TCREUR_Public/120409.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, April 9, 2012, Vol. 13, No. 70

                            Headlines



D E N M A R K

TORM A/S: Shareholders Likely to Face Heavy Dilution of Stakes


G E R M A N Y

KABEL BW MUSKETEER: Moody's Reviews 'B2' CFR/PDR for Upgrade
KLOCKNER PENTAPLAST: Strategic Value Eyes Takeover Bid
MOMENTIVE PERFORMANCE: Obtains US$175MM Term Loan from JPMorgan
Q-CELLS SE: Files for Insolvency Proceedings in Dessau
SCHLECKER: May Get Bids of Less Than EUR100 Million, Focus Says

UNITYMEDIA GMBH: S&P Affirms 'B+' Corporate Credit Rating
VICTORIANFIBRE HOLDING: S&P Affirms 'B' Corporate Credit Rating
* Moody's Says Asset Selection Risk Increases for Pfandbriefe


I R E L A N D

ALLIED IRISH: To Sell Polish Property Fund Unit to Peakside
FALLON & BYRNE: High Court Set to Approve Rescue Plan on April 18


N E T H E R L A N D S

ADAGIO CLO I: S&P Raises Ratings on Two Note Classes to 'BB'
DALDARIAN EUROPEAN IV: S&P Raises Rating on Class D Notes to CCC+
HALCYON CLO 2008-I: S&P Raises Rating on Class E Notes to 'BB-'
INVESCO GARDA: S&P Raises Rating on Class F Notes to 'CCC'
VIMPELCOM AMSTERDAM: S&P Rates US$500-Mil. Revolving Credit 'BB'


P O R T U G A L

BMORE FINANCE: S&P Lowers Rating on Class D Notes to 'B+'
TVER OBLAST: S&P Affirms 'B+' Long-Term Issuer Credit Rating


S P A I N

GC PASTOR: S&P Affirms Rating on Class D Notes at 'D (sf)'


U N I T E D   K I N G D O M

EQUINOX 2006-1: S&P Affirms 'D' Ratings on Two Note Classes
GEMGARTO 2012-1: S&P Assigns Prelim. 'BB' Rating to Cl. B2 Notes
INMARSAT FINANCE: Moody's Affirms Ba2 Rating on Sr. Unsec. Notes
INMARSAT FINANCE: S&P Affirms 'BB+' Rating on Sr. Unsecured Notes
INVESTEC BANK: Moody's Issues Summary Credit Opinion

MALIN CLO: S&P Raises Rating on Class E Notes to 'B- (sf)'
RANGERS FOOTBALL: Owes Creditors More Than GBP134 Million
RANGERS FOOTBALL: Blue Knights, Ticketus Submit Final Bid
STANDARD BANK: Moody's Issues Summary Credit Opinion
TAURUS 2006-2: S&P Lowers Rating on Class C Notes to 'CCC-'

VELO HOLDINGS: V2V Files for Bankruptcy in the U.S.


X X X X X X X X

* BOND PRICING: For the Week April 2 to April 6, 2012


                            *********


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D E N M A R K
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TORM A/S: Shareholders Likely to Face Heavy Dilution of Stakes
--------------------------------------------------------------
Robert Wrigh at The Financial Times reports that shareholders in
Torm A/S are facing heavy dilution of their stakes under an
agreement with the owners of the company's ships and its banks.

The collapse of efforts to arrange an injection of US$100 million
to US$200 million in new equity that Torm had hoped would improve
its financial position, the FT states.  The deal's collapse left
the company's banks to devise a means to reduce its US$1.9
billion debt burden and rescue it from potential insolvency, the
FT says.

The FT relates that Torm said on Wednesday that it had reached a
"conditional framework agreement" in principle with the
coordinating committee of its banks -- made up of Danish Ship
Finance, Danske Bank and Nordea.  The FT notes that the statement
said that the deal would provide Torm with a working capital
facility and "substantial amortization and covenant relief under
the existing credit facilities".

The company added it had also reached a "conditional agreement"
with the main owners of the ships it charters, the FT discloses.

According to Bloomberg News' Alaric Nightingale, Torm said in a
statement on Wednesday that companies hiring its vessels agreed
to "realign rates to current market levels" or to permit
cancellation of the contracts.

The company, as cited by Bloomberg, said that "Major time charter
partners" agreed to alter hire costs until April 30 pending the
reorganization's completion.

Torm delayed loan repayments to its banks since December after
earnings from its fleet plunged, Bloomberg discloses.  Torm said
that should a reorganization proceed as planned, banks and
companies chartering its tankers would receive equity in the
company, creating a "substantial dilutive effect" for current
shareholders, Bloomberg notes.

Torm A/S is a Danish oil tanker operator.  The company operates
about 140 tankers for oil products such as petrol and 10 ships
for carrying dry bulk commodities such as iron ore.  It is
majority owned by the Greek Panayotides shipping family.


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G E R M A N Y
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KABEL BW MUSKETEER: Moody's Reviews 'B2' CFR/PDR for Upgrade
------------------------------------------------------------
Moody's Investors Service has placed the B2 corporate family
rating (CFR) and probability-of-default rating (PDR) at Kabel BW
Musketeer GmbH, originally the parent company of Kabel BW, and
the B1 CFR and PDR at Unitymedia GmbH under review for upgrade.

At the same time, the following debt instrument ratings have also
been placed under review for upgrade:

- EUR800 million and USD500 million senior secured notes due
   2019 and EUR 420 million of senior secured floating rate notes
   due 2018 at Kabel BW GmbH: B1

- EUR1.43 billion and USD845 million of senior secured notes due
   2017 at Unitymedia NRW GmbH and Unitymedia Hessen GmbH & Co
   KG: B1

- EUR665 million of senior notes due 2019 at Unitymedia GmbH: B3

- EUR680 million of senior notes due 2021 at UPC Germany Hold Co
   1 (originally issued by Musketeer): Caa1

The review follows the April 3 announcement that Unitymedia and
its existing notes-issuing subsidiaries have launched an offer to
exchange (i) senior secured notes at Kabel BW GmbH for senior
secured notes (due 2018/19) of Unitymedia Hessen GmbH & Co. KG
and Unitymedia NRW GmbH; and (ii) senior notes at UPC Germany
Holdco 1 GmbH for Senior Notes (due 2021) of Unitymedia GmbH. The
exchange offers will expire on April 30, 2012.

Both Unitymedia GmbH and Musketeer are 100% owned subsidiaries of
Liberty Global (rated Ba3/ Stable).

Ratings Rationale

Subject to the successful completion of the announced
transaction, Kabel BW will ultimately become a 100% owned
subsidiary of Unitymedia and will have no debt outstanding. At
that time, Moody's anticipates withdrawing Kabel BW's CFR and PDR
(currently at Musketeer).

Moody's review will focus on (i) the future growth potential of
the combined group; (ii) the scale advantages and operational
synergies (net of integration costs) that would be realized with
the successful integration of Kabel BW; and the (iii) near term
de-leveraging potential for the group after accommodating Kabel
BW, which on a standalone basis had a relatively high reported
gross leverage (gross reported debt/ reported 'adjusted' EBITDA)
of 6.4x at the end of 2011. The ratings of debt instruments will
reflect their relative positioning in the new combined capital
structure, once this has been finalized.

In 2011, Unitymedia's operating performance was solid. Its
revenues grew by 10% (to EUR1 billion) and its reported
'adjusted' EBITDA improved by 18% (at EUR613 million). On a pro-
forma combined basis (including Kabel BW), Unitymedia's revenues
for 2011 would have been EUR1.6 billion and its reported
'adjusted' EBITDA EUR964 million. Unitymedia group would
therefore merge to become the second largest cable company in
Germany after Kabel Deutschland Holding AG (rated Ba2/ Stable) by
customers (6.9 million compared to 8.7 million).

The reported gross leverage (Gross reported debt/ reported
'adjusted' EBITDA) of Unitymedia on a standalone basis reduced to
4.5x at the end of 2011 which mapped to Moody's adjusted Gross
Debt/ EBITDA of approximately 5.1x. The difference between
Moody's adjusted leverage and reported gross leverage was
primarily the impact of Moody's adjustment for Unitymedia's
operating leases. However, the gross leverage (in accordance with
the definition in Unitymedia's indentures) on a pro-forma basis
(including Kabel BW) as of December 2011, would have increased
back to approximately 5.0x (pro-forma EBITDA definition includes
some potential synergies). Moody's had previously indicated that
Unitymedia would have positive ratings pressure if it maintained
Moody's adjusted gross leverage close to 5.0x on a sustained
basis. The review will consider the revised consolidated
financial profile of Unitymedia, including adjustments, following
the transaction.

The announced notes exchange offers are in accordance with the
required terms and conditions for a 'Unitymedia Exchange
Transaction' (as defined in the Kabel BW Indentures). The
exchange offers are contingent upon satisfaction of the minimum
tender condition, which requires a valid tender before the
expiration time of (i) Kabel BW senior secured notes representing
in excess of 50% of the aggregate principal amount of the Kabel
BW senior secured notes, and (ii) Kabel BW senior notes
representing in excess of 50% of the aggregate principal amount
of the Kabel BW senior notes.

Subject to the satisfaction of the minimum tender condition, the
Kabel BW Indentures allow for a special optional redemption to be
made, pursuant to which all of the relevant remaining Kabel BW
Notes may be redeemed at a redemption price of 101% of the
principal amount thereof between March 31, 2012 and March 31,
2013 and at a redemption price of 102% of the principal amount
thereof between March 31, 2013 and March 31, 2014. Moody's review
will incorporate Unitymedia's financing approach, including
potentially the issuance of new exchange bonds, to fund the
redemption required. Before closing the review, Moody's will also
incorporate any plans indicated by Unitymedia to further amend
its capital structure on or after the settlement date of the
special optional redemption.

Moody's expects that once all debt is extinguished at Kabel BW,
the EUR100 million revolving credit facility (RCF) at Kabel BW
will be cancelled and the legal merger will be effected.
Nevertheless, Unitymedia would continue to have access to EUR80
million of revolving credit facility (fully drawn as of
December 31, 2011). In this regard, Moody's notes that Unitymedia
Hessen is aiming to enter into a new bank facility in the second
quarter of 2012. The size, terms and structure, including
ranking, of the 2012 Unitymedia Facilities Agreement have however
not yet been agreed. Moody's would expect Unitymedia to upsize
its bank facilities on a timely basis after the closing of the
exchange transaction.

The methodologies used in these ratings were Global Cable
Television Industry published in July 2009, and Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

Unitymedia is the second largest cable operator in Germany with
revenues of EUR1 billion in 2011. Kabel BW is the third largest
cable operator in Germany with revenues of EUR607 million in
2011.


KLOCKNER PENTAPLAST: Strategic Value Eyes Takeover Bid
------------------------------------------------------
Patricia Kuo at Bloomberg News reports that Strategic Value
Partners LLC is leading a group of lenders seeking to purchase
Klockner Pentaplast Group.

According to Bloomberg, two people with knowledge of the matter
said that Strategic Value and other junior creditors view the
purchase as a way to avoid being wiped out in a debt
restructuring.

Klockner Pentaplast, owned by U.S. private-equity firm Blackstone
Group LP, started talks with lenders at the end of last year to
reorganize about EUR1.25 billion (US$1.6 billion) of debt after
breaching loan conditions, Bloomberg recounts.

The people said that Klockner Pentaplast owes its junior lenders
about EUR350 million, Bloomberg notes.  These creditors get paid
out after senior lenders when a borrower fails, Bloomberg says.

The people, as cited by Bloomberg, said that Strategic Value is
leading the search for new investors to put together the bid to
buy Klockner Pentaplast from New York-based Blackstone, which has
owned it since 2007.

The people said that the junior lenders intend that Klockner
Pentaplast would put in place a new debt facility to replace its
existing loans and fully repay senior lenders, which include
Oaktree Capital Management LP, according to Bloomberg.

Founded in 1965 in Montabaur, Germany, Klockner Pentaplast Group
is a plastic films producer.


MOMENTIVE PERFORMANCE: Obtains US$175MM Term Loan from JPMorgan
---------------------------------------------------------------
Momentive Performance Materials Inc.'s wholly-owned subsidiary
Momentive Performance Materials GmbH, the German borrower under
the Company's senior secured credit facilities, incurred
incremental term loans under the Company's senior secured credit
facilities in an aggregate principal amount of US$175 million in
the form of new tranche B-3 term loans denominated in U.S.
dollars.

JPMorgan Chase Bank, N.A., serves as the administrative agent for
the lenders under an Amended and Restated Credit Agreement, dated
as of Feb. 10, 2011.

The tranche B-3 term loans were incurred to refinance existing
tranche B-1A and B-2A term loans maturing Dec. 4, 2013, under the
Company's senior secured credit facilities.  The tranche B-3 term
loans will mature on May 5, 2015.  The interest rate per annum
applicable to the tranche B-3 term loan is equal to an adjusted
LIBOR rate for, at the option of the German Borrower, a one-,
two-, three- or six-month interest period, or a nine- or twelve-
month period, if available from all relevant lenders, in each
case plus an applicable margin of 3.5%.

A copy of the Incremental Assumption Agreement is available for
free at http://is.gd/Ou6Nfb

                    About Momentive Performance

Momentive Performance Materials, Inc., is a producer of silicones
and silicone derivatives, and is engaged in the development and
manufacture of products derived from quartz and specialty
ceramics.  As of Dec. 31, 2008, the Company had 25 production
sites located worldwide, which allows it to produce the majority
of its products locally in the Americas, Europe and Asia.
Momentive's customers include companies in industries, such as
Procter & Gamble, 3M, Goodyear, Unilever, Saint Gobain, Motorola,
L'Oreal, BASF, The Home Depot and Lowe's.

The Company had a net loss of US$140 million on US$2.63 billion
of net sales in 2011, following a net loss of US$63 million on
US$2.58 billion of net sales in 2010.  Net loss in 2009 was US$42
million.

The Company's balance sheet at Dec. 31, 2011, showed $3.16
billion in total assets, US$3.90 billion in total liabilities and
a US$736 million total deficit.

                           *     *     *

Momentive carries a 'B3' corporate family and probability of
default ratings from Moody's Investors Service.

"The impact of softening demand and high raw material prices has
disrupted the trajectory of improving fundamentals, and will
result in an acceleration of cost reduction activities," stated
John Rogers, Senior Vice President at Moody's, in November 2011,
when Moody's affirmed the ratings.

Moody's said, the B3 CFR continues to be constrained by MPM's
elevated leverage and weak credit metrics, which outweigh its
strong business profile and improved maturity schedule.  As a
result of the softening demand and high raw materials prices, the
2011 operating performance will underperform that of 2010 and
will challenge credit metrics more than previously expected.

MPM's good liquidity is supported by the company's cash balance
of US$250 million and the expectation for positive free cash flow
generation over the next four quarters.  Maturities of long term
debt will become a greater concern by the end of 2012; maturities
are US$215 million in 2013, US$300 million in 2014, and $840
million in 2015.


Q-CELLS SE: Files for Insolvency Proceedings in Dessau
------------------------------------------------------
The Executive Board of Q-Cells SE filed a request to open
insolvency proceedings at the competent District Court in Dessau.
The competent Insolvency Court in Dessau has appointed
Mr. Henning Schorisch, hww wienberg wilhelm Insolvenzverwalter,
Halle/Saale, as preliminary insolvency administrator.

Following an intensive review of alternative concepts for the
implementation of the financial restructuring, the Executive
Board has reached the conclusion that a going concern of the
company cannot be restored on a sufficiently secure legal basis.
This was not given any more following the final Ruling of the
Frankfurt Higher Regional Court in the Pfleiderer case on
March 27, 2012.

Within the last months, Q-Cells SE had come to an agreement with
main bondholders of all outstanding convertible bonds.
Additionally, the company reached agreements with the involved
authorities in Germany and Malaysia.  Thus, the company was well
on the way to successfully implement an extensive debt relief as
well as its medium-term business plan to become profitable again
in the medium term.

Nedim Cen, CEO of Q-Cells SE said: "Unfortunately it is brutal
reality that the planned financial restructuring is now failing
due to acting serial litigants and an apparent wrong Court
ruling, despite the fact that we had a coherent restructuring
concept in place that was agreed upon by all stakeholders.  It is
now our primary objective to support the insolvency administrator
during his development of a new concept as good as we can, in
order to secure the company and jobs."

The preliminary insolvency administrator, Mr. Schorisch, will get
a general overview about the situation of the company first and
evaluate further procedural steps within so-called preliminary
insolvency proceedings.

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


SCHLECKER: May Get Bids of Less Than EUR100 Million, Focus Says
---------------------------------------------------------------
According to Bloomberg News' Sheenagh Matthews, Focus, citing
unidentified creditors and people in the finance industry, said
that Schlecker may get bids of less than EUR100 million
(US$131 million) from potential investors.

The magazine said that Thomas Roeb, professor for retailing at
the Bonn-Rhine-Sieg University and a former adviser to Schlecker,
estimates that the price may be in the "two-digit million" range,
Bloomberg notes.

                           Penta's Bid

Cornelius Rahn at Bloomberg News, citing Spiegel, reports that
Penta Investments Ltd. made a non-binding offer for Schlecker.

Spiegel said that Penta may need to invest about EUR90 million
(US$118 million) to renovate about 3,000 Schlecker stores,
Bloomberg relates.  The magazine, as cited by Bloomberg, said
that the potential investor is seeking to limit the Schlecker
family's stake to a "symbolic minority".

                           Droege's Bid

Meanwhile, Bloomberg News' Mr. Rahn, citing Stuttgarter
Nachrichten, reports that Droege International Group AG's offer
to buy Schlecker isn't high enough to make it a serious contender
for the assets.

As reported by the Troubled Company Reporter-Europe on March 20,
2102, Reuters related that Schlecker aims to find an investor by
the end of May.  Unlisted Schlecker filed for insolvency in
January after struggling to secure funds against a gloomy
economic backdrop, Reuters recounted.  The company, which owes
suppliers including Unilever and Procter & Gamble several hundred
million euros, plans to cut about 12,000 jobs and shut more than
2,000 of its 5,400 stores, Reuters disclosed.

Schlecker is a German drugstore chain.


UNITYMEDIA GMBH: S&P Affirms 'B+' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed the 'B+' long-term
corporate credit ratings on Germany-based cable operators
Unitymedia GmbH and Kabel BW Erste Beteiligungsgesellschaft mbH.
The outlook is stable.

"At the same time, we are affirming the issue ratings on the
existing debt issued by Unitymedia entities. The recovery ratings
on these debt instruments remain unchanged," S&P said.

"In addition, we are affirming the issue ratings on the existing
debt issued by KBW entities. The recovery ratings on these debt
instruments remain unchanged. We expect to withdraw the ratings
on KBW's existing debt upon the completion of the exchange
offer," S&P said.

"Furthermore, we assigned 'BB-' issue ratings on the like-for-
like senior secured notes and 'B-' issue ratings on the like-for-
like senior notes that have been proposed under the Unitymedia
debt exchange offer. The recovery ratings on the proposed
instruments are '2' and '6'. The '2' recovery rating reflects our
expectation for 70% to 90% recovery in the event of a default.
The '6' recovery rating reflects our expectation for 0% to 10%
recovery in the event of a default," S&P said.

"The affirmation of the corporate credit ratings on Unitymedia
and KBW reflects our opinion that the announced exchange of KBW's
outstanding debt into Unitymedia notes does not change our
current assessment of the respective business risk and financial
risk profiles. Furthermore, the corporate credit ratings on both
entities remain capped by the rating on their owner, U.S.-listed,
international cable-TV (CATV) operator and broadband services
provider Liberty Global Inc. (LGI; B+/Stable/--), primarily due
to LGI's full control over the corporate strategy and financial
policy of both subsidiaries. However, we factor in ongoing
parental support in our assessment of Unitymedia's and KBW's
liquidity profile, which we consider 'adequate.' We assess the
stand-alone credit profile (SACP) of both KBW and Unitymedia as
'b+', at the same level as the long-term corporate credit
ratings," S&P said.

"We understand that a successful exchange offer, with more than
50% of the lenders' consent, would allow LGI to merge Unitymedia
and KBW. Should this merger take place, we expect that Unitymedia
will have a long-term rating of 'B+', in line with the current
standalone SACP on both LGI subsidiaries," S&P said.

"Our financial risk profile assessment takes into account the
still-high, pro forma Standard & Poor's-adjusted gross leverage
for the combined operations of about 6x as of Dec. 31, 2011,
following the exchange offer and a potential subsequent merger.
On Dec. 31, 2011, Unitymedia's gross leverage, as adjusted by
Standard & Poor's, was 5.2x and KBW's adjusted gross leverage
stood at 7x. The stable outlook reflects the outlook on LGI,
given the considerable influence that the parent exercises over
Unitymedia's and KBW's business and financial policy and,
consequently, the subsidiaries' credit quality," S&P said.


VICTORIANFIBRE HOLDING: S&P Affirms 'B' Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on German facilities-based alternative
telecommunications operator VictorianFibre Holding GmbH (VFH) and
its operating subsidiary Versatel AG. "At the same, we affirmed
the 'B+' issue ratings on VictorianFibre Holding's and Versatel
AG's outstanding senior facilities. The recovery ratings on the
senior facilities are unchanged at '2'," S&P said.

"The corporate credit ratings and all issue and recovery ratings
were subsequently withdrawn at the issuer's request. At the time
of the rating withdrawal, the outlook was stable," S&P said.

"At the time of the withdrawal, the ratings on VFH and its
operating subsidiary Versatel AG reflected our assessment of the
group's business risk profile as 'weak' and its financial risk
profile as 'highly leveraged'," S&P said.

"The group's business risk profile was primarily constrained by
the intense price competition for broadband and fixed-line
telephony services in Germany and the group's limited scale
compared with its major competitors'. In our view, the group will
likely require ongoing cost-cutting and restructuring to sustain
margins," S&P said.

"These factors were partly offset by Versatel's extensive
proprietary high-density multilocal network, which we believe
could enable the company to generate sustainable revenues from
wholesale services. Another constraint was our view of the
company's still fair, albeit continuously declining, share of
the digital subscriber line broadband market in its coverage
area," S&P said.

"The group's financial risk profile primarily reflected its
highly leveraged capital structure and structurally constrained
generation of free operating cash flow, given our expectation of
continually competitive pressure on revenues and margins, high
interest payments, and significant capital expenditures. These
constraints were partly mitigated by the group's long-dated debt
maturity profile, with no meaningful debt amortizations until
2018," S&P said.


* Moody's Says Asset Selection Risk Increases for Pfandbriefe
-------------------------------------------------------------
The importance of the type of assets placed in public-sector
Pfandbriefe cover pools has increased, says Moody's Investors
Service in a new Special Report published on April 4. This is
because after the sovereign downgrades that followed the euro
area crisis, public-sector assets originated in countries that
have sub-investment-grade ratings remain eligible for cover pool
inclusion.

Moody's says that before the euro area crisis, all public-sector
assets eligible for cover pools were originated in countries that
had investment-grade ratings. However, after the sovereign
downgrades that followed the euro area crisis, public-sector
assets originated in countries that have low sub-investment-grade
ratings remain eligible for cover pool inclusion.

"We believe that the decision of which asset types the issuer
decides to add to or remove from its cover pool now has a more
material effect on the credit quality of the cover pool,"
explains Martin Rast, a Moody's Vice President and senior
analyst. "This implies that public-sector covered bonds are, and
could become, more exposed to substitution risk than was the case
pre-crisis."

Moody's report notes that over the last couple of years, most
issuers have been prudent with the assets they have selected for
cover pools. On average, the credit exposure of public-sector
Pfandbriefe to the euro area periphery has fallen; for example,
by end-2011, Greek assets had been almost completely removed from
the cover pools. Moody's believes that this reinforces the
general picture of issuers providing active support to their
covered bond programs.

However, the report says that Pfandbrief issuers retain a large
amount of discretion to manage the cover pool (by law), and over
recent years the exposures to some particular periphery countries
has actually increased, despite an average fall in exposures to
European periphery countries. A few programs have also seen an
increase in the overall level of exposure to assets in sub-
investment-grade countries.


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ALLIED IRISH: To Sell Polish Property Fund Unit to Peakside
-----------------------------------------------------------
Allied Irish Banks, p.l.c., has signed an agreement to sell its
Polish property fund management subsidiary, AIB PPM sp. z o.o.,
and AIB Holdings Limited, a Guernsey subsidiary, to Peakside
Capital.  Agreements have also been signed to dispose of AIB's
9.87% interest in Polonia Property Fund LP and 7.5% interest in
Polonia Property Fund II Limited, to Peakside Capital and
Partners Group, on a 50:50 basis.  The sales proceeds for the
entire transaction is undisclosed.

Goodbody Corporate Finance advised AIB on the transaction and the
acquisition is expected to be completed during the third quarter
of 2012.

Completion of the transaction is conditional upon obtaining
certain regulatory approvals and other consents.  The positive
impact on AIB's capital position as a result of the transaction
is not material.

                     About Allied Irish Banks

Allied Irish Banks, p.l.c. -- http://www.aibgroup.com/-- is a
major commercial bank based in Ireland.  It has an extensive
branch network across the country, a head office in Dublin and a
capital markets operation based in the International Financial
Services Centre in Dublin.  AIB also has retail and corporate
businesses in the UK, offices in Europe and a subsidiary company
in the Isle of Man and Jersey (Channel Islands).

Since the onset of the global and Irish financial crisis, AIB's
relationship with the Irish Government has changed significantly.

As at Dec. 31, 2010, the Government, through the National Pension
Reserve Fund Commission ("NPRFC"), held 49.9% of the ordinary
shares of the Company (the share of the voting rights at
shareholders' general meetings), 10,489,899,564 convertible non-
voting ("CNV") shares and 3.5 billion 2009 Preference Shares.  On
April 8, 2011, the NPRFC converted the total outstanding amount
of CNV shares into 10,489,899,564 ordinary shares of AIB, thereby
increasing its holding to 92.8% of the ordinary share capital.

In addition to its shareholders' interests, the Government's
relationship with AIB is reflected through formal and informal
oversight by the Minister and the Department of Finance and the
Central Bank of Ireland, representation on the Board of Directors
(three non-executive directors are Government nominees),
participation in NAMA, and otherwise.

As reported by the TCR on May 31, 2011, KPMG, in Dublin, Ireland,
noted that there are a number of material economic, political and
market risks and uncertainties that impact the Irish banking
system, including the Company's continued ability to access
funding from the Eurosystem and the Irish Central Bank to meet
its liquidity requirements, that raise substantial doubt about
the Company's ability to continue as a going concern.

KPMG did not include a "going concern" qualification in its
report on the Company's 2011 financial results.

AIB reported a loss of EUR2.29 billion in 2011, compared with a
loss of EUR10.16 billion in 2010.

AIB's selected balance sheet data at Dec. 31, 2011, showed
EUR136.65 billion in total assets, EUR113.21 billion in deposits
by central bank and banks, customer accounts and debt securities
in issue, and EUR14.46 billion shareholders' equity.


FALLON & BYRNE: High Court Set to Approve Rescue Plan on April 18
-----------------------------------------------------------------
RTE News reports that the High Court will be asked later this
month to approve a scheme that will ensure the survival of Fallon
& Byrne.

It is understood that the vast majority of the firm's creditors
have agreed to a set of proposals put forward by the court
appointed examiner to the company, RTE notes.

Last January, the High Court appointed Neil Hughes of Hughes
Blake, Chartered Accountants, as examiner to the company, RTE
recounts.  The company had petitioned for protection from its
creditors on grounds it was insolvent and unable to pay a
EUR1.4 million tax bill, RTE relates.

Mr. Hughes was appointed after a report by an independent
accountant expressed the view the business could survive if
certain conditions were met, including securing new investment,
RTE discloses.

Mr. Hughes has held meetings with the firm's creditors and it is
understood that 97 out of 98 creditors have given their approval
to the scheme, RTE states.

At Thursday's vacation sitting of the High Court, Mr. Justice
Patrick McCarthy was told by lawyers for Mr. Hughes that his
formal report, containing the scheme of arrangement with the
company's creditors, had been completed, RTE relates.

The judge then agreed to adjourn the matter to a date later this
month when the examiner will seek to have the scheme of
arrangement formally approved by High Court Judge Mr. Justice
Brian McGovern on April 18 next, RTE notes.

If the scheme is approved by the Judge, the company will then
exit examinership and will continue to trade as a going concern,
RTE says.

Fallon & Byrne is a Dublin-based food business.  It operates a
restaurant and gourmet food hall at Exchequer Street.


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


ADAGIO CLO I: S&P Raises Ratings on Two Note Classes to 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Adagio CLO I B.V.'s class A-1, A-2, B-1, B-2, C, D-1, and D-2
notes. "At the same time, we have withdrawn our rating on the
class Q (Comb) 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 Feb. 29, 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 decline in the proportion
of assets that we consider to be rated in the 'CCC' category
('CCC+', 'CCC', and 'CCC-'), and a small increase in the
proportion of defaulted assets (rated 'CC', 'SD' [selective
default], and 'D') since we last reviewed the transaction," S&P
said.

"Post-reinvestment period (i.e., from December 2009) scheduled
principal proceeds have been used toward principal payment on the
class A notes. All par value tests are in compliance with their
minimum requirement triggers, as was the case during our last
review. With a shorter weighted-average life, the scenario
default rates have also reduced at each rating level since our
previous review. We have also noted a decline in the weighted-
average spread earned on Adagio CLO I's collateral pool," S&P
said.

"We have subjected the capital structure to a cash flow analysis
in order to determine the break-even default rate. In our
analysis, we have 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 have
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-1, A-2, B-1, B-2, C, D-1, and D-2 notes
in this transaction to be commensurate with higher ratings. We
have therefore raised our ratings on these classes of notes," S&P
said.

"The class Q combination note has been decoupled into its
original components. We have therefore withdrawn our rating on
this class of notes," S&P said.

"None of the notes was 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 assigned
ratings," S&P said.

Adagio CLO I 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

Adagio CLO I B.V.
EUR308.5 Million Senior and Subordinated Fixed- and Floating-Rate
Notes

Ratings Raised

A-1           AAA (sf)           A+ (sf)
A-2           AAA (sf)           A+ (sf)
B-1           A+ (sf)            BBB- (sf)
B-2           A+ (sf)            BBB- (sf)
C             BBB+ (sf)          BB+ (sf)
D-1           BB (sf)            B (sf)
D-2           BB (sf)            B (sf)

Rating Withdrawn

Q (Comb)      NR

NR - Not rated.


DALDARIAN EUROPEAN IV: S&P Raises Rating on Class D Notes to CCC+
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Dalradian European CLO IV B.V.'s variable funding notes and class
A, B, C, and D notes. "At the same time, we affirmed our rating
on the class E notes," S&P said.

"The rating actions follow our assessment of the transaction's
performance and take into account recent developments in the
transaction," S&P said.

"For our review of the transaction's performance, we used data
from the trustee report dated Jan. 27, 2012, in addition to our
cash flow analysis. We have taken into account recent
developments in the transaction and have applied our counterparty
criteria, as well as our cash flow criteria," S&P said.

"From our analysis, we have observed a general improvement in the
credit quality of the portfolio since our last review. The
proportion of defaulted assets (those rated 'CC', 'SD' [selective
default], and 'D') has marginally increased, to 4.31% from 3.98%.
At the same time, the proportion of assets that we consider to be
rated in the 'CCC' category ('CCC+', 'CCC', and 'CCC-') has
fallen to 5.98% from 8.41%," S&P said.

"Our analysis indicates that credit enhancement for all classes
of notes has improved since we last reviewed the transaction. The
weighted-average spread earned on the collateral pool has
increased, and our analysis also indicates that the weighted-
average maturity of the portfolio since our last transaction
update has decreased, which has led to a reduction in our
scenario default rates (SDRs) for all rating categories. We have
also observed from the trustee report that the par value test
results for all classes have improved. In our view, this supports
higher ratings on the VFN and the class A, B, C, and D notes,"
S&P said.

"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated tranche. In
our analysis, we have used the reported portfolio balance,
weighted-average spread, and weighted-average recovery rates that
we consider to be appropriate. We have incorporated various cash
flow stress scenarios, using alternative default patterns,
levels, and timings for each liability rating category (i.e.,
'AAA', 'AA', and 'BBB' ratings), in conjunction with different
interest rate stress scenarios," S&P said.

"At closing, Dalradian European CLO IV entered into derivative
obligations to mitigate currency risks in the transaction," S&P
said.

"We have applied our 2010 counterparty criteria and, in our view,
the swap agreements do not entirely reflect these criteria.
Considering this, we have assessed our ratings, taking into
account the transaction's exposure to counterparties and the
potential impact if they did not perform. However, none of the
ratings on any class of notes are more than a notch above our
long-term issuer credit rating on the derivative counterparty. We
have therefore raised to 'AA- (sf)' from 'BBB+ (sf)' our ratings
on the VFN and the class A notes," S&P said.

"In our view, our cash flow analysis and the reduction in our
SDRs indicate that the credit enhancement available to the class
B, C, and D notes is commensurate with higher rating levels than
we previously assigned. We have therefore raised to 'A- (sf)'
from 'BB+ (sf)' our rating on the class B notes, raised to 'B+
(sf)' from 'CCC- (sf)' our rating on the class C notes, and
raised to 'CCC+ (sf)' from 'CCC- (sf)' our rating on the class D
notes," S&P said.

"We have also affirmed our rating on the class E notes as our
cash flow analysis indicates to us that credit enhancement on
this class is not commensurate with higher ratings. Our analysis
also shows the class is constrained by our largest obligor
default test," 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

Class             Rating
            To             From

Dalradian European CLO IV B.V.
EUR400 Million Floating-Rate Notes

Ratings Raised

VFN         AA- (sf)       BBB+ (sf)
A           AA- (sf)       BBB+ (sf)
B           A- (sf)        BB+ (sf)
C           B+ (sf)        CCC- (sf)
D           CCC+ (sf)      CCC- (sf)

Rating Affirmed

E           CCC- (sf)


HALCYON CLO 2008-I: S&P Raises Rating on Class E Notes to 'BB-'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit rating on
Halcyon Structured Asset Management European Long Secured/Short
Unsecured CLO 2008-I B.V.'s class E notes. "We also lowered our
credit rating on the class A notes. At the same time, we affirmed
our ratings on the class B, C, and D 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.

"Halcyon Structured Asset Management European Long Secured/Short
Unsecured CLO 2008-I is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms," S&P said.

"For our review of the transaction's performance, we used data
from the trustee report (dated Jan. 31, 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 observed a decline in the proportion of
assets that we consider to be rated in the 'CCC' category
('CCC+', 'CCC', and 'CCC-'), and in the proportion of defaulted
assets (rated 'CC', 'SD' [selective default] and 'D') since we
last reviewed the transaction," S&P said.

"We also noted an increase in the weighted-average spread earned
on Halcyon Structured Asset Management European Long
Secured/Short Unsecured CLO 2008-I's collateral pool since our
last review. All of the transaction's par value tests now comply
with their minimum requirement triggers. At the time of our last
review, the class C, D and E notes failed their par value tests.
The transaction now has a shorter weighted-average life, so its
scenario default rates have decreased at each rating level since
our previous review," 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.

"In our opinion, the documentation for the portfolio asset swaps
does not fully reflect our 2010 counterparty criteria. Hence, in
our cash flow analysis, we also considered scenarios where the
hedge counterparties fail to perform and where, as a result, the
transaction may be exposed to greater currency risk," S&P said.

"We recently lowered our long-term issuer credit rating (ICR) on
JPMorgan Chase Bank N.A., one of the transaction's hedge
providers, to 'A+' from 'AA-'. Our credit and cash flow analyses,
without giving credit to JP Morgan Chase & Co. as the hedge
counterparty, indicate that the credit enhancement available to
the class A notes is at a level that commensurate with a rating
no higher than 'AA- (sf)'--the equivalent of our ICR on JP Morgan
plus one. Hence we have lowered our rating on the class A notes,"
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 E notes in this transaction to be
commensurate with a higher rating. We have therefore raised our
rating on this class of notes," S&P said.

"We consider the credit enhancement available for the class B, C,
and D notes to be commensurate with our current ratings. We
therefore affirmed our ratings on these classes of notes," S&P
said.

"Because the updated ratings on class B, C, D, and E notes are
lower than that of the hedge counterparties in the transaction,
they are not constrained by the rating on the hedge
counterparties," S&P said.

"None of the classes of notes were constrained by the application
of our largest obligor default test, a supplemental stress test
we introduced in our 2009 criteria update for corporate
collateralized debt obligations (CDOs)," 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

Class               Rating
               To               From

Halcyon Structured Asset Management European Long Secured/Short
Unsecured CLO 2008-I B.V.
EUR404 Million Senior Secured Floating-Rate Notes

Rating Lowered

A              AA- (sf)         AA (sf)

Rating Raised

E              BB- (sf)         B+ (sf)

Ratings Affirmed

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


INVESCO GARDA: S&P Raises Rating on Class F Notes to 'CCC'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Invesco Garda B.V.'s class A, B, C, D, E, and F notes.

"The rating actions follow our assessment of the transaction's
performance, using data from the latest available trustee report
dated Jan. 31, 2012, in addition to our cash flow analysis. We
have taken into account recent developments in the transaction
and continue to apply our 2010 counterparty criteria," S&P said.

"Our analysis indicates that the credit enhancement available for
all of the rated notes has increased since we last took rating
action on Jan. 14, 2010. In our opinion, this is due to an
increase in the aggregate collateral balance of the portfolio.
The weighted-average spread earned on the collateral pool has
also increased since our last review," S&P said.

"In addition, our analysis indicates that the weighted-average
maturity of the portfolio has decreased, and we have observed
positive rating migration in the portfolio. This has led to a
reduction in our scenario default rates (SDRs) for all rating
categories," S&P said.

"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated class. In
our analysis, we used the reported portfolio balance that we
considered to be performing, 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 alternative default patterns, levels, and timings for each
liability rating category, in conjunction with different interest
rate stress scenarios," S&P said.

"From our analysis, 9.7% of the performing assets are non-euro-
denominated, and this currency mismatch is hedged under specific
asset-swap agreements. Our cash flow analysis also considered
scenarios where the currency swap counterparty does not perform
and where, as a result, the transaction is exposed to changes in
currency rates," S&P said.

"Our credit and cash flow analyses indicate that the credit
enhancement available to the class A notes is now at a level that
is commensurate with a higher rating than we previously assigned,
even when we assume that the swap counterparties do not perform.
We have therefore raised to 'AA (sf)' from 'A+ (sf)' our rating
on the class A notes," S&P said.

"The improvements we have seen in the transaction's performance
since our last rating action on Jan. 14, 2010, have also
benefited the class B, C, D, E and F notes, and we consider the
credit enhancement levels available to these classes are now
commensurate with higher ratings than previously assigned. We
have therefore raised our ratings on these classes of notes. As
the ratings on the class B, C, D, E and F notes are not higher
than the ratings on any of the counterparties in the transaction,
they are not affected by the application of our 2010 counterparty
criteria," S&P said.

"Invesco Garda B.V. is a managed cash flow collateralized loan
obligation (CLO) transaction that securitizes loans primarily to
speculative-grade corporate firms. The transaction closed in
February 2007 and is managed by Invesco Asset Management Ltd.,"
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

Class                 Rating
               To               From

Invesco Garda B.V.
EUR358 Million Senior and Deferrable Interest Floating-Rate Notes

Ratings Raised

A             AA (sf)           A+ (sf)
B             A (sf)            BBB (sf)
C             BBB- (sf)         BB+ (sf)
D             BB (sf)           B (sf)
E             B (sf)            CCC- (sf)
F             CCC (sf)          CCC- (sf)


VIMPELCOM AMSTERDAM: S&P Rates US$500-Mil. Revolving Credit 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue rating
to the US$500 million revolving credit facility (RCF) due 2014
borrowed by VimpelCom Amsterdam B.V. (not rated). VimpelCom
Amsterdam is a Dutch holding subsidiary of global
telecommunications operator VimpelCom Ltd. (VimpelCom;
BB/Negative/--). "At the same time, we assigned our recovery
rating of '3' to the RCF, reflecting our expectation of
meaningful (50%-70%) recovery in the event of a default," S&P
said.

"We also assigned our 'BB' issue rating to the Russian ruble
(RUB) 15 billion RCF due 2014 and RUB35 billion bonds issued by
Vimpel-Communications (JSC) (BB/Negative/--), the Russian
operating subsidiary of VimpelCom. At the same time, we assigned
our recovery rating of '3' to these instruments, reflecting our
expectation of meaningful (50%-70%) recovery in the event of a
default," S&P said.

"The issue and recovery ratings on Vimpel-Communications' RUB15
billion RCF and RUB35 billion bonds take into account the debt
instruments' pari passu ranking with other debt borrowed by
Vimpel-Communications. The ratings also take into account the
company's largely unsecured debt structure and reflect our
valuation of the company as a going concern in the event of a
hypothetical payment default," S&P said.

"The issue and recovery ratings on the US$500 million RCF
available to VimpelCom Amsterdam reflect our understanding that
this instrument ranks pari passu with the debt at Vimpel-
Communications. Recovery prospects for the US$500 million RCF
lenders benefit from the fact that VimpelCom Amsterdam is the
holding company of the VimpelCom group's other assets, as well as
the beneficiary of a promissory note (intercompany loan) to its
direct subsidiary, VimpelCom Holdings B.V. (US$12.6 billion
principal balance outstanding on Dec. 31, 2011). These other
assets include Italian telecommunications company Wind Telecom
(parent company of Wind Telecomunicazioni SpA [BB-/Stable/--])
and Egyptian telecoms company Orascom Telecom Holdings S.A.E.
(not rated). In our view, these assets provide additional sources
of recovery at the VimpelCom Amsterdam level that are not
available to lenders to VimpelCom Holdings or Vimpel-
Communications. That said, our recovery assessment only takes
into account potential recovery based on the guarantee from
Vimpel-Communications," S&P said.

All other issue and recovery ratings on debt issued by VimpelCom
and its subsidiaries remain unchanged.

                       RECOVERY ANALYSIS

"The $500 million RCF available to VimpelCom Amsterdam is
unsecured, but benefits from guarantees from VimpelCom Holdings
and Vimpel-Communications. The RUB15 billion RCF available to
Vimpel-Communications is also unsecured, as are the RUB35 billion
bonds. The bonds have been issued in three tranches and mature in
2022, although investors may exercise a put option for repayment
of the bonds in 2015. Both of the RCFs mature in 2014," S&P said.

"In order to determine recoveries, we simulate a default
scenario. Following the bond issuance by Vimpel-Communications,
we have revised upward our estimation of EBITDA at default to
US$1.75 billion from US$1.6 billion previously, and our stressed
enterprise valuation of the company to US$8.7 billion from US$8.2
billion. After deducting enforcement costs and prior-ranking
claims totaling US$1 billion, we assume US$13.3 billion of senior
unsecured debt outstanding at default, leaving sufficient value
for recovery in the 50%-70% range. Other aspects of our recovery
analysis remain unchanged," S&P said.

RATINGS LIST
New Rating

Vimpel-Communications (JSC)
Senior Unsecured Debt                  BB
Recovery Rating                        3

Vimpelcom Amsterdam B.V.
Senior Unsecured Debt*                 BB
Recovery Rating                        3

* Guaranteed by both Vimpel-Communications (JSC) and VimpelCom
  Holdings B.V.


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


BMORE FINANCE: S&P Lowers Rating on Class D Notes to 'B+'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered and placed on
CreditWatch negative its credit rating on BMORE Finance No. 4
PLC's class D notes.

"The transaction has paid down significantly, and the outstanding
portfolio balance as of the February 2012 interest payment date
was 2% of the original balance. The class D notes are the only
notes outstanding; the issuer has repaid the rest of the notes
issued at closing," S&P said.

"The downgrade follows our assessment of the deterioration of the
portfolio's performance," S&P said.

"Based on the latest available investor report from the trustee
(dated February 2012), long-term delinquencies (arrears between
three months and 12 months) accounted for 36.6% of the
outstanding portfolio balance--more than doubling from 17.5% in
February 2011. Additionally, as long-term delinquencies continue
to roll into defaults, we also see low recovery levels on
defaulted assets in the transaction's portfolio," S&P said.

"We expect defaults in the transaction to continue to increase
and to exceed the credit enhancement available to the class D
notes, which comprises a diminishing reserve fund and excess
spread available. As of the latest interest payment date, in
February 2012, the reserve fund was at its floor level of 12.5%
of the outstanding notes balance," S&P said.

"As a consequence of all these factors, we have lowered our
rating on the class D notes, to reflect our view on the issuer's
weakening capacity to meet its financial commitments. We consider
that available credit enhancement has reduced to a level that is
not commensurate with our previous rating on the class D notes.
Accordingly, we have lowered our rating on these notes to 'B+
(sf)' from 'BBB+ (sf)'. The new rating reflects our view that the
notes are vulnerable to nonpayment when exposed to adverse
business, financial, or economic risk," S&P said.

"We have also placed our rating on the class D notes on
CreditWatch negative, to reflect that we could lower this rating
in the near-future, in light of updated portfolio data on
defaults and recoveries, the transaction features listed, and our
assessment of the deterioration of the Portuguese economy," S&P
said.

"BMORE Finance No. 4 is a Portuguese asset-backed securities
(ABS) transaction that closed in May 2004. The portfolio backing
this transaction comprises loans originated and serviced by Banif
Mais S.A., a subsidiary of BANIF Banco Internacional do Funchal
S.A. The portfolio backing this transaction comprises auto loan
contracts, leases, and long-term rental contracts for the
acquisition of automobiles in Portugal, as well as unsecured
personal loan contracts," 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

Class              Rating
           To                   From

Rating Lowered and Placed on CreditWatch Negative

BMORE Finance No.4 PLC
EUR300 Million Floating-Rate Notes

D          B+ (sf)/Watch Neg    BBB+ (sf)


TVER OBLAST: S&P Affirms 'B+' Long-Term Issuer Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Russia's Tver Oblast to negative from stable. "At the same time,
the long-term issuer credit rating was affirmed at 'B+' and the
Russia national scale rating was affirmed at 'ruA+'. The recovery
rating on the oblast's senior unsecured debt is unchanged at
'3'," S&P said.

"The outlook revision reflects our view that the oblast's
budgetary performance will likely be weaker and debt service
higher than we previously expected, which might translate into
weaker liquidity and higher refinancing risks for the oblast,"
S&P said.

"The ratings on Tver Oblast, a region in central Russia, reflect
our view of the oblast's low budgetary flexibility and
predictability, weak budgetary performance, negative liquidity,
and low wealth levels in an international context," S&P said.

"The ratings are supported by the oblast's favorable location
between Moscow and St. Petersburg, which is beneficial for
attracting investors; relative economic diversification; and low
contingent liabilities," S&P said.

"The negative outlook reflects our view that Tver Oblast's weak
budgetary performance and gradual debt accumulation might
aggravate its exposure to refinancing risks in 2013-2014," S&P
said.

"We might lower the ratings within the next 12 months if we think
the oblast's liquidity position has become 'very negative', with
the debt service coverage ratio falling below 80%. This could
result from persistently weak budgetary performance, with
deficits after capital accounts of about 10% of total revenues,
higher-than-forecast short-term debt accumulation, weaker cash
reserves, or an insufficient amount of committed bank lines in
line with our downside scenario," S&P said.

"We might revise the outlook to stable within the next 12 months
if the oblast maintains debt service coverage of more than 80%
and we observe narrowing operating deficits of 1%-2% of operating
revenues for 2013-2014 in line with our base-case scenario," S&P
said.


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


GC PASTOR: S&P Affirms Rating on Class D Notes at 'D (sf)'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
GC Pastor Hipotecario 5, Fondo de Titulizacion de Activos' class
A2, B, and C notes. "At the same time, we removed the rating on
the class A2 notes from CreditWatch negative, and we have also
affirmed our 'D (sf)' rating on the class D notes," S&P said.

"We have observed a significant increase in the level of defaults
accruing in this transaction over the past year: The level of
cumulative defaults has increased to 3.81% from 2.74% since our
last review, and this speed of increase has exceeded our
expectations for this transaction," S&P said.

"Despite having increased significantly, the current level of
cumulative defaults is still below the interest-deferral triggers
for the class B and C notes, as set by the transaction documents
(10.0% and 6.7% of the initial balance of the mortgage-backed
notes, respectively). The purpose of this trigger is to vary the
amounts due under the class B and C of notes toward the repayment
of amounts due under the senior notes. In our opinion, interest
on the junior classes of notes (classes B and C) is not likely to
be postponed within the next 12 months toward the repayment of
the most senior class of notes in this transaction," S&P said.

"However, this transaction requires full provisioning for
defaulted loans (defined as loans in arrears for more than 18
months), and available excess spread has not been sufficient to
fully cover these defaults. Consequently, the reserve fund is now
fully depleted, and the balance of the performing assets is lower
than the outstanding balance of the mortgage-backed notes. This
difference could be reduced by recoveries from the defaulted
assets, or to the extent that some of the nonperforming assets
become current again. The deterioration of the credit quality of
the pool has led to a decrease in the performing balance
available and a weakening of the structural features, as the
reserve fund is now fully depleted and cannot be used to cure
defaults. As a result, the levels of credit enhancement based on
performing collateral available to the notes have therefore
reduced, and classes C and D are now fully undercollateralized.
The level of collateralization for class B is now highly
sensitive to any further credit quality deterioration of the
underlying pool, and to the level of recoveries on defaulted
assets that will be received by the servicer on the underlying
collateral," S&P said.

"Several changes in respect of supporting counterparties have
occurred since this transaction closed. Banco Santander and
CaixaBank are the counterparties giving support to the
transaction. Banco Santander is the bank account provider and
CaixaBank is the swap provider. On Feb. 13, 2012, we downgraded
CaixaBank to BBB+/Stable/A-2," S&P said.

"Considering all of the above factors, we have lowered our
ratings on GC Pastor Hipotecario 5's class A2, B, and C notes due
to deteriorating collateral performance. At the same time, we
have removed the rating on the class A2 notes from CreditWatch
negative, and we have also affirmed our 'D (sf)' rating on the
class D notes, as no timely payment of interest is taking place
in this class of notes," S&P said.

"GC Hipotecario Pastor 5 closed in June 2007 and securitizes a
portfolio of mortgages granted to individuals, self-employed
individuals, and small and midsize enterprises to buy residential
or commercial properties located in Spain. Banco Pastor S.A.
originated and currently services the portfolio," 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

Class            Rating
           To             From

GC Pastor Hipotecario 5, Fondo de Titulizacion de Activos
EUR710.5 Million Floating-Rate Mortgage-Backed Notes

Rating Lowered and Removed From CreditWatch Negative

A2         BBB+ (sf)      A+ (sf)/Watch Neg

Ratings Lowered

B          BB- (sf)       BBB- (sf)
C          CCC (sf)       B (sf)

Rating Affirmed

D          D (sf)


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


EQUINOX 2006-1: S&P Affirms 'D' Ratings on Two Note Classes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
EQUINOX (Eclipse 2006-1) PLC's class A, B, C, and D notes. "At
the same time, we affirmed our 'D (sf)' ratings on the class E
and F notes, and removed our rating on the class A notes from
CreditWatch negative," S&P said.

"The downgrades are driven by our view that the portfolio
securing the Ashbourne loan, comprising approximately 29% of the
portfolio, has deteriorated. In addition, we continue to expect
the notes to suffer principal losses from the Macallan loan (9%
of the portfolio), and also from the Avocado loan (7%)," S&P
said.

                       ASHBOURNE LOAN (29%)

"The Ashbourne loan is the second-largest loan in the
transaction, comprising 29% of the outstanding balance. The loan
is secured by a portfolio of 91 nursing homes throughout the U.K.
that was entirely let to Southern Cross Healthcare group under a
lease expiring in 2035. In July 2011, Southern Cross ceased
operation and in December 2011, operation of the care homes in
the portfolio was taken over by Orchard Care Homes in the north,
and Minster Care Group in the southeast," S&P said.

"We have considered what the sustainable level of income for this
portfolio would now be, considering the change in the nature of
the income. The portfolio income was originally rental income
from a single tenant/operator, and it now comprises EBITDA from
individual operating assets managed by Orchard and Minster," S&P
said.

"We considered the change in the nature of the income stream
within the broader context of the nursing care home sector. The
care home sector continues to show signs of pressure. Councils,
faced with the pressure of minimizing costs, continue to limit
the level of fees they are willing to pay care home providers;
operators are faced with the challenge of maintaining services in
spite of increasing costs; and there continues to be excess
supply in the market, as evidenced by lower occupancy levels,"
S&P said.

"In the light of these factors, we consider that the portfolio's
historical occupancy of 100% is no longer sustainable. Moreover,
we believe that previous rental levels are unlikely to be
sustainable," S&P said.

"As a result, we consider that the likelihood of this loan
repaying in full has decreased. Although we do expect principal
losses on this loan, as the loan matures in October 2015, we do
not expect the losses to occur in the near term," S&P said.

                        MACALLAN LOAN (9%)

"The Macallan loan has been in default since 2010. In May 2010,
we indicated that we expected this loan to incur principal
losses. Since then, eight of the assets backing the portfolio
have been sold, and the loan amount is now GBP19.5 million," S&P
said.

"We continue to expect this loan to cause principal losses on the
class D and E notes. We note that the special servicer, Capita
Asset Services, estimates principal losses of GBP14 million,
which would result in a full write-down of the class E notes and
a partial write-down of the class D notes," S&P said.

                        AVOCADO LOAN (7%)

"The portfolio consists of five office buildings situated in
Edinburgh, Sunderland, Newcastle-Upon-Tyne, and Manchester. The
loan matures in July 2012. Portfolio occupancy has been stable
since closing; however, we note that net operating income (NOI)
has declined. In our view, this is partially attributable to the
rental level at which the Accenture lease was extended at the
Fleming property," S&P said.

"Our review of the loan considered the market rental levels at
which the buildings could be re-let, given that Accenture most
recently exercised its break option, and that the lease to
Edinburgh City Council, which fully occupies the Westwood House
property, expires in December 2012. While we believe the assets
can be re-let, we consider that they may not be fully re-let at
in-place rent, based on recent market re-lettings. The
uncertainties about re-letting could limit the refinance
prospects for this loan, which matures in a few months. Moreover,
we expect some losses on this loan," S&P said.

                       ROYAL MINT LOAN (30%)

"The Royal Mint loan is the largest loan in the transaction. The
loan is secured by a historic landmark estate located opposite
the Tower of London, on the southeastern fringe of the City of
London. Since closing, the portfolio's NOI has been stable, and
the assets benefit from strong tenants including Barclays Bank
PLC, Mercer Human Resource Consulting, and the London Pension
Authority," S&P said.

"The loan continues to perform in line with our expectations, and
we note that it is scheduled to mature in October 2013. In view
of the portfolio quality and income stream, we expect this loan
to repay in full," S&P said.

                           OTHER LOANS

"There are six remaining loans backing the transaction. Of these
six, we note that two loans (Fullswing and St Mary's) are
scheduled to mature in October 2012. While we do not expect these
two loans to repay in full, we expect the losses associated with
them to be minor and to be contained in the 'D (sf)' rated class
E and F notes," S&P said.

                          RATING ACTIONS

"We have lowered and removed from CreditWatch negative our rating
on the class A notes. We placed this rating on CreditWatch
negative on Jan. 31, 2012, following our downgrade of the swap
counterparty, Barclays Bank," S&P said.

"Under our counterparty criteria, following the downgrade, the
maximum achievable rating that this counterparty could support
would have been 'AA- (sf)'. However, we have  lowered our rating
on this class to 'A+ (sf)', to reflect our view of the increased
level of risk this class faces as a result of the deterioration
of the second-largest loan in the transaction, the Ashbourne
loan," S&P said.

"We have lowered our ratings on the class B and C notes to
reflect the deterioration in their relative creditworthiness.
Subordination levels for these classes will reduce as the class D
and E notes incur principal losses," S&P said.

"We have lowered our rating on the class D notes to 'CCC- (sf)',
to reflect our expectation that this class of notes is likely to
incur losses in the near term. In addition, we have affirmed our
'D (sf)' ratings on the class E and F notes, which have already
incurred principal losses," S&P said.

         POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES

"We have taken the rating actions based on our criteria for
rating European commercial mortgage-backed securities (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 these transactions
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

EQUINOX (ECLIPSE 2006-1) PLC
GBP401.34 Million Commercial Mortgage-Backed Floating-Rate Notes

Class        Rating
        To            From

Rating Lowered and Removed From CreditWatch Negative

A       A + (sf)      AA (sf)/Watch Neg

Ratings Lowered

B       BBB (sf)      AA-(sf)
C       B+ (sf)       BB (sf)
D       CCC- (sf)     CCC (sf)

Ratings Affirmed

E       D (sf)
F       D (sf)


GEMGARTO 2012-1: S&P Assigns Prelim. 'BB' Rating to Cl. B2 Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to Gemgarto 2012-1 PLC's class A1, M1, M2, B1, and
B2 notes.

Gemgarto 2012-1 will be the first transaction to securitize
collateral originated under Kensington Mortgage Company Ltd.'s
(a wholly owned subsidiary of Investec Bank PLC) revised
underwriting framework.

"The collateral pool consists of first-lien U.K. nonconforming
residential (80.16%) and buy-to-let (19.84%) mortgage loans
originated in or after 2010. Of the collateral, 96.20% initially
pay interest at a fixed rate and 3.80% have their interest rate
capped. There are no self-certified loans in the pool and the
weighted-average indexed current loan-to-value ratio is 74.7%,"
S&P said.

"On the closing date, Gemgarto 2012-1 will issue mortgage-backed
class A1, M1, M2, B1, and B2 notes. At the same time, it will
issue unrated class R1, R2, R3 notes. We understand that the
issuer will use the proceeds from the class R1, R2, R3 notes,
among other things, to fund the reserve fund to 2.5% of the
collateralized note balance at closing, and will redeem them
using residual interest income," S&P said.

"The structure benefits from a partially-funded reserve fund and
yield reserve fund, which will be fully funded at closing. The
issuer may use principal to pay revenue shortfalls or trap into a
liquidity reserve fund to cover future shortfalls subject to
certain conditions which are outlined in the transaction
documents," S&P said.

"At closing, Gemgarto 2012-1 will enter into a fixed-for-floating
interest rate swap agreement. Under this agreement, it will pay a
fixed rate in exchange for receiving three-month sterling LIBOR.
Furthermore, two interest rate caps are in place with differing
notionals, maturities, and strike rates. The issuer may use
proceeds from these caps to pay revenue shortfalls or otherwise
trap in a cap reserve fund to cover future revenue shortfalls,"
S&P said.

S&P's analysis indicates these key risks:

* "Our analysis assumes a recessionary period, during which we
   assume a proportion of the pool defaults. It is probable in
   our view that loans with higher yields, reflecting a greater
   risk profile are more likely to default first. Our analysis
   accounts for this spread compression by assuming that, for
   each rating level, the highest yielding proportion of the
   pool, equal to the WAFF of each rating level defaults, leaving
   a residual pool with a lower yield in place," S&P said.

* "There remains some uncertainty about the outlook for the U.K.
   economy, and the future movements in economic growth and
   unemployment rates. As we observe that unemployment rates
   correlate with delinquencies and defaults, first-time buyers
   and less seasoned loans are particularly vulnerable. These
   risks are incorporated into our credit analysis and reflected
   in the weighted-average foreclosure frequency and weighted-
   average loss severity," 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

Gemgarto 2012-1 PLC
Up to GBP240 Million Mortgage-Backed Floating-Rate Notes
and up to GBP6.5 Million Non-Mortgage Backed Notes

Class          Prelim.           Prelim.
               rating             amount
                                (mil. GBP)

A1             AAA (sf)            201.6
M1             A+ (sf)               3.6
M2             A (sf)                6.0
B1             BBB (sf)             13.2
B2             BB (sf)              15.6
R1             NR                    TBD
R2             NR                    TBD
R3             NR                    TBD

NR - Not rated.
TBD - To be determined.


INMARSAT FINANCE: Moody's Affirms Ba2 Rating on Sr. Unsec. Notes
----------------------------------------------------------------
Moody's Investors Service said that it had affirmed the Ba2
rating on Inmarsat Finance plc's senior unsecured notes due 2017
following the company's announcement that it intends to issue
US$200 million of additional notes under the same indenture. The
new notes and the existing notes (together US$850 million) will
be treated as one single class under the indenture. Moody's also
affirmed Inmarsat plc's (Inmarsat) Corporate Family Rating at
Ba1. The rating outlook for Inmarsat's ratings is stable.

Ratings Rationale

Inmarsat plc's Ba1 Corporate Family Rating (CFR) acknowledges the
company's position as market leader in the mobile satellite
services industry, its strong operational track record and a
large installed customer base. In addition, the rating is based
on Moody's expectation that Inmarsat can build on its solid
historic financial performance to return to visible revenue
growth in its core MSS business from 2012 onwards. Finally, the
rating factors in Inmarsat's stated objective to limit leverage
to a range of 2-3x Net Debt/EBITDA (unadjusted, as calculated by
Inmarsat). However, the rating is held back by (i) competition
from other MSS players, from operators of fixed satellite
services (FSS) and (on land) from terrestrial cellular networks;
(ii) concentrated ownership of third-party distribution (iii) a
significant increase in leverage and a degree of execution risk
from deploying the planned Inmarsat-5 satellite constellation;
(iv) the likely cessation of payments under the LightSquared
cooperation agreement and (v) Inmarsat's continued shareholder
value focus. The rating also reflects the company's exposure to
sector-typical technological risks of satellite malfunctioning
and/ or breakdown and launch failure.

In mid-February and early April of this year, LightSquared
(unrated by Moody's), a company that aims to build an open
wireless network in the US, failed to make a payment of US$56
million and US$30 million respectively, due under a Cooperation
Agreement with Inmarsat. LightSquared's payments under the
Cooperation Agreement have in the recent past supported
Inmarsat's revenue and EBITDA generation at a time when its core
mobile satellite services (MSS) revenues have come under pressure
(-0.9% for the year to December 31 2011). While the Ba1 CFR
factors in the assumption that Inmarsat will not receive any
further payments from LightSquared, the likely cessation of
payments by LightSquared throws into sharp focus the need for
Inmarsat to demonstrate that it can rekindle MSS growth from late
2012 onwards while it executes on its Global Xpress investment
program, on which the company's medium term competitiveness
rests.

Inmarsat's US$1.2 billion Global Xpress investment program to
launch the Inmarsat-5 satellite constellation appears to be
progressing as planned. The new constellation consists of three
Ka-band satellites, designed in particular to capitalize on
broadband opportunities in the maritime, energy and government
sectors. The investment, which is aimed at the company's existing
customers and distribution channels, providing services that
customers are already using or are expected to need in future as
their bandwidth requirements increase. In Moody's view the
project is both a logical extension of existing services and a
necessary defensive move in view of increasing competition from
FSS operators and potentially over time from additional capacity
to be provided e.g. by O3b's Ka-band project (from 2014) and
Iridium's planned second generation low earth orbit satellite
constellation (Iridium Next). Inmarsat has a good execution track
record. However, technology and execution risks remain given the
untested nature of the project. Global Xpress has significant
capex requirements for the next three years, which will cause
leverage to rise to the upper end of Inmarsat's targeted leverage
range (see above) towards the end of 2013, before cash flow
generation from the project is expected to start in 2014.

Moody's currently expects that the Ba1 CFR can accommodate a
temporary increase in leverage. However, the rating and a stable
outlook are based on the assumption that Inmarsat can deliver its
revised growth guidance for 2012/13, including minimal underlying
cost growth and compound annual revenue growth of 0-2% CAGR,
which Moody's would expect to build up towards the end of 2013.
In addition the rating leaves no room for material acquisitions
or further extraordinary payments to shareholders. Moody's would
expect the company to judiciously manage outflows under its
existing share repurchase program (~US$150 million remaining as
of December 31, 2011). While Moody's considers Inmarsat's
liquidity provision as adequate in the context of its current
business plans, the agency would expect the company to take early
steps towards additional funding as and if needed.

The challenge for the company to rekindle MSS growth together
with the likely cessation of LightSquared payments have weakened
Inmarsat's position at the current Ba1 CFR rating. Negative
rating pressure on the ratings could ensue if (i) Debt/EBITDA (as
defined by Moody's) is not managed so that a ratio below 3.5x can
be maintained; (ii) Inmarsat's financing and funding activities
do not continue to provide comfortable liquidity headroom and
visibility and (iii) the company does not show potential for
positive free cash flow and deleveraging after completion of the
Inmarsat-5 investment.

Moody's does not see any catalyst for a near-term upgrade. Any
upward pressure towards investment grade is unlikely to occur
before significant progress in the implementation of the
Inmarsat-5 project has been made and would in any case require
(i) a return to visible and sustainable MSS growth (ii) ongoing
material free cash flow generation, (iii) Debt/EBITDA maintained
sustainably well below 3x and (iv) further simplification of the
company's borrowing structure.

The principal methodology used in rating Inmarsat Finance Plc was
the Global Communications Infrastructure Rating Methodology
published in June 2011.


INMARSAT FINANCE: S&P Affirms 'BB+' Rating on Sr. Unsecured Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' issue
rating on the senior unsecured notes due 2017, issued by Inmarsat
Finance PLC, an indirect subsidiary of Inmarsat Holdings Ltd.
(Inmarsat; BB+/Negative/--), which is a mobile satellite services
provider based in the U.K. The recovery rating on the senior
unsecured notes remains unchanged at '4'.

"The affirmation follows the announcement of a proposed $200
million tap issuance to the existing $650 million senior
unsecured notes issued by Inmarsat Finance. We understand that
the proceeds of the notes will be used for general corporate
purposes," S&P said.

"We anticipate that the new notes will be issued on an unsecured
basis, but will benefit from the same guarantees as the existing
notes. These guarantees are provided on a senior basis by
Inmarsat Group Ltd., and on a senior subordinated basis by
Inmarsat Investments Ltd. and certain of its subsidiaries. In
addition, we understand that the documentation for the proposed
notes will be issued on broadly identical terms to the existing
notes," S&P said.

                        RECOVERY ANALYSIS

"In order to determine recoveries, we simulate a hypothetical
default scenario. Our analysis assumes that Inmarsat would most
likely default from an inability to refinance its senior secured
credit facility in 2016 as a result of excessive leverage and a
significant deterioration in market conditions. Under this
scenario, we assume a decline in demand for the group's existing
services and a limited take-up of new services, thereby
increasing price pressure and eroding revenues. These conditions
could be compounded by potential satellite failures," S&P said.

"We value Inmarsat on a going-concern basis, given the nature of
the assets and high barriers to entry in the satellite
communications industry. However, we believe that recovery values
are likely to be intrinsically linked to the value of the
satellites. We have therefore used a discrete-asset valuation to
estimate the value available to creditors," S&P said.

"We value Inmarsat's assets at about US$1.9 billion at our
hypothetical point of default in 2016, allowing for a haircut to
asset values. Our valuation takes into account the group's
current asset base, its US$370 million investment in the new
AlphaSat satellite to be launched in 2013, and the US$1.2 billion
investment program for the construction and launch of the three
Ka-band satellites in 2013-2014. While we do not assign a
specific value to the spectrum licensed to Inmarsat, we believe
that it could be sold in the event of a default, particularly in
the U.S., and support current recovery prospects for debtholders.
That said, in our opinion, recovery prospects for the unsecured
noteholders remain very sensitive to increases in the amount of
pari passu or priority debt, which could result in us lowering
our issue and recovery ratings on the senior unsecured notes,"
S&P said.

"From our valuation of US$1.9 billion, we deduct priority
liabilities of about US$120 million, primarily comprising
enforcement costs and 50% of pension liabilities. We then deduct
about US$1.43 billion of senior secured debt outstanding at
default, which includes six months of prepetition interest, and
assumes a fully drawn revolving credit facility (RCF) at default.
However, we do not assume that the US$150 million uncommitted
accordion facility is utilized. This leaves about US$350 million
for the senior unsecured noteholders from our estimate of about
US$880 million outstanding at default (including six months'
prepetition interest)," S&P said.

RATINGS LIST
Ratings Affirmed

Inmarsat Finance PLC
Senior Unsecured*                     BB+
Recovery Rating                       4

* Guaranteed by Inmarsat Investments Ltd.


INVESTEC BANK: Moody's Issues Summary Credit Opinion
----------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Investec Bank Plc and includes certain regulatory disclosures
regarding its ratings.  The release does not constitute any
change in Moody's ratings or rating rationale for Investec Bank
Plc and its affiliates.

Moody's current ratings on Investec Bank Plc and its affiliates
are:

Long Term Bank Deposits (domestic and foreign currency) ratings
of Baa3

Bank Financial Strength ratings of D+

Subordinate (domestic currency) ratings of Ba1

Subordinate MTN Program (domestic currency) ratings of (P)Ba1

Short Term Bank Deposits (domestic and foreign currency) ratings
of P-3

Investec Finance plc

BACKED Senior Unsecured MTN Program (domestic currency) ratings
of (P)Baa3

BACKED Subordinate (domestic currency) ratings of Ba1

BACKED Subordinate MTN Program (domestic currency) ratings of
(P)Ba1

BACKED Junior Subordinate (domestic currency) ratings of Ba2,
(hyb)

BACKED Junior Subordinate MTN Program (domestic currency)
ratings of (P)Ba2

BACKED Commercial Paper (foreign currency) ratings of P-3

BACKED Other Short Term (domestic currency) ratings of (P)P-3

Rating Rationale

Moody's assigns a bank financial strength rating (BFSR) of D+ to
Investec Bank plc (IBP), which maps to baa3 on a long-term basis.
The outlook is stable

Investec Bank plc's ratings are underpinned by the bank's
established niche franchises in the UK, strong capital adequacy
and good overall liquidity position, which is bolstered by an
expanding deposit-taking franchise in customer funding. The
rating is, however, constrained by the bank's exposure to some
high risk areas, which include UK and, to a lesser extent, Irish
commercial and residential investments and development which have
contributed to a deterioration in the absolute level of non-
performing loans over the past few years.

The long-term bank deposit and short-term ratings of IBP are
Baa3/P-3, reflecting the fact that the bank does not benefit from
the incorporation of any systemic or parental support. The
outlook on the long-term bank deposit rating is negative.

However, Investec plc is linked to Investec ltd. (The main
banking subsidiary Investec Bank Limited has a global local
currency deposit rating of A3/P-2, foreign currency deposit
rating of A3/P-2, BFSR of C-) through a dual listed company [DLC]
structure. Whilst the membership of Investec plc to the broader
Investec Group does not give any uplift to IBP debt and deposit
ratings it nevertheless is supportive for IBP's BFSR, through
ensuring managerial coordination and client access.

Last rating action

London, August 23, 2011 -- Moody's Investors Service revised the
outlook on the long-term deposit rating of Investec Bank plc
(IBP) to negative from stable. This is caused on the one hand by
the ongoing negative outlook of the bank's standalone rating of
baa3 (equivalent to the D+ Bank Financial Strength Rating, which
also could map to a standalone rating of ba1 on the long-term
rating scale) and on the other hand by greater uncertainty that
systemic support from the UK government would be available to
this bank which is not considered to have a sufficient systemic
importance in Moody's view. At the same time, Moody's believes
that the negative rating pressures are relatively moderate at
this stage, and has therefore changed to stable from negative the
outlook on the D+ Bank Financial Strength Rating.

Rating Outlook

The stable outlook on the BFSR reflects Moody's belief that the
negative rating pressures are relatively moderate at this stage.

The negative outlook on the long-term bank deposit rating
reflects on the one hand the ongoing negative outlook of the
bank's standalone rating of baa3 (equivalent to the D+ Bank
Financial Strength Rating, which also could map to a standalone
rating of Ba1 on the long-term rating scale) and on the other
hand by greater uncertainty that systemic support from the UK
government would be available to this bank which is not
considered to have a sufficient systemic importance in Moody's
view.

What Could Change the Rating - Up

Positive ratings pressure on the BFSR and deposit ratings would
arise from a combination of the following factors:

- A sustained increase in the proportion of stable earnings
   sources to diversify away from the condition of UK property
   markets and one-off transactions;

- A sustainable improvement in asset quality trends;

- A sustained increase in the stickier, longer-term client
   deposits and lengthening of its wholesale funding profile;

- A successful divestment of un-securitized portions of sub-
   prime residential loans with limited impact on the bank's P&L;

- A further significant improvement in asset quality,
   profitability and efficiency ratios;

- Improved internal capital creation.

What Could Change the Rating - Down

IBP's BFSR and deposit ratings would experience negative pressure
from the following factors:

- Given the current downturn in the UK and Irish real estate
   market, further negative developments in asset quality will be
   a key rating driver;

- Reduced risk absorption capacity (capital cushion, under-
   provisioning or earnings capacity);

- Deterioration in Tier I capital ratio and internal capital
   creation;

- Any additional significant funding commitments to the group's
   other subsidiaries (Kensington, in particular);

- Under-provisioning and lowering current coverage ratio levels;

- Decline in core profitability and cost-income ratio.

The methodologies used in these ratings 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.


MALIN CLO: S&P Raises Rating on Class E Notes to 'B- (sf)'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
the variable funding notes (VFN) and all other classes of notes
in Malin CLO B.V.

"The rating actions follow our credit and cash flow analysis of
the transaction using data from the latest available trustee
report, dated Feb. 29, 2012. We have taken into account recent
developments in the transaction and reviewed the transaction
under the applicable corporate CDO and counterparty criteria,"
S&P said.

"The trustee report shows that the transaction currently passes
all overcollateralization tests and that the reported weighted-
average spread earned on the collateral pool has increased to
3.7% from 2.8% since we published our last transaction update,"
S&P said.

"Moreover, our analysis shows that the portfolio's weighted-
average maturity has reduced by approximately 2.5 years. As a
result, scenario default rates have fallen across all rating
levels calculated by our CDO Evaluator model, compared with rates
in our last transaction review," S&P said.

"However, our analysis also indicates that the percentage of
assets that we consider as defaulted (i.e., debt obligations of
obligors rated 'CC', 'SD' [selective default], or 'D') has
increased since our previous review. Defaulted assets currently
amount to EUR9.6 million (or 2.1% of the total portfolio amount).
There were only EUR1.4 million of defaulted assets when we last
took rating action. In line with our criteria, we have included
these assets in our cash flow analysis at the lower of their
reported market value and our recovery assumptions," S&P said.

"We subjected the transaction's capital structure to a cash flow
analysis to determine the break-even default rate for each rated
class. In our analysis, we used the portfolio balance that we
consider to be performing (i.e., the balance only included assets
rated 'CCC-' or above), the reported weighted-average spread of
3.7%, and the weighted-average recovery rates that we considered
to be appropriate. We incorporated various cash flow stress
scenarios using our standard default patterns, levels, and
timings for each rating category assumed for each class of notes,
in conjunction with different interest rate and exchange rate
stress scenarios," S&P said.

"This analysis indicated that the increase in defaulted assets
was offset by the reduction in scenario default rates driven by
the lower weighted-average life of the portfolio. We now consider
that the credit enhancement available to all classes of notes is
commensurate with higher ratings than previously assigned to the
class B, C, D, and E, and have raised our ratings accordingly,"
S&P said.

"Approximately 8.4% of the assets in the transaction's portfolio
are non-euro-denominated. To mitigate the risk of foreign-
exchange-related losses, the issuer has entered into currency
options agreements. Under our 2010 counterparty criteria, our
analysis of the derivative counterparty and the associated
documentation indicates that, without other mitigants, it cannot
support a rating higher than 'A+ (sf)'. To assess the potential
impact on our ratings, we have assumed that the transaction does
not benefit from the derivative transactions. We concluded that,
in this scenario, the VFN, and class A-1a and A-1b notes would
still achieve ratings higher than those currently assigned. Thus,
we have raised our ratings on these classes of notes. Under our
2010 counterparty criteria, our ratings on the class B, C, D,
and E notes are supported by our ratings on the currency options
counterparty. Hence, we have applied no additional foreign-
exchange-related stresses to those notes," S&P said.

Malin CLO B.V. is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans to speculative-grade
corporate firms. The transaction closed in May 2007 and is
managed by Babson Capital Europe Ltd.

            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

RATING LIST

Class                    Rating
                    To                  From

Malin CLO B.V.
EUR500 Million Secured Floating-Rate Notes

Ratings Raised

VFN                 AA- (sf)            A+ (sf)
A-1a                AA+ (sf)            AA (sf)
A-1b                AA- (sf)            A+ (sf)
B                   A (sf)              BBB (sf)
C                   BBB (sf)            BB+ (sf)
D                   BB- (sf)            B- (sf)
E                   B- (sf)             CCC- (sf)


RANGERS FOOTBALL: Owes Creditors More Than GBP134 Million
---------------------------------------------------------
According to Bloomberg News' Peter Woodifield, Rangers Football
Club's administrators Duff & Phelps said in a report published on
the club's Web site on Thursday that the club owes creditors,
including the U.K. tax authorities and Ticketus, more than GBP134
million.

The club owes HM Revenue & Customs more than GBP93 million in two
tax disputes and unpaid income tax and sales tax, Bloomberg
discloses.

Other creditors include Scottish and English soccer clubs
including Arsenal, Chelsea, Manchester City and Celtic, Bloomberg
notes.

                   About Rangers Football Club

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


RANGERS FOOTBALL: Blue Knights, Ticketus Submit Final Bid
---------------------------------------------------------
The Telegraph reports that the Blue Knights consortium and
Ticketus have confirmed they have submitted a "best and final
bid" for Rangers Football Club ahead of the April 4 deadline.

The bid from the Blue Knights -- fronted by former Ibrox director
Paul Murray -- and Ticketus is the first to be confirmed as
submitted ahead of the deadline, the Telegraph notes.

According to the Telegraph, a statement from Ticketus read: "The
Blue Knights Consortium, led by Paul Murray and supported by
fans' representatives (from the Rangers Supporters Assembly, the
Rangers Supporters Association and the Rangers Supporters Trust)
and Ticketus, confirms that it has this morning submitted its
best and final bid for the acquisition of Rangers Football Club
ahead of today's deadline, as requested by the Administrators."

The consortium again stressed their opposition to seeing Rangers
liquidated and remain adamant that exiting administration via a
Company Voluntary Arrangement (CVA) remains the best option for
the club, the Telegraph relates.

The statement added: "The members of the Consortium remain united
in their belief that a collaborative approach is essential in
securing the club's future through a successful and swift CVA
process.

"The Consortium strongly believes that a CVA, not liquidation, is
the best way to protect the club's value and legacy and
consequently that is the approach presented in our offer."

Brian Kennedy said it would not submit a bid for Rangers by the
administrators' deadline but would come in at a later date if he
believes the Scottish champions are in danger of being
liquidated, the Telegraph relates.

The Edinburgh-born Sale Sharks owner, who has had one bid
rejected for being too low, will not go head-to-head with
Mr. Murray's Blue Knights consortium but is so fearful of Rangers
being liquidated, that he will offer the administrators an
alternative if they choose another bidder, the Telegraph says.

                   About Rangers Football Club

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


STANDARD BANK: Moody's Issues Summary Credit Opinion
----------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Standard Bank Plc and includes certain regulatory disclosures
regarding its ratings.  The release does not constitute any
change in Moody's ratings or rating rationale for Standard Bank
Plc.

Moody's current ratings on Standard Bank Plc are:

Senior Unsecured (foreign currency) ratings of Baa2

Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa2

Long Term Bank Deposits (domestic and foreign currency) ratings
of Baa2

Bank Financial Strength ratings of D

Subordinate (foreign currency) ratings of Baa3

Junior Subordinate (foreign currency) ratings of Ba1, (hyb)

Commercial Paper (foreign currency) ratings of P-2

Short Term Bank Deposits (domestic and foreign currency) ratings
of P-2

Ratings Rationale

Moody's assigns a bank financial strength rating (BFSR) of D to
Standard Bank Plc (SBP), which maps to ba2 on the long-term
scale. The rating is underpinned by the increasing integration of
the bank's activities in commercial and investment banking (CIB)
areas in international markets as an extension of Group's
franchise. However, the rating is constrained by the bank's
reliance on capital market operations, which are highly volatile
and add interconnectedness and opacity to the bank's risk
profile. In addition, SBP faces other challenges like high
borrower concentration, income volatility, focus on cyclical
industries (commodities), high non-performing loans (NPLs) and
associated provisioning needs.

The Baa2 long-term bank deposit rating benefits from three
notches of uplift from its standalone credit strength and
incorporates three main elements: (i) the bank's BFSR of D
mapping to ba2 on the long-term scale; (ii) Moody's assessment of
a very high probability of support from its ultimate parent
banking group, Standard Bank Group Limited (SBGL), whose largest
operating entity is the Standard Bank of South Africa (SBSA;
A3/P-2/ C); and (iii) Moody's assessment of the unlikelihood of
systemic support in the UK in case of need. The support
assumptions from the South African authorities are factored into
the ratings of SBSA (SBP's sister company), but do not extend to
the UK operating subsidiary of the group.

On November 6, 2009, SBP's BFSR was downgraded by two notches to
D from C- (mapping to ba2 on the long-term scale), which
triggered a downgrade of the bank's deposit ratings by two
notches to Baa2 from A3; the subordinate rating was downgraded to
Baa3 from Baa1, and the junior subordinate rating to Ba1 from
Baa1. All ratings were placed on negative outlook. This rating
action concluded the review initiated on May 12, 2009.

Rating Outlook

SBP's ratings all carry a negative outlook, reflecting Moody's
view of potential further pressures on SBP's fundamentals and
profitability, particularly from additional provisioning needs
and concentrated NPL exposures.

What Could Change the Rating - Up

Given the negative outlook, there is unlikely to be much upward
pressure on the bank's BFSR in the short term. However, upward
pressure on the bank's BFSR would likely arise from (i) a
sustained improvement in efficiency and an increase in risk-
absorption capacity; and (ii) a significant reduction in credit
concentrations and large individual transactions.

What Could Change the Rating - Down

Further downward pressure on the BFSR would likely arise from (i)
capital adequacy ratios coming under pressure from sizable net
losses; (ii) a significant deterioration in asset quality and
insufficiency of collateral in estimating provisioning needs;
(iii) instability of trading revenues due to an increase in
capital market activities; and (iv) any demonstrated failures in
the risk management framework, exposure risk assessment and
collateral management.

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: Global Methodology published in March 2012.


TAURUS 2006-2: S&P Lowers Rating on Class C Notes to 'CCC-'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Taurus CMBS (U.K.) 2006-2 PLC's class A, B, and C notes. "At the
same time, we affirmed our rating on the class D notes. We also
lowered our rating on the class X notes, and then withdrew the
rating in line with our criteria for rating interest-only
securities," S&P said.

"The rating actions follow our review of the four loans backing
the transaction. We believe the creditworthiness of the loan pool
has deteriorated. We understand that one loan is soon to be
liquidated at a loss. Also, the single-tenant risks associated
with the other three loans is considered against the backdrop of
current constrained market lending conditions, and declines in
commercial real estate market values," S&P said.

"In view of these factors, we have lowered our ratings on the
class A, B, and C notes, and affirmed our rating on the class D
notes. At the same time, we lowered our rating on the class X
notes. We provide an overview of the four loans," S&P said.

                        TIMES SQUARE LOAN

"The Times Square loan (15.6% of the pool balance) is the second-
largest loan in the pool and matures in November 2012. The
current whole-loan balance is GBP44.4 million, the senior loan
balance being GBP37.1 million," S&P said.

"The loan is currently secured by an enclosed shopping center of
approximately 223,000 sq ft of primarily retail accommodation,
together with two self-contained retail units, which have a
frontage to the High Street but are separate from the shopping
center itself. The center is located in Sutton, Surrey," S&P
said.

"The loan was transferred into special servicing on March 23,
2009, due to a breach of the 1.05x interest coverage ratio (ICR)
covenant and a failure of the borrower to cover the shortfall in
service charge costs. The property was marketed for sale in
September 2011. On Dec. 21, 2011, the issuer announced that an
offer of GBP18 million was accepted. We understand that heads of
terms have been agreed and completion has been set for early
April 2012, but that contracts have not yet been exchanged," S&P
said.

"The property has seen a decline in occupancy since issuance. On
Day 1, it was 95% occupied, but this decreased to 88% in 2009-
2010. For the quarter ending January 2012, occupancy was at 92%;
however, the reported net operating income (NOI) was GBP1.7
million, compared with GBP2.7 million on Day 1. We understand
that the property has had difficulty in attracting national
retailers," S&P said.

"The securitized loan has a total of GBP2.7 million in unpaid
interest, including default interest. After accounting for swap-
breakage costs and miscellaneous expenses, we estimate losses to
be approximately GBP25 million," S&P said.

                        MAPELEY STEPS LOAN

"The Mapeley STEPS loan (67.1% of the pool) is the largest loan
in the pool. The current loan balance is GBP159.2 million. The
loan is currently secured by a portfolio of 112 properties
located across the U.K. The properties are predominantly offices,
and comprise the operational estate for HM Revenue & Customs
(HMRC), which occupied 93% of the area on Day 1. The properties
were mostly constructed between 1960 and 1995. The largest
concentration of properties is in the north (17.9%), Scotland
(16.1%), and the southeast (13.4%), and only 1.8% are in central
London," S&P said.

The sponsor entered into a service contract with the tenant
(HMRC) to provide full accommodation and occupational servicing
for the portfolio. The contract and loan expire in April 2021.

"The servicer-reported debt service coverage ratio (DSCR) for the
loan for the six months ending January 2012 is 5.35x. This is
higher than the DSCR of 2.89x at issuance, due to the inclusion
of a one-time payment in the NOI. This is not expected to occur
again. For the previous five reporting periods, the DSCR has
ranged between 1.54x and 1.82x," S&P said.

"The portfolio was last valued in June 2011 at GBP509.0 million,
which equates to a loan-to-value (LTV) ratio of 31%. We believe
the actual leverage would be considerably higher if the assets
were valued without the HMRC contract in place," S&P said.

"We do not anticipate losses on this loan. However, in view of
recent market value declines for single-tenanted secondary
portfolios that are located in tertiary markets, we consider that
the creditworthiness of this loan has decreased," S&P said.

                        IRON MOUNTAIN LOAN

The Iron Mountain loan (12.7% of the pool balance) is the third-
largest loan in the pool and matures in July 2014. The current
whole-loan balance is GBP35.4 million, the senior loan being
GBP30.1 million.

The loan is currently secured by a 349,953 sq ft single
distribution unit located in Belvedere, Kent--approximately 12
miles east of central London.

"The property was constructed partly in 1992, and partly in 2006.
The property is let entirely to Iron Mountain under an FRI (full
repairing and insuring) lease. The rent is subject to fixed
uplifts of 3% per year. The lease term is until December 2031 and
is subject to a parent company guarantee from Iron Mountain Inc.
(BB-/Negative/--), the world's largest records-management
company," S&P said.

The servicer-reported DSCR is 1.29x for the whole loan, and 1.52x
for the securitized loan.

"The property was last valued in December 2010 at GBP40.0
million, which equates to a securitized LTV ratio of 75% and a
whole-loan LTV ratio of 88%. The GBP40.0 million value reflects
the tenant in occupancy," S&P said.

"In assessing what the recovery prospects of this property would
be, we also considered a 'vacant possession' scenario, given the
risks associated with 100% exposure to a single tenant. This loan
matures in 2014 and if current market conditions persist, we
believe there is a risk that the loan will not repay at scheduled
maturity. Moreover, we consider that the loan could suffer
principal losses," S&P said.

                           DUNDEE LOAN

"The Dundee loan (4.6% of the pool balance) is the smallest loan
in the pool and matures in September 2012. The current whole-loan
balance is GBP14.4 million, the senior loan balance being GBP11.0
million," S&P said.

"The loan is secured by a modern, purpose-built office complex
located in Dundee, Scotland, fully let to a single tenant. The
property was built in 2001 specifically for this tenant, although
the configuration and specification of the building is not overly
specialized. The building contains 126,235 sq ft of lettable
space, and is arranged over four floors with 400 car-parking
spaces," S&P said.

"The property is let entirely to NCR Financial Solutions Ltd.
under an FRI lease expiring in November 2026, but subject to a
break option in November 2016. The lease is subject to a parent
company guarantee from NCR Corp. (BB+/Stable/--), a worldwide
technology services provider," S&P said.

"The servicer-reported DSCR is 1.14x for the whole loan, and
1.50x for the securitized loan. The servicer-reported LTV ratio
is 63.8% for the whole loan, and 48.6% for the securitized loan,
based on a 2005 valuation. We believe that the actual leverage
could be higher than the reported LTV ratio if the asset were
revalued , given the general yield shift in the market since
2006," S&P said.

"The loan is performing, but is also subject to single-tenant
risk. We see some refinance risk, but we currently do not
anticipate losses on this loan," S&P said.

                          RATING ACTIONS

"The rating actions reflect our view that the creditworthiness of
the loan pool has deteriorated. We believe that losses on the
Times Square loan will affect the class C and D notes, and our
'CCC- (sf)' ratings on these notes reflect this. We have also
lowered our ratings on the class A and B notes, to reflect the
decreased credit enhancement available to these classes after
losses are applied to the class C and D notes," S&P said.

"We have lowered to 'A (sf)' and then withdrawn our rating on the
class X notes, in line with our 2010 criteria for rating
interest-only securities, pursuant to which we withdraw the
ratings on interest-only securities existing at the time the
criteria came into effect when their ratings fall below 'AA-
(sf)'," S&P said.

Taurus CMBS (U.K.) 2006-2 closed in November 2006 with a total
issuance of GBP447.15 million. The legal final maturity is in
April 2024. Of the eight loans that originally backed the
transaction, four have repaid. The note balance has reduced to
GBP237.3 million.

        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 these transactions
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

Taurus CMBS (U.K.) 2006-2 PLC
GBP447.15 Million Commercial Mortgage-Backed Floating-Rate Notes

Class              Rating
            To                From

Ratings Lowered

A           A (sf)            AA (sf)
B           B (sf)            BBB (sf)
C           CCC- (sf)         CCC (sf)

Rating Lowered and Withdrawn

X           A (sf)            AA (sf)
X           NR                A (sf)

Rating Affirmed

D           CCC- (sf)

NR - Not rated.


VELO HOLDINGS: V2V Files for Bankruptcy in the U.S.
---------------------------------------------------
Velo Holdings Inc. and its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 12-11384) in Manhattan
on April 2, 2012, with a deal to give up assets to the lenders,
absent higher and better offers for the assets.

V2V -- through the Debtors and their non-debtor affiliates -- is
a premier direct marketing services company, providing
individuals and businesses with access to a wide-variety of
consumer benefits in the United States, Canada, and the United
Kingdom. The Company was founded in 1989 as a membership services
company that marketed its membership programs exclusively via
telemarketing and, after having nearly a decade of continued
growth, went public in 1996.

In 2007, the Company was acquired by a consortium of private
equity firms led primarily by investing affiliates of One Equity
Partners.

V2V presently operates in four main business segments:

   (i) Credit And Identity Theft Protection. V2V markets
primarily credit and identity theft protection programs directly
to consumers through a business segment operated primarily by
Debtor FYI Direct, Inc., and several of its non-debtor affiliates

  (ii) Lifestyle And Shopping.  Debtors Brand Magnet, Inc. and
Adaptive Marketing LLC, collectively with certain of their non-
debtor affiliates, market lifestyle and shopping related programs
which provide access to various consumer goods and services at
discount rates using both online and offline channels.

(iii) Insurance Administration And Health Membership Services.
Debtor Coverdell & Company, Inc., and its non-debtor affiliates
directly market insurance and consumer products and health-
related programs (e.g., health discount membership programs), as
well as manage third-party loyalty and reward programs, for
third-party businesses in the United States and Canada.

  (iv) Lead Generation Consulting Services.  Debtor Neverblue
Communications, Inc., and certain non-debtor affiliates operate
one of the leading "lead generation" or "affiliate network"
businesses in the United States and Canada.  Among other things,
Neverblue maintains an online advertising business, which matches
sellers of various goods and services with potential online
advertisers of such goods and services.

V2V is headquartered in Norwalk, Connecticut; maintains a
customer service call center and operations center in Omaha,
Nebraska; and has offices in Chicago, Illinois; Santa Barbara,
California; El Segundo, California; Atlanta, Georgia; Victoria,
British Columbia; Montreal, Quebec; and Edgeware, England.  As of
the Petition Date, V2V's workforce consisted of 528 individuals,
with the Debtors' workforce consisting of 360 such individuals.
On a consolidated cash basis, V2V had US$486 million in revenue
and US$78 million in EBITDA in 2011, representing a significant
decrease from US$591 million in revenue and US$116 million in
EBITDA in 2010, and US$669 million in revenue and US$107 million
in EBITDA in 2009.

As of the Petition Date, the Debtors were indebted under a
secured first lien credit facility and secured second lien credit
facility in the approximate amount of US$385 million and US$205
million, respectively. Barclays Bank PLC is the agent under the
first lien credit facility.  Wilmington Trust, National
Association is the second lien agent.

Shmuel Vasser, Esq., at Dechert LLP, in New York, serves as
counsel to the Debtor.  Epiq Bankruptcy Solutions is the claims
and notice agent.

                       Road to Bankruptcy

Lorraine DiSanto, the Company's CFO and COO, says the effects of
the depressed economic climate as a result of the recession on
the Debtors' cash flows has been exacerbated by necessary changes
to the Debtors' business strategy resulting from a new regulatory
environment affecting the Lifestyle and Shopping Business
(primarily the Adaptive Online component of such business), as
well as unilateral demands of VISA, Inc. and the Company's
merchant processor -- Chase Paymentech LLC -- which has caused a
liquidity crisis the Company's business.

VISA, which processes nearly 60% of the Debtors' billings,
unilaterally informed the Debtors, among other things, that it
would, at least as applied to the Debtors, decrease its internal
Risk Identification Service metric (used by VISA to manage
merchant risk) by 50% (from the 1% applicable to its other
merchants) to 0.50%.  The Debtors estimated that the financial
impact of meeting this new hurdle would result in significantly
decreased revenues and a projected loss of US$13 million in
EBITDA in 2012 alone.

The Debtors met with their lenders in November 2011 and disclosed
that the Visa-imposed change in RIS standards would have a
material negative impact on the Company's financial performance
on a go-forward basis.

In the fourth quarter of 2011, the Debtors began a dual track
restructuring process that included (i) soliciting bids from
third-party strategic and financial buyers for an acquisition of
some or all of the Company's business and (ii) negotiating the
terms of a financial or operational restructuring with the
lenders under the secured credit facilities, in each case with
the goal of maximizing the value of V2V to provide the greatest
returns to key creditor constituencies.

The projected changes in cash flows for 2011-2012 required the
Debtors not to make their quarterly interest payments due to the
First Lien Agent and the Second Lien Agent (each in the
approximate amount of US$4.8 million) in December 2011 in order
to avoid a liquidity crisis at that time, which in turn caused an
event of default under both credit facilities.

                          Sale Process

Alvarez & Marsal in December 2011 commenced a marketing process
for the sale of all or component parts of the Debtors' business.

After evaluating the bids, the Debtors determined that a
financial restructuring supported by the majority of their first
lien lenders would provide more value for their estates than
pursuing any of the offers proposed by the bidders.

On April 2, 2012, the Debtors and General Electric Capital
Corporation, Goldentree Asset Management LP, Chase Lincoln
Financial Corporation, and Barclays Bank plc, in their capacity
as first lien lenders, entered into a chapter 11 case protocol.

                        Chapter 11 Protocol

The terms of the protocol are:

A. Restructuring of Credit & Identity Theft Protection Business
   and Lifestyle & Shopping Business

       * On the Petition Date, the Debtors will continue to
         operate in the ordinary course, but will cease spending
         new marketing dollars to acquire new members on a go-
         forward basis (i.e., a "harvest" of the businesses).

       * The Debtors are not liquidating these businesses, but
         instead remain committed to providing full services to
         their existing customers during this time.

       * While the harvest is underway, the First Lien Agent will
         credit bid for the assets comprising theses businesses
         in an amount determined on a sliding scale depending on
         timing of the closing.

B. Restructuring of Lead Generation Business

       * The Debtors will conduct a Court-supervised auction
         process for the assets comprising the Lead Generation
         Business.

       * The First Lien Agent will submit a credit bid of
         US$20 million for the assets.

C. Restructuring of Insurance Administration Business

       * The Debtors will conduct a Court-supervised auction
         process for the opportunity to be a plan sponsor for the
         Insurance Administration Business.

       * The First Lien Agent will submit a credit bid of $80
         million for the assets

D. Cash Collateral Use and Postpetition Financing

       * The Debtors will seek authority to use cash collateral
         and seek approval of a postpetition financing facility
         consistent with the terms set forth in the term sheet
         attached to the Agreed Protocol.  The financing facility
         will provide for a "roll up" of certain of the loans
         under the First Lien Credit Agreement.

E. Personnel Issues

       * The Debtors will appoint Alan Jacobs as Chief
         Restructuring Officer for the Credit & Identity Theft
         Protection Business and Lifestyle & Shopping Business.

       * The Debtors will adopt a reduction in force program to
         reduce headcount in connection with the Credit &
         Identity Theft Protection Business and Lifestyle &
         Shopping Business, and pay the terminated employees
         their severance.

       * The Lender Parties will support the Debtors' payment of
         severance to defined senior management whose severance
         is subject to Section 503(c)(2) of the Bankruptcy Code,
         up to amounts set forth in a particular formula set
         forth in the Agreed Protocol.

       * The Debtors will seek approval of a Key Employee
         Incentive Plan acceptable to the Lender Parties.  The
         KEIP will be an incentive-based program providing
         bonuses in an initial aggregate amount of up to $2.875
         million, consisting of (i) US$2 million allocated to
         personnel needed for the harvest and (ii) US$875,000
         allocated to certain Insurance Administration and Lead
         Generation personnel. With respect to the "harvest," the
         KEIP participants and allocations will be determined by
         the CRO, in consultation with the Debtors' CEO and the
         CFO.

                           Timeline

The Debtors will pursue the Agreed Protocol substantially on this
timeline:

  Target Date    Document/Action
  -----------    ---------------
  April 2        * Target Petition Date
                 * File customary "first day" motions
                 * File motion for order approving interim
                   DIP/use of cash collateral

  April 2-16     * File application to retain CRO

  April 2-23     * File motion for approval of KEIP

  April 30       * File motion for order approving bid procedures
                   for Coverdell and Neverblue auction processes

  July 15        * Deadline for Coverdell and Neverblue bids

  July 23        * Conclude bid processes, run auction if
                   necessary, select winning bids for Coverdell
                   and/or Neverblue and finalize Coverdell plan
                   investor and/or Neverblue purchase agreement

  August 6       * Hearing and entry of order(s) approving
                   Coverdell plan investor and/or Neverblue
                   purchase agreement, if any

  August 20      * File plan and serve notice of disclosure
                   statement hearing

  October 1      * Hearing/entry of order approving disclosure
                   statement

  October 5      * Serve notice of confirmation hearing and
                   commence solicitation of voting

  November 2     * Deadline for objections to plan confirmation

  November 16    * Confirmation Hearing/ entry of Confirmation
                   Order

  November 30    * Plan Consummation/Effective Date


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


* BOND PRICING: For the Week April 2 to April 6, 2012
-----------------------------------------------------

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

AUSTRIA
-------
BA CREDITANSTALT        5.470    8/28/2013     EUR     73.63
ERSTE BANK              6.000     2/1/2014     EUR     72.50
ERSTE BANK              6.000    7/31/2014     EUR     68.88
IMMOFINANZ              4.250     3/8/2018     EUR      3.87
KOMMUNALKREDIT          4.440   12/20/2030     EUR     68.50
KOMMUNALKREDIT          4.900    6/23/2031     EUR     72.63
OESTER VOLKSBK          4.810    7/29/2025     EUR     57.25
OESTER VOLKSBK          4.170    7/29/2015     EUR     66.25
RAIFF CENTROBANK        8.463    7/25/2012     EUR     73.95
RAIFF CENTROBANK        9.114    7/25/2012     EUR     55.05
RAIFF CENTROBANK       11.000    5/24/2012     EUR     71.54
RAIFF CENTROBANK        9.876    1/23/2013     EUR     60.02
RAIFF CENTROBANK        7.161    7/20/2012     EUR     66.91
RAIFF CENTROBANK       10.090    7/25/2012     EUR     73.28
RAIFF CENTROBANK       10.090    7/25/2012     EUR     63.10
RAIFF CENTROBANK       11.718    7/25/2012     EUR     32.64
RAIFF CENTROBANK       11.718    7/25/2012     EUR     65.40
RAIFF CENTROBANK        7.646    1/23/2013     EUR     73.06
RAIFF CENTROBANK        7.812    7/20/2012     EUR     67.26
RAIFF CENTROBANK       10.416    7/20/2012     EUR     57.36
RAIFF CENTROBANK        5.208    7/25/2012     EUR     74.83
RAIFF CENTROBANK        7.812    7/25/2012     EUR     63.69
RAIFF CENTROBANK        7.812    7/25/2012     EUR     57.82
RAIFF ZENTRALBK         4.500    9/28/2035     EUR     67.10

BELGIUM
-------
ECONOCOM GROUP          4.000     6/1/2016     EUR     21.38
IDEAL STANDARD I       11.750     5/1/2018     EUR     60.13
IDEAL STANDARD I       11.750     5/1/2018     EUR     60.00

CYPRUS
------
CYPRUS GOVT BOND        4.750    9/30/2015     EUR     72.88
CYPRUS GOVT BOND        4.500     6/2/2016     EUR     68.25
CYPRUS GOVT BOND        5.000     6/9/2016     EUR     69.63
CYPRUS GOVT BOND        4.500    7/11/2016     EUR     67.75
CYPRUS GOVT BOND        4.500    10/9/2016     EUR     66.63
CYPRUS GOVT BOND        6.600   10/26/2016     EUR     73.25
CYPRUS GOVT BOND        4.500     1/4/2017     EUR     65.75
CYPRUS GOVT BOND        4.500    2/15/2017     EUR     65.25
CYPRUS GOVT BOND        4.500     4/2/2017     EUR     64.75
CYPRUS GOVT BOND        5.600    4/15/2017     EUR     70.97
CYPRUS GOVT BOND        4.500    9/28/2017     EUR     63.25
CYPRUS GOVT BOND        5.100    1/29/2018     EUR     64.75
CYPRUS GOVT BOND        4.750    12/2/2015     EUR     71.75
CYPRUS GOVT BOND        4.600    4/23/2018     EUR     62.25
CYPRUS GOVT BOND        4.600   10/23/2018     EUR     61.25
CYPRUS GOVT BOND        4.600    2/26/2019     EUR     60.75
CYPRUS GOVT BOND        6.100    6/24/2019     EUR     66.88
CYPRUS GOVT BOND        4.625     2/3/2020     EUR     59.90
CYPRUS GOVT BOND        6.100    4/20/2020     EUR     66.00
CYPRUS GOVT BOND        5.350     6/9/2020     EUR     62.13
CYPRUS GOVT BOND        6.500    8/25/2021     EUR     64.88
CYPRUS GOVT BOND        3.750    11/1/2015     EUR     68.16
CYPRUS GOVT BOND        6.000     6/9/2021     EUR     63.63
CYPRUS GOVT BOND        4.500     1/2/2016     EUR     70.50
CYPRUS GOVT BOND        4.500    3/30/2016     EUR     69.00
REP OF CYPRUS           4.750    2/25/2016     EUR     67.92

DENMARK
-------
FIN-DANISH IND          4.910     7/6/2021     EUR     69.25
KALMAR STRUCTRD         7.500    9/30/2013     EUR      0.01
KOMMUNEKREDIT           0.500   12/14/2020     ZAR     51.18
KOMMUNEKREDIT           0.500    2/23/2017     ZAR     69.62
KOMMUNEKREDIT           0.500    1/25/2017     ZAR     70.11

FINLAND
-------
MUNI FINANCE PLC        0.500   11/10/2021     NZD     61.73
MUNI FINANCE PLC        0.500    4/27/2018     ZAR     62.33
MUNI FINANCE PLC        0.500   12/20/2018     ZAR     59.69
MUNI FINANCE PLC        0.500   11/17/2016     ZAR     69.32
MUNI FINANCE PLC        0.500   11/25/2020     ZAR     47.88
MUNI FINANCE PLC        0.500   10/27/2016     ZAR     69.71
MUNI FINANCE PLC        0.500    4/26/2016     ZAR     73.05
MUNI FINANCE PLC        0.500    9/24/2020     CAD     69.08
MUNI FINANCE PLC        0.250    6/28/2040     CAD     20.35
MUNI FINANCE PLC        1.000    6/30/2017     ZAR     68.82
MUNI FINANCE PLC        0.500    4/26/2017     ZAR     67.85
MUNI FINANCE PLC        0.500    2/16/2017     TRY     73.36
MUNI FINANCE PLC        0.500   12/21/2016     TRY     72.46
MUNI FINANCE PLC        0.500    12/6/2016     TRY     72.97
MUNI FINANCE PLC        0.500    3/17/2025     CAD     51.30
MUNI FINANCE PLC        0.500   11/21/2018     TRY     64.80
MUNI FINANCE PLC        0.500   11/21/2018     ZAR     57.24
MUNI FINANCE PLC        0.500   12/14/2018     TRY     64.58
MUNI FINANCE PLC        0.500   12/21/2021     NZD     61.72
MUNI FINANCE PLC        0.500   10/27/2016     TRY     73.11
MUNI FINANCE PLC        0.500     2/9/2016     ZAR     74.54
MUNI FINANCE PLC        0.500   11/16/2017     TRY     68.58

FRANCE
------
AIR FRANCE-KLM          4.970     4/1/2015     EUR     11.58
ALCATEL-LUCENT          5.000     1/1/2015     EUR      3.06
ALTRAN TECHNOLOG        6.720     1/1/2015     EUR      5.43
ASSYSTEM                4.000     1/1/2017     EUR     22.17
ATOS ORIGIN SA          2.500     1/1/2016     EUR     53.83
BNP PARIBAS             2.890    5/16/2036     JPY     72.48
CAISSE CENT IMMO        7.000    5/18/2015     EUR     16.14
CAISSE CENT IMMO        7.000    5/16/2014     EUR     41.10
CAISSE CENT IMMO        7.000    9/10/2015     EUR     18.72
CALYON                  6.000    6/18/2047     EUR     33.48
CAP GEMINI SOGET        3.500     1/1/2014     EUR     39.36
CGG VERITAS             1.750     1/1/2016     EUR     29.79
CLUB MEDITERRANE        5.000     6/8/2012     EUR     16.40
CLUB MEDITERRANE        6.110    11/1/2015     EUR     19.57
CMA CGM                 8.500    4/15/2017     USD     59.00
CMA CGM                 8.500    4/15/2017     USD     64.83
CMA CGM                 8.875    4/15/2019     EUR     64.83
CMA CGM                 8.875    4/15/2019     EUR     64.43
CREDIT LOCAL FRA        3.750    5/26/2020     EUR     64.16
DEXIA CRED LOCAL        5.037     8/4/2020     EUR     70.64
DEXIA CRED LOCAL        4.500    2/25/2020     EUR     69.07
DEXIA CRED LOCAL        4.110    9/18/2018     EUR     72.82
DEXIA CRED LOCAL        4.550     4/2/2020     EUR     69.15
DEXIA MUNI AGNCY        1.000   12/23/2024     EUR     68.20
DEXIA MUNI AGNCY        4.680     3/9/2029     CAD     71.47
EURAZEO                 6.250    6/10/2014     EUR     56.76
EUROPCAR GROUPE         9.375    4/15/2018     EUR     71.72
EUROPCAR GROUPE         9.375    4/15/2018     EUR     71.88
EXANE FINANCE          18.150    5/17/2012     CHF     45.80
FAURECIA                4.500     1/1/2015     EUR     23.39
GROUPAMA SA             7.875   10/27/2039     EUR     62.25
GROUPE VIAL             2.500     1/1/2014     EUR      2.54
INGENICO                2.750     1/1/2017     EUR     45.89
MAUREL ET PROM          7.125    7/31/2015     EUR     17.74
MAUREL ET PROM          7.125    7/31/2014     EUR     18.90
NEXANS SA               4.000     1/1/2016     EUR     61.53
NEXANS SA               2.500     1/1/2019     EUR     71.30
ORPEA                   3.875     1/1/2016     EUR     44.54
PEUGEOT SA              4.450     1/1/2016     EUR     25.72
PIERRE VACANCES         4.000    10/1/2015     EUR     70.32
PUBLICIS GROUPE         3.125    7/30/2014     EUR     40.71
PUBLICIS GROUPE         1.000    1/18/2018     EUR     51.87
SOC AIR FRANCE          2.750     4/1/2020     EUR     21.02
SOCIETE GENERALE        0.500    12/6/2021     AUD     45.57
SOCIETE GENERALE        0.500     9/7/2021     AUD     46.48
SOITEC                  6.250     9/9/2014     EUR      8.80
TEM                     4.250     1/1/2015     EUR     55.06
THEOLIA                 2.700     1/1/2041     EUR      9.82

GERMANY
-------
BAYERISCHE LNDBK        5.800    7/13/2012     EUR     65.16
BAYERISCHE LNDBK        3.200    10/1/2012     EUR     40.25
BAYERISCHE LNDBK        5.500    6/29/2012     EUR     70.21
BAYERISCHE LNDBK        5.100    6/29/2012     EUR     67.26
BAYERISCHE LNDBK        6.100    6/15/2012     EUR     46.88
BHF-BANK AG             7.250    6/15/2012     EUR     75.71
BHF-BANK AG            13.200     6/8/2012     EUR     67.57
BNP EMIS-U.HANDE       10.500    3/22/2012     EUR     72.23
BNP EMIS-U.HANDE       10.250    3/22/2012     EUR     73.95
BNP EMIS-U.HANDE        8.500    3/22/2012     EUR     65.73
BNP EMIS-U.HANDE       11.500    6/21/2012     EUR     70.94
BNP EMIS-U.HANDE       11.000    6/21/2012     EUR     51.70
BNP EMIS-U.HANDE       10.500    6/21/2012     EUR     61.38
BNP EMIS-U.HANDE       10.500    6/21/2012     EUR     70.71
BNP EMIS-U.HANDE        9.250    6/21/2012     EUR     52.87
BNP EMIS-U.HANDE       10.250    6/21/2012     EUR     70.99
BNP EMIS-U.HANDE       10.000    6/21/2012     EUR     74.82
BNP EMIS-U.HANDE       10.000    6/21/2012     EUR     71.23
BNP EMIS-U.HANDE        9.500    6/21/2012     EUR     65.01
BNP EMIS-U.HANDE        9.250    6/21/2012     EUR     60.99
BNP EMIS-U.HANDE        8.500    6/21/2012     EUR     71.14
BNP EMIS-U.HANDE        8.250    6/21/2012     EUR     67.46
BNP EMIS-U.HANDE        7.750    6/21/2012     EUR     69.43
BNP EMIS-U.HANDE        7.500    6/21/2012     EUR     68.75
BNP EMIS-U.HANDE        7.250    6/21/2012     EUR     72.48
BNP EMIS-U.HANDE        6.750    6/21/2012     EUR     73.45
BNP EMIS-U.HANDE        7.000    5/24/2012     EUR     60.76
BNP EMIS-U.HANDE        5.250    5/24/2012     EUR     70.78
BNP EMIS-U.HANDE        9.000    4/26/2012     EUR     61.03
BNP EMIS-U.HANDE        6.000    4/26/2012     EUR     54.68
BNP EMIS-U.HANDE        6.000    4/26/2012     EUR     72.92
BNP EMIS-U.HANDE        5.000    4/26/2012     EUR     72.17
BNP EMIS-U.HANDE       19.000    3/22/2012     EUR      9.83
BNP EMIS-U.HANDE       15.500    3/22/2012     EUR     36.55
BNP EMIS-U.HANDE       14.250    3/22/2012     EUR     62.01
BNP EMIS-U.HANDE       13.000    3/22/2012     EUR     52.72
BNP EMIS-U.HANDE       11.250    3/22/2012     EUR     69.20
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        9.500    3/22/2012     EUR     73.78
BNP EMIS-U.HANDE        8.500    3/22/2012     EUR     67.75
BNP EMIS-U.HANDE       10.000    7/26/2012     EUR     61.79
BNP EMIS-U.HANDE        7.750   12/31/2012     EUR     71.39
BNP EMIS-U.HANDE       10.500   12/28/2012     EUR     73.03
BNP EMIS-U.HANDE        8.500   12/28/2012     EUR     73.73
BNP EMIS-U.HANDE       10.000    7/26/2012     EUR     56.70
BNP EMIS-U.HANDE       10.000    7/26/2012     EUR     60.50
BNP EMIS-U.HANDE        9.000    7/26/2012     EUR     66.49
BNP EMIS-U.HANDE        9.000    7/26/2012     EUR     46.73
BNP EMIS-U.HANDE        9.000    7/26/2012     EUR     43.10
BNP EMIS-U.HANDE        9.000    7/26/2012     EUR     67.10
BNP EMIS-U.HANDE        9.000    7/26/2012     EUR     72.49
BNP EMIS-U.HANDE        9.000    7/26/2012     EUR     60.88
BNP EMIS-U.HANDE        7.000    7/26/2012     EUR     40.91
BNP EMIS-U.HANDE        8.000    7/26/2012     EUR     56.38
BNP EMIS-U.HANDE        8.000    7/26/2012     EUR     63.68
BNP EMIS-U.HANDE        7.000    7/26/2012     EUR     48.88
BNP EMIS-U.HANDE        7.000    7/26/2012     EUR     63.04
BNP EMIS-U.HANDE        7.000    7/26/2012     EUR     65.41
BNP EMIS-U.HANDE       19.250    6/21/2012     EUR     16.84
BNP EMIS-U.HANDE        6.500    7/26/2012     EUR     72.79
BNP EMIS-U.HANDE        6.000    7/26/2012     EUR     67.70
BNP EMIS-U.HANDE        6.000    7/26/2012     EUR     48.28
BNP EMIS-U.HANDE        6.000    7/26/2012     EUR     72.29
BNP EMIS-U.HANDE        6.000    7/26/2012     EUR     52.11
BNP EMIS-U.HANDE       13.500    6/21/2012     EUR     61.58
BNP EMIS-U.HANDE       18.250    6/21/2012     EUR     13.96
BNP EMIS-U.HANDE       16.000    6/21/2012     EUR     30.66
BNP EMIS-U.HANDE       15.500    6/21/2012     EUR     34.34
BNP EMIS-U.HANDE       14.250    6/21/2012     EUR     54.44
BNP EMIS-U.HANDE       13.750    6/21/2012     EUR     65.23
BNP EMIS-U.HANDE       10.250    6/21/2012     EUR     59.75
BNP EMIS-U.HANDE       11.750    6/21/2012     EUR     52.54
COMMERZBANK AG          7.700    9/28/2012     EUR     68.38
COMMERZBANK AG          9.000     8/3/2012     EUR     73.08
COMMERZBANK AG          8.500   10/29/2012     EUR     72.67
COMMERZBANK AG          8.000    6/22/2012     EUR     72.06
COMMERZBANK AG          8.000     6/4/2012     EUR     75.48
COMMERZBANK AG          9.000   10/29/2012     EUR     13.98
COMMERZBANK AG          9.000    10/1/2012     EUR     71.48
COMMERZBANK AG         10.000    11/5/2012     EUR     70.43
COMMERZBANK AG          7.000   12/27/2012     EUR     72.16
COMMERZBANK AG          8.000   12/27/2012     EUR     60.34
COMMERZBANK AG          8.400   12/30/2013     EUR     21.78
COMMERZBANK AG          8.000    11/5/2012     EUR     68.20
COMMERZBANK AG          8.000     5/7/2012     EUR     52.59
COMMERZBANK AG         10.800    3/30/2012     EUR     73.82
COMMERZBANK AG         10.500     7/6/2012     EUR     69.95
COMMERZBANK AG         11.500    6/22/2012     EUR     64.71
COMMERZBANK AG          8.500     8/3/2012     EUR     57.37
COMMERZBANK AG         11.500     7/6/2012     EUR     12.44
COMMERZBANK AG          5.000    3/30/2018     EUR     65.38
COMMERZBANK AG          7.250     5/7/2012     EUR     70.32
COMMERZBANK AG         12.100    4/27/2012     EUR     23.98
COMMERZBANK AG          7.250     5/7/2012     EUR     57.01
DEUTSCHE BANK AG        7.000    4/30/2012     EUR     73.40
DEUTSCHE BANK AG        6.500    3/29/2012     EUR     71.20
DEUTSCHE BANK AG        6.500    3/29/2012     EUR     66.00
DEUTSCHE BANK AG        7.000    3/29/2012     EUR     68.70
DEUTSCHE BANK AG        7.500    3/29/2012     EUR     68.20
DEUTSCHE BANK AG        7.500    3/29/2012     EUR     73.80
DEUTSCHE BANK AG        7.500    3/29/2012     EUR     62.60
DEUTSCHE BANK AG        8.000    3/29/2012     EUR     72.80
DEUTSCHE BANK AG        8.000    3/29/2012     EUR     65.10
DEUTSCHE BANK AG        9.500    3/29/2012     EUR     61.30
DEUTSCHE BANK AG        9.500    3/29/2012     EUR     65.50
DEUTSCHE BANK AG        9.500    3/29/2012     EUR     69.90
DEUTSCHE BANK AG        9.500    3/29/2012     EUR     74.30
DEUTSCHE BANK AG       10.000    3/29/2012     EUR     72.80
DEUTSCHE BANK AG       10.000    3/29/2012     EUR     63.90
DEUTSCHE BANK AG       10.000    3/29/2012     EUR     69.20
DEUTSCHE BANK AG        7.000    4/30/2012     EUR     67.60
DEUTSCHE BANK AG        7.000    4/30/2012     EUR     66.60
DEUTSCHE BANK AG        8.000    4/30/2012     EUR     65.00
DEUTSCHE BANK AG        8.000    4/30/2012     EUR     75.50
DEUTSCHE BANK AG        8.000    4/30/2012     EUR     63.40
DEUTSCHE BANK AG        8.000    4/30/2012     EUR     70.50
DEUTSCHE BANK AG       10.000    4/30/2012     EUR     61.10
DEUTSCHE BANK AG       10.000    4/30/2012     EUR     72.00
DEUTSCHE BANK AG       10.000    4/30/2012     EUR     62.60
DEUTSCHE BANK AG       10.000    4/30/2012     EUR     67.10
DEUTSCHE BANK AG        7.000    5/31/2012     EUR     63.60
DEUTSCHE BANK AG        7.000    5/31/2012     EUR     74.80
DEUTSCHE BANK AG        7.000    5/31/2012     EUR     71.90
DEUTSCHE BANK AG        8.000    5/31/2012     EUR     70.20
DEUTSCHE BANK AG        8.000    5/31/2012     EUR     61.10
DEUTSCHE BANK AG        8.000    5/31/2012     EUR     75.20
DEUTSCHE BANK AG        8.000    5/31/2012     EUR     68.50
DEUTSCHE BANK AG       10.000    5/31/2012     EUR     74.30
DEUTSCHE BANK AG       10.000    5/31/2012     EUR     58.50
DEUTSCHE BANK AG       10.000    5/31/2012     EUR     67.60
DEUTSCHE BANK AG       10.000    5/31/2012     EUR     66.10
DEUTSCHE BANK AG       10.000    5/31/2012     EUR     72.50
DEUTSCHE BANK AG        7.000    6/29/2012     EUR     62.80
DEUTSCHE BANK AG        7.000    6/29/2012     EUR     74.70
DEUTSCHE BANK AG        7.000    6/29/2012     EUR     73.80
DEUTSCHE BANK AG        8.000    6/29/2012     EUR     74.60
DEUTSCHE BANK AG        8.000    6/29/2012     EUR     60.50
DEUTSCHE BANK AG        8.000    6/29/2012     EUR     73.50
DEUTSCHE BANK AG        8.000    6/29/2012     EUR     71.10
DEUTSCHE BANK AG        8.000    6/29/2012     EUR     70.20
DEUTSCHE BANK AG       10.000    6/29/2012     EUR     72.00
DEUTSCHE BANK AG       10.000    6/29/2012     EUR     58.20
DEUTSCHE BANK AG       10.000    6/29/2012     EUR     66.40
DEUTSCHE BANK AG       10.000    6/29/2012     EUR     72.20
DEUTSCHE BANK AG       10.000    6/29/2012     EUR     68.50
DEUTSCHE BANK AG        7.000    7/31/2012     EUR     71.00
DEUTSCHE BANK AG        8.000    7/31/2012     EUR     68.60
DEUTSCHE BANK AG        8.000    7/31/2012     EUR     73.60
DEUTSCHE BANK AG       10.000    7/31/2012     EUR     66.00
DEUTSCHE BANK AG       10.000    7/31/2012     EUR     71.60
DEUTSCHE BANK AG        8.000   12/20/2012     EUR     57.80
DEUTSCHE BANK AG       15.000    2/20/2013     EUR     74.40
DEUTSCHE BK LOND        2.100    3/23/2017     EUR     44.60
DRESDNER BANK AG        5.700    7/31/2023     EUR     73.13
DZ BANK AG              6.250    9/14/2012     EUR     66.43
DZ BANK AG              5.850    9/14/2012     EUR     71.45
DZ BANK AG              5.000    9/14/2012     EUR     74.39
DZ BANK AG             15.250    7/27/2012     EUR     69.17
DZ BANK AG             15.000    7/27/2012     EUR     59.33
DZ BANK AG             12.500    7/27/2012     EUR     71.25
DZ BANK AG             12.000    7/27/2012     EUR     70.11
DZ BANK AG             11.500    7/27/2012     EUR     64.07
DZ BANK AG             11.250    7/27/2012     EUR     74.63
DZ BANK AG             10.750    7/27/2012     EUR     65.03
DZ BANK AG             10.500    7/27/2012     EUR     70.65
DZ BANK AG              9.800    7/27/2012     EUR     71.97
DZ BANK AG              8.000    7/27/2012     EUR     69.85
DZ BANK AG              8.000    7/27/2012     EUR     75.49
DZ BANK AG             12.500    7/13/2012     EUR     71.19
DZ BANK AG              8.500    7/13/2012     EUR     64.25
DZ BANK AG              8.500    7/13/2012     EUR     60.41
DZ BANK AG              8.250    7/13/2012     EUR     73.08
DZ BANK AG              7.500    7/13/2012     EUR     58.19
DZ BANK AG              7.250    7/13/2012     EUR     68.84
DZ BANK AG              7.000    7/13/2012     EUR     69.75
DZ BANK AG              5.000    7/13/2012     EUR     70.86
DZ BANK AG              7.000    7/11/2012     EUR     73.65
DZ BANK AG              6.750    7/13/2012     EUR     73.83
DZ BANK AG              3.850   12/21/2012     EUR     21.50
DZ BANK AG              5.000    3/22/2013     EUR     21.50
DZ BANK AG              8.000   10/12/2012     EUR     65.25
DZ BANK AG              5.410    3/22/2013     EUR     10.00
DZ BANK AG              5.000    6/24/2013     EUR     21.50
DZ BANK AG              5.000    3/22/2013     EUR     25.00
DZ BANK AG              5.760   12/23/2013     EUR     73.14
DZ BANK AG              3.400    3/25/2015     EUR     66.09
DZ BANK AG              5.270    6/24/2013     EUR     21.50
DZ BANK AG              0.525   12/27/2016     EUR     21.50
DZ BANK AG              5.000    6/22/2018     EUR     50.00
DZ BANK AG              5.500    3/25/2015     EUR     21.50
DZ BANK AG             13.000    6/22/2012     EUR     48.72
DZ BANK AG             12.000    6/22/2012     EUR     60.73
DZ BANK AG             16.000    6/22/2012     EUR     15.22
DZ BANK AG              7.000   10/12/2012     EUR     59.70
DZ BANK AG             11.750    6/22/2012     EUR     59.12
DZ BANK AG             11.750    6/22/2012     EUR     74.90
DZ BANK AG             11.750    6/22/2012     EUR     56.58
DZ BANK AG             11.000    6/22/2012     EUR     61.21
DZ BANK AG             11.000    6/22/2012     EUR     48.10
DZ BANK AG             10.750    6/22/2012     EUR     58.97
DZ BANK AG             11.250    6/22/2012     EUR     52.87
DZ BANK AG             10.500    6/22/2012     EUR     44.91
DZ BANK AG             10.000    6/22/2012     EUR     66.66
DZ BANK AG             16.500    4/27/2012     EUR      1.90
DZ BANK AG              7.000   10/12/2012     EUR     72.24
DZ BANK AG              8.300    10/5/2012     EUR     63.00
DZ BANK AG              5.700    10/5/2012     EUR     66.70
DZ BANK AG              4.500    10/5/2012     EUR     68.88
DZ BANK AG             10.500    9/14/2012     EUR     65.16
DZ BANK AG              8.500    9/14/2012     EUR     71.29
DZ BANK AG              8.000    9/14/2012     EUR     61.57
DZ BANK AG              7.500    9/14/2012     EUR     69.11
DZ BANK AG             10.750    6/22/2012     EUR     61.35
DZ BANK AG              7.250    6/22/2012     EUR     72.16
DZ BANK AG              6.250    6/22/2012     EUR     76.32
DZ BANK AG              5.250    6/22/2012     EUR     73.94
DZ BANK AG              4.000    6/20/2012     EUR     67.27
DZ BANK AG              8.000    6/11/2012     EUR     69.74
DZ BANK AG             11.250     6/8/2012     EUR     63.18
DZ BANK AG             10.500     6/8/2012     EUR     58.56
DZ BANK AG              9.750     6/8/2012     EUR     73.02
DZ BANK AG              9.250     6/8/2012     EUR     61.70
DZ BANK AG              9.000     6/8/2012     EUR     70.26
DZ BANK AG              8.000     6/8/2012     EUR     74.37
DZ BANK AG              8.000     6/8/2012     EUR     73.47
DZ BANK AG              7.750     6/8/2012     EUR     74.68
DZ BANK AG              7.500     6/8/2012     EUR     67.22
DZ BANK AG              6.750     6/8/2012     EUR     67.85
DZ BANK AG              6.000     6/8/2012     EUR     69.56
DZ BANK AG              8.000     6/7/2012     EUR     75.32
DZ BANK AG              9.250    5/11/2012     EUR     65.45
DZ BANK AG              8.750    3/23/2012     EUR     49.99
DZ BANK AG              9.000    3/23/2012     EUR     62.48
DZ BANK AG             14.500    3/23/2012     EUR     61.66
DZ BANK AG             21.500    3/23/2012     EUR     11.14
DZ BANK AG              7.250    4/27/2012     EUR     73.59
DZ BANK AG              9.000    4/27/2012     EUR     50.96
DZ BANK AG             10.000    4/27/2012     EUR     73.49
DZ BANK AG             11.250    4/27/2012     EUR     60.34
DZ BANK AG             15.500    4/27/2012     EUR     69.38
DZ BANK AG              9.750    6/22/2012     EUR     66.49
DZ BANK AG              9.750    6/22/2012     EUR     72.41
DZ BANK AG              9.000    6/22/2012     EUR     65.77
DZ BANK AG              9.000    6/22/2012     EUR     39.38
DZ BANK AG              8.750    6/22/2012     EUR     74.60
DZ BANK AG              8.000    6/22/2012     EUR     49.13
DZ BANK AG              7.500    6/22/2012     EUR     72.46
ESCADA AG               7.500     4/1/2012     EUR      8.57
EUROHYPO AG             3.830    9/21/2020     EUR     73.63
GOTHAER ALLG VER        5.527    9/29/2026     EUR     74.85
HECKLER & KOCH          9.500    5/15/2018     EUR     65.44
HECKLER & KOCH          9.500    5/15/2018     EUR     64.63
HEIDELBERG DRUCK        9.250    4/15/2018     EUR     73.70
HEIDELBERG DRUCK        9.250    4/15/2018     EUR     73.75
L-BANK FOERDERBK        0.500    5/10/2027     CAD     48.26
LB BADEN-WUERTT         8.000    9/28/2012     EUR     38.51
LB BADEN-WUERTT         8.000    9/28/2012     EUR     51.44
LB BADEN-WUERTT         5.000   10/26/2012     EUR     11.79
LB BADEN-WUERTT         8.000    9/28/2012     EUR     66.90
LB BADEN-WUERTT         7.500   10/26/2012     EUR     71.40
LB BADEN-WUERTT         5.000   10/26/2012     EUR     36.81
LB BADEN-WUERTT         7.500   10/26/2012     EUR     72.99
LB BADEN-WUERTT         7.500   10/26/2012     EUR     33.55
LB BADEN-WUERTT         7.500   10/26/2012     EUR     12.22
LB BADEN-WUERTT         7.500   10/26/2012     EUR     70.49
LB BADEN-WUERTT        10.000   10/26/2012     EUR     65.89
LB BADEN-WUERTT        10.000   10/26/2012     EUR     12.49
LB BADEN-WUERTT        10.000   10/26/2012     EUR     31.97
LB BADEN-WUERTT        10.000   10/26/2012     EUR     65.32
LB BADEN-WUERTT        10.000   10/26/2012     EUR     74.41
LB BADEN-WUERTT        10.000   10/26/2012     EUR     68.16
LB BADEN-WUERTT         5.000   11/23/2012     EUR     37.24
LB BADEN-WUERTT        10.000   10/26/2012     EUR     75.19
LB BADEN-WUERTT         7.500   11/23/2012     EUR     72.10
LB BADEN-WUERTT         5.000   11/23/2012     EUR     71.88
LB BADEN-WUERTT         7.500   11/23/2012     EUR     34.53
LB BADEN-WUERTT         7.500   11/23/2012     EUR     64.33
LB BADEN-WUERTT        10.000   11/23/2012     EUR     73.65
LB BADEN-WUERTT        10.000   11/23/2012     EUR     76.19
LB BADEN-WUERTT        10.000   11/23/2012     EUR     72.94
LB BADEN-WUERTT        10.000   11/23/2012     EUR     67.48
LB BADEN-WUERTT        10.000   11/23/2012     EUR     33.04
LB BADEN-WUERTT        10.000   11/23/2012     EUR     73.54
LB BADEN-WUERTT        10.000   11/23/2012     EUR     59.87
LB BADEN-WUERTT         5.000     1/4/2013     EUR     74.14
LB BADEN-WUERTT         5.000     1/4/2013     EUR     61.78
LB BADEN-WUERTT         7.500     1/4/2013     EUR     76.07
LB BADEN-WUERTT         5.000     1/4/2013     EUR     37.91
LB BADEN-WUERTT         7.500     1/4/2013     EUR     54.94
LB BADEN-WUERTT         7.500     1/4/2013     EUR     69.57
LB BADEN-WUERTT        10.000     1/4/2013     EUR     34.25
LB BADEN-WUERTT         7.500     1/4/2013     EUR     35.04
LB BADEN-WUERTT        10.000     1/4/2013     EUR     72.48
LB BADEN-WUERTT        10.000     1/4/2013     EUR     64.34
LB BADEN-WUERTT         5.000    1/25/2013     EUR     48.80
LB BADEN-WUERTT         7.500    1/25/2013     EUR     45.17
LB BADEN-WUERTT        10.000     1/4/2013     EUR     52.43
LB BADEN-WUERTT        10.000    1/25/2013     EUR     73.36
LB BADEN-WUERTT        10.000    1/25/2013     EUR     74.44
LB BADEN-WUERTT        10.000    1/25/2013     EUR     43.24
LB BADEN-WUERTT         5.250   10/20/2015     EUR     26.36
LB BADEN-WUERTT         8.000    5/25/2012     EUR     71.70
LB BADEN-WUERTT         5.000    6/22/2012     EUR     65.36
LB BADEN-WUERTT         6.000    6/22/2012     EUR     55.34
LB BADEN-WUERTT         6.000    6/22/2012     EUR     65.13
LB BADEN-WUERTT         6.000    6/22/2012     EUR     70.70
LB BADEN-WUERTT         6.000    6/22/2012     EUR     57.60
LB BADEN-WUERTT         7.500    6/22/2012     EUR     66.82
LB BADEN-WUERTT         7.500    6/22/2012     EUR     33.84
LB BADEN-WUERTT         7.500    6/22/2012     EUR     66.20
LB BADEN-WUERTT         7.500    6/22/2012     EUR     73.74
LB BADEN-WUERTT         7.500    6/22/2012     EUR     13.05
LB BADEN-WUERTT         7.500    6/22/2012     EUR     72.57
LB BADEN-WUERTT         7.500    6/22/2012     EUR     59.45
LB BADEN-WUERTT         7.500    6/22/2012     EUR     74.95
LB BADEN-WUERTT         8.000    6/22/2012     EUR     74.24
LB BADEN-WUERTT         8.000    6/22/2012     EUR     74.34
LB BADEN-WUERTT         8.000    6/22/2012     EUR     63.40
LB BADEN-WUERTT         8.000    6/22/2012     EUR     71.63
LB BADEN-WUERTT         8.000    6/22/2012     EUR     51.33
LB BADEN-WUERTT         8.000    6/22/2012     EUR     59.46
LB BADEN-WUERTT         8.000    6/22/2012     EUR     49.72
LB BADEN-WUERTT         8.000    6/22/2012     EUR     74.81
LB BADEN-WUERTT        10.000    6/22/2012     EUR     71.67
LB BADEN-WUERTT        10.000    6/22/2012     EUR     31.80
LB BADEN-WUERTT        10.000    6/22/2012     EUR     11.93
LB BADEN-WUERTT        10.000    6/22/2012     EUR     71.13
LB BADEN-WUERTT        10.000    6/22/2012     EUR     74.30
LB BADEN-WUERTT        10.000    6/22/2012     EUR     65.94
LB BADEN-WUERTT        10.000    6/22/2012     EUR     62.76
LB BADEN-WUERTT        10.000    6/22/2012     EUR     55.55
LB BADEN-WUERTT        10.000    6/22/2012     EUR     69.64
LB BADEN-WUERTT        10.000    6/22/2012     EUR     74.15
LB BADEN-WUERTT        10.000    6/22/2012     EUR     67.43
LB BADEN-WUERTT        10.000    6/22/2012     EUR     62.46
LB BADEN-WUERTT         4.000    7/27/2012     EUR     69.79
LB BADEN-WUERTT         4.000    7/27/2012     EUR     74.00
LB BADEN-WUERTT         5.000    7/27/2012     EUR     19.95
LB BADEN-WUERTT         5.000    7/27/2012     EUR     63.11
LB BADEN-WUERTT         5.000    7/27/2012     EUR     59.19
LB BADEN-WUERTT         5.000    7/27/2012     EUR     74.45
LB BADEN-WUERTT         5.000    7/27/2012     EUR     38.26
LB BADEN-WUERTT         5.000    7/27/2012     EUR     63.68
LB BADEN-WUERTT         5.000    7/27/2012     EUR     75.24
LB BADEN-WUERTT         5.000    7/27/2012     EUR     56.95
LB BADEN-WUERTT         6.000    7/27/2012     EUR     40.91
LB BADEN-WUERTT         6.000    7/27/2012     EUR     74.08
LB BADEN-WUERTT         6.000    7/27/2012     EUR     66.50
LB BADEN-WUERTT         6.000    7/27/2012     EUR     59.51
LB BADEN-WUERTT         7.500    7/27/2012     EUR     20.78
LB BADEN-WUERTT         7.500    7/27/2012     EUR     69.33
LB BADEN-WUERTT         7.500    7/27/2012     EUR     53.49
LB BADEN-WUERTT         7.500    7/27/2012     EUR     58.65
LB BADEN-WUERTT         7.500    7/27/2012     EUR     73.38
LB BADEN-WUERTT         7.500    7/27/2012     EUR     67.71
LB BADEN-WUERTT         7.500    7/27/2012     EUR     35.61
LB BADEN-WUERTT         7.500    7/27/2012     EUR     73.43
LB BADEN-WUERTT         7.500    7/27/2012     EUR     52.37
LB BADEN-WUERTT         8.000    7/27/2012     EUR     75.65
LB BADEN-WUERTT         8.000    7/27/2012     EUR     69.31
LB BADEN-WUERTT         8.000    7/27/2012     EUR     54.17
LB BADEN-WUERTT         8.000    7/27/2012     EUR     60.36
LB BADEN-WUERTT        10.000    7/27/2012     EUR     21.59
LB BADEN-WUERTT        10.000    7/27/2012     EUR     67.55
LB BADEN-WUERTT        10.000    7/27/2012     EUR     71.20
LB BADEN-WUERTT        10.000    7/27/2012     EUR     49.94
LB BADEN-WUERTT         8.000    3/23/2012     EUR     42.29
LB BADEN-WUERTT         8.000    3/23/2012     EUR     50.15
LB BADEN-WUERTT         8.000    3/23/2012     EUR     74.45
LB BADEN-WUERTT         8.000    3/23/2012     EUR     10.91
LB BADEN-WUERTT         8.000    3/23/2012     EUR     71.57
LB BADEN-WUERTT         8.000    3/23/2012     EUR     45.86
LB BADEN-WUERTT         8.000    3/23/2012     EUR     70.95
LB BADEN-WUERTT        10.000    7/27/2012     EUR     55.01
LB BADEN-WUERTT        10.000    7/27/2012     EUR     33.91
LB BADEN-WUERTT        10.000    7/27/2012     EUR     65.48
LB BADEN-WUERTT         8.000    3/23/2012     EUR     63.01
LB BADEN-WUERTT         8.000    3/23/2012     EUR     44.61
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        10.000    7/27/2012     EUR     76.48
LB BADEN-WUERTT        10.000    7/27/2012     EUR     63.49
LB BADEN-WUERTT        10.000    7/27/2012     EUR     67.72
LB BADEN-WUERTT         6.000    3/23/2012     EUR     11.71
LB BADEN-WUERTT         6.000    3/23/2012     EUR     45.44
LB BADEN-WUERTT         6.000    3/23/2012     EUR     51.20
LB BADEN-WUERTT         6.000    3/23/2012     EUR     54.39
LB BADEN-WUERTT         6.000    3/23/2012     EUR     51.23
LB BADEN-WUERTT         6.000    3/23/2012     EUR     73.02
LB BADEN-WUERTT         4.000    3/23/2012     EUR     51.21
LB BADEN-WUERTT         4.000    3/23/2012     EUR     75.00
LB BADEN-WUERTT         4.000    3/23/2012     EUR     11.67
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        10.000    7/27/2012     EUR     48.67
LB BADEN-WUERTT        10.000    7/27/2012     EUR     73.78
LB BADEN-WUERTT         4.000    8/24/2012     EUR     57.51
LB BADEN-WUERTT        10.000    7/27/2012     EUR     73.89
LB BADEN-WUERTT         5.000    8/24/2012     EUR     46.30
LB BADEN-WUERTT         5.000    8/24/2012     EUR     59.67
LB BADEN-WUERTT         6.000    8/24/2012     EUR     75.52
LB BADEN-WUERTT         6.000    8/24/2012     EUR     75.96
LB BADEN-WUERTT         6.000    8/24/2012     EUR     73.43
LB BADEN-WUERTT         6.000    8/24/2012     EUR     49.91
LB BADEN-WUERTT         7.500    8/24/2012     EUR     54.19
LB BADEN-WUERTT         7.500    8/24/2012     EUR     76.53
LB BADEN-WUERTT         7.500    8/24/2012     EUR     41.71
LB BADEN-WUERTT         7.500    8/24/2012     EUR     70.77
LB BADEN-WUERTT         8.000    8/24/2012     EUR     74.88
LB BADEN-WUERTT         8.000    8/24/2012     EUR     70.59
LB BADEN-WUERTT         8.000    8/24/2012     EUR     69.61
LB BADEN-WUERTT         8.000    8/24/2012     EUR     45.64
LB BADEN-WUERTT         8.000    8/24/2012     EUR     73.87
LB BADEN-WUERTT         8.000    8/24/2012     EUR     65.62
LB BADEN-WUERTT         8.000    8/24/2012     EUR     73.25
LB BADEN-WUERTT         8.000    8/24/2012     EUR     69.91
LB BADEN-WUERTT        10.000    8/24/2012     EUR     50.82
LB BADEN-WUERTT         8.000    8/24/2012     EUR     70.83
LB BADEN-WUERTT        10.000    8/24/2012     EUR     74.44
LB BADEN-WUERTT        10.000    8/24/2012     EUR     70.99
LB BADEN-WUERTT        10.000    8/24/2012     EUR     73.39
LB BADEN-WUERTT        10.000    8/24/2012     EUR     73.66
LB BADEN-WUERTT        10.000    8/24/2012     EUR     74.02
LB BADEN-WUERTT        10.000    8/24/2012     EUR     39.29
LB BADEN-WUERTT        10.000    8/24/2012     EUR     66.28
LB BADEN-WUERTT        10.000    8/24/2012     EUR     71.00
LB BADEN-WUERTT         4.000    9/28/2012     EUR     50.36
LB BADEN-WUERTT         4.000    9/28/2012     EUR     63.19
LB BADEN-WUERTT         6.000    9/28/2012     EUR     72.77
LB BADEN-WUERTT         6.000    9/28/2012     EUR     55.41
LB BADEN-WUERTT         8.000    9/28/2012     EUR     71.29
LB BADEN-WUERTT         6.000    9/28/2012     EUR     42.67
LB BADEN-WUERTT         2.800    2/23/2037     JPY     49.43
LB BADEN-WUERTT         8.000    5/25/2012     EUR     73.15
LB BADEN-WUERTT         8.000    5/25/2012     EUR     58.31
LB BADEN-WUERTT         8.000    5/25/2012     EUR     47.88
LB BADEN-WUERTT         6.000    5/25/2012     EUR     52.50
LB BADEN-WUERTT         6.000    5/25/2012     EUR     63.73
LB BADEN-WUERTT         6.000    5/25/2012     EUR     72.69
LB BADEN-WUERTT         4.000    5/25/2012     EUR     71.95
LB BADEN-WUERTT         4.000    5/25/2012     EUR     64.40
LB BADEN-WUERTT         8.000    4/27/2012     EUR     71.12
LB BADEN-WUERTT         8.000    4/27/2012     EUR     76.20
LB BADEN-WUERTT         8.000    4/27/2012     EUR     43.91
LB BADEN-WUERTT         8.000    4/27/2012     EUR     70.38
LB BADEN-WUERTT         8.000    4/27/2012     EUR     73.13
LB BADEN-WUERTT         8.000    4/27/2012     EUR     13.13
LB BADEN-WUERTT         8.000    4/27/2012     EUR     55.09
LB BADEN-WUERTT         8.000    4/27/2012     EUR     33.26
LB BADEN-WUERTT         8.000    4/27/2012     EUR     65.07
LB BADEN-WUERTT         8.000    4/27/2012     EUR     11.92
LB BADEN-WUERTT         8.000    4/27/2012     EUR     68.29
LB BADEN-WUERTT         8.000    4/27/2012     EUR     47.73
LB BADEN-WUERTT         8.000    4/27/2012     EUR     71.49
LB BADEN-WUERTT         8.000    4/27/2012     EUR     58.81
LB BADEN-WUERTT         8.000    4/27/2012     EUR     69.91
LB BADEN-WUERTT         8.000    4/27/2012     EUR     56.94
LB BADEN-WUERTT         6.000    4/27/2012     EUR     62.66
LB BADEN-WUERTT         6.000    4/27/2012     EUR     74.49
LB BADEN-WUERTT         6.000    4/27/2012     EUR     36.01
LB BADEN-WUERTT         6.000    4/27/2012     EUR     69.33
LB BADEN-WUERTT         6.000    4/27/2012     EUR     15.18
LB BADEN-WUERTT         6.000    4/27/2012     EUR     64.30
LB BADEN-WUERTT         6.000    4/27/2012     EUR     49.94
LB BADEN-WUERTT         6.000    4/27/2012     EUR     59.78
LB BADEN-WUERTT         6.000    4/27/2012     EUR     12.96
LB BADEN-WUERTT         6.000    4/27/2012     EUR     73.59
LB BADEN-WUERTT         6.000    4/27/2012     EUR     50.93
LB BADEN-WUERTT         4.000    4/27/2012     EUR     71.60
LB BADEN-WUERTT         4.000    4/27/2012     EUR     55.42
LB BADEN-WUERTT         4.000    4/27/2012     EUR     75.76
LB BADEN-WUERTT         4.000    4/27/2012     EUR     14.28
LB BADEN-WUERTT         4.000    4/27/2012     EUR     39.32
LB BADEN-WUERTT         4.000    4/27/2012     EUR     60.92
LB BADEN-WUERTT         4.000    4/27/2012     EUR     73.61
LB BADEN-WUERTT         4.000    4/27/2012     EUR     15.01
LB BADEN-WUERTT         4.000    4/27/2012     EUR     66.41
LB BADEN-WUERTT         8.000    3/23/2012     EUR     58.73
LB BADEN-WUERTT         8.000    3/23/2012     EUR     68.66
LB BADEN-WUERTT         8.000    3/23/2012     EUR     73.79
LB BADEN-WUERTT         8.000    5/25/2012     EUR     72.63
LB BADEN-WUERTT         8.000    5/25/2012     EUR     66.07
LB BADEN-WUERTT         8.350    5/25/2012     EUR     56.12
LB BADEN-WUERTT         4.000    6/22/2012     EUR     74.42
LB BADEN-WUERTT         4.000    6/22/2012     EUR     69.85
LB BADEN-WUERTT         4.000    6/22/2012     EUR     62.43
LB BADEN-WUERTT         5.000    6/22/2012     EUR     37.35
LB BADEN-WUERTT         5.000    6/22/2012     EUR     73.37
LB BADEN-WUERTT         5.000    6/22/2012     EUR     14.15
LB BADEN-WUERTT         5.000    6/22/2012     EUR     71.97
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     52.07
MACQUARIE STRUCT       13.250    3/23/2012     EUR     37.64
MACQUARIE STRUCT       12.000    3/23/2012     EUR     67.21
MACQUARIE STRUCT       11.250    3/23/2012     EUR     74.03
MACQUARIE STRUCT       11.000    3/23/2012     EUR     65.74
MACQUARIE STRUCT       10.750    3/23/2012     EUR     74.73
MACQUARIE STRUCT       10.500    3/23/2012     EUR     49.61
MACQUARIE STRUCT        9.750    3/23/2012     EUR     55.21
MACQUARIE STRUCT        8.750    3/23/2012     EUR     69.23
MACQUARIE STRUCT       15.000    3/23/2012     EUR     34.66
MACQUARIE STRUCT       14.750    3/23/2012     EUR     45.38
MACQUARIE STRUCT        7.250    3/23/2012     EUR     71.32
MACQUARIE STRUCT        9.250    9/28/2012     EUR     74.58
MACQUARIE STRUCT        9.000    9/28/2012     EUR     68.50
MACQUARIE STRUCT       23.250    6/22/2012     EUR      8.18
MACQUARIE STRUCT       17.000    6/22/2012     EUR     56.08
MACQUARIE STRUCT       16.000    6/22/2012     EUR     27.98
MACQUARIE STRUCT       15.750    6/22/2012     EUR     71.85
MACQUARIE STRUCT       15.750    6/22/2012     EUR     25.37
MACQUARIE STRUCT       13.500    6/22/2012     EUR     40.45
MACQUARIE STRUCT       13.000    6/22/2012     EUR     73.21
MACQUARIE STRUCT       12.500    6/22/2012     EUR     45.11
MACQUARIE STRUCT       12.500    6/22/2012     EUR     55.47
MACQUARIE STRUCT       11.750    6/22/2012     EUR     71.38
MACQUARIE STRUCT       11.500    6/22/2012     EUR     63.90
MACQUARIE STRUCT       11.500    6/22/2012     EUR     71.47
MACQUARIE STRUCT       11.500    6/22/2012     EUR     44.41
MACQUARIE STRUCT       11.000    6/22/2012     EUR     74.24
MACQUARIE STRUCT       10.750    6/22/2012     EUR     42.65
MACQUARIE STRUCT       10.250    6/22/2012     EUR     61.30
MACQUARIE STRUCT       10.000    6/22/2012     EUR     59.71
MACQUARIE STRUCT        9.750    6/22/2012     EUR     71.28
MACQUARIE STRUCT        9.250    6/22/2012     EUR     72.11
MACQUARIE STRUCT        9.250    6/22/2012     EUR     46.90
MACQUARIE STRUCT        9.000    6/22/2012     EUR     72.21
MACQUARIE STRUCT       13.250    4/27/2012     EUR     62.37
MACQUARIE STRUCT       10.500    4/27/2012     EUR     59.31
MACQUARIE STRUCT       26.000    3/23/2012     EUR     70.90
MACQUARIE STRUCT       23.750    3/23/2012     EUR      9.10
MACQUARIE STRUCT       11.500    9/28/2012     EUR     64.95
MACQUARIE STRUCT        9.750    9/28/2012     EUR     63.20
NORDDEUTSCHE L/B        7.000     6/8/2012     EUR     69.72
PRAKTIKER BAU-UN        5.875    2/10/2016     EUR     38.00
Q-CELLS                 6.750   10/21/2015     EUR      0.86
QIMONDA FINANCE         6.750    3/22/2013     USD      7.00
RENTENBANK              0.500    3/15/2017     TRY     73.77
SOLARWORLD AG           6.125    1/21/2017     EUR     40.05
SOLON AG SOLAR          1.375    12/6/2012     EUR      1.33
TAG IMMO AG             6.500   12/10/2015     EUR      7.57
TUI AG                  2.750    3/24/2016     EUR     49.69
TUI AG                  5.500   11/17/2014     EUR     65.85
UNICREDIT BANK A        7.000    6/21/2012     EUR     55.79
VONTOBEL FIN PRO        9.165    3/23/2012     EUR     72.72
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        7.839    3/23/2012     EUR     70.14
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     50.16
VONTOBEL FIN PRO        8.584    3/23/2012     EUR     57.86
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       10.879    3/23/2012     EUR     67.34
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        9.891    3/23/2012     EUR     69.18
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     46.32
VONTOBEL FIN PRO       10.686    3/23/2012     EUR     63.20
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     70.62
VONTOBEL FIN PRO       10.812    3/23/2012     EUR     63.50
VONTOBEL FIN PRO       10.861    3/23/2012     EUR     53.44
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     66.52
VONTOBEL FIN PRO       12.045    3/23/2012     EUR     70.22
VONTOBEL FIN PRO       12.045    3/23/2012     EUR     47.92
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     41.40
VONTOBEL FIN PRO       10.740     4/5/2012     EUR     68.90
VONTOBEL FIN PRO       16.639     4/5/2012     EUR     21.63
VONTOBEL FIN PRO       10.307    4/13/2012     EUR     72.00
VONTOBEL FIN PRO       12.469    4/13/2012     EUR     54.80
VONTOBEL FIN PRO       10.028    4/20/2012     EUR     52.60
VONTOBEL FIN PRO       11.031    4/20/2012     EUR     73.70
VONTOBEL FIN PRO       10.659    4/27/2012     EUR     70.80
VONTOBEL FIN PRO       12.067     5/4/2012     EUR     69.60
VONTOBEL FIN PRO       13.173     5/4/2012     EUR     58.80
VONTOBEL FIN PRO       10.056    5/11/2012     EUR     66.70
VONTOBEL FIN PRO       10.961    5/18/2012     EUR     64.60
VONTOBEL FIN PRO       12.168    5/18/2012     EUR     48.40
VONTOBEL FIN PRO       11.564    5/25/2012     EUR     58.20
VONTOBEL FIN PRO       12.369     6/1/2012     EUR     49.40
VONTOBEL FIN PRO        7.889     6/6/2012     EUR     63.70
VONTOBEL FIN PRO       10.358    6/15/2012     EUR     60.30
VONTOBEL FIN PRO       10.458    6/15/2012     EUR     62.70
VONTOBEL FIN PRO       11.615    6/15/2012     EUR     74.80
VONTOBEL FIN PRO        6.876    6/22/2012     EUR     60.80
VONTOBEL FIN PRO        7.094    6/22/2012     EUR     70.38
VONTOBEL FIN PRO        7.101    6/22/2012     EUR     55.12
VONTOBEL FIN PRO        7.150    6/22/2012     EUR     73.82
VONTOBEL FIN PRO        7.228    6/22/2012     EUR     72.70
VONTOBEL FIN PRO        7.236    6/22/2012     EUR     67.42
VONTOBEL FIN PRO        7.370    6/22/2012     EUR     74.26
VONTOBEL FIN PRO        7.488    6/22/2012     EUR     68.70
VONTOBEL FIN PRO        7.500    6/22/2012     EUR     61.36
VONTOBEL FIN PRO        7.509    6/22/2012     EUR     61.80
VONTOBEL FIN PRO        7.562    6/22/2012     EUR     67.76
VONTOBEL FIN PRO        7.754    6/22/2012     EUR     65.86
VONTOBEL FIN PRO        7.812    6/22/2012     EUR     74.78
VONTOBEL FIN PRO        7.942    6/22/2012     EUR     74.96
VONTOBEL FIN PRO        7.956    6/22/2012     EUR     71.04
VONTOBEL FIN PRO        7.974    6/22/2012     EUR     64.52
VONTOBEL FIN PRO        7.974    6/22/2012     EUR     45.58
VONTOBEL FIN PRO        7.996    6/22/2012     EUR     68.88
VONTOBEL FIN PRO        8.008    6/22/2012     EUR     70.50
VONTOBEL FIN PRO        8.014    6/22/2012     EUR     70.56
VONTOBEL FIN PRO        8.015    6/22/2012     EUR     61.48
VONTOBEL FIN PRO        8.031    6/22/2012     EUR     73.94
VONTOBEL FIN PRO        8.068    6/22/2012     EUR     70.64
VONTOBEL FIN PRO        8.113    6/22/2012     EUR     71.04
VONTOBEL FIN PRO        8.152    6/22/2012     EUR     69.02
VONTOBEL FIN PRO        8.185    6/22/2012     EUR     59.54
VONTOBEL FIN PRO        8.189    6/22/2012     EUR     49.62
VONTOBEL FIN PRO        8.189    6/22/2012     EUR     75.52
VONTOBEL FIN PRO        8.278    6/22/2012     EUR     71.96
VONTOBEL FIN PRO        8.284    6/22/2012     EUR     54.10
VONTOBEL FIN PRO        8.302    6/22/2012     EUR     66.42
VONTOBEL FIN PRO        8.327    6/22/2012     EUR     71.42
VONTOBEL FIN PRO        8.340    6/22/2012     EUR     67.74
VONTOBEL FIN PRO        8.340    6/22/2012     EUR     29.44
VONTOBEL FIN PRO        8.347    6/22/2012     EUR     65.04
VONTOBEL FIN PRO        8.377    6/22/2012     EUR     50.76
VONTOBEL FIN PRO        8.407    6/22/2012     EUR     60.06
VONTOBEL FIN PRO        8.460    6/22/2012     EUR     56.30
VONTOBEL FIN PRO        8.466    6/22/2012     EUR     43.14
VONTOBEL FIN PRO        8.466    6/22/2012     EUR     65.42
VONTOBEL FIN PRO        8.487    6/22/2012     EUR     68.94
VONTOBEL FIN PRO        8.491    6/22/2012     EUR     56.84
VONTOBEL FIN PRO        8.491    6/22/2012     EUR     62.08
VONTOBEL FIN PRO        8.525    6/22/2012     EUR     71.36
VONTOBEL FIN PRO        8.528    6/22/2012     EUR     69.30
VONTOBEL FIN PRO        8.566    6/22/2012     EUR     64.02
VONTOBEL FIN PRO        8.640    6/22/2012     EUR     44.48
VONTOBEL FIN PRO        8.642    6/22/2012     EUR     67.43
VONTOBEL FIN PRO        8.667    6/22/2012     EUR     75.64
VONTOBEL FIN PRO        8.679    6/22/2012     EUR     74.38
VONTOBEL FIN PRO        8.679    6/22/2012     EUR     71.68
VONTOBEL FIN PRO        8.681    6/22/2012     EUR     65.16
VONTOBEL FIN PRO        8.690    6/22/2012     EUR     67.24
VONTOBEL FIN PRO        8.701    6/22/2012     EUR     50.42
VONTOBEL FIN PRO        8.753    6/22/2012     EUR     73.48
VONTOBEL FIN PRO        8.755    6/22/2012     EUR     66.58
VONTOBEL FIN PRO        8.755    6/22/2012     EUR     54.86
VONTOBEL FIN PRO        8.755    6/22/2012     EUR     69.36
VONTOBEL FIN PRO        8.757    6/22/2012     EUR     69.81
VONTOBEL FIN PRO        8.793    6/22/2012     EUR     67.34
VONTOBEL FIN PRO        8.795    6/22/2012     EUR     61.26
VONTOBEL FIN PRO        8.795    6/22/2012     EUR     76.02
VONTOBEL FIN PRO        8.795    6/22/2012     EUR     69.26
VONTOBEL FIN PRO        8.806    6/22/2012     EUR     72.78
VONTOBEL FIN PRO        8.806    6/22/2012     EUR     66.94
VONTOBEL FIN PRO        8.830    6/22/2012     EUR     71.20
VONTOBEL FIN PRO        8.835    6/22/2012     EUR     64.22
VONTOBEL FIN PRO        8.875    6/22/2012     EUR     68.70
VONTOBEL FIN PRO        8.889    6/22/2012     EUR     68.92
VONTOBEL FIN PRO        8.892    6/22/2012     EUR     67.12
VONTOBEL FIN PRO        8.900    6/22/2012     EUR     67.60
VONTOBEL FIN PRO        8.906    6/22/2012     EUR     60.70
VONTOBEL FIN PRO        9.019    6/22/2012     EUR     52.80
VONTOBEL FIN PRO        9.026    6/22/2012     EUR     70.72
VONTOBEL FIN PRO        9.071    6/22/2012     EUR     71.58
VONTOBEL FIN PRO        9.072    6/22/2012     EUR     61.64
VONTOBEL FIN PRO        9.142    6/22/2012     EUR     69.48
VONTOBEL FIN PRO        9.162    6/22/2012     EUR     70.30
VONTOBEL FIN PRO        9.180    6/22/2012     EUR     71.48
VONTOBEL FIN PRO        9.208    6/22/2012     EUR     55.74
VONTOBEL FIN PRO        9.274    6/22/2012     EUR     74.22
VONTOBEL FIN PRO        9.283    6/22/2012     EUR     60.34
VONTOBEL FIN PRO        9.292    6/22/2012     EUR     59.80
VONTOBEL FIN PRO        9.316    6/22/2012     EUR     67.86
VONTOBEL FIN PRO        9.332    6/22/2012     EUR     69.20
VONTOBEL FIN PRO        9.373    6/22/2012     EUR     59.91
VONTOBEL FIN PRO        9.389    6/22/2012     EUR     52.68
VONTOBEL FIN PRO        9.414    6/22/2012     EUR     65.20
VONTOBEL FIN PRO        9.454    6/22/2012     EUR     44.40
VONTOBEL FIN PRO        9.461    6/22/2012     EUR     73.96
VONTOBEL FIN PRO        9.466    6/22/2012     EUR     71.34
VONTOBEL FIN PRO        9.472    6/22/2012     EUR     64.88
VONTOBEL FIN PRO        9.472    6/22/2012     EUR     40.89
VONTOBEL FIN PRO        9.511    6/22/2012     EUR     65.04
VONTOBEL FIN PRO        9.534    6/22/2012     EUR     73.64
VONTOBEL FIN PRO        9.547    6/22/2012     EUR     74.50
VONTOBEL FIN PRO        9.553    6/22/2012     EUR     66.28
VONTOBEL FIN PRO        9.556    6/22/2012     EUR     38.78
VONTOBEL FIN PRO        9.557    6/22/2012     EUR     74.30
VONTOBEL FIN PRO        9.576    6/22/2012     EUR     61.80
VONTOBEL FIN PRO        9.606    6/22/2012     EUR     69.18
VONTOBEL FIN PRO        9.623    6/22/2012     EUR     49.94
VONTOBEL FIN PRO        9.623    6/22/2012     EUR     45.62
VONTOBEL FIN PRO        9.627    6/22/2012     EUR     72.56
VONTOBEL FIN PRO        9.658    6/22/2012     EUR     74.09
VONTOBEL FIN PRO        9.673    6/22/2012     EUR     64.86
VONTOBEL FIN PRO        9.689    6/22/2012     EUR     72.48
VONTOBEL FIN PRO        9.698    6/22/2012     EUR     65.40
VONTOBEL FIN PRO        9.699    6/22/2012     EUR     65.28
VONTOBEL FIN PRO        9.709    6/22/2012     EUR     56.62
VONTOBEL FIN PRO        9.709    6/22/2012     EUR     56.20
VONTOBEL FIN PRO        9.724    6/22/2012     EUR     67.62
VONTOBEL FIN PRO        9.781    6/22/2012     EUR     61.48
VONTOBEL FIN PRO        9.797    6/22/2012     EUR     61.82
VONTOBEL FIN PRO        9.832    6/22/2012     EUR     74.10
VONTOBEL FIN PRO        9.887    6/22/2012     EUR     68.02
VONTOBEL FIN PRO        9.918    6/22/2012     EUR     65.10
VONTOBEL FIN PRO        9.921    6/22/2012     EUR     67.84
VONTOBEL FIN PRO        9.957    6/22/2012     EUR     66.44
VONTOBEL FIN PRO        9.969    6/22/2012     EUR     57.82
VONTOBEL FIN PRO        9.991    6/22/2012     EUR     67.36
VONTOBEL FIN PRO       10.026    6/22/2012     EUR     71.82
VONTOBEL FIN PRO       10.028    6/22/2012     EUR     73.48
VONTOBEL FIN PRO       10.028    6/22/2012     EUR     67.22
VONTOBEL FIN PRO       10.038    6/22/2012     EUR     60.98
VONTOBEL FIN PRO       10.100    6/22/2012     EUR     67.70
VONTOBEL FIN PRO       10.110    6/22/2012     EUR     45.46
VONTOBEL FIN PRO       10.116    6/22/2012     EUR     56.98
VONTOBEL FIN PRO       10.142    6/22/2012     EUR     65.42
VONTOBEL FIN PRO       10.167    6/22/2012     EUR     74.82
VONTOBEL FIN PRO       10.167    6/22/2012     EUR     61.18
VONTOBEL FIN PRO       10.186    6/22/2012     EUR     69.72
VONTOBEL FIN PRO       10.207    6/22/2012     EUR     69.46
VONTOBEL FIN PRO       10.222    6/22/2012     EUR     72.58
VONTOBEL FIN PRO       10.254    6/22/2012     EUR     69.50
VONTOBEL FIN PRO       10.257    6/22/2012     EUR     65.06
VONTOBEL FIN PRO       10.260    6/22/2012     EUR     52.52
VONTOBEL FIN PRO       10.264    6/22/2012     EUR     67.81
VONTOBEL FIN PRO       10.273    6/22/2012     EUR     63.22
VONTOBEL FIN PRO       10.278    6/22/2012     EUR     51.76
VONTOBEL FIN PRO       10.286    6/22/2012     EUR     68.42
VONTOBEL FIN PRO       10.325    6/22/2012     EUR     72.26
VONTOBEL FIN PRO       10.402    6/22/2012     EUR     63.26
VONTOBEL FIN PRO       10.438    6/22/2012     EUR     71.14
VONTOBEL FIN PRO       10.439    6/22/2012     EUR     54.80
VONTOBEL FIN PRO       10.440    6/22/2012     EUR     69.68
VONTOBEL FIN PRO       10.476    6/22/2012     EUR     41.64
VONTOBEL FIN PRO       10.486    6/22/2012     EUR     43.32
VONTOBEL FIN PRO       10.490    6/22/2012     EUR     50.90
VONTOBEL FIN PRO       10.500    6/22/2012     EUR     57.82
VONTOBEL FIN PRO       10.520    6/22/2012     EUR     51.56
VONTOBEL FIN PRO       10.528    6/22/2012     EUR     71.85
VONTOBEL FIN PRO       10.548    6/22/2012     EUR     63.64
VONTOBEL FIN PRO       10.567    6/22/2012     EUR     57.14
VONTOBEL FIN PRO       10.577    6/22/2012     EUR     71.82
VONTOBEL FIN PRO       10.607    6/22/2012     EUR     70.96
VONTOBEL FIN PRO       10.612    6/22/2012     EUR     74.24
VONTOBEL FIN PRO       10.620    6/22/2012     EUR     65.32
VONTOBEL FIN PRO       10.642    6/22/2012     EUR     68.55
VONTOBEL FIN PRO       10.660    6/22/2012     EUR     47.56
VONTOBEL FIN PRO       10.668    6/22/2012     EUR     71.12
VONTOBEL FIN PRO       10.668    6/22/2012     EUR     73.24
VONTOBEL FIN PRO       10.724    6/22/2012     EUR     63.42
VONTOBEL FIN PRO       10.726    6/22/2012     EUR     62.40
VONTOBEL FIN PRO       10.757    6/22/2012     EUR     73.94
VONTOBEL FIN PRO       10.757    6/22/2012     EUR     74.66
VONTOBEL FIN PRO       10.761    6/22/2012     EUR     74.56
VONTOBEL FIN PRO       10.779    6/22/2012     EUR     74.98
VONTOBEL FIN PRO       10.800    6/22/2012     EUR     43.42
VONTOBEL FIN PRO       10.833    6/22/2012     EUR     51.14
VONTOBEL FIN PRO       10.843    6/22/2012     EUR     64.60
VONTOBEL FIN PRO       10.847    6/22/2012     EUR     72.42
VONTOBEL FIN PRO       10.878    6/22/2012     EUR     60.60
VONTOBEL FIN PRO       10.909    6/22/2012     EUR     42.04
VONTOBEL FIN PRO       10.920    6/22/2012     EUR     46.50
VONTOBEL FIN PRO       10.925    6/22/2012     EUR     63.88
VONTOBEL FIN PRO       10.925    6/22/2012     EUR     69.06
VONTOBEL FIN PRO       10.955    6/22/2012     EUR     71.90
VONTOBEL FIN PRO       11.019    6/22/2012     EUR     57.66
VONTOBEL FIN PRO       11.029    6/22/2012     EUR     66.24
VONTOBEL FIN PRO       11.052    6/22/2012     EUR     56.88
VONTOBEL FIN PRO       11.080    6/22/2012     EUR     71.76
VONTOBEL FIN PRO       11.080    6/22/2012     EUR     74.58
VONTOBEL FIN PRO       11.098    6/22/2012     EUR     71.94
VONTOBEL FIN PRO       11.103    6/22/2012     EUR     74.62
VONTOBEL FIN PRO       11.117    6/22/2012     EUR     69.54
VONTOBEL FIN PRO       11.219    6/22/2012     EUR     71.26
VONTOBEL FIN PRO       11.219    6/22/2012     EUR     74.45
VONTOBEL FIN PRO       11.238    6/22/2012     EUR     67.84
VONTOBEL FIN PRO       11.283    6/22/2012     EUR     56.18
VONTOBEL FIN PRO       11.296    6/22/2012     EUR     67.50
VONTOBEL FIN PRO       11.304    6/22/2012     EUR     68.54
VONTOBEL FIN PRO       11.319    6/22/2012     EUR     61.54
VONTOBEL FIN PRO       11.361    6/22/2012     EUR     60.44
VONTOBEL FIN PRO       11.377    6/22/2012     EUR     56.10
VONTOBEL FIN PRO       11.396    6/22/2012     EUR     67.69
VONTOBEL FIN PRO       11.405    6/22/2012     EUR     73.66
VONTOBEL FIN PRO       11.409    6/22/2012     EUR     68.88
VONTOBEL FIN PRO       11.422    6/22/2012     EUR     50.18
VONTOBEL FIN PRO       11.425    6/22/2012     EUR     69.46
VONTOBEL FIN PRO       11.425    6/22/2012     EUR     58.92
VONTOBEL FIN PRO       11.443    6/22/2012     EUR     71.98
VONTOBEL FIN PRO       11.455    6/22/2012     EUR     65.30
VONTOBEL FIN PRO       11.534    6/22/2012     EUR     58.66
VONTOBEL FIN PRO       11.560    6/22/2012     EUR     42.32
VONTOBEL FIN PRO       11.566    6/22/2012     EUR     62.24
VONTOBEL FIN PRO       11.581    6/22/2012     EUR     62.88
VONTOBEL FIN PRO       11.582    6/22/2012     EUR     69.96
VONTOBEL FIN PRO       11.586    6/22/2012     EUR     71.99
VONTOBEL FIN PRO       11.591    6/22/2012     EUR     72.82
VONTOBEL FIN PRO       11.600    6/22/2012     EUR     63.30
VONTOBEL FIN PRO       11.614    6/22/2012     EUR     62.76
VONTOBEL FIN PRO       11.693    6/22/2012     EUR     59.70
VONTOBEL FIN PRO       11.705    6/22/2012     EUR     60.43
VONTOBEL FIN PRO       11.736    6/22/2012     EUR     50.70
VONTOBEL FIN PRO       11.750    6/22/2012     EUR     68.18
VONTOBEL FIN PRO       11.774    6/22/2012     EUR     46.12
VONTOBEL FIN PRO       11.778    6/22/2012     EUR     50.32
VONTOBEL FIN PRO       11.807    6/22/2012     EUR     72.48
VONTOBEL FIN PRO       11.807    6/22/2012     EUR     61.86
VONTOBEL FIN PRO       11.808    6/22/2012     EUR     70.96
VONTOBEL FIN PRO       11.811    6/22/2012     EUR     61.54
VONTOBEL FIN PRO       11.819    6/22/2012     EUR     70.00
VONTOBEL FIN PRO       11.844    6/22/2012     EUR     56.36
VONTOBEL FIN PRO       11.910    6/22/2012     EUR     55.28
VONTOBEL FIN PRO       11.944    6/22/2012     EUR     69.84
VONTOBEL FIN PRO       11.952    6/22/2012     EUR     53.08
VONTOBEL FIN PRO       11.955    6/22/2012     EUR     41.28
VONTOBEL FIN PRO       11.967    6/22/2012     EUR     65.96
VONTOBEL FIN PRO       12.000    6/22/2012     EUR     65.04
VONTOBEL FIN PRO       12.013    6/22/2012     EUR     57.12
VONTOBEL FIN PRO       12.017    6/22/2012     EUR     59.62
VONTOBEL FIN PRO       12.103    6/22/2012     EUR     67.55
VONTOBEL FIN PRO       12.117    6/22/2012     EUR     52.76
VONTOBEL FIN PRO       12.123    6/22/2012     EUR     59.68
VONTOBEL FIN PRO       12.144    6/22/2012     EUR     65.92
VONTOBEL FIN PRO       12.168    6/22/2012     EUR     61.82
VONTOBEL FIN PRO       12.204    6/22/2012     EUR     49.54
VONTOBEL FIN PRO       12.216    6/22/2012     EUR     74.92
VONTOBEL FIN PRO       12.226    6/22/2012     EUR     30.32
VONTOBEL FIN PRO       12.247    6/22/2012     EUR     59.62
VONTOBEL FIN PRO       12.260    6/22/2012     EUR     66.90
VONTOBEL FIN PRO       12.276    6/22/2012     EUR     71.34
VONTOBEL FIN PRO       12.298    6/22/2012     EUR     63.74
VONTOBEL FIN PRO       12.323    6/22/2012     EUR     53.20
VONTOBEL FIN PRO       12.340    6/22/2012     EUR     56.46
VONTOBEL FIN PRO       12.340    6/22/2012     EUR     72.27
VONTOBEL FIN PRO       12.343    6/22/2012     EUR     46.48
VONTOBEL FIN PRO       12.352    6/22/2012     EUR     67.06
VONTOBEL FIN PRO       12.382    6/22/2012     EUR     64.38
VONTOBEL FIN PRO       12.389    6/22/2012     EUR     49.78
VONTOBEL FIN PRO       12.393    6/22/2012     EUR     66.18
VONTOBEL FIN PRO       12.420    6/22/2012     EUR     39.28
VONTOBEL FIN PRO       12.451    6/22/2012     EUR     52.10
VONTOBEL FIN PRO       12.456    6/22/2012     EUR     67.66
VONTOBEL FIN PRO       12.462    6/22/2012     EUR     69.92
VONTOBEL FIN PRO       12.472    6/22/2012     EUR     74.46
VONTOBEL FIN PRO       12.512    6/22/2012     EUR     51.44
VONTOBEL FIN PRO       12.520    6/22/2012     EUR     63.95
VONTOBEL FIN PRO       12.536    6/22/2012     EUR     74.06
VONTOBEL FIN PRO       12.537    6/22/2012     EUR     60.16
VONTOBEL FIN PRO       12.544    6/22/2012     EUR     49.10
VONTOBEL FIN PRO       12.547    6/22/2012     EUR     69.94
VONTOBEL FIN PRO       12.578    6/22/2012     EUR     52.88
VONTOBEL FIN PRO       12.595    6/22/2012     EUR     69.72
VONTOBEL FIN PRO       12.623    6/22/2012     EUR     48.78
VONTOBEL FIN PRO       12.627    6/22/2012     EUR     57.36
VONTOBEL FIN PRO       12.652    6/22/2012     EUR     68.60
VONTOBEL FIN PRO       12.672    6/22/2012     EUR     52.76
VONTOBEL FIN PRO       12.679    6/22/2012     EUR     68.77
VONTOBEL FIN PRO       12.685    6/22/2012     EUR     57.36
VONTOBEL FIN PRO       12.689    6/22/2012     EUR     62.08
VONTOBEL FIN PRO       12.716    6/22/2012     EUR     52.98
VONTOBEL FIN PRO       12.799    6/22/2012     EUR     63.82
VONTOBEL FIN PRO       12.830    6/22/2012     EUR     50.96
VONTOBEL FIN PRO       12.870    6/22/2012     EUR     68.36
VONTOBEL FIN PRO       12.878    6/22/2012     EUR     73.56
VONTOBEL FIN PRO       12.880    6/22/2012     EUR     73.12
VONTOBEL FIN PRO       13.000    6/22/2012     EUR     37.14
VONTOBEL FIN PRO       13.032    6/22/2012     EUR     48.42
VONTOBEL FIN PRO       13.084    6/22/2012     EUR     59.48
VONTOBEL FIN PRO       13.111    6/22/2012     EUR     65.72
VONTOBEL FIN PRO       13.150    6/22/2012     EUR     75.22
VONTOBEL FIN PRO       13.150    6/22/2012     EUR     60.64
VONTOBEL FIN PRO       13.208    6/22/2012     EUR     46.68
VONTOBEL FIN PRO       13.224    6/22/2012     EUR     72.82
VONTOBEL FIN PRO       13.253    6/22/2012     EUR     59.88
VONTOBEL FIN PRO       13.283    6/22/2012     EUR     61.88
VONTOBEL FIN PRO       13.288    6/22/2012     EUR     58.76
VONTOBEL FIN PRO       13.293    6/22/2012     EUR     62.60
VONTOBEL FIN PRO       13.343    6/22/2012     EUR     53.60
VONTOBEL FIN PRO       13.355    6/22/2012     EUR     66.00
VONTOBEL FIN PRO       13.463    6/22/2012     EUR     47.52
VONTOBEL FIN PRO       13.500    6/22/2012     EUR     50.32
VONTOBEL FIN PRO       13.521    6/22/2012     EUR     56.38
VONTOBEL FIN PRO       13.522    6/22/2012     EUR     70.34
VONTOBEL FIN PRO       13.536    6/22/2012     EUR     43.44
VONTOBEL FIN PRO       13.615    6/22/2012     EUR     58.78
VONTOBEL FIN PRO       13.648    6/22/2012     EUR     62.42
VONTOBEL FIN PRO       13.748    6/22/2012     EUR     72.50
VONTOBEL FIN PRO       13.748    6/22/2012     EUR     55.22
VONTOBEL FIN PRO       13.758    6/22/2012     EUR     44.80
VONTOBEL FIN PRO       13.792    6/22/2012     EUR     59.22
VONTOBEL FIN PRO       13.803    6/22/2012     EUR     60.96
VONTOBEL FIN PRO       13.812    6/22/2012     EUR     63.08
VONTOBEL FIN PRO       13.829    6/22/2012     EUR     50.10
VONTOBEL FIN PRO       13.832    6/22/2012     EUR     62.80
VONTOBEL FIN PRO       13.832    6/22/2012     EUR     51.08
VONTOBEL FIN PRO       13.846    6/22/2012     EUR     71.64
VONTOBEL FIN PRO       13.860    6/22/2012     EUR     50.04
VONTOBEL FIN PRO       13.886    6/22/2012     EUR     67.48
VONTOBEL FIN PRO       13.980    6/22/2012     EUR     51.96
VONTOBEL FIN PRO       14.000    6/22/2012     EUR     46.86
VONTOBEL FIN PRO       14.000    6/22/2012     EUR     63.00
VONTOBEL FIN PRO       14.061    6/22/2012     EUR     62.26
VONTOBEL FIN PRO       14.160    6/22/2012     EUR     30.08
VONTOBEL FIN PRO       14.172    6/22/2012     EUR     59.26
VONTOBEL FIN PRO       14.201    6/22/2012     EUR     40.28
VONTOBEL FIN PRO       14.211    6/22/2012     EUR     73.80
VONTOBEL FIN PRO       14.229    6/22/2012     EUR     53.18
VONTOBEL FIN PRO       14.276    6/22/2012     EUR     71.48
VONTOBEL FIN PRO       14.278    6/22/2012     EUR     47.62
VONTOBEL FIN PRO       14.302    6/22/2012     EUR     30.88
VONTOBEL FIN PRO       14.345    6/22/2012     EUR     60.58
VONTOBEL FIN PRO       14.436    6/22/2012     EUR     37.30
VONTOBEL FIN PRO       14.450    6/22/2012     EUR     55.42
VONTOBEL FIN PRO       14.561    6/22/2012     EUR     71.92
VONTOBEL FIN PRO       14.580    6/22/2012     EUR     64.76
VONTOBEL FIN PRO       14.640    6/22/2012     EUR     72.04
VONTOBEL FIN PRO       14.652    6/22/2012     EUR     69.66
VONTOBEL FIN PRO       14.680    6/22/2012     EUR     59.12
VONTOBEL FIN PRO       14.712    6/22/2012     EUR     54.38
VONTOBEL FIN PRO       14.717    6/22/2012     EUR     49.60
VONTOBEL FIN PRO       14.791    6/22/2012     EUR     33.36
VONTOBEL FIN PRO       14.821    6/22/2012     EUR     46.40
VONTOBEL FIN PRO       15.091    6/22/2012     EUR     68.28
VONTOBEL FIN PRO       15.167    6/22/2012     EUR     62.50
VONTOBEL FIN PRO       15.308    6/22/2012     EUR     56.26
VONTOBEL FIN PRO       15.370    6/22/2012     EUR     46.12
VONTOBEL FIN PRO       15.448    6/22/2012     EUR     60.66
VONTOBEL FIN PRO       15.526    6/22/2012     EUR     72.08
VONTOBEL FIN PRO       15.840    6/22/2012     EUR     47.36
VONTOBEL FIN PRO       15.920    6/22/2012     EUR     29.14
VONTOBEL FIN PRO       15.940    6/22/2012     EUR     49.16
VONTOBEL FIN PRO       15.950    6/22/2012     EUR     73.90
VONTOBEL FIN PRO       16.110    6/22/2012     EUR     27.98
VONTOBEL FIN PRO       16.150    6/22/2012     EUR     60.90
VONTOBEL FIN PRO       16.156    6/22/2012     EUR     70.60
VONTOBEL FIN PRO       16.293    6/22/2012     EUR     68.98
VONTOBEL FIN PRO       16.488    6/22/2012     EUR     35.64
VONTOBEL FIN PRO       16.497    6/22/2012     EUR     33.80
VONTOBEL FIN PRO       16.595    6/22/2012     EUR     72.32
VONTOBEL FIN PRO       16.667    6/22/2012     EUR     35.86
VONTOBEL FIN PRO       16.746    6/22/2012     EUR     32.14
VONTOBEL FIN PRO       16.864    6/22/2012     EUR     74.84
VONTOBEL FIN PRO       17.189    6/22/2012     EUR     66.16
VONTOBEL FIN PRO       17.260    6/22/2012     EUR     26.38
VONTOBEL FIN PRO       17.333    6/22/2012     EUR     59.72
VONTOBEL FIN PRO       17.712    6/22/2012     EUR     27.24
VONTOBEL FIN PRO       17.784    6/22/2012     EUR     45.08
VONTOBEL FIN PRO       18.036    6/22/2012     EUR     64.42
VONTOBEL FIN PRO       18.164    6/22/2012     EUR     26.74
VONTOBEL FIN PRO       18.289    6/22/2012     EUR     26.36
VONTOBEL FIN PRO       18.295    6/22/2012     EUR     42.78
VONTOBEL FIN PRO       21.456    6/22/2012     EUR     60.18
VONTOBEL FIN PRO       22.800    6/22/2012     EUR     73.86
VONTOBEL FIN PRO       12.067    6/29/2012     EUR     73.10
VONTOBEL FIN PRO       12.067    6/29/2012     EUR     60.10
VONTOBEL FIN PRO       11.514     7/6/2012     EUR     60.70
VONTOBEL FIN PRO       11.061    7/13/2012     EUR     69.30
VONTOBEL FIN PRO       10.860    7/20/2012     EUR     62.90
VONTOBEL FIN PRO       11.061    7/20/2012     EUR     74.40
VONTOBEL FIN PRO       11.564    7/27/2012     EUR     73.90
VONTOBEL FIN PRO       12.864    7/27/2012     EUR     75.10
VONTOBEL FIN PRO        7.432    9/28/2012     EUR     72.54
VONTOBEL FIN PRO        8.174    9/28/2012     EUR     70.74
VONTOBEL FIN PRO        8.440    9/28/2012     EUR     71.02
VONTOBEL FIN PRO        8.581    9/28/2012     EUR     69.60
VONTOBEL FIN PRO        8.786    9/28/2012     EUR     70.70
VONTOBEL FIN PRO        8.878    9/28/2012     EUR     75.42
VONTOBEL FIN PRO        9.037    9/28/2012     EUR     69.02
VONTOBEL FIN PRO        9.284    9/28/2012     EUR     73.28
VONTOBEL FIN PRO        9.400    9/28/2012     EUR     68.06
VONTOBEL FIN PRO        9.405    9/28/2012     EUR     68.64
VONTOBEL FIN PRO        9.492    9/28/2012     EUR     63.08
VONTOBEL FIN PRO        9.523    9/28/2012     EUR     50.34
VONTOBEL FIN PRO        9.634    9/28/2012     EUR     70.82
VONTOBEL FIN PRO        9.672    9/28/2012     EUR     68.70
VONTOBEL FIN PRO        9.860    9/28/2012     EUR     75.00
VONTOBEL FIN PRO        9.877    9/28/2012     EUR     67.08
VONTOBEL FIN PRO        9.950    9/28/2012     EUR     67.46
VONTOBEL FIN PRO       10.000    9/28/2012     EUR     63.82
VONTOBEL FIN PRO       10.014    9/28/2012     EUR     60.02
VONTOBEL FIN PRO       10.046    9/28/2012     EUR     74.08
VONTOBEL FIN PRO       10.046    9/28/2012     EUR     59.04
VONTOBEL FIN PRO       10.083    9/28/2012     EUR     73.40
VONTOBEL FIN PRO       10.336    9/28/2012     EUR     63.90
VONTOBEL FIN PRO       10.344    9/28/2012     EUR     74.36
VONTOBEL FIN PRO       10.366    9/28/2012     EUR     73.90
VONTOBEL FIN PRO       10.494    9/28/2012     EUR     49.24
VONTOBEL FIN PRO       10.556    9/28/2012     EUR     64.06
VONTOBEL FIN PRO       10.600    9/28/2012     EUR     74.32
VONTOBEL FIN PRO       10.830    9/28/2012     EUR     65.96
VONTOBEL FIN PRO       10.830    9/28/2012     EUR     67.68
VONTOBEL FIN PRO       10.850    9/28/2012     EUR     66.40
VONTOBEL FIN PRO       11.017    9/28/2012     EUR     72.28
VONTOBEL FIN PRO       11.027    9/28/2012     EUR     74.70
VONTOBEL FIN PRO       11.077    9/28/2012     EUR     72.21
VONTOBEL FIN PRO       11.145    9/28/2012     EUR     62.58
VONTOBEL FIN PRO       11.187    9/28/2012     EUR     74.58
VONTOBEL FIN PRO       11.357    9/28/2012     EUR     71.72
VONTOBEL FIN PRO       11.497    9/28/2012     EUR     72.54
VONTOBEL FIN PRO       11.502    9/28/2012     EUR     73.12
VONTOBEL FIN PRO       11.502    9/28/2012     EUR     48.26
VONTOBEL FIN PRO       11.577    9/28/2012     EUR     71.58
VONTOBEL FIN PRO       11.676    9/28/2012     EUR     65.44
VONTOBEL FIN PRO       11.764    9/28/2012     EUR     71.94
VONTOBEL FIN PRO       11.790    9/28/2012     EUR     72.22
VONTOBEL FIN PRO       11.797    9/28/2012     EUR     69.83
VONTOBEL FIN PRO       11.895    9/28/2012     EUR     61.50
VONTOBEL FIN PRO       11.900    9/28/2012     EUR     71.68
VONTOBEL FIN PRO       12.067    9/28/2012     EUR     61.42
VONTOBEL FIN PRO       12.350    9/28/2012     EUR     64.42
VONTOBEL FIN PRO       12.350    9/28/2012     EUR     75.06
VONTOBEL FIN PRO       12.398    9/28/2012     EUR     56.12
VONTOBEL FIN PRO       12.761    9/28/2012     EUR     69.88
VONTOBEL FIN PRO       12.847    9/28/2012     EUR     68.98
VONTOBEL FIN PRO       12.857    9/28/2012     EUR     58.34
VONTOBEL FIN PRO       13.257    9/28/2012     EUR     63.36
VONTOBEL FIN PRO       13.259    9/28/2012     EUR     69.06
VONTOBEL FIN PRO       13.352    9/28/2012     EUR     59.30
VONTOBEL FIN PRO       13.469    9/28/2012     EUR     73.49
VONTOBEL FIN PRO       13.950    9/28/2012     EUR     62.70
VONTOBEL FIN PRO       14.150    9/28/2012     EUR     71.42
VONTOBEL FIN PRO       14.154    9/28/2012     EUR     66.64
VONTOBEL FIN PRO       14.191    9/28/2012     EUR     69.22
VONTOBEL FIN PRO       14.500    9/28/2012     EUR     75.52
VONTOBEL FIN PRO       14.853    9/28/2012     EUR     74.98
VONTOBEL FIN PRO       14.895    9/28/2012     EUR     68.36
VONTOBEL FIN PRO       16.183    9/28/2012     EUR     61.92
VONTOBEL FIN PRO       17.000    9/28/2012     EUR     68.96
VONTOBEL FIN PRO       11.500   12/14/2012     EUR      4.44
VONTOBEL FIN PRO        5.006   12/28/2012     EUR     60.12
VONTOBEL FIN PRO        7.050   12/31/2012     EUR     72.26
VONTOBEL FIN PRO        8.230   12/31/2012     EUR     72.24
VONTOBEL FIN PRO        8.246   12/31/2012     EUR     54.18
VONTOBEL FIN PRO        8.300   12/31/2012     EUR     65.44
VONTOBEL FIN PRO        8.526   12/31/2012     EUR     34.84
VONTOBEL FIN PRO        8.877   12/31/2012     EUR     72.90
VONTOBEL FIN PRO        9.123   12/31/2012     EUR     73.82
VONTOBEL FIN PRO        9.193   12/31/2012     EUR     53.12
VONTOBEL FIN PRO        9.250   12/31/2012     EUR     62.40
VONTOBEL FIN PRO        9.700   12/31/2012     EUR     72.80
VONTOBEL FIN PRO        9.754   12/31/2012     EUR     52.52
VONTOBEL FIN PRO        9.754   12/31/2012     EUR     74.72
VONTOBEL FIN PRO        9.841   12/31/2012     EUR     67.36
VONTOBEL FIN PRO       10.050   12/31/2012     EUR     75.42
VONTOBEL FIN PRO       10.175   12/31/2012     EUR     52.20
VONTOBEL FIN PRO       10.421   12/31/2012     EUR     71.50
VONTOBEL FIN PRO       10.500   12/31/2012     EUR     71.50
VONTOBEL FIN PRO       10.807   12/31/2012     EUR     34.68
VONTOBEL FIN PRO       10.807   12/31/2012     EUR     72.82
VONTOBEL FIN PRO       11.476   12/31/2012     EUR     71.91
VONTOBEL FIN PRO       11.649   12/31/2012     EUR     71.76
VONTOBEL FIN PRO       11.784   12/31/2012     EUR     74.53
VONTOBEL FIN PRO       11.790   12/31/2012     EUR     69.50
VONTOBEL FIN PRO       12.501   12/31/2012     EUR     72.69
VONTOBEL FIN PRO       12.593   12/31/2012     EUR     76.22
VONTOBEL FIN PRO       12.650   12/31/2012     EUR     72.86
VONTOBEL FIN PRO       12.912   12/31/2012     EUR     69.26
VONTOBEL FIN PRO       13.123   12/31/2012     EUR     34.76
VONTOBEL FIN PRO       13.518   12/31/2012     EUR     73.64
VONTOBEL FIN PRO       14.150   12/31/2012     EUR     66.32
VONTOBEL FIN PRO       14.211   12/31/2012     EUR     67.06
VONTOBEL FIN PRO        8.042     1/2/2013     EUR     69.88
VONTOBEL FIN PRO        8.987     1/2/2013     EUR     44.65
VONTOBEL FIN PRO       10.930     1/2/2013     EUR     64.88
VONTOBEL FIN PRO        7.389   11/25/2013     EUR     47.30
VONTOBEL FIN PRO        5.100    4/14/2014     EUR     49.90
WESTLB AG               5.000    3/22/2012     EUR     70.85
WESTLB AG               5.000    3/22/2012     EUR     72.68
WESTLB AG               4.500    3/22/2012     EUR     50.19
WESTLB AG               5.000    4/12/2016     EUR     29.01
WESTLB AG               0.100    9/27/2012     EUR     57.88
WESTLB AG               0.075    9/27/2012     EUR     73.07
WESTLB AG               6.750    7/30/2012     EUR     73.74
WESTLB AG               8.500    6/21/2012     EUR     62.75
WESTLB AG               8.500    6/21/2012     EUR     71.20
WESTLB AG               5.250    5/21/2012     EUR     69.32
WESTLB AG               6.000    3/26/2012     EUR     49.79
WESTLB AG               8.000    3/22/2012     EUR     72.74
WESTLB AG               8.000    3/22/2012     EUR     63.63
WESTLB AG               7.500    3/22/2012     EUR     60.25
WESTLB AG               7.500    3/22/2012     EUR     69.43
WESTLB AG               7.000    3/22/2012     EUR     50.21
WGZ BANK                8.000    6/13/2012     EUR     45.15
WGZ BANK                8.000    6/21/2012     EUR     75.14
WGZ BANK                8.000   12/20/2012     EUR     74.87
WGZ BANK                7.000   12/28/2012     EUR     73.74
WGZ BANK                8.000   12/28/2012     EUR     70.36
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
WGZ BANK                4.000    6/13/2012     EUR     56.99
WGZ BANK                5.000    6/13/2012     EUR     51.33
WGZ BANK                6.000    6/13/2012     EUR     49.05
WGZ BANK                7.000    6/13/2012     EUR     47.00

GREECE
------
HELLENIC REPUB          5.000    3/11/2019     EUR     21.63
HELLENIC REPUB          3.187     7/7/2024     EUR     10.75
HELLENIC REPUB          6.140    4/14/2028     EUR     14.63
HELLENIC REPUB          5.200    7/17/2034     EUR     21.13
HELLENIC REPUB          4.625    6/25/2013     USD     37.38
HELLENIC REPUB          2.125     7/5/2013     CHF     36.00
HELLENIC REPUB          4.590     4/8/2016     EUR     25.25
NATL BK GREECE          3.875    10/7/2016     EUR     68.86
YIOULA GLASSWORK        9.000    12/1/2015     EUR     57.25
YIOULA GLASSWORK        9.000    12/1/2015     EUR     57.25

GUERNSEY
--------
BCV GUERNSEY            7.250    5/25/2012     CHF     68.27
BCV GUERNSEY            8.500    5/25/2012     EUR     65.11
BCV GUERNSEY            8.020     3/1/2013     EUR     73.32
BCV GUERNSEY            8.500    3/30/2012     CHF     74.88
BCV GUERNSEY            8.120    5/11/2012     CHF     75.68
BCV GUERNSEY            9.500    4/13/2012     EUR     33.30
BCV GUERNSEY            7.200    4/13/2012     CHF     70.93
BCV GUERNSEY           18.600    5/17/2012     USD     44.25
BCV GUERNSEY           19.200    5/17/2012     EUR     45.44
BCV GUERNSEY           10.000    5/18/2012     CHF     52.79
BCV GUERNSEY           13.000    5/18/2012     CHF     66.57
BCV GUERNSEY           18.150    5/17/2012     CHF     44.11
BKB FINANCE             8.900    9/27/2012     CHF     63.24
BKB FINANCE             9.050     8/9/2012     CHF     58.06
BKB FINANCE             9.200    6/21/2012     CHF     65.88
BKB FINANCE             7.650    6/14/2012     CHF     67.50
BKB FINANCE             6.850    6/14/2012     CHF     66.76
BKB FINANCE             7.750     6/7/2012     CHF     40.57
BKB FINANCE             7.750    5/31/2012     CHF     71.22
BKB FINANCE             6.400    5/10/2012     CHF     69.86
BKB FINANCE             8.050     5/3/2012     CHF     68.66
BKB FINANCE             8.500    3/29/2012     CHF     66.54
BKB FINANCE             7.800     5/3/2012     CHF     57.35
BKB FINANCE             7.000    3/29/2012     CHF     73.58
BKB FINANCE             8.350    1/14/2013     CHF     68.09
BKB FINANCE             9.850    4/26/2012     CHF     57.69
EFG FINANCIAL PR        8.250     7/4/2012     EUR     73.88
EFG FINANCIAL PR       10.500     7/5/2012     CHF     46.19
EFG FINANCIAL PR       10.250    7/25/2012     CHF     46.22
EFG FINANCIAL PR       17.700    3/23/2012     USD     36.02
EFG FINANCIAL PR       11.000    3/28/2012     EUR     56.54
EFG FINANCIAL PR        8.500    3/29/2012     CHF     60.15
EFG FINANCIAL PR       18.000     4/4/2012     CHF     17.72
EFG FINANCIAL PR        7.200     4/5/2012     USD     74.03
EFG FINANCIAL PR        8.500     4/5/2012     USD     74.58
EFG FINANCIAL PR        8.550     4/5/2012     USD     51.22
EFG FINANCIAL PR        9.500     4/5/2012     USD     51.42
EFG FINANCIAL PR        9.500     4/5/2012     EUR     51.38
EFG FINANCIAL PR       10.400     4/5/2012     USD     75.25
EFG FINANCIAL PR       12.100     4/5/2012     USD     74.43
EFG FINANCIAL PR        9.000    4/11/2012     USD     71.90
EFG FINANCIAL PR        9.300    4/11/2012     USD     51.21
EFG FINANCIAL PR       10.750    3/28/2012     EUR     52.29
EFG FINANCIAL PR        9.600    4/11/2012     USD     74.42
EFG FINANCIAL PR       10.000    4/19/2012     CHF     66.43
EFG FINANCIAL PR       10.500    4/19/2012     CHF     66.78
EFG FINANCIAL PR       13.050    4/19/2012     USD     51.56
EFG FINANCIAL PR       14.150    4/19/2012     EUR     51.53
EFG FINANCIAL PR       16.500    4/19/2012     EUR     64.06
EFG FINANCIAL PR       18.110    4/19/2012     EUR     64.21
EFG FINANCIAL PR        9.450    4/20/2012     CHF     64.87
EFG FINANCIAL PR       10.000    4/20/2012     USD     52.61
EFG FINANCIAL PR       10.500    4/20/2012     USD     52.74
EFG FINANCIAL PR       11.000    4/20/2012     USD     70.52
EFG FINANCIAL PR        8.650    4/23/2012     USD     63.50
EFG FINANCIAL PR       10.250    4/26/2012     EUR     51.16
EFG FINANCIAL PR       11.300    4/27/2012     EUR     68.63
EFG FINANCIAL PR       10.800     5/2/2012     CHF     72.31
EFG FINANCIAL PR        6.500     5/3/2012     USD     65.12
EFG FINANCIAL PR        9.500     5/4/2012     CHF     68.25
EFG FINANCIAL PR       10.500     5/4/2012     CHF     71.93
EFG FINANCIAL PR       11.000     5/4/2012     USD     71.68
EFG FINANCIAL PR       14.750     5/4/2012     EUR     47.28
EFG FINANCIAL PR       18.600     5/4/2012     CHF     69.56
EFG FINANCIAL PR        7.000     5/7/2012     CHF     72.10
EFG FINANCIAL PR        9.000     5/7/2012     USD     49.04
EFG FINANCIAL PR       10.600     5/9/2012     CHF     30.79
EFG FINANCIAL PR       10.000    5/11/2012     CHF     26.36
EFG FINANCIAL PR       10.050    5/11/2012     CHF     59.23
EFG FINANCIAL PR       11.000    5/11/2012     EUR     26.43
EFG FINANCIAL PR        8.950    5/14/2012     CHF     70.36
EFG FINANCIAL PR        8.400    9/30/2013     CHF     73.03
EFG FINANCIAL PR        6.500    8/27/2013     CHF     62.37
EFG FINANCIAL PR       14.000    2/19/2013     CHF     23.95
EFG FINANCIAL PR        5.800    1/23/2013     CHF     60.92
EFG FINANCIAL PR       16.500    1/18/2013     CHF     56.35
EFG FINANCIAL PR       12.500    1/15/2013     CHF     52.59
EFG FINANCIAL PR       10.250    1/15/2013     CHF     30.43
EFG FINANCIAL PR        9.000    1/15/2013     CHF     49.27
EFG FINANCIAL PR        8.830   12/28/2012     USD     68.15
EFG FINANCIAL PR       12.000   12/27/2012     CHF     17.36
EFG FINANCIAL PR       17.500   12/14/2012     EUR     64.16
EFG FINANCIAL PR       13.750    12/6/2012     CHF     60.50
EFG FINANCIAL PR       16.000   11/27/2012     EUR     60.93
EFG FINANCIAL PR       14.500   11/27/2012     CHF     53.48
EFG FINANCIAL PR       14.800   11/20/2012     EUR     70.61
EFG FINANCIAL PR       11.500   11/20/2012     EUR     70.60
EFG FINANCIAL PR        8.000   11/20/2012     CHF     75.04
EFG FINANCIAL PR       17.000   11/13/2012     EUR     66.75
EFG FINANCIAL PR       14.000   11/13/2012     USD     34.06
EFG FINANCIAL PR       13.000   11/13/2012     CHF     33.65
EFG FINANCIAL PR       12.750   11/13/2012     CHF     31.41
EFG FINANCIAL PR        9.330   10/29/2012     USD     60.41
EFG FINANCIAL PR       21.000   10/26/2012     USD     38.68
EFG FINANCIAL PR       20.500   10/26/2012     EUR     38.58
EFG FINANCIAL PR       20.000   10/26/2012     CHF     38.16
EFG FINANCIAL PR       17.000   10/26/2012     EUR     59.89
EFG FINANCIAL PR       16.750   10/26/2012     CHF     43.54
EFG FINANCIAL PR       11.250   10/26/2012     CHF     75.32
EFG FINANCIAL PR        6.250   10/25/2012     CHF     66.57
EFG FINANCIAL PR       12.000   10/19/2012     USD     65.57
EFG FINANCIAL PR       17.250   10/12/2012     CHF     74.24
EFG FINANCIAL PR       20.000   10/11/2012     CHF     35.93
EFG FINANCIAL PR       12.500   10/11/2012     CHF     75.45
EFG FINANCIAL PR       10.620    10/3/2012     USD     46.09
EFG FINANCIAL PR        9.930    10/3/2012     EUR     46.02
EFG FINANCIAL PR       10.000    10/1/2012     CHF     75.33
EFG FINANCIAL PR       11.250    9/25/2012     CHF     74.75
EFG FINANCIAL PR        9.000    9/10/2012     CHF     64.57
EFG FINANCIAL PR        9.040    3/26/2012     USD     58.10
EFG FINANCIAL PR       11.000    7/25/2012     CHF     24.47
EFG FINANCIAL PR        7.000     9/7/2012     CHF     60.42
EFG FINANCIAL PR        7.000     9/7/2012     EUR     65.14
EFG FINANCIAL PR        9.600     9/4/2012     USD     63.61
EFG FINANCIAL PR        9.500     9/4/2012     USD     50.69
EFG FINANCIAL PR       10.500     9/3/2012     CHF     63.48
EFG FINANCIAL PR       22.000    8/24/2012     USD     26.01
EFG FINANCIAL PR       14.000    8/24/2012     CHF     38.84
EFG FINANCIAL PR       11.750    8/24/2012     CHF     68.41
EFG FINANCIAL PR       11.500    8/24/2012     CHF     62.00
EFG FINANCIAL PR       11.800    8/17/2012     CHF     65.80
EFG FINANCIAL PR       11.600    8/17/2012     EUR     65.07
EFG FINANCIAL PR       12.000    8/16/2012     EUR     39.10
EFG FINANCIAL PR       13.750    8/14/2012     EUR     74.65
EFG FINANCIAL PR       12.750    8/14/2012     CHF     63.90
EFG FINANCIAL PR       11.000    8/14/2012     CHF     59.17
EFG FINANCIAL PR        3.850    8/13/2012     EUR     55.33
EFG FINANCIAL PR       12.800    8/10/2012     CHF     60.09
EFG FINANCIAL PR       11.700    8/10/2012     USD     45.29
EFG FINANCIAL PR       19.000     8/8/2012     USD     65.02
EFG FINANCIAL PR       11.000     8/7/2012     CHF     53.68
EFG FINANCIAL PR       10.000     8/7/2012     CHF     63.91
EFG FINANCIAL PR        9.000     8/3/2012     CHF     56.85
EFG FINANCIAL PR        9.000     8/3/2012     CHF     65.34
EFG FINANCIAL PR        9.000     8/3/2012     CHF     14.35
EFG FINANCIAL PR       11.750    7/31/2012     CHF     63.87
EFG FINANCIAL PR       11.750    7/31/2012     CHF     63.94
EFG FINANCIAL PR       11.500    7/31/2012     EUR     59.72
EFG FINANCIAL PR       10.000    7/31/2012     CHF     63.12
EFG FINANCIAL PR        9.000    5/16/2012     CHF     73.53
EFG FINANCIAL PR       10.830    5/18/2012     CHF      6.67
EFG FINANCIAL PR       12.960    5/21/2012     EUR     25.54
EFG FINANCIAL PR       10.750    5/22/2012     CHF     69.88
EFG FINANCIAL PR       11.250    5/22/2012     CHF     63.80
EFG FINANCIAL PR       12.750    5/22/2012     EUR     68.07
EFG FINANCIAL PR       14.000    5/22/2012     EUR     72.88
EFG FINANCIAL PR        8.000    5/24/2012     USD     58.43
EFG FINANCIAL PR        7.440    5/25/2012     EUR     61.23
EFG FINANCIAL PR       10.570    5/25/2012     EUR     74.28
EFG FINANCIAL PR       11.200    5/25/2012     CHF     70.29
EFG FINANCIAL PR       10.910    5/29/2012     EUR     48.94
EFG FINANCIAL PR       10.000    5/30/2012     CHF     62.42
EFG FINANCIAL PR       12.750     6/6/2012     CHF     72.77
EFG FINANCIAL PR       12.750     6/6/2012     EUR     74.60
EFG FINANCIAL PR       10.000     6/8/2012     CHF     34.76
EFG FINANCIAL PR       12.250     6/8/2012     EUR     68.11
EFG FINANCIAL PR        5.200    6/14/2012     CHF     69.95
EFG FINANCIAL PR       12.250    6/15/2012     EUR     16.15
EFG FINANCIAL PR       13.110    6/18/2012     USD     56.74
EFG FINANCIAL PR        9.650    6/20/2012     USD     56.58
EFG FINANCIAL PR        7.000    6/21/2012     CHF     65.21
EFG FINANCIAL PR       10.000    6/22/2012     CHF     44.54
EFG FINANCIAL PR       11.300    6/28/2012     EUR     68.81
EFG FINANCIAL PR        6.600     7/4/2012     CHF     73.69
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         2.000    11/1/2015     DKK      0.01
MARE BALTIC PCC         3.000    11/1/2012     DKK     30.05
MARE BALTIC PCC         3.000   11/17/2014     DKK      1.00
ZURCHER KANT FIN        7.844    5/18/2012     CHF     66.89
ZURCHER KANT FIN        7.340    4/16/2013     CHF     64.71
ZURCHER KANT FIN        5.330   11/30/2012     CHF     72.68
ZURCHER KANT FIN        9.250    11/9/2012     CHF     70.54
ZURCHER KANT FIN       10.250    7/19/2012     CHF     73.66
ZURCHER KANT FIN       11.000    7/13/2012     CHF     72.82
ZURCHER KANT FIN        9.000    6/18/2012     CHF     65.41
ZURCHER KANT FIN       13.575    6/15/2012     CHF     74.45
ZURCHER KANT FIN        7.721    3/30/2012     CHF     74.73
ZURCHER KANT FIN       11.000    4/20/2012     CHF     57.11
ZURCHER KANT FIN        8.000    6/15/2012     CHF     69.26
FHB MORTGAGE BAN        4.500    3/22/2022     EUR     54.75

IRELAND
-------
AIB MORTGAGE BNK        5.580    4/28/2028     EUR     64.93
AIB MORTGAGE BNK        5.000    2/12/2030     EUR     58.49
AIB MORTGAGE BNK        5.000     3/1/2030     EUR     58.46
BANK OF IRELAND         5.600    9/18/2023     EUR     57.88
BK IRELAND MTGE         5.400    11/6/2029     EUR     64.09
BK IRELAND MTGE         5.450     3/1/2030     EUR     64.31
BK IRELAND MTGE         5.760     9/7/2029     EUR     67.29
BK IRELAND MTGE         5.360   10/12/2029     EUR     63.81
DEPFA ACS BANK          4.900    8/24/2035     CAD     68.65
DEPFA ACS BANK          5.125    3/16/2037     USD     74.43
DEPFA ACS BANK          5.125    3/16/2037     USD     74.00
DEPFA ACS BANK          0.500     3/3/2025     CAD     41.20
FIRST ACTIVE PLC        6.375     4/4/2018     GBP     73.38
KALVEBOD PLC            2.000     5/1/2106     DKK     31.50

ITALY
-----
BTPS I/L                2.550    9/15/2041     EUR     75.08
BTPS I/L                2.350    9/15/2035     EUR     75.11
ICCREA BANCAIMPR        5.220    4/11/2017     EUR     63.50
REP OF ITALY            2.870    5/19/2036     JPY     55.30
REP OF ITALY            2.000    9/15/2062     EUR     56.82
REP OF ITALY            5.250    12/7/2034     GBP     72.17
REP OF ITALY            4.850    6/11/2060     EUR     72.59
REP OF ITALY            2.200    9/15/2058     EUR     62.19
REP OF ITALY            1.850    9/15/2057     EUR     55.17
SEAT PAGINE            10.500    1/31/2017     EUR     66.16
SEAT PAGINE            10.500    1/31/2017     EUR     64.92
UBI BANCA SPCA          6.250   11/18/2018     EUR     52.08
UNICREDITO ITALI        4.748    2/15/2035     EUR     95.00
UNIPOL ASSICURAZ        5.660    7/28/2023     EUR     69.05

LUXEMBOURG
----------
ARCELORMITTAL           7.250     4/1/2014     EUR     23.78
CONTROLINVESTE          3.000    1/28/2015     EUR     73.96
DEXIA BQ INT LUX        6.000     7/2/2018     EUR     72.02
ESFG INTERNATION        6.875   10/21/2019     EUR     68.30
ESPIRITO SANTO F        9.750   12/19/2025     EUR     66.03
FORTIS LUX FIN          3.420    6/29/2021     EUR     65.00
FORTIS LUX FINAN        6.500   10/22/2012     EUR     75.00
INTRALOT LUX SA         2.250   12/20/2013     EUR     68.73
VIVALDIS                0.500     8/8/2028     EUR     70.50
VIVALDIS                0.500    6/13/2028     EUR     65.85
VIVALDIS                0.500    6/13/2013     EUR     65.85

KAZAKHSTAN
----------
APP INTL FINANCE       11.750    10/1/2005     USD      1.00
BK NED GEMEENTEN        0.500    6/22/2016     TRY     72.23
BK NED GEMEENTEN        0.500    3/17/2016     TRY     73.56
BK NED GEMEENTEN        0.500    4/27/2016     TRY     72.99
BK NED GEMEENTEN        0.500    5/25/2016     TRY     72.61
BK NED GEMEENTEN        0.500    9/15/2016     TRY     71.10
BK NED GEMEENTEN        0.500     3/3/2021     NZD     69.91
BK NED GEMEENTEN        0.500    3/29/2021     NZD     69.67
BK NED GEMEENTEN        0.500    5/12/2021     ZAR     48.75
BK NED GEMEENTEN        0.500    6/22/2021     ZAR     48.24
BK NED GEMEENTEN        0.500    2/24/2025     CAD     62.62
BLT FINANCE BV          7.500    5/15/2014     USD     29.50
BRIT INSURANCE          6.625    12/9/2030     GBP     62.04
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     68.93
KBC IFIMA NV            7.500    4/30/2012     EUR     57.04
LEHMAN BROS TSY         6.000    2/15/2035     EUR      8.00
LEHMAN BROS TSY         4.870    10/8/2013     USD     34.50
LEHMAN BROS TSY         8.250    3/16/2035     EUR      8.00
LEHMAN BROS TSY         7.000    5/17/2035     EUR      8.00
LEHMAN BROS TSY         7.250    10/5/2035     EUR      7.10
LEHMAN BROS TSY         6.000    11/2/2035     EUR      6.55
NATL INVESTER BK       25.983     5/7/2029     EUR     25.36
NED WATERSCHAPBK        0.500    3/11/2025     CAD     60.05
NIB CAPITAL BANK        4.510   12/16/2035     EUR     67.94
PORTUGAL TEL FIN        4.500    6/16/2025     EUR     69.69
Q-CELLS INTERNAT        5.750    5/26/2014     EUR     19.02
RABOBANK                0.500   11/26/2021     ZAR     47.87
RABOBANK                0.500   10/27/2016     ZAR     72.06
RBS NV EX-ABN NV        2.910    6/21/2036     JPY     62.72
SNS BANK                4.996    1/26/2035     EUR     65.55
SNS BANK                4.580    3/20/2026     EUR     67.08
SNS BANK                5.215    12/3/2027     EUR     70.25

NORWAY
------
KOMMUNALBANKEN          0.500    5/25/2016     ZAR     73.35
KOMMUNALBANKEN          0.500    7/29/2016     ZAR     72.22
KOMMUNALBANKEN          0.500    5/25/2018     ZAR     61.59
KOMMUNALBANKEN          0.500    3/24/2016     ZAR     74.44
KOMMUNALBANKEN          0.500     3/1/2016     ZAR     74.95
KOMMUNALBANKEN          0.500    7/26/2016     ZAR     72.28
NORSKE SKOGIND          7.125   10/15/2033     USD     55.88
NORSKE SKOGIND          7.125   10/15/2033     USD     55.88
NORSKE SKOGIND          6.125   10/15/2015     USD     71.50
NORSKE SKOGIND          7.000    6/26/2017     EUR     65.22
NORSKE SKOGIND          6.125   10/15/2015     USD     71.50
RENEWABLE CORP          6.500     6/4/2014     EUR     64.13

POLAND
------
POLAND-REGD-RSTA        2.810   11/16/2037     JPY     73.88
REP OF POLAND           2.648    3/29/2034     JPY     73.14

PORTUGAL
--------
CAIXA GERAL DEPO        4.400    10/8/2019     EUR     68.00
CAIXA GERAL DEPO        5.380    10/1/2038     EUR     58.80
CAIXA GERAL DEPO        5.320     8/5/2021     EUR     68.75
CAIXA GERAL DEPO        4.250    1/27/2020     EUR     74.06
COMBOIOS DE PORT        4.170   10/16/2019     EUR     48.24
METRO DE LISBOA         4.061    12/4/2026     EUR     46.63
METRO DE LISBOA         4.799    12/7/2027     EUR     44.00
METRO DE LISBOA         7.300   12/23/2025     EUR     51.88
METRO DE LISBOA         5.750     2/4/2019     EUR     54.63
MONTEPIO GERAL          5.000     2/8/2017     EUR     61.25
PARPUBLICA              4.200   11/16/2026     EUR     47.25
PARPUBLICA              3.567    9/22/2020     EUR     54.67
PORTUGAL (REP)          3.500    3/25/2015     USD     70.67
PORTUGAL (REP)          3.500    3/25/2015     USD     70.67
PORTUGUESE OT'S         3.850    4/15/2021     EUR     54.33
PORTUGUESE OT'S         4.450    6/15/2018     EUR     58.57
PORTUGUESE OT'S         4.350   10/16/2017     EUR     61.32
PORTUGUESE OT'S         4.750    6/14/2019     EUR     57.26
PORTUGUESE OT'S         6.400    2/15/2016     EUR     73.20
PORTUGUESE OT'S         3.350   10/15/2015     EUR     69.50
PORTUGUESE OT'S         4.100    4/15/2037     EUR     44.03
PORTUGUESE OT'S         4.950   10/25/2023     EUR     53.10
PORTUGUESE OT'S         4.200   10/15/2016     EUR     64.76
PORTUGUESE OT'S         4.800    6/15/2020     EUR     56.07
REFER                   4.675   10/16/2024     EUR     44.39
REFER                   5.875    2/18/2019     EUR     52.91
REFER                   4.250   12/13/2021     EUR     44.88
REFER                   4.000    3/16/2015     EUR     55.01
REFER                   4.047   11/16/2026     EUR     43.66

RUSSIA
------
ARIZK                   3.000   12/20/2030     RUB     47.74
DVTG-FINANS             7.750    7/18/2013     RUB     20.29
DVTG-FINANS            17.000    8/29/2013     RUB     55.55
MIRAX                  17.000    9/17/2012     RUB     15.00
MOSMART FINANS          0.010    4/12/2012     RUB      6.50
NOK                    12.500    8/26/2014     RUB      5.00
PROMPEREOSNASTKA        1.000   12/17/2012     RUB      0.01
PROTON-FINANCE          9.000    6/12/2012     RUB     65.00
RBC OJSC                3.270    4/19/2018     RUB     46.00
SATURN                  8.000     6/6/2014     RUB      3.00
SERBIA T-BONDS          5.850    2/16/2026     EUR     73.88

SPAIN
-----
AYT CEDULAS CAJA        3.750   12/14/2022     EUR     67.69
AYT CEDULAS CAJA        4.750    5/25/2027     EUR     66.68
AYT CEDULAS CAJA        4.250   10/25/2023     EUR     69.24
AYT CEDULAS CAJA        3.750    6/30/2025     EUR     60.86
AYUNTAM DE MADRD        4.550    6/16/2036     EUR     63.75
BANCAJA                 1.500    5/22/2018     EUR     69.90
BANCAJA EMI SA          2.755    5/11/2037     JPY     71.94
BANCO BILBAO VIZ        6.025     3/3/2033     EUR     61.43
BANCO BILBAO VIZ        4.500    2/16/2022     EUR     74.90
BANCO CASTILLA          1.500    6/23/2021     EUR     69.64
BASQUE GOV'T            4.600     1/7/2025     EUR     74.80
BBVA SUB CAP UNI        2.750   10/22/2035     JPY     52.71
CAIXA TERRASSA          4.700     8/9/2021     EUR     73.20
CAJA MADRID             5.116    7/15/2015     EUR     73.88
CAJA MADRID             5.405    7/21/2038     EUR     74.92
CAJA MADRID             4.125    3/24/2036     EUR     69.31
CEDULAS TDA 6 FO        4.250    4/10/2031     EUR     56.41
CEDULAS TDA 6 FO        3.875    5/23/2025     EUR     61.85
CEDULAS TDA A-5         4.250    3/28/2027     EUR     61.80
COMUN AUTO CANAR        4.200   10/25/2036     EUR     49.41
COMUN AUTO CANAR        3.900   11/30/2035     EUR     48.77
COMUN AUTO CANAR        5.750   10/15/2029     EUR     71.58
COMUN NAVARRA           4.000   11/23/2021     EUR     70.97
COMUNIDAD ARAGON        4.646    7/11/2036     EUR     53.93
COMUNIDAD ARAGON        4.815   10/10/2022     EUR     74.05
COMUNIDAD BALEAR        4.063   11/23/2035     EUR     46.75
COMUNIDAD BALEAR        3.869   11/23/2020     EUR     69.34
COMUNIDAD MADRID        4.300    9/15/2026     EUR     69.29
DIPUTACION FOR          4.323   12/29/2023     EUR     66.94
GEN DE CATALUNYA        4.220    4/26/2035     EUR     49.56
GEN DE CATALUNYA        2.965     9/8/2039     JPY     51.01
GEN DE CATALUNYA        6.350   11/30/2041     EUR     66.54
GEN DE CATALUNYA        4.950    2/11/2020     EUR     75.03
GEN DE CATALUNYA        4.690   10/28/2034     EUR     53.99
GEN DE CATALUNYA        4.801    7/31/2020     EUR     73.06
GEN DE CATALUNYA        4.900    9/15/2021     EUR     71.36
GEN DE CATALUNYA        5.250    10/5/2023     EUR     70.11
GEN DE CATALUNYA        5.325    10/5/2028     EUR     64.48
GEN DE CATALUNYA        5.219    9/10/2029     EUR     62.36
GEN DE CATALUNYA        5.400    5/13/2030     EUR     63.04
GEN DE CATALUNYA        5.900    5/28/2030     EUR     67.68
GEN DE CATALUNYA        5.950    10/1/2030     EUR     66.94
GENERAL DE ALQUI        2.750    8/20/2012     EUR     73.35
GENERAL VALENCIA        4.900    3/17/2020     EUR     61.50
GENERAL VALENCIA        5.900   11/30/2032     EUR     47.63
GENERAL VALENCIA        4.000    11/2/2016     EUR     79.64
IM CEDULAS 5            3.500    6/15/2020     EUR     73.41
INSTIT CRDT OFCL        3.250    6/28/2024     CHF     74.70
INSTITUT CATALA         4.250    6/15/2024     EUR     64.52
JUNTA ANDALUCIA         4.850    3/17/2020     EUR     71.87
JUNTA ANDALUCIA         5.000    7/13/2022     EUR     71.65
JUNTA ANDALUCIA         5.700    7/20/2028     EUR     67.51
JUNTA ANDALUCIA         6.600   11/29/2030     EUR     72.19
JUNTA ANDALUCIA         5.150    5/24/2034     EUR     57.87
JUNTA ANDALUCIA         4.250   10/31/2036     EUR     48.48
JUNTA ANDALUCIA         3.065    7/29/2039     JPY     54.81
JUNTA ANDALUCIA         4.125    1/20/2020     EUR     71.80
JUNTA ANDALUCIA         3.170    7/29/2039     JPY     56.18
JUNTA CASTILLA          4.650    11/8/2022     EUR     68.10
JUNTA LA MANCHA         7.705    2/15/2033     EUR     68.63
JUNTA LA MANCHA         5.950     9/9/2030     EUR     57.46
JUNTA LA MANCHA         4.875    3/18/2020     EUR     75.88
JUNTA LA MANCHA         3.875    1/31/2036     EUR     36.00
JUNTA LA MANCHA         2.810   10/14/2022     JPY     69.75
JUNTA LA MANCHA         4.625   11/30/2022     EUR     63.25
MAPFRE SA               5.921    7/24/2037     EUR     71.95
SACYR VALLEHERM         6.500     5/1/2016     EUR     64.18
XUNTA DE GALICIA        4.025   11/28/2035     EUR     46.52
XUNTA DE GALICIA        5.350   11/22/2028     EUR     63.31

SWEDEN
------
SWEDISH EXP CRED        0.500    8/25/2021     ZAR     48.28
SWEDISH EXP CRED        0.500    9/30/2016     ZAR     71.37
SWEDISH EXP CRED        0.500    9/20/2016     ZAR     71.51
SWEDISH EXP CRED        0.500    8/26/2016     ZAR     71.97
SWEDISH EXP CRED        0.500    8/25/2016     ZAR     71.96
SWEDISH EXP CRED        0.500    6/29/2016     TRY     71.43
SWEDISH EXP CRED        0.500    6/14/2016     ZAR     73.21
SWEDISH EXP CRED        0.500   11/27/2015     TRY     74.50
SWEDISH EXP CRED        7.500    6/12/2012     USD      7.06
SWEDISH EXP CRED        9.250    4/27/2012     USD      8.45
SWEDISH EXP CRED        0.500    1/25/2028     USD     54.77
SWEDISH EXP CRED        0.500   12/17/2027     USD     55.19
SWEDISH EXP CRED        0.500    3/15/2022     ZAR     46.11
SWEDISH EXP CRED        0.500    2/22/2022     ZAR     46.33
SWEDISH EXP CRED        0.500    1/31/2022     ZAR     47.52
SWEDISH EXP CRED        0.500    8/26/2021     AUD     63.32
SWEDISH EXP CRED        9.750    3/23/2012     USD      8.96

SWITZERLAND
-----------
BANK JULIUS BAER       13.600    3/30/2012     EUR     67.65
BANK JULIUS BAER        7.200    4/12/2012     CHF     64.00
BANK JULIUS BAER       12.000    4/16/2012     EUR     64.80
BANK JULIUS BAER       11.700    4/20/2012     EUR     70.15
BANK JULIUS BAER       11.000     4/5/2012     CHF     69.75
BANK JULIUS BAER       12.300    4/20/2012     CHF     65.70
BANK JULIUS BAER       15.600    4/20/2012     EUR     51.55
BANK JULIUS BAER       12.500    3/23/2012     CHF     71.35
BANK JULIUS BAER       13.000    3/23/2012     EUR     74.95
BANK JULIUS BAER        7.700    3/30/2012     EUR     61.95
BANK JULIUS BAER        8.300    3/30/2012     EUR     73.70
BANK JULIUS BAER        9.200    3/30/2012     EUR     70.50
BANK JULIUS BAER        9.200    3/30/2012     EUR     68.40
BANK JULIUS BAER        8.200    4/26/2012     EUR     71.70
BANK JULIUS BAER       10.500    4/26/2012     CHF     68.65
BANK JULIUS BAER       12.100    3/30/2012     EUR     70.95
BANK JULIUS BAER        7.100     5/9/2012     CHF     75.05
BANK JULIUS BAER       10.500     5/9/2012     EUR     68.40
BANK JULIUS BAER       10.500     5/9/2012     EUR     68.95
BANK JULIUS BAER       13.200    4/12/2012     CHF     63.75
BANK JULIUS BAER       12.200    4/12/2012     CHF      5.15
BANK JULIUS BAER       10.000    4/12/2012     CHF     51.35
BANK JULIUS BAER        9.200    4/12/2012     CHF     56.35
BANK JULIUS BAER        7.400    4/12/2012     CHF     36.75
BANK JULIUS BAER        7.100    5/10/2012     CHF     66.10
BANK JULIUS BAER        6.200    5/11/2012     USD     57.55
BANK JULIUS BAER        8.300    5/11/2012     CHF     60.15
BANK JULIUS BAER       10.000    5/11/2012     CHF     70.25
BANK JULIUS BAER        8.200    5/18/2012     EUR     74.80
BANK JULIUS BAER        8.400    5/23/2012     CHF     69.60
BANK JULIUS BAER        9.200    5/25/2012     EUR     64.40
BANK JULIUS BAER        9.000    5/30/2012     CHF     61.35
BANK JULIUS BAER       10.000     6/1/2012     CHF     70.70
BANK JULIUS BAER       13.000     6/1/2012     USD     62.90
BANK JULIUS BAER       10.100     7/6/2012     CHF     42.20
BANK JULIUS BAER       11.300     7/6/2012     CHF     42.95
BANK JULIUS BAER       11.900     7/6/2012     CHF     65.10
BANK JULIUS BAER       11.900     7/6/2012     CHF     72.00
BANK JULIUS BAER       12.400     7/6/2012     CHF     52.85
BANK JULIUS BAER       14.300    7/13/2012     CHF     61.90
BANK JULIUS BAER       10.500    7/18/2012     CHF     74.95
BANK JULIUS BAER        9.000    9/17/2012     CHF     58.75
BANK JULIUS BAER       12.000     4/9/2013     CHF     72.35
BANK JULIUS BAER       10.500    4/13/2012     EUR     68.55
BANK JULIUS BAER        6.600     4/5/2012     CHF     60.80
BANK JULIUS BAER        9.300     4/5/2012     CHF     66.50
BANK JULIUS BAER        9.500     4/5/2012     CHF     65.10
BANK JULIUS BAER       12.100    4/20/2012     EUR     71.05
CLARIDEN LEU NAS        7.500    9/10/2012     CHF     71.54
CLARIDEN LEU NAS       10.000    9/11/2012     CHF     66.43
CLARIDEN LEU NAS       10.250    9/17/2012     CHF     67.80
CLARIDEN LEU NAS        7.000    10/4/2012     CHF     68.26
CLARIDEN LEU NAS       10.000    10/8/2012     EUR     65.07
CLARIDEN LEU NAS        8.000   10/15/2012     CHF     72.61
CLARIDEN LEU NAS        8.500   10/15/2012     CHF     66.30
CLARIDEN LEU NAS        9.500   10/15/2012     CHF     67.83
CLARIDEN LEU NAS       10.000   10/15/2012     CHF     67.54
CLARIDEN LEU NAS        7.250   11/16/2012     CHF     70.92
CLARIDEN LEU NAS        7.125   11/19/2012     CHF     71.80
CLARIDEN LEU NAS        0.000   12/14/2012     CHF    104.75
CLARIDEN LEU NAS        0.000   12/17/2012     EUR     71.82
CLARIDEN LEU NAS        8.750    1/15/2013     CHF     74.70
CLARIDEN LEU NAS        0.000    1/24/2013     CHF     74.24
CLARIDEN LEU NAS        9.000    2/14/2013     CHF     72.84
CLARIDEN LEU NAS        0.000    3/25/2013     CHF     72.41
CLARIDEN LEU NAS        6.500    4/26/2013     CHF     70.42
CLARIDEN LEU NAS        0.000   11/26/2013     CHF     73.96
CLARIDEN LEU NAS        0.000    2/11/2014     CHF     64.84
CLARIDEN LEU NAS        0.000    2/24/2014     CHF     65.23
CLARIDEN LEU NAS        0.000    5/13/2014     CHF     70.95
CLARIDEN LEU NAS        0.000    6/10/2014     CHF     68.01
CLARIDEN LEU NAS        5.250     8/6/2014     CHF    111.20
CLARIDEN LEU NAS        4.500    8/13/2014     CHF     70.39
CLARIDEN LEU NAS        9.250    3/22/2012     CHF     70.60
CLARIDEN LEU NAS       12.000    3/22/2012     EUR     72.80
CLARIDEN LEU NAS       12.000    3/28/2012     CHF     66.19
CLARIDEN LEU NAS       15.250    3/28/2012     EUR     51.19
CLARIDEN LEU NAS        8.250     4/4/2012     CHF     66.92
CLARIDEN LEU NAS       13.500     4/4/2012     CHF     17.54
CLARIDEN LEU NAS        7.700     4/5/2012     CHF     38.18
CLARIDEN LEU NAS        8.500     4/5/2012     CHF     99.50
CLARIDEN LEU NAS       15.000     4/5/2012     USD     57.53
CLARIDEN LEU NAS        9.500    4/11/2012     CHF     60.73
CLARIDEN LEU NAS       10.000    4/11/2012     USD     32.06
CLARIDEN LEU NAS       11.000    4/11/2012     GBP     75.73
CLARIDEN LEU NAS        9.500    4/12/2012     CHF     42.46
CLARIDEN LEU NAS       11.000    4/12/2012     EUR     52.29
CLARIDEN LEU NAS        9.650    4/13/2012     CHF     36.99
CLARIDEN LEU NAS        9.000    4/19/2012     CHF     69.91
CLARIDEN LEU NAS       10.000    4/26/2012     CHF     72.41
CLARIDEN LEU NAS       11.250    4/26/2012     USD     69.84
CLARIDEN LEU NAS        8.500    4/27/2012     USD     71.51
CLARIDEN LEU NAS        9.000    4/27/2012     USD     99.72
CLARIDEN LEU NAS        9.000    4/27/2012     USD     69.16
CLARIDEN LEU NAS       12.400    4/27/2012     EUR     74.33
CLARIDEN LEU NAS       13.000    4/27/2012     CHF     20.04
CLARIDEN LEU NAS        9.500     5/2/2012     EUR     67.02
CLARIDEN LEU NAS       10.500     5/2/2012     EUR     70.29
CLARIDEN LEU NAS       11.000     5/2/2012     CHF     68.81
CLARIDEN LEU NAS        8.000     5/3/2012     GBP     74.83
CLARIDEN LEU NAS        8.250     5/3/2012     GBP     70.75
CLARIDEN LEU NAS        9.500     5/3/2012     CHF     67.42
CLARIDEN LEU NAS       10.250     5/4/2012     CHF    100.12
CLARIDEN LEU NAS        7.300     5/9/2012     CHF     67.67
CLARIDEN LEU NAS        9.000     5/9/2012     EUR     68.49
CLARIDEN LEU NAS        9.600     5/9/2012     CHF     72.44
CLARIDEN LEU NAS       10.750     5/9/2012     CHF     74.83
CLARIDEN LEU NAS       10.750    5/11/2012     CHF     70.51
CLARIDEN LEU NAS       12.000    5/11/2012     EUR     65.87
CLARIDEN LEU NAS       12.850    5/15/2012     CHF     75.52
CLARIDEN LEU NAS       10.000    5/16/2012     EUR     74.15
CLARIDEN LEU NAS       10.550    5/16/2012     EUR     64.82
CLARIDEN LEU NAS       10.600    5/18/2012     CHF     70.06
CLARIDEN LEU NAS       12.000    5/18/2012     EUR     65.36
CLARIDEN LEU NAS       10.000    5/23/2012     NOK     71.47
CLARIDEN LEU NAS       13.000    5/23/2012     CHF     21.43
CLARIDEN LEU NAS       14.000    5/23/2012     EUR     21.60
CLARIDEN LEU NAS       12.750    5/24/2012     EUR     62.32
CLARIDEN LEU NAS       10.750    5/30/2012     CHF     72.07
CLARIDEN LEU NAS       12.250    5/31/2012     EUR     58.08
CLARIDEN LEU NAS        7.500     6/1/2012     EUR     74.37
CLARIDEN LEU NAS       12.500     6/1/2012     CHF    101.12
CLARIDEN LEU NAS       13.250     6/1/2012     USD    101.25
CLARIDEN LEU NAS       10.000     6/6/2012     NOK     73.65
CLARIDEN LEU NAS        7.500     6/8/2012     GBP     75.01
CLARIDEN LEU NAS        8.500     6/8/2012     CHF     66.79
CLARIDEN LEU NAS       13.500     6/8/2012     EUR     66.22
CLARIDEN LEU NAS        9.000    6/14/2012     CHF     72.30
CLARIDEN LEU NAS       12.000    6/14/2012     CHF     41.24
CLARIDEN LEU NAS        3.550    6/20/2012     CHF     58.51
CLARIDEN LEU NAS       10.250    6/20/2012     SEK     73.46
CLARIDEN LEU NAS       12.000    6/20/2012     USD     75.62
CLARIDEN LEU NAS       10.000    6/21/2012     EUR     68.16
CLARIDEN LEU NAS       10.500    6/21/2012     EUR     69.64
CLARIDEN LEU NAS       11.250    6/22/2012     CHF     63.29
CLARIDEN LEU NAS       15.500    6/29/2012     EUR     61.84
CLARIDEN LEU NAS       10.000    7/11/2012     CHF     74.35
CLARIDEN LEU NAS       12.500    7/11/2012     EUR     73.24
CLARIDEN LEU NAS       10.500     8/2/2012     EUR     64.44
CLARIDEN LEU NAS       11.000     8/2/2012     USD     71.80
CLARIDEN LEU NAS       11.750     8/8/2012     EUR     72.30
CLARIDEN LEU NAS        7.000    8/16/2012     CHF     71.84
CLARIDEN LEU NAS        9.250     9/4/2012     CHF     62.98
CLARIDEN LEU NAS       12.000     9/4/2012     EUR     59.01
CLARIDEN LEU NAS        7.500   11/13/2012     CHF     71.86
CREDIT SUISSE LD        4.000   12/10/2012     EUR     45.40
SARASIN CI LTD         12.500    5/11/2012     CHF     60.96
SARASIN CI LTD          7.000    5/24/2012     CHF     60.93
SARASIN CI LTD          5.538    6/18/2012     CHF     69.12
SARASIN CI LTD         12.000    6/27/2012     CHF     46.33
SARASIN CI LTD         10.200    3/30/2012     CHF     60.11
SARASIN CI LTD          8.500    4/26/2012     CHF     56.58
SARASIN CI LTD         10.500    4/26/2012     CHF     63.73
SARASIN CI LTD         11.000    4/26/2012     CHF     67.33
SARASIN CI LTD         10.080     5/4/2012     CHF     41.53
SARASIN CI LTD         11.000     5/9/2012     CHF     67.66
SARASIN CI LTD          8.000     9/3/2012     CHF     42.58
SARASIN/GUERNSEY        7.200    7/16/2012     CHF     56.22
SARASIN/GUERNSEY       10.000    8/10/2012     EUR     70.80
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     51.00
UBS AG                  8.380    3/26/2012     EUR     37.37
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                 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                 11.620    3/26/2012     EUR     64.17
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                 12.160    3/26/2012     EUR     68.39
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                 12.660    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                 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                 16.550    3/26/2012     EUR     33.25
UBS AG                 16.610    3/26/2012     EUR     51.03
UBS AG                 16.960    3/26/2012     EUR     72.17
UBS AG                 17.220    3/26/2012     EUR     32.36
UBS AG                 17.240    3/26/2012     EUR     49.65
UBS AG                 18.020    3/26/2012     EUR     60.46
UBS AG                 18.370    3/26/2012     EUR     68.31
UBS AG                 18.790    3/26/2012     EUR     46.84
UBS AG                  8.020    4/16/2012     CHF     73.59
UBS AG                  9.050    4/16/2012     CHF     52.27
UBS AG                 10.290    4/16/2012     CHF     70.00
UBS AG                  7.810    4/19/2012     CHF     59.05
UBS AG                  7.910    4/19/2012     CHF     67.22
UBS AG                 10.100    4/19/2012     CHF     67.36
UBS AG                 10.780    4/19/2012     CHF     57.35
UBS AG                  8.000    4/20/2012     CHF     65.15
UBS AG                 11.930    4/20/2012     CHF     41.00
UBS AG                  8.500     5/3/2012     CHF     66.80
UBS AG                 15.000     5/3/2012     EUR     55.00
UBS AG                  6.550    5/11/2012     EUR     72.64
UBS AG                  6.600    5/11/2012     USD     70.25
UBS AG                  6.870    5/11/2012     EUR     59.98
UBS AG                  9.110    5/11/2012     EUR     68.62
UBS AG                  9.170    5/11/2012     EUR     67.99
UBS AG                  9.170    5/11/2012     EUR     67.99
UBS AG                  9.880    5/11/2012     EUR     60.55
UBS AG                 10.060    5/11/2012     EUR     65.86
UBS AG                 10.940    5/11/2012     EUR     53.67
UBS AG                 11.240    5/11/2012     EUR     62.62
UBS AG                 12.900    5/11/2012     EUR     55.68
UBS AG                 13.150    5/11/2012     EUR     60.97
UBS AG                 15.150    5/11/2012     EUR     56.10
UBS AG                 13.300    5/23/2012     USD      3.76
UBS AG                 13.700    5/23/2012     USD     13.57
UBS AG                 14.000    5/23/2012     USD      8.96
UBS AG                 17.720     6/4/2012     EUR     65.99
UBS AG                 10.000     6/6/2012     CHF     75.15
UBS AG                 15.000     6/6/2012     CHF     70.95
UBS AG                 19.000    6/22/2012     EUR     75.31
UBS AG                 20.120    6/22/2012     EUR     74.13
UBS AG                 21.370    6/22/2012     EUR     73.36
UBS AG                 22.200    6/22/2012     EUR     72.28
UBS AG                  7.110    6/25/2012     EUR     39.26
UBS AG                  7.410    6/25/2012     EUR     39.33
UBS AG                  7.420    6/25/2012     EUR     68.81
UBS AG                  7.690    6/25/2012     EUR     39.40
UBS AG                  7.710    6/25/2012     EUR     50.09
UBS AG                  7.720    6/25/2012     EUR     75.72
UBS AG                  7.890    6/25/2012     EUR     68.94
UBS AG                  7.960    6/25/2012     EUR     39.46
UBS AG                  8.000    6/25/2012     EUR     75.79
UBS AG                  8.220    6/25/2012     EUR     39.52
UBS AG                  8.270    6/25/2012     EUR     75.85
UBS AG                  8.320    6/25/2012     EUR     69.02
UBS AG                  8.490    6/25/2012     EUR     50.25
UBS AG                  8.510    6/25/2012     EUR     75.91
UBS AG                  8.690    6/25/2012     EUR     39.64
UBS AG                  8.720    6/25/2012     EUR     69.14
UBS AG                  8.720    6/25/2012     EUR     75.96
UBS AG                  8.910    6/25/2012     EUR     76.00
UBS AG                  9.080    6/25/2012     EUR     76.04
UBS AG                  9.080    6/25/2012     EUR     69.22
UBS AG                  9.090    6/25/2012     EUR     39.73
UBS AG                  9.220    6/25/2012     EUR     50.43
UBS AG                  9.330    6/25/2012     EUR     76.10
UBS AG                  9.390    6/25/2012     EUR     69.30
UBS AG                  9.430    6/25/2012     EUR     39.81
UBS AG                  9.660    6/25/2012     EUR     69.36
UBS AG                  9.710    6/25/2012     EUR     39.88
UBS AG                  9.890    6/25/2012     EUR     69.39
UBS AG                  9.900    6/25/2012     EUR     50.59
UBS AG                  9.920    6/25/2012     EUR     39.93
UBS AG                 10.040    6/25/2012     EUR     66.04
UBS AG                 10.420    6/25/2012     EUR     66.13
UBS AG                 10.500    6/25/2012     EUR     50.73
UBS AG                 10.770    6/25/2012     EUR     66.21
UBS AG                 11.080    6/25/2012     EUR     66.29
UBS AG                 11.360    6/25/2012     EUR     66.35
UBS AG                 11.480    6/25/2012     EUR     50.96
UBS AG                 11.600    6/25/2012     EUR     66.44
UBS AG                 11.810    6/25/2012     EUR     66.46
UBS AG                 11.860    6/25/2012     EUR     51.05
UBS AG                 11.990    6/25/2012     EUR     66.50
UBS AG                 12.140    6/25/2012     EUR     66.54
UBS AG                 12.170    6/25/2012     EUR     51.12
UBS AG                 12.270    6/25/2012     EUR     66.57
UBS AG                 12.370    6/25/2012     EUR     66.59
UBS AG                 12.410    6/25/2012     EUR     51.18
UBS AG                 12.450    6/25/2012     EUR     66.61
UBS AG                 12.510    6/25/2012     EUR     66.63
UBS AG                 12.610    6/25/2012     EUR     51.23
UBS AG                 12.750    6/25/2012     EUR     51.30
UBS AG                 14.400    6/29/2012     CHF     65.90
UBS AG                  8.460    7/31/2012     USD     35.27
UBS AG                 11.760    7/31/2012     USD     28.35
UBS AG                 12.040    7/31/2012     USD     18.00
UBS AG                 10.500     8/2/2012     EUR     65.50
UBS AG                 11.000     8/2/2012     EUR     67.50
UBS AG                  9.500    8/10/2012     USD     28.40
UBS AG                 17.250    8/15/2012     EUR     74.60
UBS AG                  8.650    8/29/2012     USD     33.17
UBS AG                  9.430    8/31/2012     USD     34.09
UBS AG                  9.070     9/3/2012     EUR     74.37
UBS AG                 10.740    9/17/2012     USD     33.58
UBS AG                 18.220    9/28/2012     EUR     75.86
UBS AG                  7.140    10/1/2012     EUR     41.09
UBS AG                  7.240    10/1/2012     EUR     70.64
UBS AG                  7.380    10/1/2012     EUR     41.21
UBS AG                  7.610    10/1/2012     EUR     70.83
UBS AG                  7.620    10/1/2012     EUR     41.33
UBS AG                  7.660    10/1/2012     EUR     51.93
UBS AG                  7.840    10/1/2012     EUR     41.44
UBS AG                  7.940    10/1/2012     EUR     70.99
UBS AG                  8.050    10/1/2012     EUR     41.55
UBS AG                  8.240    10/1/2012     EUR     71.17
UBS AG                  8.310    10/1/2012     EUR     52.26
UBS AG                  8.420    10/1/2012     EUR     41.73
UBS AG                  8.500    10/1/2012     EUR     71.27
UBS AG                  8.720    10/1/2012     EUR     71.38
UBS AG                  8.730    10/1/2012     EUR     41.89
UBS AG                  8.910    10/1/2012     EUR     52.56
UBS AG                  8.910    10/1/2012     EUR     71.48
UBS AG                  9.060    10/1/2012     EUR     71.60
UBS AG                  9.200    10/1/2012     EUR     42.12
UBS AG                  9.360    10/1/2012     EUR     42.20
UBS AG                  9.440    10/1/2012     EUR     52.83
UBS AG                  9.540    10/1/2012     EUR     67.85
UBS AG                  9.860    10/1/2012     EUR     68.06
UBS AG                  9.900    10/1/2012     EUR     42.48
UBS AG                  9.910    10/1/2012     EUR     53.06
UBS AG                 10.150    10/1/2012     EUR     68.15
UBS AG                 10.310    10/1/2012     EUR     53.26
UBS AG                 10.410    10/1/2012     EUR     68.28
UBS AG                 10.640    10/1/2012     EUR     68.40
UBS AG                 10.650    10/1/2012     EUR     53.44
UBS AG                 10.840    10/1/2012     EUR     68.50
UBS AG                 10.930    10/1/2012     EUR     53.58
UBS AG                 11.010    10/1/2012     EUR     68.58
UBS AG                 11.150    10/1/2012     EUR     53.69
UBS AG                 11.160    10/1/2012     EUR     68.66
UBS AG                 11.280    10/1/2012     EUR     68.72
UBS AG                 11.330    10/1/2012     EUR     53.78
UBS AG                 11.380    10/1/2012     EUR     68.77
UBS AG                 11.460    10/1/2012     EUR     53.84
UBS AG                 11.460    10/1/2012     EUR     68.81
UBS AG                 11.530    10/1/2012     EUR     68.84
UBS AG                 11.560    10/1/2012     EUR     53.89
UBS AG                 11.580    10/1/2012     EUR     68.87
UBS AG                 13.340   10/24/2012     USD     46.27
UBS AG                  6.070   11/12/2012     EUR     74.50
UBS AG                  6.700   11/12/2012     EUR     63.11
UBS AG                  8.280   11/12/2012     EUR     70.67
UBS AG                  8.280   11/12/2012     EUR     70.67
UBS AG                  8.370   11/12/2012     EUR     69.42
UBS AG                  8.590   11/12/2012     EUR     71.41
UBS AG                  9.470   11/12/2012     EUR     58.22
UBS AG                  9.650   11/12/2012     EUR     64.66
UBS AG                 10.930   11/12/2012     EUR     67.63
UBS AG                 11.260   11/12/2012     EUR     65.45
UBS AG                 11.660   11/12/2012     EUR     60.96
UBS AG                 13.560   11/12/2012     EUR     70.19
UBS AG                 13.600   11/12/2012     EUR     62.64
UBS AG                 10.390    1/18/2013     USD     38.04
UBS AG                  9.580    2/28/2013     USD     35.76
UBS AG                  9.590    2/28/2013     USD     35.76
UBS AG                 10.080    2/28/2013     USD     16.50
UBS AG                 13.760     3/6/2013     USD      6.38
UBS AG                  8.100     3/8/2013     USD     21.33
UBS AG                  3.900    3/12/2013     USD     12.10
UBS AG                  4.280    3/12/2013     USD     12.96
UBS AG                  6.280    3/12/2013     USD     45.80
UBS AG                  6.400    3/12/2013     USD     18.77
UBS AG                  6.420    3/12/2013     USD     18.77
UBS AG                  8.000    3/12/2013     USD     60.78
UBS AG                  8.670    3/12/2013     USD      2.43
UBS AG                 11.920    3/12/2013     USD     16.25
UBS AG                 16.640    3/12/2013     USD     25.80
UBS AG                  5.540    3/14/2013     USD     30.13
UBS AG                  5.760    3/14/2013     USD     31.66
UBS AG                  6.500    3/14/2013     USD     19.04
UBS AG                  7.990    3/19/2013     USD     20.90
UBS AG                  9.650    8/23/2013     USD     32.42
UBS AG                 10.770     9/6/2013     USD     17.40
UBS AG                 11.020   10/21/2013     USD     58.85
UBS AG                 13.830   12/17/2013     USD     20.11
UBS AG                 11.000     3/4/2014     USD     19.73
UBS AG                 11.030    6/25/2012     EUR     50.89
UBS AG JERSEY           3.220    7/31/2012     EUR     38.08

UNITED KINGDOM
--------------
BAKKAVOR FIN 2          8.250    2/15/2018     GBP     79.00
BANK OF SCOTLAND        2.650    6/21/2026     JPY     72.27
BANK OF SCOTLAND        2.550    4/23/2037     JPY     56.25
BANK OF SCOTLAND        2.359    3/27/2029     JPY     62.98
BANK OF SCOTLAND        2.408     2/9/2027     JPY     67.86
BANK OF SCOTLAND        2.340   12/28/2026     JPY     68.62
BANK OF SCOTLAND        2.650    8/10/2026     JPY     71.95
BANK OF SCOTLAND        2.595     5/8/2037     JPY     56.33
BARCLAYS BK PLC        12.250    3/23/2012     EUR     67.14
BARCLAYS BK PLC         8.500   10/16/2012     USD     10.94
BARCLAYS BK PLC        10.500    3/23/2012     EUR     72.14
BARCLAYS BK PLC        10.500    3/23/2012     EUR     64.64
BARCLAYS BK PLC        10.000    3/23/2012     EUR     71.53
BARCLAYS BK PLC         9.750    3/23/2012     EUR     73.04
BARCLAYS BK PLC         9.000    3/23/2012     EUR     67.52
BARCLAYS BK PLC         8.750    3/23/2012     EUR     69.15
BARCLAYS BK PLC        13.500    3/23/2012     EUR     59.54
BARCLAYS BK PLC        14.000    10/1/2012     USD     10.59
BARCLAYS BK PLC         9.000    10/1/2012     USD      9.97
BARCLAYS BK PLC        13.500    9/28/2012     EUR     73.86
BARCLAYS BK PLC        13.000    9/28/2012     EUR     68.17
BARCLAYS BK PLC        11.750    9/28/2012     EUR     72.83
BARCLAYS BK PLC        10.500    9/28/2012     EUR     75.20
BARCLAYS BK PLC         8.000    9/28/2012     USD     10.75
BARCLAYS BK PLC        12.000    9/14/2012     EUR     72.60
BARCLAYS BK PLC        11.000    9/14/2012     EUR     74.27
BARCLAYS BK PLC         8.000    9/11/2012     USD     10.60
BARCLAYS BK PLC         8.000    9/11/2012     USD     10.76
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      9.60
BARCLAYS BK PLC         7.000    7/27/2012     USD     10.12
BARCLAYS BK PLC        10.000    7/20/2012     USD      7.40
BARCLAYS BK PLC         8.000    6/29/2012     USD     10.17
BARCLAYS BK PLC        15.000    6/22/2012     EUR     70.58
BARCLAYS BK PLC        14.500    6/22/2012     EUR     65.20
BARCLAYS BK PLC        14.500    6/22/2012     EUR     74.50
BARCLAYS BK PLC        13.750    6/22/2012     EUR     75.06
BARCLAYS BK PLC        12.750    6/22/2012     EUR     70.38
BARCLAYS BK PLC        12.000    6/22/2012     EUR     70.05
BARCLAYS BK PLC        12.000    6/22/2012     EUR     61.58
BARCLAYS BK PLC        11.750    6/22/2012     EUR     68.59
BARCLAYS BK PLC        11.500    6/22/2012     EUR     72.74
BARCLAYS BK PLC        11.000    6/22/2012     EUR     63.82
BARCLAYS BK PLC        10.750    6/22/2012     EUR     74.87
BARCLAYS BK PLC        10.750    6/22/2012     EUR     71.22
BARCLAYS BK PLC        10.500    6/22/2012     EUR     65.62
BARCLAYS BK PLC        10.500    6/22/2012     EUR     64.63
BARCLAYS BK PLC         9.750    6/22/2012     EUR     68.57
BARCLAYS BK PLC         9.500    6/22/2012     EUR     74.56
BARCLAYS BK PLC         8.500    6/22/2012     EUR     69.10
BARCLAYS BK PLC         8.250    6/22/2012     EUR     69.95
BARCLAYS BK PLC         8.000    6/22/2012     EUR     75.22
BARCLAYS BK PLC         8.000    6/22/2012     EUR     66.64
BARCLAYS BK PLC         7.250    6/22/2012     EUR     71.86
BARCLAYS BK PLC         7.000    6/22/2012     EUR     73.07
BARCLAYS BK PLC         6.000    6/22/2012     EUR     75.65
BARCLAYS BK PLC         6.000    6/22/2012     EUR     71.95
BARCLAYS BK PLC        13.000     6/8/2012     EUR     70.33
BARCLAYS BK PLC        12.500     6/8/2012     EUR     71.18
BARCLAYS BK PLC        11.750     6/8/2012     EUR     70.27
BARCLAYS BK PLC        11.090     6/8/2012     EUR     67.03
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         8.000    3/23/2012     EUR     74.40
BARCLAYS BK PLC        11.000     6/8/2012     EUR     70.93
BARCLAYS BK PLC        10.780     6/8/2012     EUR     74.38
BARCLAYS BK PLC        10.500     6/8/2012     EUR     60.41
BARCLAYS BK PLC        12.950    4/20/2012     USD     23.40
BARCLAYS BK PLC        10.250     6/8/2012     EUR     75.91
BARCLAYS BK PLC         9.250     6/8/2012     EUR     71.59
BARCLAYS BK PLC         8.000    3/23/2012     EUR     66.28
BARCLAYS BK PLC         6.750    3/23/2012     EUR     72.87
BARCLAYS BK PLC         7.000     6/8/2012     EUR     74.28
BARCLAYS BK PLC         8.000     6/8/2012     EUR     64.46
BARCLAYS BK PLC         8.250     6/8/2012     EUR     67.65
BARCLAYS BK PLC         6.000    3/23/2012     EUR     70.97
BARCLAYS BK PLC         0.500    9/24/2019     AUD     60.55
BARCLAYS BK PLC         0.500    12/3/2017     AUD     69.27
BARCLAYS BK PLC        11.500    6/28/2013     EUR     72.17
BARCLAYS BK PLC        11.000    6/28/2013     EUR     74.66
BARCLAYS BK PLC        11.500    3/22/2013     EUR     71.59
BARCLAYS BK PLC        10.750    3/22/2013     EUR     75.01
BARCLAYS BK PLC        12.000     1/2/2013     EUR     70.24
BARCLAYS BK PLC        11.000     1/2/2013     EUR     74.20
BARCLAYS BK PLC        11.000   12/14/2012     EUR     74.70
BARCLAYS BK PLC        12.500    3/23/2012     EUR     69.77
BARCLAYS BK PLC        11.750    3/23/2012     EUR     68.40
BARCLAYS BK PLC        11.500    3/23/2012     EUR     63.85
BARCLAYS BK PLC        11.000    3/23/2012     EUR     63.95
BARCLAYS BK PLC         9.000   10/16/2012     USD     11.03
BRADFORD&BIN BLD        4.910     2/1/2047     EUR     78.60
CO-OPERATIVE BNK        5.875    3/28/2033     GBP     72.45
CO-OPERATIVE BNK        5.750    12/2/2024     GBP     73.23
EFG HELLAS PLC          5.400    11/2/2047     EUR     29.38
EFG HELLAS PLC          6.010     1/9/2036     EUR     30.25
EMPORIKI GRP FIN        5.100    12/9/2021     EUR     47.88
EMPORIKI GRP FIN        4.350    7/22/2014     EUR     74.63
EMPORIKI GRP FIN        5.000    12/2/2021     EUR     47.38
ENTERPRISE INNS         6.375    9/26/2031     GBP     65.23
ENTERPRISE INNS         6.875     5/9/2025     GBP     68.25
ENTERPRISE INNS         6.875    2/15/2021     GBP     71.25
ESSAR ENERGY            4.250     2/1/2016     USD     64.33
F&C ASSET MNGMT         6.750   12/20/2026     GBP     67.04
GALA ELECTRIC CA       11.500     6/1/2019     GBP     70.07
GALA ELECTRIC CA       11.500     6/1/2019     GBP     70.25
GS INTERNATIONAL       13.000    6/28/2012     CHF     69.40
GS INTERNATIONAL        9.500    4/20/2012     CHF     56.20
GS INTERNATIONAL        9.750    5/22/2012     CHF     61.20
HBOS PLC                5.374    6/30/2021     EUR     72.25
HBOS PLC                4.500    3/18/2030     EUR     64.75
HBOS PLC                6.000    11/1/2033     USD     74.99
HBOS PLC                6.000    11/1/2033     USD     74.99
HSBC BANK PLC           0.500   11/29/2017     AUD     74.26
HSBC BANK PLC           0.500   11/30/2017     AUD     74.25
HSBC BANK PLC           0.500    9/28/2018     AUD     70.74
HSBC BANK PLC           0.500   11/16/2018     AUD     70.18
HSBC BANK PLC           0.500   12/29/2026     AUD     43.03
HSBC BANK PLC           0.500    2/24/2023     AUD     54.45
HSBC BANK PLC           0.500   11/22/2021     AUD     58.68
HSBC BANK PLC           0.500    12/2/2022     AUD     55.20
HSBC BANK PLC           0.500    12/8/2026     AUD     43.18
HSBC BANK PLC           0.500     2/2/2023     AUD     54.65
HSBC BANK PLC           0.500     4/3/2023     AUD     54.18
HSBC BANK PLC           0.500   12/29/2022     AUD     54.96
MARSTONS ISSUER         5.641    7/15/2035     GBP     74.18
MATALAN                 9.625    3/31/2017     GBP     66.00
MATALAN                 9.625    3/31/2017     GBP     66.07
MAX PETROLEUM           6.750     9/8/2013     USD     53.26
NOMURA BANK INTL        0.800   12/21/2020     EUR     67.95
OTE PLC                 4.625    5/20/2016     EUR     72.78
PRIVATBANK              5.799     2/9/2016     USD     74.97
PUNCH TAVERNS           5.883   10/15/2026     GBP     62.65
PUNCH TAVERNS           8.374    7/15/2029     GBP     56.01
ROYAL BK SCOTLND       20.000    2/23/2017     SEK     65.00
ROYAL BK SCOTLND        6.250   12/20/2012     EUR     53.00
ROYAL BK SCOTLND        5.168    6/29/2030     EUR     62.05
ROYAL BK SCOTLND        4.692     6/9/2025     EUR     67.68
ROYAL BK SCOTLND        2.300   11/26/2024     JPY     73.57
SPIRIT ISSUER           5.472   12/28/2028     GBP     73.02
THOMAS COOK GR          6.750    6/22/2015     EUR     65.00
THOMAS COOK GR          7.750    6/22/2017     GBP     56.54
UNIQUE PUB FIN          5.659    6/30/2027     GBP     74.50
WESSEX WATER FIN        1.499   11/29/2058     GBP     68.85
WESSEX WATER FIN        1.369    7/31/2057     GBP     68.56


                            *********

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.


                 * * * End of Transmission * * *