.51
DZ BANK AG                8.250    7/13/2012      EUR      74.75
DZ BANK AG                7.500    7/13/2012      EUR      61.15
DZ BANK AG                7.250    7/13/2012      EUR      70.43
DZ BANK AG                5.700    10/5/2012      EUR      67.41
DZ BANK AG                8.300    10/5/2012      EUR      63.70
DZ BANK AG                7.000   10/12/2012      EUR      62.64
DZ BANK AG                7.000   10/12/2012      EUR      73.79
DZ BANK AG                8.000   10/12/2012      EUR      65.17
DZ BANK AG                3.850   12/21/2012      EUR      25.00
DZ BANK AG                5.000    3/22/2013      EUR      17.00
DZ BANK AG                5.000    3/22/2013      EUR      15.50
DZ BANK AG                5.410    3/22/2013      EUR      14.50
DZ BANK AG                5.000    6/24/2013      EUR      18.25
DZ BANK AG                5.270    6/24/2013      EUR      35.00
DZ BANK AG                5.760   12/23/2013      EUR      67.30
DZ BANK AG                3.400    3/25/2015      EUR      64.16
DZ BANK AG                5.500    3/25/2015      EUR      20.50
DZ BANK AG                0.526   12/27/2016      EUR      21.30
DZ BANK AG                5.000    6/22/2018      EUR      48.14
DZ BANK AG                6.750     6/8/2012      EUR      69.79
DZ BANK AG                6.000     6/8/2012      EUR      72.94
DZ BANK AG                8.000     6/7/2012      EUR      74.50
DZ BANK AG                9.250    5/11/2012      EUR      66.97
DZ BANK AG               16.500    4/27/2012      EUR       2.31
DZ BANK AG               15.500    4/27/2012      EUR      72.61
DZ BANK AG               11.250    4/27/2012      EUR      63.97
DZ BANK AG                9.000    4/27/2012      EUR      46.58
DZ BANK AG               21.500    3/23/2012      EUR      11.14
DZ BANK AG               14.500    3/23/2012      EUR      61.66
DZ BANK AG                9.000    3/23/2012      EUR      62.48
DZ BANK AG                8.750    3/23/2012      EUR      49.99
DZ BANK AG               12.000    7/27/2012      EUR      71.52
DZ BANK AG               11.500    7/27/2012      EUR      64.34
DZ BANK AG               10.500    9/14/2012      EUR      65.26
DZ BANK AG                4.500    10/5/2012      EUR      69.57
EUROHYPO AG               3.830    9/21/2020      EUR      73.63
HECKLER & KOCH            9.500    5/15/2018      EUR      64.80
HECKLER & KOCH            9.500    5/15/2018      EUR      65.13
HEIDELBERG DRUCK          9.250    4/15/2018      EUR      73.63
HEIDELBERG DRUCK          9.250    4/15/2018      EUR      73.66
L-BANK FOERDERBK          0.500    5/10/2027      CAD      47.72
LB BADEN-WUERTT           6.000    6/22/2012      EUR      57.69
LB BADEN-WUERTT           5.000    6/22/2012      EUR      74.53
LB BADEN-WUERTT           5.000    6/22/2012      EUR      70.18
LB BADEN-WUERTT           5.000    6/22/2012      EUR      38.73
LB BADEN-WUERTT           5.000    6/22/2012      EUR      15.43
LB BADEN-WUERTT           4.000    6/22/2012      EUR      69.37
LB BADEN-WUERTT           4.000    6/22/2012      EUR      64.36
LB BADEN-WUERTT           8.350    5/25/2012      EUR      56.41
LB BADEN-WUERTT           8.000    5/25/2012      EUR      67.51
LB BADEN-WUERTT           8.000    5/25/2012      EUR      48.05
LB BADEN-WUERTT           8.000    5/25/2012      EUR      70.55
LB BADEN-WUERTT           8.000    5/25/2012      EUR      60.42
LB BADEN-WUERTT           6.000    5/25/2012      EUR      66.00
LB BADEN-WUERTT           6.000    5/25/2012      EUR      52.62
LB BADEN-WUERTT           6.000    5/25/2012      EUR      74.23
LB BADEN-WUERTT           4.000    5/25/2012      EUR      64.32
LB BADEN-WUERTT           4.000    5/25/2012      EUR      74.40
LB BADEN-WUERTT           8.000    4/27/2012      EUR      13.33
LB BADEN-WUERTT           8.000    4/27/2012      EUR      34.45
LB BADEN-WUERTT           8.000    4/27/2012      EUR      46.56
LB BADEN-WUERTT           8.000    4/27/2012      EUR      67.47
LB BADEN-WUERTT           8.000    4/27/2012      EUR      72.64
LB BADEN-WUERTT           8.000    4/27/2012      EUR      73.98
LB BADEN-WUERTT           8.000    4/27/2012      EUR      71.44
LB BADEN-WUERTT           8.000    4/27/2012      EUR      71.16
LB BADEN-WUERTT           8.000    4/27/2012      EUR      70.34
LB BADEN-WUERTT           8.000    4/27/2012      EUR      57.22
LB BADEN-WUERTT           8.000    4/27/2012      EUR      59.60
LB BADEN-WUERTT           8.000    4/27/2012      EUR      44.10
LB BADEN-WUERTT           8.000    4/27/2012      EUR      14.67
LB BADEN-WUERTT           8.000    4/27/2012      EUR      59.58
LB BADEN-WUERTT           6.000    4/27/2012      EUR      50.06
LB BADEN-WUERTT           6.000    4/27/2012      EUR      16.97
LB BADEN-WUERTT           6.000    4/27/2012      EUR      62.74
LB BADEN-WUERTT           6.000    4/27/2012      EUR      37.25
LB BADEN-WUERTT           6.000    4/27/2012      EUR      14.46
LB BADEN-WUERTT           6.000    4/27/2012      EUR      65.11
LB BADEN-WUERTT           6.000    4/27/2012      EUR      49.72
LB BADEN-WUERTT           6.000    4/27/2012      EUR      64.63
LB BADEN-WUERTT           6.000    4/27/2012      EUR      71.79
LB BADEN-WUERTT           4.000    4/27/2012      EUR      15.90
LB BADEN-WUERTT           4.000    4/27/2012      EUR      16.76
LB BADEN-WUERTT           4.000    4/27/2012      EUR      40.63
LB BADEN-WUERTT           4.000    4/27/2012      EUR      71.62
LB BADEN-WUERTT           4.000    4/27/2012      EUR      74.45
LB BADEN-WUERTT           4.000    4/27/2012      EUR      53.96
LB BADEN-WUERTT           4.000    4/27/2012      EUR      71.71
LB BADEN-WUERTT           4.000    4/27/2012      EUR      60.98
LB BADEN-WUERTT           8.000    3/23/2012      EUR      45.86
LB BADEN-WUERTT           8.000    3/23/2012      EUR      73.79
LB BADEN-WUERTT           8.000    3/23/2012      EUR      74.45
LB BADEN-WUERTT           8.000    3/23/2012      EUR      44.61
LB BADEN-WUERTT          10.000    7/27/2012      EUR      22.98
LB BADEN-WUERTT          10.000    7/27/2012      EUR      59.25
LB BADEN-WUERTT          10.000    7/27/2012      EUR      71.62
LB BADEN-WUERTT          10.000    7/27/2012      EUR      50.40
LB BADEN-WUERTT           4.000    8/24/2012      EUR      57.39
LB BADEN-WUERTT           5.000    8/24/2012      EUR      57.82
LB BADEN-WUERTT           5.000    8/24/2012      EUR      47.91
LB BADEN-WUERTT           6.000    8/24/2012      EUR      49.87
LB BADEN-WUERTT           6.000    8/24/2012      EUR      73.53
LB BADEN-WUERTT           7.500    8/24/2012      EUR      74.64
LB BADEN-WUERTT           7.500    8/24/2012      EUR      43.17
LB BADEN-WUERTT           8.000    3/23/2012      EUR      68.66
LB BADEN-WUERTT           8.000    3/23/2012      EUR      71.57
LB BADEN-WUERTT           8.000    3/23/2012      EUR      10.91
LB BADEN-WUERTT           8.000    3/23/2012      EUR      63.01
LB BADEN-WUERTT           8.000    3/23/2012      EUR      70.95
LB BADEN-WUERTT           8.000    3/23/2012      EUR      58.73
LB BADEN-WUERTT           7.500    8/24/2012      EUR      52.75
LB BADEN-WUERTT           8.000    8/24/2012      EUR      73.48
LB BADEN-WUERTT           8.000    8/24/2012      EUR      68.43
LB BADEN-WUERTT           8.000    3/23/2012      EUR      50.15
LB BADEN-WUERTT           8.000    3/23/2012      EUR      42.29
LB BADEN-WUERTT           6.000    3/23/2012      EUR      51.23
LB BADEN-WUERTT           6.000    3/23/2012      EUR      67.70
LB BADEN-WUERTT           6.000    3/23/2012      EUR      64.79
LB BADEN-WUERTT           6.000    3/23/2012      EUR      54.39
LB BADEN-WUERTT           6.000    3/23/2012      EUR      11.71
LB BADEN-WUERTT           6.000    3/23/2012      EUR      73.02
LB BADEN-WUERTT           6.000    3/23/2012      EUR      51.20
LB BADEN-WUERTT           6.000    3/23/2012      EUR      45.44
LB BADEN-WUERTT           4.000    3/23/2012      EUR      63.42
LB BADEN-WUERTT           4.000    3/23/2012      EUR      59.55
LB BADEN-WUERTT           4.000    3/23/2012      EUR      60.28
LB BADEN-WUERTT           4.000    3/23/2012      EUR      11.67
LB BADEN-WUERTT           4.000    3/23/2012      EUR      75.00
LB BADEN-WUERTT           4.000    3/23/2012      EUR      51.21
LB BADEN-WUERTT           8.000    8/24/2012      EUR      45.85
LB BADEN-WUERTT           8.000    8/24/2012      EUR      73.99
LB BADEN-WUERTT           8.000    8/24/2012      EUR      73.69
LB BADEN-WUERTT           8.000    8/24/2012      EUR      69.44
LB BADEN-WUERTT           8.000    8/24/2012      EUR      74.30
LB BADEN-WUERTT           8.000    8/24/2012      EUR      71.52
LB BADEN-WUERTT          10.000    8/24/2012      EUR      72.89
LB BADEN-WUERTT          10.000    8/24/2012      EUR      73.65
LB BADEN-WUERTT          10.000    8/24/2012      EUR      40.72
LB BADEN-WUERTT          10.000    8/24/2012      EUR      69.98
LB BADEN-WUERTT          10.000    8/24/2012      EUR      49.56
LB BADEN-WUERTT          10.000    8/24/2012      EUR      74.92
LB BADEN-WUERTT          10.000    8/24/2012      EUR      72.84
LB BADEN-WUERTT           4.000    9/28/2012      EUR      62.67
LB BADEN-WUERTT           4.000    9/28/2012      EUR      52.03
LB BADEN-WUERTT           6.000    9/28/2012      EUR      55.19
LB BADEN-WUERTT           6.000    9/28/2012      EUR      44.18
LB BADEN-WUERTT           8.000    9/28/2012      EUR      51.39
LB BADEN-WUERTT           8.000    9/28/2012      EUR      69.20
LB BADEN-WUERTT           8.000    9/28/2012      EUR      39.87
LB BADEN-WUERTT           8.000    9/28/2012      EUR      72.68
LB BADEN-WUERTT           5.000   10/26/2012      EUR      38.10
LB BADEN-WUERTT           5.000   10/26/2012      EUR      12.72
LB BADEN-WUERTT           7.500   10/26/2012      EUR      34.73
LB BADEN-WUERTT           7.500   10/26/2012      EUR      13.12
LB BADEN-WUERTT           7.500   10/26/2012      EUR      70.51
LB BADEN-WUERTT           7.500   10/26/2012      EUR      72.81
LB BADEN-WUERTT          10.000   10/26/2012      EUR      71.82
LB BADEN-WUERTT          10.000   10/26/2012      EUR      68.20
LB BADEN-WUERTT          10.000   10/26/2012      EUR      64.85
LB BADEN-WUERTT          10.000   10/26/2012      EUR      13.36
LB BADEN-WUERTT          10.000   10/26/2012      EUR      33.12
LB BADEN-WUERTT          10.000   10/26/2012      EUR      73.92
LB BADEN-WUERTT           5.000   11/23/2012      EUR      70.92
LB BADEN-WUERTT           5.000   11/23/2012      EUR      38.56
LB BADEN-WUERTT           7.500   11/23/2012      EUR      63.74
LB BADEN-WUERTT           7.500   11/23/2012      EUR      35.73
LB BADEN-WUERTT          10.000   11/23/2012      EUR      59.58
LB BADEN-WUERTT          10.000   11/23/2012      EUR      34.21
LB BADEN-WUERTT          10.000   11/23/2012      EUR      71.05
LB BADEN-WUERTT          10.000   11/23/2012      EUR      73.62
LB BADEN-WUERTT          10.000   11/23/2012      EUR      75.00
LB BADEN-WUERTT           3.750   12/20/2012      EUR      17.00
LB BADEN-WUERTT           5.000     1/4/2013      EUR      59.93
LB BADEN-WUERTT           5.000     1/4/2013      EUR      72.67
LB BADEN-WUERTT           5.000     1/4/2013      EUR      39.22
LB BADEN-WUERTT           7.500     1/4/2013      EUR      74.64
LB BADEN-WUERTT           7.500     1/4/2013      EUR      36.26
LB BADEN-WUERTT           7.500     1/4/2013      EUR      53.57
LB BADEN-WUERTT           7.500     1/4/2013      EUR      73.10
LB BADEN-WUERTT          10.000     1/4/2013      EUR      67.70
LB BADEN-WUERTT          10.000     1/4/2013      EUR      74.77
LB BADEN-WUERTT          10.000     1/4/2013      EUR      35.40
LB BADEN-WUERTT          10.000     1/4/2013      EUR      51.24
LB BADEN-WUERTT           5.000    1/25/2013      EUR      50.36
LB BADEN-WUERTT           7.500    1/25/2013      EUR      46.67
LB BADEN-WUERTT          10.000    1/25/2013      EUR      72.95
LB BADEN-WUERTT          10.000    1/25/2013      EUR      44.65
LB BADEN-WUERTT           4.000    9/20/2014      EUR      17.34
LB BADEN-WUERTT           4.500   12/20/2014      EUR      17.00
LB BADEN-WUERTT           5.250   10/20/2015      EUR      26.36
LB BADEN-WUERTT           2.800    2/23/2037      JPY      49.32
LB BADEN-WUERTT          10.000    7/27/2012      EUR      69.32
LB BADEN-WUERTT          10.000    7/27/2012      EUR      74.58
LB BADEN-WUERTT          10.000    7/27/2012      EUR      67.90
LB BADEN-WUERTT          10.000    7/27/2012      EUR      48.63
LB BADEN-WUERTT          10.000    7/27/2012      EUR      67.10
LB BADEN-WUERTT          10.000    7/27/2012      EUR      67.21
LB BADEN-WUERTT          10.000    7/27/2012      EUR      35.17
LB BADEN-WUERTT          10.000    7/27/2012      EUR      73.20
LB BADEN-WUERTT           8.000    7/27/2012      EUR      61.12
LB BADEN-WUERTT           8.000    7/27/2012      EUR      54.14
LB BADEN-WUERTT           8.000    7/27/2012      EUR      70.09
LB BADEN-WUERTT           7.500    7/27/2012      EUR      54.16
LB BADEN-WUERTT           7.500    7/27/2012      EUR      71.46
LB BADEN-WUERTT           7.500    7/27/2012      EUR      36.88
LB BADEN-WUERTT           7.500    7/27/2012      EUR      22.10
LB BADEN-WUERTT           7.500    7/27/2012      EUR      71.76
LB BADEN-WUERTT           7.500    7/27/2012      EUR      51.89
LB BADEN-WUERTT           7.500    7/27/2012      EUR      74.96
LB BADEN-WUERTT           7.500    7/27/2012      EUR      63.06
LB BADEN-WUERTT           7.500    7/27/2012      EUR      72.63
LB BADEN-WUERTT           6.000    7/27/2012      EUR      74.80
LB BADEN-WUERTT           6.000    7/27/2012      EUR      67.20
LB BADEN-WUERTT           6.000    7/27/2012      EUR      59.29
LB BADEN-WUERTT           6.000    7/27/2012      EUR      41.88
LB BADEN-WUERTT           5.000    7/27/2012      EUR      58.78
LB BADEN-WUERTT           5.000    7/27/2012      EUR      21.23
LB BADEN-WUERTT           5.000    7/27/2012      EUR      66.40
LB BADEN-WUERTT           5.000    7/27/2012      EUR      39.60
LB BADEN-WUERTT           5.000    7/27/2012      EUR      68.12
LB BADEN-WUERTT           5.000    7/27/2012      EUR      57.31
LB BADEN-WUERTT           4.000    7/27/2012      EUR      69.12
LB BADEN-WUERTT           4.000    7/27/2012      EUR      74.71
LB BADEN-WUERTT          10.000    6/22/2012      EUR      59.97
LB BADEN-WUERTT          10.000    6/22/2012      EUR      71.43
LB BADEN-WUERTT          10.000    6/22/2012      EUR      33.00
LB BADEN-WUERTT          10.000    6/22/2012      EUR      65.82
LB BADEN-WUERTT          10.000    6/22/2012      EUR      64.83
LB BADEN-WUERTT          10.000    6/22/2012      EUR      72.54
LB BADEN-WUERTT          10.000    6/22/2012      EUR      72.70
LB BADEN-WUERTT          10.000    6/22/2012      EUR      73.10
LB BADEN-WUERTT          10.000    6/22/2012      EUR      72.79
LB BADEN-WUERTT          10.000    6/22/2012      EUR      66.39
LB BADEN-WUERTT          10.000    6/22/2012      EUR      73.63
LB BADEN-WUERTT          10.000    6/22/2012      EUR      13.07
LB BADEN-WUERTT           8.000    6/22/2012      EUR      61.70
LB BADEN-WUERTT           8.000    6/22/2012      EUR      73.66
LB BADEN-WUERTT           8.000    6/22/2012      EUR      51.47
LB BADEN-WUERTT           8.000    6/22/2012      EUR      73.16
LB BADEN-WUERTT           8.000    6/22/2012      EUR      51.53
LB BADEN-WUERTT           8.000    6/22/2012      EUR      64.24
LB BADEN-WUERTT           8.000    6/22/2012      EUR      73.56
LB BADEN-WUERTT           7.500    6/22/2012      EUR      70.63
LB BADEN-WUERTT           7.500    6/22/2012      EUR      35.08
LB BADEN-WUERTT           7.500    6/22/2012      EUR      68.66
LB BADEN-WUERTT           7.500    6/22/2012      EUR      64.09
LB BADEN-WUERTT           7.500    6/22/2012      EUR      14.27
LB BADEN-WUERTT           7.500    6/22/2012      EUR      72.10
LB BADEN-WUERTT           6.000    6/22/2012      EUR      67.54
LB BADEN-WUERTT           6.000    6/22/2012      EUR      71.52
LB BADEN-WUERTT           6.000    6/22/2012      EUR      57.21
MACQUARIE STRUCT          9.750    3/23/2012      EUR      55.21
MACQUARIE STRUCT         10.500    3/23/2012      EUR      49.61
MACQUARIE STRUCT         10.750    3/23/2012      EUR      74.73
MACQUARIE STRUCT         11.000    3/23/2012      EUR      65.74
MACQUARIE STRUCT         11.250    3/23/2012      EUR      74.03
MACQUARIE STRUCT         12.000    3/23/2012      EUR      67.21
MACQUARIE STRUCT          7.250    3/23/2012      EUR      71.32
MACQUARIE STRUCT          8.750    3/23/2012      EUR      69.23
MACQUARIE STRUCT         11.500    9/28/2012      EUR      64.99
MACQUARIE STRUCT         14.750    3/23/2012      EUR      45.38
MACQUARIE STRUCT         14.250    3/23/2012      EUR      63.03
MACQUARIE STRUCT         13.500    3/23/2012      EUR      72.80
MACQUARIE STRUCT         13.250    3/23/2012      EUR      37.64
MACQUARIE STRUCT         13.250    3/23/2012      EUR      52.07
MACQUARIE STRUCT          9.750    9/28/2012      EUR      66.14
MACQUARIE STRUCT          9.250    9/28/2012      EUR      73.84
MACQUARIE STRUCT          9.000    9/28/2012      EUR      70.12
MACQUARIE STRUCT         23.250    6/22/2012      EUR       8.51
MACQUARIE STRUCT         17.000    6/22/2012      EUR      55.71
MACQUARIE STRUCT         16.000    6/22/2012      EUR      28.30
MACQUARIE STRUCT         15.750    6/22/2012      EUR      26.31
MACQUARIE STRUCT         15.750    6/22/2012      EUR      72.12
MACQUARIE STRUCT         13.500    6/22/2012      EUR      37.31
MACQUARIE STRUCT         12.500    6/22/2012      EUR      57.07
MACQUARIE STRUCT         12.500    6/22/2012      EUR      47.63
MACQUARIE STRUCT         11.750    6/22/2012      EUR      72.60
MACQUARIE STRUCT         11.500    6/22/2012      EUR      67.07
MACQUARIE STRUCT         11.500    6/22/2012      EUR      74.10
MACQUARIE STRUCT         11.500    6/22/2012      EUR      44.84
MACQUARIE STRUCT         10.750    6/22/2012      EUR      41.22
MACQUARIE STRUCT         10.250    6/22/2012      EUR      62.88
MACQUARIE STRUCT         10.000    6/22/2012      EUR      60.51
MACQUARIE STRUCT          9.750    6/22/2012      EUR      70.60
MACQUARIE STRUCT          9.250    6/22/2012      EUR      45.08
MACQUARIE STRUCT          9.250    6/22/2012      EUR      72.11
MACQUARIE STRUCT          9.000    6/22/2012      EUR      73.40
MACQUARIE STRUCT         13.250    4/27/2012      EUR      62.92
MACQUARIE STRUCT         10.500    4/27/2012      EUR      62.31
MACQUARIE STRUCT         26.000    3/23/2012      EUR      70.90
MACQUARIE STRUCT         23.750    3/23/2012      EUR       9.10
MACQUARIE STRUCT         15.000    3/23/2012      EUR      34.66
NORDDEUTSCHE L/B          7.000     6/8/2012      EUR      70.01
PRAKTIKER BAU-UN          5.875    2/10/2016      EUR      36.00
Q-CELLS                   6.750   10/21/2015      EUR       0.84
QIMONDA FINANCE           6.750    3/22/2013      USD       7.00
RENTENBANK                0.500    3/15/2017      TRY      74.73
SOLARWORLD AG             6.125    1/21/2017      EUR      42.97
SOLARWORLD AG             6.375    7/13/2016      EUR      46.83
SOLON AG SOLAR            1.375    12/6/2012      EUR       3.56
TAG IMMO AG               6.500   12/10/2015      EUR       7.43
TUI AG                    5.500   11/17/2014      EUR      67.86
TUI AG                    2.750    3/24/2016      EUR      50.19
UNICREDIT BANK A          7.000    6/21/2012      EUR      54.24
VONTOBEL FIN PRO          7.839    3/23/2012      EUR      70.14
VONTOBEL FIN PRO         11.564    3/16/2012      EUR      50.70
VONTOBEL FIN PRO          6.613    3/23/2012      EUR      63.10
VONTOBEL FIN PRO          6.702    3/23/2012      EUR      74.60
VONTOBEL FIN PRO          7.226    3/23/2012      EUR      63.94
VONTOBEL FIN PRO          7.340    3/23/2012      EUR      62.16
VONTOBEL FIN PRO          7.638    3/23/2012      EUR      69.24
VONTOBEL FIN PRO          7.708    3/23/2012      EUR      73.40
VONTOBEL FIN PRO          7.733    3/23/2012      EUR      58.48
VONTOBEL FIN PRO          9.891    3/23/2012      EUR      69.18
VONTOBEL FIN PRO          7.897    3/23/2012      EUR      64.86
VONTOBEL FIN PRO          7.928    3/23/2012      EUR      70.26
VONTOBEL FIN PRO          8.051    3/23/2012      EUR      57.38
VONTOBEL FIN PRO          8.061    3/23/2012      EUR      69.38
VONTOBEL FIN PRO          8.186    3/23/2012      EUR      44.04
VONTOBEL FIN PRO          8.321    3/23/2012      EUR      74.82
VONTOBEL FIN PRO          8.333    3/23/2012      EUR      48.44
VONTOBEL FIN PRO          8.463    3/23/2012      EUR      69.56
VONTOBEL FIN PRO          8.476    3/23/2012      EUR      59.68
VONTOBEL FIN PRO          8.584    3/23/2012      EUR      57.86
VONTOBEL FIN PRO          8.584    3/23/2012      EUR      50.16
VONTOBEL FIN PRO          8.626    3/23/2012      EUR      54.16
VONTOBEL FIN PRO          8.662    3/23/2012      EUR      70.28
VONTOBEL FIN PRO          8.758    3/23/2012      EUR      60.52
VONTOBEL FIN PRO          8.759    3/23/2012      EUR      67.48
VONTOBEL FIN PRO          8.835    3/23/2012      EUR      70.14
VONTOBEL FIN PRO          8.842    3/23/2012      EUR      68.80
VONTOBEL FIN PRO          8.901    3/23/2012      EUR      67.82
VONTOBEL FIN PRO          8.929    3/23/2012      EUR      65.56
VONTOBEL FIN PRO          8.934    3/23/2012      EUR      51.90
VONTOBEL FIN PRO          9.000    3/23/2012      EUR      55.56
VONTOBEL FIN PRO          9.064    3/23/2012      EUR      54.32
VONTOBEL FIN PRO          9.108    3/23/2012      EUR      74.40
VONTOBEL FIN PRO          9.165    3/23/2012      EUR      72.72
VONTOBEL FIN PRO          9.168    3/23/2012      EUR      75.00
VONTOBEL FIN PRO          9.175    3/23/2012      EUR      69.90
VONTOBEL FIN PRO          9.177    3/23/2012      EUR      74.60
VONTOBEL FIN PRO          9.193    3/23/2012      EUR      71.62
VONTOBEL FIN PRO          9.312    3/23/2012      EUR      74.84
VONTOBEL FIN PRO          9.335    3/23/2012      EUR      65.54
VONTOBEL FIN PRO          9.372    3/23/2012      EUR      65.56
VONTOBEL FIN PRO          9.460    3/23/2012      EUR      57.90
VONTOBEL FIN PRO          9.506    3/23/2012      EUR      71.96
VONTOBEL FIN PRO          9.546    3/23/2012      EUR      70.18
VONTOBEL FIN PRO          9.587    3/23/2012      EUR      65.90
VONTOBEL FIN PRO          9.595    3/23/2012      EUR      65.14
VONTOBEL FIN PRO          9.624    3/23/2012      EUR      71.98
VONTOBEL FIN PRO          9.661    3/23/2012      EUR      74.76
VONTOBEL FIN PRO          9.666    3/23/2012      EUR      67.52
VONTOBEL FIN PRO          9.728    3/23/2012      EUR      67.20
VONTOBEL FIN PRO          9.743    3/23/2012      EUR      54.26
VONTOBEL FIN PRO          9.744    3/23/2012      EUR      69.58
VONTOBEL FIN PRO          9.810    3/23/2012      EUR      71.00
VONTOBEL FIN PRO          9.908    3/23/2012      EUR      63.46
VONTOBEL FIN PRO         10.005    3/23/2012      EUR      69.14
VONTOBEL FIN PRO         10.029    3/23/2012      EUR      71.10
VONTOBEL FIN PRO         10.034    3/23/2012      EUR      73.24
VONTOBEL FIN PRO         10.117    3/23/2012      EUR      62.36
VONTOBEL FIN PRO         10.212    3/23/2012      EUR      46.30
VONTOBEL FIN PRO         10.219    3/23/2012      EUR      44.80
VONTOBEL FIN PRO         10.279    3/23/2012      EUR      73.42
VONTOBEL FIN PRO         10.324    3/23/2012      EUR      59.78
VONTOBEL FIN PRO         10.436    3/23/2012      EUR      66.04
VONTOBEL FIN PRO         10.442    3/23/2012      EUR      64.88
VONTOBEL FIN PRO         10.470    3/23/2012      EUR      62.26
VONTOBEL FIN PRO         10.475    3/23/2012      EUR      60.92
VONTOBEL FIN PRO         10.485    3/23/2012      EUR      67.98
VONTOBEL FIN PRO         10.515    3/23/2012      EUR      63.34
VONTOBEL FIN PRO         10.556    3/23/2012      EUR      65.58
VONTOBEL FIN PRO         10.574    3/23/2012      EUR      72.74
VONTOBEL FIN PRO         10.582    3/23/2012      EUR      69.14
VONTOBEL FIN PRO         10.641    3/23/2012      EUR      51.46
VONTOBEL FIN PRO         10.686    3/23/2012      EUR      63.20
VONTOBEL FIN PRO         10.686    3/23/2012      EUR      46.32
VONTOBEL FIN PRO         10.693    3/23/2012      EUR      65.56
VONTOBEL FIN PRO         10.733    3/23/2012      EUR      71.98
VONTOBEL FIN PRO         10.753    3/23/2012      EUR      68.02
VONTOBEL FIN PRO         10.781    3/23/2012      EUR      57.40
VONTOBEL FIN PRO         10.787    3/23/2012      EUR      71.08
VONTOBEL FIN PRO         10.800    3/23/2012      EUR      44.08
VONTOBEL FIN PRO         10.812    3/23/2012      EUR      63.50
VONTOBEL FIN PRO         10.812    3/23/2012      EUR      70.62
VONTOBEL FIN PRO         10.861    3/23/2012      EUR      53.44
VONTOBEL FIN PRO         10.879    3/23/2012      EUR      67.34
VONTOBEL FIN PRO         10.985    3/23/2012      EUR      56.64
VONTOBEL FIN PRO         11.038    3/23/2012      EUR      53.36
VONTOBEL FIN PRO         11.071    3/23/2012      EUR      62.30
VONTOBEL FIN PRO         11.080    3/23/2012      EUR      47.94
VONTOBEL FIN PRO         11.084    3/23/2012      EUR      63.70
VONTOBEL FIN PRO         11.099    3/23/2012      EUR      67.78
VONTOBEL FIN PRO         11.115    3/23/2012      EUR      74.78
VONTOBEL FIN PRO         11.115    3/23/2012      EUR      70.66
VONTOBEL FIN PRO         11.238    3/23/2012      EUR      33.44
VONTOBEL FIN PRO         11.244    3/23/2012      EUR      60.76
VONTOBEL FIN PRO         11.256    3/23/2012      EUR      66.86
VONTOBEL FIN PRO         11.298    3/23/2012      EUR      70.64
VONTOBEL FIN PRO         11.310    3/23/2012      EUR      71.02
VONTOBEL FIN PRO         11.368    3/23/2012      EUR      68.00
VONTOBEL FIN PRO         11.387    3/23/2012      EUR      70.16
VONTOBEL FIN PRO         11.434    3/23/2012      EUR      67.76
VONTOBEL FIN PRO         11.437    3/23/2012      EUR      50.34
VONTOBEL FIN PRO         11.455    3/23/2012      EUR      50.34
VONTOBEL FIN PRO         11.464    3/23/2012      EUR      43.42
VONTOBEL FIN PRO         11.489    3/23/2012      EUR      72.72
VONTOBEL FIN PRO         11.508    3/23/2012      EUR      74.62
VONTOBEL FIN PRO         11.594    3/23/2012      EUR      61.46
VONTOBEL FIN PRO         11.599    3/23/2012      EUR      67.50
VONTOBEL FIN PRO         11.639    3/23/2012      EUR      64.96
VONTOBEL FIN PRO         11.674    3/23/2012      EUR      50.84
VONTOBEL FIN PRO         11.732    3/23/2012      EUR      72.72
VONTOBEL FIN PRO         11.750    3/23/2012      EUR      66.16
VONTOBEL FIN PRO         11.774    3/23/2012      EUR      60.02
VONTOBEL FIN PRO         11.777    3/23/2012      EUR      51.48
VONTOBEL FIN PRO         11.825    3/23/2012      EUR      74.20
VONTOBEL FIN PRO         11.846    3/23/2012      EUR      61.54
VONTOBEL FIN PRO         11.863    3/23/2012      EUR      33.48
VONTOBEL FIN PRO         11.865    3/23/2012      EUR      61.20
VONTOBEL FIN PRO         11.869    3/23/2012      EUR      52.86
VONTOBEL FIN PRO         11.904    3/23/2012      EUR      49.86
VONTOBEL FIN PRO         11.910    3/23/2012      EUR      72.80
VONTOBEL FIN PRO         11.986    3/23/2012      EUR      59.32
VONTOBEL FIN PRO         12.045    3/23/2012      EUR      47.92
VONTOBEL FIN PRO         12.045    3/23/2012      EUR      70.22
VONTOBEL FIN PRO         12.045    3/23/2012      EUR      66.52
VONTOBEL FIN PRO         12.083    3/23/2012      EUR      62.20
VONTOBEL FIN PRO         12.134    3/23/2012      EUR      72.78
VONTOBEL FIN PRO         12.135    3/23/2012      EUR      56.48
VONTOBEL FIN PRO         12.146    3/23/2012      EUR      50.74
VONTOBEL FIN PRO         12.168    3/23/2012      EUR      69.60
VONTOBEL FIN PRO         12.197    3/23/2012      EUR      53.86
VONTOBEL FIN PRO         12.332    3/23/2012      EUR      44.08
VONTOBEL FIN PRO         12.335    3/23/2012      EUR      56.48
VONTOBEL FIN PRO         12.589    3/23/2012      EUR      60.56
VONTOBEL FIN PRO         12.605    3/23/2012      EUR      70.94
VONTOBEL FIN PRO         12.632    3/23/2012      EUR      64.48
VONTOBEL FIN PRO         12.680    3/23/2012      EUR      60.82
VONTOBEL FIN PRO         12.701    3/23/2012      EUR      56.16
VONTOBEL FIN PRO         12.745    3/23/2012      EUR      72.40
VONTOBEL FIN PRO         12.761    3/23/2012      EUR      42.12
VONTOBEL FIN PRO         12.765    3/23/2012      EUR      72.82
VONTOBEL FIN PRO         12.779    3/23/2012      EUR      72.00
VONTOBEL FIN PRO         12.782    3/23/2012      EUR      40.88
VONTOBEL FIN PRO         12.812    3/23/2012      EUR      70.32
VONTOBEL FIN PRO         12.818    3/23/2012      EUR      48.94
VONTOBEL FIN PRO         12.824    3/23/2012      EUR      70.64
VONTOBEL FIN PRO         12.947    3/23/2012      EUR      52.86
VONTOBEL FIN PRO         12.964    3/23/2012      EUR      43.04
VONTOBEL FIN PRO         12.973    3/23/2012      EUR      63.42
VONTOBEL FIN PRO         13.007    3/23/2012      EUR      51.92
VONTOBEL FIN PRO         13.124    3/23/2012      EUR      62.52
VONTOBEL FIN PRO         13.188    3/23/2012      EUR      64.58
VONTOBEL FIN PRO         13.275    3/23/2012      EUR      47.34
VONTOBEL FIN PRO         13.314    3/23/2012      EUR      46.24
VONTOBEL FIN PRO         13.314    3/23/2012      EUR      49.64
VONTOBEL FIN PRO         13.358    3/23/2012      EUR      44.54
VONTOBEL FIN PRO         13.366    3/23/2012      EUR      46.18
VONTOBEL FIN PRO         13.426    3/23/2012      EUR      59.60
VONTOBEL FIN PRO         13.426    3/23/2012      EUR      67.96
VONTOBEL FIN PRO         13.457    3/23/2012      EUR      52.86
VONTOBEL FIN PRO         13.534    3/23/2012      EUR      44.56
VONTOBEL FIN PRO         13.612    3/23/2012      EUR      70.20
VONTOBEL FIN PRO         13.620    3/23/2012      EUR      69.18
VONTOBEL FIN PRO         13.648    3/23/2012      EUR      63.56
VONTOBEL FIN PRO         13.669    3/23/2012      EUR      62.06
VONTOBEL FIN PRO         13.714    3/23/2012      EUR      48.66
VONTOBEL FIN PRO         13.719    3/23/2012      EUR      60.12
VONTOBEL FIN PRO         13.733    3/23/2012      EUR      74.22
VONTOBEL FIN PRO         13.735    3/23/2012      EUR      49.82
VONTOBEL FIN PRO         13.737    3/23/2012      EUR      72.62
VONTOBEL FIN PRO         13.790    3/23/2012      EUR      55.40
VONTOBEL FIN PRO         13.802    3/23/2012      EUR      47.96
VONTOBEL FIN PRO         13.869    3/23/2012      EUR      65.12
VONTOBEL FIN PRO         13.909    3/23/2012      EUR      57.84
VONTOBEL FIN PRO         13.911    3/23/2012      EUR      74.68
VONTOBEL FIN PRO         14.016    3/23/2012      EUR      46.34
VONTOBEL FIN PRO         14.132    3/23/2012      EUR      73.88
VONTOBEL FIN PRO         14.170    3/23/2012      EUR      59.12
VONTOBEL FIN PRO         14.208    3/23/2012      EUR      51.94
VONTOBEL FIN PRO         14.211    3/23/2012      EUR      63.60
VONTOBEL FIN PRO         14.228    3/23/2012      EUR      58.34
VONTOBEL FIN PRO         14.346    3/23/2012      EUR      42.40
VONTOBEL FIN PRO         14.391    3/23/2012      EUR      74.08
VONTOBEL FIN PRO         14.391    3/23/2012      EUR      49.86
VONTOBEL FIN PRO         14.400    3/23/2012      EUR      63.18
VONTOBEL FIN PRO         14.614    3/23/2012      EUR      71.48
VONTOBEL FIN PRO         14.625    3/23/2012      EUR      53.54
VONTOBEL FIN PRO         14.636    3/23/2012      EUR      47.36
VONTOBEL FIN PRO         14.669    3/23/2012      EUR      46.24
VONTOBEL FIN PRO         14.754    3/23/2012      EUR      55.28
VONTOBEL FIN PRO         14.805    3/23/2012      EUR      50.88
VONTOBEL FIN PRO         14.895    3/23/2012      EUR      59.34
VONTOBEL FIN PRO         14.978    3/23/2012      EUR      40.42
VONTOBEL FIN PRO         15.158    3/23/2012      EUR      31.76
VONTOBEL FIN PRO         15.203    3/23/2012      EUR      51.08
VONTOBEL FIN PRO         15.215    3/23/2012      EUR      53.04
VONTOBEL FIN PRO         15.303    3/23/2012      EUR      50.70
VONTOBEL FIN PRO         15.372    3/23/2012      EUR      40.20
VONTOBEL FIN PRO         15.421    3/23/2012      EUR      73.28
VONTOBEL FIN PRO         15.576    3/23/2012      EUR      30.18
VONTOBEL FIN PRO         15.614    3/23/2012      EUR      69.90
VONTOBEL FIN PRO         15.663    3/23/2012      EUR      68.86
VONTOBEL FIN PRO         15.682    3/23/2012      EUR      56.22
VONTOBEL FIN PRO         15.699    3/23/2012      EUR      35.48
VONTOBEL FIN PRO         15.723    3/23/2012      EUR      41.52
VONTOBEL FIN PRO         15.792    3/23/2012      EUR      72.44
VONTOBEL FIN PRO         16.015    3/23/2012      EUR      37.36
VONTOBEL FIN PRO         16.248    3/23/2012      EUR      65.22
VONTOBEL FIN PRO         16.263    3/23/2012      EUR      71.48
VONTOBEL FIN PRO         16.358    3/23/2012      EUR      57.20
VONTOBEL FIN PRO         16.404    3/23/2012      EUR      56.68
VONTOBEL FIN PRO         16.466    3/23/2012      EUR      45.10
VONTOBEL FIN PRO         16.667    3/23/2012      EUR      49.90
VONTOBEL FIN PRO         16.672    3/23/2012      EUR      71.24
VONTOBEL FIN PRO         16.683    3/23/2012      EUR      46.76
VONTOBEL FIN PRO         16.686    3/23/2012      EUR      70.54
VONTOBEL FIN PRO         16.800    3/23/2012      EUR      69.22
VONTOBEL FIN PRO         17.053    3/23/2012      EUR      70.62
VONTOBEL FIN PRO         17.300    3/23/2012      EUR      60.48
VONTOBEL FIN PRO         17.587    3/23/2012      EUR      28.76
VONTOBEL FIN PRO         17.825    3/23/2012      EUR      37.72
VONTOBEL FIN PRO         17.902    3/23/2012      EUR      35.52
VONTOBEL FIN PRO         17.921    3/23/2012      EUR      69.30
VONTOBEL FIN PRO         18.045    3/23/2012      EUR      33.54
VONTOBEL FIN PRO         18.131    3/23/2012      EUR      38.98
VONTOBEL FIN PRO         18.316    3/23/2012      EUR      69.24
VONTOBEL FIN PRO         19.591    3/23/2012      EUR      63.18
VONTOBEL FIN PRO         19.599    3/23/2012      EUR      27.48
VONTOBEL FIN PRO         19.805    3/23/2012      EUR      36.76
VONTOBEL FIN PRO         20.386    3/23/2012      EUR      26.30
VONTOBEL FIN PRO         21.110    3/23/2012      EUR      64.16
VONTOBEL FIN PRO         25.577    3/23/2012      EUR      58.88
VONTOBEL FIN PRO         10.028    3/30/2012      EUR      42.00
VONTOBEL FIN PRO         10.740     4/5/2012      EUR      68.20
VONTOBEL FIN PRO         16.639     4/5/2012      EUR      21.73
VONTOBEL FIN PRO         12.469    4/13/2012      EUR      57.40
VONTOBEL FIN PRO         10.028    4/20/2012      EUR      55.60
VONTOBEL FIN PRO         11.031    4/20/2012      EUR      73.00
VONTOBEL FIN PRO         10.659    4/27/2012      EUR      72.90
VONTOBEL FIN PRO         12.067     5/4/2012      EUR      72.90
VONTOBEL FIN PRO         13.173     5/4/2012      EUR      61.40
VONTOBEL FIN PRO         10.056    5/11/2012      EUR      70.30
VONTOBEL FIN PRO         10.961    5/18/2012      EUR      65.90
VONTOBEL FIN PRO         12.168    5/18/2012      EUR      51.20
VONTOBEL FIN PRO         11.564    5/25/2012      EUR      61.30
VONTOBEL FIN PRO         12.369     6/1/2012      EUR      51.30
VONTOBEL FIN PRO          7.889     6/6/2012      EUR      65.50
VONTOBEL FIN PRO         10.358    6/15/2012      EUR      63.90
VONTOBEL FIN PRO         10.458    6/15/2012      EUR      63.30
VONTOBEL FIN PRO          6.876    6/22/2012      EUR      59.38
VONTOBEL FIN PRO          7.094    6/22/2012      EUR      70.54
VONTOBEL FIN PRO          7.101    6/22/2012      EUR      55.40
VONTOBEL FIN PRO          7.228    6/22/2012      EUR      74.64
VONTOBEL FIN PRO          7.236    6/22/2012      EUR      69.30
VONTOBEL FIN PRO          7.488    6/22/2012      EUR      71.62
VONTOBEL FIN PRO          7.500    6/22/2012      EUR      59.98
VONTOBEL FIN PRO          7.509    6/22/2012      EUR      64.00
VONTOBEL FIN PRO          7.562    6/22/2012      EUR      69.56
VONTOBEL FIN PRO          7.754    6/22/2012      EUR      68.20
VONTOBEL FIN PRO          7.974    6/22/2012      EUR      66.82
VONTOBEL FIN PRO          7.974    6/22/2012      EUR      45.86
VONTOBEL FIN PRO          7.996    6/22/2012      EUR      70.28
VONTOBEL FIN PRO          8.008    6/22/2012      EUR      70.22
VONTOBEL FIN PRO          8.014    6/22/2012      EUR      69.66
VONTOBEL FIN PRO          8.015    6/22/2012      EUR      66.16
VONTOBEL FIN PRO          8.031    6/22/2012      EUR      73.42
VONTOBEL FIN PRO          8.068    6/22/2012      EUR      70.80
VONTOBEL FIN PRO          8.113    6/22/2012      EUR      73.36
VONTOBEL FIN PRO          8.152    6/22/2012      EUR      71.30
VONTOBEL FIN PRO          8.185    6/22/2012      EUR      61.68
VONTOBEL FIN PRO          8.189    6/22/2012      EUR      52.34
VONTOBEL FIN PRO          8.278    6/22/2012      EUR      73.62
VONTOBEL FIN PRO          8.284    6/22/2012      EUR      52.90
VONTOBEL FIN PRO          8.302    6/22/2012      EUR      69.88
VONTOBEL FIN PRO          8.340    6/22/2012      EUR      30.20
VONTOBEL FIN PRO          8.340    6/22/2012      EUR      68.70
VONTOBEL FIN PRO          8.347    6/22/2012      EUR      67.36
VONTOBEL FIN PRO          8.377    6/22/2012      EUR      49.64
VONTOBEL FIN PRO          8.407    6/22/2012      EUR      61.04
VONTOBEL FIN PRO          8.460    6/22/2012      EUR      55.04
VONTOBEL FIN PRO          8.466    6/22/2012      EUR      42.22
VONTOBEL FIN PRO          8.466    6/22/2012      EUR      69.58
VONTOBEL FIN PRO          8.487    6/22/2012      EUR      70.32
VONTOBEL FIN PRO          8.491    6/22/2012      EUR      59.32
VONTOBEL FIN PRO          8.491    6/22/2012      EUR      62.40
VONTOBEL FIN PRO          8.528    6/22/2012      EUR      70.70
VONTOBEL FIN PRO          8.566    6/22/2012      EUR      68.08
VONTOBEL FIN PRO          8.640    6/22/2012      EUR      45.58
VONTOBEL FIN PRO          8.642    6/22/2012      EUR      70.39
VONTOBEL FIN PRO          8.679    6/22/2012      EUR      73.86
VONTOBEL FIN PRO          8.681    6/22/2012      EUR      69.32
VONTOBEL FIN PRO          8.690    6/22/2012      EUR      67.50
VONTOBEL FIN PRO          8.701    6/22/2012      EUR      50.74
VONTOBEL FIN PRO          8.753    6/22/2012      EUR      72.92
VONTOBEL FIN PRO          8.755    6/22/2012      EUR      56.82
VONTOBEL FIN PRO          8.755    6/22/2012      EUR      68.36
VONTOBEL FIN PRO          8.755    6/22/2012      EUR      68.86
VONTOBEL FIN PRO          8.757    6/22/2012      EUR      71.41
VONTOBEL FIN PRO          8.793    6/22/2012      EUR      69.14
VONTOBEL FIN PRO          8.795    6/22/2012      EUR      72.88
VONTOBEL FIN PRO          8.795    6/22/2012      EUR      63.44
VONTOBEL FIN PRO          8.806    6/22/2012      EUR      70.46
VONTOBEL FIN PRO          8.806    6/22/2012      EUR      72.28
VONTOBEL FIN PRO          8.830    6/22/2012      EUR      73.52
VONTOBEL FIN PRO          8.835    6/22/2012      EUR      65.70
VONTOBEL FIN PRO          8.875    6/22/2012      EUR      70.30
VONTOBEL FIN PRO          8.889    6/22/2012      EUR      70.84
VONTOBEL FIN PRO          8.892    6/22/2012      EUR      70.64
VONTOBEL FIN PRO          8.900    6/22/2012      EUR      70.00
VONTOBEL FIN PRO          8.906    6/22/2012      EUR      63.88
VONTOBEL FIN PRO          9.019    6/22/2012      EUR      51.70
VONTOBEL FIN PRO          9.071    6/22/2012      EUR      71.08
VONTOBEL FIN PRO          9.072    6/22/2012      EUR      63.42
VONTOBEL FIN PRO          9.142    6/22/2012      EUR      71.36
VONTOBEL FIN PRO          9.162    6/22/2012      EUR      72.20
VONTOBEL FIN PRO          9.180    6/22/2012      EUR      73.86
VONTOBEL FIN PRO          9.208    6/22/2012      EUR      57.34
VONTOBEL FIN PRO          9.283    6/22/2012      EUR      61.32
VONTOBEL FIN PRO          9.292    6/22/2012      EUR      61.96
VONTOBEL FIN PRO          9.316    6/22/2012      EUR      69.78
VONTOBEL FIN PRO          9.332    6/22/2012      EUR      68.72
VONTOBEL FIN PRO          9.373    6/22/2012      EUR      63.19
VONTOBEL FIN PRO          9.389    6/22/2012      EUR      51.58
VONTOBEL FIN PRO          9.414    6/22/2012      EUR      69.34
VONTOBEL FIN PRO          9.454    6/22/2012      EUR      43.50
VONTOBEL FIN PRO          9.461    6/22/2012      EUR      73.06
VONTOBEL FIN PRO          9.466    6/22/2012      EUR      73.84
VONTOBEL FIN PRO          9.472    6/22/2012      EUR      69.02
VONTOBEL FIN PRO          9.472    6/22/2012      EUR      41.19
VONTOBEL FIN PRO          9.511    6/22/2012      EUR      66.38
VONTOBEL FIN PRO          9.534    6/22/2012      EUR      73.12
VONTOBEL FIN PRO          9.553    6/22/2012      EUR      68.50
VONTOBEL FIN PRO          9.556    6/22/2012      EUR      39.78
VONTOBEL FIN PRO          9.557    6/22/2012      EUR      73.78
VONTOBEL FIN PRO          9.576    6/22/2012      EUR      64.50
VONTOBEL FIN PRO          9.606    6/22/2012      EUR      70.60
VONTOBEL FIN PRO          9.623    6/22/2012      EUR      49.26
VONTOBEL FIN PRO          9.623    6/22/2012      EUR      52.68
VONTOBEL FIN PRO          9.673    6/22/2012      EUR      67.28
VONTOBEL FIN PRO          9.698    6/22/2012      EUR      69.58
VONTOBEL FIN PRO          9.699    6/22/2012      EUR      68.82
VONTOBEL FIN PRO          9.709    6/22/2012      EUR      57.10
VONTOBEL FIN PRO          9.709    6/22/2012      EUR      58.68
VONTOBEL FIN PRO          9.724    6/22/2012      EUR      72.54
VONTOBEL FIN PRO          9.781    6/22/2012      EUR      63.68
VONTOBEL FIN PRO          9.797    6/22/2012      EUR      63.62
VONTOBEL FIN PRO          9.887    6/22/2012      EUR      69.02
VONTOBEL FIN PRO          9.918    6/22/2012      EUR      68.54
VONTOBEL FIN PRO          9.921    6/22/2012      EUR      69.70
VONTOBEL FIN PRO          9.957    6/22/2012      EUR      68.84
VONTOBEL FIN PRO          9.969    6/22/2012      EUR      60.02
VONTOBEL FIN PRO          9.991    6/22/2012      EUR      70.92
VONTOBEL FIN PRO         10.028    6/22/2012      EUR      70.76
VONTOBEL FIN PRO         10.038    6/22/2012      EUR      64.20
VONTOBEL FIN PRO         10.100    6/22/2012      EUR      66.20
VONTOBEL FIN PRO         10.110    6/22/2012      EUR      44.56
VONTOBEL FIN PRO         10.116    6/22/2012      EUR      61.40
VONTOBEL FIN PRO         10.142    6/22/2012      EUR      68.26
VONTOBEL FIN PRO         10.167    6/22/2012      EUR      74.56
VONTOBEL FIN PRO         10.167    6/22/2012      EUR      63.40
VONTOBEL FIN PRO         10.186    6/22/2012      EUR      71.62
VONTOBEL FIN PRO         10.207    6/22/2012      EUR      73.84
VONTOBEL FIN PRO         10.254    6/22/2012      EUR      73.16
VONTOBEL FIN PRO         10.257    6/22/2012      EUR      67.40
VONTOBEL FIN PRO         10.260    6/22/2012      EUR      51.42
VONTOBEL FIN PRO         10.264    6/22/2012      EUR      70.79
VONTOBEL FIN PRO         10.273    6/22/2012      EUR      66.56
VONTOBEL FIN PRO         10.278    6/22/2012      EUR      50.70
VONTOBEL FIN PRO         10.286    6/22/2012      EUR      72.78
VONTOBEL FIN PRO         10.325    6/22/2012      EUR      74.22
VONTOBEL FIN PRO         10.402    6/22/2012      EUR      66.60
VONTOBEL FIN PRO         10.438    6/22/2012      EUR      70.28
VONTOBEL FIN PRO         10.439    6/22/2012      EUR      56.80
VONTOBEL FIN PRO         10.440    6/22/2012      EUR      68.86
VONTOBEL FIN PRO         10.476    6/22/2012      EUR      42.68
VONTOBEL FIN PRO         10.486    6/22/2012      EUR      42.46
VONTOBEL FIN PRO         10.490    6/22/2012      EUR      49.86
VONTOBEL FIN PRO         10.500    6/22/2012      EUR      60.88
VONTOBEL FIN PRO         10.520    6/22/2012      EUR      55.08
VONTOBEL FIN PRO         10.548    6/22/2012      EUR      67.00
VONTOBEL FIN PRO         10.567    6/22/2012      EUR      61.60
VONTOBEL FIN PRO         10.607    6/22/2012      EUR      72.06
VONTOBEL FIN PRO         10.612    6/22/2012      EUR      73.36
VONTOBEL FIN PRO         10.620    6/22/2012      EUR      67.10
VONTOBEL FIN PRO         10.642    6/22/2012      EUR      72.71
VONTOBEL FIN PRO         10.660    6/22/2012      EUR      46.60
VONTOBEL FIN PRO         10.668    6/22/2012      EUR      70.88
VONTOBEL FIN PRO         10.668    6/22/2012      EUR      72.74
VONTOBEL FIN PRO         10.724    6/22/2012      EUR      63.68
VONTOBEL FIN PRO         10.726    6/22/2012      EUR      65.80
VONTOBEL FIN PRO         10.800    6/22/2012      EUR      42.56
VONTOBEL FIN PRO         10.833    6/22/2012      EUR      50.12
VONTOBEL FIN PRO         10.843    6/22/2012      EUR      64.40
VONTOBEL FIN PRO         10.847    6/22/2012      EUR      72.60
VONTOBEL FIN PRO         10.878    6/22/2012      EUR      64.48
VONTOBEL FIN PRO         10.909    6/22/2012      EUR      41.22
VONTOBEL FIN PRO         10.920    6/22/2012      EUR      46.86
VONTOBEL FIN PRO         10.925    6/22/2012      EUR      66.18
VONTOBEL FIN PRO         10.925    6/22/2012      EUR      72.74
VONTOBEL FIN PRO         10.955    6/22/2012      EUR      73.38
VONTOBEL FIN PRO         11.019    6/22/2012      EUR      60.20
VONTOBEL FIN PRO         11.029    6/22/2012      EUR      65.84
VONTOBEL FIN PRO         11.052    6/22/2012      EUR      58.56
VONTOBEL FIN PRO         11.098    6/22/2012      EUR      73.40
VONTOBEL FIN PRO         11.117    6/22/2012      EUR      72.54
VONTOBEL FIN PRO         11.219    6/22/2012      EUR      73.80
VONTOBEL FIN PRO         11.238    6/22/2012      EUR      68.94
VONTOBEL FIN PRO         11.283    6/22/2012      EUR      57.82
VONTOBEL FIN PRO         11.296    6/22/2012      EUR      68.90
VONTOBEL FIN PRO         11.304    6/22/2012      EUR      71.58
VONTOBEL FIN PRO         11.319    6/22/2012      EUR      63.90
VONTOBEL FIN PRO         11.361    6/22/2012      EUR      63.64
VONTOBEL FIN PRO         11.377    6/22/2012      EUR      56.50
VONTOBEL FIN PRO         11.396    6/22/2012      EUR      70.67
VONTOBEL FIN PRO         11.409    6/22/2012      EUR      69.92
VONTOBEL FIN PRO         11.422    6/22/2012      EUR      49.18
VONTOBEL FIN PRO         11.425    6/22/2012      EUR      70.92
VONTOBEL FIN PRO         11.425    6/22/2012      EUR      62.70
VONTOBEL FIN PRO         11.443    6/22/2012      EUR      73.48
VONTOBEL FIN PRO         11.455    6/22/2012      EUR      67.20
VONTOBEL FIN PRO         11.534    6/22/2012      EUR      63.16
VONTOBEL FIN PRO         11.560    6/22/2012      EUR      41.52
VONTOBEL FIN PRO         11.566    6/22/2012      EUR      64.06
VONTOBEL FIN PRO         11.581    6/22/2012      EUR      63.26
VONTOBEL FIN PRO         11.582    6/22/2012      EUR      71.76
VONTOBEL FIN PRO         11.591    6/22/2012      EUR      73.92
VONTOBEL FIN PRO         11.600    6/22/2012      EUR      62.00
VONTOBEL FIN PRO         11.614    6/22/2012      EUR      65.04
VONTOBEL FIN PRO         11.693    6/22/2012      EUR      63.00
VONTOBEL FIN PRO         11.705    6/22/2012      EUR      63.75
VONTOBEL FIN PRO         11.736    6/22/2012      EUR      53.50
VONTOBEL FIN PRO         11.750    6/22/2012      EUR      70.70
VONTOBEL FIN PRO         11.774    6/22/2012      EUR      49.80
VONTOBEL FIN PRO         11.778    6/22/2012      EUR      49.32
VONTOBEL FIN PRO         11.807    6/22/2012      EUR      65.76
VONTOBEL FIN PRO         11.811    6/22/2012      EUR      62.58
VONTOBEL FIN PRO         11.819    6/22/2012      EUR      69.22
VONTOBEL FIN PRO         11.844    6/22/2012      EUR      58.88
VONTOBEL FIN PRO         11.910    6/22/2012      EUR      59.64
VONTOBEL FIN PRO         11.944    6/22/2012      EUR      74.24
VONTOBEL FIN PRO         11.952    6/22/2012      EUR      57.28
VONTOBEL FIN PRO         11.955    6/22/2012      EUR      40.52
VONTOBEL FIN PRO         11.967    6/22/2012      EUR      67.88
VONTOBEL FIN PRO         12.000    6/22/2012      EUR      63.66
VONTOBEL FIN PRO         12.013    6/22/2012      EUR      58.82
VONTOBEL FIN PRO         12.017    6/22/2012      EUR      64.20
VONTOBEL FIN PRO         12.103    6/22/2012      EUR      67.87
VONTOBEL FIN PRO         12.117    6/22/2012      EUR      54.78
VONTOBEL FIN PRO         12.123    6/22/2012      EUR      63.50
VONTOBEL FIN PRO         12.144    6/22/2012      EUR      67.76
VONTOBEL FIN PRO         12.168    6/22/2012      EUR      65.10
VONTOBEL FIN PRO         12.204    6/22/2012      EUR      48.56
VONTOBEL FIN PRO         12.226    6/22/2012      EUR      31.14
VONTOBEL FIN PRO         12.247    6/22/2012      EUR      63.44
VONTOBEL FIN PRO         12.260    6/22/2012      EUR      67.24
VONTOBEL FIN PRO         12.276    6/22/2012      EUR      72.48
VONTOBEL FIN PRO         12.298    6/22/2012      EUR      65.62
VONTOBEL FIN PRO         12.323    6/22/2012      EUR      54.16
VONTOBEL FIN PRO         12.340    6/22/2012      EUR      58.12
VONTOBEL FIN PRO         12.343    6/22/2012      EUR      45.58
VONTOBEL FIN PRO         12.352    6/22/2012      EUR      71.28
VONTOBEL FIN PRO         12.382    6/22/2012      EUR      68.50
VONTOBEL FIN PRO         12.389    6/22/2012      EUR      48.82
VONTOBEL FIN PRO         12.393    6/22/2012      EUR      65.46
VONTOBEL FIN PRO         12.420    6/22/2012      EUR      40.30
VONTOBEL FIN PRO         12.451    6/22/2012      EUR      56.22
VONTOBEL FIN PRO         12.456    6/22/2012      EUR      71.78
VONTOBEL FIN PRO         12.462    6/22/2012      EUR      71.40
VONTOBEL FIN PRO         12.512    6/22/2012      EUR      55.54
VONTOBEL FIN PRO         12.520    6/22/2012      EUR      64.31
VONTOBEL FIN PRO         12.537    6/22/2012      EUR      63.36
VONTOBEL FIN PRO         12.544    6/22/2012      EUR      48.16
VONTOBEL FIN PRO         12.547    6/22/2012      EUR      71.42
VONTOBEL FIN PRO         12.578    6/22/2012      EUR      54.48
VONTOBEL FIN PRO         12.595    6/22/2012      EUR      72.32
VONTOBEL FIN PRO         12.623    6/22/2012      EUR      52.12
VONTOBEL FIN PRO         12.627    6/22/2012      EUR      59.08
VONTOBEL FIN PRO         12.652    6/22/2012      EUR      70.74
VONTOBEL FIN PRO         12.672    6/22/2012      EUR      55.68
VONTOBEL FIN PRO         12.679    6/22/2012      EUR      72.95
VONTOBEL FIN PRO         12.685    6/22/2012      EUR      60.52
VONTOBEL FIN PRO         12.689    6/22/2012      EUR      63.40
VONTOBEL FIN PRO         12.716    6/22/2012      EUR      55.02
VONTOBEL FIN PRO         12.799    6/22/2012      EUR      65.60
VONTOBEL FIN PRO         12.830    6/22/2012      EUR      53.78
VONTOBEL FIN PRO         12.870    6/22/2012      EUR      72.66
VONTOBEL FIN PRO         12.880    6/22/2012      EUR      74.24
VONTOBEL FIN PRO         13.000    6/22/2012      EUR      38.16
VONTOBEL FIN PRO         13.032    6/22/2012      EUR      50.30
VONTOBEL FIN PRO         13.084    6/22/2012      EUR      62.14
VONTOBEL FIN PRO         13.111    6/22/2012      EUR      68.22
VONTOBEL FIN PRO         13.150    6/22/2012      EUR      62.42
VONTOBEL FIN PRO         13.208    6/22/2012      EUR      50.40
VONTOBEL FIN PRO         13.253    6/22/2012      EUR      61.68
VONTOBEL FIN PRO         13.283    6/22/2012      EUR      62.94
VONTOBEL FIN PRO         13.288    6/22/2012      EUR      61.02
VONTOBEL FIN PRO         13.293    6/22/2012      EUR      67.38
VONTOBEL FIN PRO         13.343    6/22/2012      EUR      57.84
VONTOBEL FIN PRO         13.355    6/22/2012      EUR      67.12
VONTOBEL FIN PRO         13.463    6/22/2012      EUR      48.40
VONTOBEL FIN PRO         13.500    6/22/2012      EUR      51.20
VONTOBEL FIN PRO         13.521    6/22/2012      EUR      59.50
VONTOBEL FIN PRO         13.522    6/22/2012      EUR      73.48
VONTOBEL FIN PRO         13.536    6/22/2012      EUR      43.82
VONTOBEL FIN PRO         13.615    6/22/2012      EUR      61.92
VONTOBEL FIN PRO         13.648    6/22/2012      EUR      62.30
VONTOBEL FIN PRO         13.748    6/22/2012      EUR      74.84
VONTOBEL FIN PRO         13.748    6/22/2012      EUR      58.28
VONTOBEL FIN PRO         13.758    6/22/2012      EUR      46.56
VONTOBEL FIN PRO         13.792    6/22/2012      EUR      60.68
VONTOBEL FIN PRO         13.803    6/22/2012      EUR      62.76
VONTOBEL FIN PRO         13.812    6/22/2012      EUR      64.96
VONTOBEL FIN PRO         13.829    6/22/2012      EUR      54.10
VONTOBEL FIN PRO         13.832    6/22/2012      EUR      53.92
VONTOBEL FIN PRO         13.832    6/22/2012      EUR      63.78
VONTOBEL FIN PRO         13.846    6/22/2012      EUR      74.82
VONTOBEL FIN PRO         13.860    6/22/2012      EUR      54.02
VONTOBEL FIN PRO         13.886    6/22/2012      EUR      67.86
VONTOBEL FIN PRO         13.980    6/22/2012      EUR      54.32
VONTOBEL FIN PRO         14.000    6/22/2012      EUR      50.60
VONTOBEL FIN PRO         14.000    6/22/2012      EUR      61.76
VONTOBEL FIN PRO         14.061    6/22/2012      EUR      63.78
VONTOBEL FIN PRO         14.160    6/22/2012      EUR      30.94
VONTOBEL FIN PRO         14.172    6/22/2012      EUR      63.82
VONTOBEL FIN PRO         14.201    6/22/2012      EUR      40.66
VONTOBEL FIN PRO         14.211    6/22/2012      EUR      73.64
VONTOBEL FIN PRO         14.229    6/22/2012      EUR      56.16
VONTOBEL FIN PRO         14.278    6/22/2012      EUR      46.78
VONTOBEL FIN PRO         14.302    6/22/2012      EUR      31.74
VONTOBEL FIN PRO         14.345    6/22/2012      EUR      63.82
VONTOBEL FIN PRO         14.436    6/22/2012      EUR      38.32
VONTOBEL FIN PRO         14.450    6/22/2012      EUR      57.10
VONTOBEL FIN PRO         14.580    6/22/2012      EUR      69.34
VONTOBEL FIN PRO         14.640    6/22/2012      EUR      71.88
VONTOBEL FIN PRO         14.680    6/22/2012      EUR      62.40
VONTOBEL FIN PRO         14.712    6/22/2012      EUR      57.42
VONTOBEL FIN PRO         14.717    6/22/2012      EUR      51.12
VONTOBEL FIN PRO         14.791    6/22/2012      EUR      34.32
VONTOBEL FIN PRO         14.821    6/22/2012      EUR      49.62
VONTOBEL FIN PRO         15.091    6/22/2012      EUR      72.46
VONTOBEL FIN PRO         15.167    6/22/2012      EUR      64.94
VONTOBEL FIN PRO         15.308    6/22/2012      EUR      58.48
VONTOBEL FIN PRO         15.370    6/22/2012      EUR      49.80
VONTOBEL FIN PRO         15.448    6/22/2012      EUR      64.04
VONTOBEL FIN PRO         15.526    6/22/2012      EUR      73.30
VONTOBEL FIN PRO         15.840    6/22/2012      EUR      51.16
VONTOBEL FIN PRO         15.856    6/22/2012      EUR      74.68
VONTOBEL FIN PRO         15.920    6/22/2012      EUR      30.00
VONTOBEL FIN PRO         15.940    6/22/2012      EUR      51.10
VONTOBEL FIN PRO         15.950    6/22/2012      EUR      72.44
VONTOBEL FIN PRO         16.110    6/22/2012      EUR      28.82
VONTOBEL FIN PRO         16.150    6/22/2012      EUR      59.76
VONTOBEL FIN PRO         16.156    6/22/2012      EUR      73.46
VONTOBEL FIN PRO         16.293    6/22/2012      EUR      68.88
VONTOBEL FIN PRO         16.488    6/22/2012      EUR      36.66
VONTOBEL FIN PRO         16.497    6/22/2012      EUR      34.78
VONTOBEL FIN PRO         16.667    6/22/2012      EUR      36.90
VONTOBEL FIN PRO         16.746    6/22/2012      EUR      33.10
VONTOBEL FIN PRO         17.189    6/22/2012      EUR      71.12
VONTOBEL FIN PRO         17.260    6/22/2012      EUR      27.18
VONTOBEL FIN PRO         17.333    6/22/2012      EUR      62.08
VONTOBEL FIN PRO         17.712    6/22/2012      EUR      28.08
VONTOBEL FIN PRO         17.784    6/22/2012      EUR      48.68
VONTOBEL FIN PRO         18.036    6/22/2012      EUR      70.04
VONTOBEL FIN PRO         18.164    6/22/2012      EUR      27.58
VONTOBEL FIN PRO         18.289    6/22/2012      EUR      27.18
VONTOBEL FIN PRO         18.295    6/22/2012      EUR      46.20
VONTOBEL FIN PRO         21.456    6/22/2012      EUR      65.42
VONTOBEL FIN PRO         12.067    6/29/2012      EUR      60.00
VONTOBEL FIN PRO         12.067    6/29/2012      EUR      71.70
VONTOBEL FIN PRO         11.514     7/6/2012      EUR      63.20
VONTOBEL FIN PRO         11.061    7/13/2012      EUR      70.80
VONTOBEL FIN PRO         10.860    7/20/2012      EUR      66.10
VONTOBEL FIN PRO         11.564    7/27/2012      EUR      74.90
VONTOBEL FIN PRO          8.174    9/28/2012      EUR      74.30
VONTOBEL FIN PRO          8.440    9/28/2012      EUR      73.46
VONTOBEL FIN PRO          8.581    9/28/2012      EUR      72.02
VONTOBEL FIN PRO          8.786    9/28/2012      EUR      72.44
VONTOBEL FIN PRO          8.878    9/28/2012      EUR      74.96
VONTOBEL FIN PRO          9.037    9/28/2012      EUR      72.52
VONTOBEL FIN PRO          9.400    9/28/2012      EUR      66.94
VONTOBEL FIN PRO          9.405    9/28/2012      EUR      72.82
VONTOBEL FIN PRO          9.492    9/28/2012      EUR      67.20
VONTOBEL FIN PRO          9.523    9/28/2012      EUR      49.62
VONTOBEL FIN PRO          9.634    9/28/2012      EUR      72.60
VONTOBEL FIN PRO          9.672    9/28/2012      EUR      71.12
VONTOBEL FIN PRO          9.877    9/28/2012      EUR      69.44
VONTOBEL FIN PRO          9.950    9/28/2012      EUR      70.90
VONTOBEL FIN PRO         10.000    9/28/2012      EUR      62.84
VONTOBEL FIN PRO         10.014    9/28/2012      EUR      63.12
VONTOBEL FIN PRO         10.046    9/28/2012      EUR      63.14
VONTOBEL FIN PRO         10.336    9/28/2012      EUR      67.20
VONTOBEL FIN PRO         10.366    9/28/2012      EUR      73.48
VONTOBEL FIN PRO         10.494    9/28/2012      EUR      48.58
VONTOBEL FIN PRO         10.556    9/28/2012      EUR      66.44
VONTOBEL FIN PRO         10.830    9/28/2012      EUR      69.48
VONTOBEL FIN PRO         10.830    9/28/2012      EUR      69.34
VONTOBEL FIN PRO         10.850    9/28/2012      EUR      65.38
VONTOBEL FIN PRO         11.017    9/28/2012      EUR      73.78
VONTOBEL FIN PRO         11.027    9/28/2012      EUR      74.32
VONTOBEL FIN PRO         11.145    9/28/2012      EUR      65.82
VONTOBEL FIN PRO         11.502    9/28/2012      EUR      47.64
VONTOBEL FIN PRO         11.502    9/28/2012      EUR      74.20
VONTOBEL FIN PRO         11.676    9/28/2012      EUR      67.22
VONTOBEL FIN PRO         11.790    9/28/2012      EUR      74.72
VONTOBEL FIN PRO         11.797    9/28/2012      EUR      69.65
VONTOBEL FIN PRO         11.895    9/28/2012      EUR      63.80
VONTOBEL FIN PRO         11.900    9/28/2012      EUR      70.58
VONTOBEL FIN PRO         12.067    9/28/2012      EUR      64.60
VONTOBEL FIN PRO         12.350    9/28/2012      EUR      63.50
VONTOBEL FIN PRO         12.398    9/28/2012      EUR      60.14
VONTOBEL FIN PRO         12.761    9/28/2012      EUR      69.76
VONTOBEL FIN PRO         12.847    9/28/2012      EUR      72.54
VONTOBEL FIN PRO         12.857    9/28/2012      EUR      62.46
VONTOBEL FIN PRO         13.257    9/28/2012      EUR      65.16
VONTOBEL FIN PRO         13.259    9/28/2012      EUR      71.54
VONTOBEL FIN PRO         13.352    9/28/2012      EUR      61.54
VONTOBEL FIN PRO         13.950    9/28/2012      EUR      61.86
VONTOBEL FIN PRO         14.150    9/28/2012      EUR      73.90
VONTOBEL FIN PRO         14.154    9/28/2012      EUR      70.16
VONTOBEL FIN PRO         14.191    9/28/2012      EUR      70.36
VONTOBEL FIN PRO         14.500    9/28/2012      EUR      74.42
VONTOBEL FIN PRO         14.895    9/28/2012      EUR      72.64
VONTOBEL FIN PRO         16.183    9/28/2012      EUR      63.72
VONTOBEL FIN PRO         17.000    9/28/2012      EUR      71.22
VONTOBEL FIN PRO         11.500   12/14/2012      EUR       3.78
VONTOBEL FIN PRO          5.006   12/28/2012      EUR      62.56
VONTOBEL FIN PRO          8.246   12/31/2012      EUR      53.46
VONTOBEL FIN PRO          8.300   12/31/2012      EUR      68.60
VONTOBEL FIN PRO          8.526   12/31/2012      EUR      34.32
VONTOBEL FIN PRO          8.877   12/31/2012      EUR      74.58
VONTOBEL FIN PRO          9.193   12/31/2012      EUR      52.44
VONTOBEL FIN PRO          9.250   12/31/2012      EUR      61.48
VONTOBEL FIN PRO          9.700   12/31/2012      EUR      72.26
VONTOBEL FIN PRO          9.754   12/31/2012      EUR      51.90
VONTOBEL FIN PRO          9.841   12/31/2012      EUR      70.58
VONTOBEL FIN PRO         10.175   12/31/2012      EUR      51.60
VONTOBEL FIN PRO         10.421   12/31/2012      EUR      73.26
VONTOBEL FIN PRO         10.500   12/31/2012      EUR      70.12
VONTOBEL FIN PRO         10.807   12/31/2012      EUR      34.24
VONTOBEL FIN PRO         11.476   12/31/2012      EUR      74.99
VONTOBEL FIN PRO         11.649   12/31/2012      EUR      74.10
VONTOBEL FIN PRO         11.784   12/31/2012      EUR      74.05
VONTOBEL FIN PRO         11.790   12/31/2012      EUR      71.28
VONTOBEL FIN PRO         12.912   12/31/2012      EUR      71.60
VONTOBEL FIN PRO         13.123   12/31/2012      EUR      34.42
VONTOBEL FIN PRO         14.150   12/31/2012      EUR      65.08
VONTOBEL FIN PRO         14.211   12/31/2012      EUR      69.38
VONTOBEL FIN PRO          8.042     1/2/2013      EUR      71.66
VONTOBEL FIN PRO          8.987     1/2/2013      EUR      44.81
VONTOBEL FIN PRO         10.930     1/2/2013      EUR      65.82
VONTOBEL FIN PRO          7.389   11/25/2013      EUR      48.50
VONTOBEL FIN PRO          5.100    4/14/2014      EUR      49.80
WESTLB AG                 8.500    6/21/2012      EUR      66.30
WESTLB AG                 8.500    6/21/2012      EUR      71.21
WESTLB AG                 5.000    3/22/2012      EUR      70.85
WESTLB AG                 7.000    3/22/2012      EUR      50.21
WESTLB AG                 5.250    5/21/2012      EUR      73.26
WESTLB AG                 7.500    3/22/2012      EUR      69.43
WESTLB AG                 7.500    3/22/2012      EUR      60.25
WESTLB AG                 8.000    3/22/2012      EUR      63.63
WESTLB AG                 8.000    3/22/2012      EUR      72.74
WESTLB AG                 6.000    3/26/2012      EUR      49.79
WESTLB AG                 5.000    4/12/2016      EUR      29.01
WESTLB AG                 0.100    9/27/2012      EUR      56.72
WESTLB AG                 5.000    3/22/2012      EUR      72.68
WESTLB AG                 4.500    3/22/2012      EUR      50.19
WGZ BANK                  4.000    6/13/2012      EUR      57.78
WGZ BANK                  5.000    6/13/2012      EUR      52.10
WGZ BANK                  6.000    6/13/2012      EUR      49.81
WGZ BANK                  8.000    6/13/2012      EUR      45.90
WGZ BANK                  7.000    6/13/2012      EUR      47.75
WGZ BANK                  8.000   12/28/2012      EUR      73.86
WGZ BANK                  7.000    3/27/2012      EUR      74.60
WGZ BANK                  8.000    3/27/2012      EUR      73.33
WGZ BANK                  9.000    3/27/2012      EUR      72.10

GREECE
------
HELLENIC REPUB            2.125     7/5/2013      CHF      36.00
HELLENIC REPUB            4.590     4/8/2016      EUR      21.50
HELLENIC REPUB            5.000    3/11/2019      EUR      24.13
HELLENIC REPUB            5.200    7/17/2034      EUR      21.38
HELLENIC REPUB            6.140    4/14/2028      EUR      19.63
HELLENIC REPUB            3.187     7/7/2024      EUR      10.75
HELLENIC REPUB            4.625    6/25/2013      USD      38.88
NATL BK GREECE            3.875    10/7/2016      EUR      68.39
YIOULA GLASSWORK          9.000    12/1/2015      EUR      55.75
YIOULA GLASSWORK          9.000    12/1/2015      EUR      55.75

GUERNSEY
--------
BCV GUERNSEY             19.200    5/17/2012      EUR      46.27
BCV GUERNSEY              9.500    4/13/2012      EUR      34.70
BCV GUERNSEY              7.200    4/13/2012      CHF      73.25
BCV GUERNSEY             18.600    5/17/2012      USD      45.08
BCV GUERNSEY             18.150    5/17/2012      CHF      44.96
BCV GUERNSEY              8.500    5/25/2012      EUR      68.76
BCV GUERNSEY              7.250    5/25/2012      CHF      70.13
BCV GUERNSEY             13.000    5/18/2012      CHF      68.73
BCV GUERNSEY             10.000    5/18/2012      CHF      55.06
BKB FINANCE               9.200    6/21/2012      CHF      67.75
BKB FINANCE               7.650    6/14/2012      CHF      69.20
BKB FINANCE               6.850    6/14/2012      CHF      68.23
BKB FINANCE               7.750     6/7/2012      CHF      43.21
BKB FINANCE               7.750    5/31/2012      CHF      73.53
BKB FINANCE               6.400    5/10/2012      CHF      72.47
BKB FINANCE               8.050     5/3/2012      CHF      70.41
BKB FINANCE               7.800     5/3/2012      CHF      58.94
BKB FINANCE               9.850    4/26/2012      CHF      59.42
BKB FINANCE               8.500    3/29/2012      CHF      69.56
BKB FINANCE               8.350    1/14/2013      CHF      70.48
BKB FINANCE               8.900    9/27/2012      CHF      66.70
BKB FINANCE               9.050     8/9/2012      CHF      61.52
EFG FINANCIAL PR         14.750     5/4/2012      EUR      48.93
EFG FINANCIAL PR         18.600     5/4/2012      CHF      71.72
EFG FINANCIAL PR          9.000     5/7/2012      USD      50.24
EFG FINANCIAL PR         10.600     5/9/2012      CHF      32.72
EFG FINANCIAL PR         10.000    5/11/2012      CHF      28.31
EFG FINANCIAL PR         10.050    5/11/2012      CHF      60.92
EFG FINANCIAL PR         11.000    5/11/2012      EUR      28.16
EFG FINANCIAL PR         10.850    3/16/2012      USD      55.92
EFG FINANCIAL PR          8.950    5/14/2012      CHF      72.77
EFG FINANCIAL PR         10.830    5/18/2012      CHF       6.76
EFG FINANCIAL PR         12.960    5/21/2012      EUR      27.89
EFG FINANCIAL PR         10.750    5/22/2012      CHF      71.46
EFG FINANCIAL PR         11.250    5/22/2012      CHF      66.11
EFG FINANCIAL PR         12.750    5/22/2012      EUR      67.11
EFG FINANCIAL PR         14.000    5/22/2012      EUR      74.63
EFG FINANCIAL PR          8.000    5/24/2012      USD      61.66
EFG FINANCIAL PR         16.250    3/16/2012      USD      58.66
EFG FINANCIAL PR          7.440    5/25/2012      EUR      63.25
EFG FINANCIAL PR         16.500    3/16/2012      USD      72.32
EFG FINANCIAL PR         19.400    3/16/2012      USD      26.10
EFG FINANCIAL PR          8.000    3/19/2012      CHF      59.58
EFG FINANCIAL PR         10.000    3/19/2012      CHF      46.30
EFG FINANCIAL PR         11.550    3/19/2012      CHF      39.21
EFG FINANCIAL PR         10.000    3/20/2012      CHF      59.12
EFG FINANCIAL PR         10.000    3/22/2012      CHF      61.29
EFG FINANCIAL PR         17.700    3/23/2012      USD      36.02
EFG FINANCIAL PR          9.040    3/26/2012      USD      58.10
EFG FINANCIAL PR         10.750    3/28/2012      EUR      55.58
EFG FINANCIAL PR         10.570    5/25/2012      EUR      73.14
EFG FINANCIAL PR         11.000    3/28/2012      EUR      56.54
EFG FINANCIAL PR          8.500    3/29/2012      CHF      63.94
EFG FINANCIAL PR         18.000     4/4/2012      CHF      19.92
EFG FINANCIAL PR          7.200     4/5/2012      USD      72.73
EFG FINANCIAL PR          8.500     4/5/2012      USD      72.98
EFG FINANCIAL PR          8.550     4/5/2012      USD      53.36
EFG FINANCIAL PR          9.500     4/5/2012      EUR      53.69
EFG FINANCIAL PR         11.200    5/25/2012      CHF      74.81
EFG FINANCIAL PR          9.500     4/5/2012      USD      53.59
EFG FINANCIAL PR         10.400     4/5/2012      USD      73.39
EFG FINANCIAL PR         12.100     4/5/2012      USD      74.04
EFG FINANCIAL PR          9.000    4/11/2012      USD      74.59
EFG FINANCIAL PR          9.300    4/11/2012      USD      53.49
EFG FINANCIAL PR         10.910    5/29/2012      EUR      51.30
EFG FINANCIAL PR         10.000    5/30/2012      CHF      63.69
EFG FINANCIAL PR          9.600    4/11/2012      USD      73.05
EFG FINANCIAL PR         10.000     6/8/2012      CHF      35.46
EFG FINANCIAL PR         10.000    4/19/2012      CHF      68.72
EFG FINANCIAL PR          9.000     8/3/2012      CHF      60.08
EFG FINANCIAL PR          9.000     8/3/2012      CHF      64.46
EFG FINANCIAL PR          9.000     8/3/2012      CHF      14.59
EFG FINANCIAL PR         11.750    7/31/2012      CHF      65.99
EFG FINANCIAL PR         11.750    7/31/2012      CHF      65.94
EFG FINANCIAL PR         10.500    4/19/2012      CHF      68.99
EFG FINANCIAL PR         12.250     6/8/2012      EUR      71.01
EFG FINANCIAL PR         14.150    4/19/2012      EUR      51.92
EFG FINANCIAL PR         13.050    4/19/2012      USD      51.74
EFG FINANCIAL PR          5.200    6/14/2012      CHF      72.79
EFG FINANCIAL PR         16.500    4/19/2012      EUR      66.73
EFG FINANCIAL PR         13.110    6/18/2012      USD      57.82
EFG FINANCIAL PR         12.250    6/15/2012      EUR      18.73
EFG FINANCIAL PR         18.110    4/19/2012      EUR      66.94
EFG FINANCIAL PR          9.650    6/20/2012      USD      57.97
EFG FINANCIAL PR         10.000    4/20/2012      USD      55.01
EFG FINANCIAL PR          9.450    4/20/2012      CHF      67.18
EFG FINANCIAL PR         11.000    4/20/2012      USD      72.88
EFG FINANCIAL PR         10.500    4/20/2012      USD      55.02
EFG FINANCIAL PR          7.000    6/21/2012      CHF      64.81
EFG FINANCIAL PR         10.000    6/22/2012      CHF      47.26
EFG FINANCIAL PR          8.650    4/23/2012      USD      72.25
EFG FINANCIAL PR         10.250    4/26/2012      EUR      51.58
EFG FINANCIAL PR         11.300    4/27/2012      EUR      68.66
EFG FINANCIAL PR          6.500     5/3/2012      USD      67.19
EFG FINANCIAL PR          9.500     5/4/2012      CHF      70.80
EFG FINANCIAL PR         11.000     5/4/2012      USD      75.00
EFG FINANCIAL PR          8.400    9/30/2013      CHF      74.32
EFG FINANCIAL PR          6.500    8/27/2013      CHF      64.08
EFG FINANCIAL PR         14.000    2/19/2013      CHF      24.57
EFG FINANCIAL PR          5.800    1/23/2013      CHF      63.32
EFG FINANCIAL PR         16.500    1/18/2013      CHF      57.56
EFG FINANCIAL PR         12.500    1/15/2013      CHF      55.05
EFG FINANCIAL PR         10.250    1/15/2013      CHF      32.48
EFG FINANCIAL PR          9.000    1/15/2013      CHF      51.90
EFG FINANCIAL PR          8.830   12/28/2012      USD      69.93
EFG FINANCIAL PR         12.000   12/27/2012      CHF      17.61
EFG FINANCIAL PR         17.500   12/14/2012      EUR      65.62
EFG FINANCIAL PR         13.750    12/6/2012      CHF      59.24
EFG FINANCIAL PR         16.000   11/27/2012      EUR      62.38
EFG FINANCIAL PR         14.500   11/27/2012      CHF      56.72
EFG FINANCIAL PR         14.800   11/20/2012      EUR      73.37
EFG FINANCIAL PR         11.500   11/20/2012      EUR      74.38
EFG FINANCIAL PR         17.000   11/13/2012      EUR      69.21
EFG FINANCIAL PR         14.000   11/13/2012      USD      35.57
EFG FINANCIAL PR         13.000   11/13/2012      CHF      35.20
EFG FINANCIAL PR         11.300    6/28/2012      EUR      71.34
EFG FINANCIAL PR         12.750   11/13/2012      CHF      32.70
EFG FINANCIAL PR         10.500     7/5/2012      CHF      49.15
EFG FINANCIAL PR         10.250    7/25/2012      CHF      49.15
EFG FINANCIAL PR         11.000    7/25/2012      CHF      26.87
EFG FINANCIAL PR         10.000    7/31/2012      CHF      65.22
EFG FINANCIAL PR          9.330   10/29/2012      USD      62.19
EFG FINANCIAL PR         21.000   10/26/2012      USD      40.11
EFG FINANCIAL PR         20.500   10/26/2012      EUR      40.21
EFG FINANCIAL PR         20.000   10/26/2012      CHF      39.57
EFG FINANCIAL PR         17.000   10/26/2012      EUR      61.29
EFG FINANCIAL PR         16.750   10/26/2012      CHF      44.34
EFG FINANCIAL PR          6.250   10/25/2012      CHF      70.13
EFG FINANCIAL PR         12.000   10/19/2012      USD      68.45
EFG FINANCIAL PR         20.000   10/11/2012      CHF      37.26
EFG FINANCIAL PR         10.620    10/3/2012      USD      48.56
EFG FINANCIAL PR          9.930    10/3/2012      EUR      48.36
EFG FINANCIAL PR          9.000    9/10/2012      CHF      66.67
EFG FINANCIAL PR          7.000     9/7/2012      EUR      66.99
EFG FINANCIAL PR          7.000     9/7/2012      CHF      62.58
EFG FINANCIAL PR          9.600     9/4/2012      USD      65.58
EFG FINANCIAL PR          9.500     9/4/2012      USD      52.97
EFG FINANCIAL PR         10.500     9/3/2012      CHF      65.50
EFG FINANCIAL PR         22.000    8/24/2012      USD      27.46
EFG FINANCIAL PR         14.000    8/24/2012      CHF      41.32
EFG FINANCIAL PR         11.500    7/31/2012      EUR      61.80
EFG FINANCIAL PR         11.750    8/24/2012      CHF      70.96
EFG FINANCIAL PR         11.500    8/24/2012      CHF      64.04
EFG FINANCIAL PR         11.800    8/17/2012      CHF      67.84
EFG FINANCIAL PR         11.600    8/17/2012      EUR      66.45
EFG FINANCIAL PR         12.000    8/16/2012      EUR      41.27
EFG FINANCIAL PR         12.750    8/14/2012      CHF      65.91
EFG FINANCIAL PR         11.000    8/14/2012      CHF      59.52
EFG FINANCIAL PR          3.850    8/13/2012      EUR      53.98
EFG FINANCIAL PR         12.800    8/10/2012      CHF      63.65
EFG FINANCIAL PR         11.700    8/10/2012      USD      48.52
EFG FINANCIAL PR         19.000     8/8/2012      USD      66.97
EFG FINANCIAL PR         11.000     8/7/2012      CHF      54.23
EFG FINANCIAL PR         10.000     8/7/2012      CHF      66.11
MARE BALTIC PCC           3.000   11/17/2014      DKK       1.00
MARE BALTIC PCC           3.000   11/17/2014      DKK      22.00
MARE BALTIC PCC           2.000    11/1/2015      DKK       0.01
MARE BALTIC PCC           3.000    11/1/2012      DKK      34.00
MARE BALTIC PCC           2.000    11/1/2015      DKK       0.01
ZURCHER KANT FIN         11.000    3/16/2012      CHF      71.79
ZURCHER KANT FIN          8.000    6/15/2012      CHF      68.71
ZURCHER KANT FIN          7.844    5/18/2012      CHF      66.35
ZURCHER KANT FIN         11.000    4/20/2012      CHF      58.79
ZURCHER KANT FIN          7.340    4/16/2013      CHF      65.07
ZURCHER KANT FIN          5.330   11/30/2012      CHF      70.30
ZURCHER KANT FIN          9.250    11/9/2012      CHF      72.71
ZURCHER KANT FIN         11.000    7/13/2012      CHF      74.44
ZURCHER KANT FIN          9.000    6/18/2012      CHF      67.51
FHB MORTGAGE BAN          4.500    3/22/2022      EUR      53.50

IRELAND
-------
AIB MORTGAGE BNK          5.000     3/1/2030      EUR      55.60
AIB MORTGAGE BNK          5.000    2/12/2030      EUR      55.62
AIB MORTGAGE BNK          5.580    4/28/2028      EUR      61.74
BANK OF IRELAND           5.600    9/18/2023      EUR      57.75
BK IRELAND MTGE           5.760     9/7/2029      EUR      64.79
BK IRELAND MTGE           5.400    11/6/2029      EUR      61.68
BK IRELAND MTGE           5.450     3/1/2030      EUR      61.85
BK IRELAND MTGE           5.360   10/12/2029      EUR      61.40
DEPFA ACS BANK            4.900    8/24/2035      CAD      68.35
DEPFA ACS BANK            5.125    3/16/2037      USD      73.00
DEPFA ACS BANK            5.125    3/16/2037      USD      73.00
DEPFA ACS BANK            0.500     3/3/2025      CAD      41.63
KALVEBOD PLC              2.000     5/1/2106      DKK      31.50

ITALY
-----
ICCREA BANCAIMPR          5.220    4/11/2017      EUR      64.00
MONTE DEI PASCHI         29.540   10/31/2018      EUR      40.00
REGION OF LOMBAR          5.804   10/25/2032      USD      75.08
REP OF ITALY              1.850    9/15/2057      EUR      58.85
REP OF ITALY              2.200    9/15/2058      EUR      66.20
REP OF ITALY              2.870    5/19/2036      JPY      54.84
REP OF ITALY              5.250    12/7/2034      GBP      73.78
REP OF ITALY              4.850    6/11/2060      EUR      74.20
REP OF ITALY              2.000    9/15/2062      EUR      60.67
SEAT PAGINE              10.500    1/31/2017      EUR      66.00
SEAT PAGINE              10.500    1/31/2017      EUR      65.44
UBI BANCA SPCA            6.250   11/18/2018      EUR      52.39
UNICREDITO ITALI          4.748    2/15/2035      EUR      95.00
UNIPOL ASSICURAZ          5.660    7/28/2023      EUR      69.48

LUXEMBOURG
----------
ARCELORMITTAL             7.250     4/1/2014      EUR      24.27
CONTROLINVESTE            3.000    1/28/2015      EUR      73.13
DEXIA BQ INT LUX          6.000     7/2/2018      EUR      71.23
ESFG INTERNATION          6.875   10/21/2019      EUR      68.33
ESPIRITO SANTO F          9.750   12/19/2025      EUR      65.53
FORTIS LUX FIN            3.420    6/29/2021      EUR      65.00
FORTIS LUX FINAN          6.500   10/22/2012      EUR      70.05
INTRALOT LUX SA           2.250   12/20/2013      EUR      67.24
VIVALDIS                  0.500     8/8/2028      EUR      72.76
VIVALDIS                  0.500    6/13/2028      EUR      67.96
VIVALDIS                  0.500    6/13/2013      EUR      67.96

KAZAKHSTAN
----------
APP INTL FINANCE         11.750    10/1/2005      USD       0.00
ASTANA FINANCE            7.875     6/8/2010      EUR       2.75
ASTANA FINANCE            9.000   11/16/2011      USD       2.75
BK NED GEMEENTEN          0.500    3/17/2016      TRY      74.12
BK NED GEMEENTEN          0.500    4/27/2016      TRY      73.53
BK NED GEMEENTEN          0.500    5/25/2016      TRY      73.13
BK NED GEMEENTEN          0.500    6/22/2016      TRY      72.74
BK NED GEMEENTEN          0.500    9/15/2016      TRY      71.55
BK NED GEMEENTEN          0.500     3/3/2021      NZD      69.66
BK NED GEMEENTEN          0.500    3/29/2021      USD      74.53
BK NED GEMEENTEN          0.500    5/12/2021      ZAR      47.14
BK NED GEMEENTEN          0.500    6/22/2021      ZAR      46.65
BK NED GEMEENTEN          0.500    2/24/2025      CAD      62.31
BK NED GEMEENTEN          0.500    3/29/2021      NZD      69.42
BLT FINANCE BV            7.500    5/15/2014      USD      27.00
BRIT INSURANCE            6.625    12/9/2030      GBP      61.77
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      68.44
KBC IFIMA NV              7.500    4/30/2012      EUR      58.96
LEHMAN BROS TSY           7.250    10/5/2035      EUR       7.10
LEHMAN BROS TSY           7.000    5/17/2035      EUR       8.00
LEHMAN BROS TSY           8.250    3/16/2035      EUR       6.25
LEHMAN BROS TSY           6.000    2/15/2035      EUR       6.15
LEHMAN BROS TSY           4.870    10/8/2013      USD      34.50
LEHMAN BROS TSY           6.000    11/2/2035      EUR       6.65
NATL INVESTER BK         25.983     5/7/2029      EUR      23.27
NED WATERSCHAPBK          0.500    3/11/2025      CAD      59.60
NIB CAPITAL BANK          4.510   12/16/2035      EUR      65.66
PORTUGAL TEL FIN          4.500    6/16/2025      EUR      70.18
Q-CELLS INTERNAT          1.375    4/30/2012      EUR      23.00
Q-CELLS INTERNAT          5.750    5/26/2014      EUR      18.96
RABOBANK                  0.500   11/26/2021      ZAR      46.99
RABOBANK                  0.500   10/27/2016      ZAR      72.00
RBS NV EX-ABN NV          2.910    6/21/2036      JPY      62.49
SNS BANK                  4.996    1/26/2035      EUR      65.00
SNS BANK                  5.215    12/3/2027      EUR      71.01
SNS BANK                  4.580    3/20/2026      EUR      67.80

NORWAY
------
KOMMUNALBANKEN            0.500     3/1/2016      ZAR      74.58
KOMMUNALBANKEN            0.500    3/24/2016      ZAR      74.18
KOMMUNALBANKEN            0.500    5/25/2016      ZAR      73.11
KOMMUNALBANKEN            0.500    7/26/2016      ZAR      72.06
KOMMUNALBANKEN            0.500    5/25/2018      ZAR      61.28
KOMMUNALBANKEN            0.500    7/29/2016      ZAR      72.00
NORSKE SKOGIND            7.125   10/15/2033      USD      56.50
NORSKE SKOGIND            6.125   10/15/2015      USD      74.00
NORSKE SKOGIND            6.125   10/15/2015      USD      74.00
NORSKE SKOGIND            7.125   10/15/2033      USD      56.50
NORSKE SKOGIND            7.000    6/26/2017      EUR      67.37
RENEWABLE CORP            6.500     6/4/2014      EUR      64.11

POLAND
------
POLAND-REGD-RSTA          2.810   11/16/2037      JPY      72.92
REP OF POLAND             2.648    3/29/2034      JPY      72.83

PORTUGAL
--------
BANCO COM PORTUG          3.750    10/8/2016      EUR      86.50
CAIXA GERAL DEPO          5.380    10/1/2038      EUR      57.85
CAIXA GERAL DEPO          4.250    1/27/2020      EUR      73.56
CAIXA GERAL DEPO          4.400    10/8/2019      EUR      68.13
CAIXA GERAL DEPO          5.320     8/5/2021      EUR      68.75
COMBOIOS DE PORT          4.170   10/16/2019      EUR      47.49
METRO DE LISBOA           7.300   12/23/2025      EUR      46.75
METRO DE LISBOA           4.799    12/7/2027      EUR      43.88
METRO DE LISBOA           5.750     2/4/2019      EUR      52.25
METRO DE LISBOA           4.061    12/4/2026      EUR      45.50
MONTEPIO GERAL            5.000     2/8/2017      EUR      61.25
PARPUBLICA                3.567    9/22/2020      EUR      50.27
PARPUBLICA                4.200   11/16/2026      EUR      45.13
PORTUG-BEARER BD          9.000    5/20/2016      GBP      61.13
PORTUGAL (REP)            3.500    3/25/2015      USD      70.50
PORTUGAL (REP)            3.500    3/25/2015      USD      70.50
PORTUGUESE OT'S           3.350   10/15/2015      EUR      67.20
PORTUGUESE OT'S           6.400    2/15/2016      EUR      71.18
PORTUGUESE OT'S           4.200   10/15/2016      EUR      62.61
PORTUGUESE OT'S           4.350   10/16/2017      EUR      58.22
PORTUGUESE OT'S           4.450    6/15/2018      EUR      55.82
PORTUGUESE OT'S           4.750    6/14/2019      EUR      54.24
PORTUGUESE OT'S           4.800    6/15/2020      EUR      52.87
PORTUGUESE OT'S           3.850    4/15/2021      EUR      50.67
PORTUGUESE OT'S           4.950   10/25/2023      EUR      50.15
PORTUGUESE OT'S           4.100    4/15/2037      EUR      41.87
PORTUGUESE OT'S           3.600   10/15/2014      EUR      74.57
REFER                     4.250   12/13/2021      EUR      38.25
REFER                     4.047   11/16/2026      EUR      39.82
REFER                     4.000    3/16/2015      EUR      50.50
REFER                     4.675   10/16/2024      EUR      43.29
REFER                     5.875    2/18/2019      EUR      51.63

RUSSIA
------
ARIZK                     3.000   12/20/2030      RUB      48.04
DVTG-FINANS              17.000    8/29/2013      RUB      55.55
DVTG-FINANS               7.750    7/18/2013      RUB      20.29
MIRAX                    17.000    9/17/2012      RUB      46.89
MOSMART FINANS            0.010    4/12/2012      RUB       1.81
NOK                      12.500    8/26/2014      RUB       5.00
PROTON-FINANCE            9.000    6/12/2012      RUB      65.00
RBC OJSC                  3.270    4/19/2018      RUB      42.10
RBC OJSC                  7.000    4/23/2015      RUB      75.00
SATURN                    8.000     6/6/2014      RUB       2.02

SPAIN
-----
SERBIA T-BONDS            5.850    2/16/2026      EUR      73.88
AYT CEDULAS CAJA          4.750    5/25/2027      EUR      64.99
AYT CEDULAS CAJA          3.750    6/30/2025      EUR      58.08
AYT CEDULAS CAJA          3.750   12/14/2022      EUR      66.04
AYT CEDULAS CAJA          4.000    3/24/2021      EUR      74.96
AYT CEDULAS CAJA          4.250   10/25/2023      EUR      67.64
AYUNTAM DE MADRD          4.550    6/16/2036      EUR      63.01
BANCAJA                   1.500    5/22/2018      EUR      69.02
BANCAJA EMI SA            2.755    5/11/2037      JPY      72.21
BANCO BILBAO VIZ          6.025     3/3/2033      EUR      62.24
BANCO CASTILLA            1.500    6/23/2021      EUR      70.65
BBVA SUB CAP UNI          2.750   10/22/2035      JPY      52.68
CAIXA TERRASSA            4.700     8/9/2021      EUR      72.93
CAJA MADRID               5.116    7/15/2015      EUR      73.88
CAJA MADRID               4.125    3/24/2036      EUR      68.26
CAJA MADRID               5.405    7/21/2038      EUR      72.80
CEDULAS TDA 6 FO          3.875    5/23/2025      EUR      60.77
CEDULAS TDA 6 FO          4.250    4/10/2031      EUR      56.02
CEDULAS TDA A-4           4.125    4/10/2021      EUR      74.59
CEDULAS TDA A-5           4.250    3/28/2027      EUR      60.44
COMUN AUTO CANAR          3.900   11/30/2035      EUR      48.51
COMUN AUTO CANAR          4.200   10/25/2036      EUR      49.20
COMUN AUTO CANAR          5.750   10/15/2029      EUR      70.48
COMUNIDAD ARAGON          4.646    7/11/2036      EUR      52.68
COMUNIDAD ARAGON          4.815   10/10/2022      EUR      73.87
COMUNIDAD BALEAR          3.869   11/23/2020      EUR      69.57
COMUNIDAD BALEAR          4.063   11/23/2035      EUR      46.49
COMUNIDAD MADRID          4.300    9/15/2026      EUR      69.87
DIPUTACION FOR            4.323   12/29/2023      EUR      66.86
GEN DE CATALUNYA          4.801    7/31/2020      EUR      72.91
GEN DE CATALUNYA          6.350   11/30/2041      EUR      65.72
GEN DE CATALUNYA          2.965     9/8/2039      JPY      48.94
GEN DE CATALUNYA          4.220    4/26/2035      EUR      48.84
GEN DE CATALUNYA          4.690   10/28/2034      EUR      53.19
GEN DE CATALUNYA          5.950    10/1/2030      EUR      65.92
GEN DE CATALUNYA          5.900    5/28/2030      EUR      66.55
GEN DE CATALUNYA          5.400    5/13/2030      EUR      61.97
GEN DE CATALUNYA          5.219    9/10/2029      EUR      61.04
GEN DE CATALUNYA          5.325    10/5/2028      EUR      63.94
GEN DE CATALUNYA          5.900    5/20/2024      EUR      73.90
GEN DE CATALUNYA          5.250    10/5/2023      EUR      68.25
GEN DE CATALUNYA          4.900    9/15/2021      EUR      71.07
GENERAL DE ALQUI          2.750    8/20/2012      EUR      70.85
GENERAL VALENCIA          5.900   11/30/2032      EUR      51.25
GENERAL VALENCIA          4.900    3/17/2020      EUR      64.13
GENERAL VALENCIA          4.000    11/2/2016      EUR      78.13
IM CEDULAS 10             4.500    2/21/2022      EUR      73.60
IM CEDULAS 5              3.500    6/15/2020      EUR      73.33
INSTIT CRDT OFCL          2.100    2/23/2021      JPY      74.33
INSTIT CRDT OFCL          3.250    6/28/2024      CHF      74.18
INSTITUT CATALA           4.250    6/15/2024      EUR      64.38
JUNTA ANDALUCIA           6.600   11/29/2030      EUR      71.98
JUNTA ANDALUCIA           5.150    5/24/2034      EUR      57.71
JUNTA ANDALUCIA           4.250   10/31/2036      EUR      48.29
JUNTA ANDALUCIA           5.000    7/13/2022      EUR      73.23
JUNTA ANDALUCIA           3.065    7/29/2039      JPY      52.66
JUNTA ANDALUCIA           3.170    7/29/2039      JPY      53.99
JUNTA ANDALUCIA           5.700    7/20/2028      EUR      67.25
JUNTA ANDALUCIA           4.125    1/20/2020      EUR      72.33
JUNTA ANDALUCIA           4.850    3/17/2020      EUR      72.08
JUNTA CASTILLA            4.650    11/8/2022      EUR      68.46
JUNTA LA MANCHA           4.875    3/18/2020      EUR      68.75
JUNTA LA MANCHA           5.950     9/9/2030      EUR      57.52
JUNTA LA MANCHA           3.875    1/31/2036      EUR      36.25
JUNTA LA MANCHA           2.810   10/14/2022      JPY      68.00
JUNTA LA MANCHA           4.625   11/30/2022      EUR      62.75
JUNTA LA MANCHA           7.705    2/15/2033      EUR      68.88
MAPFRE SA                 5.921    7/24/2037      EUR      73.20
SACYR VALLEHERM           6.500     5/1/2016      EUR      64.40
XUNTA DE GALICIA          4.025   11/28/2035      EUR      46.47
XUNTA DE GALICIA          5.350   11/22/2028      EUR      62.74

SWEDEN
------
SWEDISH EXP CRED          0.500    6/29/2016      TRY      71.99
SWEDISH EXP CRED          9.750    3/23/2012      USD       8.96
SWEDISH EXP CRED          9.250    4/27/2012      USD       8.52
SWEDISH EXP CRED          7.500    6/12/2012      USD       7.92
SWEDISH EXP CRED          0.500    6/14/2016      ZAR      73.42
SWEDISH EXP CRED          0.500    8/25/2016      ZAR      72.17
SWEDISH EXP CRED          0.500    8/26/2016      ZAR      72.19
SWEDISH EXP CRED          0.500    9/20/2016      ZAR      71.73
SWEDISH EXP CRED          0.500    9/30/2016      ZAR      71.59
SWEDISH EXP CRED          0.500    8/25/2021      ZAR      47.48
SWEDISH EXP CRED          0.500    8/26/2021      AUD      62.64
SWEDISH EXP CRED          0.500    1/31/2022      ZAR      46.93
SWEDISH EXP CRED          0.500    2/22/2022      ZAR      45.66
SWEDISH EXP CRED          0.500    3/15/2022      ZAR      45.45
SWEDISH EXP CRED          0.500   12/17/2027      USD      54.92
SWEDISH EXP CRED          0.500    1/25/2028      USD      54.51

SWITZERLAND
-----------
BANK JULIUS BAER          7.700    3/30/2012      EUR      64.75
BANK JULIUS BAER          8.200    4/26/2012      EUR      73.70
BANK JULIUS BAER          8.300    3/30/2012      EUR      72.50
BANK JULIUS BAER          9.200    3/30/2012      EUR      72.80
BANK JULIUS BAER          9.200    3/30/2012      EUR      72.35
BANK JULIUS BAER         12.100    3/30/2012      EUR      74.05
BANK JULIUS BAER         13.600    3/30/2012      EUR      68.70
BANK JULIUS BAER          6.600     4/5/2012      CHF      60.50
BANK JULIUS BAER          9.300     4/5/2012      CHF      69.05
BANK JULIUS BAER         12.400     7/6/2012      CHF      55.90
BANK JULIUS BAER          8.300    5/11/2012      CHF      61.85
BANK JULIUS BAER          6.200    5/11/2012      USD      60.30
BANK JULIUS BAER          7.100    5/10/2012      CHF      67.45
BANK JULIUS BAER         10.500    4/26/2012      CHF      71.25
BANK JULIUS BAER          9.500     4/5/2012      CHF      67.00
BANK JULIUS BAER         10.500     5/9/2012      EUR      68.75
BANK JULIUS BAER         11.000     4/5/2012      CHF      73.75
BANK JULIUS BAER         15.600    4/20/2012      EUR      54.35
BANK JULIUS BAER         11.900     7/6/2012      CHF      67.45
BANK JULIUS BAER         12.300    4/20/2012      CHF      68.25
BANK JULIUS BAER          7.200    4/12/2012      CHF      65.35
BANK JULIUS BAER          7.400    4/12/2012      CHF      38.95
BANK JULIUS BAER          9.200    4/12/2012      CHF      58.00
BANK JULIUS BAER         12.100    4/20/2012      EUR      73.15
BANK JULIUS BAER         11.700    4/20/2012      EUR      73.20
BANK JULIUS BAER         12.000    4/16/2012      EUR      66.75
BANK JULIUS BAER         10.500    4/13/2012      EUR      71.50
BANK JULIUS BAER         13.200    4/12/2012      CHF      65.75
BANK JULIUS BAER         10.000    4/12/2012      CHF      52.95
BANK JULIUS BAER         12.200    4/12/2012      CHF       5.65
BANK JULIUS BAER         14.300    7/13/2012      CHF      61.25
BANK JULIUS BAER         10.500     5/9/2012      EUR      71.65
BANK JULIUS BAER         11.900     7/6/2012      CHF      73.65
BANK JULIUS BAER         11.300     7/6/2012      CHF      45.65
BANK JULIUS BAER         10.100     7/6/2012      CHF      44.85
BANK JULIUS BAER          7.400    6/14/2012      CAD      73.45
BANK JULIUS BAER         12.500    3/23/2012      CHF      71.35
BANK JULIUS BAER         10.500    7/18/2012      CHF      74.45
BANK JULIUS BAER          9.000    9/17/2012      CHF      60.90
BANK JULIUS BAER         13.000    3/23/2012      EUR      74.95
BANK JULIUS BAER         13.000     6/1/2012      USD      65.05
BANK JULIUS BAER         10.000     6/1/2012      CHF      73.40
BANK JULIUS BAER          9.000    5/30/2012      CHF      61.05
BANK JULIUS BAER          9.200    5/25/2012      EUR      68.50
BANK JULIUS BAER          8.400    5/23/2012      CHF      72.30
BANK JULIUS BAER          8.200    5/18/2012      EUR      73.65
BANK JULIUS BAER         10.000    5/11/2012      CHF      72.90
CLARIDEN LEU NAS          8.500   10/15/2012      CHF      68.73
CLARIDEN LEU NAS          4.500    8/13/2014      CHF      73.64
CLARIDEN LEU NAS          0.000    6/10/2014      CHF      69.58
CLARIDEN LEU NAS          0.000    5/26/2014      CHF      72.47
CLARIDEN LEU NAS          0.000    5/13/2014      CHF      71.23
CLARIDEN LEU NAS          0.000    2/24/2014      CHF      67.21
CLARIDEN LEU NAS          0.000    2/11/2014      CHF      66.80
CLARIDEN LEU NAS          6.500    4/26/2013      CHF      72.50
CLARIDEN LEU NAS          0.000    3/25/2013      CHF      74.58
CLARIDEN LEU NAS          0.000   12/17/2012      EUR      72.49
CLARIDEN LEU NAS          0.000   12/14/2012      CHF      40.64
CLARIDEN LEU NAS          7.125   11/19/2012      CHF      74.28
CLARIDEN LEU NAS          7.250   11/16/2012      CHF      73.26
CLARIDEN LEU NAS          7.500   11/13/2012      CHF      74.28
CLARIDEN LEU NAS         10.000   10/15/2012      CHF      69.73
CLARIDEN LEU NAS          9.500   10/15/2012      CHF      69.88
CLARIDEN LEU NAS         10.000    10/8/2012      EUR      69.35
CLARIDEN LEU NAS          7.000    10/4/2012      CHF      70.64
CLARIDEN LEU NAS         10.250    9/17/2012      CHF      70.28
CLARIDEN LEU NAS         10.000    9/11/2012      CHF      68.67
CLARIDEN LEU NAS          7.500    9/10/2012      CHF      73.95
CLARIDEN LEU NAS         12.000     9/4/2012      EUR      60.68
CLARIDEN LEU NAS          9.250     9/4/2012      CHF      65.27
CLARIDEN LEU NAS          7.000    8/16/2012      CHF      69.82
CLARIDEN LEU NAS         11.750     8/8/2012      EUR      72.89
CLARIDEN LEU NAS         11.000     8/2/2012      USD      74.16
CLARIDEN LEU NAS         10.500     8/2/2012      EUR      68.54
CLARIDEN LEU NAS         15.500    6/29/2012      EUR      65.45
CLARIDEN LEU NAS         11.250    6/22/2012      CHF      67.33
CLARIDEN LEU NAS         10.500    6/21/2012      EUR      73.56
CLARIDEN LEU NAS         10.000    6/21/2012      EUR      70.99
CLARIDEN LEU NAS         10.250    6/20/2012      SEK      74.95
CLARIDEN LEU NAS          3.550    6/20/2012      CHF      61.10
CLARIDEN LEU NAS         12.000    6/14/2012      CHF      42.36
CLARIDEN LEU NAS          9.000    6/14/2012      CHF      74.97
CLARIDEN LEU NAS         13.500     6/8/2012      EUR      71.04
CLARIDEN LEU NAS          8.500     6/8/2012      CHF      67.85
CLARIDEN LEU NAS         13.250     6/1/2012      USD      25.58
CLARIDEN LEU NAS         12.500     6/1/2012      CHF      25.54
CLARIDEN LEU NAS         12.250    5/31/2012      EUR      61.37
CLARIDEN LEU NAS         10.750    5/30/2012      CHF      74.66
CLARIDEN LEU NAS         12.750    5/24/2012      EUR      66.53
CLARIDEN LEU NAS         14.000    5/23/2012      EUR      23.90
CLARIDEN LEU NAS         13.000    5/23/2012      CHF      23.76
CLARIDEN LEU NAS         12.000    5/18/2012      EUR      68.81
CLARIDEN LEU NAS         10.600    5/18/2012      CHF      72.75
CLARIDEN LEU NAS         10.550    5/16/2012      EUR      67.97
CLARIDEN LEU NAS         12.000    5/11/2012      EUR      66.94
CLARIDEN LEU NAS         10.750    5/11/2012      CHF      73.22
CLARIDEN LEU NAS          9.000     5/9/2012      EUR      70.31
CLARIDEN LEU NAS          7.300     5/9/2012      CHF      70.23
CLARIDEN LEU NAS         10.250     5/4/2012      CHF      61.37
CLARIDEN LEU NAS          9.500     5/3/2012      CHF      69.96
CLARIDEN LEU NAS         11.000     5/2/2012      CHF      71.50
CLARIDEN LEU NAS         10.500     5/2/2012      EUR      71.82
CLARIDEN LEU NAS          9.500     5/2/2012      EUR      71.49
CLARIDEN LEU NAS         13.000    4/27/2012      CHF      22.31
CLARIDEN LEU NAS          9.000    4/27/2012      USD      71.51
CLARIDEN LEU NAS          9.000    4/27/2012      USD      21.26
CLARIDEN LEU NAS          8.500    4/27/2012      USD      73.44
CLARIDEN LEU NAS         11.250    4/26/2012      USD      71.79
CLARIDEN LEU NAS          9.000    4/19/2012      CHF      72.77
CLARIDEN LEU NAS          9.650    4/13/2012      CHF      38.64
CLARIDEN LEU NAS         11.000    4/12/2012      EUR      55.54
CLARIDEN LEU NAS          9.500    4/12/2012      CHF      45.26
CLARIDEN LEU NAS         10.000    4/11/2012      USD      33.52
CLARIDEN LEU NAS          9.500    4/11/2012      CHF      63.51
CLARIDEN LEU NAS         15.000     4/5/2012      USD      60.13
CLARIDEN LEU NAS          8.500     4/5/2012      CHF      59.59
CLARIDEN LEU NAS          7.700     4/5/2012      CHF      40.73
CLARIDEN LEU NAS         13.500     4/4/2012      CHF      19.67
CLARIDEN LEU NAS          8.250     4/4/2012      CHF      69.51
CLARIDEN LEU NAS         15.250    3/28/2012      EUR      55.11
CLARIDEN LEU NAS         12.000    3/28/2012      CHF      69.47
CLARIDEN LEU NAS         12.000    3/22/2012      EUR      72.80
CLARIDEN LEU NAS          9.250    3/22/2012      CHF      70.60
CLARIDEN LEU NAS         11.250    3/21/2012      EUR      67.56
CLARIDEN LEU NAS         10.750    3/16/2012      EUR      54.95
CLARIDEN LEU NAS         10.000    3/16/2012      CHF      59.28
CRED SUIS NY              8.000    1/25/2013      USD      48.69
CREDIT SUISSE LD          4.000   12/10/2012      EUR      46.30
SARASIN CI LTD            5.538    6/18/2012      CHF      71.71
SARASIN CI LTD           12.000    6/27/2012      CHF      49.50
SARASIN CI LTD           10.500    4/26/2012      CHF      63.35
SARASIN CI LTD           11.000    4/26/2012      CHF      69.93
SARASIN CI LTD           10.080     5/4/2012      CHF      42.83
SARASIN CI LTD           11.000     5/9/2012      CHF      70.26
SARASIN CI LTD           12.500    5/11/2012      CHF      62.96
SARASIN CI LTD            7.000    5/24/2012      CHF      62.68
SARASIN CI LTD            8.000     9/3/2012      CHF      43.78
SARASIN CI LTD           10.000    3/16/2012      CHF      55.96
SARASIN CI LTD           10.200    3/30/2012      CHF      62.23
SARASIN CI LTD            8.500    4/26/2012      CHF      58.30
SARASIN/GUERNSEY          7.200    7/16/2012      CHF      59.91
SARASIN/GUERNSEY         10.000    8/10/2012      EUR      72.79
UBS AG                   10.940    3/26/2012      EUR      51.03
UBS AG                   11.000    3/26/2012      EUR      68.37
UBS AG                   11.010    3/26/2012      EUR      66.31
UBS AG                   11.400    3/26/2012      EUR      51.03
UBS AG                   11.430    3/26/2012      EUR      42.68
UBS AG                   11.430    3/26/2012      EUR      68.38
UBS AG                   11.610    3/26/2012      EUR      63.05
UBS AG                   11.790    3/26/2012      EUR      51.03
UBS AG                   11.820    3/26/2012      EUR      68.38
UBS AG                   12.030    3/26/2012      EUR      41.22
UBS AG                   12.100    3/26/2012      EUR      51.04
UBS AG                   11.620    3/26/2012      EUR      64.17
UBS AG                   12.230    3/26/2012      EUR      62.17
UBS AG                   12.350    3/26/2012      EUR      51.04
UBS AG                   12.460    3/26/2012      EUR      68.39
UBS AG                   12.540    3/26/2012      EUR      51.04
UBS AG                   12.640    3/26/2012      EUR      39.85
UBS AG                   12.160    3/26/2012      EUR      68.39
UBS AG                   14.550    3/26/2012      EUR      36.25
UBS AG                   14.720    3/26/2012      EUR      55.27
UBS AG                   14.810    3/26/2012      EUR      57.15
UBS AG                   15.210    3/26/2012      EUR      35.19
UBS AG                   15.350    3/26/2012      EUR      53.78
UBS AG                   15.460    3/26/2012      EUR      68.36
UBS AG                   15.600    3/26/2012      EUR      67.56
UBS AG                   15.880    3/26/2012      EUR      34.19
UBS AG                   15.980    3/26/2012      EUR      52.37
UBS AG                   11.000     3/4/2014      USD      19.73
UBS AG                   13.830   12/17/2013      USD      20.11
UBS AG                   10.770     9/6/2013      USD      17.40
UBS AG                    9.650    8/23/2013      USD      32.42
UBS AG                    7.990    3/19/2013      USD      20.90
UBS AG                    6.500    3/14/2013      USD      19.04
UBS AG                    5.760    3/14/2013      USD      31.66
UBS AG                    5.540    3/14/2013      USD      30.13
UBS AG                   16.640    3/12/2013      USD      25.80
UBS AG                   11.920    3/12/2013      USD      16.25
UBS AG                    8.670    3/12/2013      USD       2.43
UBS AG                    8.000    3/12/2013      USD      60.78
UBS AG                    6.420    3/12/2013      USD      18.77
UBS AG                    6.400    3/12/2013      USD      18.77
UBS AG                    6.280    3/12/2013      USD      45.80
UBS AG                    4.280    3/12/2013      USD      12.96
UBS AG                    3.900    3/12/2013      USD      12.10
UBS AG                    8.100     3/8/2013      USD      21.33
UBS AG                   13.760     3/6/2013      USD       6.38
UBS AG                   10.080    2/28/2013      USD      16.50
UBS AG                    9.590    2/28/2013      USD      35.76
UBS AG                    6.600    5/11/2012      USD      72.90
UBS AG                   15.000     5/3/2012      EUR      57.90
UBS AG                    8.500     5/3/2012      CHF      69.35
UBS AG                   11.930    4/20/2012      CHF      43.50
UBS AG                    8.000    4/20/2012      CHF      67.15
UBS AG                   10.780    4/19/2012      CHF      59.10
UBS AG                   10.100    4/19/2012      CHF      69.12
UBS AG                    7.910    4/19/2012      CHF      68.93
UBS AG                    7.810    4/19/2012      CHF      58.70
UBS AG                   10.290    4/16/2012      CHF      73.95
UBS AG                    9.050    4/16/2012      CHF      53.80
UBS AG                   18.790    3/26/2012      EUR      46.84
UBS AG                   18.370    3/26/2012      EUR      68.31
UBS AG                   18.020    3/26/2012      EUR      60.46
UBS AG                   17.240    3/26/2012      EUR      49.65
UBS AG                   17.220    3/26/2012      EUR      32.36
UBS AG                   16.960    3/26/2012      EUR      72.17
UBS AG                   16.550    3/26/2012      EUR      33.25
UBS AG                   16.610    3/26/2012      EUR      51.03
UBS AG                    9.580    2/28/2013      USD      35.76
UBS AG                   10.390    1/18/2013      USD      38.04
UBS AG                   13.600   11/12/2012      EUR      65.51
UBS AG                   13.560   11/12/2012      EUR      70.99
UBS AG                   11.660   11/12/2012      EUR      62.52
UBS AG                   11.260   11/12/2012      EUR      69.38
UBS AG                   10.930   11/12/2012      EUR      70.58
UBS AG                    9.650   11/12/2012      EUR      66.24
UBS AG                    9.470   11/12/2012      EUR      59.95
UBS AG                    8.370   11/12/2012      EUR      72.67
UBS AG                    8.280   11/12/2012      EUR      73.46
UBS AG                    8.280   11/12/2012      EUR      73.46
UBS AG                    6.700   11/12/2012      EUR      64.93
UBS AG                   13.340   10/24/2012      USD      46.27
UBS AG                   11.580    10/1/2012      EUR      71.76
UBS AG                   11.560    10/1/2012      EUR      54.61
UBS AG                   11.530    10/1/2012      EUR      71.73
UBS AG                   11.460    10/1/2012      EUR      71.70
UBS AG                   11.460    10/1/2012      EUR      54.55
UBS AG                   11.380    10/1/2012      EUR      71.65
UBS AG                   11.330    10/1/2012      EUR      54.49
UBS AG                   11.280    10/1/2012      EUR      71.60
UBS AG                   11.160    10/1/2012      EUR      71.54
UBS AG                   11.150    10/1/2012      EUR      54.39
UBS AG                   11.010    10/1/2012      EUR      71.46
UBS AG                   10.930    10/1/2012      EUR      54.28
UBS AG                   10.840    10/1/2012      EUR      71.37
UBS AG                   10.650    10/1/2012      EUR      54.13
UBS AG                   10.640    10/1/2012      EUR      71.27
UBS AG                   10.410    10/1/2012      EUR      71.15
UBS AG                   10.310    10/1/2012      EUR      53.95
UBS AG                   10.150    10/1/2012      EUR      71.01
UBS AG                    9.910    10/1/2012      EUR      53.75
UBS AG                    9.900    10/1/2012      EUR      42.88
UBS AG                    9.860    10/1/2012      EUR      70.91
UBS AG                    9.540    10/1/2012      EUR      70.69
UBS AG                    9.440    10/1/2012      EUR      53.50
UBS AG                    9.360    10/1/2012      EUR      42.60
UBS AG                    9.200    10/1/2012      EUR      42.52
UBS AG                    9.060    10/1/2012      EUR      72.85
UBS AG                    8.910    10/1/2012      EUR      72.72
UBS AG                    8.910    10/1/2012      EUR      53.22
UBS AG                    8.730    10/1/2012      EUR      42.27
UBS AG                    8.720    10/1/2012      EUR      72.62
UBS AG                    8.500    10/1/2012      EUR      72.51
UBS AG                    8.420    10/1/2012      EUR      42.11
UBS AG                    8.310    10/1/2012      EUR      52.91
UBS AG                    8.240    10/1/2012      EUR      72.41
UBS AG                    8.050    10/1/2012      EUR      41.92
UBS AG                    7.940    10/1/2012      EUR      72.22
UBS AG                    7.840    10/1/2012      EUR      41.81
UBS AG                    7.660    10/1/2012      EUR      52.57
UBS AG                    7.620    10/1/2012      EUR      41.69
UBS AG                    7.610    10/1/2012      EUR      72.05
UBS AG                    7.380    10/1/2012      EUR      41.57
UBS AG                    7.240    10/1/2012      EUR      71.85
UBS AG                    7.140    10/1/2012      EUR      41.44
UBS AG                   10.740    9/17/2012      USD      33.58
UBS AG                    9.430    8/31/2012      USD      33.68
UBS AG                    8.650    8/29/2012      USD      33.17
UBS AG                    9.500    8/10/2012      USD      28.50
UBS AG                   11.000     8/2/2012      EUR      71.55
UBS AG                   10.500     8/2/2012      EUR      67.00
UBS AG                   12.040    7/31/2012      USD      18.25
UBS AG                   11.760    7/31/2012      USD      28.35
UBS AG                    8.460    7/31/2012      USD      35.27
UBS AG                   14.400    6/29/2012      CHF      69.10
UBS AG                   12.750    6/25/2012      EUR      51.95
UBS AG                   12.610    6/25/2012      EUR      51.88
UBS AG                   12.510    6/25/2012      EUR      69.65
UBS AG                   12.450    6/25/2012      EUR      69.64
UBS AG                   12.410    6/25/2012      EUR      51.83
UBS AG                   12.370    6/25/2012      EUR      69.62
UBS AG                   12.270    6/25/2012      EUR      69.59
UBS AG                   12.170    6/25/2012      EUR      51.76
UBS AG                   12.140    6/25/2012      EUR      69.56
UBS AG                   11.990    6/25/2012      EUR      69.52
UBS AG                   11.860    6/25/2012      EUR      51.68
UBS AG                   11.810    6/25/2012      EUR      69.47
UBS AG                   11.600    6/25/2012      EUR      69.46
UBS AG                   11.480    6/25/2012      EUR      51.59
UBS AG                   11.360    6/25/2012      EUR      69.36
UBS AG                   11.080    6/25/2012      EUR      69.29
UBS AG                   11.030    6/25/2012      EUR      51.51
UBS AG                   10.770    6/25/2012      EUR      69.21
UBS AG                   10.500    6/25/2012      EUR      51.34
UBS AG                   10.420    6/25/2012      EUR      69.12
UBS AG                   10.040    6/25/2012      EUR      69.02
UBS AG                    9.920    6/25/2012      EUR      40.35
UBS AG                    9.900    6/25/2012      EUR      51.18
UBS AG                    9.890    6/25/2012      EUR      70.66
UBS AG                    9.710    6/25/2012      EUR      40.30
UBS AG                    9.660    6/25/2012      EUR      70.64
UBS AG                    9.430    6/25/2012      EUR      40.23
UBS AG                    9.390    6/25/2012      EUR      70.57
UBS AG                    9.220    6/25/2012      EUR      51.01
UBS AG                    9.090    6/25/2012      EUR      40.14
UBS AG                    9.080    6/25/2012      EUR      70.49
UBS AG                    8.720    6/25/2012      EUR      70.39
UBS AG                    8.690    6/25/2012      EUR      40.04
UBS AG                    8.490    6/25/2012      EUR      50.82
UBS AG                    8.320    6/25/2012      EUR      70.26
UBS AG                    8.220    6/25/2012      EUR      39.92
UBS AG                    7.960    6/25/2012      EUR      39.85
UBS AG                    7.890    6/25/2012      EUR      70.18
UBS AG                    7.710    6/25/2012      EUR      50.65
UBS AG                    7.690    6/25/2012      EUR      39.78
UBS AG                    7.420    6/25/2012      EUR      70.03
UBS AG                    7.410    6/25/2012      EUR      39.71
UBS AG                    7.110    6/25/2012      EUR      39.63
UBS AG                   21.370    6/22/2012      EUR      72.97
UBS AG                   19.000    6/22/2012      EUR      74.84
UBS AG                   15.000     6/6/2012      CHF      73.90
UBS AG                   17.720     6/4/2012      EUR      66.91
UBS AG                   13.700    5/23/2012      USD      13.57
UBS AG                   13.300    5/23/2012      USD       3.76
UBS AG                   15.150    5/11/2012      EUR      59.09
UBS AG                   13.150    5/11/2012      EUR      65.05
UBS AG                   12.900    5/11/2012      EUR      57.34
UBS AG                   11.240    5/11/2012      EUR      65.88
UBS AG                   10.940    5/11/2012      EUR      55.45
UBS AG                   10.060    5/11/2012      EUR      69.33
UBS AG                    9.880    5/11/2012      EUR      62.28
UBS AG                    9.170    5/11/2012      EUR      71.09
UBS AG                    9.170    5/11/2012      EUR      71.09
UBS AG                    9.110    5/11/2012      EUR      73.14
UBS AG                    6.870    5/11/2012      EUR      61.88
UBS AG                    8.720    3/20/2012      USD      32.17
UBS AG                    9.250    3/20/2012      USD      14.33
UBS AG                    8.500    3/21/2012      CHF      66.60
UBS AG                   10.070    3/23/2012      USD      35.65
UBS AG                   21.530    3/23/2012      EUR      72.63
UBS AG                   24.890    3/23/2012      EUR      70.08
UBS AG                   25.660    3/23/2012      EUR      73.87
UBS AG                   26.070    3/23/2012      EUR      73.54
UBS AG                   28.140    3/23/2012      EUR      72.89
UBS AG                   28.180    3/23/2012      EUR      71.54
UBS AG                   29.120    3/23/2012      EUR      71.05
UBS AG                    7.020    3/26/2012      EUR      37.35
UBS AG                    7.190    3/26/2012      EUR      72.00
UBS AG                    7.380    3/26/2012      EUR      37.36
UBS AG                    7.590    3/26/2012      EUR      50.99
UBS AG                    7.610    3/26/2012      EUR      72.01
UBS AG                    7.730    3/26/2012      EUR      37.36
UBS AG                    8.000    3/26/2012      EUR      72.01
UBS AG                    8.060    3/26/2012      EUR      37.36
UBS AG                    8.240    3/26/2012      EUR      54.28
UBS AG                    8.270    3/26/2012      EUR      71.69
UBS AG                    8.340    3/26/2012      EUR      72.01
UBS AG                    8.380    3/26/2012      EUR      37.37
UBS AG                    8.380    3/26/2012      EUR      51.00
UBS AG                    8.640    3/26/2012      EUR      72.02
UBS AG                    8.710    3/26/2012      EUR      70.31
UBS AG                    8.720    3/26/2012      EUR      51.93
UBS AG                    8.900    3/26/2012      EUR      72.02
UBS AG                    8.960    3/26/2012      EUR      37.37
UBS AG                    9.120    3/26/2012      EUR      51.00
UBS AG                    9.220    3/26/2012      EUR      73.67
UBS AG                    9.230    3/26/2012      EUR      49.77
UBS AG                    9.480    3/26/2012      EUR      37.38
UBS AG                    9.630    3/26/2012      EUR      67.71
UBS AG                    9.750    3/26/2012      EUR      47.79
UBS AG                    9.800    3/26/2012      EUR      51.01
UBS AG                    9.810    3/26/2012      EUR      71.04
UBS AG                    9.920    3/26/2012      EUR      37.38
UBS AG                   10.010    3/26/2012      EUR      68.36
UBS AG                   10.280    3/26/2012      EUR      37.39
UBS AG                   10.290    3/26/2012      EUR      45.95
UBS AG                   10.410    3/26/2012      EUR      68.60
UBS AG                   10.410    3/26/2012      EUR      51.02
UBS AG                   10.530    3/26/2012      EUR      68.37
UBS AG                   10.580    3/26/2012      EUR      37.39
UBS AG                   10.600    3/26/2012      EUR      65.31
UBS AG                   10.850    3/26/2012      EUR      44.26
UBS AG                   12.660    3/26/2012      EUR      60.95
UBS AG                   12.720    3/26/2012      EUR      68.39
UBS AG                   12.850    3/26/2012      EUR      60.29
UBS AG                   12.910    3/26/2012      EUR      73.82
UBS AG                   12.940    3/26/2012      EUR      68.40
UBS AG                   13.130    3/26/2012      EUR      68.40
UBS AG                   13.270    3/26/2012      EUR      38.57
UBS AG                   13.280    3/26/2012      EUR      68.40
UBS AG                   13.400    3/26/2012      EUR      68.40
UBS AG                   13.470    3/26/2012      EUR      58.52
UBS AG                   13.490    3/26/2012      EUR      68.40
UBS AG                   13.730    3/26/2012      EUR      59.00
UBS AG                   13.910    3/26/2012      EUR      37.38
UBS AG                   13.980    3/26/2012      EUR      73.62
UBS AG                   14.100    3/26/2012      EUR      56.85
UBS AG                   14.130    3/26/2012      EUR      73.53
UBS AG                   14.180    3/26/2012      EUR      70.99
UBS AG JERSEY             3.220    7/31/2012      EUR      40.57

UNITED KINGDOM
--------------
ALLIANC&LEIC BLD          5.875    8/14/2031      GBP      73.51
BAKKAVOR FIN 2            8.250    2/15/2018      GBP      78.83
BANK OF SCOTLAND          2.408     2/9/2027      JPY      67.09
BANK OF SCOTLAND          2.359    3/27/2029      JPY      62.29
BANK OF SCOTLAND          2.650    6/21/2026      JPY      71.49
BANK OF SCOTLAND          2.340   12/28/2026      JPY      67.86
BANK OF SCOTLAND          2.650    8/10/2026      JPY      71.17
BANK OF SCOTLAND          2.550    4/23/2037      JPY      55.05
BANK OF SCOTLAND          2.595     5/8/2037      JPY      55.11
BARCLAYS BK PLC          11.000   12/14/2012      EUR      74.89
BARCLAYS BK PLC          11.500    3/23/2012      EUR      63.85
BARCLAYS BK PLC           0.500   10/28/2016      AUD      74.67
BARCLAYS BK PLC           0.500    12/3/2017      AUD      68.95
BARCLAYS BK PLC          11.000    3/23/2012      EUR      63.95
BARCLAYS BK PLC          11.750    3/23/2012      EUR      68.40
BARCLAYS BK PLC          11.000     1/2/2013      EUR      74.41
BARCLAYS BK PLC          12.000     1/2/2013      EUR      70.52
BARCLAYS BK PLC           8.500   10/16/2012      USD      10.90
BARCLAYS BK PLC           6.000    3/23/2012      EUR      70.97
BARCLAYS BK PLC           6.750    3/23/2012      EUR      72.87
BARCLAYS BK PLC           8.000    3/23/2012      EUR      74.40
BARCLAYS BK PLC           0.500    9/24/2019      AUD      60.31
BARCLAYS BK PLC           8.000    3/23/2012      EUR      66.28
BARCLAYS BK PLC           8.750    3/23/2012      EUR      69.15
BARCLAYS BK PLC          12.500    3/23/2012      EUR      69.77
BARCLAYS BK PLC          10.750    3/22/2013      EUR      74.99
BARCLAYS BK PLC          13.500    3/23/2012      EUR      59.54
BARCLAYS BK PLC           8.000    9/11/2012      USD      10.85
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       9.65
BARCLAYS BK PLC           7.000    7/27/2012      USD       9.93
BARCLAYS BK PLC          10.000    7/20/2012      USD       7.65
BARCLAYS BK PLC           8.000    6/29/2012      USD      10.17
BARCLAYS BK PLC          11.750    9/28/2012      EUR      73.02
BARCLAYS BK PLC          13.000    9/28/2012      EUR      68.44
BARCLAYS BK PLC           9.000    10/1/2012      USD       9.87
BARCLAYS BK PLC          14.000    10/1/2012      USD      10.59
BARCLAYS BK PLC           9.000   10/16/2012      USD      11.03
BARCLAYS BK PLC          12.250    3/23/2012      EUR      67.14
BARCLAYS BK PLC          10.500     6/8/2012      EUR      63.29
BARCLAYS BK PLC          15.000    6/22/2012      EUR      73.85
BARCLAYS BK PLC          11.000     6/8/2012      EUR      72.48
BARCLAYS BK PLC          11.090     6/8/2012      EUR      70.20
BARCLAYS BK PLC          11.750     6/8/2012      EUR      69.82
BARCLAYS BK PLC          11.500    6/28/2013      EUR      72.59
BARCLAYS BK PLC          12.500     6/8/2012      EUR      74.46
BARCLAYS BK PLC          13.000     6/8/2012      EUR      70.84
BARCLAYS BK PLC           7.250    6/22/2012      EUR      73.85
BARCLAYS BK PLC           8.000    6/22/2012      EUR      69.77
BARCLAYS BK PLC           8.250    6/22/2012      EUR      73.21
BARCLAYS BK PLC           8.500    6/22/2012      EUR      72.33
BARCLAYS BK PLC           9.750    6/22/2012      EUR      70.52
BARCLAYS BK PLC          10.500    6/22/2012      EUR      68.73
BARCLAYS BK PLC          10.500    6/22/2012      EUR      66.49
BARCLAYS BK PLC          10.750    6/22/2012      EUR      72.76
BARCLAYS BK PLC          11.000    6/22/2012      EUR      65.67
BARCLAYS BK PLC          11.500    6/22/2012      EUR      73.19
BARCLAYS BK PLC          11.750    6/22/2012      EUR      70.56
BARCLAYS BK PLC          12.000    6/22/2012      EUR      71.59
BARCLAYS BK PLC          12.000    6/22/2012      EUR      64.52
BARCLAYS BK PLC          12.750    6/22/2012      EUR      70.87
BARCLAYS BK PLC          14.500    6/22/2012      EUR      65.72
BARCLAYS BK PLC           9.750    3/23/2012      EUR      73.04
BARCLAYS BK PLC          10.000    3/23/2012      EUR      71.53
BARCLAYS BK PLC          10.500    3/23/2012      EUR      64.64
BARCLAYS BK PLC           8.000    9/28/2012      USD      10.69
BARCLAYS BK PLC          12.000    9/14/2012      EUR      72.84
BARCLAYS BK PLC          11.500    3/22/2013      EUR      71.69
BARCLAYS BK PLC           9.000    3/23/2012      EUR      67.52
BARCLAYS BK PLC          11.000    6/28/2013      EUR      75.00
BARCLAYS BK PLC           9.500    3/23/2012      EUR      68.81
BARCLAYS BK PLC          14.000    3/23/2012      EUR      62.34
BARCLAYS BK PLC          15.000    3/23/2012      EUR      71.12
BARCLAYS BK PLC          12.950    4/20/2012      USD      23.40
BARCLAYS BK PLC           8.000     6/8/2012      EUR      67.49
BARCLAYS BK PLC           8.250     6/8/2012      EUR      69.56
BARCLAYS BK PLC          10.500    3/23/2012      EUR      72.14
BARCLAYS BK PLC           9.250     6/8/2012      EUR      72.97
CO-OPERATIVE BNK          5.750    12/2/2024      GBP      72.83
CO-OPERATIVE BNK          5.875    3/28/2033      GBP      71.87
EFG HELLAS PLC            5.400    11/2/2047      EUR      26.00
EFG HELLAS PLC            6.010     1/9/2036      EUR      34.63
EMPORIKI GRP FIN          5.000    12/2/2021      EUR      44.75
EMPORIKI GRP FIN          4.350    7/22/2014      EUR      71.75
EMPORIKI GRP FIN          5.100    12/9/2021      EUR      45.25
ENTERPRISE INNS           6.375    9/26/2031      GBP      65.29
ENTERPRISE INNS           6.875     5/9/2025      GBP      66.88
ENTERPRISE INNS           6.875    2/15/2021      GBP      71.04
ESSAR ENERGY              4.250     2/1/2016      USD      55.93
F&C ASSET MNGMT           6.750   12/20/2026      GBP      66.96
GALA ELECTRIC CA         11.500     6/1/2019      GBP      72.50
GALA ELECTRIC CA         11.500     6/1/2019      GBP      72.55
GS INTERNATIONAL          9.750    5/22/2012      CHF      63.20
GS INTERNATIONAL          9.500    4/20/2012      CHF      57.60
GS INTERNATIONAL         13.000    6/28/2012      CHF      71.60
HBOS PLC                  4.375   10/30/2019      EUR      77.27
HBOS PLC                  5.374    6/30/2021      EUR      72.63
HBOS PLC                  4.500    3/18/2030      EUR      65.14
HBOS PLC                  6.000    11/1/2033      USD      68.20
HBOS PLC                  6.000    11/1/2033      USD      68.20
HSBC BANK PLC             0.500   12/29/2026      AUD      42.66
HSBC BANK PLC             0.500     4/3/2023      AUD      53.75
HSBC BANK PLC             0.500    12/8/2026      AUD      42.82
HSBC BANK PLC             0.500   11/29/2017      AUD      73.79
HSBC BANK PLC             0.500   11/30/2017      AUD      73.78
HSBC BANK PLC             0.500    9/28/2018      AUD      70.24
HSBC BANK PLC             0.500   11/16/2018      AUD      69.67
HSBC BANK PLC             0.500   11/22/2021      AUD      58.15
HSBC BANK PLC             0.500    12/2/2022      AUD      54.70
HSBC BANK PLC             0.500   12/29/2022      AUD      54.45
HSBC BANK PLC             0.500     2/2/2023      AUD      54.14
HSBC BANK PLC             0.500    2/24/2023      AUD      53.94
MARSTONS ISSUER           5.641    7/15/2035      GBP      74.17
MATALAN                   9.625    3/31/2017      GBP      65.51
MATALAN                   9.625    3/31/2017      GBP      66.00
MAX PETROLEUM             6.750     9/8/2013      USD      54.94
NOMURA BANK INTL          0.800   12/21/2020      EUR      67.31
OTE PLC                   4.625    5/20/2016      EUR      73.70
PUNCH TAVERNS             8.374    7/15/2029      GBP      56.01
ROYAL BK SCOTLND          6.250   12/20/2012      EUR      53.04
ROYAL BK SCOTLND         20.000    2/23/2017      SEK      65.00
ROYAL BK SCOTLND          2.300   11/26/2024      JPY      73.69
ROYAL BK SCOTLND          6.132     4/4/2025      USD      55.05
ROYAL BK SCOTLND          4.692     6/9/2025      EUR      71.54
ROYAL BK SCOTLND          5.168    6/29/2030      EUR      59.15
SPIRIT ISSUER             5.472   12/28/2028      GBP      72.79
THOMAS COOK GR            7.750    6/22/2017      GBP      56.11
THOMAS COOK GR            6.750    6/22/2015      EUR      64.50
UNIQUE PUB FIN            5.659    6/30/2027      GBP      74.34
WESSEX WATER FIN          1.499   11/29/2058      GBP      67.18
WESSEX WATER FIN          1.369    7/31/2057      GBP      66.78


                            *********

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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