TCREUR_Public/120416.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 16, 2012, Vol. 13, No. 75

                            Headlines



B E L G I U M

DEXIA SA: Explores Options Into Ex-Chairman's Severance Package


B U L G A R I A

EVROPA TOWER: Goes Bust Following Owner's Bankruptcy


D E N M A R K

TORM A/S: Creditor Banks Extend Deferral of Debt Payments


F R A N C E

WENDEL: S&P Raises Corp. Credit Rating to 'BB'; Outlook Stable


G E R M A N Y

* GERMANY: Corporate Insolvencies Up 0.7% in January 2012


G R E E C E

PIRAEUS GROUP: S&P Raises Ratings on Medium-Term Notes to 'CC'


I R E L A N D

EUROCREDIT VIII: S&P Raises Rating on Class E Notes to 'B-'
WINDMILL CLO I: S&P Affirms 'B' Rating on Class E Notes


L U X E M B O U R G

INTELSAT JACKSON: Moody's Rates New $800MM Sr. Unsec. Notes 'B3'


N E T H E R L A N D S

HYVA GLOBAL: S&P Affirms 'B+' Corp. Credit Rating; Outlook Neg.
STORM 2012-II: Moody's Rates EUR9-Mil. Class E Notes 'Ba1(sf)'


P O L A N D

POLDIM SA: Files for Bankruptcy


R U S S I A

SISTEMA JSFC: Moody's Issues Summary Credit Opinion


S P A I N

BBVA-3 FTPYME: S&P Lowers Rating on Class C Notes to 'B+'


S W E D E N

SAAB AUTOMOBILE: Administrators Evaluate Bids


U N I T E D   K I N G D O M

PREMIER FOODS: S&P Lowers Long-Term Issuer Credit Rating to 'B'
PORT VALE: HMRC Opposes Company Voluntary Arrangement
PORTSMOUTH FOOTBALL: Administrator Reveals Two New Bidders
RANGERS FOOTBALL: Bidders Still Interested Despite SPL Plans


X X X X X X X X

* S&P Withdraws 'D' Ratings on 16 European Synthetic CDO Tranches
* Analyst Expects More Bankruptcies in the Solar Sector
* BOND PRICING: For the Week April 9 to April 13, 2012


                            *********


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


DEXIA SA: Explores Options Into Ex-Chairman's Severance Package
---------------------------------------------------------------
Matthieu Protard at Reuters reports that Dexia SA, the bailed-out
Franco-Belgian lender, said on Wednesday it was looking into a
severance package granted to former chairman Pierre Richard, who
was forced to resign after the group's initial rescue.

The French government, which injected EUR3 billion (US$3.94
billion) into Dexia's 2008 rescue alongside 3.4 billion from
Belgium and Luxembourg, earlier this year asked the bank to
examine how it could recover funds paid to the former chairman as
part of his exit package, Reuters recounts.

According to Reuters, newspaper Le Monde reported that Dexia's
board had mandated a labor law specialist to look into the case.

Dexia said in February it risked going out of business as it
reported an EUR11.6 billion 2011 net loss, hit by its breakup and
exposure to Greek debt and other toxic assets, Reuters relates.

Dexia SA -- http://www.dexia.com/-- is a Belgian-based bank and
insurance carrier that focuses on Public and Wholesale Banking,
providing local public finance actors with banking and financial
solutions, and on Retail and Commercial Banking in Europe, mainly
Belgium, France, Luxembourg and Turkey.


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


EVROPA TOWER: Goes Bust Following Owner's Bankruptcy
----------------------------------------------------
FOCUS News Agency, citing Presa daily, reports that Evropa Tower,
the project for the tallest building in Bulgaria, has collapsed
even before construction actually began.

The project was being developed by a German-Bulgarian consortium,
FOCUS discloses.  However, the Sofia City Court pronounced the
owner of the terrain bankrupt in March, FOCUS recounts.  This
happened after UniCredit Bulbank initiated a bankruptcy
procedure, looking to recover the EUR5.8 million loan it lent
back in 2008, FOCUS notes.  The credit should have been paid back
until mid-2011 and, since this did not happen, UniCredit will try
to get the money back by selling the mortgaged terrain, FOCUS
states.


=============
D E N M A R K
=============


TORM A/S: Creditor Banks Extend Deferral of Debt Payments
---------------------------------------------------------
Peter Levring at Bloomberg News reports that Torm A/S said it
reached a temporary agreement with a group of creditor banks to
extend deferral of payments on debts and covenants till the end
of this month.

According to Bloomberg, Torm said that the "vast majority" of
ship owners from whom the company charters tankers also agreed to
align charter fees to the current spot rates.

The company said that both agreements are subject to progress
being made in talks over a new financing agreement, Bloomberg
notes.

As reported by the Troubled Company Reporter-Europe on April 9,
2012, The Financial Times related that shareholders in Torm 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 disclosed.  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 said.

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.


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


WENDEL: S&P Raises Corp. Credit Rating to 'BB'; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on France-based holding company Wendel to 'BB' from
'BB-'. "At the same time, we affirmed the short-term credit
rating at 'B'. The outlook is stable," S&P said.

"We also raised our issue ratings on Wendel's senior unsecured
debt to 'BB' from 'BB-'. The recovery ratings are unchanged at
'3', indicating our expectation of meaningful (50%-70%) recovery
in case of a payment default," S&P said.

"The positive rating action reflects management's continuous
efforts to reduce debt since late 2009, and the more recent,
significant drop in Standard & Poor's loan-to-value (LTV) ratio
for Wendel to below 45%, a level commensurate with a 'BB' rating.
This follows the completion of the sale of electronic connections
provider Deutsch Group SAS (Deutsch) to Swiss electronics firm TE
Connectivity Ltd. (BBB/Positive/A-2)," S&P said.

"On April 10, 2012, Wendel's LTV ratio stood at about 40%. On
that date, assuming no cash reinvested in the assets portfolio,
it would have taken a 10% decline in asset values for our 45% LTV
guidance to be reached. Because part of the debt that Wendel used
to finance the acquisition of a stake in construction and
engineered materials manufacturer and distributor Compagnie de
Saint-Gobain (Saint-Gobain; BBB/Stable/A-2) is subject to margin
calls, we consolidate this debt (EUR1.4 billion) in our LTV
calculation, although it is technically nonrecourse to Wendel,"
S&P said.

"After the sale of Deutsch, and assuming unchanged unlisted asset
value from March 12, 2012, when the last figures were made
available, three listed assets currently represent close to 85%
of Wendel's portfolio value: Saint-Gobain, in which Wendel holds
a 17% interest; testing, inspection and certification company
Bureau Veritas (not rated), of which it owns 52%; and low-voltage
electrical fittings manufacturer  Legrand SA (A-/Stable/A-2), in
which it owns 6%. Large majority stakes in much smaller and more
indebted unlisted corporate entities round out Wendel's
portfolio," S&P said.

"We believe that Wendel's financial flexibility is still
stretched and that the main rating constraint remains its
aggressive financial risk profile. We note that cash burn remains
significant at the holding level, with total coverage of fixed
charges by dividends of only about 0.5x in 2009-2011. We also
understand that Wendel will reinvest part of the Deutsch
proceeds. We estimate that EUR100 million reinvested would
increase LTV by almost 1%," S&P said.

"The stable outlook reflects our expectation that, based on
current portfolio composition and assets flexibility, Wendel
should be able to maintain an LTV ratio below 45%, and adequate
liquidity," S&P said.

"Significant deterioration in the share prices of Wendel's key
listed investments or a financial policy more aggressive than we
currently expect could lead us to consider a negative rating
action. Deteriorating liquidity to below our 'adequate' category
would put pressure on the ratings, although we consider this as
an unlikely scenario for the near future," S&P said.

"We might consider a positive rating action, assuming broadly
unchanged portfolio liquidity, quality and diversity, if we saw
that the company had established a track record of an LTV ratio
below 40% and appeared able to maintain it. A further
prerequisite would also be a significant reduction in cash burn
at the holding level. We would also examine the operating
performance of its main subsidiaries and would expect
acquisitions to be pre-financed by disposals to a large extent,"
S&P said.


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


* GERMANY: Corporate Insolvencies Up 0.7% in January 2012
---------------------------------------------------------
RTT News reports that the Federal Statistical Office said Friday
German insolvency courts reported 2,321 business insolvencies in
January, up 0.7% from a year ago.

The number of consumer insolvencies totaled 8,236, which was 2.6%
less than in January 2011, RTT discloses.


===========
G R E E C E
===========


PIRAEUS GROUP: S&P Raises Ratings on Medium-Term Notes to 'CC'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'CC' from 'D' its
issue ratings on the series 21 subordinated medium-term notes due
2016 issued by Piraeus Group Finance PLC and guaranteed by
Piraeus Bank S.A. (Piraeus; CCC/Negative/C). "At the same time,
we raised to 'CC' from 'C' our issue ratings on the series A
outstanding preferred securities issued by Piraeus Group Capital
Ltd. and guaranteed by Piraeus," S&P said.

"The rating actions follow Piraeus' announcement, on March 16,
2012, of the completion of its tender offer launched on its
outstanding hybrid capital and dated subordinated debt
securities. These rating actions do not affect the counterparty
credit ratings on Piraeus or any other debt issue rating," S&P
said.

"In our previous article published on March 6, 2012, we said that
we considered Piraeus' proposed tender offer to be a 'distressed
exchange' under our criteria, and we accordingly lowered our
issue ratings to 'C' on its series A outstanding preferred
securities and to 'D' on its series 21 subordinated medium-term
notes due 2016. We said that we would review the rating on any
hybrid securities subject to the offer but that had not been
purchased upon completion of the offer," S&P said.

"On March 16, 2012, Piraeus announced it had completed its offer
and accepted a total amount of about EUR144 million tendered for
purchase under the offer. Following the settlement of the
purchase, the remaining outstanding amount of preferred
securities is about EUR158 million and the remaining amount of
dated subordinated debt is about EUR330 million," S&P said.

"Based on our criteria, we have reviewed the issue ratings on the
securities that have not been purchased after the completion of
the tender offer, and have decided to raise them to 'CC', in line
with the stand-alone credit profile (SACP) assigned to Piraeus.
According to our general criteria, we consider obligations rated
'CC' as currently highly vulnerable to nonpayment," S&P said.

"In line with our criteria, our issue ratings on hybrid
instruments and nondeferrable subordinated debt are derived from
Piraeus' SACP, which, at this level, reflects the very high risks
that we believe continue to weigh on the bank's solvency. In our
view, Piraeus is directly and significantly exposed to Greek
sovereign risk through its large Greek government bond portfolio.
We therefore believe that the bank will likely incur sizable
losses on its government bond holdings upon completion of the
exchange offer launched by the Greek government on Feb. 24, 2012.
In our view, the potential impact these losses might have on the
bank's distributable funds, as defined by Greek regulation, could
eventually trigger a deferral of the coupon payment on the bank's
hybrid capital instruments," S&P said.

"According to our criteria, if Piraeus were to suspend the coupon
payment on its hybrid capital instruments, or if any of these
notes were to be subject to any tender offer that we considered
to be a distressed exchange, we could lower the issue rating on
the hybrids to 'C'," S&P said.

RATINGS LIST
Upgraded
                                        To               From
Piraeus Group Capital Ltd.
Preferred Stock (Series A)             CC               C

Piraeus Group Finance PLC
Subordinated (Series 21)               CC               D


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


EUROCREDIT VIII: S&P Raises Rating on Class E Notes to 'B-'
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Eurocredit CDO VIII Ltd.'s class B, C, D, and E notes. "At the
same time, we have affirmed our ratings on the class A notes,"
S&P said.

"The rating actions follow our assessment of the transaction's
performance and our application of 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.

"The trustee report shows that the class E notes are not
currently passing the overcollateralization test. However, it
also shows that the reported weighted-average spread earned on
the collateral pool has increased to 3.3% from 3.0% since we last
reviewed the transaction," S&P said.

"Moreover, we note in our analysis that the portfolio's weighted-
average maturity has reduced by about 1.3 years. This led to a
decrease in scenario default rates across all rating levels
calculated by our CDO Evaluator model, when compared to our last
transaction review," S&P said.

"At the same time, according to our analysis, the percentage of
assets that we consider as defaulted (i.e., debt obligations of
obligors rated 'CC', 'SD' [selective default], or 'D') has
decreased since our previous review to 2.5% from 3.3% of the
total portfolio amount. Combined with the amortization of the
class A notes, this has resulted in higher levels of credit
enhancement available to all of the classes of notes," S&P said.

"We subjected the transaction's capital structure to a cash flow
analysis to determine the break-even default rate. In our
analysis, we used the portfolio balance that we consider to be
performing of EUR485 million (i.e., of assets rated 'CCC-' or
above), the reported weighted-average spread of 3.3%, 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
liability rating category, in conjunction with different interest
rate stress scenarios," S&P said.

"Based on our analysis, we consider the credit enhancement
available to the class B, C, D, and E notes to be commensurate
with higher rating levels. We have therefore raised our ratings
on these classes of notes," S&P said.

"About 28.5% of the assets in the transaction's portfolio are
non-euro-denominated. The issuer has entered into portfolio
currency swap and currency options agreements to mitigate the
risk of foreign-exchange-related losses," S&P said.

"In our view, the derivative documentation is not in line with
our 2010 counterparty criteria. As such, we have assumed that the
transaction does not benefit from the support of the portfolio
currency swap and currency options. We concluded that, under this
scenario and following the application of our 2010 counterparty
criteria, the class A and B notes can achieve a 'AA- (sf)'
rating. We have therefore raised our rating on the class B notes
and affirmed our 'AA- (sf)' rating on the class A notes," S&P
said.

"However, under our 2010 counterparty criteria, our ratings on
the class C, D, and E notes are supported by our rating on the
derivatives counterparty. We have therefore not applied any
additional foreign-exchange-related stresses to those notes," S&P
said.

"Eurocredit CDO VIII is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to
speculative-grade corporate firms. The transaction closed in
December 2007 and is managed by Intermediate Capital Group PLC,"
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

Eurocredit CDO VIII Ltd.
EUR636 Million Senior and Secured Deferrable Floating-Rate Notes

Ratings Raised

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

Rating Affirmed

A               AA- (sf)


WINDMILL CLO I: S&P Affirms 'B' Rating on Class E Notes
-------------------------------------------------------
Standard & Poor's Ratings Services raised its credit rating on
Windmill CLO I Ltd.'s class C notes, and affirmed its ratings on
all other classes of notes in the transaction.

"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 it under our
December 2010 counterparty criteria," S&P said.

"The February 2012 trustee report shows that all
overcollateralization tests are currently passing, and that the
reported weighted-average spread earned on the collateral pool
has increased to 3.3% from 2.8% since we published our last
review in October 2010. The trustee report also shows that the
percentage of portfolio assets that we consider in our analysis
as defaulted (i.e., debt obligations of obligors rated 'CC', 'SD'
[selective default], or 'D') has increased since our previous
review, to 1.2% from zero," S&P said.

"From our analysis, we have observed a decrease in the
portfolio's weighted-average maturity, to 5.2 years from 7.0
years--which has resulted in lower scenario default rates across
all rating levels calculated by our CDO Evaluator 6.0," S&P said.

"We have 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 EUR481.6 million
portfolio balance that we consider to be performing (i.e., of
assets rated 'CCC-' or above), the reported weighted-average
spread of 3.3%, 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 rates," S&P said.

"We have observed from our analysis that the credit support
available to the class C notes is now commensurate with a higher
rating, and we have raised the rating to 'BBB- (sf)'. The credit
enhancement available to all other rated classes of notes remains
commensurate with the current ratings assigned, and we have
therefore affirmed our ratings on the class A-1R, A-1T, A-2A, A-
2B, B, and E notes," S&P said.

"Approximately 20.4% 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 asset swap
agreements throughout the life of the transaction," S&P said.

"Under our 2010 counterparty criteria, our analysis of the swap
counterparties and the associated documentation indicates that
the counterparties cannot support a rating higher than 'AA-
(sf)'. To assess the potential impact of this on our ratings, we
have assumed that the transaction does not benefit from the swap
transactions. We concluded that, in this scenario, the class
A-1R and A-1T notes would still be able to achieve 'AAA (sf)'
ratings, and that the class A-2A and A-2B notes would be able to
achieve 'AA+' (sf) ratings. Thus, we have affirmed our ratings on
these classes of notes. Under our 2010 counterparty criteria, our
ratings on the class B, C, and E notes are supported by our
ratings on the swap counterparties. Hence, we have applied no
additional foreign-exchange-related stresses to these notes," S&P
said.

Windmill CLO I is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in
October 2007 and is managed by 3i Debt Management Investments
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

Windmill CLO I Ltd.
EUR600 Million Fixed- Floating-Rate Notes and Subordinated Notes

Rating Raised

C           BBB- (sf)             BB+ (sf)

Ratings Affirmed

A-1R        AAA (sf)
A-1T        AAA (sf)
A-2A        AA+ (sf)
A-2B        AA+ (sf)
B           A- (sf)
E           B (sf)


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


INTELSAT JACKSON: Moody's Rates New $800MM Sr. Unsec. Notes 'B3'
----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Intelsat
Jackson Holdings S.A.'s new $800 million senior unsecured
guaranteed notes issue. Jackson is an indirect, wholly-owned
subsidiary of Intelsat S.A.  As the senior-most issuer in the
Intelsat group of companies, Intelsat is the entity at which
Moody's maintains corporate family and probability of default
ratings (CFR and PDR respectively), both of which remain
unchanged at Caa1. As well, the corporate family's speculative
grade liquidity rating remains unchanged at SGL-3 (indicating
adequate liquidity) and the outlook remains unchanged at stable.

The new notes (which reference Jackson's existing 7.25% senior
unsecured notes due 2020) are being issued to fund tender offers
that contemplate retiring approximately $310 million of Jackson's
$702 million 9.50% senior notes due June 15, 2016 and
approximately $470 million of Jackson's $1,048 million 11.25%
senior unsecured notes due June 15, 2016. With Intelsat's
consolidated debt not affected the transaction is leverage
neutral and therefore has no impact on Intelsat's CFR and PDR and
both ratings were affirmed at Caa1. Similarly, as the transaction
has no impact on liquidity, Intelsat's SGL-3 liquidity rating
(indicating adequate liquidity) was also affirmed.

Since the $800 million new issue benefits from guarantees
provided by Jackson's guarantor subsidiaries while Jackson's
Caa2-rated 11.25% senior unsecured notes are not guaranteed, the
transaction has negative ratings' implications for B3-rated
guaranteed debt holders as the amount of loss absorption capacity
provided by junior-ranking debt decreases. While the B3 ratings
remain unchanged, the loss given default estimates for entire
tranche of B3-rated debt will be at the edge of an inflection
point such that any further erosion of loss absorption capacity
would cause a downgrade. Otherwise, all other ratings remain
unchanged and were affirmed.

The following summarizes Moody's ratings and today's rating
actions for Intelsat:

Assignments:

  Issuer: Intelsat Jackson Holdings S.A.

    Senior Unsecured Regular Bond/Debenture, Assigned B3 (LGD3,
    41%)

Other Actions:

  Issuer: Intelsat S.A.

    Senior Unsecured Regular Bond/Debenture, Unchanged at Caa3
    (LGD6, 96%)

  Issuer: Intelsat (Luxembourg) S.A.

    Senior Unsecured Regular Bond/Debenture, Unchanged at Caa3
    (LGD5, 85%)

  Issuer: Intelsat Jackson Holdings S.A.

    Senior Secured Bank Credit Facility, Unchanged at B1 (LGD1,
    7%)

    Senior Unsecured Regular Bond/Debenture, Unchanged at B3
    (LGD3, 41%)

    Senior Unsecured Regular Bond/Debenture, Unchanged at Caa2
    with the loss given default assessment revised to LGD4, 69%
    from LGD4, 68%

Rating Rationale

Intelsat's Caa1 ratings are influenced primarily by concerns that
the company's capital structure may not be sustainable over a
prolonged period. Financial leverage is elevated (LTM Debt-to-
EBITDA at December 31, 2011, incorporating Moody's standard
adjustments, is 8.3x) as a consequence of debt-financed ownership
changes and significant capital expenditures, and it is not clear
that the EBITDA stream is large enough -- or can grow
sufficiently in a reasonable time frame -- to fund all of
operating costs, interest expense, cash taxes, and capital
expenditures. This background also serves to highlight the very
important role that the company's liquidity arrangements play.
With persistent negative/weak free cash generation, having the
resources to address FCF shortfalls without jeopardizing overall
financing arrangements is crucial, as is the ability to refinance
debts as they come due. The company's strong business profile
supports the rating. Key features are a large 50-plus satellite
fleet covering 99% of the globe's populated regions, growing
demand, and a stable contract-based revenue stream with a solid
$10.7 billion revenue backlog (over 4 years of revenue) booked
with well-regarded customers.

Rating Outlook

As noted above, the ratings outlook is stable. With modest EBITDA
growth and liquidity sufficient to fund the next several
quarters, downwards pressure is manageable. However, until
positive free cash flow can be anticipated to be sustained,
upwards ratings momentum is limited.

What Could Change the Rating - Up

A ratings upgrade is not expected until Intelsat can substantiate
the ability to be cash flow self-sustaining. Given the current
debt load, this should be observed when EBITDA approaches $2.4
billion and Debt/EBITDA approaches and then falls below 6.5x.
Upon this milestone being observed/anticipated and supported by
trends that are expected to be sustained, and presuming solid
liquidity arrangements, upwards rating pressure would result.

What Could Change the Rating - Down

In the near term, Intelsat's rating is tied to its liquidity
arrangements; they will provide the initial warnings of the
company's plan coming under stress. In this regard financial
covenants (and restricted payment baskets) will be key. Should
applicable cushions be permanently eroded, downwards ratings
actions may be required.

The principal methodology used in rating Intelsat S.A. was the
Global Communications Infrastructure Industry Methodology
published in June 2011. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.


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


HYVA GLOBAL: S&P Affirms 'B+' Corp. Credit Rating; Outlook Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services had revised the outlook on
Hyva Global B.V., a Netherlands-headquartered provider of
hydraulic systems, to negative from stable. "We also affirmed our
'B+' long-term corporate credit rating on Hyva and our 'B+' issue
rating on the company's outstanding senior secured notes. At the
same time, we lowered the Greater China credit scale rating on
Hyva to 'cnBB-' from 'cnBB'," S&P said.

"We revised the outlook to reflect increased uncertainty over
Hyva's ability to significantly improve its EBITDA margin over
the next 12 months," said Standard & Poor's credit analyst Jerry
Fang. "Prospects of a recovery in demand in the Chinese truck
market are also uncertain, in our view. Demand for Hyva's main
products is highly correlated to sales of heavy duty trucks."

"In our view, Hyva's business risk profile is 'weak'. We expect
the company's credit measures to remain under pressure over the
next 12 months. The company's profitability in 2011 was lower
than we expected and its credit protection metrics deteriorated.
We attribute Hyva's lower profitability to a rise in key raw
material costs and the company's inability to pass on the higher
costs to customers," S&P said.

"We are uncertain if truck demand in China has bottomed out or if
growth in other regions can offset a decline in demand in China.
Truck sales in China grew about 19% year over year in February
2012, the first increase since April 2011," S&P said.

"We expect Hyva's financial risk profile to remain 'aggressive'
over the next 12 months. The company's one-off cost adjustment
and expenses due to a change in ownership dented its financial
performance in 2011. Hyva's performance in 2012 is likely to
depend on the company's ability to improve its gross margin, as
well as its prospects in China for the rest of 2012. In our base-
case scenario, excluding preferred shares, we expect the ratio of
total debt to EBITDA to remain between 5.2x and 4.6x over the
next 12 months," S&P said.

"We could lower the rating if Hyva fails to significantly improve
its profitability and its credit measures weaken," said Mr. Fang.
"An adjusted ratio of total debt to EBITDA of more than 5x
(excluding preferred shares) without a sign of improvement would
indicate such deterioration. This could happen if: (1) Hyva
cannot materially reduce costs by streamlining procurement
processes; or (2) truck demand in China remains sluggish to the
extent that growth in other regions cannot offset the impact. We
could also downgrade Hyva if it engages in major debt-funded
acquisitions or its shareholders aggressively extract value from
the company."

"We could revise the outlook to stable if the company can
significantly improve its profitability to restore its credit
measures. An adjusted ratio of total debt to EBITDA of
consistently less than 5x (excluding preferred shares) would
indicate such improvement," S&P said.


STORM 2012-II: Moody's Rates EUR9-Mil. Class E Notes 'Ba1(sf)'
--------------------------------------------------------------
Moody's Investors Service has assigned definitive credit ratings
to the following classes of notes issued by STORM 2012-II B.V.:

    EUR180M A1 Notes, Definitive Rating Assigned Aaa (sf)

    EUR665M A2 Notes, Definitive Rating Assigned Aaa (sf)

    EUR16.1M B Notes, Definitive Rating Assigned Aa1 (sf)

    EUR13.4M C Notes, Definitive Rating Assigned Aa3 (sf)

    EUR15.1M D Notes, Definitive Rating Assigned A2 (sf)

    EUR9M E Notes, Definitive Rating Assigned Ba1 (sf)

The transaction represents the securitization of Dutch prime
mortgage loans backed by residential properties located in the
Netherlands and originated by Obvion N.V. (not rated). The
portfolio will be serviced by Obvion.

Ratings Rationale

The ratings of the notes take into account the credit quality of
the underlying mortgage loan pool, from which Moody's determined
the MILAN Aaa Credit Enhancement and the portfolio expected loss.

The expected portfolio loss of 0.65% of the portfolio at closing
and the MILAN Aaa required Credit Enhancement of 7.3% served as
input parameters for Moody's cash flow model, which is based on a
probabilistic lognormal distribution as described in the report
"The Lognormal Method Applied to ABS Analysis", published in July
2000. The key drivers for the MILAN Aaa Credit Enhancement
number, which is in line with other prime Dutch RMBS transactions
which closed during the past twelve months, are (i) the weighted
average loan-to-foreclosure-value (LTFV) of 91.8%, which is in
line with other prime Dutch RMBS transactions, (ii) the
proportion of interest-only loan parts (78.0%) which is slightly
higher than for other prime Dutch RMBS transactions, (iii) the
weighted average seasoning of 3.6 years, (iv) the limited
possibility for the seller to substitute new loans or further
advances into the subject structure, and (v) the availability of
the NHG-guarantee for 3.8% of the loans in the pool.

The key drivers for the portfolio expected loss are (i) the
performance of the seller's precedent transactions as well as the
performance on the seller's book ,(ii) benchmarking with
comparable transactions in the Dutch RMBS market, and (iii) the
current economic conditions in the Netherlands in combination
with historic recovery data of foreclosures received from the
seller.

Approximately 5.6% of the portfolio is linked to life insurance
policies (life mortgage loans), which are exposed to set-off risk
in case an insurance company goes bankrupt. The seller has
provided loan-by-loan insurance company counterparty data.
Moody's considered the set-off risk in the cash flow analysis.

The transaction benefits from a non-amortizing reserve fund that
will be funded at 1.0% of the total class A1, A2, B, C and D
notes outstanding at closing and will build up to 1.3% by
trapping available excess spread. The total credit enhancement
for the Aaa rated notes is 6.0%. Apart from the reserve fund, the
transaction benefits from an excess margin of 50 bps through the
swap agreement. The swap counterparty is Obvion and the back-up
swap counterparty is Rabobank (Aaa possible downgrade/P-1).
Rabobank is obliged to assume the obligations of Obvion under the
swap agreement in case of Obvion's default. The transaction also
benefits from an amortizing liquidity facility of 2% of the
outstanding principal amount of the notes (including the class E
notes) with a floor of 1.45% of the outstanding principal amount
of the notes (including the class E notes) as of closing.

Moody's Parameter Sensitivities: At the time the rating was
assigned, the model output indicated that class A2 would have
achieved Aa2 if the expected loss was as high as 2.0% assuming
MILAN Aaa CE increased to 11.7% and all other factors remained
the same. Class A1 would have achieved Aaa in all tested
scenarios.

Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged and is not intended
to measure how the rating of the security might migrate over
time, but rather how the initial rating of the security might
have differed if key rating input parameters were varied.
Parameter Sensitivities for the typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.

The V Score for this transaction is Low/Medium, which is in line
with the V Score assigned for the Dutch RMBS sector, mainly due
to the fact that it is a standard Dutch prime RMBS structure for
which Moody's has over 10 years of historical performance data on
precedent transactions. The primary source of uncertainty relates
to operational risks relating to the servicing arrangement. The
contractual servicer (Obvion) is not rated by Moody's. This risk
is mitigated by the fact that Stater Nederland N.V. will be
appointed at closing as sub-agent of Obvion and will perform the
loan administration. In case of the default of Obvion in its
capacity as servicer, Stater Nederland N.V. will be obligated to
perform mortgage administration for the period of nine months
while the new servicer is being appointed. Another source of
uncertainty is the fact that the swap counterparty is unrated and
that the swap will be automatically novated to the back-up swap
counterparty upon occurrence of certain credit events relating to
the swap counterparty. The swap novation mechanism makes this
transaction more complex than the standard Dutch RMBS
transaction. V Scores are a relative assessment of the quality of
available credit information and of the degree of dependence on
various assumptions used in determining the rating. High
variability in key assumptions could expose a rating to more
likelihood of rating changes. The V Score has been assigned
according to the report "V Scores and Parameter Sensitivities in
the Major EMEA RMBS Sectors" published in April 2009.

The methodologies used in this rating were Moody's Approach to
Rating RMBS in Europe, Middle East, and Africa published in
October 2009, Moody's Updated MILAN Methodology for Rating Dutch
RMBS published in October 2009, Cash Flow Analysis in EMEA RMBS:
Testing Structural Features with the MARCO Model (Moody's
Analyser of Residential Cash Flows) published in January 2006,
Moody's Updated Approach to NHG Mortgages in Rating Dutch RMBS
published in March 2009, and Moody's Updated Methodology for Set-
Off in Dutch RMBS published in November 2009.

Other Factors used in this rating are described in The Lognormal
Method Applied to ABS Analysis published in July 2000, and Global
Structured Finance Operational Risk Guidelines: Moody's Approach
to Analyzing Performance Disruption Risk published in June 2011.

In rating this transaction, Moody's used ABSROM to model the cash
flows and determine the loss for each tranche. The cash flow
model evaluates all default scenarios that are then weighted
considering the probabilities of the lognormal distribution
assumed for the portfolio default rate. In each default scenario,
the corresponding loss for each class of notes is calculated
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the
expected loss or EL for each tranche is the sum product of (i)
the probability of occurrence of each default scenario; and (ii)
the loss derived from the cash flow model in each default
scenario for each tranche.

As such, Moody's analysis encompasses the assessment of stressed
scenarios.

The rating addresses the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the notes by the legal final
maturity. Moody's ratings only address the credit risk associated
with the transaction. Other noncredit risks have not been
addressed, but may have a significant effect on yield to
investors.

Moody's will monitor this transaction on an ongoing basis.

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


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


POLDIM SA: Files for Bankruptcy
-------------------------------
Maciej Martewicz at Bloomberg News reports that Trakcja-Tiltra SA
said its unit Poldim SA filed for bankruptcy.

Trakcja-Tiltra SA is a Polish railway and road builder.


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


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

Moody's current ratings on Sistema JSFC and its affiliates are:

Sistema JSFC:

Long Term Corporate Family (foreign currency) ratings of Ba3

Probability of Default rating of Ba3

Mobile TeleSystems OJSC:

Long Term Corporate Family (foreign currency) ratings of Ba2

Probability of Default rating of Ba2

MTS International Funding Limited:

Senior Unsecured (foreign currency) ratings of Ba2

LGD Senior Unsecured (foreign currency) rating of 58 - LGD4

Sistema Capital S.A.

Senior Unsecured MTN (foreign currency) ratings of (P)Ba3

LGD Senior Unsecured MTN (foreign currency) ratings of 50 - LGD4

Sitronics JSC

Long Term Corporate Family Ratings (foreign currency) of B3 on
review for downgrade

Probability of Default Rating of B3 on review for downgrade

RATINGS RATIONALE

Sistema's ratings reflect strong consolidated financial metrics,
underpinned by the vigorous organic development of its key
underlying telecoms and oil & energy assets. Sistema's telecoms
business has proven relatively resilient in the face of market
pressures in recent months and even resumed moderate growth. On a
consolidated basis, Sistema maintains good balance sheet
liquidity, relatively moderate leverage (further supported by a
substantial cash cushion at MTS and Bashneft) and a predominantly
long-term debt structure.

While Sistema demonstrates robust financial performance on a
consolidated basis, Moody's notes substantial improvements in the
holding company's standalone profile due to sustainable
broadening of the dividend base (for 2010, in addition to the
attributable 51% of MTS's RUB30 billion dividend, Sistema
received its share (73%) of the RUB48 billion dividend payout
from Bashneft).

The reorganization of telecom assets under MTS resulted in the
transfer of approximately US$2.2 billion during the past 18
months to Sistema thereby underpinning its financial flexibility.
Sistema's parent company standalone liquidity and capital
structure has furthermore been significantly strengthened by
shifting the debt associated with the acquisition of Bashneft
from the holding company level to Bashneft along with steps
undertaken to stabilize the business and financial profiles of
its weaker subsidiaries.

Sistema is in the process of strategically evolving toward being
more of an investment company managing the various investments it
has across its various strategic areas of focus. Moody's
recognizes Sistema's efforts to evolve as a financial
corporation; in particular, Moody's notes (i) the company's
announced intention to further diversify into downstream
petrochemicals production on the platform of the existing
exploration, production and refinery business, and (ii) steps
undertaken to reduce direct involvement in the subsidiaries and
associates' operating activities. At this juncture Moody's,
however, retain Moody's approach to rating Sistema as an
industrial and service sector conglomerate, and conduct Moody's
analysis in accordance with Moody's guidelines for assessing
conglomerate structures, based on the individual credit profiles
of its various holdings including their stand-alone operating and
financial performance metrics such as leverage, profitability and
coverage while also taking into account the liquidity and cash
flow profiles of Sistema on a parent company basis. The
application of the guidelines results in an indicative rating in
the mid 'Ba' range. The ratings remain constrained by the group's
complexity, the existence of minority shareholdings at various
levels, and pending event risk associated with Sistema's appetite
for opportunistic investment.

Rating Outlook

The outlook on the ratings is stable.

What Could Change the Rating - Up

Moody's believes that upward pressure could be exerted on the
rating if the consolidated leverage -- as measured by gross
adjusted debt to OIBDA -- improves to below 2.0x. Moody's notes
positively that the company has already reduced the debt at the
holding company level as percentage of consolidated gross debt to
9%. Any upward rating pressure will be contingent upon the group
continuing to demonstrate improvement in the performance of its
weaker subsidiaries, resulting in an improving balance and
diversification of cash flow contributions across its portfolio
of holdings.

What Could Change the Rating - Down

Moody's notes that the event risk associated with Sistema's
activities will remain embedded in the company's ratings given
its ambitious development plans. Moody's will also assess the
rating impact of any opportunistic M&A and investment activities
that materially alters the business mix and exercises pressure on
the leverage and coverage metrics. Downward pressure could be
exerted on the rating if the company failed to sustainably
maintain debt service coverage at the Sistema holding level --
measured as dividends and other distributions received from
subsidiaries to gross interest in the range of 2.0x-3.0x.

The principal methodology used in these ratings was Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

Other factors used in these ratings are described in Moody's
Special Comment "Analytical Considerations in Assessing
Conglomerates" published in September 2007.


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


BBVA-3 FTPYME: S&P Lowers Rating on Class C Notes to 'B+'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating on
BBVA-3 FTPYME, Fondo de Titulizacion de Activos' class C notes.
"At the same time, we affirmed our ratings on the class A2(G) and
B notes," S&P said.

"The rating actions follow our review of the composition and
credit quality of the underlying collateral, and structural
features of the transaction--taking into account the latest data
provided by the transaction's trustee, Europea de Titulizacion,"
S&P said.

"We have taken [the] rating actions in light of what we consider
to be the stable performance to date of the underlying
collateral, but also risks due to obligor concentration. These
factors have made this transaction sensitive to top obligors'
credit deterioration. Additionally, the transaction's lack of
structural features has reduced the class C notes' credit
enhancement level, which could leave them undercollateralized and
cause principal losses," S&P said.

"The underlying pool is highly seasoned with a low pool factor of
6.75%. After reaching their peak in July 2010, long-term
delinquencies in this transaction have been decreasing and are
now low; they currently represent less than 0.50% of the
outstanding collateral," S&P said.

"Additionally, the rollover rate of long-term delinquencies into
defaults (defined as loans in arrears for more than 12 months)
has been low, with cumulative defaults at 1.01% of the closing
portfolio balance. This indicates to us that Banco Bilbao Vizcaya
Argentaria S.A. (BBVA; A/Negative/A-1), the portfolio servicer,
is experiencing a high level of recoveries on delinquent assets.
Consequently, default levels are among the lowest in the Spanish
small and midsize enterprise collateralized loan obligation (SME
CLO) market. Although still accruing in the portfolio, new
defaults enter at a very slow pace, and recoveries from defaults
are now stable at about 38%," S&P said.

"As the portfolio now mainly comprises loans secured by real
estate mortgages (83% of the outstanding portfolio balance,
compared with 47% at closing), we do not forecast any significant
increase in recoveries because the foreclosure process of the
security attached to these loans will take place in a depressed
real estate market, which is showing further signs of upcoming
deterioration," S&P said.

"Although we acknowledge the underlying collateral's stable
performance, outstanding defaults represent 9.70% of the current
portfolio balance, and there are in our view, material risks from
obligor concentration: The top one, five, 10, and 20 obligors
account for 3.56%, 11.41%, 17.24%, and 25.51% of the outstanding
portfolio balance. The entire portfolio currently features 1,090
obligors," S&P said.

"This degree of concentration, in our view, makes the
transaction's future performance sensitive to the credit quality
deterioration of a limited number of obligors. Therefore, the
structure relies significantly on the timing of defaults and
recoveries on these defaults that could arise in respect of a few
obligors," S&P said.

"In our opinion, this could leave the class C notes
undercollateralized, as the performing balance available to
service the amounts due under this class of notes will be
reduced, and the reserve fund balance fund may not be sufficient
to cover a potential principal shortfall at legal final maturity
of the notes," S&P said.

"In our analysis, we have therefore taken into account levels of
delinquencies, defaults, and recoveries--factoring in the
underlying portfolio's seasoning. We have also considered the
increase in obligor concentration risk, heightened exposure to
the real estate risk (31.85% of the outstanding portfolio), and
the current level of credit support available to the class C
notes -- as per the latest structural features," S&P said.

"Based on our analysis, we have lowered to 'B+ (sf)' from 'BBB
(sf)' our rating on the class C notes. The new rating reflects
our view that the class C notes could be vulnerable to nonpayment
of principal when exposed to adverse business, financial, or
economic risk, in accordance with Standard & Poor's ratings
definitions," S&P said.

"We have affirmed our 'AAA (sf)' and 'A (sf)' ratings on the
class A2(G) and B notes because our analysis indicates that
levels of credit support remain commensurate with the current
ratings," S&P said.

"The collateral backing BBVA-3 FTPYME comprises a portfolio of
loans to Spanish SMEs, originated and serviced by BBVA. The
transaction closed in December 2004. It comprises loans
originated mainly in 2002 (19.50% of the outstanding portfolio),
2003 (45.00%), and 2004 (23.50%). Borrower concentration is in
the Andalucia, Catalonia, Valencia, and Madrid areas; there is
significant exposure to the real estate and construction sector,
retail industry, and manufacturing sector," 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

BBVA-3 FTPYME, Fondo de Titulizacion de Activos
EUR1 Billion Floating-Rate Notes

Rating Lowered

C          B+ (sf)               BBB (sf)

Ratings Affirmed

A2(G)      AAA (sf)
B          A (sf)


===========
S W E D E N
===========


SAAB AUTOMOBILE: Administrators Evaluate Bids
---------------------------------------------
The New Zealand Herald reports that Saab Automobile's bankruptcy
administrators say they are evaluating bids for the Swedish brand
and aim to make a decision in the next two months.

The administrators did not disclose the bidders after a final
deadline passed last week, NZ Herald notes.

Chinese carmaker Youngman is the only company to publicly
register its interest in buying the company, NZ Herald discloses.
According to NZ Herald, media reports have said that India
carmaker Mahindra & Mahindra has made an offer and so has a
Japanese-Chinese consortium that wants to produce electric
vehicles at Saab.

Bankruptcy administrator Hans Bergqvist told the Swedish press
that all the bidders want to restart car production at Saab's
plant in Trollhatten, Sweden, NZ Herald relates.  He said the
bids were being evaluated as a base for continued discussions, NZ
Herald recounts.

Mr. Bergqvist, as cited by NZ Herald, said Saab has debts of
SEK13 billion (US$1.9 billion) and assets of just SEK3.6 billion.
He said he hoped the successful bidder would pay more than the
assets were worth, NZ Herald notes.

                            About Saab

Saab, or Svenska Aeroplan Aktiebolaget (Swedish Aircraft
Company), was founded in 1937 as an aircraft manufacturer and
revealed its first prototype passenger car 10 years later after
the formation of the Saab Car Division.  In 1990, Saab
Automobile AB was created as a separate company, jointly owned by
the Saab Scania Group and General Motors, and became a wholly
owned GM subsidiary in 2000.  In February 2010, Spyker Cars N.V.
was renamed Swedish Automobile N.V. (Swan) on June 15, 2011.

Saab Automobile AB currently employs approximately 3,700 staff in
Sweden, where it operates production and technical development
facilities at its headquarters in Trollhattan, 70 km north of
Gothenburg.  Saab Cars North America is located in Royal Oak,
Michigan employing approximately 50 people responsible for sales,
marketing and administration duties for the North American
market.

On Dec. 19, 2011, Swedish Automobile N.V. disclosed that Saab
Automobile AB (Saab Automobile), Saab Automobile Tools AB and
Saab Powertrain AB filed for bankruptcy with the District Court
in Vanersborg, Sweden.  After having received the recent position
of GM on the contemplated transaction with Saab Automobile,
Youngman informed Saab Automobile that the funding to continue
and complete the reorganization of Saab Automobile could not be
concluded.  The Board of Saab Automobile subsequently decided
that the company without further funding will be insolvent and
that filing bankruptcy is in the best interests of its creditors.
Swan does not expect to realize any value from its shares in Saab
Automobile and will write off its interest in Saab Automobile
completely.


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


PREMIER FOODS: S&P Lowers Long-Term Issuer Credit Rating to 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit rating on U.K.-headquartered packaged food producer
Premier Foods PLC to 'B' from 'B+', and removed the rating from
CreditWatch, where it was originally placed with negative
implications on Oct. 18, 2011. The outlook is negative.

"The downgrade and negative outlook reflect our view that,
despite the successful completion of its bank refinancing,
Premier Foods is exposed to execution risk in conjunction with
the disposal program," S&P said.

"Under the terms of its revised bank agreement, Premier Foods
must generate disposal proceeds of GBP330 million by June 30,
2014, and meet certain progress milestones from Dec. 31, 2013. In
our opinion, notwithstanding a stabilizing outlook for the U.K.
food processing industry, the timing, scale, and achievable
multiple for disposals depends on market conditions, and credit
market volatility may constrain demand among potential buyers for
these assets," S&P said.

"The rating reflects our view of Premier Foods' 'highly
leveraged' financial risk profile and 'fair' business risk
profile, as our criteria define these terms," S&P said.

The negative outlook reflects the risk of a downgrade within the
next year if Premier Foods does not sufficiently deliver on its
disposal program to ensure continued financial covenant
compliance.

"We could lower the rating if unexpected adverse operating
developments caused the company's cash interest cover to fall
below 2x. This could result from an extraordinary spike in raw
material costs without a corresponding increase in prices," S&P
said.

"We could revise the outlook to stable if we felt that Premier
Foods were able to lower its debt and maintain consistently
adequate covenant headroom, as well as cash interest cover in
excess of 2x, which we consider commensurate with the 'B'
rating," S&P said.


PORT VALE: HMRC Opposes Company Voluntary Arrangement
-----------------------------------------------------
Thisisstaffordshire.co.uk reports that the HM Revenue & Customs
looks certain to vote against a proposed deal to pay off Vale's
creditors -- but their opposition won't be enough to derail the
takeover.

HMR is owed GBP189,965 by Vale, making them the third largest
creditor of the club, which entered administration in March,
thisisstaffordshire.co.uk discloses.

Vale's administrator, Begbies Traynor, has set out a Company
Voluntary Arrangement, which will be voted on by creditors at a
meeting on April 26, thisisstaffordshire.co.uk relates.

According to thisisstaffordshire.co.uk, the arrangement requires
approval from 75% of the value of the club's GBP2.69 million debt
to be passed.  But only those creditors who vote will be counted
in the calculations, thisisstaffordshire.co.uk notes.

If approved, it will clear the path for Lancashire businessman
Keith Ryder to complete his GBP1.4 million takeover,
thisisstaffordshire.co.uk says.

However, the deal involves unsecured creditors, like HMRC,
receiving 3p for each GBP1 they are owed, which would pocket them
just GBP5,700, thisisstaffordshire.co.uk notes.

All football creditors, including players who have wage arrears,
are paid in full, which reduces the available cash for other
parties, thisisstaffordshire.co.uk states.

According to thisisstaffordshire.co.uk, a Revenue and Customs
spokesman said: "HMRC has a long-standing policy that we will not
support a CVA which seeks to give preference to one class of
unsecured creditor over another.

"HMRC has challenged the operation of the football creditor rule
in the High Court, since this rule seeks to give an advantage to
unsecured football creditors over other non-football unsecured
creditors.

"The practical application of the so-called 'football creditor
rule' can mean that the risk of revenue losses in the football
sector can be particularly high.

"HMRC's view is that the rule is unfair, unlawful and
unacceptable which is why we are challenging it in the courts."

If the CVA is not approved by creditors, Mr. Ryder could still
complete his deal, although Vale could be hit with a further
deduction of between 15 and 20 points if they exit administration
without an agreement in place, thisisstaffordshire.co.uk notes.

However, it is the approval of Vale's largest creditor, Stoke-on-
Trent City Council, which holds the key to the green light being
given, thisisstaffordshire.co.uk notes.

They are owed GBP1.859 million, giving them a 69% share of the
debt, compared to HMRC's 7%, thisisstaffordshire.co.uk discloses.

The city council have yet to reveal whether they will back the
proposals, although it is believed the club are confident they
will support the agreement, thisisstaffordshire.co.uk says.

Port Vale F.C. is a football club based in Burslem,
Staffordshire.


PORTSMOUTH FOOTBALL: Administrator Reveals Two New Bidders
----------------------------------------------------------
Rory McKeown at The News reports that Portsmouth Football Club
administrator Trevor Birch is hopeful of securing the club's
future after revealing two new interested parties have come to
the table.

In a web chat hosted by The News, Mr. Birch confirmed he was
approached in the "last two or three weeks" and the new parties
do not have history of owning football clubs either in the UK or
abroad.

They are separate to the Pompey Supporters' Trust's bid,
according to the administrator, who revealed the club will
"probably" be sold in the region of between GBP5 million-GBP10
million, The News discloses.

It comes as Mr. Birch stressed the club is heading to a crucial
date on June 2, where the Football League holds its annual
meeting, The News notes.

Mr. Birch said the trust's share scheme could work if enough fans
back it and said a 50-50 buy out with the trust and another
interested bidder would be a "feasible" option, The News relates.

Mr. Birch, as cited by The News, said the club's debt of GBP59
million will be written off in a prospective Company Voluntary
Arrangement (CVA) by "way of a dividend".

According to The News, during the chat, the administrator
confirmed the club's former owner Balram Chainrai is owed "around
GBP17 million" by the club and has "a debenture and charge" over
it.

He also confirmed he would have to accept a bid from Mr. Chainrai
if he returned to Pompey, in the interests of the creditors, The
News notes.

                    About Portsmouth Football

Portsmouth Football Club Ltd. -- http://www.portsmouthfc.co.uk/
-- operated Portsmouth FC, a professional soccer team that plays
in the English Premier League.  Established in 1898, the club
boasted two FA Cups, its last in 2008, and two first division
championships.  Portsmouth FC's home ground is at Fratton Park;
the football team is known to supporters as Pompey.  Dubai
businessman Sulaiman Al-Fahim purchased the club from Alexandre
Gaydamak in 2009.  A French businessman of Russian decent,
Gaydamak had controlled Portsmouth Football Club since 2006.


RANGERS FOOTBALL: Bidders Still Interested Despite SPL Plans
------------------------------------------------------------
STV reports that Rangers administrators claim three bidders are
still in contention for the crisis-hit club despite proposed
Scottish Premier League rule changes.

Duff and Phelps said on Friday that the three interested parties
have made changes to the conditions of their offers on the back
of resolutions about clubs in insolvency that the SPL will vote
on at the end of the month, STV relates.

According to STV, the insolvency firm said that it hoped to be
able to announce a preferred bidder for the Ibrox club before the
SPL general meeting vote on April 30.

Under the SPL plans to be voted on, Rangers would face a 75%
reduction in league income and ten points deductions for two
seasons, should the assets of the club be sold to a "newco" and
the old one liquidated, STV discloses.  The proposed rules
describe the newco switch as an "insolvency transfer events",
where an insolvent club creates a new company and transfers its
SPL share and membership to the new entity, as could still happen
in the case of the Ibrox club, STV notes.

All three bidders have stated they hope for the company voluntary
arrangement (CVA) route out of administration which requires the
support of 75% of creditors by size, according to STV.

                   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.


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


* S&P Withdraws 'D' Ratings on 16 European Synthetic CDO Tranches
-----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
23 European synthetic collateralized debt obligation (CDO)
tranches.

"We," S&P said, "have withdrawn our ratings on these tranches for
different reasons, including:"

* The issuer has fully repurchased and cancelled the notes,

* The notes have been redeemed earlier, and

* The principal amount of the notes has been reduced due to
   losses.

"We provide the rating withdrawal reason for each individual
tranche in the separate ratings list," S&P said.

"We have lowered to 'D (sf)' and subsequently withdrawn our
ratings on 16 tranches' downgrades to 'D (sf)' follow
confirmation that losses from credit events in the underlying
portfolios exceeded the available credit enhancement levels. This
means that the noteholders did not receive full principal on the
early termination date for these tranches. The ratings lowered to
'D (sf)' will remain at 'D (sf)' for a period of 30 days before
the withdrawals becomes effective," 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


* Analyst Expects More Bankruptcies in the Solar Sector
-------------------------------------------------------
StreetInsider.com reports that Chardan analyst Jay Srivatsa said
more bankruptcy in the solar sector are coming over the next 2-3
quarters.

Mr. Jay Srivatsa said the outlook for the solar sector is
"dismal" and even large companies like First Solar are idling
production lines and still others have suspended commercial
production.

Mr. Srivatsa remains bearish on the sector and doesn't expect a
snap back until later this year, StreetInsider.com notes.



* BOND PRICING: For the Week April 9 to April 13, 2012
------------------------------------------------------

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

AUSTRIA
-------
A-TEC INDUSTRIES        5.750   11/2/2010     EUR     30.75
A-TEC INDUSTRIES        8.750  10/27/2014     EUR     30.88
A-TEC INDUSTRIES        2.750   5/10/2014     EUR     30.75
BA CREDITANSTALT        5.470   8/28/2013     EUR     70.13
ERSTE BANK              6.000   7/31/2014     EUR     50.13
IMMOFINANZ              4.250    3/8/2018     EUR      3.81
KOMMUNALKREDIT          4.440  12/20/2030     EUR     63.25
KOMMUNALKREDIT          4.900   6/23/2031     EUR     67.13
OESTER VOLKSBK          4.170   7/29/2015     EUR     65.63
OESTER VOLKSBK          4.750   4/30/2021     EUR     70.92
OESTER VOLKSBK          5.270    2/8/2027     EUR     73.82
OESTER VOLKSBK          4.160   5/20/2025     EUR     70.59
OESTER VOLKSBK          4.810   7/29/2025     EUR     58.13
RAIFF CENTROBANK        9.876   1/23/2013     EUR     51.59
RAIFF CENTROBANK       11.000   5/24/2012     EUR     64.12
RAIFF CENTROBANK       11.000   5/24/2012     EUR     71.81
RAIFF CENTROBANK        7.161   7/20/2012     EUR     65.99
RAIFF CENTROBANK        7.812   7/20/2012     EUR     61.35
RAIFF CENTROBANK        5.208   7/25/2012     EUR     69.30
RAIFF CENTROBANK        7.161   7/25/2012     EUR     73.16
RAIFF CENTROBANK        7.812   7/25/2012     EUR     67.78
RAIFF CENTROBANK        7.812   7/25/2012     EUR     53.81
RAIFF CENTROBANK        8.463   7/25/2012     EUR     64.16
RAIFF CENTROBANK        9.114   7/25/2012     EUR     50.86
RAIFF CENTROBANK       10.090   7/25/2012     EUR     63.63
RAIFF CENTROBANK       10.090   7/25/2012     EUR     66.70
RAIFF CENTROBANK       10.416   7/20/2012     EUR     48.43
RAIFF CENTROBANK       11.718   7/25/2012     EUR     56.23
RAIFF CENTROBANK        7.646   1/23/2013     EUR     67.22
RAIFF CENTROBANK        7.965   1/23/2013     EUR     71.49
RAIFF CENTROBANK        8.283   1/23/2013     EUR     70.18
RAIFF CENTROBANK        9.558   1/23/2013     EUR     70.81
RAIFF CENTROBANK       11.718   7/25/2012     EUR     28.86
RAIFF ZENTRALBK         4.500   9/28/2035     EUR     66.28

BELGIUM
-------
ECONOCOM GROUP          4.000    6/1/2016     EUR     21.39
IDEAL STANDARD I       11.750    5/1/2018     EUR     52.00
IDEAL STANDARD I       11.750    5/1/2018     EUR     51.84

CYPRUS
------
CYPRUS GOVT BOND        4.500   7/11/2016     EUR     68.88
CYPRUS GOVT BOND        4.500   10/9/2016     EUR     67.75
CYPRUS GOVT BOND        6.600  10/26/2016     EUR     74.25
CYPRUS GOVT BOND        4.500    1/4/2017     EUR     66.63
CYPRUS GOVT BOND        4.500   2/15/2017     EUR     66.13
CYPRUS GOVT BOND        5.350    6/9/2020     EUR     62.25
CYPRUS GOVT BOND        4.750   9/30/2015     EUR     73.50
CYPRUS GOVT BOND        6.500   8/25/2021     EUR     64.75
CYPRUS GOVT BOND        4.600   4/23/2018     EUR     62.63
CYPRUS GOVT BOND        4.600  10/23/2018     EUR     61.63
CYPRUS GOVT BOND        4.600   2/26/2019     EUR     61.00
CYPRUS GOVT BOND        6.100   6/24/2019     EUR     67.00
CYPRUS GOVT BOND        4.625    2/3/2020     EUR     60.38
CYPRUS GOVT BOND        6.100   4/20/2020     EUR     66.00
CYPRUS GOVT BOND        3.750   11/1/2015     EUR     69.22
CYPRUS GOVT BOND        4.750   12/2/2015     EUR     72.63
CYPRUS GOVT BOND        4.500    1/2/2016     EUR     71.50
CYPRUS GOVT BOND        4.500   3/30/2016     EUR     70.13
CYPRUS GOVT BOND        4.500    6/2/2016     EUR     69.25
CYPRUS GOVT BOND        5.000    6/9/2016     EUR     70.88
CYPRUS GOVT BOND        6.000    6/9/2021     EUR     63.63
CYPRUS GOVT BOND        4.500    4/2/2017     EUR     65.63
CYPRUS GOVT BOND        5.600   4/15/2017     EUR     71.68
CYPRUS GOVT BOND        4.500   9/28/2017     EUR     64.00
CYPRUS GOVT BOND        5.100   1/29/2018     EUR     65.25
MARFIN POPULAR          4.350  11/20/2014     EUR     74.50
REP OF CYPRUS           4.750   2/25/2016     EUR     69.25

CZECH REPUBLIC
--------------
SAZKA                   9.000   7/12/2021     EUR     50.00

DENMARK
-------
KALMAR STRUCTRD         7.500   9/30/2013     EUR      0.01
KOMMUNEKREDIT           0.500  12/14/2020     ZAR     50.48
KOMMUNEKREDIT           0.500   1/25/2017     ZAR     71.02
KOMMUNEKREDIT           0.500   2/23/2017     ZAR     70.54

FINLAND
-------
MUNI FINANCE PLC        0.500   3/17/2025     CAD     52.22
MUNI FINANCE PLC        0.250   6/28/2040     CAD     19.90
MUNI FINANCE PLC        0.500  12/21/2021     NZD     62.94
MUNI FINANCE PLC        0.500  11/10/2021     NZD     63.11
MUNI FINANCE PLC        0.500  11/25/2020     ZAR     46.24
MUNI FINANCE PLC        0.500   9/24/2020     CAD     70.50
MUNI FINANCE PLC        0.500  12/20/2018     ZAR     58.77
MUNI FINANCE PLC        0.500  12/14/2018     TRY     64.22
MUNI FINANCE PLC        0.500  11/21/2018     TRY     64.46
MUNI FINANCE PLC        0.500  11/21/2018     ZAR     57.25
MUNI FINANCE PLC        0.500   4/27/2018     ZAR     62.29
MUNI FINANCE PLC        0.500  11/16/2017     TRY     68.51
MUNI FINANCE PLC        1.000   6/30/2017     ZAR     69.31
MUNI FINANCE PLC        0.500   4/26/2017     ZAR     67.45
MUNI FINANCE PLC        0.500   2/16/2017     TRY     72.83
MUNI FINANCE PLC        0.500  12/21/2016     TRY     72.56
MUNI FINANCE PLC        0.500   12/6/2016     TRY     72.94
MUNI FINANCE PLC        0.500  11/17/2016     ZAR     70.25
MUNI FINANCE PLC        0.500  10/27/2016     ZAR     70.64
MUNI FINANCE PLC        0.500  10/27/2016     TRY     73.22
MUNI FINANCE PLC        0.500   4/26/2016     ZAR     73.99

FRANCE
------
AIR FRANCE-KLM          4.970    4/1/2015     EUR     10.61
ALCATEL-LUCENT          5.000    1/1/2015     EUR      2.98
ALTRAN TECHNOLOG        6.720    1/1/2015     EUR      5.17
ASSYSTEM                4.000    1/1/2017     EUR     22.75
ATOS ORIGIN SA          2.500    1/1/2016     EUR     54.79
CAISSE CENT IMMO        7.000   5/16/2014     EUR     36.35
CAISSE CENT IMMO        7.000   5/18/2015     EUR     12.23
CAISSE CENT IMMO        7.000   9/10/2015     EUR     14.96
CALYON                  6.000   6/18/2047     EUR     35.63
CAP GEMINI SOGET        3.500    1/1/2014     EUR     38.33
CGG VERITAS             1.750    1/1/2016     EUR     28.68
CLUB MEDITERRANE        6.110   11/1/2015     EUR     18.50
CLUB MEDITERRANE        5.000    6/8/2012     EUR     14.85
CMA CGM                 8.875   4/15/2019     EUR     59.80
CMA CGM                 8.500   4/15/2017     USD     60.25
CMA CGM                 8.875   4/15/2019     EUR     59.63
CMA CGM                 8.500   4/15/2017     USD     60.13
CNP ASSURANCES          6.000   9/14/2040     EUR     73.28
CREDIT LOCAL FRA        3.750   5/26/2020     EUR     63.03
DEXIA CRED LOCAL        4.110   9/18/2018     EUR     71.69
DEXIA CRED LOCAL        4.375   2/12/2019     EUR     57.23
DEXIA CRED LOCAL        4.500   2/25/2020     EUR     67.84
DEXIA CRED LOCAL        5.037    8/4/2020     EUR     69.45
DEXIA CRED LOCAL        4.550    4/2/2020     EUR     67.97
DEXIA MUNI AGNCY        1.000  12/23/2024     EUR     69.18
EURAZEO                 6.250   6/10/2014     EUR     56.75
EXANE FINANCE          18.150   5/17/2012     CHF     44.25
FAURECIA                4.500    1/1/2015     EUR     21.60
GROUPAMA SA             7.875  10/27/2039     EUR     58.57
GROUPE VIAL             2.500    1/1/2014     EUR      2.71
INGENICO                2.750    1/1/2017     EUR     46.39
MAUREL ET PROM          7.125   7/31/2014     EUR     18.30
MAUREL ET PROM          7.125   7/31/2015     EUR     16.81
NEXANS SA               4.000    1/1/2016     EUR     59.27
NEXANS SA               2.500    1/1/2019     EUR     68.53
NOVASEP HLDG            9.750  12/15/2016     USD     48.50
NOVASEP HLDG            9.625  12/15/2016     EUR     49.38
NOVASEP HLDG            9.625  12/15/2016     EUR     49.38
NOVASEP HLDG            9.750  12/15/2016     USD     48.50
ORPEA                   3.875    1/1/2016     EUR     44.72
PAGESJAUNES FINA        8.875    6/1/2018     EUR     73.36
PAGESJAUNES FINA        8.875    6/1/2018     EUR     73.75
PEUGEOT SA              4.450    1/1/2016     EUR     24.76
PIERRE VACANCES         4.000   10/1/2015     EUR     74.30
PUBLICIS GROUPE         3.125   7/30/2014     EUR     39.81
PUBLICIS GROUPE         1.000   1/18/2018     EUR     51.91
SOC AIR FRANCE          2.750    4/1/2020     EUR     20.87
SOCIETE GENERALE        0.500    9/7/2021     AUD     47.12
SOCIETE GENERALE        0.500   12/6/2021     AUD     46.27
SOITEC                  6.250    9/9/2014     EUR      8.37
TEM                     4.250    1/1/2015     EUR     53.30
THEOLIA                 2.700    1/1/2041     EUR      8.47

GERMANY
-------
BAYERISCHE LNDBK        3.200   10/1/2012     EUR     33.15
BAYERISCHE LNDBK        5.800   7/13/2012     EUR     48.59
BAYERISCHE LNDBK        5.500   6/29/2012     EUR     52.36
BAYERISCHE LNDBK        5.100   6/29/2012     EUR     56.43
BAYERISCHE LNDBK        6.100   6/15/2012     EUR     39.39
BHF-BANK AG            13.200    6/8/2012     EUR     51.36
BHF-BANK AG             7.250   6/15/2012     EUR     64.45
BHW BAUSPARKASSE        4.270   1/15/2019     EUR     73.38
BNP EMIS-U.HANDE        7.750  12/31/2012     EUR     60.73
BNP EMIS-U.HANDE       10.500   6/21/2012     EUR     57.77
BNP EMIS-U.HANDE       10.500   6/21/2012     EUR     53.99
BNP EMIS-U.HANDE       10.500   6/21/2012     EUR     69.56
BNP EMIS-U.HANDE       10.250   6/21/2012     EUR     63.02
BNP EMIS-U.HANDE       10.250   6/21/2012     EUR     52.36
BNP EMIS-U.HANDE       10.000   6/21/2012     EUR     60.39
BNP EMIS-U.HANDE       10.000   6/21/2012     EUR     66.90
BNP EMIS-U.HANDE        9.500   6/21/2012     EUR     73.59
BNP EMIS-U.HANDE        9.500   6/21/2012     EUR     57.68
BNP EMIS-U.HANDE        9.500   6/21/2012     EUR     71.19
BNP EMIS-U.HANDE        9.250   6/21/2012     EUR     68.72
BNP EMIS-U.HANDE        9.250   6/21/2012     EUR     44.65
BNP EMIS-U.HANDE        9.250   6/21/2012     EUR     53.48
BNP EMIS-U.HANDE        9.000   6/21/2012     EUR     70.08
BNP EMIS-U.HANDE        8.750   6/21/2012     EUR     68.54
BNP EMIS-U.HANDE        8.500   6/21/2012     EUR     70.05
BNP EMIS-U.HANDE        8.500   6/21/2012     EUR     68.39
BNP EMIS-U.HANDE        8.500   6/21/2012     EUR     69.23
BNP EMIS-U.HANDE        8.500   6/21/2012     EUR     71.70
BNP EMIS-U.HANDE        8.250   6/21/2012     EUR     68.54
BNP EMIS-U.HANDE        8.250   6/21/2012     EUR     67.02
BNP EMIS-U.HANDE        8.250   6/21/2012     EUR     73.56
BNP EMIS-U.HANDE        8.250   6/21/2012     EUR     59.89
BNP EMIS-U.HANDE        7.750   6/21/2012     EUR     58.20
BNP EMIS-U.HANDE        7.750   6/21/2012     EUR     72.00
BNP EMIS-U.HANDE        7.500   6/21/2012     EUR     74.55
BNP EMIS-U.HANDE        7.500   6/21/2012     EUR     61.66
BNP EMIS-U.HANDE        7.250   6/21/2012     EUR     64.38
BNP EMIS-U.HANDE        7.000   6/21/2012     EUR     69.74
BNP EMIS-U.HANDE        6.750   6/21/2012     EUR     65.98
BNP EMIS-U.HANDE        7.000   5/24/2012     EUR     47.40
BNP EMIS-U.HANDE        5.250   5/24/2012     EUR     63.47
BNP EMIS-U.HANDE        9.000   4/26/2012     EUR     51.38
BNP EMIS-U.HANDE        6.000   4/26/2012     EUR     61.50
BNP EMIS-U.HANDE        6.000   4/26/2012     EUR     45.91
BNP EMIS-U.HANDE        5.000   4/26/2012     EUR     61.05
BNP EMIS-U.HANDE        5.000   4/26/2012     EUR     71.43
BNP EMIS-U.HANDE        9.500  12/31/2012     EUR     70.25
BNP EMIS-U.HANDE       10.000   7/26/2012     EUR     57.26
BNP EMIS-U.HANDE       10.500  12/28/2012     EUR     63.33
BNP EMIS-U.HANDE        9.750  12/28/2012     EUR     67.72
BNP EMIS-U.HANDE        8.500  12/28/2012     EUR     71.27
BNP EMIS-U.HANDE        9.000   7/26/2012     EUR     36.49
BNP EMIS-U.HANDE       10.000   7/26/2012     EUR     48.51
BNP EMIS-U.HANDE       10.000   7/26/2012     EUR     51.27
BNP EMIS-U.HANDE        9.000   7/26/2012     EUR     56.98
BNP EMIS-U.HANDE        9.000   7/26/2012     EUR     59.67
BNP EMIS-U.HANDE        9.000   7/26/2012     EUR     39.58
BNP EMIS-U.HANDE        9.000   7/26/2012     EUR     69.73
BNP EMIS-U.HANDE        9.000   7/26/2012     EUR     51.09
BNP EMIS-U.HANDE        8.000   7/26/2012     EUR     71.32
BNP EMIS-U.HANDE        8.500   7/26/2012     EUR     69.93
BNP EMIS-U.HANDE        8.000   7/26/2012     EUR     47.31
BNP EMIS-U.HANDE        8.000   7/26/2012     EUR     41.68
BNP EMIS-U.HANDE        7.000   7/26/2012     EUR     55.51
BNP EMIS-U.HANDE        8.000   7/26/2012     EUR     70.87
BNP EMIS-U.HANDE        7.000   7/26/2012     EUR     31.50
BNP EMIS-U.HANDE        7.000   7/26/2012     EUR     26.37
BNP EMIS-U.HANDE        6.000   7/26/2012     EUR     44.17
BNP EMIS-U.HANDE        7.000   7/26/2012     EUR     63.89
BNP EMIS-U.HANDE        6.500   7/26/2012     EUR     57.40
BNP EMIS-U.HANDE        6.500   7/26/2012     EUR     74.06
BNP EMIS-U.HANDE       19.250   6/21/2012     EUR      8.70
BNP EMIS-U.HANDE        6.000   7/26/2012     EUR     65.06
BNP EMIS-U.HANDE        6.000   7/26/2012     EUR     44.58
BNP EMIS-U.HANDE        6.000   7/26/2012     EUR     40.91
BNP EMIS-U.HANDE       18.250   6/21/2012     EUR      6.96
BNP EMIS-U.HANDE       16.000   6/21/2012     EUR     20.11
BNP EMIS-U.HANDE       15.500   6/21/2012     EUR     22.22
BNP EMIS-U.HANDE       14.250   6/21/2012     EUR     42.53
BNP EMIS-U.HANDE       13.750   6/21/2012     EUR     48.89
BNP EMIS-U.HANDE       13.500   6/21/2012     EUR     57.54
BNP EMIS-U.HANDE       12.000   6/21/2012     EUR     71.96
BNP EMIS-U.HANDE       11.750   6/21/2012     EUR     41.05
BNP EMIS-U.HANDE       11.750   6/21/2012     EUR     67.57
BNP EMIS-U.HANDE       11.500   6/21/2012     EUR     54.16
BNP EMIS-U.HANDE       11.250   6/21/2012     EUR     72.17
BNP EMIS-U.HANDE       11.000   6/21/2012     EUR     45.09
BNP EMIS-U.HANDE       11.000   6/21/2012     EUR     64.94
COMMERZBANK AG         10.000   11/5/2012     EUR     62.51
COMMERZBANK AG         11.500   11/5/2012     EUR     58.75
COMMERZBANK AG          8.500  12/17/2012     EUR     64.05
COMMERZBANK AG          6.000  12/27/2012     EUR     73.31
COMMERZBANK AG          7.000  12/27/2012     EUR     64.52
COMMERZBANK AG          8.000  12/27/2012     EUR     52.90
COMMERZBANK AG         14.000    8/5/2013     EUR     73.02
COMMERZBANK AG          8.400  12/30/2013     EUR     19.85
COMMERZBANK AG          5.000   3/30/2018     EUR     29.50
COMMERZBANK AG          8.500    8/3/2012     EUR     50.61
COMMERZBANK AG         11.500    7/6/2012     EUR     10.11
COMMERZBANK AG         10.500    7/6/2012     EUR     61.31
COMMERZBANK AG         16.000   6/22/2012     EUR     67.44
COMMERZBANK AG         11.500   6/22/2012     EUR     54.14
COMMERZBANK AG          9.000    8/3/2012     EUR     66.28
COMMERZBANK AG          7.500   6/22/2012     EUR     69.10
COMMERZBANK AG          8.750   6/21/2012     EUR     62.48
COMMERZBANK AG          8.000    6/4/2012     EUR     65.76
COMMERZBANK AG          8.000    5/7/2012     EUR     45.92
COMMERZBANK AG          7.250    5/7/2012     EUR     63.67
COMMERZBANK AG         12.100   4/27/2012     EUR     22.80
COMMERZBANK AG          8.000   6/22/2012     EUR     52.69
COMMERZBANK AG          8.250   10/1/2012     EUR     72.03
COMMERZBANK AG          9.000   10/1/2012     EUR     62.40
COMMERZBANK AG          8.500  10/29/2012     EUR     64.35
COMMERZBANK AG          9.000  10/29/2012     EUR     11.85
COMMERZBANK AG         10.000  10/29/2012     EUR     70.50
COMMERZBANK AG          8.000   11/5/2012     EUR     49.83
COMMERZBANK AG          7.700   9/28/2012     EUR     58.95
COMMERZBANK AG          7.250    5/7/2012     EUR     41.04
DEUTSCHE BANK AG        8.000   4/30/2012     EUR     53.40
DEUTSCHE BANK AG        7.000   4/30/2012     EUR     60.60
DEUTSCHE BANK AG        7.000   4/30/2012     EUR     70.40
DEUTSCHE BANK AG        7.000   4/30/2012     EUR     56.20
DEUTSCHE BANK AG        8.000   4/30/2012     EUR     58.30
DEUTSCHE BANK AG        8.000   4/30/2012     EUR     67.60
DEUTSCHE BANK AG        8.000   4/30/2012     EUR     72.00
DEUTSCHE BANK AG       10.000   4/30/2012     EUR     68.50
DEUTSCHE BANK AG       10.000   4/30/2012     EUR     64.20
DEUTSCHE BANK AG       10.000   4/30/2012     EUR     71.50
DEUTSCHE BANK AG       10.000   4/30/2012     EUR     51.40
DEUTSCHE BANK AG       10.000   4/30/2012     EUR     73.00
DEUTSCHE BANK AG       10.000   4/30/2012     EUR     56.00
DEUTSCHE BANK AG       10.000   4/30/2012     EUR     73.30
DEUTSCHE BANK AG        7.000   5/31/2012     EUR     60.30
DEUTSCHE BANK AG        7.000   5/31/2012     EUR     63.50
DEUTSCHE BANK AG        7.000   5/31/2012     EUR     57.10
DEUTSCHE BANK AG        7.000   5/31/2012     EUR     74.60
DEUTSCHE BANK AG        8.000   5/31/2012     EUR     59.30
DEUTSCHE BANK AG        8.000   5/31/2012     EUR     57.40
DEUTSCHE BANK AG        8.000   5/31/2012     EUR     54.80
DEUTSCHE BANK AG        8.000   5/31/2012     EUR     71.60
DEUTSCHE BANK AG       10.000   5/31/2012     EUR     71.10
DEUTSCHE BANK AG       10.000   5/31/2012     EUR     56.60
DEUTSCHE BANK AG       10.000   5/31/2012     EUR     55.70
DEUTSCHE BANK AG       10.000   5/31/2012     EUR     52.40
DEUTSCHE BANK AG       10.000   5/31/2012     EUR     69.00
DEUTSCHE BANK AG       14.000   6/20/2012     EUR     70.10
DEUTSCHE BANK AG        7.000   6/29/2012     EUR     56.40
DEUTSCHE BANK AG        7.000   6/29/2012     EUR     73.80
DEUTSCHE BANK AG        7.000   6/29/2012     EUR     70.80
DEUTSCHE BANK AG        7.000   6/29/2012     EUR     64.90
DEUTSCHE BANK AG        7.000   6/29/2012     EUR     63.90
DEUTSCHE BANK AG        8.000   6/29/2012     EUR     54.30
DEUTSCHE BANK AG        8.000   6/29/2012     EUR     61.80
DEUTSCHE BANK AG        8.000   6/29/2012     EUR     68.10
DEUTSCHE BANK AG        8.000   6/29/2012     EUR     59.70
DEUTSCHE BANK AG        8.000   6/29/2012     EUR     71.10
DEUTSCHE BANK AG       10.000   6/29/2012     EUR     52.20
DEUTSCHE BANK AG       10.000   6/29/2012     EUR     68.70
DEUTSCHE BANK AG       10.000   6/29/2012     EUR     60.50
DEUTSCHE BANK AG       10.000   6/29/2012     EUR     65.50
DEUTSCHE BANK AG       10.000   6/29/2012     EUR     56.20
DEUTSCHE BANK AG        7.000   7/31/2012     EUR     70.10
DEUTSCHE BANK AG        7.000   7/31/2012     EUR     71.70
DEUTSCHE BANK AG        7.000   7/31/2012     EUR     63.90
DEUTSCHE BANK AG        7.000   7/31/2012     EUR     72.70
DEUTSCHE BANK AG        8.000   7/31/2012     EUR     66.80
DEUTSCHE BANK AG        8.000   7/31/2012     EUR     70.20
DEUTSCHE BANK AG        8.000   7/31/2012     EUR     69.30
DEUTSCHE BANK AG        8.000   7/31/2012     EUR     61.70
DEUTSCHE BANK AG       10.000   7/31/2012     EUR     65.10
DEUTSCHE BANK AG       10.000   7/31/2012     EUR     65.50
DEUTSCHE BANK AG       10.000   7/31/2012     EUR     68.10
DEUTSCHE BANK AG       10.000   7/31/2012     EUR     72.70
DEUTSCHE BANK AG       10.000   7/31/2012     EUR     59.30
DEUTSCHE BANK AG        8.000  12/20/2012     EUR     73.10
DEUTSCHE BANK AG        8.000  12/20/2012     EUR     49.00
DEUTSCHE BANK AG       12.000  12/20/2012     EUR     57.50
DEUTSCHE BANK AG       15.000   2/20/2013     EUR     71.90
DEUTSCHE BANK AG       15.000   2/20/2013     EUR     74.10
DEUTSCHE BANK AG       15.000   2/20/2013     EUR     69.80
DRESDNER BANK AG        6.210   6/20/2022     EUR     73.88
DRESDNER BANK AG        6.180   2/28/2023     EUR     72.00
DRESDNER BANK AG        5.700   7/31/2023     EUR     68.00
DRESDNER BANK AG        7.350   6/13/2028     EUR     74.50
DRESDNER BANK AG        5.450   2/22/2029     EUR      9.31
DRESDNER BANK AG        5.290   5/31/2021     EUR     70.88
DZ BANK AG              8.000   7/27/2012     EUR     58.76
DZ BANK AG              7.500   7/27/2012     EUR     73.34
DZ BANK AG              6.500   7/27/2012     EUR     70.34
DZ BANK AG             12.500   7/13/2012     EUR     60.76
DZ BANK AG              9.250   7/13/2012     EUR     71.55
DZ BANK AG              8.500   7/13/2012     EUR     54.37
DZ BANK AG              8.500   7/13/2012     EUR     57.86
DZ BANK AG              8.250   7/13/2012     EUR     70.61
DZ BANK AG              7.500   7/13/2012     EUR     52.39
DZ BANK AG              9.250   7/27/2012     EUR     73.27
DZ BANK AG              7.250   7/13/2012     EUR     71.06
DZ BANK AG              7.250   7/13/2012     EUR     71.06
DZ BANK AG              7.000   7/13/2012     EUR     63.97
DZ BANK AG              6.750   7/13/2012     EUR     70.83
DZ BANK AG              5.000   7/13/2012     EUR     65.06
DZ BANK AG              7.000   7/11/2012     EUR     69.65
DZ BANK AG              7.000   7/11/2012     EUR     73.33
DZ BANK AG             16.000   6/22/2012     EUR      7.67
DZ BANK AG             13.000   6/22/2012     EUR     41.19
DZ BANK AG             12.000   6/22/2012     EUR     50.78
DZ BANK AG             14.750   7/27/2012     EUR     71.63
DZ BANK AG             12.500   7/27/2012     EUR     68.37
DZ BANK AG             12.250   7/27/2012     EUR     74.58
DZ BANK AG             12.000   7/27/2012     EUR     67.28
DZ BANK AG             11.500   7/27/2012     EUR     54.16
DZ BANK AG             11.250   7/27/2012     EUR     63.39
DZ BANK AG             11.250   7/27/2012     EUR     74.03
DZ BANK AG             10.750   7/27/2012     EUR     54.69
DZ BANK AG             10.500   7/27/2012     EUR     63.41
DZ BANK AG             10.000   7/27/2012     EUR     64.12
DZ BANK AG              9.800   7/27/2012     EUR     68.59
DZ BANK AG              9.250   7/27/2012     EUR     71.88
DZ BANK AG              8.000   7/27/2012     EUR     67.92
DZ BANK AG              7.250   7/13/2012     EUR     66.53
DZ BANK AG             16.500   4/27/2012     EUR      0.73
DZ BANK AG              9.250   5/11/2012     EUR     61.37
DZ BANK AG              8.000    6/7/2012     EUR     71.88
DZ BANK AG              5.000    6/8/2012     EUR     72.66
DZ BANK AG              6.000    6/8/2012     EUR     62.36
DZ BANK AG              6.750    6/8/2012     EUR     56.81
DZ BANK AG              7.500    6/8/2012     EUR     64.93
DZ BANK AG              7.750    6/8/2012     EUR     71.89
DZ BANK AG              8.000    6/8/2012     EUR     70.40
DZ BANK AG              8.000    6/8/2012     EUR     68.15
DZ BANK AG              8.750    6/8/2012     EUR     72.53
DZ BANK AG              9.000    6/8/2012     EUR     59.36
DZ BANK AG              9.250    6/8/2012     EUR     55.44
DZ BANK AG              9.500    6/8/2012     EUR     69.92
DZ BANK AG              9.750    6/8/2012     EUR     70.75
DZ BANK AG              9.750    6/8/2012     EUR     68.55
DZ BANK AG             10.500    6/8/2012     EUR     49.57
DZ BANK AG             10.750    6/8/2012     EUR     72.28
DZ BANK AG             11.250    6/8/2012     EUR     53.50
DZ BANK AG             12.250    6/8/2012     EUR     71.70
DZ BANK AG              8.000   6/11/2012     EUR     66.81
DZ BANK AG              4.000   6/20/2012     EUR     63.70
DZ BANK AG              7.200   6/21/2012     EUR     72.84
DZ BANK AG             10.900   6/21/2012     EUR     69.20
DZ BANK AG              5.250   6/22/2012     EUR     63.91
DZ BANK AG              5.500   6/22/2012     EUR     71.36
DZ BANK AG              5.500   6/22/2012     EUR     71.12
DZ BANK AG              6.250   6/22/2012     EUR     73.40
DZ BANK AG              6.250   6/22/2012     EUR     64.88
DZ BANK AG              6.750   6/22/2012     EUR     70.67
DZ BANK AG             11.750   6/22/2012     EUR     47.92
DZ BANK AG             15.000   7/27/2012     EUR     50.12
DZ BANK AG             15.250   7/27/2012     EUR     58.51
DZ BANK AG              5.000   8/10/2012     EUR     71.16
DZ BANK AG             21.250   8/10/2012     EUR     72.48
DZ BANK AG              5.000   9/14/2012     EUR     62.67
DZ BANK AG              7.250   6/22/2012     EUR     70.26
DZ BANK AG              5.850   9/14/2012     EUR     64.40
DZ BANK AG              6.250   9/14/2012     EUR     60.09
DZ BANK AG              7.250   9/14/2012     EUR     74.19
DZ BANK AG              7.500   9/14/2012     EUR     66.83
DZ BANK AG              8.000   9/14/2012     EUR     55.60
DZ BANK AG              8.500   9/14/2012     EUR     60.88
DZ BANK AG              9.500   9/14/2012     EUR     74.19
DZ BANK AG             10.250   9/14/2012     EUR     74.11
DZ BANK AG             10.500   9/14/2012     EUR     55.88
DZ BANK AG              4.500   10/5/2012     EUR     60.63
DZ BANK AG              5.700   10/5/2012     EUR     58.70
DZ BANK AG              8.300   10/5/2012     EUR     55.37
DZ BANK AG              7.000  10/12/2012     EUR     69.93
DZ BANK AG              7.000  10/12/2012     EUR     53.97
DZ BANK AG              8.000  10/12/2012     EUR     56.13
DZ BANK AG             16.000  11/23/2012     EUR     68.17
DZ BANK AG              5.000  12/14/2012     EUR     72.15
DZ BANK AG              3.850  12/21/2012     EUR     18.00
DZ BANK AG              6.000    1/2/2013     EUR     68.91
DZ BANK AG             14.000   1/11/2013     EUR     70.56
DZ BANK AG              5.000   3/22/2013     EUR     18.00
DZ BANK AG              5.000   3/22/2013     EUR     18.00
DZ BANK AG              5.410   3/22/2013     EUR     17.50
DZ BANK AG             18.000   3/22/2013     EUR     73.71
DZ BANK AG              5.000   6/24/2013     EUR     18.00
DZ BANK AG              5.270   6/24/2013     EUR     18.00
DZ BANK AG              3.400   3/25/2015     EUR     69.08
DZ BANK AG              5.000   6/22/2018     EUR     51.92
DZ BANK AG             11.750   6/22/2012     EUR     44.58
DZ BANK AG             11.750   6/22/2012     EUR     71.90
DZ BANK AG             11.250   6/22/2012     EUR     44.76
DZ BANK AG             11.000   6/22/2012     EUR     51.90
DZ BANK AG             11.000   6/22/2012     EUR     37.44
DZ BANK AG             10.750   6/22/2012     EUR     54.36
DZ BANK AG             10.750   6/22/2012     EUR     54.03
DZ BANK AG             10.750   6/22/2012     EUR     72.69
DZ BANK AG             10.500   6/22/2012     EUR     71.53
DZ BANK AG             10.500   6/22/2012     EUR     37.83
DZ BANK AG             10.000   6/22/2012     EUR     69.06
DZ BANK AG             10.000   6/22/2012     EUR     62.55
DZ BANK AG             10.000   6/22/2012     EUR     63.78
DZ BANK AG              9.750   6/22/2012     EUR     69.66
DZ BANK AG              9.750   6/22/2012     EUR     67.78
DZ BANK AG              9.750   6/22/2012     EUR     55.94
DZ BANK AG              9.750   6/22/2012     EUR     67.52
DZ BANK AG              9.000   6/22/2012     EUR     70.98
DZ BANK AG              9.000   6/22/2012     EUR     30.45
DZ BANK AG              9.000   6/22/2012     EUR     55.06
DZ BANK AG              8.750   6/22/2012     EUR     72.86
DZ BANK AG              8.750   6/22/2012     EUR     66.91
DZ BANK AG              8.500   6/22/2012     EUR     74.49
DZ BANK AG              8.250   6/22/2012     EUR     70.05
DZ BANK AG              8.250   6/22/2012     EUR     68.32
DZ BANK AG              8.000   6/22/2012     EUR     41.45
DZ BANK AG              7.750   6/22/2012     EUR     72.68
DZ BANK AG              7.500   6/22/2012     EUR     70.04
DZ BANK AG              7.250   6/22/2012     EUR     65.08
DZ BANK AG              7.250   4/27/2012     EUR     64.80
DZ BANK AG              8.250   4/27/2012     EUR     69.53
DZ BANK AG              9.000   4/27/2012     EUR     43.08
DZ BANK AG             10.000   4/27/2012     EUR     59.40
DZ BANK AG             11.250   4/27/2012     EUR     52.96
DZ BANK AG             15.500   4/27/2012     EUR     65.24
EUROHYPO AG             3.830   9/21/2020     EUR     69.88
GOTHAER ALLG VER        5.527   9/29/2026     EUR     74.39
HECKLER & KOCH          9.500   5/15/2018     EUR     63.25
HECKLER & KOCH          9.500   5/15/2018     EUR     63.30
HEIDELBERG DRUCK        9.250   4/15/2018     EUR     72.25
HEIDELBERG DRUCK        9.250   4/15/2018     EUR     72.41
HSBC TRINKAUS          30.000   6/28/2013     EUR     71.18
HSBC TRINKAUS          27.500   3/22/2013     EUR     68.64
HSBC TRINKAUS          26.000   6/28/2013     EUR     71.12
L-BANK FOERDERBK        0.500   5/10/2027     CAD     49.54
LANDESBK BERLIN         5.500  12/23/2013     EUR     72.05
LB BADEN-WUERTT         7.500  10/26/2012     EUR      7.66
LB BADEN-WUERTT         7.500  10/26/2012     EUR     66.19
LB BADEN-WUERTT         7.500  10/26/2012     EUR     64.91
LB BADEN-WUERTT         7.500  10/26/2012     EUR     22.59
LB BADEN-WUERTT         7.500  10/26/2012     EUR     61.75
LB BADEN-WUERTT         7.500  10/26/2012     EUR     59.68
LB BADEN-WUERTT        10.000  10/26/2012     EUR     56.21
LB BADEN-WUERTT        10.000  10/26/2012     EUR     72.31
LB BADEN-WUERTT        10.000  10/26/2012     EUR     55.80
LB BADEN-WUERTT        10.000  10/26/2012     EUR      8.36
LB BADEN-WUERTT        10.000  10/26/2012     EUR     21.94
LB BADEN-WUERTT        10.000  10/26/2012     EUR     60.66
LB BADEN-WUERTT        10.000  10/26/2012     EUR     61.59
LB BADEN-WUERTT        10.000  10/26/2012     EUR     71.01
LB BADEN-WUERTT         5.000  11/23/2012     EUR     70.43
LB BADEN-WUERTT         5.000  11/23/2012     EUR     24.76
LB BADEN-WUERTT         5.000  11/23/2012     EUR     68.69
LB BADEN-WUERTT         5.000  11/23/2012     EUR     72.58
LB BADEN-WUERTT         5.000  11/23/2012     EUR     62.69
LB BADEN-WUERTT         7.500  11/23/2012     EUR     55.46
LB BADEN-WUERTT         7.500  11/23/2012     EUR     61.81
LB BADEN-WUERTT         7.500  11/23/2012     EUR     23.42
LB BADEN-WUERTT         7.500  11/23/2012     EUR     62.38
LB BADEN-WUERTT         7.500  11/23/2012     EUR     68.38
LB BADEN-WUERTT        10.000  11/23/2012     EUR     68.11
LB BADEN-WUERTT        10.000  11/23/2012     EUR     22.89
LB BADEN-WUERTT        10.000  11/23/2012     EUR     61.06
LB BADEN-WUERTT        10.000  11/23/2012     EUR     63.16
LB BADEN-WUERTT         7.500  11/23/2012     EUR     65.44
LB BADEN-WUERTT        10.000  11/23/2012     EUR     56.87
LB BADEN-WUERTT        10.000  11/23/2012     EUR     51.49
LB BADEN-WUERTT        10.000  11/23/2012     EUR     70.75
LB BADEN-WUERTT        15.000  11/23/2012     EUR     72.75
LB BADEN-WUERTT        10.000  11/23/2012     EUR     57.44
LB BADEN-WUERTT         5.000    1/4/2013     EUR     25.45
LB BADEN-WUERTT         5.000    1/4/2013     EUR     64.96
LB BADEN-WUERTT         5.000    1/4/2013     EUR     52.44
LB BADEN-WUERTT         5.000    1/4/2013     EUR     69.73
LB BADEN-WUERTT         5.000    1/4/2013     EUR     73.61
LB BADEN-WUERTT         7.500    1/4/2013     EUR     66.74
LB BADEN-WUERTT         7.500    1/4/2013     EUR     24.08
LB BADEN-WUERTT         7.500    1/4/2013     EUR     63.10
LB BADEN-WUERTT         7.500    1/4/2013     EUR     46.64
LB BADEN-WUERTT         7.500    1/4/2013     EUR     65.32
LB BADEN-WUERTT        10.000    1/4/2013     EUR     70.10
LB BADEN-WUERTT        10.000    1/4/2013     EUR     44.67
LB BADEN-WUERTT        10.000    1/4/2013     EUR     58.22
LB BADEN-WUERTT        10.000    1/4/2013     EUR     24.09
LB BADEN-WUERTT         7.500    1/4/2013     EUR     72.63
LB BADEN-WUERTT        10.000    1/4/2013     EUR     61.80
LB BADEN-WUERTT        10.000    1/4/2013     EUR     69.62
LB BADEN-WUERTT        10.000    1/4/2013     EUR     68.52
LB BADEN-WUERTT         5.000   1/25/2013     EUR     33.16
LB BADEN-WUERTT        10.000    1/4/2013     EUR     74.13
LB BADEN-WUERTT         7.500   1/25/2013     EUR     73.07
LB BADEN-WUERTT         7.500   1/25/2013     EUR     73.82
LB BADEN-WUERTT         7.500   1/25/2013     EUR     31.04
LB BADEN-WUERTT        10.000   1/25/2013     EUR     30.24
LB BADEN-WUERTT         7.500   1/25/2013     EUR     72.59
LB BADEN-WUERTT        10.000   1/25/2013     EUR     70.12
LB BADEN-WUERTT        10.000   1/25/2013     EUR     66.71
LB BADEN-WUERTT        10.000   1/25/2013     EUR     70.22
LB BADEN-WUERTT        15.000   2/22/2013     EUR     67.71
LB BADEN-WUERTT        10.000   1/25/2013     EUR     70.78
LB BADEN-WUERTT         7.500   6/28/2013     EUR     71.99
LB BADEN-WUERTT         5.250  10/20/2015     EUR     26.28
LB BADEN-WUERTT         2.500   1/30/2034     EUR     74.96
LB BADEN-WUERTT         2.800   2/23/2037     JPY     58.59
LB BADEN-WUERTT         5.000   6/28/2013     EUR     70.67
LB BADEN-WUERTT         8.000   4/27/2012     EUR     74.26
LB BADEN-WUERTT         8.000   4/27/2012     EUR     62.50
LB BADEN-WUERTT         8.000   4/27/2012     EUR     73.73
LB BADEN-WUERTT         8.000   4/27/2012     EUR     66.15
LB BADEN-WUERTT         8.000   4/27/2012     EUR     71.49
LB BADEN-WUERTT         8.000   4/27/2012     EUR     58.79
LB BADEN-WUERTT         8.000   4/27/2012     EUR     66.92
LB BADEN-WUERTT         8.000   4/27/2012     EUR     62.53
LB BADEN-WUERTT         8.000   4/27/2012     EUR     44.93
LB BADEN-WUERTT         8.000   4/27/2012     EUR     47.85
LB BADEN-WUERTT         8.000   4/27/2012     EUR     66.03
LB BADEN-WUERTT         8.000   4/27/2012     EUR      5.68
LB BADEN-WUERTT         8.000   4/27/2012     EUR     54.83
LB BADEN-WUERTT         8.000   4/27/2012     EUR      6.28
LB BADEN-WUERTT         8.000   4/27/2012     EUR     64.39
LB BADEN-WUERTT         8.000   4/27/2012     EUR     39.92
LB BADEN-WUERTT         8.000   4/27/2012     EUR     21.61
LB BADEN-WUERTT         8.000   4/27/2012     EUR     36.80
LB BADEN-WUERTT         6.000   4/27/2012     EUR      7.17
LB BADEN-WUERTT         6.000   4/27/2012     EUR     23.48
LB BADEN-WUERTT         6.000   4/27/2012     EUR      6.22
LB BADEN-WUERTT         6.000   4/27/2012     EUR     42.73
LB BADEN-WUERTT         6.000   4/27/2012     EUR     41.95
LB BADEN-WUERTT         6.000   4/27/2012     EUR     52.77
LB BADEN-WUERTT         6.000   4/27/2012     EUR     58.55
LB BADEN-WUERTT         6.000   4/27/2012     EUR     67.03
LB BADEN-WUERTT         6.000   4/27/2012     EUR     72.26
LB BADEN-WUERTT         6.000   4/27/2012     EUR     66.81
LB BADEN-WUERTT         6.000   4/27/2012     EUR     60.87
LB BADEN-WUERTT         6.000   4/27/2012     EUR     62.45
LB BADEN-WUERTT         6.000   4/27/2012     EUR     68.59
LB BADEN-WUERTT         6.000   4/27/2012     EUR     72.00
LB BADEN-WUERTT         6.000   4/27/2012     EUR     49.35
LB BADEN-WUERTT         5.000   4/27/2012     EUR     69.15
LB BADEN-WUERTT         4.000   4/27/2012     EUR      6.91
LB BADEN-WUERTT        10.000   6/22/2012     EUR     20.70
LB BADEN-WUERTT        10.000   6/22/2012     EUR     52.29
LB BADEN-WUERTT        10.000   6/22/2012     EUR     70.49
LB BADEN-WUERTT        10.000   6/22/2012     EUR     68.21
LB BADEN-WUERTT        10.000   6/22/2012     EUR      6.31
LB BADEN-WUERTT        10.000   6/22/2012     EUR     56.35
LB BADEN-WUERTT        10.000   6/22/2012     EUR     56.13
LB BADEN-WUERTT        10.000   6/22/2012     EUR     64.42
LB BADEN-WUERTT        10.000   6/22/2012     EUR     55.70
LB BADEN-WUERTT         4.000   7/27/2012     EUR     59.47
LB BADEN-WUERTT         4.000   7/27/2012     EUR     56.99
LB BADEN-WUERTT         5.000   7/27/2012     EUR     24.87
LB BADEN-WUERTT         5.000   7/27/2012     EUR     49.56
LB BADEN-WUERTT         5.000   7/27/2012     EUR     10.48
LB BADEN-WUERTT         5.000   7/27/2012     EUR     73.78
LB BADEN-WUERTT         5.000   7/27/2012     EUR     69.12
LB BADEN-WUERTT         5.000   7/27/2012     EUR     63.38
LB BADEN-WUERTT         5.000   7/27/2012     EUR     66.43
LB BADEN-WUERTT         5.000   7/27/2012     EUR     65.00
LB BADEN-WUERTT         5.000   7/27/2012     EUR     73.32
LB BADEN-WUERTT         5.000   7/27/2012     EUR     37.21
LB BADEN-WUERTT         5.000   7/27/2012     EUR     56.96
LB BADEN-WUERTT         5.000   7/27/2012     EUR     67.24
LB BADEN-WUERTT         6.000   7/27/2012     EUR     33.84
LB BADEN-WUERTT         6.000   7/27/2012     EUR     50.88
LB BADEN-WUERTT         6.000   7/27/2012     EUR     50.47
LB BADEN-WUERTT         6.000   7/27/2012     EUR     69.96
LB BADEN-WUERTT         7.500   7/27/2012     EUR     60.89
LB BADEN-WUERTT         7.500   7/27/2012     EUR     58.64
LB BADEN-WUERTT         7.500   7/27/2012     EUR     58.28
LB BADEN-WUERTT         7.500   7/27/2012     EUR     59.68
LB BADEN-WUERTT         7.500   7/27/2012     EUR     66.60
LB BADEN-WUERTT         7.500   7/27/2012     EUR     44.75
LB BADEN-WUERTT         7.500   7/27/2012     EUR     34.23
LB BADEN-WUERTT         7.500   7/27/2012     EUR     66.90
LB BADEN-WUERTT         7.500   7/27/2012     EUR     66.12
LB BADEN-WUERTT         7.500   7/27/2012     EUR     71.84
LB BADEN-WUERTT         7.500   7/27/2012     EUR     11.16
LB BADEN-WUERTT         7.500   7/27/2012     EUR     23.31
LB BADEN-WUERTT         7.500   7/27/2012     EUR     62.63
LB BADEN-WUERTT         8.000   7/27/2012     EUR     45.88
LB BADEN-WUERTT         8.000   7/27/2012     EUR     69.29
LB BADEN-WUERTT         8.000   7/27/2012     EUR     46.09
LB BADEN-WUERTT         8.000   7/27/2012     EUR     68.26
LB BADEN-WUERTT         8.000   7/27/2012     EUR     72.88
LB BADEN-WUERTT         8.000   7/27/2012     EUR     65.37
LB BADEN-WUERTT         8.000   7/27/2012     EUR     72.43
LB BADEN-WUERTT        10.000   7/27/2012     EUR     55.79
LB BADEN-WUERTT        10.000   7/27/2012     EUR     73.26
LB BADEN-WUERTT        10.000   7/27/2012     EUR     56.98
LB BADEN-WUERTT        10.000   7/27/2012     EUR     41.77
LB BADEN-WUERTT        10.000   7/27/2012     EUR     60.63
LB BADEN-WUERTT        10.000   7/27/2012     EUR     67.59
LB BADEN-WUERTT        10.000   7/27/2012     EUR     53.56
LB BADEN-WUERTT        10.000   7/27/2012     EUR     55.02
LB BADEN-WUERTT        10.000   7/27/2012     EUR     22.37
LB BADEN-WUERTT        10.000   7/27/2012     EUR     12.08
LB BADEN-WUERTT        10.000   7/27/2012     EUR     70.27
LB BADEN-WUERTT        10.000   7/27/2012     EUR     57.38
LB BADEN-WUERTT        10.000   7/27/2012     EUR     31.92
LB BADEN-WUERTT        10.000   7/27/2012     EUR     62.22
LB BADEN-WUERTT        10.000   7/27/2012     EUR     72.42
LB BADEN-WUERTT        10.000   7/27/2012     EUR     68.51
LB BADEN-WUERTT        10.000   7/27/2012     EUR     61.94
LB BADEN-WUERTT         4.000   8/24/2012     EUR     65.69
LB BADEN-WUERTT         4.000   8/24/2012     EUR     71.64
LB BADEN-WUERTT         4.000   8/24/2012     EUR     48.92
LB BADEN-WUERTT         5.000   8/24/2012     EUR     30.24
LB BADEN-WUERTT         5.000   8/24/2012     EUR     71.66
LB BADEN-WUERTT         5.000   8/24/2012     EUR     70.81
LB BADEN-WUERTT         5.000   8/24/2012     EUR     50.16
LB BADEN-WUERTT         5.000   8/24/2012     EUR     59.92
LB BADEN-WUERTT         6.000   8/24/2012     EUR     65.16
LB BADEN-WUERTT         6.000   8/24/2012     EUR     68.38
LB BADEN-WUERTT         6.000   8/24/2012     EUR     42.37
LB BADEN-WUERTT         6.000   8/24/2012     EUR     72.39
LB BADEN-WUERTT         6.000   8/24/2012     EUR     58.99
LB BADEN-WUERTT         6.000   8/24/2012     EUR     69.30
LB BADEN-WUERTT         6.000   8/24/2012     EUR     73.71
LB BADEN-WUERTT         7.500   8/24/2012     EUR     63.82
LB BADEN-WUERTT         7.500   8/24/2012     EUR     63.84
LB BADEN-WUERTT         7.500   8/24/2012     EUR     27.44
LB BADEN-WUERTT         7.500   8/24/2012     EUR     73.83
LB BADEN-WUERTT         7.500   8/24/2012     EUR     67.97
LB BADEN-WUERTT         7.500   8/24/2012     EUR     45.53
LB BADEN-WUERTT         7.500   8/24/2012     EUR     70.01
LB BADEN-WUERTT         7.500   8/24/2012     EUR     68.74
LB BADEN-WUERTT         7.500   8/24/2012     EUR     73.95
LB BADEN-WUERTT         7.500   8/24/2012     EUR     55.29
LB BADEN-WUERTT         8.000   8/24/2012     EUR     70.22
LB BADEN-WUERTT         8.000   8/24/2012     EUR     61.48
LB BADEN-WUERTT         4.000   4/27/2012     EUR     46.58
LB BADEN-WUERTT         4.000   4/27/2012     EUR     73.43
LB BADEN-WUERTT         4.000   4/27/2012     EUR     60.45
LB BADEN-WUERTT         4.000   4/27/2012     EUR     25.73
LB BADEN-WUERTT         4.000   4/27/2012     EUR      7.35
LB BADEN-WUERTT         4.000   4/27/2012     EUR     64.09
LB BADEN-WUERTT         8.000   8/24/2012     EUR     63.02
LB BADEN-WUERTT         8.000   8/24/2012     EUR     71.47
LB BADEN-WUERTT         8.000   8/24/2012     EUR     38.72
LB BADEN-WUERTT         4.000   4/27/2012     EUR     67.77
LB BADEN-WUERTT         4.000   4/27/2012     EUR     56.50
LB BADEN-WUERTT         4.000   4/27/2012     EUR     69.50
LB BADEN-WUERTT         4.000   4/27/2012     EUR     51.39
LB BADEN-WUERTT         8.000   8/24/2012     EUR     61.47
LB BADEN-WUERTT         8.000   8/24/2012     EUR     69.14
LB BADEN-WUERTT         8.000   8/24/2012     EUR     64.42
LB BADEN-WUERTT         8.000   8/24/2012     EUR     54.68
LB BADEN-WUERTT         8.000   8/24/2012     EUR     71.03
LB BADEN-WUERTT         8.000   8/24/2012     EUR     69.23
LB BADEN-WUERTT        10.000   8/24/2012     EUR     73.36
LB BADEN-WUERTT        10.000   8/24/2012     EUR     70.69
LB BADEN-WUERTT        10.000   8/24/2012     EUR     63.90
LB BADEN-WUERTT        10.000   8/24/2012     EUR     69.95
LB BADEN-WUERTT        10.000   8/24/2012     EUR     42.72
LB BADEN-WUERTT        10.000   8/24/2012     EUR     59.63
LB BADEN-WUERTT        10.000   8/24/2012     EUR     26.08
LB BADEN-WUERTT        10.000   8/24/2012     EUR     62.71
LB BADEN-WUERTT        10.000   8/24/2012     EUR     58.48
LB BADEN-WUERTT        10.000   8/24/2012     EUR     69.54
LB BADEN-WUERTT        10.000   8/24/2012     EUR     64.66
LB BADEN-WUERTT        10.000   8/24/2012     EUR     70.66
LB BADEN-WUERTT        10.000   8/24/2012     EUR     48.71
LB BADEN-WUERTT         4.000   9/28/2012     EUR     33.11
LB BADEN-WUERTT         4.000   9/28/2012     EUR     54.14
LB BADEN-WUERTT         4.000   9/28/2012     EUR     70.08
LB BADEN-WUERTT         6.000   9/28/2012     EUR     61.52
LB BADEN-WUERTT         6.000   9/28/2012     EUR     28.13
LB BADEN-WUERTT         6.000   9/28/2012     EUR     71.74
LB BADEN-WUERTT         6.000   9/28/2012     EUR     47.28
LB BADEN-WUERTT         6.000   9/28/2012     EUR     69.33
LB BADEN-WUERTT         8.000   9/28/2012     EUR     63.76
LB BADEN-WUERTT         8.000   9/28/2012     EUR     64.49
LB BADEN-WUERTT         8.000   9/28/2012     EUR     71.40
LB BADEN-WUERTT         8.000   9/28/2012     EUR     69.48
LB BADEN-WUERTT         8.000   9/28/2012     EUR     25.65
LB BADEN-WUERTT         8.000   9/28/2012     EUR     56.49
LB BADEN-WUERTT         8.000   9/28/2012     EUR     43.84
LB BADEN-WUERTT         5.000  10/26/2012     EUR     66.42
LB BADEN-WUERTT         5.000  10/26/2012     EUR     70.99
LB BADEN-WUERTT         5.000  10/26/2012     EUR      6.90
LB BADEN-WUERTT         5.000  10/26/2012     EUR     24.34
LB BADEN-WUERTT         5.000  10/26/2012     EUR     73.11
LB BADEN-WUERTT         5.000  10/26/2012     EUR     73.06
LB BADEN-WUERTT        10.000   6/22/2012     EUR     68.16
LB BADEN-WUERTT        10.000   6/22/2012     EUR     59.08
LB BADEN-WUERTT        10.000   6/22/2012     EUR     54.64
LB BADEN-WUERTT        10.000   6/22/2012     EUR     71.96
LB BADEN-WUERTT         8.000   6/22/2012     EUR     70.72
LB BADEN-WUERTT         8.000   6/22/2012     EUR     43.28
LB BADEN-WUERTT         8.000   6/22/2012     EUR     64.92
LB BADEN-WUERTT         8.000   6/22/2012     EUR     73.18
LB BADEN-WUERTT         8.000   6/22/2012     EUR     48.16
LB BADEN-WUERTT         8.000   6/22/2012     EUR     49.80
LB BADEN-WUERTT         8.000   6/22/2012     EUR     68.74
LB BADEN-WUERTT         8.000   6/22/2012     EUR     66.83
LB BADEN-WUERTT         8.000   6/22/2012     EUR     32.19
LB BADEN-WUERTT         7.500   6/22/2012     EUR     21.94
LB BADEN-WUERTT         7.500   6/22/2012     EUR     59.94
LB BADEN-WUERTT         7.500   6/22/2012     EUR     60.49
LB BADEN-WUERTT         7.500   6/22/2012     EUR     64.88
LB BADEN-WUERTT         7.500   6/22/2012     EUR     61.48
LB BADEN-WUERTT         7.500   6/22/2012     EUR     55.48
LB BADEN-WUERTT         7.500   6/22/2012     EUR      6.73
LB BADEN-WUERTT         7.500   6/22/2012     EUR     68.03
LB BADEN-WUERTT         7.500   6/22/2012     EUR     57.29
LB BADEN-WUERTT         6.000   6/22/2012     EUR     69.26
LB BADEN-WUERTT         6.000   6/22/2012     EUR     54.61
LB BADEN-WUERTT         6.000   6/22/2012     EUR     35.83
LB BADEN-WUERTT         6.000   6/22/2012     EUR     48.65
LB BADEN-WUERTT         6.000   6/22/2012     EUR     53.89
LB BADEN-WUERTT         5.000   6/22/2012     EUR     68.92
LB BADEN-WUERTT         5.000   6/22/2012     EUR     66.73
LB BADEN-WUERTT         5.000   6/22/2012     EUR     60.40
LB BADEN-WUERTT         5.000   6/22/2012     EUR     62.88
LB BADEN-WUERTT         5.000   6/22/2012     EUR      7.24
LB BADEN-WUERTT         5.000   6/22/2012     EUR     24.11
LB BADEN-WUERTT         5.000   6/22/2012     EUR     67.02
LB BADEN-WUERTT         5.000   6/22/2012     EUR     72.23
LB BADEN-WUERTT         5.000   6/22/2012     EUR     66.05
LB BADEN-WUERTT         4.000   6/22/2012     EUR     40.59
LB BADEN-WUERTT         4.000   6/22/2012     EUR     61.36
LB BADEN-WUERTT         4.000   6/22/2012     EUR     62.50
LB BADEN-WUERTT         4.000   6/22/2012     EUR     59.19
LB BADEN-WUERTT         8.350   5/25/2012     EUR     47.36
LB BADEN-WUERTT         8.000   5/25/2012     EUR     69.78
LB BADEN-WUERTT         8.000   5/25/2012     EUR     69.73
LB BADEN-WUERTT         8.000   5/25/2012     EUR     73.95
LB BADEN-WUERTT         8.000   5/25/2012     EUR     68.70
LB BADEN-WUERTT         8.000   5/25/2012     EUR     64.59
LB BADEN-WUERTT         8.000   5/25/2012     EUR     71.87
LB BADEN-WUERTT         8.000   5/25/2012     EUR     63.27
LB BADEN-WUERTT         8.000   5/25/2012     EUR     40.26
LB BADEN-WUERTT         8.000   5/25/2012     EUR     49.16
LB BADEN-WUERTT         8.000   5/25/2012     EUR     62.72
LB BADEN-WUERTT         6.000   5/25/2012     EUR     69.76
LB BADEN-WUERTT         6.000   5/25/2012     EUR     67.45
LB BADEN-WUERTT         6.000   5/25/2012     EUR     53.84
LB BADEN-WUERTT         6.000   5/25/2012     EUR     69.70
LB BADEN-WUERTT         6.000   5/25/2012     EUR     44.24
LB BADEN-WUERTT         4.000   5/25/2012     EUR     54.40
LB BADEN-WUERTT         4.000   5/25/2012     EUR     60.87
LB BADEN-WUERTT         4.000   5/25/2012     EUR     74.63
LB BADEN-WUERTT         8.000   4/27/2012     EUR     55.94
LB BADEN-WUERTT         8.000   4/27/2012     EUR     68.26
LB BADEN-WUERTT         8.000   4/27/2012     EUR     66.88
MACQUARIE STRUCT       10.500   4/27/2012     EUR     52.77
MACQUARIE STRUCT        9.250   6/22/2012     EUR     37.04
MACQUARIE STRUCT        9.750   6/22/2012     EUR     67.84
MACQUARIE STRUCT       10.000   6/22/2012     EUR     49.65
MACQUARIE STRUCT       10.250   6/22/2012     EUR     51.28
MACQUARIE STRUCT       10.250   6/22/2012     EUR     73.27
MACQUARIE STRUCT       10.750   6/22/2012     EUR     35.51
MACQUARIE STRUCT       11.000   6/22/2012     EUR     74.05
MACQUARIE STRUCT       11.000   6/22/2012     EUR     73.30
MACQUARIE STRUCT       11.500   6/22/2012     EUR     57.06
MACQUARIE STRUCT       11.500   6/22/2012     EUR     63.33
MACQUARIE STRUCT       11.500   6/22/2012     EUR     37.34
MACQUARIE STRUCT        9.000   6/22/2012     EUR     69.40
MACQUARIE STRUCT       13.250   4/27/2012     EUR     52.21
MACQUARIE STRUCT       23.250   6/22/2012     EUR      5.94
MACQUARIE STRUCT       17.000   6/22/2012     EUR     52.07
MACQUARIE STRUCT       18.500   6/22/2012     EUR     57.53
MACQUARIE STRUCT       11.500   9/28/2012     EUR     55.54
MACQUARIE STRUCT       10.000   9/28/2012     EUR     72.96
MACQUARIE STRUCT        9.750   9/28/2012     EUR     56.76
MACQUARIE STRUCT        9.250   9/28/2012     EUR     71.18
MACQUARIE STRUCT        9.000   9/28/2012     EUR     57.74
MACQUARIE STRUCT       11.750   6/22/2012     EUR     68.47
MACQUARIE STRUCT       12.000   6/22/2012     EUR     72.05
MACQUARIE STRUCT       12.500   6/22/2012     EUR     49.15
MACQUARIE STRUCT       12.500   6/22/2012     EUR     43.46
MACQUARIE STRUCT       13.000   6/22/2012     EUR     64.12
MACQUARIE STRUCT       13.500   6/22/2012     EUR     34.11
MACQUARIE STRUCT       15.750   6/22/2012     EUR     16.56
MACQUARIE STRUCT       15.750   6/22/2012     EUR     60.82
MACQUARIE STRUCT       16.000   6/22/2012     EUR     20.41
NORDDEUTSCHE L/B        7.000    6/8/2012     EUR     61.11
PRAKTIKER BAU-UN        5.875   2/10/2016     EUR     40.00
Q-CELLS                 6.750  10/21/2015     EUR      0.52
QIMONDA FINANCE         6.750   3/22/2013     USD      7.00
RENTENBANK              0.500   3/15/2017     TRY     73.00
RENTENBANK              0.500   4/19/2017     ZAR     72.06
SOLARWORLD AG           6.125   1/21/2017     EUR     33.00
SOLARWORLD AG           6.375   7/13/2016     EUR     36.82
SOLON AG SOLAR          1.375   12/6/2012     EUR      1.92
TAG IMMO AG             6.500  12/10/2015     EUR      7.87
TUI AG                  2.750   3/24/2016     EUR     48.62
TUI AG                  5.500  11/17/2014     EUR     65.51
UNICREDIT BANK A        6.900   5/17/2012     EUR     57.98
UNICREDIT BANK A        7.000   6/21/2012     EUR     46.51
UNICREDIT BANK A        6.800   5/17/2012     EUR     68.14
VONTOBEL FIN PRO        6.876   6/22/2012     EUR     52.66
VONTOBEL FIN PRO       10.307   4/13/2012     EUR     65.50
VONTOBEL FIN PRO       12.469   4/13/2012     EUR     53.30
VONTOBEL FIN PRO       10.028   4/20/2012     EUR     41.70
VONTOBEL FIN PRO       11.031   4/20/2012     EUR     70.20
VONTOBEL FIN PRO       10.659   4/27/2012     EUR     64.50
VONTOBEL FIN PRO       10.056    5/4/2012     EUR     73.50
VONTOBEL FIN PRO       12.067    5/4/2012     EUR     57.00
VONTOBEL FIN PRO       13.173    5/4/2012     EUR     47.50
VONTOBEL FIN PRO       10.056   5/11/2012     EUR     56.00
VONTOBEL FIN PRO       10.961   5/18/2012     EUR     55.10
VONTOBEL FIN PRO       12.168   5/18/2012     EUR     38.00
VONTOBEL FIN PRO       11.564   5/25/2012     EUR     43.60
VONTOBEL FIN PRO       10.358    6/1/2012     EUR     63.60
VONTOBEL FIN PRO       12.369    6/1/2012     EUR     38.60
VONTOBEL FIN PRO        7.889    6/6/2012     EUR     59.70
VONTOBEL FIN PRO       10.056    6/8/2012     EUR     71.10
VONTOBEL FIN PRO       11.464    6/8/2012     EUR     65.70
VONTOBEL FIN PRO       10.358   6/15/2012     EUR     46.30
VONTOBEL FIN PRO       10.458   6/15/2012     EUR     52.00
VONTOBEL FIN PRO       11.615   6/15/2012     EUR     66.40
VONTOBEL FIN PRO        6.444   6/22/2012     EUR     65.96
VONTOBEL FIN PRO        6.697   6/22/2012     EUR     74.54
VONTOBEL FIN PRO        8.407   6/22/2012     EUR     45.38
VONTOBEL FIN PRO        6.948   6/22/2012     EUR     72.36
VONTOBEL FIN PRO        7.010   6/22/2012     EUR     64.20
VONTOBEL FIN PRO        7.094   6/22/2012     EUR     59.92
VONTOBEL FIN PRO        7.101   6/22/2012     EUR     46.76
VONTOBEL FIN PRO        7.156   6/22/2012     EUR     72.10
VONTOBEL FIN PRO        7.228   6/22/2012     EUR     68.54
VONTOBEL FIN PRO        7.236   6/22/2012     EUR     59.92
VONTOBEL FIN PRO        7.299   6/22/2012     EUR     72.68
VONTOBEL FIN PRO        7.299   6/22/2012     EUR     68.50
VONTOBEL FIN PRO        7.355   6/22/2012     EUR     70.22
VONTOBEL FIN PRO        7.370   6/22/2012     EUR     67.92
VONTOBEL FIN PRO        7.473   6/22/2012     EUR     64.64
VONTOBEL FIN PRO        7.488   6/22/2012     EUR     67.38
VONTOBEL FIN PRO        7.500   6/22/2012     EUR     52.18
VONTOBEL FIN PRO        7.509   6/22/2012     EUR     51.70
VONTOBEL FIN PRO        7.562   6/22/2012     EUR     61.94
VONTOBEL FIN PRO        7.720   6/22/2012     EUR     72.50
VONTOBEL FIN PRO        7.754   6/22/2012     EUR     55.12
VONTOBEL FIN PRO        7.812   6/22/2012     EUR     70.04
VONTOBEL FIN PRO        7.855   6/22/2012     EUR     68.92
VONTOBEL FIN PRO        7.942   6/22/2012     EUR     66.88
VONTOBEL FIN PRO        7.956   6/22/2012     EUR     63.90
VONTOBEL FIN PRO        7.974   6/22/2012     EUR     53.98
VONTOBEL FIN PRO        7.974   6/22/2012     EUR     38.62
VONTOBEL FIN PRO        7.996   6/22/2012     EUR     66.42
VONTOBEL FIN PRO        8.008   6/22/2012     EUR     63.08
VONTOBEL FIN PRO        8.013   6/22/2012     EUR     58.50
VONTOBEL FIN PRO        8.014   6/22/2012     EUR     61.46
VONTOBEL FIN PRO        8.015   6/22/2012     EUR     62.68
VONTOBEL FIN PRO        8.031   6/22/2012     EUR     70.66
VONTOBEL FIN PRO        8.038   6/22/2012     EUR     70.21
VONTOBEL FIN PRO        8.068   6/22/2012     EUR     60.10
VONTOBEL FIN PRO        8.108   6/22/2012     EUR     68.64
VONTOBEL FIN PRO        8.113   6/22/2012     EUR     66.48
VONTOBEL FIN PRO        8.135   6/22/2012     EUR     67.04
VONTOBEL FIN PRO        8.152   6/22/2012     EUR     64.56
VONTOBEL FIN PRO        8.185   6/22/2012     EUR     49.80
VONTOBEL FIN PRO        8.189   6/22/2012     EUR     36.98
VONTOBEL FIN PRO        8.189   6/22/2012     EUR     67.18
VONTOBEL FIN PRO        8.229   6/22/2012     EUR     69.70
VONTOBEL FIN PRO        8.267   6/22/2012     EUR     65.14
VONTOBEL FIN PRO        8.278   6/22/2012     EUR     62.22
VONTOBEL FIN PRO        8.284   6/22/2012     EUR     46.74
VONTOBEL FIN PRO        8.302   6/22/2012     EUR     59.68
VONTOBEL FIN PRO        8.327   6/22/2012     EUR     64.22
VONTOBEL FIN PRO        8.328   6/22/2012     EUR     73.20
VONTOBEL FIN PRO        8.340   6/22/2012     EUR     19.60
VONTOBEL FIN PRO        8.340   6/22/2012     EUR     59.62
VONTOBEL FIN PRO        8.347   6/22/2012     EUR     70.94
VONTOBEL FIN PRO        8.347   6/22/2012     EUR     54.40
VONTOBEL FIN PRO        8.347   6/22/2012     EUR     68.36
VONTOBEL FIN PRO        8.377   6/22/2012     EUR     43.74
VONTOBEL FIN PRO        8.433   6/22/2012     EUR     67.36
VONTOBEL FIN PRO        8.460   6/22/2012     EUR     48.66
VONTOBEL FIN PRO        8.466   6/22/2012     EUR     37.14
VONTOBEL FIN PRO        8.466   6/22/2012     EUR     58.82
VONTOBEL FIN PRO        8.487   6/22/2012     EUR     66.44
VONTOBEL FIN PRO        8.491   6/22/2012     EUR     52.68
VONTOBEL FIN PRO        8.491   6/22/2012     EUR     55.60
VONTOBEL FIN PRO        8.495   6/22/2012     EUR     73.68
VONTOBEL FIN PRO        8.496   6/22/2012     EUR     73.78
VONTOBEL FIN PRO        8.525   6/22/2012     EUR     60.26
VONTOBEL FIN PRO        8.528   6/22/2012     EUR     67.72
VONTOBEL FIN PRO        8.528   6/22/2012     EUR     66.80
VONTOBEL FIN PRO        8.566   6/22/2012     EUR     57.54
VONTOBEL FIN PRO        8.581   6/22/2012     EUR     64.48
VONTOBEL FIN PRO        8.597   6/22/2012     EUR     65.34
VONTOBEL FIN PRO        8.640   6/22/2012     EUR     29.50
VONTOBEL FIN PRO        8.642   6/22/2012     EUR     54.45
VONTOBEL FIN PRO        8.667   6/22/2012     EUR     67.28
VONTOBEL FIN PRO        8.676   6/22/2012     EUR     73.92
VONTOBEL FIN PRO        8.676   6/22/2012     EUR     70.70
VONTOBEL FIN PRO        8.679   6/22/2012     EUR     65.64
VONTOBEL FIN PRO        8.679   6/22/2012     EUR     60.84
VONTOBEL FIN PRO        8.681   6/22/2012     EUR     58.58
VONTOBEL FIN PRO        8.690   6/22/2012     EUR     57.14
VONTOBEL FIN PRO        8.701   6/22/2012     EUR     42.70
VONTOBEL FIN PRO        8.720   6/22/2012     EUR     71.76
VONTOBEL FIN PRO        8.747   6/22/2012     EUR     72.98
VONTOBEL FIN PRO        8.753   6/22/2012     EUR     70.18
VONTOBEL FIN PRO        8.755   6/22/2012     EUR     45.86
VONTOBEL FIN PRO        8.755   6/22/2012     EUR     62.70
VONTOBEL FIN PRO        8.755   6/22/2012     EUR     66.24
VONTOBEL FIN PRO        8.757   6/22/2012     EUR     60.37
VONTOBEL FIN PRO        8.793   6/22/2012     EUR     61.52
VONTOBEL FIN PRO        8.795   6/22/2012     EUR     51.22
VONTOBEL FIN PRO        8.795   6/22/2012     EUR     71.20
VONTOBEL FIN PRO        8.795   6/22/2012     EUR     62.26
VONTOBEL FIN PRO        8.806   6/22/2012     EUR     69.52
VONTOBEL FIN PRO        8.806   6/22/2012     EUR     60.14
VONTOBEL FIN PRO        8.830   6/22/2012     EUR     66.60
VONTOBEL FIN PRO        8.835   6/22/2012     EUR     55.54
VONTOBEL FIN PRO        8.845   6/22/2012     EUR     67.56
VONTOBEL FIN PRO        8.850   6/22/2012     EUR     73.26
VONTOBEL FIN PRO        8.875   6/22/2012     EUR     59.36
VONTOBEL FIN PRO        8.877   6/22/2012     EUR     66.76
VONTOBEL FIN PRO        8.889   6/22/2012     EUR     61.26
VONTOBEL FIN PRO        8.891   6/22/2012     EUR     66.92
VONTOBEL FIN PRO        8.892   6/22/2012     EUR     56.66
VONTOBEL FIN PRO        8.900   6/22/2012     EUR     56.54
VONTOBEL FIN PRO        8.906   6/22/2012     EUR     51.22
VONTOBEL FIN PRO        8.920   6/22/2012     EUR     71.84
VONTOBEL FIN PRO        8.943   6/22/2012     EUR     73.42
VONTOBEL FIN PRO        8.944   6/22/2012     EUR     74.26
VONTOBEL FIN PRO        9.019   6/22/2012     EUR     46.86
VONTOBEL FIN PRO        9.026   6/22/2012     EUR     72.18
VONTOBEL FIN PRO        9.071   6/22/2012     EUR     68.32
VONTOBEL FIN PRO        9.072   6/22/2012     EUR     68.94
VONTOBEL FIN PRO        9.072   6/22/2012     EUR     54.66
VONTOBEL FIN PRO        9.097   6/22/2012     EUR     73.04
VONTOBEL FIN PRO        9.125   6/22/2012     EUR     74.30
VONTOBEL FIN PRO        9.134   6/22/2012     EUR     70.90
VONTOBEL FIN PRO        9.142   6/22/2012     EUR     63.46
VONTOBEL FIN PRO        9.162   6/22/2012     EUR     66.20
VONTOBEL FIN PRO        9.180   6/22/2012     EUR     66.86
VONTOBEL FIN PRO        9.208   6/22/2012     EUR     49.42
VONTOBEL FIN PRO        9.250   6/22/2012     EUR     68.82
VONTOBEL FIN PRO        9.274   6/22/2012     EUR     62.10
VONTOBEL FIN PRO        9.283   6/22/2012     EUR     45.60
VONTOBEL FIN PRO        9.290   6/22/2012     EUR     64.08
VONTOBEL FIN PRO        9.292   6/22/2012     EUR     50.00
VONTOBEL FIN PRO        9.316   6/22/2012     EUR     60.26
VONTOBEL FIN PRO        9.332   6/22/2012     EUR     66.04
VONTOBEL FIN PRO        9.373   6/22/2012     EUR     44.63
VONTOBEL FIN PRO        9.389   6/22/2012     EUR     46.44
VONTOBEL FIN PRO        9.396   6/22/2012     EUR     67.86
VONTOBEL FIN PRO        9.405   6/22/2012     EUR     72.38
VONTOBEL FIN PRO        9.411   6/22/2012     EUR     74.32
VONTOBEL FIN PRO        9.414   6/22/2012     EUR     57.80
VONTOBEL FIN PRO        9.448   6/22/2012     EUR     71.12
VONTOBEL FIN PRO        9.454   6/22/2012     EUR     39.28
VONTOBEL FIN PRO        9.461   6/22/2012     EUR     64.38
VONTOBEL FIN PRO        9.466   6/22/2012     EUR     59.68
VONTOBEL FIN PRO        9.472   6/22/2012     EUR     34.57
VONTOBEL FIN PRO        9.472   6/22/2012     EUR     58.30
VONTOBEL FIN PRO        9.511   6/22/2012     EUR     62.62
VONTOBEL FIN PRO        9.524   6/22/2012     EUR     68.40
VONTOBEL FIN PRO        9.534   6/22/2012     EUR     70.32
VONTOBEL FIN PRO        9.547   6/22/2012     EUR     60.92
VONTOBEL FIN PRO        9.550   6/22/2012     EUR     73.84
VONTOBEL FIN PRO        9.553   6/22/2012     EUR     61.90
VONTOBEL FIN PRO        9.553   6/22/2012     EUR     74.54
VONTOBEL FIN PRO        9.556   6/22/2012     EUR     25.74
VONTOBEL FIN PRO        9.557   6/22/2012     EUR     70.92
VONTOBEL FIN PRO        9.576   6/22/2012     EUR     60.44
VONTOBEL FIN PRO        9.606   6/22/2012     EUR     66.64
VONTOBEL FIN PRO        9.623   6/22/2012     EUR     46.32
VONTOBEL FIN PRO        9.623   6/22/2012     EUR     37.24
VONTOBEL FIN PRO        9.627   6/22/2012     EUR     54.20
VONTOBEL FIN PRO        9.658   6/22/2012     EUR     65.71
VONTOBEL FIN PRO        9.673   6/22/2012     EUR     50.70
VONTOBEL FIN PRO        9.684   6/22/2012     EUR     70.78
VONTOBEL FIN PRO        9.689   6/22/2012     EUR     64.32
VONTOBEL FIN PRO        9.689   6/22/2012     EUR     73.64
VONTOBEL FIN PRO        9.689   6/22/2012     EUR     70.78
VONTOBEL FIN PRO        9.698   6/22/2012     EUR     58.76
VONTOBEL FIN PRO        9.699   6/22/2012     EUR     48.66
VONTOBEL FIN PRO        9.709   6/22/2012     EUR     42.46
VONTOBEL FIN PRO        9.709   6/22/2012     EUR     47.32
VONTOBEL FIN PRO        9.716   6/22/2012     EUR     69.28
VONTOBEL FIN PRO        9.724   6/22/2012     EUR     68.92
VONTOBEL FIN PRO        9.781   6/22/2012     EUR     51.40
VONTOBEL FIN PRO        9.797   6/22/2012     EUR     54.80
VONTOBEL FIN PRO        9.832   6/22/2012     EUR     71.92
VONTOBEL FIN PRO        9.832   6/22/2012     EUR     71.38
VONTOBEL FIN PRO        9.839   6/22/2012     EUR     72.90
VONTOBEL FIN PRO        9.871   6/22/2012     EUR     65.50
VONTOBEL FIN PRO        9.880   6/22/2012     EUR     69.28
VONTOBEL FIN PRO        9.887   6/22/2012     EUR     59.84
VONTOBEL FIN PRO        9.892   6/22/2012     EUR     65.48
VONTOBEL FIN PRO        9.918   6/22/2012     EUR     58.44
VONTOBEL FIN PRO        9.921   6/22/2012     EUR     63.82
VONTOBEL FIN PRO        9.957   6/22/2012     EUR     55.52
VONTOBEL FIN PRO        9.969   6/22/2012     EUR     45.22
VONTOBEL FIN PRO        9.991   6/22/2012     EUR     56.86
VONTOBEL FIN PRO       10.000   6/22/2012     EUR     67.98
VONTOBEL FIN PRO       10.026   6/22/2012     EUR     64.52
VONTOBEL FIN PRO       10.028   6/22/2012     EUR     60.34
VONTOBEL FIN PRO       10.028   6/22/2012     EUR     67.24
VONTOBEL FIN PRO       10.030   6/22/2012     EUR     67.94
VONTOBEL FIN PRO       10.038   6/22/2012     EUR     51.44
VONTOBEL FIN PRO       10.048   6/22/2012     EUR     73.72
VONTOBEL FIN PRO       10.050   6/22/2012     EUR     70.20
VONTOBEL FIN PRO       10.073   6/22/2012     EUR     70.06
VONTOBEL FIN PRO       10.098   6/22/2012     EUR     69.00
VONTOBEL FIN PRO       10.100   6/22/2012     EUR     58.50
VONTOBEL FIN PRO       10.107   6/22/2012     EUR     71.74
VONTOBEL FIN PRO       10.110   6/22/2012     EUR     37.46
VONTOBEL FIN PRO       10.116   6/22/2012     EUR     57.90
VONTOBEL FIN PRO       10.142   6/22/2012     EUR     64.00
VONTOBEL FIN PRO       10.167   6/22/2012     EUR     51.14
VONTOBEL FIN PRO       10.167   6/22/2012     EUR     67.22
VONTOBEL FIN PRO       10.186   6/22/2012     EUR     63.64
VONTOBEL FIN PRO       10.207   6/22/2012     EUR     61.72
VONTOBEL FIN PRO       10.222   6/22/2012     EUR     71.52
VONTOBEL FIN PRO       10.222   6/22/2012     EUR     64.42
VONTOBEL FIN PRO       10.241   6/22/2012     EUR     72.42
VONTOBEL FIN PRO       10.244   6/22/2012     EUR     69.80
VONTOBEL FIN PRO       10.254   6/22/2012     EUR     62.40
VONTOBEL FIN PRO       10.257   6/22/2012     EUR     54.38
VONTOBEL FIN PRO       10.260   6/22/2012     EUR     45.34
VONTOBEL FIN PRO       10.264   6/22/2012     EUR     54.75
VONTOBEL FIN PRO       10.272   6/22/2012     EUR     71.52
VONTOBEL FIN PRO       10.273   6/22/2012     EUR     56.72
VONTOBEL FIN PRO       10.274   6/22/2012     EUR     72.94
VONTOBEL FIN PRO       10.278   6/22/2012     EUR     45.60
VONTOBEL FIN PRO       10.286   6/22/2012     EUR     61.46
VONTOBEL FIN PRO       10.325   6/22/2012     EUR     65.98
VONTOBEL FIN PRO       10.364   6/22/2012     EUR     70.30
VONTOBEL FIN PRO       10.364   6/22/2012     EUR     70.30
VONTOBEL FIN PRO       10.371   6/22/2012     EUR     57.60
VONTOBEL FIN PRO       10.389   6/22/2012     EUR     72.10
VONTOBEL FIN PRO       10.402   6/22/2012     EUR     56.74
VONTOBEL FIN PRO       10.415   6/22/2012     EUR     70.65
VONTOBEL FIN PRO       10.438   6/22/2012     EUR     61.90
VONTOBEL FIN PRO       10.439   6/22/2012     EUR     45.80
VONTOBEL FIN PRO       10.440   6/22/2012     EUR     60.64
VONTOBEL FIN PRO       10.458   6/22/2012     EUR     66.70
VONTOBEL FIN PRO       10.476   6/22/2012     EUR     27.66
VONTOBEL FIN PRO       10.478   6/22/2012     EUR     68.48
VONTOBEL FIN PRO       10.479   6/22/2012     EUR     73.02
VONTOBEL FIN PRO       10.486   6/22/2012     EUR     38.32
VONTOBEL FIN PRO       10.490   6/22/2012     EUR     44.90
VONTOBEL FIN PRO       10.500   6/22/2012     EUR     51.84
VONTOBEL FIN PRO       10.520   6/22/2012     EUR     45.38
VONTOBEL FIN PRO       10.528   6/22/2012     EUR     61.09
VONTOBEL FIN PRO       10.539   6/22/2012     EUR     71.18
VONTOBEL FIN PRO       10.548   6/22/2012     EUR     53.68
VONTOBEL FIN PRO       10.567   6/22/2012     EUR     58.04
VONTOBEL FIN PRO       10.577   6/22/2012     EUR     60.62
VONTOBEL FIN PRO       10.607   6/22/2012     EUR     53.78
VONTOBEL FIN PRO       10.611   6/22/2012     EUR     73.64
VONTOBEL FIN PRO       10.612   6/22/2012     EUR     64.60
VONTOBEL FIN PRO       10.620   6/22/2012     EUR     59.58
VONTOBEL FIN PRO       10.642   6/22/2012     EUR     57.05
VONTOBEL FIN PRO       10.660   6/22/2012     EUR     42.00
VONTOBEL FIN PRO       10.668   6/22/2012     EUR     63.54
VONTOBEL FIN PRO       10.668   6/22/2012     EUR     69.84
VONTOBEL FIN PRO       10.697   6/22/2012     EUR     72.50
VONTOBEL FIN PRO       10.724   6/22/2012     EUR     53.46
VONTOBEL FIN PRO       10.726   6/22/2012     EUR     46.50
VONTOBEL FIN PRO       10.757   6/22/2012     EUR     57.94
VONTOBEL FIN PRO       10.759   6/22/2012     EUR     69.33
VONTOBEL FIN PRO       10.760   6/22/2012     EUR     67.76
VONTOBEL FIN PRO       10.761   6/22/2012     EUR     66.08
VONTOBEL FIN PRO       10.779   6/22/2012     EUR     60.58
VONTOBEL FIN PRO       10.791   6/22/2012     EUR     72.48
VONTOBEL FIN PRO       10.800   6/22/2012     EUR     37.38
VONTOBEL FIN PRO       10.833   6/22/2012     EUR     45.06
VONTOBEL FIN PRO       10.837   6/22/2012     EUR     71.92
VONTOBEL FIN PRO       10.843   6/22/2012     EUR     57.70
VONTOBEL FIN PRO       10.847   6/22/2012     EUR     61.66
VONTOBEL FIN PRO       10.878   6/22/2012     EUR     54.40
VONTOBEL FIN PRO       10.909   6/22/2012     EUR     36.22
VONTOBEL FIN PRO       10.918   6/22/2012     EUR     70.28
VONTOBEL FIN PRO       10.920   6/22/2012     EUR     73.68
VONTOBEL FIN PRO       10.920   6/22/2012     EUR     39.34
VONTOBEL FIN PRO       10.925   6/22/2012     EUR     67.18
VONTOBEL FIN PRO       10.925   6/22/2012     EUR     53.38
VONTOBEL FIN PRO       10.925   6/22/2012     EUR     51.50
VONTOBEL FIN PRO       10.955   6/22/2012     EUR     69.18
VONTOBEL FIN PRO       10.970   6/22/2012     EUR     71.78
VONTOBEL FIN PRO       10.980   6/22/2012     EUR     68.04
VONTOBEL FIN PRO       11.019   6/22/2012     EUR     56.30
VONTOBEL FIN PRO       11.029   6/22/2012     EUR     63.10
VONTOBEL FIN PRO       11.052   6/22/2012     EUR     50.34
VONTOBEL FIN PRO       11.080   6/22/2012     EUR     67.02
VONTOBEL FIN PRO       11.080   6/22/2012     EUR     64.44
VONTOBEL FIN PRO       11.098   6/22/2012     EUR     69.20
VONTOBEL FIN PRO       11.103   6/22/2012     EUR     65.32
VONTOBEL FIN PRO       11.117   6/22/2012     EUR     68.02
VONTOBEL FIN PRO       11.123   6/22/2012     EUR     73.72
VONTOBEL FIN PRO       11.129   6/22/2012     EUR     71.10
VONTOBEL FIN PRO       11.130   6/22/2012     EUR     68.81
VONTOBEL FIN PRO       11.194   6/22/2012     EUR     66.90
VONTOBEL FIN PRO       11.219   6/22/2012     EUR     59.56
VONTOBEL FIN PRO       11.219   6/22/2012     EUR     65.99
VONTOBEL FIN PRO       11.238   6/22/2012     EUR     51.86
VONTOBEL FIN PRO       11.283   6/22/2012     EUR     49.74
VONTOBEL FIN PRO       11.287   6/22/2012     EUR     71.50
VONTOBEL FIN PRO       11.296   6/22/2012     EUR     64.90
VONTOBEL FIN PRO       11.304   6/22/2012     EUR     55.34
VONTOBEL FIN PRO       11.319   6/22/2012     EUR     48.10
VONTOBEL FIN PRO       11.328   6/22/2012     EUR     65.44
VONTOBEL FIN PRO       11.333   6/22/2012     EUR     69.22
VONTOBEL FIN PRO       11.361   6/22/2012     EUR     50.96
VONTOBEL FIN PRO       11.366   6/22/2012     EUR     62.36
VONTOBEL FIN PRO       11.377   6/22/2012     EUR     47.52
VONTOBEL FIN PRO       11.389   6/22/2012     EUR     70.30
VONTOBEL FIN PRO       11.389   6/22/2012     EUR     71.10
VONTOBEL FIN PRO       11.396   6/22/2012     EUR     54.63
VONTOBEL FIN PRO       11.405   6/22/2012     EUR     69.28
VONTOBEL FIN PRO       11.409   6/22/2012     EUR     60.54
VONTOBEL FIN PRO       11.422   6/22/2012     EUR     44.22
VONTOBEL FIN PRO       11.425   6/22/2012     EUR     52.14
VONTOBEL FIN PRO       11.425   6/22/2012     EUR     66.84
VONTOBEL FIN PRO       11.425   6/22/2012     EUR     71.34
VONTOBEL FIN PRO       11.443   6/22/2012     EUR     69.26
VONTOBEL FIN PRO       11.455   6/22/2012     EUR     57.82
VONTOBEL FIN PRO       11.484   6/22/2012     EUR     62.26
VONTOBEL FIN PRO       11.534   6/22/2012     EUR     59.62
VONTOBEL FIN PRO       11.550   6/22/2012     EUR     70.06
VONTOBEL FIN PRO       11.554   6/22/2012     EUR     71.60
VONTOBEL FIN PRO       11.554   6/22/2012     EUR     62.88
VONTOBEL FIN PRO       11.560   6/22/2012     EUR     37.42
VONTOBEL FIN PRO       11.566   6/22/2012     EUR     55.12
VONTOBEL FIN PRO       11.581   6/22/2012     EUR     53.26
VONTOBEL FIN PRO       11.582   6/22/2012     EUR     61.94
VONTOBEL FIN PRO       11.586   6/22/2012     EUR     58.13
VONTOBEL FIN PRO       11.591   6/22/2012     EUR     64.02
VONTOBEL FIN PRO       11.600   6/22/2012     EUR     52.90
VONTOBEL FIN PRO       11.614   6/22/2012     EUR     52.44
VONTOBEL FIN PRO       11.622   6/22/2012     EUR     61.58
VONTOBEL FIN PRO       11.668   6/22/2012     EUR     69.02
VONTOBEL FIN PRO       11.693   6/22/2012     EUR     44.50
VONTOBEL FIN PRO       11.705   6/22/2012     EUR     45.01
VONTOBEL FIN PRO       11.736   6/22/2012     EUR     37.80
VONTOBEL FIN PRO       11.750   6/22/2012     EUR     53.38
VONTOBEL FIN PRO       11.774   6/22/2012     EUR     46.70
VONTOBEL FIN PRO       11.778   6/22/2012     EUR     44.32
VONTOBEL FIN PRO       11.791   6/22/2012     EUR     73.10
VONTOBEL FIN PRO       11.800   6/22/2012     EUR     67.56
VONTOBEL FIN PRO       11.807   6/22/2012     EUR     58.52
VONTOBEL FIN PRO       11.807   6/22/2012     EUR     54.74
VONTOBEL FIN PRO       11.808   6/22/2012     EUR     60.30
VONTOBEL FIN PRO       11.811   6/22/2012     EUR     46.50
VONTOBEL FIN PRO       11.819   6/22/2012     EUR     60.88
VONTOBEL FIN PRO       11.844   6/22/2012     EUR     54.96
VONTOBEL FIN PRO       11.877   6/22/2012     EUR     73.27
VONTOBEL FIN PRO       11.888   6/22/2012     EUR     72.28
VONTOBEL FIN PRO       11.900   6/22/2012     EUR     71.74
VONTOBEL FIN PRO       11.910   6/22/2012     EUR     56.02
VONTOBEL FIN PRO       11.917   6/22/2012     EUR     69.94
VONTOBEL FIN PRO       11.944   6/22/2012     EUR     61.88
VONTOBEL FIN PRO       11.952   6/22/2012     EUR     53.82
VONTOBEL FIN PRO       11.955   6/22/2012     EUR     36.50
VONTOBEL FIN PRO       11.967   6/22/2012     EUR     58.48
VONTOBEL FIN PRO       12.000   6/22/2012     EUR     64.84
VONTOBEL FIN PRO       12.000   6/22/2012     EUR     70.12
VONTOBEL FIN PRO       12.000   6/22/2012     EUR     56.14
VONTOBEL FIN PRO       12.013   6/22/2012     EUR     50.52
VONTOBEL FIN PRO       12.017   6/22/2012     EUR     60.54
VONTOBEL FIN PRO       12.025   6/22/2012     EUR     67.38
VONTOBEL FIN PRO       12.038   6/22/2012     EUR     70.93
VONTOBEL FIN PRO       12.103   6/22/2012     EUR     57.31
VONTOBEL FIN PRO       12.111   6/22/2012     EUR     68.90
VONTOBEL FIN PRO       12.117   6/22/2012     EUR     41.24
VONTOBEL FIN PRO       12.118   6/22/2012     EUR     69.78
VONTOBEL FIN PRO       12.123   6/22/2012     EUR     52.78
VONTOBEL FIN PRO       12.144   6/22/2012     EUR     61.92
VONTOBEL FIN PRO       12.148   6/22/2012     EUR     73.82
VONTOBEL FIN PRO       12.162   6/22/2012     EUR     72.02
VONTOBEL FIN PRO       12.164   6/22/2012     EUR     65.88
VONTOBEL FIN PRO       12.168   6/22/2012     EUR     55.40
VONTOBEL FIN PRO       12.204   6/22/2012     EUR     43.68
VONTOBEL FIN PRO       12.216   6/22/2012     EUR     62.64
VONTOBEL FIN PRO       12.226   6/22/2012     EUR     20.28
VONTOBEL FIN PRO       12.247   6/22/2012     EUR     52.98
VONTOBEL FIN PRO       12.260   6/22/2012     EUR     56.76
VONTOBEL FIN PRO       12.276   6/22/2012     EUR     54.06
VONTOBEL FIN PRO       12.298   6/22/2012     EUR     56.48
VONTOBEL FIN PRO       12.300   6/22/2012     EUR     58.48
VONTOBEL FIN PRO       12.303   6/22/2012     EUR     73.92
VONTOBEL FIN PRO       12.306   6/22/2012     EUR     69.00
VONTOBEL FIN PRO       12.311   6/22/2012     EUR     69.94
VONTOBEL FIN PRO       12.323   6/22/2012     EUR     40.20
VONTOBEL FIN PRO       12.340   6/22/2012     EUR     49.98
VONTOBEL FIN PRO       12.340   6/22/2012     EUR     61.41
VONTOBEL FIN PRO       12.343   6/22/2012     EUR     41.00
VONTOBEL FIN PRO       12.348   6/22/2012     EUR     65.82
VONTOBEL FIN PRO       12.352   6/22/2012     EUR     59.36
VONTOBEL FIN PRO       12.382   6/22/2012     EUR     56.98
VONTOBEL FIN PRO       12.389   6/22/2012     EUR     43.84
VONTOBEL FIN PRO       12.389   6/22/2012     EUR     71.12
VONTOBEL FIN PRO       12.393   6/22/2012     EUR     57.52
VONTOBEL FIN PRO       12.403   6/22/2012     EUR     64.60
VONTOBEL FIN PRO       12.420   6/22/2012     EUR     26.16
VONTOBEL FIN PRO       12.451   6/22/2012     EUR     52.78
VONTOBEL FIN PRO       12.456   6/22/2012     EUR     56.28
VONTOBEL FIN PRO       12.462   6/22/2012     EUR     67.20
VONTOBEL FIN PRO       12.472   6/22/2012     EUR     69.06
VONTOBEL FIN PRO       12.500   6/22/2012     EUR     69.60
VONTOBEL FIN PRO       12.500   6/22/2012     EUR     70.60
VONTOBEL FIN PRO       12.512   6/22/2012     EUR     52.08
VONTOBEL FIN PRO       12.520   6/22/2012     EUR     54.17
VONTOBEL FIN PRO       12.532   6/22/2012     EUR     63.36
VONTOBEL FIN PRO       12.536   6/22/2012     EUR     59.80
VONTOBEL FIN PRO       12.537   6/22/2012     EUR     53.88
VONTOBEL FIN PRO       12.544   6/22/2012     EUR     43.26
VONTOBEL FIN PRO       12.547   6/22/2012     EUR     67.22
VONTOBEL FIN PRO       12.578   6/22/2012     EUR     46.74
VONTOBEL FIN PRO       12.578   6/22/2012     EUR     68.96
VONTOBEL FIN PRO       12.595   6/22/2012     EUR     54.52
VONTOBEL FIN PRO       12.600   6/22/2012     EUR     69.44
VONTOBEL FIN PRO       12.623   6/22/2012     EUR     42.84
VONTOBEL FIN PRO       12.627   6/22/2012     EUR     50.70
VONTOBEL FIN PRO       12.652   6/22/2012     EUR     62.66
VONTOBEL FIN PRO       12.667   6/22/2012     EUR     73.02
VONTOBEL FIN PRO       12.672   6/22/2012     EUR     67.76
VONTOBEL FIN PRO       12.672   6/22/2012     EUR     39.34
VONTOBEL FIN PRO       12.679   6/22/2012     EUR     57.21
VONTOBEL FIN PRO       12.685   6/22/2012     EUR     42.76
VONTOBEL FIN PRO       12.689   6/22/2012     EUR     59.58
VONTOBEL FIN PRO       12.716   6/22/2012     EUR     41.40
VONTOBEL FIN PRO       12.740   6/22/2012     EUR     73.84
VONTOBEL FIN PRO       12.799   6/22/2012     EUR     59.90
VONTOBEL FIN PRO       12.830   6/22/2012     EUR     38.00
VONTOBEL FIN PRO       12.857   6/22/2012     EUR     73.70
VONTOBEL FIN PRO       12.870   6/22/2012     EUR     60.50
VONTOBEL FIN PRO       12.878   6/22/2012     EUR     70.70
VONTOBEL FIN PRO       12.880   6/22/2012     EUR     64.26
VONTOBEL FIN PRO       12.926   6/22/2012     EUR     66.14
VONTOBEL FIN PRO       12.964   6/22/2012     EUR     62.24
VONTOBEL FIN PRO       12.978   6/22/2012     EUR     74.34
VONTOBEL FIN PRO       13.000   6/22/2012     EUR     24.74
VONTOBEL FIN PRO       13.024   6/22/2012     EUR     66.18
VONTOBEL FIN PRO       13.032   6/22/2012     EUR     37.84
VONTOBEL FIN PRO       13.055   6/22/2012     EUR     73.74
VONTOBEL FIN PRO       13.084   6/22/2012     EUR     57.96
VONTOBEL FIN PRO       13.111   6/22/2012     EUR     51.34
VONTOBEL FIN PRO       13.123   6/22/2012     EUR     74.36
VONTOBEL FIN PRO       13.150   6/22/2012     EUR     53.66
VONTOBEL FIN PRO       13.208   6/22/2012     EUR     47.18
VONTOBEL FIN PRO       13.224   6/22/2012     EUR     58.78
VONTOBEL FIN PRO       13.253   6/22/2012     EUR     52.96
VONTOBEL FIN PRO       13.283   6/22/2012     EUR     46.76
VONTOBEL FIN PRO       13.288   6/22/2012     EUR     45.90
VONTOBEL FIN PRO       13.293   6/22/2012     EUR     63.52
VONTOBEL FIN PRO       13.343   6/22/2012     EUR     54.20
VONTOBEL FIN PRO       13.355   6/22/2012     EUR     49.92
VONTOBEL FIN PRO       13.388   6/22/2012     EUR     70.28
VONTOBEL FIN PRO       13.461   6/22/2012     EUR     70.26
VONTOBEL FIN PRO       13.463   6/22/2012     EUR     35.92
VONTOBEL FIN PRO       13.500   6/22/2012     EUR     38.02
VONTOBEL FIN PRO       13.521   6/22/2012     EUR     42.02
VONTOBEL FIN PRO       13.522   6/22/2012     EUR     56.76
VONTOBEL FIN PRO       13.536   6/22/2012     EUR     36.68
VONTOBEL FIN PRO       13.615   6/22/2012     EUR     52.60
VONTOBEL FIN PRO       13.627   6/22/2012     EUR     70.74
VONTOBEL FIN PRO       13.648   6/22/2012     EUR     55.66
VONTOBEL FIN PRO       13.650   6/22/2012     EUR     61.10
VONTOBEL FIN PRO       13.667   6/22/2012     EUR     68.28
VONTOBEL FIN PRO       13.700   6/22/2012     EUR     66.74
VONTOBEL FIN PRO       13.748   6/22/2012     EUR     63.30
VONTOBEL FIN PRO       13.748   6/22/2012     EUR     41.16
VONTOBEL FIN PRO       13.758   6/22/2012     EUR     35.00
VONTOBEL FIN PRO       13.778   6/22/2012     EUR     66.30
VONTOBEL FIN PRO       13.792   6/22/2012     EUR     51.04
VONTOBEL FIN PRO       13.800   6/22/2012     EUR     70.76
VONTOBEL FIN PRO       13.803   6/22/2012     EUR     53.94
VONTOBEL FIN PRO       13.812   6/22/2012     EUR     55.84
VONTOBEL FIN PRO       13.829   6/22/2012     EUR     50.52
VONTOBEL FIN PRO       13.832   6/22/2012     EUR     55.12
VONTOBEL FIN PRO       13.832   6/22/2012     EUR     38.08
VONTOBEL FIN PRO       13.846   6/22/2012     EUR     57.82
VONTOBEL FIN PRO       13.860   6/22/2012     EUR     50.52
VONTOBEL FIN PRO       13.886   6/22/2012     EUR     57.22
VONTOBEL FIN PRO       13.889   6/22/2012     EUR     69.40
VONTOBEL FIN PRO       13.944   6/22/2012     EUR     71.92
VONTOBEL FIN PRO       13.961   6/22/2012     EUR     72.68
VONTOBEL FIN PRO       13.968   6/22/2012     EUR     70.08
VONTOBEL FIN PRO       13.973   6/22/2012     EUR     70.61
VONTOBEL FIN PRO       13.974   6/22/2012     EUR     64.12
VONTOBEL FIN PRO       13.980   6/22/2012     EUR     50.52
VONTOBEL FIN PRO       14.000   6/22/2012     EUR     47.34
VONTOBEL FIN PRO       14.000   6/22/2012     EUR     55.24
VONTOBEL FIN PRO       14.050   6/22/2012     EUR     70.56
VONTOBEL FIN PRO       14.061   6/22/2012     EUR     53.66
VONTOBEL FIN PRO       14.160   6/22/2012     EUR     20.14
VONTOBEL FIN PRO       14.172   6/22/2012     EUR     60.10
VONTOBEL FIN PRO       14.201   6/22/2012     EUR     33.98
VONTOBEL FIN PRO       14.211   6/22/2012     EUR     65.86
VONTOBEL FIN PRO       14.229   6/22/2012     EUR     39.64
VONTOBEL FIN PRO       14.276   6/22/2012     EUR     60.72
VONTOBEL FIN PRO       14.278   6/22/2012     EUR     41.92
VONTOBEL FIN PRO       14.302   6/22/2012     EUR     20.70
VONTOBEL FIN PRO       14.345   6/22/2012     EUR     54.20
VONTOBEL FIN PRO       14.436   6/22/2012     EUR     24.90
VONTOBEL FIN PRO       14.447   6/22/2012     EUR     63.42
VONTOBEL FIN PRO       14.450   6/22/2012     EUR     48.94
VONTOBEL FIN PRO       14.561   6/22/2012     EUR     59.84
VONTOBEL FIN PRO       14.580   6/22/2012     EUR     54.94
VONTOBEL FIN PRO       14.595   6/22/2012     EUR     67.86
VONTOBEL FIN PRO       14.611   6/22/2012     EUR     65.10
VONTOBEL FIN PRO       14.640   6/22/2012     EUR     64.24
VONTOBEL FIN PRO       14.652   6/22/2012     EUR     56.80
VONTOBEL FIN PRO       14.680   6/22/2012     EUR     44.06
VONTOBEL FIN PRO       14.712   6/22/2012     EUR     40.54
VONTOBEL FIN PRO       14.717   6/22/2012     EUR     43.80
VONTOBEL FIN PRO       14.791   6/22/2012     EUR     22.34
VONTOBEL FIN PRO       14.821   6/22/2012     EUR     40.68
VONTOBEL FIN PRO       15.000   6/22/2012     EUR     68.88
VONTOBEL FIN PRO       15.081   6/22/2012     EUR     68.30
VONTOBEL FIN PRO       15.091   6/22/2012     EUR     56.76
VONTOBEL FIN PRO       15.167   6/22/2012     EUR     48.82
VONTOBEL FIN PRO       15.250   6/22/2012     EUR     61.34
VONTOBEL FIN PRO       15.258   6/22/2012     EUR     65.64
VONTOBEL FIN PRO       15.308   6/22/2012     EUR     43.94
VONTOBEL FIN PRO       15.370   6/22/2012     EUR     46.48
VONTOBEL FIN PRO       15.448   6/22/2012     EUR     45.22
VONTOBEL FIN PRO       15.526   6/22/2012     EUR     54.64
VONTOBEL FIN PRO       15.840   6/22/2012     EUR     47.66
VONTOBEL FIN PRO       15.856   6/22/2012     EUR     65.54
VONTOBEL FIN PRO       15.920   6/22/2012     EUR     19.56
VONTOBEL FIN PRO       15.940   6/22/2012     EUR     38.40
VONTOBEL FIN PRO       15.950   6/22/2012     EUR     63.82
VONTOBEL FIN PRO       15.979   6/22/2012     EUR     66.16
VONTOBEL FIN PRO       16.000   6/22/2012     EUR     75.02
VONTOBEL FIN PRO       16.110   6/22/2012     EUR     18.80
VONTOBEL FIN PRO       16.150   6/22/2012     EUR     53.38
VONTOBEL FIN PRO       16.156   6/22/2012     EUR     59.38
VONTOBEL FIN PRO       16.293   6/22/2012     EUR     61.46
VONTOBEL FIN PRO       16.389   6/22/2012     EUR     72.74
VONTOBEL FIN PRO       16.488   6/22/2012     EUR     23.86
VONTOBEL FIN PRO       16.497   6/22/2012     EUR     22.64
VONTOBEL FIN PRO       16.595   6/22/2012     EUR     53.98
VONTOBEL FIN PRO       16.611   6/22/2012     EUR     67.84
VONTOBEL FIN PRO       16.667   6/22/2012     EUR     24.00
VONTOBEL FIN PRO       16.746   6/22/2012     EUR     21.58
VONTOBEL FIN PRO       16.864   6/22/2012     EUR     66.40
VONTOBEL FIN PRO       16.900   6/22/2012     EUR     72.50
VONTOBEL FIN PRO       17.189   6/22/2012     EUR     67.02
VONTOBEL FIN PRO       17.260   6/22/2012     EUR     17.80
VONTOBEL FIN PRO       17.333   6/22/2012     EUR     46.64
VONTOBEL FIN PRO       17.712   6/22/2012     EUR     18.36
VONTOBEL FIN PRO       17.784   6/22/2012     EUR     45.20
VONTOBEL FIN PRO       17.800   6/22/2012     EUR     69.96
VONTOBEL FIN PRO       17.950   6/22/2012     EUR     51.50
VONTOBEL FIN PRO       18.036   6/22/2012     EUR     52.48
VONTOBEL FIN PRO       18.164   6/22/2012     EUR     18.06
VONTOBEL FIN PRO       18.289   6/22/2012     EUR     17.78
VONTOBEL FIN PRO       18.295   6/22/2012     EUR     42.80
VONTOBEL FIN PRO       18.650   6/22/2012     EUR     71.36
VONTOBEL FIN PRO       19.150   6/22/2012     EUR     68.80
VONTOBEL FIN PRO       19.350   6/22/2012     EUR     66.76
VONTOBEL FIN PRO       21.456   6/22/2012     EUR     48.96
VONTOBEL FIN PRO       22.800   6/22/2012     EUR     56.62
VONTOBEL FIN PRO       23.300   6/22/2012     EUR     71.38
VONTOBEL FIN PRO       10.559   6/29/2012     EUR     73.60
VONTOBEL FIN PRO       12.067   6/29/2012     EUR     54.90
VONTOBEL FIN PRO       12.067   6/29/2012     EUR     61.20
VONTOBEL FIN PRO       11.514    7/6/2012     EUR     52.90
VONTOBEL FIN PRO       10.860   7/13/2012     EUR     68.90
VONTOBEL FIN PRO       11.061   7/13/2012     EUR     66.80
VONTOBEL FIN PRO       10.860   7/20/2012     EUR     56.50
VONTOBEL FIN PRO       11.061   7/20/2012     EUR     65.20
VONTOBEL FIN PRO       11.665   7/20/2012     EUR     71.20
VONTOBEL FIN PRO       11.564   7/27/2012     EUR     61.00
VONTOBEL FIN PRO       12.864   7/27/2012     EUR     63.90
VONTOBEL FIN PRO       11.850    8/3/2012     EUR     73.00
VONTOBEL FIN PRO        5.829   9/28/2012     EUR     68.00
VONTOBEL FIN PRO        7.286   9/28/2012     EUR     72.10
VONTOBEL FIN PRO        7.432   9/28/2012     EUR     65.78
VONTOBEL FIN PRO        7.867   9/28/2012     EUR     70.46
VONTOBEL FIN PRO        7.950   9/28/2012     EUR     73.46
VONTOBEL FIN PRO        8.121   9/28/2012     EUR     67.86
VONTOBEL FIN PRO        8.174   9/28/2012     EUR     64.06
VONTOBEL FIN PRO        8.440   9/28/2012     EUR     59.92
VONTOBEL FIN PRO        8.529   9/28/2012     EUR     70.10
VONTOBEL FIN PRO        8.581   9/28/2012     EUR     58.70
VONTOBEL FIN PRO        8.620   9/28/2012     EUR     68.56
VONTOBEL FIN PRO        8.626   9/28/2012     EUR     64.20
VONTOBEL FIN PRO        8.705   9/28/2012     EUR     71.78
VONTOBEL FIN PRO        8.739   9/28/2012     EUR     70.26
VONTOBEL FIN PRO        8.786   9/28/2012     EUR     61.04
VONTOBEL FIN PRO        8.862   9/28/2012     EUR     74.18
VONTOBEL FIN PRO        8.878   9/28/2012     EUR     72.26
VONTOBEL FIN PRO        9.037   9/28/2012     EUR     60.60
VONTOBEL FIN PRO        9.037   9/28/2012     EUR     62.46
VONTOBEL FIN PRO        9.273   9/28/2012     EUR     67.62
VONTOBEL FIN PRO        9.284   9/28/2012     EUR     61.88
VONTOBEL FIN PRO        9.324   9/28/2012     EUR     72.08
VONTOBEL FIN PRO        9.400   9/28/2012     EUR     59.54
VONTOBEL FIN PRO        9.405   9/28/2012     EUR     69.92
VONTOBEL FIN PRO        9.492   9/28/2012     EUR     64.24
VONTOBEL FIN PRO        9.523   9/28/2012     EUR     44.94
VONTOBEL FIN PRO        9.523   9/28/2012     EUR     68.96
VONTOBEL FIN PRO        9.634   9/28/2012     EUR     63.66
VONTOBEL FIN PRO        9.672   9/28/2012     EUR     57.96
VONTOBEL FIN PRO        9.700   9/28/2012     EUR     74.72
VONTOBEL FIN PRO        9.776   9/28/2012     EUR     67.16
VONTOBEL FIN PRO        9.803   9/28/2012     EUR     71.30
VONTOBEL FIN PRO        9.803   9/28/2012     EUR     71.30
VONTOBEL FIN PRO        9.877   9/28/2012     EUR     56.62
VONTOBEL FIN PRO        9.900   9/28/2012     EUR     68.34
VONTOBEL FIN PRO        9.926   9/28/2012     EUR     68.02
VONTOBEL FIN PRO        9.950   9/28/2012     EUR     60.98
VONTOBEL FIN PRO        9.986   9/28/2012     EUR     73.28
VONTOBEL FIN PRO       10.000   9/28/2012     EUR     54.00
VONTOBEL FIN PRO       10.014   9/28/2012     EUR     54.22
VONTOBEL FIN PRO       10.046   9/28/2012     EUR     71.50
VONTOBEL FIN PRO       10.046   9/28/2012     EUR     60.08
VONTOBEL FIN PRO       10.083   9/28/2012     EUR     61.96
VONTOBEL FIN PRO       10.083   9/28/2012     EUR     72.20
VONTOBEL FIN PRO       10.123   9/28/2012     EUR     59.96
VONTOBEL FIN PRO       10.155   9/28/2012     EUR     73.32
VONTOBEL FIN PRO       10.336   9/28/2012     EUR     57.74
VONTOBEL FIN PRO       10.344   9/28/2012     EUR     56.90
VONTOBEL FIN PRO       10.366   9/28/2012     EUR     63.74
VONTOBEL FIN PRO       10.494   9/28/2012     EUR     43.98
VONTOBEL FIN PRO       10.539   9/28/2012     EUR     64.78
VONTOBEL FIN PRO       10.556   9/28/2012     EUR     50.82
VONTOBEL FIN PRO       10.600   9/28/2012     EUR     67.42
VONTOBEL FIN PRO       10.722   9/28/2012     EUR     65.80
VONTOBEL FIN PRO       10.755   9/28/2012     EUR     72.30
VONTOBEL FIN PRO       10.830   9/28/2012     EUR     60.64
VONTOBEL FIN PRO       10.830   9/28/2012     EUR     59.60
VONTOBEL FIN PRO       10.850   9/28/2012     EUR     58.98
VONTOBEL FIN PRO       10.909   9/28/2012     EUR     65.20
VONTOBEL FIN PRO       10.971   9/28/2012     EUR     71.52
VONTOBEL FIN PRO       10.989   9/28/2012     EUR     65.92
VONTOBEL FIN PRO       11.017   9/28/2012     EUR     69.74
VONTOBEL FIN PRO       11.027   9/28/2012     EUR     71.44
VONTOBEL FIN PRO       11.035   9/28/2012     EUR     68.66
VONTOBEL FIN PRO       11.077   9/28/2012     EUR     55.13
VONTOBEL FIN PRO       11.119   9/28/2012     EUR     63.94
VONTOBEL FIN PRO       11.145   9/28/2012     EUR     56.52
VONTOBEL FIN PRO       11.187   9/28/2012     EUR     66.72
VONTOBEL FIN PRO       11.197   9/28/2012     EUR     67.80
VONTOBEL FIN PRO       11.229   9/28/2012     EUR     71.42
VONTOBEL FIN PRO       11.250   9/28/2012     EUR     71.54
VONTOBEL FIN PRO       11.357   9/28/2012     EUR     64.06
VONTOBEL FIN PRO       11.497   9/28/2012     EUR     73.70
VONTOBEL FIN PRO       11.502   9/28/2012     EUR     43.14
VONTOBEL FIN PRO       11.502   9/28/2012     EUR     56.72
VONTOBEL FIN PRO       11.514   9/28/2012     EUR     68.92
VONTOBEL FIN PRO       11.577   9/28/2012     EUR     54.60
VONTOBEL FIN PRO       11.580   9/28/2012     EUR     71.46
VONTOBEL FIN PRO       11.676   9/28/2012     EUR     58.58
VONTOBEL FIN PRO       11.698   9/28/2012     EUR     71.00
VONTOBEL FIN PRO       11.764   9/28/2012     EUR     64.22
VONTOBEL FIN PRO       11.790   9/28/2012     EUR     57.52
VONTOBEL FIN PRO       11.797   9/28/2012     EUR     60.03
VONTOBEL FIN PRO       11.895   9/28/2012     EUR     48.86
VONTOBEL FIN PRO       11.900   9/28/2012     EUR     61.00
VONTOBEL FIN PRO       12.056   9/28/2012     EUR     61.32
VONTOBEL FIN PRO       12.067   9/28/2012     EUR     55.44
VONTOBEL FIN PRO       12.086   9/28/2012     EUR     73.46
VONTOBEL FIN PRO       12.131   9/28/2012     EUR     64.02
VONTOBEL FIN PRO       12.211   9/28/2012     EUR     74.10
VONTOBEL FIN PRO       12.211   9/28/2012     EUR     74.10
VONTOBEL FIN PRO       12.350   9/28/2012     EUR     57.24
VONTOBEL FIN PRO       12.350   9/28/2012     EUR     53.40
VONTOBEL FIN PRO       12.398   9/28/2012     EUR     56.94
VONTOBEL FIN PRO       12.398   9/28/2012     EUR     72.34
VONTOBEL FIN PRO       12.436   9/28/2012     EUR     68.78
VONTOBEL FIN PRO       12.471   9/28/2012     EUR     69.22
VONTOBEL FIN PRO       12.676   9/28/2012     EUR     70.70
VONTOBEL FIN PRO       12.761   9/28/2012     EUR     60.06
VONTOBEL FIN PRO       12.770   9/28/2012     EUR     72.56
VONTOBEL FIN PRO       12.800   9/28/2012     EUR     68.68
VONTOBEL FIN PRO       12.847   9/28/2012     EUR     52.60
VONTOBEL FIN PRO       12.857   9/28/2012     EUR     59.14
VONTOBEL FIN PRO       12.965   9/28/2012     EUR     70.78
VONTOBEL FIN PRO       13.071   9/28/2012     EUR     68.18
VONTOBEL FIN PRO       13.135   9/28/2012     EUR     62.48
VONTOBEL FIN PRO       13.150   9/28/2012     EUR     73.00
VONTOBEL FIN PRO       13.257   9/28/2012     EUR     56.64
VONTOBEL FIN PRO       13.259   9/28/2012     EUR     54.94
VONTOBEL FIN PRO       13.352   9/28/2012     EUR     47.18
VONTOBEL FIN PRO       13.469   9/28/2012     EUR     56.27
VONTOBEL FIN PRO       13.950   9/28/2012     EUR     55.74
VONTOBEL FIN PRO       14.108   9/28/2012     EUR     70.90
VONTOBEL FIN PRO       14.150   9/28/2012     EUR     56.98
VONTOBEL FIN PRO       14.154   9/28/2012     EUR     50.84
VONTOBEL FIN PRO       14.191   9/28/2012     EUR     53.68
VONTOBEL FIN PRO       14.209   9/28/2012     EUR     68.70
VONTOBEL FIN PRO       14.303   9/28/2012     EUR     65.80
VONTOBEL FIN PRO       14.500   9/28/2012     EUR     66.24
VONTOBEL FIN PRO       14.600   9/28/2012     EUR     71.92
VONTOBEL FIN PRO       14.662   9/28/2012     EUR     71.44
VONTOBEL FIN PRO       14.853   9/28/2012     EUR     57.52
VONTOBEL FIN PRO       14.895   9/28/2012     EUR     69.32
VONTOBEL FIN PRO       14.900   9/28/2012     EUR     72.22
VONTOBEL FIN PRO       14.906   9/28/2012     EUR     69.56
VONTOBEL FIN PRO       15.000   9/28/2012     EUR     69.98
VONTOBEL FIN PRO       16.000   9/28/2012     EUR     71.94
VONTOBEL FIN PRO       16.183   9/28/2012     EUR     55.34
VONTOBEL FIN PRO       16.337   9/28/2012     EUR     71.62
VONTOBEL FIN PRO       16.400   9/28/2012     EUR     73.88
VONTOBEL FIN PRO       17.000   9/28/2012     EUR     48.74
VONTOBEL FIN PRO       19.000   9/28/2012     EUR     67.66
VONTOBEL FIN PRO       20.400   9/28/2012     EUR     71.10
VONTOBEL FIN PRO       20.950   9/28/2012     EUR     66.48
VONTOBEL FIN PRO       21.500   9/28/2012     EUR     66.86
VONTOBEL FIN PRO       22.050   9/28/2012     EUR     68.18
VONTOBEL FIN PRO       25.200   9/28/2012     EUR     63.56
VONTOBEL FIN PRO       27.550   9/28/2012     EUR     60.26
VONTOBEL FIN PRO       28.700   9/28/2012     EUR     70.14
VONTOBEL FIN PRO       28.900   9/28/2012     EUR     60.98
VONTOBEL FIN PRO       11.500  12/14/2012     EUR      4.63
VONTOBEL FIN PRO        5.006  12/28/2012     EUR     59.28
VONTOBEL FIN PRO        6.175  12/31/2012     EUR     69.52
VONTOBEL FIN PRO        7.050  12/31/2012     EUR     73.82
VONTOBEL FIN PRO        7.100  12/31/2012     EUR     73.86
VONTOBEL FIN PRO        7.250  12/31/2012     EUR     68.78
VONTOBEL FIN PRO        7.494  12/31/2012     EUR     73.02
VONTOBEL FIN PRO        7.754  12/31/2012     EUR     73.38
VONTOBEL FIN PRO        8.019  12/31/2012     EUR     73.64
VONTOBEL FIN PRO        8.050  12/31/2012     EUR     72.42
VONTOBEL FIN PRO        8.163  12/31/2012     EUR     64.90
VONTOBEL FIN PRO        8.230  12/31/2012     EUR     65.58
VONTOBEL FIN PRO        8.246  12/31/2012     EUR     48.68
VONTOBEL FIN PRO        8.300  12/31/2012     EUR     59.46
VONTOBEL FIN PRO        8.526  12/31/2012     EUR     25.02
VONTOBEL FIN PRO        8.737  12/31/2012     EUR     69.46
VONTOBEL FIN PRO        8.842  12/31/2012     EUR     71.66
VONTOBEL FIN PRO        8.877  12/31/2012     EUR     63.30
VONTOBEL FIN PRO        8.895  12/31/2012     EUR     70.60
VONTOBEL FIN PRO        8.950  12/31/2012     EUR     63.80
VONTOBEL FIN PRO        9.123  12/31/2012     EUR     66.90
VONTOBEL FIN PRO        9.193  12/31/2012     EUR     47.80
VONTOBEL FIN PRO        9.250  12/31/2012     EUR     53.26
VONTOBEL FIN PRO        9.400  12/31/2012     EUR     73.54
VONTOBEL FIN PRO        9.605  12/31/2012     EUR     73.02
VONTOBEL FIN PRO        9.700  12/31/2012     EUR     63.60
VONTOBEL FIN PRO        9.754  12/31/2012     EUR     47.32
VONTOBEL FIN PRO        9.754  12/31/2012     EUR     67.40
VONTOBEL FIN PRO        9.841  12/31/2012     EUR     61.24
VONTOBEL FIN PRO       10.035  12/31/2012     EUR     70.14
VONTOBEL FIN PRO       10.050  12/31/2012     EUR     68.88
VONTOBEL FIN PRO       10.175  12/31/2012     EUR     47.04
VONTOBEL FIN PRO       10.207  12/31/2012     EUR     70.18
VONTOBEL FIN PRO       10.211  12/31/2012     EUR     73.90
VONTOBEL FIN PRO       10.231  12/31/2012     EUR     70.08
VONTOBEL FIN PRO       10.421  12/31/2012     EUR     64.68
VONTOBEL FIN PRO       10.500  12/31/2012     EUR     51.78
VONTOBEL FIN PRO       10.759  12/31/2012     EUR     72.62
VONTOBEL FIN PRO       10.807  12/31/2012     EUR     25.34
VONTOBEL FIN PRO       10.807  12/31/2012     EUR     65.54
VONTOBEL FIN PRO       10.900  12/31/2012     EUR     71.78
VONTOBEL FIN PRO       10.912  12/31/2012     EUR     73.04
VONTOBEL FIN PRO       11.000  12/31/2012     EUR     70.16
VONTOBEL FIN PRO       11.170  12/31/2012     EUR     64.34
VONTOBEL FIN PRO       11.193  12/31/2012     EUR     72.46
VONTOBEL FIN PRO       11.404  12/31/2012     EUR     72.12
VONTOBEL FIN PRO       11.445  12/31/2012     EUR     67.38
VONTOBEL FIN PRO       11.476  12/31/2012     EUR     55.85
VONTOBEL FIN PRO       11.649  12/31/2012     EUR     57.84
VONTOBEL FIN PRO       11.750  12/31/2012     EUR     72.48
VONTOBEL FIN PRO       11.784  12/31/2012     EUR     65.19
VONTOBEL FIN PRO       11.790  12/31/2012     EUR     62.74
VONTOBEL FIN PRO       11.895  12/31/2012     EUR     71.22
VONTOBEL FIN PRO       11.950  12/31/2012     EUR     69.28
VONTOBEL FIN PRO       12.000  12/31/2012     EUR     72.18
VONTOBEL FIN PRO       12.211  12/31/2012     EUR     71.14
VONTOBEL FIN PRO       12.433  12/31/2012     EUR     71.54
VONTOBEL FIN PRO       12.501  12/31/2012     EUR     56.57
VONTOBEL FIN PRO       12.593  12/31/2012     EUR     61.78
VONTOBEL FIN PRO       12.650  12/31/2012     EUR     59.08
VONTOBEL FIN PRO       12.900  12/31/2012     EUR     66.52
VONTOBEL FIN PRO       12.912  12/31/2012     EUR     55.84
VONTOBEL FIN PRO       13.123  12/31/2012     EUR     25.86
VONTOBEL FIN PRO       13.411  12/31/2012     EUR     72.76
VONTOBEL FIN PRO       13.860  12/31/2012     EUR     72.20
VONTOBEL FIN PRO       14.150  12/31/2012     EUR     48.12
VONTOBEL FIN PRO       14.211  12/31/2012     EUR     54.18
VONTOBEL FIN PRO       14.300  12/31/2012     EUR     71.00
VONTOBEL FIN PRO       14.450  12/31/2012     EUR     74.52
VONTOBEL FIN PRO       16.350  12/31/2012     EUR     71.42
VONTOBEL FIN PRO       16.850  12/31/2012     EUR     63.14
VONTOBEL FIN PRO       17.100  12/31/2012     EUR     65.30
VONTOBEL FIN PRO       18.850  12/31/2012     EUR     67.38
VONTOBEL FIN PRO       21.800  12/31/2012     EUR     64.30
VONTOBEL FIN PRO       22.600  12/31/2012     EUR     59.44
VONTOBEL FIN PRO       24.700  12/31/2012     EUR     61.36
VONTOBEL FIN PRO       24.900  12/31/2012     EUR     71.16
VONTOBEL FIN PRO       27.600  12/31/2012     EUR     60.08
VONTOBEL FIN PRO       28.250  12/31/2012     EUR     57.58
VONTOBEL FIN PRO        8.042    1/2/2013     EUR     66.22
VONTOBEL FIN PRO        8.069    1/2/2013     EUR     72.69
VONTOBEL FIN PRO        8.987    1/2/2013     EUR     38.53
VONTOBEL FIN PRO       10.930    1/2/2013     EUR     50.76
VONTOBEL FIN PRO       17.400   3/22/2013     EUR     70.82
VONTOBEL FIN PRO        7.389  11/25/2013     EUR     38.10
VONTOBEL FIN PRO        5.474   3/17/2014     EUR     71.80
VONTOBEL FIN PRO        5.100   4/14/2014     EUR     43.90
WESTLB AG               0.100   9/27/2012     EUR     48.32
WESTLB AG               5.000   4/12/2016     EUR     29.01
WESTLB AG               0.075   9/27/2012     EUR     73.25
WESTLB AG               5.250   5/21/2012     EUR     61.84
WESTLB AG               6.000   6/21/2012     EUR     68.21
WESTLB AG               6.000   6/21/2012     EUR     67.95
WESTLB AG               7.000   6/21/2012     EUR     64.61
WESTLB AG               8.500   6/21/2012     EUR     56.07
WESTLB AG               8.500   6/21/2012     EUR     60.18
WESTLB AG               6.750   7/30/2012     EUR     66.23
WESTLB AG               0.075   9/27/2012     EUR     70.28
WESTLB AG               0.075   9/27/2012     EUR     65.74
WESTLB AG               0.100   9/27/2012     EUR     73.25
WGZ BANK                7.000  12/21/2012     EUR     74.35
WGZ BANK                8.000  12/21/2012     EUR     72.65
WGZ BANK                8.000  12/28/2012     EUR     63.61
WGZ BANK                6.000  12/28/2012     EUR     70.52
WGZ BANK                4.000   6/13/2012     EUR     48.51
WGZ BANK                5.000   6/13/2012     EUR     43.69
WGZ BANK                6.000   6/13/2012     EUR     41.72
WGZ BANK                7.000   6/13/2012     EUR     39.95
WGZ BANK                8.000   6/13/2012     EUR     38.36
WGZ BANK                6.000   6/21/2012     EUR     72.25
WGZ BANK                7.000   6/21/2012     EUR     69.71
WGZ BANK                8.000   6/21/2012     EUR     67.35
WGZ BANK                8.000  12/20/2012     EUR     71.97
WGZ BANK                7.000  12/28/2012     EUR     66.85

GREECE
------
HELLENIC REPUB          5.000   3/11/2019     EUR     27.38
HELLENIC REPUB          6.140   4/14/2028     EUR     18.00
HELLENIC REPUB          5.200   7/17/2034     EUR     15.75
HELLENIC REPUB          4.625   6/25/2013     USD     23.75
HELLENIC REPUB          2.125    7/5/2013     CHF     36.25
NATL BK GREECE          3.875   10/7/2016     EUR     69.52
YIOULA GLASSWORK        9.000   12/1/2015     EUR     52.83
YIOULA GLASSWORK        9.000   12/1/2015     EUR     53.00

GUERNSEY
--------
BCV GUERNSEY            7.850   5/18/2012     CHF     71.03
BCV GUERNSEY           10.000   5/18/2012     CHF     51.97
BCV GUERNSEY            8.020    3/1/2013     EUR     70.32
BCV GUERNSEY            9.100   5/25/2012     CHF     65.84
BCV GUERNSEY            8.500   5/25/2012     EUR     56.39
BCV GUERNSEY            7.250   5/25/2012     CHF     72.38
BCV GUERNSEY           10.100   5/23/2012     EUR     70.29
BCV GUERNSEY            7.200   4/13/2012     CHF     66.83
BCV GUERNSEY            9.500   4/13/2012     EUR     27.08
BCV GUERNSEY           10.030   4/20/2012     CHF     67.83
BCV GUERNSEY            8.120   5/11/2012     CHF     71.23
BCV GUERNSEY           10.030   5/11/2012     CHF     72.23
BCV GUERNSEY           18.150   5/17/2012     CHF     42.24
BCV GUERNSEY           18.600   5/17/2012     USD     42.53
BCV GUERNSEY           19.200   5/17/2012     EUR     44.23
BCV GUERNSEY           13.000   5/18/2012     CHF     59.97
BKB FINANCE             8.350   1/14/2013     CHF     61.34
BKB FINANCE             9.850   4/26/2012     CHF     54.50
BKB FINANCE             7.700   4/12/2012     CHF     72.80
BKB FINANCE             7.800    5/3/2012     CHF     60.37
BKB FINANCE             8.050    5/3/2012     CHF     65.23
BKB FINANCE             6.400   5/10/2012     CHF     62.56
BKB FINANCE             7.150   5/10/2012     CHF     67.69
BKB FINANCE             7.750   5/31/2012     CHF     66.37
BKB FINANCE             7.750    6/7/2012     CHF     36.34
BKB FINANCE             6.850   6/14/2012     CHF     65.65
BKB FINANCE             7.650   6/14/2012     CHF     71.12
BKB FINANCE             9.200   6/21/2012     CHF     62.46
BKB FINANCE             7.400   6/28/2012     CHF     68.84
BKB FINANCE             6.300   7/12/2012     CHF     67.89
BKB FINANCE             9.050    8/9/2012     CHF     52.37
BKB FINANCE             8.900   9/27/2012     CHF     57.52
BKB FINANCE            11.400   11/8/2012     CHF     72.02
EFG FINANCIAL PR       11.250  11/27/2012     CHF     71.30
EFG FINANCIAL PR        9.000   4/19/2012     USD     63.61
EFG FINANCIAL PR       10.000   4/19/2012     CHF     62.43
EFG FINANCIAL PR       10.500   4/19/2012     CHF     62.67
EFG FINANCIAL PR       13.050   4/19/2012     USD     46.08
EFG FINANCIAL PR       14.150   4/19/2012     EUR     46.38
EFG FINANCIAL PR       16.500   4/19/2012     EUR     52.48
EFG FINANCIAL PR       18.110   4/19/2012     EUR     52.51
EFG FINANCIAL PR        9.450   4/20/2012     CHF     58.64
EFG FINANCIAL PR       10.000   4/20/2012     USD     43.06
EFG FINANCIAL PR       10.500   4/20/2012     USD     43.18
EFG FINANCIAL PR       11.000   4/20/2012     USD     62.25
EFG FINANCIAL PR        8.650   4/23/2012     USD     55.89
EFG FINANCIAL PR       10.250   4/26/2012     EUR     43.10
EFG FINANCIAL PR       11.300   4/27/2012     EUR     58.11
EFG FINANCIAL PR       10.800    5/2/2012     CHF     64.27
EFG FINANCIAL PR        6.500    5/3/2012     USD     63.09
EFG FINANCIAL PR        7.500    5/4/2012     CHF     72.51
EFG FINANCIAL PR        9.500    5/4/2012     CHF     61.16
EFG FINANCIAL PR       10.500    5/4/2012     CHF     71.00
EFG FINANCIAL PR       11.000    5/4/2012     USD     68.34
EFG FINANCIAL PR       14.750    5/4/2012     EUR     36.57
EFG FINANCIAL PR       18.600    5/4/2012     CHF     65.82
EFG FINANCIAL PR        7.000    5/7/2012     CHF     66.98
EFG FINANCIAL PR        9.000    5/7/2012     USD     42.96
EFG FINANCIAL PR        9.290    5/7/2012     CHF     69.81
EFG FINANCIAL PR       10.600    5/9/2012     CHF     24.71
EFG FINANCIAL PR       10.000   5/11/2012     CHF     20.60
EFG FINANCIAL PR        8.400   9/30/2013     CHF     67.05
EFG FINANCIAL PR        6.500   8/27/2013     CHF     56.71
EFG FINANCIAL PR       12.000   4/26/2013     CHF     71.76
EFG FINANCIAL PR        7.000   4/19/2013     EUR     63.57
EFG FINANCIAL PR       14.000   2/19/2013     CHF     17.20
EFG FINANCIAL PR        5.800   1/23/2013     CHF     55.96
EFG FINANCIAL PR       16.500   1/18/2013     CHF     65.92
EFG FINANCIAL PR       12.500   1/15/2013     CHF     48.65
EFG FINANCIAL PR       10.250   1/15/2013     CHF     27.10
EFG FINANCIAL PR        9.000   1/15/2013     CHF     45.51
EFG FINANCIAL PR        8.830  12/28/2012     USD     63.75
EFG FINANCIAL PR       12.000  12/27/2012     CHF     11.93
EFG FINANCIAL PR       10.900  12/21/2012     CHF     72.82
EFG FINANCIAL PR        9.300  12/21/2012     CHF     70.48
EFG FINANCIAL PR       17.500  12/14/2012     EUR     53.60
EFG FINANCIAL PR        8.500  12/14/2012     CHF     65.92
EFG FINANCIAL PR       13.750   12/6/2012     CHF     73.65
EFG FINANCIAL PR       16.000  11/27/2012     EUR     51.48
EFG FINANCIAL PR       14.500  11/27/2012     CHF     51.49
EFG FINANCIAL PR       15.000   8/14/2012     EUR     71.26
EFG FINANCIAL PR        9.250  11/27/2012     CHF     71.40
EFG FINANCIAL PR       14.800  11/20/2012     EUR     56.86
EFG FINANCIAL PR       11.500  11/20/2012     EUR     63.93
EFG FINANCIAL PR        8.000  11/20/2012     CHF     68.19
EFG FINANCIAL PR       17.000  11/13/2012     EUR     54.93
EFG FINANCIAL PR       14.500  11/13/2012     EUR     66.28
EFG FINANCIAL PR       14.000  11/13/2012     USD     30.53
EFG FINANCIAL PR       13.000  11/13/2012     CHF     30.03
EFG FINANCIAL PR       12.750  11/13/2012     CHF     28.09
EFG FINANCIAL PR       10.500  11/13/2012     CHF     70.44
EFG FINANCIAL PR       10.500  11/13/2012     CHF     69.94
EFG FINANCIAL PR       11.050   11/8/2012     USD     66.47
EFG FINANCIAL PR        9.330  10/29/2012     USD     60.47
EFG FINANCIAL PR       21.000  10/26/2012     USD     35.08
EFG FINANCIAL PR       20.500  10/26/2012     EUR     34.97
EFG FINANCIAL PR       20.000  10/26/2012     CHF     34.39
EFG FINANCIAL PR       17.000  10/26/2012     EUR     50.25
EFG FINANCIAL PR       16.750  10/26/2012     CHF     42.10
EFG FINANCIAL PR       13.250  10/26/2012     CHF     70.80
EFG FINANCIAL PR       11.250  10/26/2012     CHF     68.55
EFG FINANCIAL PR        6.250  10/25/2012     CHF     60.45
EFG FINANCIAL PR       12.000  10/19/2012     USD     55.15
EFG FINANCIAL PR       17.250  10/12/2012     CHF     67.80
EFG FINANCIAL PR       20.000  10/11/2012     CHF     22.82
EFG FINANCIAL PR       18.000  10/11/2012     EUR     56.54
EFG FINANCIAL PR       12.500  10/11/2012     CHF     62.85
EFG FINANCIAL PR       10.620   10/3/2012     USD     35.61
EFG FINANCIAL PR        9.930   10/3/2012     EUR     35.70
EFG FINANCIAL PR       10.000   10/1/2012     CHF     63.50
EFG FINANCIAL PR       12.000   9/25/2012     EUR     70.85
EFG FINANCIAL PR       11.250   9/25/2012     CHF     62.63
EFG FINANCIAL PR       10.750   9/25/2012     CHF     65.84
EFG FINANCIAL PR       10.000   9/21/2012     USD     75.24
EFG FINANCIAL PR        9.000   9/10/2012     CHF     58.06
EFG FINANCIAL PR        8.500    9/7/2012     USD     47.88
EFG FINANCIAL PR        7.000    9/7/2012     EUR     58.34
EFG FINANCIAL PR        7.000    9/7/2012     CHF     54.36
EFG FINANCIAL PR        9.600    9/4/2012     USD     62.27
EFG FINANCIAL PR        9.500    9/4/2012     USD     39.06
EFG FINANCIAL PR       10.500    9/3/2012     CHF     57.30
EFG FINANCIAL PR       22.000   8/24/2012     USD     23.21
EFG FINANCIAL PR       14.000   8/24/2012     CHF     37.36
EFG FINANCIAL PR       12.250   8/24/2012     EUR     72.46
EFG FINANCIAL PR       11.750   8/24/2012     CHF     65.79
EFG FINANCIAL PR       11.500   8/24/2012     CHF     56.09
EFG FINANCIAL PR       11.800   8/17/2012     CHF     59.35
EFG FINANCIAL PR       11.600   8/17/2012     EUR     58.16
EFG FINANCIAL PR       12.000   8/16/2012     EUR     31.59
EFG FINANCIAL PR       12.750   5/22/2012     EUR     60.41
EFG FINANCIAL PR       13.750   8/14/2012     EUR     69.52
EFG FINANCIAL PR       12.750   8/14/2012     CHF     57.80
EFG FINANCIAL PR       11.000   8/14/2012     CHF     56.14
EFG FINANCIAL PR        8.500   8/14/2012     CHF     69.28
EFG FINANCIAL PR        3.850   8/13/2012     EUR     56.18
EFG FINANCIAL PR       12.800   8/10/2012     CHF     54.99
EFG FINANCIAL PR       11.700   8/10/2012     USD     43.71
EFG FINANCIAL PR       19.000    8/8/2012     USD     50.77
EFG FINANCIAL PR       11.000    8/7/2012     CHF     42.34
EFG FINANCIAL PR       10.000    8/7/2012     CHF     57.62
EFG FINANCIAL PR        9.000    8/3/2012     CHF     62.25
EFG FINANCIAL PR        9.000    8/3/2012     CHF     52.25
EFG FINANCIAL PR        9.000    8/3/2012     CHF      9.43
EFG FINANCIAL PR       11.750   7/31/2012     CHF     57.72
EFG FINANCIAL PR       11.750   7/31/2012     CHF     57.74
EFG FINANCIAL PR       11.500   7/31/2012     EUR     53.71
EFG FINANCIAL PR       10.000   7/31/2012     CHF     57.03
EFG FINANCIAL PR       11.000   7/25/2012     CHF     20.19
EFG FINANCIAL PR       10.250   7/25/2012     CHF     41.41
EFG FINANCIAL PR        9.770   7/23/2012     EUR     73.53
EFG FINANCIAL PR        9.300    7/6/2012     CHF     73.09
EFG FINANCIAL PR       10.500    7/5/2012     CHF     41.30
EFG FINANCIAL PR        8.250    7/5/2012     CHF     72.69
EFG FINANCIAL PR        8.250    7/4/2012     EUR     66.05
EFG FINANCIAL PR        6.600    7/4/2012     CHF     65.68
EFG FINANCIAL PR       12.000   6/28/2012     USD     71.14
EFG FINANCIAL PR       11.300   6/28/2012     EUR     58.16
EFG FINANCIAL PR       10.100   6/28/2012     EUR     73.78
EFG FINANCIAL PR       10.000   6/22/2012     CHF     39.94
EFG FINANCIAL PR        7.000   6/21/2012     CHF     61.79
EFG FINANCIAL PR        9.650   6/20/2012     USD     50.70
EFG FINANCIAL PR       13.110   6/18/2012     USD     53.60
EFG FINANCIAL PR       12.250   6/15/2012     EUR      7.85
EFG FINANCIAL PR        5.200   6/14/2012     CHF     63.02
EFG FINANCIAL PR       12.250    6/8/2012     EUR     57.28
EFG FINANCIAL PR       10.000    6/8/2012     CHF     33.25
EFG FINANCIAL PR       12.750    6/6/2012     CHF     65.87
EFG FINANCIAL PR       12.750    6/6/2012     EUR     64.83
EFG FINANCIAL PR        8.000    6/6/2012     CHF     71.91
EFG FINANCIAL PR       12.500   5/30/2012     EUR     59.55
EFG FINANCIAL PR       10.000   5/30/2012     CHF     59.61
EFG FINANCIAL PR       10.910   5/29/2012     EUR     41.83
EFG FINANCIAL PR       11.200   5/25/2012     CHF     68.56
EFG FINANCIAL PR       10.570   5/25/2012     EUR     69.66
EFG FINANCIAL PR        7.440   5/25/2012     EUR     59.20
EFG FINANCIAL PR        6.100   5/25/2012     EUR     73.58
EFG FINANCIAL PR        8.000   5/24/2012     USD     44.08
EFG FINANCIAL PR       14.000   5/22/2012     EUR     67.04
EFG FINANCIAL PR       11.250   5/22/2012     CHF     57.44
EFG FINANCIAL PR       10.750   5/22/2012     CHF     62.35
EFG FINANCIAL PR       12.960   5/21/2012     EUR     21.99
EFG FINANCIAL PR       10.830   5/18/2012     CHF      0.50
EFG FINANCIAL PR       10.100   5/16/2012     USD     74.58
EFG FINANCIAL PR        9.000   5/16/2012     CHF     70.01
EFG FINANCIAL PR        8.950   5/14/2012     CHF     63.77
EFG FINANCIAL PR       11.000   5/11/2012     EUR     20.61
EFG FINANCIAL PR       10.050   5/11/2012     CHF     62.12
MARE BALTIC PCC         3.000  11/17/2014     DKK      1.00
MARE BALTIC PCC         3.000  11/17/2014     DKK     22.00
MARE BALTIC PCC         2.000   11/1/2015     DKK      0.01
MARE BALTIC PCC         2.000   11/1/2015     DKK      0.01
SARASIN CI LTD          6.000    6/9/2014     EUR     67.86
ZURCHER KANT FIN       11.783   4/27/2012     CHF     72.31
ZURCHER KANT FIN       11.000   4/20/2012     CHF     52.43
ZURCHER KANT FIN       11.765   5/11/2012     CHF     73.31
ZURCHER KANT FIN       13.000   4/19/2012     CHF     73.73
ZURCHER KANT FIN        7.844   5/18/2012     CHF     64.20
ZURCHER KANT FIN        7.340   4/16/2013     CHF     64.26
ZURCHER KANT FIN        9.250   11/9/2012     CHF     64.28
ZURCHER KANT FIN       10.250   7/19/2012     CHF     70.79
ZURCHER KANT FIN       11.000   7/13/2012     CHF     70.00
ZURCHER KANT FIN        8.548    7/6/2012     EUR     73.04
ZURCHER KANT FIN        9.000   6/18/2012     CHF     59.53
ZURCHER KANT FIN       13.575   6/15/2012     CHF     72.90
ZURCHER KANT FIN        8.000   6/15/2012     CHF     66.44

HUNGARY
-------
FHB MORTGAGE BAN        4.500   3/22/2022     EUR     60.88
REP OF HUNGARY          2.110  10/26/2017     JPY     68.13

IRELAND
-------
AIB MORTGAGE BNK        5.000   2/12/2030     EUR     59.93
AIB MORTGAGE BNK        5.000    3/1/2030     EUR     59.91
AIB MORTGAGE BNK        5.580   4/28/2028     EUR     66.34
BANK OF IRELAND         5.600   9/18/2023     EUR     56.63
BK IRELAND MTGE         5.450    3/1/2030     EUR     64.68
BK IRELAND MTGE         5.360  10/12/2029     EUR     64.13
BK IRELAND MTGE         5.400   11/6/2029     EUR     64.41
BK IRELAND MTGE         5.760    9/7/2029     EUR     67.59
DEPFA ACS BANK          5.125   3/16/2037     USD     70.86
DEPFA ACS BANK          0.500    3/3/2025     CAD     43.35
DEPFA ACS BANK          3.250   7/31/2031     CHF     70.28
DEPFA ACS BANK          4.900   8/24/2035     CAD     70.98
DEPFA ACS BANK          5.125   3/16/2037     USD     71.69
KALVEBOD PLC            2.000    5/1/2106     DKK     34.00

ITALY
-----
BANCA POP VICENT        4.970   4/20/2027     EUR     71.29
BTPS I/L                2.350   9/15/2035     EUR     71.45
BTPS I/L                2.550   9/15/2041     EUR     71.76
ICCREA BANCAIMPR        5.220   4/11/2017     EUR     60.25
REGION OF LOMBAR        5.804  10/25/2032     USD     79.33
REP OF ITALY            5.250   12/7/2034     GBP     74.93
REP OF ITALY            2.870   5/19/2036     JPY     48.38
REP OF ITALY            2.000   9/15/2062     EUR     53.46
REP OF ITALY            4.850   6/11/2060     EUR     68.72
REP OF ITALY            2.200   9/15/2058     EUR     58.67
REP OF ITALY            1.850   9/15/2057     EUR     51.94
SEAT PAGINE            10.500   1/31/2017     EUR     67.04
SEAT PAGINE            10.500   1/31/2017     EUR     66.75
SEAT PAGINE            10.500   1/31/2017     EUR     66.50
SEAT PAGINE            10.500   1/31/2017     EUR     66.25
TELECOM ITALIA          5.250   3/17/2055     EUR     71.46
UBI BANCA SPCA          6.250  11/18/2018     EUR     50.69
UNIPOL ASSICURAZ        5.660   7/28/2023     EUR     66.93

LUXEMBOURG
----------
ARCELORMITTAL           7.250    4/1/2014     EUR     22.49
CONTROLINVESTE          3.000   1/28/2015     EUR     74.37
DEXIA BQ INT LUX        6.000    7/2/2018     EUR     74.58
ESFG INTERNATION        6.875  10/21/2019     EUR     67.50
ESPIRITO SANTO F        9.750  12/19/2025     EUR     63.27
FORTIS LUX FINAN        6.500  10/22/2012     EUR     73.52
HELLAS III              8.500  10/15/2013     EUR      0.25
HELLAS III              8.500  10/15/2013     EUR      0.25
INTRALOT LUX SA         2.250  12/20/2013     EUR     70.74
IT HOLDING FIN          9.875  11/15/2012     EUR      0.88
IT HOLDING FIN          9.875  11/15/2012     EUR      0.88
LIGHTHOUSE INTL         8.000   4/30/2014     EUR     13.75
LIGHTHOUSE INTL         8.000   4/30/2014     EUR     13.75
VIVALDIS                0.500   6/13/2028     EUR     59.44
VIVALDIS                0.500    8/8/2028     EUR     63.58
VIVALDIS                0.500   6/13/2013     EUR     59.41

KAZAKHSTAN
----------
APP INTL FINANCE       11.750   10/1/2005     USD      0.01
ASTANA FINANCE          9.000  11/16/2011     USD      3.00
ASTANA FINANCE         14.500    7/2/2013     USD      3.00
BK NED GEMEENTEN        0.500    3/3/2021     NZD     70.45
BK NED GEMEENTEN        0.500   3/29/2021     NZD     70.22
BK NED GEMEENTEN        0.500   5/12/2021     ZAR     48.93
BK NED GEMEENTEN        0.500   6/22/2021     ZAR     48.47
BK NED GEMEENTEN        0.500   2/24/2025     CAD     63.85
BK NED GEMEENTEN        0.500   5/25/2016     TRY     73.51
BK NED GEMEENTEN        0.500   4/27/2016     TRY     73.89
BK NED GEMEENTEN        0.500   3/17/2016     TRY     74.46
BK NED GEMEENTEN        0.500   6/22/2016     TRY     73.13
BK NED GEMEENTEN        0.500   9/15/2016     TRY     72.00
BK NED GEMEENTEN        0.500   5/10/2017     TRY     73.55
BLT FINANCE BV          7.500   5/15/2014     USD     29.13
BLT FINANCE BV          7.500   5/15/2014     USD     25.25
BLT FINANCE BV         12.000   2/10/2015     USD     25.38
BRIT INSURANCE          6.625   12/9/2030     GBP     60.36
BULGARIA STEEL         12.000    5/4/2013     EUR      5.88
BULGARIA STEEL         12.000    5/4/2013     EUR      5.88
GREENWICH AVENUE       10.000   6/30/2013     USD      1.25
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     71.33
KBC IFIMA NV            7.500   4/30/2012     EUR     53.91
LEHMAN BROS TSY         6.000   2/15/2035     EUR      5.00
LEHMAN BROS TSY         8.250   3/16/2035     EUR      5.00
LEHMAN BROS TSY         7.000   5/17/2035     EUR      5.02
LEHMAN BROS TSY         7.250   10/5/2035     EUR      7.10
LEHMAN BROS TSY         6.000   11/2/2035     EUR      7.50
NATL INVESTER BK       25.983    5/7/2029     EUR     28.29
NED WATERSCHAPBK        0.500   3/11/2025     CAD     62.65
NIB CAPITAL BANK        4.510  12/16/2035     EUR     71.85
PORTUGAL TEL FIN        4.500   6/16/2025     EUR     67.19
Q-CELLS INTERNAT        5.750   5/26/2014     EUR     12.80
RABOBANK                0.500  11/26/2021     ZAR     43.99
RABOBANK                0.500  10/27/2016     ZAR     72.65
RBS NV EX-ABN NV        2.910   6/21/2036     JPY     64.64
SNS BANK                5.215   12/3/2027     EUR     72.99
SNS BANK                4.580   3/20/2026     EUR     69.87
TJIWI KIMIA FIN        13.250    8/1/2001     USD      0.01

NORWAY
------
KOMMUNALBANKEN          0.500   7/26/2016     ZAR     72.77
KOMMUNALBANKEN          0.500   5/25/2016     ZAR     73.87
KOMMUNALBANKEN          0.500   5/25/2018     ZAR     61.22
KOMMUNALBANKEN          0.500   7/29/2016     ZAR     72.71
NORSKE SKOGIND          7.125  10/15/2033     USD     53.00
NORSKE SKOGIND          7.125  10/15/2033     USD     53.00
NORSKE SKOGIND          6.125  10/15/2015     USD     71.00
NORSKE SKOGIND          6.125  10/15/2015     USD     71.00
NORSKE SKOGIND          7.000   6/26/2017     EUR     61.45
RENEWABLE CORP          6.500    6/4/2014     EUR     60.98

POLAND
------
POLAND-REGD-RSTA        2.810  11/16/2037     JPY     73.67
REP OF POLAND           2.648   3/29/2034     JPY     74.09
CAIXA GERAL DEPO        5.380   10/1/2038     EUR     61.38
CAIXA GERAL DEPO        4.400   10/8/2019     EUR     73.63
COMBOIOS DE PORT        4.170  10/16/2019     EUR     50.38
METRO DE LISBOA         4.799   12/7/2027     EUR     46.88
METRO DE LISBOA         5.750    2/4/2019     EUR     55.38
METRO DE LISBOA         4.061   12/4/2026     EUR     46.00
METRO DE LISBOA         7.300  12/23/2025     EUR     45.38
MONTEPIO GERAL          5.000    2/8/2017     EUR     62.50
PARPUBLICA              3.567   9/22/2020     EUR     56.94
PARPUBLICA              4.200  11/16/2026     EUR     51.85
PORTUGAL (REP)          3.500   3/25/2015     USD     71.32
PORTUGAL (REP)          3.500   3/25/2015     USD     71.32
PORTUGUESE OT'S         4.800   6/15/2020     EUR     56.19
PORTUGUESE OT'S         3.850   4/15/2021     EUR     54.60
PORTUGUESE OT'S         4.950  10/25/2023     EUR     54.83
PORTUGUESE OT'S         4.100   4/15/2037     EUR     44.18
PORTUGUESE OT'S         3.350  10/15/2015     EUR     71.73
PORTUGUESE OT'S         4.200  10/15/2016     EUR     68.65
PORTUGUESE OT'S         4.350  10/16/2017     EUR     63.17
PORTUGUESE OT'S         4.450   6/15/2018     EUR     59.68
PORTUGUESE OT'S         4.750   6/14/2019     EUR     57.67
REFER                   4.047  11/16/2026     EUR     44.03
REFER                   4.675  10/16/2024     EUR     45.91
REFER                   4.250  12/13/2021     EUR     44.24
REFER                   5.875   2/18/2019     EUR     54.09
REFER                   4.000   3/16/2015     EUR     57.99

RUSSIA
------
ARIZK                   3.000  12/20/2030     RUB     49.69
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     30.51
MOSMART FINANS          0.010   4/12/2012     RUB      7.00
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     49.50
SATURN                  8.000    6/6/2014     RUB      2.02
SERBIA T-BONDS          5.850   2/16/2026     EUR     73.13

SPAIN
-----
AYT CEDULAS CAJA        3.750  12/14/2022     EUR     68.40
AYT CEDULAS CAJA        4.250  10/25/2023     EUR     69.94
AYT CEDULAS CAJA        3.750   6/30/2025     EUR     60.98
AYT CEDULAS CAJA        4.750   5/25/2027     EUR     67.08
AYUNTAM DE MADRD        4.350   6/16/2021     EUR     73.85
AYUNTAM DE MADRD        4.550   6/16/2036     EUR     53.41
BANCAJA                 1.500   5/22/2018     EUR     67.69
BANCO BILBAO VIZ        6.025    3/3/2033     EUR     63.29
BANCO BILBAO VIZ        4.500   2/16/2022     EUR     74.31
BANCO CASTILLA          1.500   6/23/2021     EUR     64.85
BASQUE GOV'T            4.600    1/7/2025     EUR     73.43
BBVA SUB CAP UNI        2.750  10/22/2035     JPY     61.97
CAIXA TERRASSA          1.700   3/12/2022     EUR     66.59
CAIXA TERRASSA          4.700    8/9/2021     EUR     67.76
CAJA MADRID             5.116   7/15/2015     EUR     73.88
CAJA MADRID             4.125   3/24/2036     EUR     69.32
CEDULAS TDA 6 FO        3.875   5/23/2025     EUR     61.45
CEDULAS TDA 6 FO        4.250   4/10/2031     EUR     58.69
CEDULAS TDA A-5         4.250   3/28/2027     EUR     61.28
COMUN AUTO CANAR        4.200  10/25/2036     EUR     50.72
COMUN AUTO CANAR        3.900  11/30/2035     EUR     48.61
COMUN AUTO CANAR        5.750  10/15/2029     EUR     72.47
COMUN NAVARRA           4.000  11/23/2021     EUR     71.83
COMUNIDAD ARAGON        4.646   7/11/2036     EUR     57.40
COMUNIDAD ARAGON        4.815  10/10/2022     EUR     71.83
COMUNIDAD BALEAR        4.063  11/23/2035     EUR     47.31
COMUNIDAD BALEAR        3.869  11/23/2020     EUR     65.93
COMUNIDAD MADRID        4.300   9/15/2026     EUR     66.18
DIPUTACION FOR          4.323  12/29/2023     EUR     67.25
GEN DE CATALUNYA        6.350  11/30/2041     EUR     69.39
GEN DE CATALUNYA        2.965    9/8/2039     JPY     48.39
GEN DE CATALUNYA        4.220   4/26/2035     EUR     52.38
GEN DE CATALUNYA        4.690  10/28/2034     EUR     56.85
GEN DE CATALUNYA        5.950   10/1/2030     EUR     68.74
GEN DE CATALUNYA        5.900   5/28/2030     EUR     69.46
GEN DE CATALUNYA        5.400   5/13/2030     EUR     64.76
GEN DE CATALUNYA        5.219   9/10/2029     EUR     63.85
GEN DE CATALUNYA        5.325   10/5/2028     EUR     66.21
GEN DE CATALUNYA        5.250   10/5/2023     EUR     68.26
GEN DE CATALUNYA        4.801   7/31/2020     EUR     71.11
GEN DE CATALUNYA        4.900   9/15/2021     EUR     67.78
GENERAL VALENCIA        4.900   3/17/2020     EUR     65.13
GENERAL VALENCIA        4.000   11/2/2016     EUR     78.13
GENERAL VALENCIA        5.900  11/30/2032     EUR     53.00
IM CEDULAS 5            3.500   6/15/2020     EUR     74.11
INSTIT CRDT OFCL        3.250   6/28/2024     CHF     71.70
INSTIT CRDT OFCL        2.570  10/22/2021     CHF     71.87
INSTITUT CATALA         4.250   6/15/2024     EUR     64.91
JUNTA ANDALUCIA         4.125   1/20/2020     EUR     71.57
JUNTA ANDALUCIA         3.170   7/29/2039     JPY     53.50
JUNTA ANDALUCIA         3.065   7/29/2039     JPY     52.15
JUNTA ANDALUCIA         4.250  10/31/2036     EUR     49.00
JUNTA ANDALUCIA         5.150   5/24/2034     EUR     58.62
JUNTA ANDALUCIA         5.700   7/20/2028     EUR     68.68
JUNTA ANDALUCIA         5.000   7/13/2022     EUR     70.34
JUNTA ANDALUCIA         4.850   3/17/2020     EUR     72.54
JUNTA ANDALUCIA         6.600  11/29/2030     EUR     73.39
JUNTA CASTILLA          4.650   11/8/2022     EUR     69.01
JUNTA LA MANCHA         7.705   2/15/2033     EUR     69.75
JUNTA LA MANCHA         5.950    9/9/2030     EUR     58.03
JUNTA LA MANCHA         3.875   1/31/2036     EUR     36.75
JUNTA LA MANCHA         4.625  11/30/2022     EUR     63.25
JUNTA LA MANCHA         2.810  10/14/2022     JPY     69.38
MAPFRE SA               5.921   7/24/2037     EUR     67.08
SACYR VALLEHERM         6.500    5/1/2016     EUR     63.80
SPANISH GOV'T           4.200   1/31/2037     EUR     72.51
XUNTA DE GALICIA        4.025  11/28/2035     EUR     47.59
XUNTA DE GALICIA        5.350  11/22/2028     EUR     65.58

SWEDEN
------
SWEDISH EXP CRED        0.500   8/26/2021     AUD     64.82
SWEDISH EXP CRED        0.500   1/31/2022     ZAR     46.51
SWEDISH EXP CRED        0.500   2/22/2022     ZAR     45.76
SWEDISH EXP CRED        0.500   8/25/2016     ZAR     72.57
SWEDISH EXP CRED        0.500   8/25/2021     ZAR     47.56
SWEDISH EXP CRED        0.500   9/30/2016     ZAR     72.00
SWEDISH EXP CRED        0.500   9/20/2016     ZAR     72.13
SWEDISH EXP CRED        0.500   3/15/2022     ZAR     45.56
SWEDISH EXP CRED        0.500  12/17/2027     USD     58.19
SWEDISH EXP CRED        0.500   1/25/2028     USD     57.78
SWEDISH EXP CRED        0.500   6/29/2016     TRY     71.07
SWEDISH EXP CRED        0.500   6/14/2016     ZAR     73.77
SWEDISH EXP CRED        7.500   6/12/2012     USD      7.03
SWEDISH EXP CRED        0.500   8/26/2016     ZAR     72.58
SWEDISH EXP CRED        9.250   4/27/2012     USD      8.09
SWEDISH EXP CRED        0.500  11/27/2015     TRY     74.37

SWITZERLAND
-----------
BANK JULIUS BAER        9.200   5/25/2012     EUR     56.65
BANK JULIUS BAER       10.000   5/25/2012     CHF     73.75
BANK JULIUS BAER        9.000   5/30/2012     CHF     57.80
BANK JULIUS BAER       10.000    6/1/2012     CHF     62.95
BANK JULIUS BAER        7.200   4/12/2012     CHF     64.35
BANK JULIUS BAER       13.200   4/12/2012     CHF     60.85
BANK JULIUS BAER       11.200    6/1/2012     CHF     69.90
BANK JULIUS BAER       12.200   4/12/2012     CHF      1.20
BANK JULIUS BAER       11.700   4/20/2012     EUR     56.70
BANK JULIUS BAER       12.100   4/20/2012     EUR     65.30
BANK JULIUS BAER       12.300   4/20/2012     CHF     58.60
BANK JULIUS BAER       15.600   4/20/2012     EUR     37.85
BANK JULIUS BAER        8.200   4/26/2012     EUR     65.50
BANK JULIUS BAER       10.500   4/26/2012     CHF     61.20
BANK JULIUS BAER       10.000   4/27/2012     CHF     72.10
BANK JULIUS BAER       14.000   4/27/2012     EUR     74.05
BANK JULIUS BAER        8.400   5/23/2012     CHF     62.10
BANK JULIUS BAER        7.100    5/9/2012     CHF     72.30
BANK JULIUS BAER       10.500    5/9/2012     EUR     56.80
BANK JULIUS BAER       10.500    5/9/2012     EUR     61.05
BANK JULIUS BAER       13.000    6/1/2012     USD     60.55
BANK JULIUS BAER       10.000   4/12/2012     CHF     51.90
BANK JULIUS BAER        7.100   5/10/2012     CHF     64.70
BANK JULIUS BAER        7.400   4/12/2012     CHF     33.30
BANK JULIUS BAER       11.300    7/6/2012     CHF     38.65
BANK JULIUS BAER       10.100    7/6/2012     CHF     38.00
BANK JULIUS BAER        9.000    7/6/2012     EUR     69.75
BANK JULIUS BAER       11.900   6/29/2012     EUR     66.50
BANK JULIUS BAER       14.000   6/28/2012     EUR     65.55
BANK JULIUS BAER        6.200   5/11/2012     USD     59.80
BANK JULIUS BAER        7.400   6/14/2012     CAD     62.10
BANK JULIUS BAER       10.000   5/11/2012     CHF     62.65
BANK JULIUS BAER        8.300   5/11/2012     CHF     63.45
BANK JULIUS BAER        9.300   7/27/2012     EUR     67.00
BANK JULIUS BAER        9.000   9/17/2012     CHF     52.55
BANK JULIUS BAER       12.000    4/9/2013     CHF     61.70
BANK JULIUS BAER        8.700    8/5/2013     CHF     67.57
BANK JULIUS BAER       10.500   7/18/2012     CHF     69.70
BANK JULIUS BAER       14.300   7/13/2012     CHF     58.05
BANK JULIUS BAER       14.800    7/6/2012     EUR     67.95
BANK JULIUS BAER       12.400    7/6/2012     CHF     49.60
BANK JULIUS BAER       12.000    7/6/2012     EUR     65.40
BANK JULIUS BAER       11.900    7/6/2012     CHF     65.25
BANK JULIUS BAER       10.500   4/13/2012     EUR     59.95
BANK JULIUS BAER       12.000   4/16/2012     EUR     62.25
BANK JULIUS BAER       13.500   5/11/2012     EUR     72.10
BANK JULIUS BAER       13.400   4/12/2012     EUR     74.30
BANK JULIUS BAER        7.200   4/13/2012     CHF     71.15
BANK JULIUS BAER        8.200   5/18/2012     EUR     65.35
BANK JULIUS BAER        9.200   4/12/2012     CHF     56.45
BANK JULIUS BAER       10.000   5/23/2012     CHF     74.00
BANK JULIUS BAER       11.500    5/7/2012     CHF     71.40
CLARIDEN LEU NAS       10.500    5/2/2012     EUR     59.46
CLARIDEN LEU NAS        9.500    5/2/2012     EUR     60.51
CLARIDEN LEU NAS       13.000   4/27/2012     CHF     16.03
CLARIDEN LEU NAS       12.400   4/27/2012     EUR     70.01
CLARIDEN LEU NAS        9.000   4/27/2012     USD     15.34
CLARIDEN LEU NAS        9.000   4/27/2012     USD     70.07
CLARIDEN LEU NAS        8.500   4/27/2012     USD     64.43
CLARIDEN LEU NAS       11.250   4/26/2012     USD     64.79
CLARIDEN LEU NAS       10.000   4/26/2012     CHF     73.87
CLARIDEN LEU NAS       10.000   4/26/2012     CHF     63.56
CLARIDEN LEU NAS       10.500   4/20/2012     EUR     68.88
CLARIDEN LEU NAS        8.250   4/20/2012     EUR     72.21
CLARIDEN LEU NAS       11.000   4/19/2012     USD     61.88
CLARIDEN LEU NAS        9.250   4/19/2012     EUR     66.43
CLARIDEN LEU NAS        9.000   4/19/2012     CHF     62.49
CLARIDEN LEU NAS       11.650   4/18/2012     EUR     68.01
CLARIDEN LEU NAS       11.000   4/13/2012     USD     74.15
CLARIDEN LEU NAS        9.650   4/13/2012     CHF     32.53
CLARIDEN LEU NAS       11.000   4/12/2012     EUR     44.50
CLARIDEN LEU NAS        9.500   4/12/2012     CHF     40.33
CLARIDEN LEU NAS        8.500  10/15/2012     CHF     59.67
CLARIDEN LEU NAS        9.500  10/15/2012     CHF     61.22
CLARIDEN LEU NAS       10.000  10/15/2012     CHF     60.58
CLARIDEN LEU NAS        7.500  11/13/2012     CHF     64.75
CLARIDEN LEU NAS        7.250  11/16/2012     CHF     64.69
CLARIDEN LEU NAS        7.125  11/19/2012     CHF     64.60
CLARIDEN LEU NAS       10.500  11/26/2012     EUR     68.45
CLARIDEN LEU NAS        0.000  12/14/2012     CHF     41.17
CLARIDEN LEU NAS        0.000  12/17/2012     EUR     67.71
CLARIDEN LEU NAS        8.250  12/17/2012     CHF     66.84
CLARIDEN LEU NAS        9.000   2/14/2013     CHF     73.00
CLARIDEN LEU NAS        0.000   3/25/2013     CHF     65.48
CLARIDEN LEU NAS        8.000  10/15/2012     CHF     72.59
CLARIDEN LEU NAS        0.000   5/31/2013     CHF     65.89
CLARIDEN LEU NAS        3.250   9/16/2013     CHF     68.45
CLARIDEN LEU NAS        0.000   9/23/2013     CHF     68.58
CLARIDEN LEU NAS        0.000  11/26/2013     CHF     68.03
CLARIDEN LEU NAS        0.000   2/11/2014     CHF     58.92
CLARIDEN LEU NAS        0.000   2/24/2014     CHF     59.40
CLARIDEN LEU NAS        0.000   5/13/2014     CHF     62.35
CLARIDEN LEU NAS        0.000   5/26/2014     CHF     63.27
CLARIDEN LEU NAS        0.000   6/10/2014     CHF     70.97
CLARIDEN LEU NAS        0.000   6/10/2014     CHF     65.58
CLARIDEN LEU NAS        5.250    8/6/2014     CHF     65.02
CLARIDEN LEU NAS        4.500   8/13/2014     CHF     60.25
CLARIDEN LEU NAS        0.000   8/27/2014     CHF     70.50
CLARIDEN LEU NAS        6.500   4/26/2013     CHF     63.90
CLARIDEN LEU NAS        0.000  10/15/2014     CHF     69.97
CLARIDEN LEU NAS        7.000   10/4/2012     CHF     61.19
CLARIDEN LEU NAS        9.000   9/24/2012     CHF     66.07
CLARIDEN LEU NAS       10.250   9/17/2012     CHF     60.95
CLARIDEN LEU NAS       10.000   9/11/2012     CHF     59.61
CLARIDEN LEU NAS       11.000   9/10/2012     EUR     71.04
CLARIDEN LEU NAS        7.500   9/10/2012     CHF     64.69
CLARIDEN LEU NAS       12.000    9/4/2012     EUR     48.02
CLARIDEN LEU NAS        9.250    9/4/2012     CHF     56.39
CLARIDEN LEU NAS        7.000   8/16/2012     CHF     61.54
CLARIDEN LEU NAS       10.000   8/10/2012     EUR     72.33
CLARIDEN LEU NAS       11.750    8/8/2012     EUR     68.73
CLARIDEN LEU NAS       11.000    8/2/2012     USD     72.30
CLARIDEN LEU NAS       10.500    8/2/2012     EUR     58.42
CLARIDEN LEU NAS        8.750   7/26/2012     CHF     66.18
CLARIDEN LEU NAS        9.250   7/25/2012     CHF     69.04
CLARIDEN LEU NAS       10.750   7/19/2012     EUR     71.41
CLARIDEN LEU NAS        9.000   7/19/2012     CHF     71.50
CLARIDEN LEU NAS       11.000   7/18/2012     EUR     72.53
CLARIDEN LEU NAS        7.900   7/18/2012     USD     70.53
CLARIDEN LEU NAS       10.500   7/12/2012     CHF     70.20
CLARIDEN LEU NAS       12.500   7/11/2012     EUR     64.98
CLARIDEN LEU NAS       10.500    7/4/2012     EUR     65.90
CLARIDEN LEU NAS       10.000    7/4/2012     CHF     73.30
CLARIDEN LEU NAS        8.750    7/4/2012     CHF     73.28
CLARIDEN LEU NAS        8.500    7/4/2012     EUR     73.78
CLARIDEN LEU NAS       15.500   6/29/2012     EUR     47.23
CLARIDEN LEU NAS       11.250   6/22/2012     CHF     56.73
CLARIDEN LEU NAS       10.000   6/22/2012     CHF     68.32
CLARIDEN LEU NAS       10.500   6/21/2012     EUR     58.88
CLARIDEN LEU NAS       10.000   6/21/2012     EUR     63.56
CLARIDEN LEU NAS        9.000   6/21/2012     CHF     67.60
CLARIDEN LEU NAS       10.250   6/20/2012     SEK     70.29
CLARIDEN LEU NAS        3.550   6/20/2012     CHF     51.01
CLARIDEN LEU NAS       10.500   6/15/2012     CHF     71.44
CLARIDEN LEU NAS       12.000   6/14/2012     CHF     38.50
CLARIDEN LEU NAS        9.250   6/14/2012     CHF     72.64
CLARIDEN LEU NAS        9.000   6/14/2012     CHF     64.93
CLARIDEN LEU NAS       13.500    6/8/2012     EUR     58.74
CLARIDEN LEU NAS        8.500    6/8/2012     CHF     63.66
CLARIDEN LEU NAS        0.000    6/8/2012     CHF     69.42
CLARIDEN LEU NAS       10.000    6/6/2012     NOK     71.12
CLARIDEN LEU NAS       13.250    6/1/2012     USD     18.91
CLARIDEN LEU NAS       12.500    6/1/2012     CHF     18.91
CLARIDEN LEU NAS        7.500    6/1/2012     EUR     68.01
CLARIDEN LEU NAS       12.250   5/31/2012     EUR     44.18
CLARIDEN LEU NAS       10.750   5/30/2012     CHF     64.45
CLARIDEN LEU NAS       10.500   5/30/2012     EUR     72.17
CLARIDEN LEU NAS       12.750   5/24/2012     EUR     54.29
CLARIDEN LEU NAS       14.000   5/23/2012     EUR     17.38
CLARIDEN LEU NAS       13.000   5/23/2012     CHF     17.30
CLARIDEN LEU NAS       10.000   5/23/2012     NOK     68.96
CLARIDEN LEU NAS       12.000   5/18/2012     EUR     55.52
CLARIDEN LEU NAS       10.600   5/18/2012     CHF     62.47
CLARIDEN LEU NAS       10.000   5/18/2012     EUR     68.45
CLARIDEN LEU NAS       10.550   5/16/2012     EUR     55.08
CLARIDEN LEU NAS       10.000   5/16/2012     EUR     61.01
CLARIDEN LEU NAS       12.000   5/11/2012     EUR     50.15
CLARIDEN LEU NAS       10.750   5/11/2012     CHF     62.97
CLARIDEN LEU NAS       10.750    5/9/2012     EUR     72.14
CLARIDEN LEU NAS       10.750    5/9/2012     CHF     66.75
CLARIDEN LEU NAS        9.600    5/9/2012     CHF     71.73
CLARIDEN LEU NAS        9.000    5/9/2012     EUR     62.55
CLARIDEN LEU NAS        7.300    5/9/2012     CHF     60.52
CLARIDEN LEU NAS       10.250    5/4/2012     CHF     56.37
CLARIDEN LEU NAS        8.000    5/4/2012     CHF     73.37
CLARIDEN LEU NAS       11.250    5/3/2012     GBP     70.03
CLARIDEN LEU NAS        9.500    5/3/2012     CHF     60.25
CLARIDEN LEU NAS        8.250    5/3/2012     GBP     70.17
CLARIDEN LEU NAS        8.000    5/3/2012     GBP     73.98
CLARIDEN LEU NAS       11.000    5/2/2012     CHF     61.43
CLARIDEN LEU NAS        0.000   9/10/2014     CHF     69.13
CLARIDEN LEU NAS       10.000   10/8/2012     EUR     56.27
CREDIT SUISSE LD        4.000  12/10/2012     EUR     43.80
CREDIT SUISSE LD        8.900   3/25/2013     EUR     64.01
SARASIN CI LTD         10.500   4/26/2012     CHF     60.05
SARASIN CI LTD          8.500   4/26/2012     CHF     53.60
SARASIN CI LTD          8.000    9/3/2012     CHF     44.57
SARASIN CI LTD         12.500   5/11/2012     CHF     57.39
SARASIN CI LTD         11.000    5/9/2012     CHF     60.39
SARASIN CI LTD         10.080    5/4/2012     CHF     43.55
SARASIN CI LTD         11.000   4/26/2012     CHF     60.04
SARASIN CI LTD         12.000   6/27/2012     CHF     41.55
SARASIN CI LTD          5.538   6/18/2012     CHF     61.82
SARASIN CI LTD          7.000   5/24/2012     CHF     64.34
SARASIN CI LTD          8.600   5/16/2012     CHF     71.94
SARASIN/GUERNSEY       12.100   7/12/2012     CHF     69.85
SARASIN/GUERNSEY       10.000   8/10/2012     EUR     62.04
SARASIN/GUERNSEY        7.200   7/16/2012     CHF     50.77
SARASIN/GUERNSEY        7.600   7/13/2012     EUR     66.14
UBS AG                  9.650   8/23/2013     USD     32.42
UBS AG                 11.250   4/11/2013     USD     26.20
UBS AG                  9.650   4/11/2013     USD     34.27
UBS AG                  7.990   3/19/2013     USD     20.90
UBS AG                  6.500   3/14/2013     USD     19.04
UBS AG                  5.760   3/14/2013     USD     31.66
UBS AG                  5.540   3/14/2013     USD     30.13
UBS AG                 16.640   3/12/2013     USD     25.80
UBS AG                 11.920   3/12/2013     USD     16.25
UBS AG                  8.670   3/12/2013     USD      2.43
UBS AG                  8.000   3/12/2013     USD     60.78
UBS AG                  6.420   3/12/2013     USD     18.77
UBS AG                  6.400   3/12/2013     USD     18.77
UBS AG                  6.280   3/12/2013     USD     45.80
UBS AG                  4.280   3/12/2013     USD     12.96
UBS AG                  3.900   3/12/2013     USD     12.10
UBS AG                  8.100    3/8/2013     USD     21.33
UBS AG                 13.760    3/6/2013     USD      6.38
UBS AG                 10.080   2/28/2013     USD     16.50
UBS AG                  9.590   2/28/2013     USD     35.76
UBS AG                  9.580   2/28/2013     USD     35.76
UBS AG                 10.390   1/18/2013     USD     38.04
UBS AG                 15.930  12/21/2012     EUR     70.73
UBS AG                 14.740  12/21/2012     EUR     71.94
UBS AG                 13.560  12/21/2012     EUR     73.27
UBS AG                 13.600  11/12/2012     EUR     48.46
UBS AG                 13.560  11/12/2012     EUR     55.04
UBS AG                 11.660  11/12/2012     EUR     55.09
UBS AG                 11.260  11/12/2012     EUR     58.96
UBS AG                 10.930  11/12/2012     EUR     52.15
UBS AG                  9.650  11/12/2012     EUR     58.55
UBS AG                  9.470  11/12/2012     EUR     49.65
UBS AG                  9.020  11/12/2012     EUR     61.48
UBS AG                  8.590  11/12/2012     EUR     64.47
UBS AG                  8.370  11/12/2012     EUR     62.96
UBS AG                  8.280  11/12/2012     EUR     69.56
UBS AG                  8.280  11/12/2012     EUR     69.56
UBS AG                  6.700  11/12/2012     EUR     53.71
UBS AG                  6.070  11/12/2012     EUR     67.86
UBS AG                 12.500   11/1/2012     EUR     73.28
UBS AG                 13.340  10/24/2012     USD     46.27
UBS AG                 11.580   10/1/2012     EUR     67.32
UBS AG                 11.560   10/1/2012     EUR     41.45
UBS AG                 11.530   10/1/2012     EUR     67.30
UBS AG                 11.460   10/1/2012     EUR     41.41
UBS AG                 11.460   10/1/2012     EUR     67.27
UBS AG                 11.380   10/1/2012     EUR     67.23
UBS AG                 11.330   10/1/2012     EUR     41.35
UBS AG                 11.280   10/1/2012     EUR     67.19
UBS AG                 11.160   10/1/2012     EUR     67.14
UBS AG                 11.150   10/1/2012     EUR     41.27
UBS AG                 11.010   10/1/2012     EUR     67.07
UBS AG                 10.930   10/1/2012     EUR     41.17
UBS AG                 10.840   10/1/2012     EUR     66.99
UBS AG                 10.740   10/1/2012     EUR     71.76
UBS AG                 10.650   10/1/2012     EUR     41.05
UBS AG                 10.640   10/1/2012     EUR     66.90
UBS AG                 10.620   10/1/2012     EUR     71.76
UBS AG                 10.440   10/1/2012     EUR     71.63
UBS AG                 10.410   10/1/2012     EUR     66.80
UBS AG                 10.310   10/1/2012     EUR     40.90
UBS AG                 10.220   10/1/2012     EUR     71.53
UBS AG                 10.150   10/1/2012     EUR     66.69
UBS AG                  9.930   10/1/2012     EUR     71.40
UBS AG                  9.910   10/1/2012     EUR     40.72
UBS AG                  9.900   10/1/2012     EUR     36.24
UBS AG                  9.860   10/1/2012     EUR     66.60
UBS AG                  9.580   10/1/2012     EUR     71.25
UBS AG                  9.540   10/1/2012     EUR     66.41
UBS AG                  9.440   10/1/2012     EUR     40.51
UBS AG                  9.360   10/1/2012     EUR     35.95
UBS AG                  9.200   10/1/2012     EUR     35.88
UBS AG                  9.160   10/1/2012     EUR     71.06
UBS AG                  9.060   10/1/2012     EUR     67.66
UBS AG                  8.910   10/1/2012     EUR     40.27
UBS AG                  8.910   10/1/2012     EUR     67.55
UBS AG                  8.730   10/1/2012     EUR     35.67
UBS AG                  8.720   10/1/2012     EUR     70.25
UBS AG                  8.720   10/1/2012     EUR     67.47
UBS AG                  8.660   10/1/2012     EUR     70.84
UBS AG                  8.530   10/1/2012     EUR     70.16
UBS AG                  8.500   10/1/2012     EUR     67.37
UBS AG                  8.420   10/1/2012     EUR     35.57
UBS AG                  8.400   10/1/2012     EUR     70.11
UBS AG                  8.310   10/1/2012     EUR     40.04
UBS AG                  8.260   10/1/2012     EUR     70.05
UBS AG                  8.240   10/1/2012     EUR     67.28
UBS AG                  8.090   10/1/2012     EUR     69.97
UBS AG                  8.090   10/1/2012     EUR     70.58
UBS AG                  8.050   10/1/2012     EUR     35.37
UBS AG                  7.940   10/1/2012     EUR     67.16
UBS AG                  7.900   10/1/2012     EUR     69.88
UBS AG                  7.840   10/1/2012     EUR     35.27
UBS AG                  7.680   10/1/2012     EUR     69.79
UBS AG                  7.660   10/1/2012     EUR     39.72
UBS AG                  7.620   10/1/2012     EUR     35.18
UBS AG                  7.610   10/1/2012     EUR     67.01
UBS AG                  7.470   10/1/2012     EUR     74.16
UBS AG                  7.450   10/1/2012     EUR     69.68
UBS AG                  7.380   10/1/2012     EUR     35.07
UBS AG                  7.240   10/1/2012     EUR     66.84
UBS AG                  7.190   10/1/2012     EUR     72.68
UBS AG                  7.140   10/1/2012     EUR     34.96
UBS AG                  7.040   10/1/2012     EUR     74.00
UBS AG                 24.960   9/28/2012     EUR     73.28
UBS AG                 20.920   9/28/2012     EUR     72.62
UBS AG                 19.880   9/28/2012     EUR     72.43
UBS AG                 19.580   9/28/2012     EUR     73.94
UBS AG                 18.580   9/28/2012     EUR     73.52
UBS AG                 18.220   9/28/2012     EUR     68.39
UBS AG                 17.090   9/28/2012     EUR     72.96
UBS AG                 16.720   9/28/2012     EUR     69.81
UBS AG                 15.370   9/28/2012     EUR     74.55
UBS AG                 15.240   9/28/2012     EUR     71.37
UBS AG                 13.800   9/28/2012     EUR     73.08
UBS AG                 10.740   9/17/2012     USD     33.58
UBS AG                  9.070    9/3/2012     EUR     63.24
UBS AG                  9.430   8/31/2012     USD     33.67
UBS AG                 17.250   8/15/2012     EUR     59.45
UBS AG                  9.500   8/10/2012     USD     28.61
UBS AG                 11.000    8/2/2012     EUR     66.70
UBS AG                 10.500    8/2/2012     EUR     56.05
UBS AG                 10.000    8/2/2012     CHF     70.60
UBS AG                 12.040   7/31/2012     USD     17.05
UBS AG                 11.760   7/31/2012     USD     28.35
UBS AG                  8.460   7/31/2012     USD     35.27
UBS AG                 12.000   7/25/2012     EUR     68.65
UBS AG                 10.960   7/20/2012     USD     24.73
UBS AG                 10.020   7/20/2012     USD     10.92
UBS AG                 14.400   6/29/2012     CHF     49.05
UBS AG                 12.000   6/29/2012     EUR     65.20
UBS AG                 12.750   6/25/2012     EUR     38.72
UBS AG                 12.610   6/25/2012     EUR     38.66
UBS AG                 12.510   6/25/2012     EUR     64.87
UBS AG                 12.450   6/25/2012     EUR     64.86
UBS AG                 12.410   6/25/2012     EUR     38.63
UBS AG                 12.370   6/25/2012     EUR     64.84
UBS AG                 12.270   6/25/2012     EUR     64.82
UBS AG                 12.170   6/25/2012     EUR     38.58
UBS AG                 12.140   6/25/2012     EUR     64.80
UBS AG                 11.990   6/25/2012     EUR     64.77
UBS AG                 11.860   6/25/2012     EUR     38.53
UBS AG                 11.810   6/25/2012     EUR     64.74
UBS AG                 11.600   6/25/2012     EUR     64.73
UBS AG                 11.480   6/25/2012     EUR     38.46
UBS AG                 11.380   6/25/2012     EUR     69.61
UBS AG                 11.360   6/25/2012     EUR     64.66
UBS AG                 11.180   6/25/2012     EUR     69.58
UBS AG                 11.080   6/25/2012     EUR     64.61
UBS AG                 11.030   6/25/2012     EUR     38.40
UBS AG                 10.920   6/25/2012     EUR     69.53
UBS AG                 10.770   6/25/2012     EUR     64.55
UBS AG                 10.590   6/25/2012     EUR     69.47
UBS AG                 10.500   6/25/2012     EUR     38.29
UBS AG                 10.420   6/25/2012     EUR     64.49
UBS AG                 10.190   6/25/2012     EUR     69.40
UBS AG                 10.040   6/25/2012     EUR     64.42
UBS AG                  9.920   6/25/2012     EUR     33.61
UBS AG                  9.900   6/25/2012     EUR     38.18
UBS AG                  9.890   6/25/2012     EUR     65.37
UBS AG                  9.710   6/25/2012     EUR     33.57
UBS AG                  9.700   6/25/2012     EUR     69.31
UBS AG                  9.660   6/25/2012     EUR     65.35
UBS AG                  9.610   6/25/2012     EUR     72.66
UBS AG                  9.430   6/25/2012     EUR     33.52
UBS AG                  9.390   6/25/2012     EUR     65.30
UBS AG                  9.330   6/25/2012     EUR     68.40
UBS AG                  9.310   6/25/2012     EUR     72.58
UBS AG                  9.220   6/25/2012     EUR     38.06
UBS AG                  9.130   6/25/2012     EUR     69.21
UBS AG                  9.090   6/25/2012     EUR     33.46
UBS AG                  9.080   6/25/2012     EUR     68.35
UBS AG                  9.080   6/25/2012     EUR     65.24
UBS AG                  8.950   6/25/2012     EUR     72.54
UBS AG                  8.910   6/25/2012     EUR     68.32
UBS AG                  8.720   6/25/2012     EUR     68.29
UBS AG                  8.720   6/25/2012     EUR     65.18
UBS AG                  8.690   6/25/2012     EUR     33.39
UBS AG                  8.540   6/25/2012     EUR     72.46
UBS AG                  8.510   6/25/2012     EUR     68.25
UBS AG                  8.490   6/25/2012     EUR     69.09
UBS AG                  8.490   6/25/2012     EUR     37.93
UBS AG                  8.320   6/25/2012     EUR     65.09
UBS AG                  8.270   6/25/2012     EUR     68.21
UBS AG                  8.220   6/25/2012     EUR     33.31
UBS AG                  8.070   6/25/2012     EUR     72.36
UBS AG                  8.000   6/25/2012     EUR     68.16
UBS AG                  7.890   6/25/2012     EUR     65.03
UBS AG                  7.770   6/25/2012     EUR     68.98
UBS AG                  7.720   6/25/2012     EUR     68.11
UBS AG                  7.710   6/25/2012     EUR     37.80
UBS AG                  7.690   6/25/2012     EUR     33.21
UBS AG                  7.560   6/25/2012     EUR     72.27
UBS AG                  7.420   6/25/2012     EUR     64.94
UBS AG                  7.410   6/25/2012     EUR     33.19
UBS AG                  7.110   6/25/2012     EUR     33.12
UBS AG                  7.010   6/25/2012     EUR     72.18
UBS AG                 28.770   6/22/2012     EUR     70.60
UBS AG                 27.030   6/22/2012     EUR     72.42
UBS AG                 26.850   6/22/2012     EUR     72.86
UBS AG                 26.100   6/22/2012     EUR     68.30
UBS AG                 24.900   6/22/2012     EUR     68.12
UBS AG                 24.690   6/22/2012     EUR     71.48
UBS AG                 24.260   6/22/2012     EUR     70.00
UBS AG                 23.100   6/22/2012     EUR     69.51
UBS AG                 22.490   6/22/2012     EUR     72.68
UBS AG                 22.440   6/22/2012     EUR     71.83
UBS AG                 22.200   6/22/2012     EUR     64.38
UBS AG                 21.370   6/22/2012     EUR     69.26
UBS AG                 21.300   6/22/2012     EUR     70.99
UBS AG                 20.650   6/22/2012     EUR     73.80
UBS AG                 20.120   6/22/2012     EUR     66.15
UBS AG                 19.530   6/22/2012     EUR     72.57
UBS AG                 19.000   6/22/2012     EUR     71.24
UBS AG                 18.080   6/22/2012     EUR     68.08
UBS AG                 16.710   6/22/2012     EUR     73.43
UBS AG                 16.110   6/22/2012     EUR     70.19
UBS AG                  7.960   6/25/2012     EUR     33.26
UBS AG                 15.000    6/6/2012     CHF     69.25
UBS AG                 10.000    6/6/2012     CHF     73.60
UBS AG                 17.720    6/4/2012     EUR     49.72
UBS AG                 15.860    6/4/2012     EUR     70.43
UBS AG                 13.680    6/4/2012     EUR     73.44
UBS AG                 10.470    6/4/2012     EUR     58.27
UBS AG                  9.820    6/4/2012     EUR     72.84
UBS AG                 14.000   5/23/2012     USD      8.96
UBS AG                 13.700   5/23/2012     USD     13.57
UBS AG                 13.300   5/23/2012     USD      3.80
UBS AG                  9.000   5/18/2012     EUR     73.40
UBS AG                 15.150   5/11/2012     EUR     41.56
UBS AG                 13.150   5/11/2012     EUR     54.11
UBS AG                 12.900   5/11/2012     EUR     49.19
UBS AG                 11.240   5/11/2012     EUR     46.57
UBS AG                 10.940   5/11/2012     EUR     44.81
UBS AG                 10.060   5/11/2012     EUR     58.88
UBS AG                  9.880   5/11/2012     EUR     53.68
UBS AG                  9.170   5/11/2012     EUR     66.41
UBS AG                  9.170   5/11/2012     EUR     66.41
UBS AG                  9.110   5/11/2012     EUR     61.17
UBS AG                  6.870   5/11/2012     EUR     50.29
UBS AG                  6.600   5/11/2012     USD     62.85
UBS AG                  6.550   5/11/2012     EUR     65.17
UBS AG                  8.000    5/9/2012     CHF     72.55
UBS AG                 15.000    5/3/2012     EUR     40.15
UBS AG                  8.500    5/3/2012     CHF     59.60
UBS AG                  7.500    5/3/2012     EUR     70.10
UBS AG                 11.930   4/20/2012     CHF     44.00
UBS AG                  8.000   4/20/2012     CHF     59.55
UBS AG                  7.820   4/20/2012     CHF     73.32
UBS AG                 10.780   4/19/2012     CHF     60.70
UBS AG                 10.100   4/19/2012     CHF     69.05
UBS AG                  7.910   4/19/2012     CHF     67.98
UBS AG                  7.810   4/19/2012     CHF     59.50
UBS AG                 10.290   4/16/2012     CHF     70.45
UBS AG                  9.050   4/16/2012     CHF     57.93
UBS AG                  8.020   4/16/2012     CHF     73.58
UBS AG                 14.210   6/22/2012     EUR     72.51
UBS AG                 10.770    9/6/2013     USD     17.40
UBS AG                 11.020  10/21/2013     USD     58.10
UBS AG                 13.830  12/17/2013     USD     20.11
UBS AG                 11.000    3/4/2014     USD     19.73
UBS AG JERSEY           3.220   7/31/2012     EUR     32.56

UKRAINE
-------
PROCREDIT BANK         13.500   5/11/2015     UAH     96.09

UNITED KINGDOM
--------------
ALLIANC&LEIC BLD        5.875   8/14/2031     GBP     74.65
BAKKAVOR FIN 2          8.250   2/15/2018     GBP     77.19
BANK NADRA              8.000   6/22/2017     USD     49.34
BARCLAYS BK PLC        11.000    1/2/2013     EUR     58.78
BARCLAYS BK PLC         0.500   9/24/2019     AUD     62.16
BARCLAYS BK PLC         0.500   12/3/2017     AUD     70.75
BARCLAYS BK PLC        11.500   6/28/2013     EUR     58.93
BARCLAYS BK PLC        11.000   6/28/2013     EUR     61.02
BARCLAYS BK PLC        10.000   6/28/2013     EUR     62.87
BARCLAYS BK PLC         8.000   6/28/2013     EUR     64.92
BARCLAYS BK PLC        11.500   3/22/2013     EUR     57.32
BARCLAYS BK PLC        10.750   3/22/2013     EUR     60.19
BARCLAYS BK PLC        10.000   3/22/2013     EUR     61.46
BARCLAYS BK PLC         8.000   3/22/2013     EUR     63.59
BARCLAYS BK PLC        12.500    1/2/2013     EUR     62.85
BARCLAYS BK PLC        12.000    1/2/2013     EUR     55.51
BARCLAYS BK PLC        11.500    1/2/2013     EUR     66.58
BARCLAYS BK PLC        10.000    1/2/2013     EUR     67.48
BARCLAYS BK PLC        10.000    1/2/2013     EUR     60.45
BARCLAYS BK PLC         9.500    1/2/2013     EUR     61.05
BARCLAYS BK PLC         8.750    1/2/2013     EUR     68.42
BARCLAYS BK PLC         8.500    1/2/2013     EUR     72.27
BARCLAYS BK PLC         8.000    1/2/2013     EUR     62.51
BARCLAYS BK PLC         7.000    1/2/2013     EUR     66.62
BARCLAYS BK PLC         6.000    1/2/2013     EUR     69.68
BARCLAYS BK PLC        12.500  12/14/2012     EUR     73.81
BARCLAYS BK PLC        11.000  12/14/2012     EUR     59.05
BARCLAYS BK PLC        10.930  12/14/2012     EUR     72.50
BARCLAYS BK PLC        10.500  12/14/2012     EUR     62.71
BARCLAYS BK PLC         9.500  12/14/2012     EUR     68.59
BARCLAYS BK PLC         8.750  12/14/2012     EUR     63.60
BARCLAYS BK PLC         8.000  12/14/2012     EUR     68.15
BARCLAYS BK PLC         9.000  10/16/2012     USD     10.95
BARCLAYS BK PLC         8.500  10/16/2012     USD     10.86
BARCLAYS BK PLC        14.000   10/1/2012     USD     10.47
BARCLAYS BK PLC         9.000   10/1/2012     USD      9.84
BARCLAYS BK PLC        13.500   9/28/2012     EUR     60.37
BARCLAYS BK PLC        13.000   9/28/2012     EUR     52.88
BARCLAYS BK PLC        12.500   9/28/2012     EUR     63.81
BARCLAYS BK PLC        11.750   9/28/2012     EUR     56.64
BARCLAYS BK PLC        10.500   9/28/2012     EUR     58.60
BARCLAYS BK PLC        10.500   9/28/2012     EUR     65.61
BARCLAYS BK PLC        10.000   9/28/2012     EUR     59.69
BARCLAYS BK PLC         9.500   9/28/2012     EUR     66.18
BARCLAYS BK PLC         8.500   9/28/2012     EUR     71.67
BARCLAYS BK PLC         8.000   9/28/2012     USD     10.45
BARCLAYS BK PLC         8.000   9/28/2012     EUR     61.47
BARCLAYS BK PLC         7.000   9/28/2012     EUR     66.32
BARCLAYS BK PLC         6.000   9/28/2012     EUR     69.39
BARCLAYS BK PLC        13.750   9/14/2012     EUR     71.90
BARCLAYS BK PLC        12.200   9/14/2012     EUR     70.82
BARCLAYS BK PLC        12.000   9/14/2012     EUR     56.34
BARCLAYS BK PLC        11.000   9/14/2012     EUR     60.55
BARCLAYS BK PLC        10.250   9/14/2012     EUR     66.39
BARCLAYS BK PLC         9.250   9/14/2012     EUR     61.55
BARCLAYS BK PLC         8.000   9/14/2012     EUR     66.72
BARCLAYS BK PLC         8.000   9/11/2012     USD     10.60
BARCLAYS BK PLC         8.000   9/11/2012     USD     10.78
BARCLAYS BK PLC         9.000   8/28/2012     USD      9.45
BARCLAYS BK PLC        10.800   7/31/2012     USD     26.47
BARCLAYS BK PLC        11.500   7/27/2012     USD      9.48
BARCLAYS BK PLC         7.000   7/27/2012     USD      9.70
BARCLAYS BK PLC        10.000   7/20/2012     USD      6.91
BARCLAYS BK PLC         8.000   6/29/2012     USD      9.83
BARCLAYS BK PLC        16.750   6/22/2012     EUR     70.15
BARCLAYS BK PLC        15.000   6/22/2012     EUR     73.18
BARCLAYS BK PLC        15.000   6/22/2012     EUR     56.89
BARCLAYS BK PLC        14.500   6/22/2012     EUR     49.70
BARCLAYS BK PLC         7.000    6/8/2012     EUR     66.71
BARCLAYS BK PLC         7.000    6/8/2012     EUR     72.26
BARCLAYS BK PLC         8.000    6/8/2012     EUR     57.74
BARCLAYS BK PLC         8.000    6/8/2012     EUR     65.61
BARCLAYS BK PLC        14.500   6/22/2012     EUR     60.09
BARCLAYS BK PLC        13.750   6/22/2012     EUR     59.53
BARCLAYS BK PLC        13.750   6/22/2012     EUR     60.56
BARCLAYS BK PLC        13.500   6/22/2012     EUR     72.44
BARCLAYS BK PLC        13.000   6/22/2012     EUR     66.75
BARCLAYS BK PLC        12.750   6/22/2012     EUR     53.75
BARCLAYS BK PLC        12.000   6/22/2012     EUR     67.50
BARCLAYS BK PLC        12.000   6/22/2012     EUR     55.03
BARCLAYS BK PLC        11.750   6/22/2012     EUR     57.40
BARCLAYS BK PLC        11.500   6/22/2012     EUR     55.62
BARCLAYS BK PLC        11.500   6/22/2012     EUR     62.54
BARCLAYS BK PLC        11.000   6/22/2012     EUR     53.39
BARCLAYS BK PLC        10.750   6/22/2012     EUR     57.33
BARCLAYS BK PLC        10.750   6/22/2012     EUR     68.70
BARCLAYS BK PLC        10.500   6/22/2012     EUR     58.73
BARCLAYS BK PLC        10.500   6/22/2012     EUR     54.10
BARCLAYS BK PLC        10.500   6/22/2012     EUR     65.73
BARCLAYS BK PLC        10.000   6/22/2012     EUR     64.11
BARCLAYS BK PLC         9.750   6/22/2012     EUR     57.42
BARCLAYS BK PLC         9.500   6/22/2012     EUR     72.02
BARCLAYS BK PLC         8.500   6/22/2012     EUR     61.97
BARCLAYS BK PLC         8.250   6/22/2012     EUR     62.74
BARCLAYS BK PLC         8.000   6/22/2012     EUR     59.85
BARCLAYS BK PLC         8.000   6/22/2012     EUR     63.09
BARCLAYS BK PLC         8.000   6/22/2012     EUR     70.54
BARCLAYS BK PLC         8.000   6/22/2012     EUR     59.74
BARCLAYS BK PLC         7.250   6/22/2012     EUR     60.25
BARCLAYS BK PLC         7.000   6/22/2012     EUR     72.08
BARCLAYS BK PLC         7.000   6/22/2012     EUR     65.19
BARCLAYS BK PLC         7.000   6/22/2012     EUR     65.65
BARCLAYS BK PLC         6.000   6/22/2012     EUR     67.72
BARCLAYS BK PLC         8.000    6/8/2012     EUR     65.53
BARCLAYS BK PLC         6.000   6/22/2012     EUR     68.07
BARCLAYS BK PLC         6.000   6/22/2012     EUR     68.23
BARCLAYS BK PLC         8.250    6/8/2012     EUR     69.53
BARCLAYS BK PLC         6.000   6/22/2012     EUR     64.66
BARCLAYS BK PLC        15.750    6/8/2012     EUR     69.35
BARCLAYS BK PLC        14.220    6/8/2012     EUR     68.12
BARCLAYS BK PLC        13.000    6/8/2012     EUR     53.55
BARCLAYS BK PLC        12.500    6/8/2012     EUR     57.31
BARCLAYS BK PLC         8.250    6/8/2012     EUR     56.61
BARCLAYS BK PLC        12.000    6/8/2012     EUR     64.12
BARCLAYS BK PLC        11.750    6/8/2012     EUR     53.80
BARCLAYS BK PLC        11.090    6/8/2012     EUR     59.94
BARCLAYS BK PLC        11.000    6/8/2012     EUR     73.64
BARCLAYS BK PLC         8.500    6/8/2012     EUR     58.65
BARCLAYS BK PLC        11.000    6/8/2012     EUR     68.40
BARCLAYS BK PLC        11.000    6/8/2012     EUR     62.56
BARCLAYS BK PLC         9.250    6/8/2012     EUR     67.68
BARCLAYS BK PLC        11.000    6/8/2012     EUR     63.89
BARCLAYS BK PLC         9.500    6/8/2012     EUR     71.02
BARCLAYS BK PLC        10.780    6/8/2012     EUR     71.77
BARCLAYS BK PLC        10.520    6/8/2012     EUR     66.14
BARCLAYS BK PLC        10.500    6/8/2012     EUR     54.00
BARCLAYS BK PLC        10.250    6/8/2012     EUR     61.28
BARCLAYS BK PLC         9.750    6/8/2012     EUR     59.18
BARCLAYS BK PLC         6.000    6/8/2012     EUR     70.18
BARCLAYS BK PLC         5.000    6/8/2012     EUR     72.29
BARCLAYS BK PLC        12.950   4/20/2012     USD     23.40
CO-OPERATIVE BNK        5.750   12/2/2024     GBP     73.70
CO-OPERATIVE BNK        5.625  11/16/2021     GBP     76.23
CO-OPERATIVE BNK        5.875   3/28/2033     GBP     72.76
DUNFERMLINE BS          6.000   3/31/2015     GBP      0.63
EFG HELLAS PLC          6.010    1/9/2036     EUR     33.63
EFG HELLAS PLC          5.400   11/2/2047     EUR     37.13
EMPORIKI GRP FIN        5.000   12/2/2021     EUR     50.25
EMPORIKI GRP FIN        5.000   2/24/2022     EUR     49.75
EMPORIKI GRP FIN        5.100   12/9/2021     EUR     50.75
ENTERPRISE INNS         6.875   2/15/2021     GBP     72.13
ENTERPRISE INNS         6.375   9/26/2031     GBP     65.70
ENTERPRISE INNS         6.875    5/9/2025     GBP     68.36
ESSAR ENERGY            4.250    2/1/2016     USD     65.90
F&C ASSET MNGMT         6.750  12/20/2026     GBP     67.01
GALA ELECTRIC CA       11.500    6/1/2019     GBP     65.11
GALA ELECTRIC CA       11.500    6/1/2019     GBP     65.83
GS INTERNATIONAL        8.250  12/17/2012     EUR     69.85
GS INTERNATIONAL       13.000   6/28/2012     CHF     63.40
GS INTERNATIONAL        9.750   5/22/2012     CHF     55.80
GS INTERNATIONAL        9.500   4/20/2012     CHF     51.80
HBOS PLC                6.305  10/18/2017     GBP     75.00
HBOS PLC                4.500   3/18/2030     EUR     63.32
HBOS PLC                5.374   6/30/2021     EUR     68.63
HBOS PLC                6.000   11/1/2033     USD     74.19
HBOS PLC                6.000   11/1/2033     USD     74.19
HOUSING FIN CORP        9.625    7/4/2025     GBP    152.57
HSBC BANK PLC           0.500    2/2/2023     AUD     52.32
HSBC BANK PLC           0.500   2/24/2023     AUD     53.73
HSBC BANK PLC           0.500  11/16/2018     AUD     69.35
HSBC BANK PLC           0.500    4/3/2023     AUD     55.53
HSBC BANK PLC           0.500   12/8/2026     AUD     44.52
HSBC BANK PLC           0.500  12/29/2026     AUD     44.37
HSBC BANK PLC           0.500   9/28/2018     AUD     72.14
HSBC BANK PLC           0.500   12/2/2022     AUD     56.60
HSBC BANK PLC           0.500  12/29/2022     AUD     54.01
HSBC BANK PLC           0.500  11/22/2021     AUD     60.09
MARSTONS ISSUER         5.641   7/15/2035     GBP     74.01
MATALAN                 9.625   3/31/2017     GBP     65.29
MATALAN                 9.625   3/31/2017     GBP     65.13
MAX PETROLEUM           6.750    9/8/2013     USD     49.83
NOMURA BANK INTL        0.800  12/21/2020     EUR     67.28
OTE PLC                 4.625   5/20/2016     EUR     66.96
PRIVATBANK              5.799    2/9/2016     USD     70.03
PUNCH TAVERNS           7.567   4/15/2026     GBP     54.68
PUNCH TAVERNS           5.883  10/15/2026     GBP     62.79
ROYAL BK SCOTLND        6.250  12/20/2012     EUR     52.05
ROYAL BK SCOTLND       20.000   2/23/2017     SEK     65.00
SKIPTON BUILDING        5.625   1/18/2018     GBP     68.16
SPIRIT ISSUER           5.472  12/28/2028     GBP     73.16
THOMAS COOK GR          7.750   6/22/2017     GBP     57.92
THOMAS COOK GR          6.750   6/22/2015     EUR     67.22
UNIQUE PUB FIN          7.395   3/28/2024     GBP     61.57
UNIQUE PUB FIN          5.659   6/30/2027     GBP     74.42
UNIQUE PUB FIN          6.464   3/30/2032     GBP     43.46
WESSEX WATER FIN        1.499  11/29/2058     GBP     64.30
WESSEX WATER FIN        1.369   7/31/2057     GBP     63.85


                            *********

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 * * *