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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, April 23, 2012, Vol. 13, No. 80

                            Headlines



A Z E R B A I J A N

* AZERBAIJAN: Moody's Upgrades Gov't Issuer Ratings From 'Ba1'


B E L A R U S

* BELARUS: S&P Affirms 'B-/C' Sovereign Credit Ratings


C R O A T I A

AGROKOR DD: S&P Affirms 'B' Corp. Credit Rating; Outlook Positive


G E R M A N Y

DEUTSCHE APOTHEKER: Moody's Issues Summary Credit Opinion
NICI GMBH: Put Up for Sale Following Restructuring
SCHLECKER: Penta Investments Backs Out of Bid


I T A L Y

ATLANTE FINANCE: S&P Puts 'BB'-Rated Class C Notes on Watch Neg.
FONDIARIA-SAI: Seizure of Premafin Stake May Delay Rescue Plan


I R E L A N D

HEAT MERCHANTS: Sold to Harleston Following Liquidation


P O L A N D

* POLAND: EU Emissions Trading Scheme May Bankrupt Companies


P O R T U G A L

PARTICIPACOES PUBLICAS: S&P Lowers Issuer Credit Rating to 'B'


R U S S I A

BASHNEFT: Moody's Assigns 'Ba2' CFR; Outlook Stable


S P A I N

BBVA-6 FTPYME: S&P Lowers Rating on Class C Notes to 'D'
FERGO AISA: Starts Refinancing Talks with Creditors


U N I T E D   K I N G D O M

BRITISH MIDLAND: IAG Completes Takeover; 140 Jobs at Risk
DIVERSITY FUNDING I: S&P Lowers Rating on Class F Notes to 'D'
FITNESS FIRST: Hires Three Laws Firms to Advise on Restructuring
FORMULA ONE: S&P Assigns Prelim. 'B+' Corporate Credit Rating
RANGERS FOOTBALL: Bill Ng Withdraws Takeover Offer

RANGERS FOOTBALL: Bill Miller to Make New Bid Today


X X X X X X X X

* BOND PRICING: For the Week April 16 to April 20, 2012


                            *********


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A Z E R B A I J A N
===================


* AZERBAIJAN: Moody's Upgrades Gov't Issuer Ratings From 'Ba1'
--------------------------------------------------------------
Moody's Investors Service has upgraded Azerbaijan's foreign- and
local-currency government issuer ratings by one notch to Baa3
from Ba1. The rating outlook is now stable.

The main drivers of this rating action were:

(i) the ongoing strengthening in the government's finances, as
reflected in the rapid accumulation of foreign assets by the
State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of
Azerbaijan (CBA); and

(ii) the strong performance of Azerbaijan's non-oil sector in
recent years as a result of government investment activities and
efforts to improve the business environment and diversify the
economy away from the oil sector.

Ratings Rationale

The first driver of Moody's decision to upgrade Azerbaijan's
ratings into investment grade is the significant improvement in
the government's financial strength in recent years. High oil
prices have helped the government accumulate considerable foreign
assets in both SOFAZ, the country's sovereign wealth fund, and
the reserves of the CBA, which amounted to around USD40 billion
at the end of 2011 (75% of GDP). Moody's believes that this level
of foreign assets will help shield Azerbaijan's economy from
future adverse impacts arising from internal or external shocks.
Moreover, the rating agency expects the government to grow its
reserves further in the coming years. With a breakeven oil price
of around USD56 per barrel (the price per barrel of oil required
for the general government sector to balance its budget),
Azerbaijan could withstand a sustained drop in global oil prices
without a severe deterioration of its fiscal and debt metrics.

The second driver underlying the rating action is the strong
performance of Azerbaijan's non-oil sector, which has benefited
from the boom in oil revenues. High government spending on
upgrading Azerbaijan's infrastructure and developing new
industries helped non-oil sector output expand by 9.4% last year,
up from 7.9% in 2010. This strong performance has helped the
economy avoid an outright contraction in output as oil production
decreased sharply due to temporary, maintenance-related,
disruptions in the country's main Azeri-Chirag-Guneshli oilfields
during 2011. A high level of public investment in areas such as
social infrastructure, construction and services will continue to
be a key driver of non-oil sector performance. Going forward,
Moody's believes that strong government revenues should continue
to support further development and diversification of the
economy.

The stable outlook on Azerbaijan's Baa3 ratings reflects the
government's strong financial position and the deployment of oil
revenues towards economic diversification, balanced against
constraints stemming from weak governance indicators and
geopolitical risks due to the impasse in the conflict over the
Nagorno-Karabakh region.

Moody's has also aligned Azerbaijan's local- and foreign-currency
ceilings for bonds and deposits with the new government issuer
rating of Baa3 to reflect the strong influence of the government
over economic activity and the resulting default correlation
between the national government, banks and other borrowers in the
country.

WHAT COULD MOVE THE RATING UP/DOWN

Positive pressure would be exerted on Azerbaijan's ratings in the
event of a significant improvement in the country's institutional
strength, as indicated by improvements in its World Bank
governance indicators, particularly for Government Effectiveness
and Rule of Law. The country's ratings could also be positively
impacted in the event of tangible progress towards resolving the
conflict with Armenia over the Nagorno-Karabakh region.

Downward rating pressure on Azerbaijan's sovereign ratings could
develop in the event of a significant deterioration in the
domestic or regional political environment that could result in
severe disruptions to oil production or foreign investments in
the economy. A prolonged period of fiscal deterioration would
also result in downward pressure on the ratings, although Moody's
considers this to be a low-probability event given the fiscal
strength of the government and its considerable stock of foreign
assets.

METHODOLOGY

The principal methodology used in this rating was "Sovereign Bond
Rating Methodology" published in September 2008.


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B E L A R U S
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* BELARUS: S&P Affirms 'B-/C' Sovereign Credit Ratings
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its long- and short-
term sovereign credit ratings on the Republic of Belarus at 'B-
/C'. "At the same time, we revised the outlook to stable from
negative. The transfer & convertibility (T&C) assessment for
Belarus is unchanged at 'B-'. The recovery rating on Belarus'
senior unsecured debt remains at '4'," S&P said.

"The outlook revision reflects our view of signs of stabilization
in Belarus' economy. Foreign currency reserves have strengthened,
immediate pressure on the exchange rate has eased, and inflation,
although still very high, is decreasing. Furthermore, short-term
external financing constraints have lessened because Russia has
injected inflows of funding and capital equal to 12% of Belarus'
2012 GDP," S&P said.

"The ratings on Belarus are constrained by political risks, high
government financing needs, reliance on external funding, and the
government's reluctance to introduce much-needed structural
reforms to improve the country's competitiveness and growth
prospects. The ratings are supported by the country's relatively
high, albeit declining, GDP per capita for the rating level
(US$4,093; 2012 estimate), moderate general government deficits,
its substantial industrial capital stock, and its highly educated
workforce. These factors provide the potential for a relatively
rapid improvement in productivity should the government pursue
structural reforms to enhance efficiency in state-owned
enterprises and support private-sector growth," S&P said.

"After nearing financial collapse last year, the Belarusian
economy responded quickly to the eventual crisis resolution
measures implemented by the government, and mostly with the
support of Russia. Russia facilitated a loan to Belarus of about
7% of GDP from the Eurasian Economic Community Anti-Crisis Fund
(ACF), on condition that Belarus embark on a stabilization
program. Russia also provided a loan of about 2% of GDP through
Sberbank. In return, Belarus sold its remaining 50% share of
Beltransgaz (the natural gas pipeline company) to Russia's
Gazprom for about 6% of GDP, and agreed to sell other government-
owned assets amounting to almost 13% of GDP during 2012-2013.
Total capital inflows from Russia have amounted to 12% of 2012
GDP since the start of stabilization efforts. Furthermore, Russia
and Belarus signed a new agreement for oil and gas import prices
that puts the 2012 gas price at a 44% discount from its 2011
level. This will amount to nearly 4% of 2012 GDP in savings over
the next two years. In addition, the new discounted oil price is
expected to create savings for Belarus of about 1.5% of GDP this
year," S&P said.

"In line with the ACF program, the government tightened fiscal
and monetary policy in the second half of 2011. As a result of
cuts in capital spending, along with increases in non-tax
revenues and custom receipts, the general government balance
reached a surplus of 3% of GDP in 2011 compared with a 4% deficit
in 2010. Furthermore, the National Bank of Belarus abolished the
practice of lending to commercial banks and hiked interest rates:
the refinancing rate had reached 45% by end-2011. These measures
have helped bring down inflation since the beginning of the year.
That said, it remains high with the year-on-year increase in
March 2012 at 106.5%. In our view, if the government maintains
policy tightening, inflation will continue to decline in 2012,"
S&P said.

"The new borrowings and the sale of Beltransgaz more than doubled
Belarus' gross international reserves to about 1.8 months of
current account payments at end-2011 from a low of 0.8 months in
May 2011. However, about half of this is foreign currency swaps
that the national bank entered into with commercial banks, and
which we exclude for our calculation of usable reserves. After
taking a number of step devaluations, the government liberalized
and unified the currency in October when it depreciated by
another 71%, bringing the total depreciation against the dollar
to 178% in 2011. The depreciation helped somewhat reduce the
country's current account deficit, although it did post an
overall deficit for the year of 12.6% of GDP (albeit down from
15.0% in 2010). We believe the Belarusian population now has more
confidence in the domestic economy; local and foreign currency
deposits have flowed into the banking system. At end-2011, the
Belarusian ruble encountered upward pressure that prompted the
national bank to purchase foreign currency," S&P said.

"Under our baseline scenario for 2012 we expect economic growth
to moderate to 2% from 5% and the current account deficit to
narrow to 9% of GDP, primarily on trade balance gains from the
new oil and gas price regime. We also expect that the general
government will post a deficit of 1% of GDP in 2012, reflecting
increases in wages and pensions. In terms of external funding, we
expect the government will receive two more tranches under the
ACF program amounting to 2.3% of GDP, and that the government may
sell more public assets this year to comply with the ACF program.
While this is sufficient to meet the government's funding
requirements in 2012 -- provided the currency does not weaken --
we expect the government will borrow further this year to shore-
up its reserves ahead of 2013 when a larger debt service burden
is falling due," S&P said.

"Notwithstanding the alleviation of short-term financing
constraints and exchange rate and inflation pressures, we see
numerous risks to Belarus' economic stabilization. Its deep-
rooted structural problems are yet to be addressed. With
immediate economic and financial pressures having eased, we are
concerned that reform momentum will likely wane once more. We
believe policy slippages are already underway, including plans to
raise wages to restore real incomes to pre-crisis levels, and
pressure from the presidential administration to raise the growth
target this year. Loosening of macroeconomic policies could in
our view trigger an eventual return to the depreciation-inflation
spiral," S&P said.

"The stable outlook reflects our view that the improvement in
external liquidity, and successful stabilization efforts, have
significantly reduced the likelihood that we would lower the
ratings over the next 12 months. However, we could lower the
ratings if renewed expansionary policies were to lead to a return
of exchange rate and inflationary pressures. We could also lower
the ratings if external liquidity or the availability of external
funding were to significantly deteriorate again," S&P said.

"Government policy leading to a sustained improvement in
competitiveness, a diversification of funding sources, and
increased availability of foreign exchange could eventually
support an upgrade. We could also consider raising the ratings if
we saw an improvement in external balances indicated by lower
external financing needs, lower external debt, and improved
current account balances," S&P said.


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C R O A T I A
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AGROKOR DD: S&P Affirms 'B' Corp. Credit Rating; Outlook Positive
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Croatia-based food and beverage manufacturer and retailer Agrokor
d.d. to positive from stable and affirmed its 'B' corporate
credit rating on Agrokor. "At the same time, we assigned a 'B'
issue rating to Agrokor's proposed EUR300 million equivalent
senior unsecured notes due 2019," S&P said.

"The rating on the proposed notes is based on preliminary
information and is subject to our satisfactory review of final
documentation. In the event of any changes to the amount or terms
of the bond, the issue rating could be subject to further
review," S&P said.

"The outlook revision and affirmation primarily reflect our view
of Agrokor's potential for moderate deleveraging, which it might
demonstrate in line with its revised financial policy, as well as
ongoing improvements in its liquidity position on the back of
relaxed covenants and ongoing short-term debt refinancing.
Moreover, the company demonstrated solid operating performance in
2011, leading to our improved view of the company's business risk
profile," S&P said.

"The rating on Agrokor reflects its 'fair' business risk profile
and its 'highly leveraged' financial risk profile, as our
criteria define these terms. The company's 'fair' business risk
profile is constrained by its limited, although improving,
geographic diversification, which is largely exposed to
developing economies. The group's business risk profile is
supported by Agrokor's entrenched market positions in Croatian
food retail and several key food segments such as ice cream and
frozen foods, beverages, edible oils, and margarine," S&P said.

"The positive outlook reflects the possibility of an upgrade if
Agrokor adheres to its revised financial policy and demonstrates
moderate deleveraging with adjusted debt to EBITDA sustainably
decreasing to less than 4.5x and EBITDA interest coverage
decreasing to about 2.5x," S&P said.

"Ratings upside will also depend on Agrokor's ability to manage
potential transformative acquisitions with a mix of debt and
equity and to ensure deleveraging to a stated financial policy
within 12 months after the acquisition. A positive rating action
will depend on Agrokor's ability to promptly refinance its short-
term maturities and maintain headroom under the covenants above
15% at any given test date," S&P said.

"We could lower the rating if Agrokor were to fail to maintain
its adjusted net debt to EBITDA at less than 5x in the medium
term and at less than 6x pro forma a large-scale acquisition, but
not including expected synergies and asset disposals. We could
also lower the rating if we revise the group's liquidity
descriptor to 'weak', under our criteria," S&P said.


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


DEUTSCHE APOTHEKER: Moody's Issues Summary Credit Opinion
---------------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Deutsche Apotheker- und Aerztebank eG and includes certain
regulatory disclosures regarding its ratings.  The release does
not constitute any change in Moody's ratings or rating rationale
for Deutsche Apotheker- und Aerztebank eG and its affiliates.

Moody's current ratings on Deutsche Apotheker- und Aerztebank eG
and its affiliates are:

Senior Unsecured (domestic and foreign currency) ratings of A2

Senior Unsecured MTN Program (domestic currency) ratings of (P)A2

Long Term Bank Deposits (domestic and foreign currency) ratings
of A2

Bank Financial Strength ratings of D

Subordinate (domestic currency) ratings of Baa2

Subordinate MTN Program (domestic currency) ratings of (P)Baa2

Commercial Paper (domestic currency) ratings of P-1

Short Term Bank Deposits (domestic and foreign currency) ratings
of P-1

Other Short Term (domestic currency) ratings of (P)P-1

Capital Issuing GmbH

BACKED Preferred Stock Non-cumulative (domestic currency) ratings
of Ba1, (hyb)

Rating Rationale

Moody's assigns a D BFSR to Deutsche Apotheker- und Aerztebank
(apoBank), mapping to ba2 on the long-term scale. The BFSR is
currently constrained by apoBank's weak capitalization in the
context of its risk profile, due to its large credit investments,
some of which are high-risk. These considerations currently
override various positive factors, in particular (i) apoBank's
solid franchise as Germany's largest primary co-operative bank,
with high market shares in its stable core business of lending to
Germany's healthcare professionals; and (ii) stable and
satisfactory core performance.

Its long-term global local-currency (GLC) debt and deposit
ratings are A2. These ratings take into account: (i) the very
high probability of support from the German co-operative
association (Bundesverband der Deutschen Volksbanken und
Raiffeisenbanken "BVR"; unrated), of which it is a member; and
(ii) a medium probability of systemic support. As a result of
this support assessment, the A2 debt and deposit ratings are
currently six notches higher than the ba2 standalone credit
strength.

Rating Outlook

The outlook is negative on the D BFSR, the A2 senior debt and
deposit ratings and the Baa2 senior subordinated ratings.

What Could Change the Rating - Up

There is currently no upward pressure on the D BFSR, reflected by
the negative outlook. Moody's expects that apoBank will be able
to gradually regain its earlier financial strength and resilience
over time, which may stabilise the outlook. However, Moody's does
not expect that this will be achieved over the next four to six
quarters, also considering apoBank's exposure to some of the more
pressured euro area and CEE countries. Moody's expects that the
exposure to these countries required sizeable risk provisions in
2011.

There will be no upward pressure on apoBank's A2 debt and deposit
ratings for the foreseeable future, given that these ratings
already factor in substantial co-operative and systemic support.

What Could Change the Rating - Down

The negative outlook on the D BFSR reflects Moody's concerns
about the size and complexity of apoBank's structured credit
investments, coupled with event risk stemming from its bond and
CDS holdings that include exposure to the more pressured
countries in Europe's periphery. Downward pressure on the D BFSR
could occur if apoBank's regulatory capital levels decline and/or
remain under persistent pressure at the current weak levels.

The negative outlook on the A2 senior debt and deposit ratings
and the Baa2 senior subordinated debt rating reflects the fact
that any further downgrade of the BFSR would likely result in a
downgrade of the senior and subordinated ratings.

The methodologies used in these ratings were Bank Financial
Strength Ratings: Global Methodology published in February 2007
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology published in March 2012.


NICI GMBH: Put Up for Sale Following Restructuring
---------------------------------------------------
Patricia Kuo and Aaron Kirchfeld at Bloomberg News report that
Nici GmbH, which is on the rebound from its 2006 insolvency and
accounting fraud, is up for sale.

According to Bloomberg, people familiar with the transaction said
that Strategic Value Partners LLC, Nici's hedge fund owner based
in Greenwich, Connecticut, has received indicative offers for the
maker of Jolly Maeh sheep toys, and second-round bids are
expected mid-May.

The people said that Hauck & Aufhaeuser Privatbankiers, a
Frankfurt-based private bank, has been hired to run the sale,
Bloomberg notes.

Nici garnered headlines the same year when it filed for
insolvency after overstating sales, Bloomberg recounts.  The
founder and then-CEO Ottmar Pfaff, who admitted to fraud, was
sentenced to six and a half years in prison, Bloomberg discloses.
Strategic Value Partners agreed to buy Nici at the end of 2006,
Bloomberg relates.

Bloomberg notes that one of the people said the hedge fund is
seeking a buyer after restructuring the company and boosting
profitability.  The people, as cited by Bloomberg, said Nici has
annual sales of about EUR45 million (US$59 million).

Based in Altenkunstadt, Germany, Nici GmbH makes the Beanbag key
chain and Otto the Frog and employs more than 400 people
worldwide.


SCHLECKER: Penta Investments Backs Out of Bid
---------------------------------------------
According to Bloomberg News' Claudia Rach, Handelsblatt, citing a
spokesman for Schlecker insolvency lawyer Arndt Geiwitz, reported
that Penta Investments has dropped its bid for Schlecker.

Handelsblatt said talks continue with the remaining five
potential investors, Bloomberg notes.

As reported by the Troubled Company Reporter-Europe on April 9,
2102, Bloomberg News, citing Spiegel, related that Penta made a
non-binding offer for Schlecker.  Spiegel said that Penta might
need to invest about EUR90 million (US$118 million) to renovate
about 3,000 Schlecker stores, Bloomberg disclosed.  The magazine,
as cited by Bloomberg, said that the potential investor was
seeking to limit the Schlecker family's stake to a "symbolic
minority".

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

Schlecker is a German drugstore chain.


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


ATLANTE FINANCE: S&P Puts 'BB'-Rated Class C Notes on Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on Atlante Finance S.r.l.'s class B and C
notes. The class A notes remain on CreditWatch negative.

"On Dec. 21, 2011, we placed our rating on the class A notes on
CreditWatch negative for counterparty reasons. This followed our
Nov. 29, 2011 downgrade of The Royal Bank of Scotland N.V. (RBS;
A/Stable/A-1), the transaction's swap and liquidity provider. In
our view, a link exists between our rating on the class A notes
and our rating on RBS, because we do not consider the swap and
liquidity documents to be in line with our 2010 counterparty
criteria," S&P said.

"The rating actions follow our assessment of increased arrears in
some of the underlying portfolio's more concentrated portions,
and increased default levels," S&P said.

"Delinquency levels (defined as loans that have been in arrears
for 30 or more days) at the end of the latest collection period
(December 2011) were 12.14% of the outstanding performing
collateral--substantially up from 5.16% at the end of the
previous collection period (September 2011). The increase is
mainly driven by some of the largest small and midsize enterprise
(SME) loans becoming delinquent," S&P said.

"At the same time, there has been a substantial increase in
arrears of 90 to 180 days, some of which could ultimately roll
into defaults by the April 2012 interest payment date (IPD). New
defaults in the latest collection period were about EUR6.5
million (1.48% of the outstanding collateral) -- down from
EUR11.4 million in the previous period," S&P said.

So far, the transaction's cumulative defaults total EUR182.6
million -- equal to 11.89% of the initial outstanding note
balance; this amount is mainly due to the defaults of some large
loans in the portfolio's commercial portion.

"On the most recent IPD in March 2012, the unpaid principal
deficiency ledger (PDL) was equal to EUR70.5 million -- down from
the EUR85.6 million in October 2011 (on the most recent IPD, the
transaction recorded a substantial amount of recoveries at
EUR21.1 million, out of the EUR66.29 million total since
closing)," S&P said.

"A further spike in arrears transitioning to defaults could
reduce credit enhancement available for the entire capital
structure, because the transaction has not been able to generate
enough excess spread to cover the unpaid PDL balance. To reflect
this risk, we have placed on CreditWatch negative our ratings on
the class B and C notes. Our rating on the class A notes remain
unchanged. In addition to counterparty reasons, they are now also
on CreditWatch negative for performance reasons," S&P said.

"We expect to resolve the CreditWatch negative placements after
the April 2012 IPD. Our analysis will focus on the development of
loans currently in arrears and defaults, with particular focus on
the risk arising from the largest borrowers in the SME portfolio,
which accounts for about 45% of the residual total portfolio. The
transaction is originated by Banca Unipol SpA, and backed by a
mixed portfolio of loans to SMEs and residential loans," 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

Atlante Finance S.r.l.
EUR1.52 Billion Asset-Backed Floating-Rate Notes

Ratings Placed on CreditWatch Negative

B            A (sf)/Watch Neg      A (sf)
C            BB (sf)/Watch Neg     BB (sf)

Rating Remaining on CreditWatch Negative

A            AA- (sf)/Watch Neg


FONDIARIA-SAI: Seizure of Premafin Stake May Delay Rescue Plan
--------------------------------------------------------------
Sonia Sirletti at Bloomberg News reports that Unipol Gruppo
Finanziario SpA's planned rescue of Fondiaria-SAI SpA may be
delayed after a prosecutor requested the seizure of a 20% stake
in Fondiaria's biggest investor.

The request to seize the shares in Premafin Finanziaria SpA was
made by Milan prosecutor Luigi Orsi as part of his probe into
market manipulation by the company's founder Salvatore Ligresti,
according to court documents obtained by Bloomberg News.

"The investigation involving Premafin may cause a delay in the
plan to rescue Fondiaria," Bloomberg quotes Stefano Girola, who
helps manage about EUR3 billion (US$4 billion) at Albertini Syz &
Co. in Milan, and doesn't own stock in the company, as saying.
"The bailout of Fondiaria is important for the country."

Unipol agreed in January to buy new shares in Ligresti's Premafin
as part of a plan to rescue the unprofitable insurer, Bloomberg
recounts.  The purchase would allow Premafin to participate in
the EUR1.1 billion stock sale announced by Fondiaria on Jan. 30,
Bloomberg notes.  Unipol, Bloomberg says, wants to carry out a
four-way merger to create an insurer to challenge Assicurazioni
Generali SpA, Italy's largest.

Fondiaria said on Thursday it backed the merger plan and will
continue to pursue a transaction, though it wants Unipol's terms
reviewed, Bloomberg relates.  Unipol's proposal would give it at
least a 67% stake in Turin, Italy-based Fondiaria, Bloomberg
discloses.

Fondiaria-SAI SpA is an Italian insurer.


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HEAT MERCHANTS: Sold to Harleston Following Liquidation
-------------------------------------------------------
Irish Independent reports that plumbing companies, Heat Merchants
and Tubs and Tiles, went into liquidation on Friday and were then
sold to heating and plumbing suppliers Harleston in a move that
will secure 220 jobs.

The future of 11 Brooks builders' provider outlets remains
unclear, Irish Independent notes.

Heat Merchants and Tubs and Tiles, which are profitable and
supply building materials to consumers and the trade, were placed
into examinership in February before going into liquidation on
Friday, Irish Independent relates.

Liquidator Kieran Wallace of KMPG then sold the companies to
Harleston for an undisclosed sum, Irish Independent discloses.
They had been owned by the BHT Group, which is owned by English-
based directors, Irish Independent states.

Thirty-two of the 36 Heat Merchants' retail outlets were acquired
as part of the transaction along with seven of the co-located
Tubs and Tiles outlets and five standalone Tubs and Tiles
outlets, Irish Independent says.  The acquired operations will
continue to trade and operate as normal, discloses.

According to Irish Independent, Eleven Brooks builders' provider
outlets will close today but are expected to re-open on Tuesday.
Irish Independent relates that directors for the company said a
further statement on the remaining Brooks' business was "expected
in the near term".


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


* POLAND: EU Emissions Trading Scheme May Bankrupt Companies
------------------------------------------------------------
John Acher at Reuters reports that Marcin Korolec, Poland's
environment minister, said on Thursday a European Commission plan
to boost the carbon market is unfeasible and could bankrupt
Polish companies.

European Climate Commissioner Connie Hedegaard announced a review
of the auctioning profile for the EU's Emissions Trading Scheme
(ETS), which could limit the number of allowances available and
help tackle a glut that has kicked the market to record lows,
Reuters relates.

EU ministers said there was widespread support for action, but
Poland, which is heavily reliant on carbon-intensive coal is
worried about the rising cost of offsetting emissions, Reuters
notes.

According to Reuters, Mr. Korolec said the EU executive should
not be considering taking "administrative decisions" that would
increase power prices in times of economic austerity.

Mr. Korolec, as cited by Reuters, said the proposal looked
unfeasible, although he said he was waiting for more details.


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


PARTICIPACOES PUBLICAS: S&P Lowers Issuer Credit Rating to 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit rating on Portugal-based Participacoes Publicas (SGPS)
S.A. (PARPUBLICA) to 'B' from 'BB-'. "At the same time, we
removed the rating from CreditWatch, where it was placed with
negative implications on Jan. 17, 2012. The outlook on the rating
is negative," S&P said.

"We have revised the recovery rating to '4' from '3'," S&P said.

"The downgrade reflects our revision of PARPUBLICA's SACP to
'ccc' from 'b' due to its weak liquidity, reduced financial
flexibility, and a highly leveraged financial risk profile, as we
expect 90% of the proceeds from the recent privatization of
Energias de Portugal S.A (EDP) and REN-Redes Energeticas
Nacionais SGPS S.A. (REN) to be upstreamed to the government. We
continue to believe, however, that there is a 'very high'
likelihood of extraordinary and timely government support for
PARPUBLICA, based on our assessment of its 'very strong' link to
the government and its 'very important' public policy role. As
indicated in table 5 of our criteria for GREs, when we revise
PARPUBLICA's SACP downward to 'ccc', and Portugal's local
currency sovereign credit rating is 'BB', we lower the long-term
rating on PARPUBLICA by two notches," S&P said.

"We estimate that PARPUBLICA had about EUR5 billion in third-
party debt at end-2011, which is roughly 3% of Portugal's GDP and
about 60% of the company's portfolio holdings (including
receivable claims on the state) at year-end 2011," S&P said.

"Our primary concern is PARPUBLICA's weak liquidity position.
This has been exacerbated by the government's decision to
prioritize central government debt reduction by allowing the
company to retain only a very small portion of any cash proceeds
from disposals of its portfolio companies. We believe this
reduces the company's ability to redeem its own debts in the
short-to-medium term, without any direct support from the
government. For example, PARPUBLICA's most recent debt issuance
in the market was in September 2010: a EUR887 million seven-year
exchangeable bond (redeemable in ordinary shares of Galp Energia
SGPS, S.A. [GALP], a Portuguese refining and marketing oil and
gas company). Given the current adverse market conditions for
Portuguese issuers, however, we believe this funding option is no
longer available," S&P said.

"PARPUBLICA is also the sole owner of Transportes Aereos de
Portugal TAP holdings (TAP; not rated), the ailing national
Portuguese airline with net debt and leasing commitments at an
estimated EUR1.1 billion at year-end 2011, of which around EUR500
million of leasing agreements is backed by the leased aircraft.
This contingent liability further weighs on PARPUBLICA's SACP, in
our view," S&P said.

"The rating on PARPUBLICA is supported by our assessment of the
likelihood of extraordinary and timely government support for
PARPUBLICA as 'very high'. This assessment reflects our view of
PARPUBLICA's 'very strong' link with its 100% owner, the
Portuguese government. The government influences PARPUBLICA's
strategic and operational activities in a number of ways,
including: approving its budgets and financial plans; appointing
its main managerial bodies; and deciding which assets should be
transferred to PARPUBLICA or privatized. While the government
does not provide an explicit and timely guarantee for
PARPUBLICA's debt, it is subject to article 501 of the Portuguese
Companies Code, which indicates that a parent is legally
responsible for the liabilities of its fully-owned subsidiaries.
We understand that the statute may provide a means for creditors
of the subsidiary to make claims against the parent from 30 days
after the subsidiary defaults. The recently elected government
has indicated its commitment to this obligation, but heightened
liquidity constraints could further pressure the government's
cash flow, and therefore potentially weaken the sovereign's
ability to support PARPUBLICA in a timely fashion," S&P said.

"Our assessment of PARPUBLICA's 'very important' role--as
Portugal's entity for holding, managing, and privatizing key
participations on behalf of the government--remains unchanged. We
may reassess our view by the end of this year as the government's
further privatization plans under its EU/IMF program are likely
to diminish PARPUBLICA's role at a faster pace," S&P said.

"We view PARPUBLICA's liquidity on a stand-alone basis as 'weak'
under our criteria. We estimate the company's cash position could
rise to EUR310-EUR380 million after the sale receipts from EDP
and REN are collected, taking into consideration the partial
repayment of some of their commercial paper and some receipts
from other smaller sales. We understand that the balance of its
short-term liabilities is related to the purchase of a 2.5% stake
in EDP from Caixa Geral de Depositos (CGD; BB-/Negative/B), which
will be fulfilled by the privatization receipts (separate from
the 10% retained cash)," S&P said.

"The largest short-term financing need is the put option,
exercisable in December 2012, on the EUR1 billion EDP
exchangeable bonds maturing in December 2014. Based on EDP's
current market price, this put option would very likely be
exercised, but it would also release the 4% share in EDP that
PARPUBLICA retains. The value of these shares corresponds to
approximately EUR350 million according to the company, leaving a
funding gap of about EUR650 million that would need to be
financed in the short term," S&P said.

This EUR650 million gap could be financed by these sources:

* Cash position of EUR310-EUR380 million.

* Cash from future privatization of Aeroportos de Portugal, S.A.
   (estimated EUR150-EUR200 million assuming that 10% of the
   receipts are kept under PARPUBLICA's balance sheet).

* "Our expectation that the government will transfer additional
   assets to offset receivables owed to PARPUBLICA for previous
   privatizations, in order for these receivables not to be
   counted as debt under Eurostat's accounting rule. With these
   assets as collateral, PARPUBLICA could possibly secure funding
   from banks (depending on the type of assets received)," S&P
   said.

* "Our view that the Portuguese state-owned bank, CGD, will be
   willing to provide funding to state-owned companies. If the
   above possible funding sources fail to close the gap, we would
   expect a 'very high' likelihood of extraordinary support from
   the state treasury," S&P said.

"The various senior unsecured notes issued by PARPUBLICA, for a
total amount of EUR4.1 billion, are rated 'B' in line with the
corporate credit rating on the company. The recovery rating on
this debt is '4', indicating our expectation of average (30%-50%)
recovery in the event of a payment default, although recovery
prospects are at the low end of this range," S&P said.

"The issue and recovery ratings are supported by PARPUBLICA's
portfolio, which is composed of companies of satisfactory credit
quality such as REN), GALP, Aguas de Portugal (AdP), and ANA. The
ratings are constrained, however, by the notes' unsecured nature
and weak documentary protection against further debt raising.
They are also constrained by the Portuguese state's program of
disposal of PARPUBLICA's main assets and the state using 90% of
these asset-sale proceeds from PARPUBLICA to reduce its own
debt," S&P said.

"The Portuguese government continues to privatize some of its
most valuable and liquid assets. In particular, since the start
of 2012, PARPUBLICA has sold a 21.35% stake in EDP (leaving it
with a 4.14% participation postdisposal), as well as a 40% stake
in REN (leaving it with 9.9% ownership). However, in line with
the Portuguese state's decision, only 10% of the proceeds of
these sales (estimated at around EUR320 million) will be left at
PARPUBLICA, while the remaining 90% will be distributed to the
state for its own cash needs," S&P said.

"Given this fairly aggressive strategy, we cannot rule out that
PARPUBLICA's enterprise value could diminish significantly over
the next few quarters. If this were to happen, we could make a
further downward revision to the recovery rating, which would
trigger a downgrade of the company's issue ratings. Our most
likely default scenario at this point would happen in December
2012, triggered by the company's inability to refinance its
EUR1.0 billion unsecured bond, maturing at that time," S&P said.

"Standard & Poor's will continue to closely monitor the company's
plans to refinance this debt as well as the asset disposal
program and the application of the sale's proceeds, and we will
adjust our recovery ratings accordingly," S&P said.

"The negative outlook reflects: (1) the negative outlook on our
long-term ratings on the Republic of Portugal; (2) possible
further pressure on PARPUBLICA's financial profile; and (3) that
we could reassess our view of the likelihood of extraordinary
support. All other things being equal, if we lower the sovereign
credit ratings we will also lower the ratings on PARPUBLICA. We
also see potential downside risks to our assessment of the
likelihood of government support, given ongoing government
discussions about the future role of the company. Additionally,
we could revise our assessment of PARPUBLICA's SACP if pressure
on its financial risk profile increases due to a lack of progress
in refinancing its upcoming debt maturities, or challenges to the
sustainability of its operating model," S&P said.


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


BASHNEFT: Moody's Assigns 'Ba2' CFR; Outlook Stable
---------------------------------------------------
Moody's Investors Service has assigned a Ba2 corporate family
rating (CFR) and probability of default rating (PDR) to Bashneft,
an integrated oil and petrochemical company operating primarily
in Russia. The outlook on the ratings is stable. This is the
first time that Moody's has assigned ratings to Bashneft.

Ratings Rationale

"The Ba2 ratings of Bashneft primarily reflect its large-scale
and technologically advanced downstream segment, and its solid
base for reserve replacement, particularly its new deposits in
the Nenets autonomous district of Russia," says Julia Pribytkova,
a Moody's Vice President -- Senior Analyst and lead analyst for
Bashneft. The ratings also reflect (i) Bashneft's medium size in
terms of reserves and production; (ii) its relatively strong
financial performance and demonstrated positive growth trends;
(iii) the high geographic concentration of the company's
producing fields and refining assets; (iv) the fact that the
company is part of a larger group (it is 73% directly and
indirectly owned by Sistema (Ba3 stable)) characterized by an
opportunistic growth strategy; (v) the strength of the company's
business profile, which benefits from strong vertical integration
and adequate leverage and cash flow metrics; and (vi) the
company's sizeable capital expenditure requirements in the near
term as a result of developing its new upstream assets.

In addition, Moody's notes that Bashneft constitutes Sistema's
fastest-growing asset and one that could also potentially
generate the highest levels of cash within the group, which
increases the possibility of meaningful shareholder
distributions. On the other hand, the rating agency also notes
that Bashneft benefits from the managerial and strategic support
of the parent. This materialized when Sistema initiated business
and corporate restructuring at Bashneft in 2008-11, resulting in
the material improvement of the company's operating and financial
performance over that period.

To position Bashneft on the global rating scale, Moody's applies
its rating methodology for the global integrated oil & gas
industry. The difference between the assigned ratings and the
methodology-indicated outcome, which is in the low Baa rating
category, reflects Bashneft's ambitious growth plans and the
execution risks associated with the development of new projects.
As Bashneft operates in Russia (Baa1 stable), its ratings are
constrained by the country's weak institutional and economic
framework compared with those of more developed markets.

The stable outlook on the ratings assumes that Bashneft will
maintain (i) its conservative financial policy with leverage,
measured by debt/EBITDA, not exceeding 2.0x on a sustainable
basis; and (ii) its retained cash flow (RCF)/net debt ratio above
20%. The rating does not take into account the possibility of
debt-financed bolt-on acquisitions, which Moody's would assess
separately for their effect on the ratings.

WHAT COULD CHANGE THE RATING UP/DOWN

In Moody's view, positive pressure could be exerted on the
ratings if Bashneft were to demonstrate an ability to
successfully execute investment projects while maintaining robust
financial metrics.

Conversely, downward rating pressure could arise if there were to
be material adverse developments in the company's financial,
business and liquidity profile due to (i) unfavorable
macroeconomics and/or material bolt-on acquisitions, driving an
increase in leverage beyond 2.0x; and/or (ii) shareholder
distributions beyond Moody's current expectations.

PRINCIPAL METHODOLOGY

The principal methodology used in rating Bashneft was the Global
Integrated Oil & Gas Rating Methodology, published in November
2009.

Headquartered in Ufa, Bashneft is an integrated oil and
petrochemical company operating primarily in the Republic of
Bashkortostan in the lower Volga region of Russia. The company is
73% directly and indirectly owned by Sistema and 27% by minority
shareholders. In the first nine months of 2011, the company
generated revenues of US$12.5 billion.


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


BBVA-6 FTPYME: S&P Lowers Rating on Class C Notes to 'D'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
BBVA-6 FTPYME Fondo de Titulizacion de Activos' class A2(G), B,
and C notes. "At the same time, we affirmed our rating on the
class A1 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 deteriorating performance to date of the underlying
collateral, but also risks due to obligor concentration. We
believe that these factors have made this transaction sensitive
to top obligors' credit deterioration. Additionally, the
transaction's lack of structural features means that it cannot
mitigate this increased portfolio credit risk," S&P said.

"The underlying pool is highly seasoned with a pool factor of
20.52%. The loan portfolio has experienced continuing credit
quality deterioration since our last review in November 2010 and
we have observed a high rollover rate of long-term delinquencies
(defined as arrears above 90 days) into defaults (defined as
loans in arrears for more than 12 months)," S&P said.

"Cumulative defaults account for 5.24% of the closing portfolio
balance as per the latest reported data of March 2012 and
outstanding defaults account for a peak of 18.48% of the
outstanding portfolio balance. These defaults are associated with
recoveries, which currently total around 27%. We have noted that
recoveries have been stable in the past two years, indicating
that they may have reached their long-term average," S&P said.

"As the portfolio now mainly comprises loans secured by real
estate mortgages (62% of the outstanding portfolio balance,
compared with 40% at closing), we do not forecast any significant
increase in recoveries. This is because the foreclosure process
of the security attached to these loans will take place in a
depressed real estate market, which, in our view, is likely to
deteriorate further," S&P said.

"The level of repossessed properties has increased in 2012, with
68 properties shown as repossessed in February 2012 versus four
properties a year ago. In our opinion, this increase has
contributed to the transaction's deteriorating credit quality.
The worst credit performance is concentrated in the 2004, 2006,
and 2007 loan vintages, which account for 8.37%, 57.28%, and
11.30% of the outstanding portfolio," S&P said.

"We analyzed the obligor concentration risk in the pool and found
that the top one, five, 10, and 20 obligors account for 1.14%,
4.99%, 8.93%, and 15.30% of the outstanding portfolio balance,
respectively. The entire portfolio currently features around
2,000 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.

"Due to the deteriorating credit performance of the underlying
collateral, the level of cumulative defaults based on the closing
portfolio balance breached the interest deferral trigger for the
class C notes on the December 2011 payment date. In addition, the
transaction has a depleted reserve fund, used to cure defaults.
The reserve fund has not been replenished since the December
2009 payment date, which has led to a reduction in the balance of
performing collateral available to the transaction. Consequently,
principal deficiencies for the notes in the transaction have
continued to increase and now account for EUR29.9 million," S&P
said.

"In our opinion, this could leave the class B notes
undercollateralized, as the performing balance available to
service the amounts due under this class of notes will be
reduced. Additionally, the transaction's structural features
would not be able to mitigate this risk. The interest deferral
breach trigger for the class C notes will now benefit amounts due
to the senior classes of notes in the transaction in a sequential
order of payments," 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 (31.77% of the outstanding portfolio), and
the current level of credit support available to the rated notes-
-as per the transaction's latest structural features," S&P said.

"Based on our analysis, we have lowered to 'A+ (sf)' from 'AA-
(sf)' our rating on the class A2(G) notes and lowered to 'CCC
(sf)' from 'B+ (sf)' our rating on the class B notes. We have
also lowered to 'D (sf)' from 'CCC (sf)' our rating on the class
C notes. Our rating on the class B notes reflects our view that
the notes are vulnerable to nonpayment of principal when exposed
to adverse business, financial, or economic risk in accordance
with Standard & Poor's Ratings Definitions. Our rating on the
class C notes reflects the failure of timely payment of interest
since the December 2011 payment date," S&P said.

"We have affirmed our 'AA- (sf)' rating on the class A1 notes
because our analysis indicates that the level of credit support
remains commensurate with the current rating," S&P said.

"The collateral backing BBVA-6 FTPYME comprises a portfolio of
loans to Spanish small and midsize enterprises (SMEs), originated
and serviced by Banco Bilbao Vizcaya Argentaria S.A.
(A/Negative/A-1). The transaction closed in June 2007. It
comprises loans originated mainly in 2004 (8.37% of the
outstanding portfolio), 2005 (12.56%) 2006 (57.28%), and 2007
(11.30%). 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-6 FTPYME Fondo de Titulizacion de Activos
EUR1.5 Billion Floating-Rate Notes

Ratings Lowered

A2(G)      A+ (sf)               AA- (sf)
B          CCC (sf)              B+ (sf)
C          D (sf)                CCC (sf)

Rating Affirmed

A1         AA- (sf)


FERGO AISA: Starts Refinancing Talks with Creditors
---------------------------------------------------
Charles Penty at Bloomberg News reports that Fergo Aisa said it
has started talks with creditors.

According to Bloomberg, the company, whose shares were suspended,
is seeking a refinancing accord with all creditors.

The company's board is expected to establish payment and
refinancing plan in coming days to present to creditors,
Bloomberg discloses.

Headquartered in Barcelona, Spain, Fergo Aisa SA is involved in
the real estate sector.  The Company, through its subsidiaries,
is active in the acquisition, development, and promotion of
properties, as well as the construction, remodeling, management
and exploitation of residential and non-residential properties
primarily designed for rental purposes.  In addition, it is also
involved in brokerage activities related to the construction
industry.


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


BRITISH MIDLAND: IAG Completes Takeover; 140 Jobs at Risk
---------------------------------------------------------
Gareth Mackie at The Scotsman reports that the future of low-fare
carrier bmibaby was clouded in uncertainty on Friday after the
owner of British Airways completed its purchase of parent company
bmi in a deal that could see up to 140 jobs lost in Scotland.

International Airlines Group previously warned that the takeover
of bmi was likely to lead to up to 1,200 job losses, including
posts at Edinburgh and Glasgow airports, the Scotsman notes.

IAG, which owns BA and Iberia, will take on bmibaby and bmi
Regional as part of its purchase agreement with Lufthansa but
does not intend to keep the two businesses, the Scotsman
discloses.

Announcing the completion of its purchase of loss-making bmi, IAG
said it will run bmibaby and bmi Regional in the short term while
it looks at ways to exit the businesses, the Scotsman relates.

British Midland Airways, which does business as bmi, --
http://www.iflybritishmidland.com/-- carries passengers to some
30 countries, mainly in the UK but also in continental Europe,
the Middle East, Asia, and Africa.  It operates a fleet of about
50 jets, including Airbus and Embraer models.  Low-fare
subsidiary bmi baby serves about 30 destinations in Europe with a
fleet of about 20 Boeing 737s.  bmi is a member of the Star
Alliance global marketing group, which includes UAL's United
Airlines, Air Canada, and Singapore Airlines.  In mid-2009,
fellow Star Alliance member and global airline giant Lufthansa
acquired majority ownership of bmi.


DIVERSITY FUNDING I: S&P Lowers Rating on Class F Notes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'B-
(sf)' its credit rating on Diversity Funding No. 1 Ltd.'s class F
notes.

"The transaction is secured by a portfolio of small loans
originated by Northern Rock PLC, which were sold to Lehman
Commercial Mortgage Conduit Ltd. (not rated) in June 2007. The
mortgage trustee purchased the beneficial interest in the loan
portfolio with the proceeds of Diversity Funding No. 1's note
issuance (in consideration for a share in the trust property).
The loans are secured on commercial properties located around the
U.K," S&P said.

                    PRINCIPAL DEFICIENCIES

"The issuer established a principal deficiency ledger (PDL) at
closing, to record any principal losses on the mortgage loans.
Shortfalls or losses, if incurred, are applied to the notes
reverse-sequentially and accrue until final legal maturity, but
may be offset by 'write-backs' sourced from excess spread (as can
be seen in operation for the class E notes in the past quarter),"
S&P said.

Once the balance of the PDL for a class of notes exceeds 50% of
the outstanding balance of that class, then the liquidity
facility is no longer available to fund interest shortfalls on
that class.

According to the latest investor report (March 2012), the cash
manager has reported principal deficiencies on the class E, F,
and G notes, as shown in the table.

Class    Current      Current       Revenue    Closing PDL
         balance          PDL    applied to        for the
           (GBP)        (GBP)    reduce PDL        quarter
                                      (GBP)          (GBP)
E     32,101,541    6,282,929     1,247,497      5,035,432
F     10,669,317   10,669,317             0     10,669,317
G     11,371,916   11,371,916             0     11,371,916

PDL-Principal deficiency ledger.

"The principal deficiency reported this quarter follows a
reported loan loss of about GBP7 million, according to the cash
manager. The loss is an expected rather than a realized loss, and
is calculated by reference to the loans in arrears by more than
12 months. We note that, this quarter," S&P said:

* No deficiencies were reported on the class G notes (not
   rated), because previous deficiencies have reduced the balance
   of this class to zero in the PDL. The principal deficiencies
   have therefore moved up the capital structure.

* The principal deficiency for the class F notes is now equal to
   the full balance of that class.

* The principal deficiency recorded for the class E notes is
   GBP5 million, following a credit of GBP1.2 million.

                   CLASS F INTEREST SHORTFALL

"According to the latest investor report (March 2012), the amount
of interest due on the class F notes was GBP136,008. This was
unpaid and the interest due on the class F notes was
extinguished, we understand in accordance with the transaction
documents," S&P said.

"However, our rating addresses the timely payment of interest. In
some transactions, an available funds cap (AFC) mechanism is
employed to cap the interest payable on a class of notes to the
interest that should be available from the remaining loans in a
pool after loan repayments, assuming there are no defaults. This
is to mitigate the mismatch that can arise between interest due
on pools of loans, and interest due on notes (by virtue of the
weighted-average costs [WAC]). Where AFCs are employed, an
interest shortfall would, under our current criteria, generally
not affect our ratings on the notes. However, as we state in our
criteria outlined in 'Technical Challenges In European CMBS
Structures' (published on Feb. 16, 2006), the AFC mechanism
should not cover default risk," S&P said.

"In this case, we consider that the class F interest being
extinguished occurred as a result of credit-related factors (the
anticipated losses on loans based on the 12-monthly arrears), and
not as a result of loan repayments. Moreover, we anticipate that
for so long as principal deficiencies are recorded against the
class E notes, available revenue receipts will be diverted to
reduce the PDL on that class, in priority to the interest due on
the class F notes. Moreover, the PDL would have to reduce to
below 50% of the class F notes' balance before liquidity facility
would again become available to cover interest shortfalls on that
class. Therefore, we expect shortfalls on the class F notes in
future quarters," S&P said.

"In view of these events, we have lowered our rating on the class
F notes to 'D (sf)'," S&P said.

"For the class E notes, interest is calculated by reference to
the full face amount of the notes (and not by reference to the
balance in the PDL). Accordingly, we currently do not anticipate
shortfalls on the class E notes," S&P said.

"We note that GBP11 million was transferred to the issuer share
replenishment fund in the last quarter (further reducing the
amount of available funds that would have been available to fund
classes E and F). The 'stop date' for transfers to this fund
occurs in November 2012. The current balance of is about GBP17
million, and this will likely be applied to the class A notes,"
S&P said.

   UNEXPECTED DELAY IN TRANSFER OF LEGAL TITLE IN THE SECURITY

"At closing, the mortgages trustee held the beneficial interest
in the portfolio's security, and the legal title in the security
remained with Lehman Commercial Mortgage Conduit (the seller).
The seller granted the mortgages trustee power of attorney, to
enable the mortgages trustee to transfer legal title in the
security from the seller to itself if the seller becomes
insolvent," S&P said.

"Following the insolvency of Lehman entities in 2008, the
transaction parties implemented arrangements to transfer the
legal title in the security from the seller to the mortgages
trustee. The task of completing the security transfers was
transferred to the servicer, Crown Management, in 2011. We
understand this task to be an administrative one, and we removed
the ratings on all the notes from CreditWatch negative in 2011,
having received confirmation from the servicer that it envisaged
the task being completed in 2011," S&P said.

"We learned recently that the servicer has not progressed the
transfers, the obstacle to progress being the costs (currently
estimated by the servicer to be about GBP20,000). We understand
that the trustee has not approved this, and is looking to Lehman
(now in administration) to fund this. We believe the absence of
progress in this regard is a concern for the transaction, and we
continue to monitor the progress of this matter," S&P said.

        POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES

"We have taken rating actions based on our criteria for rating
European commercial mortgage-backed securities (CMBS). However,
these criteria are under review," S&P said.

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

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

           STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

      http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class               Rating
            To                  From

Diversity Funding No. 1 Ltd.
GBP1.145 Billion Variable Reference Rate Notes

Rating Lowered

F           D (sf)              B- (sf)

Ratings Unchanged

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

NR-Not rated.


FITNESS FIRST: Hires Three Laws Firms to Advise on Restructuring
----------------------------------------------------------------
Friederike Heine at Legal Week reports that Linklaters, Kirkland
& Ellis, and Dickson Minto have all taken advisory roles as
Fitness First attempts to secure a rescue deal ahead of a
potential takeover.

Investment fund managers Oaktree Capital Management and Marathon,
which are being advised by Linklaters London restructuring
partner Yushan Ng, have acquired more than 75% of Fitness First's
debts and are expected to agree a debt for equity swap to take
control of the gym chain after it missed an GBP18 million
interest payment last month, Legal Week discloses.

Fitness First's private equity owner BC Partners is working with
longstanding corporate adviser Dickson Minto, where senior
partner Alastair Dickson is in the lead role, Legal Week says.

The buyout house has also installed Chris Stone -- former chief
executive of software company Northgate Information Solutions --
as chief executive to lead Fitness First through the
restructuring, Legal Week relates.

According to Legal Week, Mr. Stone recently told the Financial
Times that the gym chain could potentially use a company
voluntary arrangement to cut rental payments to help it to deal
with underperforming parts of the business.

Fitness First is working with a London-based team at US law firm
Kirkland led by restructuring partner Kon Asimacopoulos, Legal
Week states.

Fitness First is a gym chain.  The company has 430 clubs and 1.2
million members worldwide.  It employs more that 13,000 people.


FORMULA ONE: S&P Assigns Prelim. 'B+' Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B+'
long-term corporate credit rating to U.K.-based Formula One
(Alpha Topco Ltd.), the Formula One World Championship (F1)
organizer and owner of the commercial rights to F1 motorsports
racing. The outlook is stable.

"We will assign final ratings once we have received and reviewed
the final versions of the loan documentations and the proposed
refinancing has closed, which we expect to occur at end-April
2012," S&P said.

"The preliminary long-term corporate credit rating on Formula One
is mainly constrained by our view of the group's financial risk
profile as highly leveraged. As part of the proposed refinancing
US$4 billion of shareholder loans are at holding company Delta
Topco level. We consider these to be debt-like obligations, under
our criteria, and we believe that the group is unlikely to
deleverage substantially over the next two to three years,
despite a cash flow sweep mechanism," S&P said.

"These factors are partly mitigated by Formula One's business
risk profile, which we consider to be satisfactory. Underpinning
our assessment is the group's high contract backlog of over US$7
billion, which provides some visibility and stability to the
proposed capital structure, as well as interest coverage that is
in line with the ratings and good free cash flow generation," S&P
said.

"Further rating weaknesses include Formula One's continuous need
to maintain its high audience share, the existence of substitute
entertainment events to F1 races that compete for similar
audiences, some exposure to economic downturns, mostly at
contract renewal times, and potential CEO succession risks," S&P
said.

On the positive side, Formula One's satisfactory business risk
profile is supported by:

* The significant revenue and earnings visibility and stability
   that its contract backlog provides;

* The group's exclusive ownership of commercial rights to F1
   motorsports racing from the FIA for the next 98 years;

* The positioning of F1 motorsport racing as one of the world's
   top sports in terms of popularity and audience reach;

* The signing up of most of the 12 F1 racing teams, including
   nearly all of the top teams, to the new Concorde agreement
   that runs until 2020 and sets F1 ground rules and team
   financial incentives;

* Long-term growth prospects for the business;

* Solid profitability, although we expect a pronounced
   contraction of five percentage points in group EBITDA margin
   to about 27% under the new Concorde agreement, as of 2013; and

* A flexible cost base that protects margins to a degree if
   revenues contract.

"In addition, we will likely assess Formula One's liquidity as
adequate following completion of the refinancing. In particular,
we expect liquidity to be supported by sound free cash flow
generation, owing to low tax payments, negative working capital
changes, and very low capital requirements. The stable outlook
reflects our view that Formula One's gross adjusted debt to
EBITDA is unlikely to meaningfully reduce over the next two to
three years under our base-case scenario that assumes a slowing
world macroeconomic environment. In our base case we anticipate
that Formula One will generate revenues in the low to mid single
digits and report EBITDA margin of about 27% starting in 2013
under the new Concorde agreement," S&P said.

"The stable outlook also incorporates our expectations that
Formula One will maintain its position as a top worldwide sports
promoter and that its covenant headroom will likely remain
adequate over the next few years," S&P said.

"We could lower the ratings if adjusted gross debt to EBITDA were
to significantly exceed 15x -- or increase to about 5x excluding
shareholder loans -- or if adjusted EBITDA interest cover were to
fall below 0.9x -- or about 2.5x when excluding the noncash
interest element from the shareholder loans -- over the next few
years. We could also lower the ratings if group EBITDA margin
were to contract to below 27% during the period, or if the group
were to initiate sizable acquisition activity," S&P said.

"At this stage, a positive rating action over the next 12 to 24
months is unlikely in our view, given our expectations of Formula
One's limited debt deleveraging during the period and the revenue
growth assumptions we have already factored into our base case,"
S&P said.


RANGERS FOOTBALL: Bill Ng Withdraws Takeover Offer
--------------------------------------------------
Peter Woodifield at Bloomberg News, citing British Broadcasting
Corp. reports that Singapore businessman Bill Ng has withdrawn
his offer to buy Rangers Football Club.

According to Bloomberg, BBC said that Mr. Ng had serious concern
about the deliverability of Rangers' shares and said the bidding
process had become untenable.

Meanwhile, Louisa Fahy at Bloomberg News reports that Rangers
administrators Duff & Phelps said in an e-mail there wasn't a bid
"capable of acceptance" during the last week.

As reported by the Troubled Company Reporter-Europe on April 9,
2012, Bloomberg News' Peter Woodifield related that Duff & Phelps
said the club owes creditors, including the U.K. tax authorities
and Ticketus, more than GBP134 million.  The club owes HM Revenue
& Customs more than GBP93 million in two tax disputes and unpaid
income tax and sales tax, Bloomberg disclosed.  Other creditors
include Scottish and English soccer clubs including Arsenal,
Chelsea, Manchester City and Celtic, Bloomberg noted.

                   About Rangers Football Club

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


RANGERS FOOTBALL: Bill Miller to Make New Bid Today
---------------------------------------------------
BBC Sport Football reports that American Bill Miller will make a
new bid of GBP11.2 million for Rangers today and has urged other
prospective owners to "put up or shut up" by then.

According to BBC, his plans for an "incubator" company would, he
claims, avoid liquidation, but he warns that they are dependent
on the Scottish football authorities not imposing further
sanctions on the club.

Administrators have also been dealing with three other parties,
BBC notes.

Bill Ng, the Blue Knights and Brian Kennedy may yet return with
improved bids but the American's existing offer to administrators
Duff & Phelps is the only one still on the table, BBC says.

BBC relates that Mr. Miller said of his new offer: "I have
proposed a purchase through a CVA (company voluntary
arrangement).  I have no plans for liquidation."

However, he insists that if the Scottish Football Association or
the Scottish Premier League demand further sanctions than those
imposed on Rangers this season -- a 10-point SPL penalty for
entering administration -- then he will not follow his offer
through, BBC states.

According to BBC, in a lengthy statement, Mr. Miller, who runs a
tow truck business, said: "The time has come for all interested
parties to either put up or shut up.

"Let's save Rangers; there is no time left."

BBC notes that Mr. Miller says he is the only bidder who "refused
to entertain offers from Ticketus or engage in discussions with
Craig Whyte".

While claiming he has always favored a CVA to exit
administration, Mr. Miller argues that there is "no way" that
Ticketus, the London finance company that supplied Mr. Whyte with
the cash to buy Rangers in exchange for future season ticket
revenue, would accept a "pence in the pound" settlement, BBC
relates.

He points out that Ticketus's GBP27 million claim would, as it
stands, allow them to block such a deal because the cash owed to
them is greater than 25% of the total, BBC discloses.

Mr. Miller believes a regular CVA could incur law suits and
lengthy negotiations which would weaken Rangers, BBC states.

According to BBC, his plan, which includes the GBP500,000 deposit
required by Duff & Phelps, would offer "a solution that saves
Rangers, protects its history and gives it a fresh start --
rescued from the ruin created by others".

In a separate report, BBC relates that PFA Scotland chief
executive Fraser Wishart has criticized Rangers' administrators
for so far failing to appoint a preferred bidder.

Mr. Wishart was involved in negotiations with Duff & Phelps that
led to temporary salary reductions at Ibrox, BBC discloses.

According to BBC, Mr. Wishart says the union is seeking legal
advice because it believes players will be free to leave Rangers
if they are liquidated and relaunched as a "newco".

Rangers have five fixtures to fulfill before the end of the
season and manager Ally McCoist has already urged an end to the
administration process so that planning can begin for next
season, BBC notes.

                   About Rangers Football Club

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


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


* BOND PRICING: For the Week April 16 to April 20, 2012
-------------------------------------------------------

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

AUSTRIA
-------
A-TEC INDUSTRIES          8.750    10/27/2014     EUR     30.75
A-TEC INDUSTRIES          5.750     11/2/2010     EUR     30.75
A-TEC INDUSTRIES          2.750     5/10/2014     EUR     30.75
BA CREDITANSTALT          5.470     8/28/2013     EUR     69.75
ERSTE BANK                6.000     7/31/2014     EUR     50.13
IMMOFINANZ                4.250      3/8/2018     EUR      3.82
KOMMUNALKREDIT            4.440    12/20/2030     EUR     64.13
KOMMUNALKREDIT            4.900     6/23/2031     EUR     68.13
OESTER VOLKSBK            4.750     4/30/2021     EUR     70.41
OESTER VOLKSBK            4.160     5/20/2025     EUR     70.15
OESTER VOLKSBK            5.270      2/8/2027     EUR     73.85
OESTER VOLKSBK            4.170     7/29/2015     EUR     65.38
OESTER VOLKSBK            4.810     7/29/2025     EUR     58.38
RAIFF CENTROBANK          7.646     1/23/2013     EUR     68.87
RAIFF CENTROBANK         11.718     7/25/2012     EUR     55.70
RAIFF CENTROBANK          7.812     7/25/2012     EUR     56.58
RAIFF CENTROBANK          7.965     1/23/2013     EUR     69.89
RAIFF CENTROBANK          8.283     1/23/2013     EUR     69.79
RAIFF CENTROBANK          9.558     1/23/2013     EUR     72.59
RAIFF CENTROBANK         11.718     7/25/2012     EUR     28.41
RAIFF CENTROBANK         10.416     7/20/2012     EUR     50.70
RAIFF CENTROBANK          8.463     7/25/2012     EUR     62.31
RAIFF CENTROBANK          7.812     7/20/2012     EUR     62.96
RAIFF CENTROBANK         10.090     7/25/2012     EUR     68.51
RAIFF CENTROBANK          9.114     7/25/2012     EUR     49.49
RAIFF CENTROBANK          5.208     7/25/2012     EUR     68.91
RAIFF CENTROBANK          7.161     7/25/2012     EUR     70.52
RAIFF CENTROBANK         10.090     7/25/2012     EUR     63.52
RAIFF CENTROBANK          9.876     1/23/2013     EUR     53.87
RAIFF CENTROBANK          7.812     7/25/2012     EUR     68.21
RAIFF CENTROBANK         11.000     5/24/2012     EUR     62.23
RAIFF CENTROBANK         11.000     5/24/2012     EUR     73.74
RAIFF CENTROBANK          7.161     7/20/2012     EUR     68.62
RAIFF ZENTRALBK           4.500     9/28/2035     EUR     66.47

BELGIUM
-------
ECONOCOM GROUP            4.000      6/1/2016     EUR     21.58
IDEAL STANDARD I         11.750      5/1/2018     EUR     49.50
IDEAL STANDARD I         11.750      5/1/2018     EUR     50.00

CYPRUS
------
CYPRUS GOVT BOND          4.500      4/2/2017     EUR     65.38
CYPRUS GOVT BOND          5.600     4/15/2017     EUR     71.42
CYPRUS GOVT BOND          4.500     9/28/2017     EUR     63.88
CYPRUS GOVT BOND          5.100     1/29/2018     EUR     65.38
CYPRUS GOVT BOND          4.600     4/23/2018     EUR     63.00
CYPRUS GOVT BOND          4.600    10/23/2018     EUR     62.00
CYPRUS GOVT BOND          4.600     2/26/2019     EUR     61.50
CYPRUS GOVT BOND          6.100     6/24/2019     EUR     67.50
CYPRUS GOVT BOND          4.625      2/3/2020     EUR     60.39
CYPRUS GOVT BOND          6.100     4/20/2020     EUR     66.63
CYPRUS GOVT BOND          5.350      6/9/2020     EUR     62.88
CYPRUS GOVT BOND          6.500     8/25/2021     EUR     65.13
CYPRUS GOVT BOND          4.500     2/15/2017     EUR     65.75
CYPRUS GOVT BOND          4.500      1/4/2017     EUR     66.13
CYPRUS GOVT BOND          6.600    10/26/2016     EUR     73.63
CYPRUS GOVT BOND          4.500     10/9/2016     EUR     67.13
CYPRUS GOVT BOND          4.500     7/11/2016     EUR     68.13
CYPRUS GOVT BOND          5.000      6/9/2016     EUR     70.00
CYPRUS GOVT BOND          4.500      6/2/2016     EUR     68.50
CYPRUS GOVT BOND          4.500     3/30/2016     EUR     69.38
CYPRUS GOVT BOND          4.500      1/2/2016     EUR     70.63
CYPRUS GOVT BOND          4.750     12/2/2015     EUR     71.88
CYPRUS GOVT BOND          3.750     11/1/2015     EUR     69.26
CYPRUS GOVT BOND          6.000      6/9/2021     EUR     63.88
CYPRUS GOVT BOND          4.750     9/30/2015     EUR     72.75
MARFIN POPULAR            4.350    11/20/2014     EUR     65.00
REP OF CYPRUS             4.750     2/25/2016     EUR     67.74

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     2/23/2017     ZAR     71.56
KOMMUNEKREDIT             0.500     1/25/2017     ZAR     72.02
KOMMUNEKREDIT             0.500    12/14/2020     ZAR     51.46

FINLAND
-------
MUNI FINANCE PLC          0.500     2/16/2017     TRY     72.77
MUNI FINANCE PLC          0.500    12/21/2016     TRY     72.64
MUNI FINANCE PLC          0.500     12/6/2016     TRY     72.99
MUNI FINANCE PLC          0.500    11/17/2016     ZAR     70.99
MUNI FINANCE PLC          0.500    10/27/2016     ZAR     71.37
MUNI FINANCE PLC          1.000     6/30/2017     ZAR     70.07
MUNI FINANCE PLC          0.500     4/26/2016     ZAR     74.62
MUNI FINANCE PLC          0.250     6/28/2040     CAD     18.88
MUNI FINANCE PLC          0.500     3/17/2025     CAD     51.49
MUNI FINANCE PLC          0.500     4/26/2022     ZAR     55.00
MUNI FINANCE PLC          0.500    12/21/2021     NZD     63.27
MUNI FINANCE PLC          0.500    11/10/2021     NZD     63.48
MUNI FINANCE PLC          0.500    11/25/2020     ZAR     46.87
MUNI FINANCE PLC          0.500    12/20/2018     ZAR     59.51
MUNI FINANCE PLC          0.500    12/14/2018     TRY     64.62
MUNI FINANCE PLC          0.500    11/21/2018     TRY     64.85
MUNI FINANCE PLC          0.500    11/21/2018     ZAR     58.10
MUNI FINANCE PLC          0.500     4/27/2018     ZAR     63.12
MUNI FINANCE PLC          0.500    11/16/2017     TRY     68.75
MUNI FINANCE PLC          0.500     9/24/2020     CAD     69.95
MUNI FINANCE PLC          0.500     4/26/2017     ZAR     68.14
MUNI FINANCE PLC          0.500    10/27/2016     TRY     73.31

FRANCE
------
AIR FRANCE-KLM            4.970      4/1/2015     EUR     10.53
ALCATEL-LUCENT            5.000      1/1/2015     EUR      2.95
ALTRAN TECHNOLOG          6.720      1/1/2015     EUR      5.09
ASSYSTEM                  4.000      1/1/2017     EUR     22.34
ATOS ORIGIN SA            2.500      1/1/2016     EUR     55.37
CAISSE CENT IMMO          7.000     5/16/2014     EUR     36.46
CAISSE CENT IMMO          7.000     5/18/2015     EUR     11.85
CAISSE CENT IMMO          7.000     9/10/2015     EUR     14.64
CALYON                    6.000     6/18/2047     EUR     40.87
CAP GEMINI SOGET          3.500      1/1/2014     EUR     37.93
CGG VERITAS               1.750      1/1/2016     EUR     29.06
CLUB MEDITERRANE          6.110     11/1/2015     EUR     18.59
CLUB MEDITERRANE          5.000      6/8/2012     EUR     14.71
CMA CGM                   8.500     4/15/2017     USD     59.50
CMA CGM                   8.875     4/15/2019     EUR     59.67
CMA CGM                   8.875     4/15/2019     EUR     59.55
CMA CGM                   8.500     4/15/2017     USD     60.00
CNP ASSURANCES            6.875     9/30/2041     EUR     73.41
CNP ASSURANCES            6.000     9/14/2040     EUR     71.58
CREDIT LOCAL FRA          3.750     5/26/2020     EUR     59.63
DEXIA CRED LOCAL          4.550      4/2/2020     EUR     64.42
DEXIA CRED LOCAL          5.037      8/4/2020     EUR     65.75
DEXIA CRED LOCAL          4.375     2/12/2019     EUR     55.59
DEXIA CRED LOCAL          4.110     9/18/2018     EUR     68.58
DEXIA CRED LOCAL          4.500     2/25/2020     EUR     64.39
DEXIA MUNI AGNCY          1.000    12/23/2024     EUR     68.63
EURAZEO                   6.250     6/10/2014     EUR     58.03
EXANE FINANCE            18.150     5/17/2012     CHF     44.95
FAURECIA                  4.500      1/1/2015     EUR     20.87
GROUPAMA SA               7.875    10/27/2039     EUR     57.07
GROUPE VIAL               2.500      1/1/2014     EUR      2.80
INGENICO                  2.750      1/1/2017     EUR     47.05
MAUREL ET PROM            7.125     7/31/2014     EUR     18.42
MAUREL ET PROM            7.125     7/31/2015     EUR     16.99
NEXANS SA                 2.500      1/1/2019     EUR     68.51
NEXANS SA                 4.000      1/1/2016     EUR     59.21
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     48.38
NOVASEP HLDG              9.750    12/15/2016     USD     48.38
ORPEA                     3.875      1/1/2016     EUR     44.37
PAGESJAUNES FINA          8.875      6/1/2018     EUR     74.50
PAGESJAUNES FINA          8.875      6/1/2018     EUR     74.25
PEUGEOT SA                4.450      1/1/2016     EUR     24.50
PIERRE VACANCES           4.000     10/1/2015     EUR     74.36
PUBLICIS GROUPE           3.125     7/30/2014     EUR     37.82
PUBLICIS GROUPE           1.000     1/18/2018     EUR     51.29
SOC AIR FRANCE            2.750      4/1/2020     EUR     20.84
SOCIETE GENERALE          0.500      9/7/2021     AUD     47.24
SOCIETE GENERALE          0.500     12/6/2021     AUD     46.30
SOITEC                    6.250      9/9/2014     EUR      8.25
TEM                       4.250      1/1/2015     EUR     52.90
THEOLIA                   2.700      1/1/2041     EUR      8.37

GERMANY
-------
BAYERISCHE LNDBK          6.100     6/15/2012     EUR     39.10
BAYERISCHE LNDBK          5.100     6/29/2012     EUR     55.54
BAYERISCHE LNDBK          5.800     7/13/2012     EUR     50.50
BAYERISCHE LNDBK          3.200     10/1/2012     EUR     32.78
BAYERISCHE LNDBK          5.500     6/29/2012     EUR     54.45
BHF-BANK AG               7.250     6/15/2012     EUR     63.85
BHF-BANK AG              13.200      6/8/2012     EUR     46.35
BHW BAUSPARKASSE          4.270     1/15/2019     EUR     73.00
BNP EMIS-U.HANDE          9.500    12/31/2012     EUR     68.50
BNP EMIS-U.HANDE          7.750    12/31/2012     EUR     59.76
BNP EMIS-U.HANDE         10.500    12/28/2012     EUR     62.81
BNP EMIS-U.HANDE          9.750    12/28/2012     EUR     66.80
BNP EMIS-U.HANDE          8.500    12/28/2012     EUR     70.53
BNP EMIS-U.HANDE         10.000     7/26/2012     EUR     54.13
BNP EMIS-U.HANDE         10.000     7/26/2012     EUR     46.25
BNP EMIS-U.HANDE         10.000     7/26/2012     EUR     50.67
BNP EMIS-U.HANDE          9.000     7/26/2012     EUR     68.77
BNP EMIS-U.HANDE          9.000     7/26/2012     EUR     36.03
BNP EMIS-U.HANDE          9.000     7/26/2012     EUR     39.09
BNP EMIS-U.HANDE          9.000     7/26/2012     EUR     56.39
BNP EMIS-U.HANDE          9.000     7/26/2012     EUR     61.89
BNP EMIS-U.HANDE          9.000     7/26/2012     EUR     50.21
BNP EMIS-U.HANDE          8.500     7/26/2012     EUR     68.17
BNP EMIS-U.HANDE          8.000     7/26/2012     EUR     68.91
BNP EMIS-U.HANDE          8.000     7/26/2012     EUR     45.90
BNP EMIS-U.HANDE          8.000     7/26/2012     EUR     35.27
BNP EMIS-U.HANDE          8.000     7/26/2012     EUR     72.35
BNP EMIS-U.HANDE          7.000     7/26/2012     EUR     54.95
BNP EMIS-U.HANDE          7.000     7/26/2012     EUR     22.33
BNP EMIS-U.HANDE          7.000     7/26/2012     EUR     60.50
BNP EMIS-U.HANDE          7.000     7/26/2012     EUR     26.65
BNP EMIS-U.HANDE          6.500     7/26/2012     EUR     54.77
BNP EMIS-U.HANDE          6.500     7/26/2012     EUR     72.23
BNP EMIS-U.HANDE          6.000     7/26/2012     EUR     72.74
BNP EMIS-U.HANDE          6.000     7/26/2012     EUR     40.46
BNP EMIS-U.HANDE          6.000     7/26/2012     EUR     43.69
BNP EMIS-U.HANDE          6.000     7/26/2012     EUR     67.60
BNP EMIS-U.HANDE          6.000     7/26/2012     EUR     37.68
BNP EMIS-U.HANDE         19.250     6/21/2012     EUR      8.58
BNP EMIS-U.HANDE         18.250     6/21/2012     EUR      6.79
BNP EMIS-U.HANDE         16.000     6/21/2012     EUR     17.15
BNP EMIS-U.HANDE         15.500     6/21/2012     EUR     18.82
BNP EMIS-U.HANDE         15.000     6/21/2012     EUR     61.89
BNP EMIS-U.HANDE         14.250     6/21/2012     EUR     40.45
BNP EMIS-U.HANDE         13.750     6/21/2012     EUR     46.78
BNP EMIS-U.HANDE         13.500     6/21/2012     EUR     47.78
BNP EMIS-U.HANDE         12.000     6/21/2012     EUR     69.30
BNP EMIS-U.HANDE         11.750     6/21/2012     EUR     65.27
BNP EMIS-U.HANDE         11.750     6/21/2012     EUR     39.06
BNP EMIS-U.HANDE         11.500     6/21/2012     EUR     48.88
BNP EMIS-U.HANDE         11.250     6/21/2012     EUR     72.92
BNP EMIS-U.HANDE         11.000     6/21/2012     EUR     41.82
BNP EMIS-U.HANDE         11.000     6/21/2012     EUR     63.09
BNP EMIS-U.HANDE         10.500     6/21/2012     EUR     53.76
BNP EMIS-U.HANDE         10.500     6/21/2012     EUR     48.73
BNP EMIS-U.HANDE         10.500     6/21/2012     EUR     67.21
BNP EMIS-U.HANDE         10.250     6/21/2012     EUR     51.23
BNP EMIS-U.HANDE         10.250     6/21/2012     EUR     61.01
BNP EMIS-U.HANDE         10.000     6/21/2012     EUR     67.63
BNP EMIS-U.HANDE         10.000     6/21/2012     EUR     59.73
BNP EMIS-U.HANDE          9.500     6/21/2012     EUR     74.40
BNP EMIS-U.HANDE          9.500     6/21/2012     EUR     55.83
BNP EMIS-U.HANDE          9.500     6/21/2012     EUR     70.13
BNP EMIS-U.HANDE          9.250     6/21/2012     EUR     52.35
BNP EMIS-U.HANDE          9.250     6/21/2012     EUR     44.10
BNP EMIS-U.HANDE          9.250     6/21/2012     EUR     67.69
BNP EMIS-U.HANDE          9.000     6/21/2012     EUR     66.75
BNP EMIS-U.HANDE          8.750     6/21/2012     EUR     69.32
BNP EMIS-U.HANDE          8.500     6/21/2012     EUR     67.89
BNP EMIS-U.HANDE          8.500     6/21/2012     EUR     67.47
BNP EMIS-U.HANDE          8.500     6/21/2012     EUR     66.73
BNP EMIS-U.HANDE          8.500     6/21/2012     EUR     67.42
BNP EMIS-U.HANDE          8.250     6/21/2012     EUR     67.53
BNP EMIS-U.HANDE          8.250     6/21/2012     EUR     56.31
BNP EMIS-U.HANDE          8.250     6/21/2012     EUR     65.31
BNP EMIS-U.HANDE          7.750     6/21/2012     EUR     74.31
BNP EMIS-U.HANDE          7.750     6/21/2012     EUR     74.91
BNP EMIS-U.HANDE          7.750     6/21/2012     EUR     57.23
BNP EMIS-U.HANDE          7.500     6/21/2012     EUR     72.81
BNP EMIS-U.HANDE          7.500     6/21/2012     EUR     64.02
BNP EMIS-U.HANDE          7.250     6/21/2012     EUR     60.54
BNP EMIS-U.HANDE          7.000     6/21/2012     EUR     66.44
BNP EMIS-U.HANDE          6.750     6/21/2012     EUR     68.54
BNP EMIS-U.HANDE          7.000     5/24/2012     EUR     45.15
BNP EMIS-U.HANDE          5.250     5/24/2012     EUR     65.99
BNP EMIS-U.HANDE          9.000     4/26/2012     EUR     51.02
BNP EMIS-U.HANDE          6.000     4/26/2012     EUR     61.71
BNP EMIS-U.HANDE          6.000     4/26/2012     EUR     45.37
BNP EMIS-U.HANDE          5.000     4/26/2012     EUR     72.11
BNP EMIS-U.HANDE          5.000     4/26/2012     EUR     60.66
COMMERZBANK AG           11.500      7/6/2012     EUR      7.86
COMMERZBANK AG            5.000     3/30/2018     EUR     29.25
COMMERZBANK AG            8.400    12/30/2013     EUR     18.34
COMMERZBANK AG           14.000      8/5/2013     EUR     71.28
COMMERZBANK AG            8.000    12/27/2012     EUR     51.75
COMMERZBANK AG            7.000    12/27/2012     EUR     67.54
COMMERZBANK AG            6.000    12/27/2012     EUR     74.49
COMMERZBANK AG            8.500    12/17/2012     EUR     62.08
COMMERZBANK AG           11.500     11/5/2012     EUR     57.54
COMMERZBANK AG           10.000     11/5/2012     EUR     61.25
COMMERZBANK AG            8.000     11/5/2012     EUR     48.72
COMMERZBANK AG           10.000    10/29/2012     EUR     68.00
COMMERZBANK AG            9.000    10/29/2012     EUR      9.84
COMMERZBANK AG            8.500    10/29/2012     EUR     67.02
COMMERZBANK AG            9.000     10/1/2012     EUR     60.98
COMMERZBANK AG            7.700     9/28/2012     EUR     58.28
COMMERZBANK AG            9.000      8/3/2012     EUR     68.89
COMMERZBANK AG            8.500      8/3/2012     EUR     47.76
COMMERZBANK AG           12.000      7/6/2012     EUR     74.01
COMMERZBANK AG           10.500      7/6/2012     EUR     59.97
COMMERZBANK AG           19.500     6/22/2012     EUR     76.62
COMMERZBANK AG           16.000     6/22/2012     EUR     61.68
COMMERZBANK AG           11.500     6/22/2012     EUR     52.54
COMMERZBANK AG            8.000     6/22/2012     EUR     69.84
COMMERZBANK AG            8.000     6/22/2012     EUR     51.47
COMMERZBANK AG            7.500     6/22/2012     EUR     70.52
COMMERZBANK AG            8.750     6/21/2012     EUR     60.60
COMMERZBANK AG            9.000      6/4/2012     EUR     74.14
COMMERZBANK AG            8.000      6/4/2012     EUR     62.58
COMMERZBANK AG           12.500      5/7/2012     EUR     74.59
COMMERZBANK AG            8.000      5/7/2012     EUR     44.88
COMMERZBANK AG            7.250      5/7/2012     EUR     66.31
COMMERZBANK AG            7.250      5/7/2012     EUR     40.06
COMMERZBANK AG           12.100     4/27/2012     EUR     22.12
DEUTSCHE BANK AG          8.000     4/30/2012     EUR     52.40
DEUTSCHE BANK AG         10.000     7/31/2012     EUR     64.60
DEUTSCHE BANK AG         11.000     7/31/2012     EUR     75.00
DEUTSCHE BANK AG         10.000     6/29/2012     EUR     54.10
DEUTSCHE BANK AG          8.000     6/29/2012     EUR     67.20
DEUTSCHE BANK AG          8.000     6/29/2012     EUR     56.40
DEUTSCHE BANK AG          8.000    12/20/2012     EUR     47.90
DEUTSCHE BANK AG          8.000    12/20/2012     EUR     65.40
DEUTSCHE BANK AG         12.000    12/20/2012     EUR     50.30
DEUTSCHE BANK AG         12.000    12/20/2012     EUR     73.00
DEUTSCHE BANK AG         15.000    12/20/2012     EUR     70.20
DEUTSCHE BANK AG         15.000     2/20/2013     EUR     69.30
DEUTSCHE BANK AG         15.000     2/20/2013     EUR     71.40
DEUTSCHE BANK AG         15.000     2/20/2013     EUR     73.60
DEUTSCHE BANK AG          8.000     6/29/2012     EUR     69.40
DEUTSCHE BANK AG          7.000     4/30/2012     EUR     63.10
DEUTSCHE BANK AG          7.000     4/30/2012     EUR     69.50
DEUTSCHE BANK AG          7.000     4/30/2012     EUR     55.10
DEUTSCHE BANK AG          7.000     4/30/2012     EUR     73.30
DEUTSCHE BANK AG          8.000     6/29/2012     EUR     59.10
DEUTSCHE BANK AG          8.000     4/30/2012     EUR     76.30
DEUTSCHE BANK AG          8.000     4/30/2012     EUR     66.70
DEUTSCHE BANK AG          8.000     4/30/2012     EUR     60.60
DEUTSCHE BANK AG          8.000     4/30/2012     EUR     75.30
DEUTSCHE BANK AG          8.000     4/30/2012     EUR     70.30
DEUTSCHE BANK AG         10.000     4/30/2012     EUR     73.10
DEUTSCHE BANK AG         10.000     4/30/2012     EUR     66.80
DEUTSCHE BANK AG         10.000     4/30/2012     EUR     58.20
DEUTSCHE BANK AG         10.000     4/30/2012     EUR     71.60
DEUTSCHE BANK AG         10.000     4/30/2012     EUR     50.40
DEUTSCHE BANK AG         10.000     4/30/2012     EUR     63.30
DEUTSCHE BANK AG         11.000     4/30/2012     EUR     74.60
DEUTSCHE BANK AG          7.000     5/31/2012     EUR     59.10
DEUTSCHE BANK AG          7.000     5/31/2012     EUR     59.40
DEUTSCHE BANK AG         10.000     5/31/2012     EUR     55.40
DEUTSCHE BANK AG         10.000     5/31/2012     EUR     55.10
DEUTSCHE BANK AG         10.000     5/31/2012     EUR     67.20
DEUTSCHE BANK AG         11.000     5/31/2012     EUR     75.30
DEUTSCHE BANK AG         10.000     6/20/2012     EUR     69.40
DEUTSCHE BANK AG         14.000     6/20/2012     EUR     59.80
DEUTSCHE BANK AG          7.000     6/29/2012     EUR     72.10
DEUTSCHE BANK AG          7.000     6/29/2012     EUR     63.40
DEUTSCHE BANK AG          7.000     6/29/2012     EUR     69.80
DEUTSCHE BANK AG          7.000     6/29/2012     EUR     58.60
DEUTSCHE BANK AG          7.000     6/29/2012     EUR     63.70
DEUTSCHE BANK AG          8.000     6/29/2012     EUR     60.60
DEUTSCHE BANK AG          7.000     5/31/2012     EUR     72.80
DEUTSCHE BANK AG          7.000     5/31/2012     EUR     62.90
DEUTSCHE BANK AG          8.000     5/31/2012     EUR     57.00
DEUTSCHE BANK AG          8.000     5/31/2012     EUR     73.60
DEUTSCHE BANK AG          8.000     5/31/2012     EUR     69.80
DEUTSCHE BANK AG          8.000     5/31/2012     EUR     58.70
DEUTSCHE BANK AG         10.000     6/29/2012     EUR     67.00
DEUTSCHE BANK AG          8.000     5/31/2012     EUR     56.20
DEUTSCHE BANK AG         10.000     5/31/2012     EUR     54.40
DEUTSCHE BANK AG         10.000     5/31/2012     EUR     70.10
DEUTSCHE BANK AG         10.000     6/29/2012     EUR     59.30
DEUTSCHE BANK AG         10.000     6/29/2012     EUR     55.60
DEUTSCHE BANK AG         10.000     6/29/2012     EUR     64.60
DEUTSCHE BANK AG         11.000     6/29/2012     EUR     75.40
DEUTSCHE BANK AG          7.000     7/31/2012     EUR     71.10
DEUTSCHE BANK AG          7.000     7/31/2012     EUR     66.40
DEUTSCHE BANK AG          7.000     7/31/2012     EUR     71.30
DEUTSCHE BANK AG          7.000     7/31/2012     EUR     68.70
DEUTSCHE BANK AG          8.000     7/31/2012     EUR     73.70
DEUTSCHE BANK AG          8.000     7/31/2012     EUR     68.90
DEUTSCHE BANK AG          8.000     7/31/2012     EUR     65.50
DEUTSCHE BANK AG          8.000     7/31/2012     EUR     68.50
DEUTSCHE BANK AG          8.000     7/31/2012     EUR     64.10
DEUTSCHE BANK AG         10.000     7/31/2012     EUR     61.50
DEUTSCHE BANK AG         10.000     7/31/2012     EUR     71.70
DEUTSCHE BANK AG         10.000     7/31/2012     EUR     66.50
DEUTSCHE BANK AG         10.000     7/31/2012     EUR     64.30
DRESDNER BANK AG          5.450     2/22/2029     EUR     10.91
DRESDNER BANK AG          7.350     6/13/2028     EUR     74.75
DRESDNER BANK AG          5.700     7/31/2023     EUR     68.50
DRESDNER BANK AG          6.180     2/28/2023     EUR     72.63
DRESDNER BANK AG          5.290     5/31/2021     EUR     71.63
DRESDNER BANK AG          6.210     6/20/2022     EUR     74.38
DZ BANK AG               21.250     8/10/2012     EUR     65.78
DZ BANK AG                7.250     4/27/2012     EUR     53.74
DZ BANK AG                8.250     4/27/2012     EUR     69.07
DZ BANK AG                9.000     4/27/2012     EUR     44.57
DZ BANK AG               10.000     4/27/2012     EUR     59.30
DZ BANK AG               11.250     4/27/2012     EUR     51.49
DZ BANK AG               15.500     4/27/2012     EUR     64.60
DZ BANK AG               16.500     4/27/2012     EUR      0.51
DZ BANK AG               17.750     4/27/2012     EUR     71.47
DZ BANK AG                9.250     5/11/2012     EUR     64.89
DZ BANK AG               17.000     5/25/2012     EUR     74.25
DZ BANK AG               18.000     5/25/2012     EUR     74.14
DZ BANK AG                8.000      6/7/2012     EUR     70.00
DZ BANK AG                6.000      6/8/2012     EUR     64.66
DZ BANK AG                6.750      6/8/2012     EUR     55.95
DZ BANK AG                7.500      6/8/2012     EUR     64.00
DZ BANK AG                7.750      6/8/2012     EUR     70.87
DZ BANK AG                8.000      6/8/2012     EUR     68.81
DZ BANK AG                8.000      6/8/2012     EUR     69.74
DZ BANK AG                8.750      6/8/2012     EUR     71.23
DZ BANK AG                9.000      6/8/2012     EUR     58.81
DZ BANK AG                9.250      6/8/2012     EUR     57.34
DZ BANK AG                9.500      6/8/2012     EUR     71.52
DZ BANK AG                9.750      6/8/2012     EUR     72.85
DZ BANK AG                9.750      6/8/2012     EUR     72.44
DZ BANK AG               10.500      6/8/2012     EUR     48.96
DZ BANK AG               10.750      6/8/2012     EUR     71.63
DZ BANK AG               11.250      6/8/2012     EUR     52.84
DZ BANK AG               12.250      6/8/2012     EUR     71.03
DZ BANK AG                8.000     6/11/2012     EUR     65.30
DZ BANK AG                4.000     6/20/2012     EUR     66.86
DZ BANK AG                4.400     6/21/2012     EUR     74.22
DZ BANK AG                7.200     6/21/2012     EUR     69.98
DZ BANK AG               10.900     6/21/2012     EUR     66.38
DZ BANK AG                5.250     6/22/2012     EUR     65.73
DZ BANK AG                5.500     6/22/2012     EUR     72.84
DZ BANK AG                6.250     6/22/2012     EUR     64.43
DZ BANK AG                6.750     6/22/2012     EUR     73.14
DZ BANK AG                7.000     6/22/2012     EUR     75.35
DZ BANK AG                7.250     6/22/2012     EUR     68.14
DZ BANK AG                7.250     6/22/2012     EUR     67.04
DZ BANK AG                7.500     6/22/2012     EUR     69.06
DZ BANK AG                7.750     6/22/2012     EUR     71.40
DZ BANK AG                8.000     6/22/2012     EUR     41.02
DZ BANK AG                8.250     6/22/2012     EUR     67.06
DZ BANK AG                8.250     6/22/2012     EUR     71.68
DZ BANK AG                8.500     6/22/2012     EUR     69.63
DZ BANK AG                8.750     6/22/2012     EUR     69.28
DZ BANK AG                8.750     6/22/2012     EUR     71.56
DZ BANK AG                9.000     6/22/2012     EUR     29.79
DZ BANK AG                9.000     6/22/2012     EUR     54.19
DZ BANK AG                9.000     6/22/2012     EUR     73.09
DZ BANK AG                9.750     6/22/2012     EUR     69.69
DZ BANK AG                9.750     6/22/2012     EUR     54.58
DZ BANK AG                9.750     6/22/2012     EUR     67.18
DZ BANK AG                9.750     6/22/2012     EUR     70.82
DZ BANK AG               10.000     6/22/2012     EUR     61.34
DZ BANK AG               10.000     6/22/2012     EUR     66.48
DZ BANK AG               10.000     6/22/2012     EUR     66.05
DZ BANK AG               10.500     6/22/2012     EUR     37.37
DZ BANK AG               10.500     6/22/2012     EUR     70.30
DZ BANK AG               10.750     6/22/2012     EUR     70.78
DZ BANK AG               10.750     6/22/2012     EUR     52.80
DZ BANK AG               11.000     6/22/2012     EUR     35.56
DZ BANK AG               11.000     6/22/2012     EUR     51.27
DZ BANK AG               11.250     6/22/2012     EUR     44.18
DZ BANK AG               11.750     6/22/2012     EUR     70.86
DZ BANK AG               11.750     6/22/2012     EUR     42.72
DZ BANK AG               11.750     6/22/2012     EUR     47.31
DZ BANK AG               12.000     6/22/2012     EUR     49.91
DZ BANK AG               13.000     6/22/2012     EUR     40.61
DZ BANK AG               13.750     6/22/2012     EUR     72.19
DZ BANK AG               13.750     6/22/2012     EUR     63.28
DZ BANK AG               16.000     6/22/2012     EUR      7.49
DZ BANK AG                7.000     7/11/2012     EUR     73.02
DZ BANK AG                5.000     7/13/2012     EUR     66.63
DZ BANK AG                6.200     7/13/2012     EUR     73.98
DZ BANK AG                6.750     7/13/2012     EUR     69.28
DZ BANK AG                7.000     7/13/2012     EUR     65.46
DZ BANK AG                7.250     7/13/2012     EUR     73.20
DZ BANK AG                7.250     7/13/2012     EUR     73.20
DZ BANK AG                7.250     7/13/2012     EUR     65.60
DZ BANK AG                7.500     7/13/2012     EUR     54.19
DZ BANK AG                8.250     7/13/2012     EUR     69.63
DZ BANK AG                8.500     7/13/2012     EUR     59.84
DZ BANK AG                8.500     7/13/2012     EUR     56.22
DZ BANK AG                9.250     7/13/2012     EUR     72.03
DZ BANK AG               10.250     7/13/2012     EUR     73.70
DZ BANK AG               12.500     7/13/2012     EUR     60.06
DZ BANK AG                6.000     7/27/2012     EUR     72.92
DZ BANK AG                6.500     7/27/2012     EUR     69.31
DZ BANK AG                7.500     7/27/2012     EUR     72.05
DZ BANK AG                8.000     7/27/2012     EUR     70.28
DZ BANK AG                8.000     7/27/2012     EUR     57.86
DZ BANK AG                9.000     7/27/2012     EUR     73.13
DZ BANK AG                9.250     7/27/2012     EUR     71.40
DZ BANK AG                9.250     7/27/2012     EUR     73.98
DZ BANK AG                9.800     7/27/2012     EUR     66.79
DZ BANK AG               10.000     7/27/2012     EUR     63.13
DZ BANK AG               10.500     7/27/2012     EUR     65.53
DZ BANK AG               10.750     7/27/2012     EUR     53.81
DZ BANK AG               11.250     7/27/2012     EUR     76.77
DZ BANK AG               11.250     7/27/2012     EUR     71.86
DZ BANK AG               11.250     7/27/2012     EUR     62.88
DZ BANK AG               11.500     7/27/2012     EUR     53.69
DZ BANK AG               12.000     7/27/2012     EUR     74.22
DZ BANK AG               12.000     7/27/2012     EUR     66.28
DZ BANK AG               12.500     7/27/2012     EUR     67.36
DZ BANK AG               14.750     7/27/2012     EUR     69.75
DZ BANK AG               15.000     7/27/2012     EUR     49.59
DZ BANK AG               15.250     7/27/2012     EUR     57.97
DZ BANK AG                5.000     8/10/2012     EUR     73.71
DZ BANK AG               10.750     8/24/2012     EUR     68.34
DZ BANK AG               16.500     8/24/2012     EUR     71.27
DZ BANK AG                5.000     9/14/2012     EUR     61.75
DZ BANK AG                5.850     9/14/2012     EUR     66.66
DZ BANK AG                6.250     9/14/2012     EUR     62.16
DZ BANK AG                7.250     9/14/2012     EUR     72.92
DZ BANK AG                7.500     9/14/2012     EUR     65.94
DZ BANK AG                8.000     9/14/2012     EUR     57.45
DZ BANK AG                8.500     9/14/2012     EUR     60.42
DZ BANK AG               10.250     9/14/2012     EUR     73.47
DZ BANK AG               10.500     9/14/2012     EUR     55.27
DZ BANK AG               14.750     9/28/2012     EUR     68.09
DZ BANK AG               22.000     9/28/2012     EUR     73.78
DZ BANK AG                4.500     10/5/2012     EUR     58.28
DZ BANK AG                5.700     10/5/2012     EUR     56.35
DZ BANK AG                8.300     10/5/2012     EUR     53.09
DZ BANK AG                7.000    10/12/2012     EUR     55.77
DZ BANK AG                7.000    10/12/2012     EUR     69.05
DZ BANK AG                8.000    10/12/2012     EUR     55.59
DZ BANK AG                9.500    10/12/2012     EUR     74.17
DZ BANK AG               16.000    11/23/2012     EUR     68.17
DZ BANK AG                5.000    12/14/2012     EUR     74.48
DZ BANK AG                3.850    12/21/2012     EUR     17.90
DZ BANK AG                6.000      1/2/2013     EUR     67.86
DZ BANK AG               14.000     1/11/2013     EUR     64.84
DZ BANK AG               13.750      3/8/2013     EUR     72.00
DZ BANK AG                5.000     3/22/2013     EUR     17.90
DZ BANK AG                5.000     3/22/2013     EUR     17.50
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     17.90
DZ BANK AG                5.270     6/24/2013     EUR     17.90
DZ BANK AG                5.760    12/23/2013     EUR     75.26
DZ BANK AG                3.400     3/25/2015     EUR     69.05
DZ BANK AG                5.000     6/22/2018     EUR     51.16
ESCADA AG                 7.500      4/1/2012     EUR      8.34
EUROHYPO AG               3.830     9/21/2020     EUR     69.88
GOTHAER ALLG VER          5.527     9/29/2026     EUR     74.10
HECKLER & KOCH            9.500     5/15/2018     EUR     63.89
HECKLER & KOCH            9.500     5/15/2018     EUR     64.00
HEIDELBERG DRUCK          9.250     4/15/2018     EUR     74.50
HEIDELBERG DRUCK          9.250     4/15/2018     EUR     74.68
HSBC TRINKAUS            26.000     6/28/2013     EUR     64.71
HSBC TRINKAUS            12.000     6/22/2012     EUR     62.07
HSBC TRINKAUS            25.500     6/28/2013     EUR     73.58
HSBC TRINKAUS            19.000     9/28/2012     EUR     76.83
HSBC TRINKAUS            27.500     3/22/2013     EUR     62.21
HSBC TRINKAUS            22.500     6/28/2013     EUR     73.77
HSBC TRINKAUS            20.000     9/28/2012     EUR     76.56
HSBC TRINKAUS            27.000     3/22/2013     EUR     72.14
HSBC TRINKAUS            30.000     6/28/2013     EUR     65.38
L-BANK FOERDERBK          0.500     5/10/2027     CAD     49.01
LANDESBK BERLIN           5.500    12/23/2013     EUR     72.85
LB BADEN-WUERTT          10.000     8/24/2012     EUR     70.52
LB BADEN-WUERTT          10.000     8/24/2012     EUR     63.55
LB BADEN-WUERTT          10.000     8/24/2012     EUR     67.62
LB BADEN-WUERTT          10.000     8/24/2012     EUR     63.48
LB BADEN-WUERTT          10.000     8/24/2012     EUR     77.13
LB BADEN-WUERTT          10.000     8/24/2012     EUR     72.42
LB BADEN-WUERTT          10.000     8/24/2012     EUR     41.82
LB BADEN-WUERTT          10.000     8/24/2012     EUR     62.06
LB BADEN-WUERTT           8.000     8/24/2012     EUR     68.96
LB BADEN-WUERTT           8.000     8/24/2012     EUR     71.97
LB BADEN-WUERTT           8.000     8/24/2012     EUR     62.11
LB BADEN-WUERTT           8.000     8/24/2012     EUR     49.68
LB BADEN-WUERTT           8.000     8/24/2012     EUR     70.40
LB BADEN-WUERTT           8.000     8/24/2012     EUR     38.38
LB BADEN-WUERTT           8.000     8/24/2012     EUR     65.67
LB BADEN-WUERTT           8.000     8/24/2012     EUR     72.79
LB BADEN-WUERTT           8.000     8/24/2012     EUR     60.98
LB BADEN-WUERTT           8.000     8/24/2012     EUR     70.03
LB BADEN-WUERTT           8.000     8/24/2012     EUR     60.23
LB BADEN-WUERTT           7.500     8/24/2012     EUR     48.29
LB BADEN-WUERTT           7.500     8/24/2012     EUR     72.42
LB BADEN-WUERTT           7.500     8/24/2012     EUR     73.39
LB BADEN-WUERTT           7.500     8/24/2012     EUR     74.20
LB BADEN-WUERTT           7.500     8/24/2012     EUR     69.67
LB BADEN-WUERTT           7.500     8/24/2012     EUR     44.62
LB BADEN-WUERTT           7.500     8/24/2012     EUR     61.95
LB BADEN-WUERTT           7.500     8/24/2012     EUR     66.61
LB BADEN-WUERTT           7.500     8/24/2012     EUR     67.64
LB BADEN-WUERTT           7.500     8/24/2012     EUR     66.51
LB BADEN-WUERTT           7.500     8/24/2012     EUR     73.12
LB BADEN-WUERTT           7.500     8/24/2012     EUR     23.91
LB BADEN-WUERTT           6.000     8/24/2012     EUR     53.62
LB BADEN-WUERTT           6.000     8/24/2012     EUR     70.01
LB BADEN-WUERTT           6.000     8/24/2012     EUR     42.05
LB BADEN-WUERTT           6.000     8/24/2012     EUR     64.77
LB BADEN-WUERTT           6.000     8/24/2012     EUR     71.28
LB BADEN-WUERTT           6.000     8/24/2012     EUR     73.95
LB BADEN-WUERTT           6.000     8/24/2012     EUR     68.04
LB BADEN-WUERTT           5.000     8/24/2012     EUR     52.55
LB BADEN-WUERTT           5.000     8/24/2012     EUR     26.25
LB BADEN-WUERTT           5.000     8/24/2012     EUR     74.83
LB BADEN-WUERTT           5.000     8/24/2012     EUR     73.80
LB BADEN-WUERTT           5.000     8/24/2012     EUR     69.64
LB BADEN-WUERTT           5.000     8/24/2012     EUR     74.27
LB BADEN-WUERTT           5.000     8/24/2012     EUR     49.14
LB BADEN-WUERTT           4.000     8/24/2012     EUR     71.16
LB BADEN-WUERTT           4.000     8/24/2012     EUR     59.92
LB BADEN-WUERTT           4.000     8/24/2012     EUR     48.62
LB BADEN-WUERTT          10.000     7/27/2012     EUR     59.45
LB BADEN-WUERTT          10.000     7/27/2012     EUR     75.95
LB BADEN-WUERTT          10.000     7/27/2012     EUR     51.95
LB BADEN-WUERTT          10.000     7/27/2012     EUR     54.03
LB BADEN-WUERTT          10.000     7/27/2012     EUR     56.95
LB BADEN-WUERTT          10.000     7/27/2012     EUR     12.71
LB BADEN-WUERTT          10.000     7/27/2012     EUR     63.82
LB BADEN-WUERTT          10.000     7/27/2012     EUR     71.71
LB BADEN-WUERTT          10.000     7/27/2012     EUR     67.92
LB BADEN-WUERTT          10.000     7/27/2012     EUR     60.19
LB BADEN-WUERTT          10.000     7/27/2012     EUR     68.81
LB BADEN-WUERTT          10.000     7/27/2012     EUR     53.38
LB BADEN-WUERTT          10.000     7/27/2012     EUR     66.89
LB BADEN-WUERTT          10.000     7/27/2012     EUR     59.31
LB BADEN-WUERTT          10.000     7/27/2012     EUR     41.01
LB BADEN-WUERTT          10.000     7/27/2012     EUR     66.20
LB BADEN-WUERTT          10.000     7/27/2012     EUR     19.50
LB BADEN-WUERTT           5.250    10/20/2015     EUR     26.20
LB BADEN-WUERTT           2.800     2/23/2037     JPY     58.51
LB BADEN-WUERTT          10.000     7/27/2012     EUR     27.75
LB BADEN-WUERTT          10.000     7/27/2012     EUR     76.85
LB BADEN-WUERTT          10.000     7/27/2012     EUR     61.09
LB BADEN-WUERTT           9.000     7/27/2012     EUR     65.32
LB BADEN-WUERTT           8.000     7/27/2012     EUR     72.82
LB BADEN-WUERTT          10.000     6/28/2013     EUR     73.99
LB BADEN-WUERTT          10.000     7/27/2012     EUR     74.57
LB BADEN-WUERTT           8.000     7/27/2012     EUR     71.12
LB BADEN-WUERTT           8.000     7/27/2012     EUR     68.81
LB BADEN-WUERTT           8.000     7/27/2012     EUR     71.02
LB BADEN-WUERTT           7.500     6/28/2013     EUR     69.09
LB BADEN-WUERTT           5.000     6/28/2013     EUR     68.06
LB BADEN-WUERTT           8.000     7/27/2012     EUR     41.76
LB BADEN-WUERTT           8.000     7/27/2012     EUR     71.79
LB BADEN-WUERTT           7.500     7/27/2012     EUR     65.05
LB BADEN-WUERTT           7.500     7/27/2012     EUR     65.55
LB BADEN-WUERTT           7.500     7/27/2012     EUR     43.94
LB BADEN-WUERTT           7.500     7/27/2012     EUR     73.28
LB BADEN-WUERTT           7.500     7/27/2012     EUR     71.94
LB BADEN-WUERTT           7.500     7/27/2012     EUR     20.28
LB BADEN-WUERTT           7.500     7/27/2012     EUR     62.23
LB BADEN-WUERTT           7.500     7/27/2012     EUR     57.15
LB BADEN-WUERTT           7.500     7/27/2012     EUR     63.50
LB BADEN-WUERTT           7.500     7/27/2012     EUR     71.31
LB BADEN-WUERTT           7.500     7/27/2012     EUR     64.91
LB BADEN-WUERTT           8.000     7/27/2012     EUR     45.50
LB BADEN-WUERTT           7.500     7/27/2012     EUR     12.07
LB BADEN-WUERTT           7.500     7/27/2012     EUR     56.91
LB BADEN-WUERTT           7.500     7/27/2012     EUR     57.31
LB BADEN-WUERTT           6.000     7/27/2012     EUR     33.42
LB BADEN-WUERTT           6.000     7/27/2012     EUR     73.77
LB BADEN-WUERTT           6.000     7/27/2012     EUR     46.12
LB BADEN-WUERTT          15.000     2/22/2013     EUR     66.27
LB BADEN-WUERTT          10.000     2/22/2013     EUR     73.35
LB BADEN-WUERTT           6.000     7/27/2012     EUR     50.12
LB BADEN-WUERTT           6.000     7/27/2012     EUR     76.25
LB BADEN-WUERTT           5.000     7/27/2012     EUR     32.24
LB BADEN-WUERTT           5.000     7/27/2012     EUR     62.37
LB BADEN-WUERTT           5.000     7/27/2012     EUR     72.23
LB BADEN-WUERTT           5.000     7/27/2012     EUR     70.17
LB BADEN-WUERTT           5.000     7/27/2012     EUR     11.20
LB BADEN-WUERTT          10.000    10/26/2012     EUR     54.85
LB BADEN-WUERTT           7.500    10/26/2012     EUR     74.54
LB BADEN-WUERTT           7.500    10/26/2012     EUR      7.88
LB BADEN-WUERTT           7.500    10/26/2012     EUR     58.72
LB BADEN-WUERTT           7.500    10/26/2012     EUR     19.88
LB BADEN-WUERTT           7.500    10/26/2012     EUR     61.41
LB BADEN-WUERTT           7.500    10/26/2012     EUR     68.84
LB BADEN-WUERTT           7.500    10/26/2012     EUR     59.45
LB BADEN-WUERTT           5.000    10/26/2012     EUR     65.37
LB BADEN-WUERTT           5.000    10/26/2012     EUR     70.75
LB BADEN-WUERTT           5.000    10/26/2012     EUR      7.20
LB BADEN-WUERTT           5.000    10/26/2012     EUR     67.36
LB BADEN-WUERTT           5.000    10/26/2012     EUR     21.25
LB BADEN-WUERTT           8.000     9/28/2012     EUR     74.21
LB BADEN-WUERTT           8.000     9/28/2012     EUR     63.37
LB BADEN-WUERTT           8.000     9/28/2012     EUR     22.48
LB BADEN-WUERTT           8.000     9/28/2012     EUR     58.27
LB BADEN-WUERTT           8.000     9/28/2012     EUR     68.13
LB BADEN-WUERTT           8.000     9/28/2012     EUR     43.49
LB BADEN-WUERTT           8.000     9/28/2012     EUR     55.57
LB BADEN-WUERTT           6.000     9/28/2012     EUR     46.95
LB BADEN-WUERTT           6.000     9/28/2012     EUR     60.54
LB BADEN-WUERTT           6.000     9/28/2012     EUR     70.69
LB BADEN-WUERTT           6.000     9/28/2012     EUR     24.52
LB BADEN-WUERTT           6.000     9/28/2012     EUR     63.58
LB BADEN-WUERTT           5.000     9/28/2012     EUR     74.88
LB BADEN-WUERTT           4.000     9/28/2012     EUR     28.75
LB BADEN-WUERTT           4.000     9/28/2012     EUR     68.96
LB BADEN-WUERTT           4.000     9/28/2012     EUR     53.87
LB BADEN-WUERTT           4.000     9/28/2012     EUR     71.77
LB BADEN-WUERTT          10.000     8/24/2012     EUR     42.46
LB BADEN-WUERTT          10.000     8/24/2012     EUR     70.05
LB BADEN-WUERTT          10.000     8/24/2012     EUR     75.32
LB BADEN-WUERTT          10.000     8/24/2012     EUR     61.41
LB BADEN-WUERTT          10.000     8/24/2012     EUR     56.75
LB BADEN-WUERTT          10.000     8/24/2012     EUR     70.11
LB BADEN-WUERTT          10.000     8/24/2012     EUR     22.81
LB BADEN-WUERTT          10.000     8/24/2012     EUR     68.50
LB BADEN-WUERTT           7.500     7/27/2012     EUR     29.70
LB BADEN-WUERTT           4.000     5/25/2012     EUR     59.99
LB BADEN-WUERTT           4.000     5/25/2012     EUR     66.52
LB BADEN-WUERTT           4.000     5/25/2012     EUR     54.05
LB BADEN-WUERTT           4.000     5/25/2012     EUR     74.21
LB BADEN-WUERTT          10.000     1/25/2013     EUR     74.30
LB BADEN-WUERTT          10.000     1/25/2013     EUR     70.37
LB BADEN-WUERTT          10.000     1/25/2013     EUR     68.81
LB BADEN-WUERTT          10.000     1/25/2013     EUR     69.68
LB BADEN-WUERTT          10.000     1/25/2013     EUR     26.94
LB BADEN-WUERTT          10.000     1/25/2013     EUR     72.50
LB BADEN-WUERTT          10.000     1/25/2013     EUR     65.39
LB BADEN-WUERTT           7.500     1/25/2013     EUR     72.34
LB BADEN-WUERTT           7.500     1/25/2013     EUR     75.18
LB BADEN-WUERTT           7.500     1/25/2013     EUR     27.43
LB BADEN-WUERTT           7.500     1/25/2013     EUR     72.54
LB BADEN-WUERTT           7.500     1/25/2013     EUR     72.54
LB BADEN-WUERTT           7.500     1/25/2013     EUR     71.22
LB BADEN-WUERTT           5.000     1/25/2013     EUR     70.47
LB BADEN-WUERTT           5.000     1/25/2013     EUR     29.09
LB BADEN-WUERTT          10.000      1/4/2013     EUR     72.80
LB BADEN-WUERTT          10.000      1/4/2013     EUR     43.72
LB BADEN-WUERTT          10.000      1/4/2013     EUR     60.45
LB BADEN-WUERTT          10.000      1/4/2013     EUR     21.55
LB BADEN-WUERTT          10.000      1/4/2013     EUR     69.09
LB BADEN-WUERTT          10.000      1/4/2013     EUR     60.82
LB BADEN-WUERTT          10.000      1/4/2013     EUR     68.72
LB BADEN-WUERTT          10.000      1/4/2013     EUR     68.13
LB BADEN-WUERTT           7.500      1/4/2013     EUR     45.69
LB BADEN-WUERTT           7.500      1/4/2013     EUR     65.61
LB BADEN-WUERTT           7.500      1/4/2013     EUR     21.33
LB BADEN-WUERTT           7.500      1/4/2013     EUR     73.01
LB BADEN-WUERTT           7.500      1/4/2013     EUR     64.29
LB BADEN-WUERTT           7.500      1/4/2013     EUR     72.11
LB BADEN-WUERTT           7.500      1/4/2013     EUR     66.40
LB BADEN-WUERTT           5.000      1/4/2013     EUR     72.45
LB BADEN-WUERTT           5.000      1/4/2013     EUR     64.66
LB BADEN-WUERTT           5.000      1/4/2013     EUR     71.72
LB BADEN-WUERTT           5.000      1/4/2013     EUR     22.32
LB BADEN-WUERTT           5.000      1/4/2013     EUR     72.40
LB BADEN-WUERTT           5.000      1/4/2013     EUR     51.38
LB BADEN-WUERTT          15.000    11/23/2012     EUR     61.98
LB BADEN-WUERTT          10.000    11/23/2012     EUR     52.57
LB BADEN-WUERTT          10.000    11/23/2012     EUR     55.23
LB BADEN-WUERTT          10.000    11/23/2012     EUR     73.70
LB BADEN-WUERTT          10.000    11/23/2012     EUR     61.46
LB BADEN-WUERTT          10.000    11/23/2012     EUR     63.40
LB BADEN-WUERTT          10.000    11/23/2012     EUR     51.10
LB BADEN-WUERTT          10.000    11/23/2012     EUR     20.36
LB BADEN-WUERTT          10.000    11/23/2012     EUR     66.75
LB BADEN-WUERTT          10.000    11/23/2012     EUR     70.09
LB BADEN-WUERTT           7.500    11/23/2012     EUR     73.88
LB BADEN-WUERTT           7.500    11/23/2012     EUR     68.05
LB BADEN-WUERTT           7.500    11/23/2012     EUR     55.11
LB BADEN-WUERTT           7.500    11/23/2012     EUR     66.56
LB BADEN-WUERTT           7.500    11/23/2012     EUR     60.56
LB BADEN-WUERTT           7.500    11/23/2012     EUR     56.62
LB BADEN-WUERTT           7.500    11/23/2012     EUR     20.67
LB BADEN-WUERTT           7.500    11/23/2012     EUR     75.08
LB BADEN-WUERTT           5.000    11/23/2012     EUR     74.65
LB BADEN-WUERTT           5.000    11/23/2012     EUR     63.17
LB BADEN-WUERTT           5.000    11/23/2012     EUR     68.46
LB BADEN-WUERTT           5.000    11/23/2012     EUR     62.39
LB BADEN-WUERTT           5.000    11/23/2012     EUR     21.66
LB BADEN-WUERTT          10.000    10/26/2012     EUR     19.44
LB BADEN-WUERTT          10.000    10/26/2012     EUR     55.81
LB BADEN-WUERTT          10.000    10/26/2012     EUR     71.67
LB BADEN-WUERTT          10.000    10/26/2012     EUR     69.62
LB BADEN-WUERTT          10.000    10/26/2012     EUR     64.00
LB BADEN-WUERTT          10.000    10/26/2012     EUR     77.17
LB BADEN-WUERTT          10.000    10/26/2012     EUR      8.47
LB BADEN-WUERTT          10.000    10/26/2012     EUR     55.48
LB BADEN-WUERTT           6.000     5/25/2012     EUR     75.59
LB BADEN-WUERTT           5.000     7/27/2012     EUR     58.65
LB BADEN-WUERTT           5.000     7/27/2012     EUR     73.04
LB BADEN-WUERTT           5.000     7/27/2012     EUR     68.79
LB BADEN-WUERTT           5.000     7/27/2012     EUR     64.51
LB BADEN-WUERTT           5.000     7/27/2012     EUR     62.36
LB BADEN-WUERTT           5.000     7/27/2012     EUR     48.70
LB BADEN-WUERTT           5.000     7/27/2012     EUR     21.58
LB BADEN-WUERTT           5.000     7/27/2012     EUR     72.63
LB BADEN-WUERTT           4.000     7/27/2012     EUR     59.15
LB BADEN-WUERTT           4.000     7/27/2012     EUR     51.67
LB BADEN-WUERTT          10.000     6/22/2012     EUR     65.69
LB BADEN-WUERTT          10.000     6/22/2012     EUR     17.93
LB BADEN-WUERTT          10.000     6/22/2012     EUR     75.02
LB BADEN-WUERTT          10.000     6/22/2012     EUR     49.42
LB BADEN-WUERTT          10.000     6/22/2012     EUR     69.01
LB BADEN-WUERTT          10.000     6/22/2012     EUR     62.38
LB BADEN-WUERTT          10.000     6/22/2012     EUR     58.55
LB BADEN-WUERTT          10.000     6/22/2012     EUR     53.79
LB BADEN-WUERTT          10.000     6/22/2012     EUR      6.54
LB BADEN-WUERTT          10.000     6/22/2012     EUR     63.85
LB BADEN-WUERTT          10.000     6/22/2012     EUR     67.46
LB BADEN-WUERTT          10.000     6/22/2012     EUR     55.24
LB BADEN-WUERTT          10.000     6/22/2012     EUR     51.33
LB BADEN-WUERTT          10.000     6/22/2012     EUR     57.90
LB BADEN-WUERTT           8.000     6/22/2012     EUR     74.04
LB BADEN-WUERTT           8.000     6/22/2012     EUR     69.72
LB BADEN-WUERTT           8.000     6/22/2012     EUR     27.87
LB BADEN-WUERTT           8.000     6/22/2012     EUR     48.93
LB BADEN-WUERTT           8.000     6/22/2012     EUR     69.25
LB BADEN-WUERTT           8.000     6/22/2012     EUR     42.90
LB BADEN-WUERTT           8.000     6/22/2012     EUR     68.10
LB BADEN-WUERTT           8.000     6/22/2012     EUR     64.39
LB BADEN-WUERTT           8.000     6/22/2012     EUR     43.57
LB BADEN-WUERTT           7.500     6/22/2012     EUR     72.47
LB BADEN-WUERTT           7.500     6/22/2012     EUR     63.55
LB BADEN-WUERTT           7.500     6/22/2012     EUR     19.00
LB BADEN-WUERTT           7.500     6/22/2012     EUR     62.55
LB BADEN-WUERTT           7.500     6/22/2012     EUR     61.06
LB BADEN-WUERTT           7.500     6/22/2012     EUR     57.81
LB BADEN-WUERTT           7.500     6/22/2012     EUR     73.85
LB BADEN-WUERTT           7.500     6/22/2012     EUR     67.49
LB BADEN-WUERTT           7.500     6/22/2012     EUR     54.51
LB BADEN-WUERTT           7.500     6/22/2012     EUR     51.84
LB BADEN-WUERTT           7.500     6/22/2012     EUR      7.08
LB BADEN-WUERTT           7.500     6/22/2012     EUR     66.57
LB BADEN-WUERTT           7.500     6/22/2012     EUR     71.50
LB BADEN-WUERTT           6.000     6/22/2012     EUR     31.01
LB BADEN-WUERTT           6.000     6/22/2012     EUR     68.76
LB BADEN-WUERTT           6.000     6/22/2012     EUR     53.68
LB BADEN-WUERTT           6.000     6/22/2012     EUR     48.76
LB BADEN-WUERTT           6.000     6/22/2012     EUR     48.30
LB BADEN-WUERTT           5.000     6/22/2012     EUR     68.98
LB BADEN-WUERTT           5.000     6/22/2012     EUR     68.54
LB BADEN-WUERTT           5.000     6/22/2012     EUR      7.70
LB BADEN-WUERTT           5.000     6/22/2012     EUR     20.86
LB BADEN-WUERTT           5.000     6/22/2012     EUR     63.85
LB BADEN-WUERTT           5.000     6/22/2012     EUR     71.73
LB BADEN-WUERTT           5.000     6/22/2012     EUR     59.42
LB BADEN-WUERTT           5.000     6/22/2012     EUR     72.18
LB BADEN-WUERTT           5.000     6/22/2012     EUR     69.97
LB BADEN-WUERTT           5.000     6/22/2012     EUR     56.96
LB BADEN-WUERTT           5.000     6/22/2012     EUR     72.88
LB BADEN-WUERTT           4.000     6/22/2012     EUR     58.83
LB BADEN-WUERTT           4.000     6/22/2012     EUR     61.52
LB BADEN-WUERTT           4.000     6/22/2012     EUR     35.11
LB BADEN-WUERTT           4.000     6/22/2012     EUR     55.58
LB BADEN-WUERTT           8.350     5/25/2012     EUR     46.87
LB BADEN-WUERTT           8.000     5/25/2012     EUR     62.74
LB BADEN-WUERTT           8.000     5/25/2012     EUR     68.42
LB BADEN-WUERTT           8.000     5/25/2012     EUR     71.82
LB BADEN-WUERTT           8.000     5/25/2012     EUR     69.51
LB BADEN-WUERTT           8.000     5/25/2012     EUR     70.40
LB BADEN-WUERTT           8.000     5/25/2012     EUR     48.36
LB BADEN-WUERTT           8.000     5/25/2012     EUR     39.89
LB BADEN-WUERTT           8.000     5/25/2012     EUR     62.32
LB BADEN-WUERTT           8.000     5/25/2012     EUR     55.84
LB BADEN-WUERTT           6.000     5/25/2012     EUR     60.27
LB BADEN-WUERTT           6.000     5/25/2012     EUR     69.22
LB BADEN-WUERTT           6.000     5/25/2012     EUR     43.89
LB BADEN-WUERTT           6.000     5/25/2012     EUR     67.04
LB BADEN-WUERTT           6.000     5/25/2012     EUR     53.01
LB BADEN-WUERTT           4.000     4/27/2012     EUR      7.66
LB BADEN-WUERTT           4.000     4/27/2012     EUR     46.28
LB BADEN-WUERTT           4.000     4/27/2012     EUR     68.69
LB BADEN-WUERTT           4.000     4/27/2012     EUR     55.86
LB BADEN-WUERTT           4.000     4/27/2012     EUR      7.20
LB BADEN-WUERTT           4.000     4/27/2012     EUR     23.08
LB BADEN-WUERTT           4.000     4/27/2012     EUR     65.05
LB BADEN-WUERTT           4.000     4/27/2012     EUR     64.37
LB BADEN-WUERTT           4.000     4/27/2012     EUR     67.17
LB BADEN-WUERTT           4.000     4/27/2012     EUR     60.20
LB BADEN-WUERTT           4.000     4/27/2012     EUR     51.17
LB BADEN-WUERTT           5.000     4/27/2012     EUR     73.21
LB BADEN-WUERTT           6.000     4/27/2012     EUR     72.35
LB BADEN-WUERTT           6.000     4/27/2012     EUR     48.75
LB BADEN-WUERTT           6.000     4/27/2012     EUR     59.86
LB BADEN-WUERTT           6.000     4/27/2012     EUR      7.45
LB BADEN-WUERTT           6.000     4/27/2012     EUR     58.78
LB BADEN-WUERTT           6.000     4/27/2012     EUR     74.84
LB BADEN-WUERTT           6.000     4/27/2012     EUR     70.73
LB BADEN-WUERTT           6.000     4/27/2012     EUR     42.43
LB BADEN-WUERTT           6.000     4/27/2012     EUR      6.47
LB BADEN-WUERTT           6.000     4/27/2012     EUR     52.53
LB BADEN-WUERTT           6.000     4/27/2012     EUR     67.84
LB BADEN-WUERTT           6.000     4/27/2012     EUR     60.31
LB BADEN-WUERTT           6.000     4/27/2012     EUR     21.06
LB BADEN-WUERTT           6.000     4/27/2012     EUR     41.75
LB BADEN-WUERTT           6.000     4/27/2012     EUR     61.71
LB BADEN-WUERTT           8.000     4/27/2012     EUR     63.26
LB BADEN-WUERTT           8.000     4/27/2012     EUR      6.50
LB BADEN-WUERTT           8.000     4/27/2012     EUR     73.43
LB BADEN-WUERTT           8.000     4/27/2012     EUR     44.38
LB BADEN-WUERTT           8.000     4/27/2012     EUR     39.63
LB BADEN-WUERTT           8.000     4/27/2012     EUR     19.36
LB BADEN-WUERTT           8.000     4/27/2012     EUR     67.72
LB BADEN-WUERTT           8.000     4/27/2012     EUR      5.88
LB BADEN-WUERTT           8.000     4/27/2012     EUR     73.69
LB BADEN-WUERTT           8.000     4/27/2012     EUR     55.03
LB BADEN-WUERTT           8.000     4/27/2012     EUR     55.40
LB BADEN-WUERTT           8.000     4/27/2012     EUR     69.16
LB BADEN-WUERTT           8.000     4/27/2012     EUR     47.61
LB BADEN-WUERTT           8.000     4/27/2012     EUR     67.58
LB BADEN-WUERTT           8.000     4/27/2012     EUR     56.18
LB BADEN-WUERTT           8.000     4/27/2012     EUR     66.95
LB BADEN-WUERTT           8.000     4/27/2012     EUR     66.21
LB BADEN-WUERTT           8.000     4/27/2012     EUR     36.60
LB BADEN-WUERTT           8.000     4/27/2012     EUR     68.14
LB BADEN-WUERTT           8.000     4/27/2012     EUR     58.09
MACQUARIE STRUCT          9.000     9/28/2012     EUR     56.64
MACQUARIE STRUCT         10.250     6/22/2012     EUR     72.32
MACQUARIE STRUCT         10.750     6/22/2012     EUR     34.43
MACQUARIE STRUCT         10.250     6/22/2012     EUR     50.37
MACQUARIE STRUCT         10.000     6/22/2012     EUR     48.73
MACQUARIE STRUCT          9.750     6/22/2012     EUR     73.40
MACQUARIE STRUCT          9.750     6/22/2012     EUR     66.16
MACQUARIE STRUCT         11.000     6/22/2012     EUR     76.14
MACQUARIE STRUCT          9.250     9/28/2012     EUR     69.55
MACQUARIE STRUCT          9.750     9/28/2012     EUR     58.71
MACQUARIE STRUCT         11.000     6/22/2012     EUR     73.34
MACQUARIE STRUCT         11.000     6/22/2012     EUR     72.74
MACQUARIE STRUCT         11.500     6/22/2012     EUR     36.79
MACQUARIE STRUCT         11.500     6/22/2012     EUR     59.08
MACQUARIE STRUCT         11.500     6/22/2012     EUR     62.43
MACQUARIE STRUCT         11.750     6/22/2012     EUR     67.42
MACQUARIE STRUCT         12.000     6/22/2012     EUR     75.43
MACQUARIE STRUCT         12.500     6/22/2012     EUR     47.64
MACQUARIE STRUCT         12.500     6/22/2012     EUR     43.10
MACQUARIE STRUCT         13.000     6/22/2012     EUR     65.78
MACQUARIE STRUCT          9.250     6/22/2012     EUR     34.04
MACQUARIE STRUCT         18.000    12/14/2012     EUR     69.88
MACQUARIE STRUCT         11.500     9/28/2012     EUR     54.91
MACQUARIE STRUCT         10.000     9/28/2012     EUR     71.99
MACQUARIE STRUCT         13.250     4/27/2012     EUR     50.44
MACQUARIE STRUCT         11.250     4/27/2012     EUR     74.75
MACQUARIE STRUCT         10.500     4/27/2012     EUR     54.93
MACQUARIE STRUCT          9.000     6/22/2012     EUR     68.39
MACQUARIE STRUCT          7.750     6/22/2012     EUR     75.21
MACQUARIE STRUCT          7.000     5/11/2012     EUR     68.14
MACQUARIE STRUCT         16.000     6/22/2012     EUR     18.02
MACQUARIE STRUCT         13.500     6/22/2012     EUR     35.54
MACQUARIE STRUCT         15.750     6/22/2012     EUR     14.16
MACQUARIE STRUCT         17.000     6/22/2012     EUR     43.15
MACQUARIE STRUCT         15.750     6/22/2012     EUR     60.01
MACQUARIE STRUCT         18.500     6/22/2012     EUR     57.98
MACQUARIE STRUCT         23.250     6/22/2012     EUR      5.13
NORDDEUTSCHE L/B          7.000      6/8/2012     EUR     58.65
Q-CELLS                   6.750    10/21/2015     EUR      0.60
QIMONDA FINANCE           6.750     3/22/2013     USD      5.88
RENTENBANK                0.500     4/19/2017     TRY     72.71
RENTENBANK                0.500     3/15/2017     TRY     71.90
RENTENBANK                0.500     4/19/2017     ZAR     72.89
SOLON AG SOLAR            1.375     12/6/2012     EUR      1.75
TAG IMMO AG               6.500    12/10/2015     EUR      7.84
TUI AG                    5.500    11/17/2014     EUR     64.02
TUI AG                    2.750     3/24/2016     EUR     48.13
UNICREDIT BANK A          6.900     5/17/2012     EUR     55.08
UNICREDIT BANK A          6.800     5/17/2012     EUR     69.18
UNICREDIT BANK A          7.000     6/21/2012     EUR     45.04
VONTOBEL FIN PRO         14.200     9/28/2012     EUR     73.04
VONTOBEL FIN PRO         14.209     9/28/2012     EUR     63.12
VONTOBEL FIN PRO         14.303     9/28/2012     EUR     64.10
VONTOBEL FIN PRO         14.450     9/28/2012     EUR     73.92
VONTOBEL FIN PRO          8.581     9/28/2012     EUR     58.04
VONTOBEL FIN PRO         14.600     9/28/2012     EUR     70.76
VONTOBEL FIN PRO         14.662     9/28/2012     EUR     72.10
VONTOBEL FIN PRO         14.786     9/28/2012     EUR     72.50
VONTOBEL FIN PRO         14.853     9/28/2012     EUR     55.68
VONTOBEL FIN PRO          8.542     9/28/2012     EUR     73.42
VONTOBEL FIN PRO          8.529     9/28/2012     EUR     69.24
VONTOBEL FIN PRO         14.500     9/28/2012     EUR     63.54
VONTOBEL FIN PRO         14.900     9/28/2012     EUR     66.58
VONTOBEL FIN PRO         14.906     9/28/2012     EUR     68.38
VONTOBEL FIN PRO         14.957     9/28/2012     EUR     70.06
VONTOBEL FIN PRO         15.000     9/28/2012     EUR     68.14
VONTOBEL FIN PRO         15.000     9/28/2012     EUR     76.18
VONTOBEL FIN PRO         15.700     9/28/2012     EUR     68.98
VONTOBEL FIN PRO         16.000     9/28/2012     EUR     68.80
VONTOBEL FIN PRO         16.183     9/28/2012     EUR     54.28
VONTOBEL FIN PRO         16.200     9/28/2012     EUR     71.94
VONTOBEL FIN PRO         16.337     9/28/2012     EUR     70.90
VONTOBEL FIN PRO         16.400     9/28/2012     EUR     70.94
VONTOBEL FIN PRO         16.850     9/28/2012     EUR     75.16
VONTOBEL FIN PRO         17.000     9/28/2012     EUR     43.86
VONTOBEL FIN PRO          8.515     9/28/2012     EUR     74.76
VONTOBEL FIN PRO          8.440     9/28/2012     EUR     59.24
VONTOBEL FIN PRO          8.216     9/28/2012     EUR     74.44
VONTOBEL FIN PRO          8.174     9/28/2012     EUR     66.28
VONTOBEL FIN PRO         18.800     9/28/2012     EUR     72.94
VONTOBEL FIN PRO          8.121     9/28/2012     EUR     67.32
VONTOBEL FIN PRO          7.950     9/28/2012     EUR     71.76
VONTOBEL FIN PRO         19.000     9/28/2012     EUR     62.28
VONTOBEL FIN PRO         19.250     9/28/2012     EUR     71.88
VONTOBEL FIN PRO         20.400     9/28/2012     EUR     69.66
VONTOBEL FIN PRO         20.750     9/28/2012     EUR     71.36
VONTOBEL FIN PRO         20.950     9/28/2012     EUR     59.98
VONTOBEL FIN PRO         21.500     9/28/2012     EUR     60.34
VONTOBEL FIN PRO         21.550     9/28/2012     EUR     69.38
VONTOBEL FIN PRO         22.050     9/28/2012     EUR     66.74
VONTOBEL FIN PRO         25.200     9/28/2012     EUR     57.42
VONTOBEL FIN PRO         25.700     9/28/2012     EUR     68.00
VONTOBEL FIN PRO         27.550     9/28/2012     EUR     54.50
VONTOBEL FIN PRO         28.700     9/28/2012     EUR     63.48
VONTOBEL FIN PRO         28.900     9/28/2012     EUR     55.18
VONTOBEL FIN PRO         11.500    12/14/2012     EUR      4.01
VONTOBEL FIN PRO          5.006    12/28/2012     EUR     57.28
VONTOBEL FIN PRO          6.175    12/31/2012     EUR     70.88
VONTOBEL FIN PRO          7.050    12/31/2012     EUR     70.78
VONTOBEL FIN PRO          7.494    12/31/2012     EUR     72.32
VONTOBEL FIN PRO          7.719    12/31/2012     EUR     75.52
VONTOBEL FIN PRO          7.754    12/31/2012     EUR     72.48
VONTOBEL FIN PRO          8.019    12/31/2012     EUR     71.98
VONTOBEL FIN PRO          8.050    12/31/2012     EUR     70.20
VONTOBEL FIN PRO          8.163    12/31/2012     EUR     64.28
VONTOBEL FIN PRO          8.200    12/31/2012     EUR     76.08
VONTOBEL FIN PRO          8.230    12/31/2012     EUR     67.70
VONTOBEL FIN PRO          8.246    12/31/2012     EUR     47.08
VONTOBEL FIN PRO          8.300    12/31/2012     EUR     61.44
VONTOBEL FIN PRO          8.526    12/31/2012     EUR     22.44
VONTOBEL FIN PRO          8.700    12/31/2012     EUR     75.86
VONTOBEL FIN PRO          8.702    12/31/2012     EUR     77.16
VONTOBEL FIN PRO          8.737    12/31/2012     EUR     67.94
VONTOBEL FIN PRO          8.737    12/31/2012     EUR     73.26
VONTOBEL FIN PRO          8.842    12/31/2012     EUR     70.78
VONTOBEL FIN PRO          8.877    12/31/2012     EUR     64.44
VONTOBEL FIN PRO          8.895    12/31/2012     EUR     69.88
VONTOBEL FIN PRO          8.912    12/31/2012     EUR     74.94
VONTOBEL FIN PRO          8.950    12/31/2012     EUR     61.94
VONTOBEL FIN PRO          9.123    12/31/2012     EUR     65.90
VONTOBEL FIN PRO          9.193    12/31/2012     EUR     46.24
VONTOBEL FIN PRO          9.250    12/31/2012     EUR     51.52
VONTOBEL FIN PRO          9.400    12/31/2012     EUR     71.28
VONTOBEL FIN PRO          9.509    12/31/2012     EUR     73.80
VONTOBEL FIN PRO          9.544    12/31/2012     EUR     75.78
VONTOBEL FIN PRO          9.605    12/31/2012     EUR     71.44
VONTOBEL FIN PRO          9.700    12/31/2012     EUR     62.98
VONTOBEL FIN PRO          9.754    12/31/2012     EUR     65.88
VONTOBEL FIN PRO          9.754    12/31/2012     EUR     45.76
VONTOBEL FIN PRO          9.825    12/31/2012     EUR     71.20
VONTOBEL FIN PRO          9.841    12/31/2012     EUR     63.20
VONTOBEL FIN PRO          9.965    12/31/2012     EUR     72.88
VONTOBEL FIN PRO         10.035    12/31/2012     EUR     69.28
VONTOBEL FIN PRO         14.895     9/28/2012     EUR     65.96
VONTOBEL FIN PRO         10.105    12/31/2012     EUR     72.70
VONTOBEL FIN PRO         10.175    12/31/2012     EUR     45.50
VONTOBEL FIN PRO         10.207    12/31/2012     EUR     67.96
VONTOBEL FIN PRO         10.211    12/31/2012     EUR     72.14
VONTOBEL FIN PRO         10.231    12/31/2012     EUR     68.04
VONTOBEL FIN PRO         10.300    12/31/2012     EUR     73.74
VONTOBEL FIN PRO         10.421    12/31/2012     EUR     63.62
VONTOBEL FIN PRO         10.456    12/31/2012     EUR     71.68
VONTOBEL FIN PRO         10.500    12/31/2012     EUR     46.10
VONTOBEL FIN PRO         10.621    12/31/2012     EUR     76.87
VONTOBEL FIN PRO         10.700    12/31/2012     EUR     75.64
VONTOBEL FIN PRO         10.702    12/31/2012     EUR     75.58
VONTOBEL FIN PRO         10.807    12/31/2012     EUR     22.88
VONTOBEL FIN PRO         10.807    12/31/2012     EUR     64.04
VONTOBEL FIN PRO         10.900    12/31/2012     EUR     70.86
VONTOBEL FIN PRO         10.912    12/31/2012     EUR     70.72
VONTOBEL FIN PRO         11.000    12/31/2012     EUR     65.24
VONTOBEL FIN PRO         11.170    12/31/2012     EUR     61.56
VONTOBEL FIN PRO         11.193    12/31/2012     EUR     70.72
VONTOBEL FIN PRO         11.400    12/31/2012     EUR     72.28
VONTOBEL FIN PRO         11.404    12/31/2012     EUR     69.80
VONTOBEL FIN PRO         11.445    12/31/2012     EUR     65.38
VONTOBEL FIN PRO         11.476    12/31/2012     EUR     54.19
VONTOBEL FIN PRO         11.621    12/31/2012     EUR     71.08
VONTOBEL FIN PRO         11.649    12/31/2012     EUR     55.32
VONTOBEL FIN PRO         11.668    12/31/2012     EUR     74.24
VONTOBEL FIN PRO         11.684    12/31/2012     EUR     76.28
VONTOBEL FIN PRO         11.750    12/31/2012     EUR     73.94
VONTOBEL FIN PRO         11.754    12/31/2012     EUR     76.70
VONTOBEL FIN PRO         11.784    12/31/2012     EUR     64.53
VONTOBEL FIN PRO         11.790    12/31/2012     EUR     61.70
VONTOBEL FIN PRO         11.895    12/31/2012     EUR     68.90
VONTOBEL FIN PRO         11.950    12/31/2012     EUR     67.12
VONTOBEL FIN PRO         12.000    12/31/2012     EUR     70.58
VONTOBEL FIN PRO         12.211    12/31/2012     EUR     69.44
VONTOBEL FIN PRO         12.246    12/31/2012     EUR     73.12
VONTOBEL FIN PRO         12.250    12/31/2012     EUR     70.42
VONTOBEL FIN PRO         12.433    12/31/2012     EUR     69.64
VONTOBEL FIN PRO         12.451    12/31/2012     EUR     75.38
VONTOBEL FIN PRO         12.501    12/31/2012     EUR     54.89
VONTOBEL FIN PRO         12.593    12/31/2012     EUR     59.08
VONTOBEL FIN PRO         12.650    12/31/2012     EUR     56.56
VONTOBEL FIN PRO         12.900    12/31/2012     EUR     64.60
VONTOBEL FIN PRO         12.912    12/31/2012     EUR     53.44
VONTOBEL FIN PRO         13.000    12/31/2012     EUR     75.72
VONTOBEL FIN PRO         13.050    12/31/2012     EUR     70.78
VONTOBEL FIN PRO         13.123    12/31/2012     EUR     23.50
VONTOBEL FIN PRO         13.200    12/31/2012     EUR     73.54
VONTOBEL FIN PRO          7.867     9/28/2012     EUR     69.72
VONTOBEL FIN PRO          7.432     9/28/2012     EUR     68.04
VONTOBEL FIN PRO         13.250    12/31/2012     EUR     75.10
VONTOBEL FIN PRO         13.411    12/31/2012     EUR     71.70
VONTOBEL FIN PRO         13.474    12/31/2012     EUR     73.92
VONTOBEL FIN PRO         13.518    12/31/2012     EUR     71.48
VONTOBEL FIN PRO         13.579    12/31/2012     EUR     71.66
VONTOBEL FIN PRO         13.860    12/31/2012     EUR     70.24
VONTOBEL FIN PRO         14.000    12/31/2012     EUR     74.06
VONTOBEL FIN PRO         14.150    12/31/2012     EUR     43.10
VONTOBEL FIN PRO         14.211    12/31/2012     EUR     51.86
VONTOBEL FIN PRO         14.300    12/31/2012     EUR     65.78
VONTOBEL FIN PRO         14.450    12/31/2012     EUR     72.22
VONTOBEL FIN PRO         14.505    12/31/2012     EUR     74.32
VONTOBEL FIN PRO         14.750    12/31/2012     EUR     71.56
VONTOBEL FIN PRO         14.850    12/31/2012     EUR     75.66
VONTOBEL FIN PRO         16.350    12/31/2012     EUR     68.44
VONTOBEL FIN PRO         16.850    12/31/2012     EUR     61.98
VONTOBEL FIN PRO          7.350     9/28/2012     EUR     74.56
VONTOBEL FIN PRO         11.615     6/15/2012     EUR     65.00
VONTOBEL FIN PRO          6.444     6/22/2012     EUR     67.16
VONTOBEL FIN PRO          6.697     6/22/2012     EUR     72.66
VONTOBEL FIN PRO          6.876     6/22/2012     EUR     50.54
VONTOBEL FIN PRO          6.948     6/22/2012     EUR     71.96
VONTOBEL FIN PRO          7.010     6/22/2012     EUR     62.50
VONTOBEL FIN PRO          7.094     6/22/2012     EUR     59.14
VONTOBEL FIN PRO          7.101     6/22/2012     EUR     46.12
VONTOBEL FIN PRO         10.050    12/31/2012     EUR     71.04
VONTOBEL FIN PRO          7.156     6/22/2012     EUR     70.32
VONTOBEL FIN PRO          7.200     6/22/2012     EUR     75.06
VONTOBEL FIN PRO          7.228     6/22/2012     EUR     72.18
VONTOBEL FIN PRO          7.231     6/22/2012     EUR     74.90
VONTOBEL FIN PRO          7.236     6/22/2012     EUR     58.80
VONTOBEL FIN PRO          7.299     6/22/2012     EUR     67.72
VONTOBEL FIN PRO          7.299     6/22/2012     EUR     74.24
VONTOBEL FIN PRO          7.355     6/22/2012     EUR     71.10
VONTOBEL FIN PRO          7.362     6/22/2012     EUR     74.10
VONTOBEL FIN PRO          7.370     6/22/2012     EUR     70.34
VONTOBEL FIN PRO          7.473     6/22/2012     EUR     59.02
VONTOBEL FIN PRO          7.488     6/22/2012     EUR     64.90
VONTOBEL FIN PRO          7.500     6/22/2012     EUR     50.08
VONTOBEL FIN PRO          7.509     6/22/2012     EUR     51.08
VONTOBEL FIN PRO          7.562     6/22/2012     EUR     64.14
VONTOBEL FIN PRO          7.600     6/22/2012     EUR     75.54
VONTOBEL FIN PRO          7.601     6/22/2012     EUR     73.62
VONTOBEL FIN PRO          7.700     6/22/2012     EUR     74.32
VONTOBEL FIN PRO          7.720     6/22/2012     EUR     72.08
VONTOBEL FIN PRO          7.754     6/22/2012     EUR     54.46
VONTOBEL FIN PRO          7.795     6/22/2012     EUR     68.86
VONTOBEL FIN PRO          7.812     6/22/2012     EUR     69.62
VONTOBEL FIN PRO          7.855     6/22/2012     EUR     71.44
VONTOBEL FIN PRO          7.942     6/22/2012     EUR     65.68
VONTOBEL FIN PRO          7.956     6/22/2012     EUR     66.00
VONTOBEL FIN PRO          7.974     6/22/2012     EUR     53.34
VONTOBEL FIN PRO          7.974     6/22/2012     EUR     38.06
VONTOBEL FIN PRO          7.996     6/22/2012     EUR     65.34
VONTOBEL FIN PRO          8.008     6/22/2012     EUR     63.84
VONTOBEL FIN PRO          8.013     6/22/2012     EUR     53.32
VONTOBEL FIN PRO          8.014     6/22/2012     EUR     60.68
VONTOBEL FIN PRO          8.015     6/22/2012     EUR     59.30
VONTOBEL FIN PRO          8.031     6/22/2012     EUR     68.82
VONTOBEL FIN PRO          8.038     6/22/2012     EUR     68.71
VONTOBEL FIN PRO          8.068     6/22/2012     EUR     59.30
VONTOBEL FIN PRO          8.108     6/22/2012     EUR     67.86
VONTOBEL FIN PRO          8.113     6/22/2012     EUR     74.68
VONTOBEL FIN PRO          8.113     6/22/2012     EUR     66.06
VONTOBEL FIN PRO          8.135     6/22/2012     EUR     66.24
VONTOBEL FIN PRO          8.152     6/22/2012     EUR     64.14
VONTOBEL FIN PRO          8.185     6/22/2012     EUR     49.18
VONTOBEL FIN PRO          8.189     6/22/2012     EUR     35.70
VONTOBEL FIN PRO          8.189     6/22/2012     EUR     65.52
VONTOBEL FIN PRO          8.229     6/22/2012     EUR     67.20
VONTOBEL FIN PRO          8.264     6/22/2012     EUR     64.70
VONTOBEL FIN PRO          8.267     6/22/2012     EUR     64.36
VONTOBEL FIN PRO          8.278     6/22/2012     EUR     63.32
VONTOBEL FIN PRO          8.284     6/22/2012     EUR     44.82
VONTOBEL FIN PRO          8.302     6/22/2012     EUR     61.80
VONTOBEL FIN PRO          8.327     6/22/2012     EUR     66.52
VONTOBEL FIN PRO          8.328     6/22/2012     EUR     74.30
VONTOBEL FIN PRO          8.340     6/22/2012     EUR     16.88
VONTOBEL FIN PRO          8.340     6/22/2012     EUR     58.14
VONTOBEL FIN PRO          8.347     6/22/2012     EUR     72.20
VONTOBEL FIN PRO          8.347     6/22/2012     EUR     53.74
VONTOBEL FIN PRO          8.347     6/22/2012     EUR     69.86
VONTOBEL FIN PRO          8.377     6/22/2012     EUR     41.96
VONTOBEL FIN PRO          8.404     6/22/2012     EUR     72.60
VONTOBEL FIN PRO          8.407     6/22/2012     EUR     41.34
VONTOBEL FIN PRO          8.433     6/22/2012     EUR     65.70
VONTOBEL FIN PRO          8.460     6/22/2012     EUR     46.66
VONTOBEL FIN PRO          8.466     6/22/2012     EUR     60.68
VONTOBEL FIN PRO          8.466     6/22/2012     EUR     35.60
VONTOBEL FIN PRO          8.487     6/22/2012     EUR     65.36
VONTOBEL FIN PRO          8.491     6/22/2012     EUR     53.50
VONTOBEL FIN PRO          8.491     6/22/2012     EUR     51.96
VONTOBEL FIN PRO          8.496     6/22/2012     EUR     72.88
VONTOBEL FIN PRO          8.525     6/22/2012     EUR     58.62
VONTOBEL FIN PRO          8.528     6/22/2012     EUR     66.86
VONTOBEL FIN PRO          8.528     6/22/2012     EUR     65.72
VONTOBEL FIN PRO          8.566     6/22/2012     EUR     59.40
VONTOBEL FIN PRO          8.581     6/22/2012     EUR     62.76
VONTOBEL FIN PRO          8.597     6/22/2012     EUR     62.98
VONTOBEL FIN PRO          8.640     6/22/2012     EUR     25.36
VONTOBEL FIN PRO          8.642     6/22/2012     EUR     52.47
VONTOBEL FIN PRO          8.667     6/22/2012     EUR     65.60
VONTOBEL FIN PRO          8.676     6/22/2012     EUR     68.94
VONTOBEL FIN PRO          8.676     6/22/2012     EUR     73.00
VONTOBEL FIN PRO          8.679     6/22/2012     EUR     62.24
VONTOBEL FIN PRO          8.679     6/22/2012     EUR     67.00
VONTOBEL FIN PRO          8.681     6/22/2012     EUR     60.48
VONTOBEL FIN PRO          8.690     6/22/2012     EUR     56.36
VONTOBEL FIN PRO          8.701     6/22/2012     EUR     42.08
VONTOBEL FIN PRO          8.701     6/22/2012     EUR     75.88
VONTOBEL FIN PRO          8.720     6/22/2012     EUR     74.34
VONTOBEL FIN PRO          8.727     6/22/2012     EUR     72.96
VONTOBEL FIN PRO          8.747     6/22/2012     EUR     74.50
VONTOBEL FIN PRO          7.150     6/22/2012     EUR     71.74
VONTOBEL FIN PRO          8.755     6/22/2012     EUR     64.50
VONTOBEL FIN PRO          8.755     6/22/2012     EUR     45.28
VONTOBEL FIN PRO          8.755     6/22/2012     EUR     65.98
VONTOBEL FIN PRO          8.757     6/22/2012     EUR     61.43
VONTOBEL FIN PRO          8.793     6/22/2012     EUR     63.66
VONTOBEL FIN PRO          8.795     6/22/2012     EUR     64.46
VONTOBEL FIN PRO          8.795     6/22/2012     EUR     70.78
VONTOBEL FIN PRO          8.795     6/22/2012     EUR     50.60
VONTOBEL FIN PRO          8.806     6/22/2012     EUR     67.70
VONTOBEL FIN PRO          8.806     6/22/2012     EUR     62.24
VONTOBEL FIN PRO          8.830     6/22/2012     EUR     66.18
VONTOBEL FIN PRO          8.835     6/22/2012     EUR     56.48
VONTOBEL FIN PRO          8.845     6/22/2012     EUR     66.70
VONTOBEL FIN PRO          8.850     6/22/2012     EUR     74.24
VONTOBEL FIN PRO          8.872     6/22/2012     EUR     74.46
VONTOBEL FIN PRO          9.700     9/28/2012     EUR     71.86
VONTOBEL FIN PRO          8.875     6/22/2012     EUR     60.38
VONTOBEL FIN PRO          8.877     6/22/2012     EUR     64.34
VONTOBEL FIN PRO          8.889     6/22/2012     EUR     60.10
VONTOBEL FIN PRO          8.891     6/22/2012     EUR     63.72
VONTOBEL FIN PRO          8.892     6/22/2012     EUR     55.12
VONTOBEL FIN PRO          8.900     6/22/2012     EUR     55.86
VONTOBEL FIN PRO          8.906     6/22/2012     EUR     49.82
VONTOBEL FIN PRO          8.920     6/22/2012     EUR     70.08
VONTOBEL FIN PRO          8.943     6/22/2012     EUR     73.98
VONTOBEL FIN PRO          8.944     6/22/2012     EUR     72.46
VONTOBEL FIN PRO          9.019     6/22/2012     EUR     45.06
VONTOBEL FIN PRO          9.025     6/22/2012     EUR     73.06
VONTOBEL FIN PRO          9.026     6/22/2012     EUR     68.40
VONTOBEL FIN PRO          9.071     6/22/2012     EUR     66.54
VONTOBEL FIN PRO          9.072     6/22/2012     EUR     53.60
VONTOBEL FIN PRO          9.072     6/22/2012     EUR     67.18
VONTOBEL FIN PRO          9.080     6/22/2012     EUR     74.16
VONTOBEL FIN PRO          9.097     6/22/2012     EUR     74.56
VONTOBEL FIN PRO          9.100     6/22/2012     EUR     76.38
VONTOBEL FIN PRO          9.125     6/22/2012     EUR     72.48
VONTOBEL FIN PRO          9.134     6/22/2012     EUR     73.38
VONTOBEL FIN PRO          9.142     6/22/2012     EUR     65.66
VONTOBEL FIN PRO          9.162     6/22/2012     EUR     69.66
VONTOBEL FIN PRO          9.180     6/22/2012     EUR     66.42
VONTOBEL FIN PRO          9.208     6/22/2012     EUR     48.44
VONTOBEL FIN PRO          9.250     6/22/2012     EUR     67.56
VONTOBEL FIN PRO          9.259     6/22/2012     EUR     74.40
VONTOBEL FIN PRO          9.274     6/22/2012     EUR     61.38
VONTOBEL FIN PRO          9.283     6/22/2012     EUR     41.32
VONTOBEL FIN PRO          9.290     6/22/2012     EUR     61.74
VONTOBEL FIN PRO          9.292     6/22/2012     EUR     49.36
VONTOBEL FIN PRO          9.316     6/22/2012     EUR     59.10
VONTOBEL FIN PRO          9.332     6/22/2012     EUR     64.28
VONTOBEL FIN PRO          9.333     6/22/2012     EUR     72.68
VONTOBEL FIN PRO          9.333     6/22/2012     EUR     72.52
VONTOBEL FIN PRO         17.100    12/31/2012     EUR     58.58
VONTOBEL FIN PRO         18.750    12/31/2012     EUR     71.12
VONTOBEL FIN PRO          7.286     9/28/2012     EUR     71.22
VONTOBEL FIN PRO          6.950     9/28/2012     EUR     69.62
VONTOBEL FIN PRO          5.829     9/28/2012     EUR     69.36
VONTOBEL FIN PRO         18.850    12/31/2012     EUR     60.54
VONTOBEL FIN PRO         18.900    12/31/2012     EUR     71.96
VONTOBEL FIN PRO         11.850      8/3/2012     EUR     73.40
VONTOBEL FIN PRO         12.864     7/27/2012     EUR     63.20
VONTOBEL FIN PRO         11.564     7/27/2012     EUR     59.10
VONTOBEL FIN PRO         11.665     7/20/2012     EUR     69.00
VONTOBEL FIN PRO         11.061     7/20/2012     EUR     64.30
VONTOBEL FIN PRO         10.860     7/20/2012     EUR     58.50
VONTOBEL FIN PRO         21.800    12/31/2012     EUR     57.92
VONTOBEL FIN PRO         22.600    12/31/2012     EUR     53.66
VONTOBEL FIN PRO         24.700    12/31/2012     EUR     55.48
VONTOBEL FIN PRO         24.900    12/31/2012     EUR     64.26
VONTOBEL FIN PRO         11.061     7/13/2012     EUR     65.70
VONTOBEL FIN PRO         27.600    12/31/2012     EUR     54.52
VONTOBEL FIN PRO         10.860     7/13/2012     EUR     67.50
VONTOBEL FIN PRO         11.514      7/6/2012     EUR     52.10
VONTOBEL FIN PRO         28.250    12/31/2012     EUR     52.34
VONTOBEL FIN PRO         12.067     6/29/2012     EUR     54.10
VONTOBEL FIN PRO         12.067     6/29/2012     EUR     59.40
VONTOBEL FIN PRO          8.042      1/2/2013     EUR     69.58
VONTOBEL FIN PRO         10.559     6/29/2012     EUR     74.90
VONTOBEL FIN PRO         23.300     6/22/2012     EUR     61.68
VONTOBEL FIN PRO         22.800     6/22/2012     EUR     55.24
VONTOBEL FIN PRO          8.069      1/2/2013     EUR     71.51
VONTOBEL FIN PRO         21.456     6/22/2012     EUR     49.70
VONTOBEL FIN PRO         19.350     6/22/2012     EUR     60.92
VONTOBEL FIN PRO         19.150     6/22/2012     EUR     65.40
VONTOBEL FIN PRO         18.650     6/22/2012     EUR     68.38
VONTOBEL FIN PRO         18.295     6/22/2012     EUR     40.36
VONTOBEL FIN PRO         18.289     6/22/2012     EUR     15.36
VONTOBEL FIN PRO         18.164     6/22/2012     EUR     15.60
VONTOBEL FIN PRO          8.753     6/22/2012     EUR     68.34
VONTOBEL FIN PRO         18.150     6/22/2012     EUR     77.08
VONTOBEL FIN PRO         18.050     6/22/2012     EUR     74.64
VONTOBEL FIN PRO         18.036     6/22/2012     EUR     53.40
VONTOBEL FIN PRO         17.950     6/22/2012     EUR     44.26
VONTOBEL FIN PRO         17.800     6/22/2012     EUR     64.04
VONTOBEL FIN PRO          8.987      1/2/2013     EUR     38.07
VONTOBEL FIN PRO         10.093      1/2/2013     EUR     73.09
VONTOBEL FIN PRO         10.930      1/2/2013     EUR     46.66
VONTOBEL FIN PRO          8.600     3/22/2013     EUR     77.20
VONTOBEL FIN PRO          9.373     6/22/2012     EUR     43.05
VONTOBEL FIN PRO          8.850     3/22/2013     EUR     72.72
VONTOBEL FIN PRO         11.150     3/22/2013     EUR     69.62
VONTOBEL FIN PRO         11.850     3/22/2013     EUR     72.12
VONTOBEL FIN PRO         13.200     3/22/2013     EUR     76.32
VONTOBEL FIN PRO         17.784     6/22/2012     EUR     42.64
VONTOBEL FIN PRO         17.712     6/22/2012     EUR     15.84
VONTOBEL FIN PRO         17.500     6/22/2012     EUR     74.40
VONTOBEL FIN PRO         14.500     3/22/2013     EUR     68.50
VONTOBEL FIN PRO         17.400     3/22/2013     EUR     66.10
VONTOBEL FIN PRO         20.900     3/22/2013     EUR     74.66
VONTOBEL FIN PRO          7.389    11/25/2013     EUR     36.10
VONTOBEL FIN PRO          5.474     3/17/2014     EUR     72.70
VONTOBEL FIN PRO          5.100     4/14/2014     EUR     43.90
VONTOBEL FIN PRO         17.400     6/22/2012     EUR     76.32
VONTOBEL FIN PRO         18.150     6/22/2012     EUR     70.86
VONTOBEL FIN PRO         14.611     6/22/2012     EUR     62.66
VONTOBEL FIN PRO         14.595     6/22/2012     EUR     65.32
VONTOBEL FIN PRO         14.580     6/22/2012     EUR     53.06
VONTOBEL FIN PRO         14.561     6/22/2012     EUR     58.04
VONTOBEL FIN PRO         14.450     6/22/2012     EUR     47.88
VONTOBEL FIN PRO         14.447     6/22/2012     EUR     61.52
VONTOBEL FIN PRO         14.436     6/22/2012     EUR     21.44
VONTOBEL FIN PRO         14.345     6/22/2012     EUR     55.96
VONTOBEL FIN PRO         14.302     6/22/2012     EUR     17.84
VONTOBEL FIN PRO         14.278     6/22/2012     EUR     40.14
VONTOBEL FIN PRO         14.276     6/22/2012     EUR     58.68
VONTOBEL FIN PRO         14.229     6/22/2012     EUR     38.18
VONTOBEL FIN PRO         14.211     6/22/2012     EUR     66.50
VONTOBEL FIN PRO         14.201     6/22/2012     EUR     33.36
VONTOBEL FIN PRO         14.172     6/22/2012     EUR     56.80
VONTOBEL FIN PRO         14.167     6/22/2012     EUR     71.46
VONTOBEL FIN PRO         14.160     6/22/2012     EUR     17.36
VONTOBEL FIN PRO         14.061     6/22/2012     EUR     54.44
VONTOBEL FIN PRO         14.000     6/22/2012     EUR     52.92
VONTOBEL FIN PRO         14.000     6/22/2012     EUR     44.70
VONTOBEL FIN PRO         13.980     6/22/2012     EUR     48.52
VONTOBEL FIN PRO         13.974     6/22/2012     EUR     61.96
VONTOBEL FIN PRO         13.973     6/22/2012     EUR     69.03
VONTOBEL FIN PRO         13.968     6/22/2012     EUR     68.72
VONTOBEL FIN PRO         13.961     6/22/2012     EUR     71.10
VONTOBEL FIN PRO         13.944     6/22/2012     EUR     69.82
VONTOBEL FIN PRO         13.889     6/22/2012     EUR     70.14
VONTOBEL FIN PRO         13.886     6/22/2012     EUR     56.36
VONTOBEL FIN PRO         13.860     6/22/2012     EUR     47.72
VONTOBEL FIN PRO         13.846     6/22/2012     EUR     55.64
VONTOBEL FIN PRO         13.832     6/22/2012     EUR     36.66
VONTOBEL FIN PRO         13.832     6/22/2012     EUR     53.64
VONTOBEL FIN PRO         13.829     6/22/2012     EUR     47.76
VONTOBEL FIN PRO         13.812     6/22/2012     EUR     54.68
VONTOBEL FIN PRO         13.803     6/22/2012     EUR     52.82
VONTOBEL FIN PRO         13.800     6/22/2012     EUR     68.92
VONTOBEL FIN PRO         13.792     6/22/2012     EUR     51.78
VONTOBEL FIN PRO         13.778     6/22/2012     EUR     74.58
VONTOBEL FIN PRO         13.778     6/22/2012     EUR     63.84
VONTOBEL FIN PRO         13.758     6/22/2012     EUR     33.24
VONTOBEL FIN PRO         13.748     6/22/2012     EUR     39.64
VONTOBEL FIN PRO         13.748     6/22/2012     EUR     62.34
VONTOBEL FIN PRO         13.700     6/22/2012     EUR     63.98
VONTOBEL FIN PRO         13.667     6/22/2012     EUR     66.54
VONTOBEL FIN PRO         13.650     6/22/2012     EUR     58.82
VONTOBEL FIN PRO         13.648     6/22/2012     EUR     56.18
VONTOBEL FIN PRO         13.627     6/22/2012     EUR     72.10
VONTOBEL FIN PRO         13.615     6/22/2012     EUR     54.26
VONTOBEL FIN PRO         13.536     6/22/2012     EUR     36.04
VONTOBEL FIN PRO         13.522     6/22/2012     EUR     54.62
VONTOBEL FIN PRO         13.521     6/22/2012     EUR     40.48
VONTOBEL FIN PRO         13.500     6/22/2012     EUR     34.46
VONTOBEL FIN PRO         13.463     6/22/2012     EUR     32.54
VONTOBEL FIN PRO         13.461     6/22/2012     EUR     68.68
VONTOBEL FIN PRO         13.388     6/22/2012     EUR     68.70
VONTOBEL FIN PRO         13.355     6/22/2012     EUR     45.26
VONTOBEL FIN PRO         13.343     6/22/2012     EUR     51.20
VONTOBEL FIN PRO         13.293     6/22/2012     EUR     60.06
VONTOBEL FIN PRO         13.288     6/22/2012     EUR     43.62
VONTOBEL FIN PRO         13.283     6/22/2012     EUR     42.36
VONTOBEL FIN PRO         13.253     6/22/2012     EUR     51.84
VONTOBEL FIN PRO         13.224     6/22/2012     EUR     56.56
VONTOBEL FIN PRO         13.208     6/22/2012     EUR     44.58
VONTOBEL FIN PRO         13.200     6/22/2012     EUR     67.06
VONTOBEL FIN PRO         13.150     6/22/2012     EUR     52.54
VONTOBEL FIN PRO         13.150     6/22/2012     EUR     72.68
VONTOBEL FIN PRO         13.123     6/22/2012     EUR     73.76
VONTOBEL FIN PRO         13.111     6/22/2012     EUR     48.82
VONTOBEL FIN PRO         13.084     6/22/2012     EUR     55.72
VONTOBEL FIN PRO         13.055     6/22/2012     EUR     75.20
VONTOBEL FIN PRO         13.032     6/22/2012     EUR     35.94
VONTOBEL FIN PRO         13.024     6/22/2012     EUR     64.46
VONTOBEL FIN PRO         13.000     6/22/2012     EUR     21.30
VONTOBEL FIN PRO         12.978     6/22/2012     EUR     73.74
VONTOBEL FIN PRO         12.964     6/22/2012     EUR     59.92
VONTOBEL FIN PRO         12.926     6/22/2012     EUR     67.00
VONTOBEL FIN PRO         12.890     6/22/2012     EUR     76.44
VONTOBEL FIN PRO         12.880     6/22/2012     EUR     62.60
VONTOBEL FIN PRO         12.878     6/22/2012     EUR     69.48
VONTOBEL FIN PRO         12.870     6/22/2012     EUR     58.90
VONTOBEL FIN PRO         12.857     6/22/2012     EUR     75.16
VONTOBEL FIN PRO         12.830     6/22/2012     EUR     36.62
VONTOBEL FIN PRO         12.799     6/22/2012     EUR     62.90
VONTOBEL FIN PRO         12.789     6/22/2012     EUR     73.80
VONTOBEL FIN PRO         12.716     6/22/2012     EUR     39.34
VONTOBEL FIN PRO         12.689     6/22/2012     EUR     58.52
VONTOBEL FIN PRO         12.685     6/22/2012     EUR     41.18
VONTOBEL FIN PRO         12.679     6/22/2012     EUR     55.51
VONTOBEL FIN PRO         12.672     6/22/2012     EUR     37.90
VONTOBEL FIN PRO         12.672     6/22/2012     EUR     65.50
VONTOBEL FIN PRO         12.667     6/22/2012     EUR     71.00
VONTOBEL FIN PRO         12.652     6/22/2012     EUR     63.84
VONTOBEL FIN PRO         12.627     6/22/2012     EUR     49.64
VONTOBEL FIN PRO         12.623     6/22/2012     EUR     39.56
VONTOBEL FIN PRO         12.600     6/22/2012     EUR     68.12
VONTOBEL FIN PRO         12.595     6/22/2012     EUR     51.84
VONTOBEL FIN PRO         12.578     6/22/2012     EUR     45.76
VONTOBEL FIN PRO         12.578     6/22/2012     EUR     69.36
VONTOBEL FIN PRO         12.547     6/22/2012     EUR     66.06
VONTOBEL FIN PRO         12.544     6/22/2012     EUR     41.42
VONTOBEL FIN PRO         12.537     6/22/2012     EUR     55.64
VONTOBEL FIN PRO         12.536     6/22/2012     EUR     57.56
VONTOBEL FIN PRO         12.532     6/22/2012     EUR     61.00
VONTOBEL FIN PRO         12.520     6/22/2012     EUR     53.35
VONTOBEL FIN PRO         12.512     6/22/2012     EUR     49.20
VONTOBEL FIN PRO         12.500     6/22/2012     EUR     67.74
VONTOBEL FIN PRO         12.500     6/22/2012     EUR     71.52
VONTOBEL FIN PRO         12.472     6/22/2012     EUR     67.06
VONTOBEL FIN PRO         12.462     6/22/2012     EUR     66.04
VONTOBEL FIN PRO         12.456     6/22/2012     EUR     54.60
VONTOBEL FIN PRO         12.451     6/22/2012     EUR     49.88
VONTOBEL FIN PRO         12.420     6/22/2012     EUR     22.52
VONTOBEL FIN PRO         12.403     6/22/2012     EUR     65.46
VONTOBEL FIN PRO         12.398     6/22/2012     EUR     66.98
VONTOBEL FIN PRO         12.393     6/22/2012     EUR     56.70
VONTOBEL FIN PRO         12.389     6/22/2012     EUR     71.88
VONTOBEL FIN PRO         12.389     6/22/2012     EUR     41.98
VONTOBEL FIN PRO         12.382     6/22/2012     EUR     55.48
VONTOBEL FIN PRO         12.370     6/22/2012     EUR     74.92
VONTOBEL FIN PRO         12.352     6/22/2012     EUR     57.80
VONTOBEL FIN PRO         12.348     6/22/2012     EUR     64.32
VONTOBEL FIN PRO         12.343     6/22/2012     EUR     39.28
VONTOBEL FIN PRO         12.340     6/22/2012     EUR     48.94
VONTOBEL FIN PRO         12.340     6/22/2012     EUR     59.37
VONTOBEL FIN PRO         12.323     6/22/2012     EUR     36.44
VONTOBEL FIN PRO         12.311     6/22/2012     EUR     67.46
VONTOBEL FIN PRO         12.306     6/22/2012     EUR     69.90
VONTOBEL FIN PRO         12.300     6/22/2012     EUR     50.26
VONTOBEL FIN PRO         12.298     6/22/2012     EUR     55.34
VONTOBEL FIN PRO         12.276     6/22/2012     EUR     49.26
VONTOBEL FIN PRO         12.260     6/22/2012     EUR     55.92
VONTOBEL FIN PRO         12.247     6/22/2012     EUR     51.58
VONTOBEL FIN PRO         12.226     6/22/2012     EUR     17.46
VONTOBEL FIN PRO         12.216     6/22/2012     EUR     61.84
VONTOBEL FIN PRO         12.204     6/22/2012     EUR     41.86
VONTOBEL FIN PRO         12.168     6/22/2012     EUR     57.20
VONTOBEL FIN PRO         12.164     6/22/2012     EUR     63.64
VONTOBEL FIN PRO         12.162     6/22/2012     EUR     69.42
VONTOBEL FIN PRO         12.148     6/22/2012     EUR     72.42
VONTOBEL FIN PRO         12.144     6/22/2012     EUR     65.06
VONTOBEL FIN PRO         12.123     6/22/2012     EUR     51.38
VONTOBEL FIN PRO         12.118     6/22/2012     EUR     71.22
VONTOBEL FIN PRO         12.117     6/22/2012     EUR     39.20
VONTOBEL FIN PRO         12.111     6/22/2012     EUR     66.36
VONTOBEL FIN PRO         12.103     6/22/2012     EUR     56.47
VONTOBEL FIN PRO         12.038     6/22/2012     EUR     69.35
VONTOBEL FIN PRO         12.025     6/22/2012     EUR     68.30
VONTOBEL FIN PRO         12.017     6/22/2012     EUR     57.28
VONTOBEL FIN PRO         12.013     6/22/2012     EUR     49.48
VONTOBEL FIN PRO         12.000     6/22/2012     EUR     53.78
VONTOBEL FIN PRO         12.000     6/22/2012     EUR     68.34
VONTOBEL FIN PRO         12.000     6/22/2012     EUR     62.94
VONTOBEL FIN PRO         11.983     6/22/2012     EUR     71.80
VONTOBEL FIN PRO         11.967     6/22/2012     EUR     57.32
VONTOBEL FIN PRO         11.959     6/22/2012     EUR     76.06
VONTOBEL FIN PRO         11.955     6/22/2012     EUR     34.96
VONTOBEL FIN PRO         11.952     6/22/2012     EUR     50.86
VONTOBEL FIN PRO         11.944     6/22/2012     EUR     60.28
VONTOBEL FIN PRO         11.917     6/22/2012     EUR     68.04
VONTOBEL FIN PRO         11.910     6/22/2012     EUR     52.94
VONTOBEL FIN PRO         11.900     6/22/2012     EUR     70.90
VONTOBEL FIN PRO         11.844     6/22/2012     EUR     52.84
VONTOBEL FIN PRO         11.819     6/22/2012     EUR     60.04
VONTOBEL FIN PRO         11.811     6/22/2012     EUR     42.14
VONTOBEL FIN PRO         11.808     6/22/2012     EUR     58.28
VONTOBEL FIN PRO         11.807     6/22/2012     EUR     53.28
VONTOBEL FIN PRO         11.807     6/22/2012     EUR     56.34
VONTOBEL FIN PRO         11.800     6/22/2012     EUR     65.34
VONTOBEL FIN PRO         11.791     6/22/2012     EUR     66.50
VONTOBEL FIN PRO         11.778     6/22/2012     EUR     42.44
VONTOBEL FIN PRO         11.774     6/22/2012     EUR     44.12
VONTOBEL FIN PRO         11.750     6/22/2012     EUR     50.80
VONTOBEL FIN PRO         11.736     6/22/2012     EUR     36.44
VONTOBEL FIN PRO         11.713     6/22/2012     EUR     75.26
VONTOBEL FIN PRO         11.705     6/22/2012     EUR     43.39
VONTOBEL FIN PRO         11.693     6/22/2012     EUR     42.90
VONTOBEL FIN PRO         11.668     6/22/2012     EUR     69.78
VONTOBEL FIN PRO         11.622     6/22/2012     EUR     59.46
VONTOBEL FIN PRO         11.614     6/22/2012     EUR     51.74
VONTOBEL FIN PRO         11.600     6/22/2012     EUR     50.70
VONTOBEL FIN PRO         11.591     6/22/2012     EUR     62.40
VONTOBEL FIN PRO         11.586     6/22/2012     EUR     55.97
VONTOBEL FIN PRO         11.585     6/22/2012     EUR     75.02
VONTOBEL FIN PRO         11.582     6/22/2012     EUR     60.28
VONTOBEL FIN PRO         11.581     6/22/2012     EUR     52.44
VONTOBEL FIN PRO         11.566     6/22/2012     EUR     54.00
VONTOBEL FIN PRO         11.560     6/22/2012     EUR     35.86
VONTOBEL FIN PRO         11.556     6/22/2012     EUR     74.44
VONTOBEL FIN PRO         11.554     6/22/2012     EUR     72.70
VONTOBEL FIN PRO         11.554     6/22/2012     EUR     61.04
VONTOBEL FIN PRO         11.550     6/22/2012     EUR     67.22
VONTOBEL FIN PRO         11.546     6/22/2012     EUR     74.50
VONTOBEL FIN PRO         11.534     6/22/2012     EUR     56.38
VONTOBEL FIN PRO         11.514     6/22/2012     EUR     73.90
VONTOBEL FIN PRO         11.484     6/22/2012     EUR     63.60
VONTOBEL FIN PRO         11.455     6/22/2012     EUR     56.66
VONTOBEL FIN PRO         11.443     6/22/2012     EUR     68.10
VONTOBEL FIN PRO         11.425     6/22/2012     EUR     73.54
VONTOBEL FIN PRO         11.425     6/22/2012     EUR     50.76
VONTOBEL FIN PRO         11.425     6/22/2012     EUR     65.70
VONTOBEL FIN PRO         11.422     6/22/2012     EUR     42.36
VONTOBEL FIN PRO         11.409     6/22/2012     EUR     59.00
VONTOBEL FIN PRO         11.405     6/22/2012     EUR     73.10
VONTOBEL FIN PRO         11.405     6/22/2012     EUR     72.84
VONTOBEL FIN PRO         11.396     6/22/2012     EUR     52.61
VONTOBEL FIN PRO         11.394     6/22/2012     EUR     73.76
VONTOBEL FIN PRO         11.389     6/22/2012     EUR     69.24
VONTOBEL FIN PRO         11.389     6/22/2012     EUR     67.74
VONTOBEL FIN PRO         11.388     6/22/2012     EUR     75.76
VONTOBEL FIN PRO         11.377     6/22/2012     EUR     46.78
VONTOBEL FIN PRO         11.366     6/22/2012     EUR     59.34
VONTOBEL FIN PRO         11.361     6/22/2012     EUR     49.52
VONTOBEL FIN PRO         11.356     6/22/2012     EUR     73.02
VONTOBEL FIN PRO         11.333     6/22/2012     EUR     68.30
VONTOBEL FIN PRO         11.328     6/22/2012     EUR     64.48
VONTOBEL FIN PRO         11.319     6/22/2012     EUR     45.74
VONTOBEL FIN PRO         11.304     6/22/2012     EUR     53.28
VONTOBEL FIN PRO         11.296     6/22/2012     EUR     63.78
VONTOBEL FIN PRO         11.287     6/22/2012     EUR     71.96
VONTOBEL FIN PRO         11.283     6/22/2012     EUR     48.74
VONTOBEL FIN PRO         11.238     6/22/2012     EUR     47.00
VONTOBEL FIN PRO         11.237     6/22/2012     EUR     73.06
VONTOBEL FIN PRO         11.219     6/22/2012     EUR     64.25
VONTOBEL FIN PRO         11.219     6/22/2012     EUR     74.76
VONTOBEL FIN PRO         11.219     6/22/2012     EUR     58.82
VONTOBEL FIN PRO         11.194     6/22/2012     EUR     64.94
VONTOBEL FIN PRO         11.138     6/22/2012     EUR     72.98
VONTOBEL FIN PRO         11.135     6/22/2012     EUR     71.44
VONTOBEL FIN PRO         11.130     6/22/2012     EUR     69.77
VONTOBEL FIN PRO         11.129     6/22/2012     EUR     70.24
VONTOBEL FIN PRO         11.117     6/22/2012     EUR     65.50
VONTOBEL FIN PRO         11.103     6/22/2012     EUR     64.42
VONTOBEL FIN PRO         11.098     6/22/2012     EUR     68.04
VONTOBEL FIN PRO         11.080     6/22/2012     EUR     66.44
VONTOBEL FIN PRO         11.080     6/22/2012     EUR     69.34
VONTOBEL FIN PRO         11.056     6/22/2012     EUR     69.72
VONTOBEL FIN PRO         11.052     6/22/2012     EUR     49.32
VONTOBEL FIN PRO         11.029     6/22/2012     EUR     61.40
VONTOBEL FIN PRO         11.027     6/22/2012     EUR     76.02
VONTOBEL FIN PRO         11.019     6/22/2012     EUR     54.12
VONTOBEL FIN PRO         10.980     6/22/2012     EUR     67.08
VONTOBEL FIN PRO         10.970     6/22/2012     EUR     69.42
VONTOBEL FIN PRO         10.955     6/22/2012     EUR     68.02
VONTOBEL FIN PRO         10.925     6/22/2012     EUR     49.68
VONTOBEL FIN PRO         10.925     6/22/2012     EUR     68.12
VONTOBEL FIN PRO         10.925     6/22/2012     EUR     52.68
VONTOBEL FIN PRO         10.920     6/22/2012     EUR     38.72
VONTOBEL FIN PRO         10.920     6/22/2012     EUR     74.72
VONTOBEL FIN PRO         10.918     6/22/2012     EUR     71.28
VONTOBEL FIN PRO         10.909     6/22/2012     EUR     34.66
VONTOBEL FIN PRO         10.890     6/22/2012     EUR     75.88
VONTOBEL FIN PRO         10.878     6/22/2012     EUR     56.08
VONTOBEL FIN PRO         10.847     6/22/2012     EUR     60.80
VONTOBEL FIN PRO         10.843     6/22/2012     EUR     58.30
VONTOBEL FIN PRO         10.837     6/22/2012     EUR     72.94
VONTOBEL FIN PRO         10.833     6/22/2012     EUR     43.18
VONTOBEL FIN PRO         10.800     6/22/2012     EUR     35.78
VONTOBEL FIN PRO         10.791     6/22/2012     EUR     70.56
VONTOBEL FIN PRO         10.789     6/22/2012     EUR     75.28
VONTOBEL FIN PRO         10.781     6/22/2012     EUR     72.92
VONTOBEL FIN PRO         10.779     6/22/2012     EUR     58.34
VONTOBEL FIN PRO         10.761     6/22/2012     EUR     64.32
VONTOBEL FIN PRO         10.760     6/22/2012     EUR     66.08
VONTOBEL FIN PRO         10.759     6/22/2012     EUR     67.81
VONTOBEL FIN PRO         10.757     6/22/2012     EUR     72.28
VONTOBEL FIN PRO         10.757     6/22/2012     EUR     55.12
VONTOBEL FIN PRO         10.726     6/22/2012     EUR     44.86
VONTOBEL FIN PRO         10.724     6/22/2012     EUR     52.98
VONTOBEL FIN PRO         10.703     6/22/2012     EUR     72.50
VONTOBEL FIN PRO         10.697     6/22/2012     EUR     74.46
VONTOBEL FIN PRO         10.668     6/22/2012     EUR     67.98
VONTOBEL FIN PRO         10.668     6/22/2012     EUR     64.24
VONTOBEL FIN PRO         10.660     6/22/2012     EUR     40.26
VONTOBEL FIN PRO         10.642     6/22/2012     EUR     55.39
VONTOBEL FIN PRO         10.620     6/22/2012     EUR     61.60
VONTOBEL FIN PRO         10.612     6/22/2012     EUR     63.74
VONTOBEL FIN PRO         10.611     6/22/2012     EUR     74.68
VONTOBEL FIN PRO         10.607     6/22/2012     EUR     48.74
VONTOBEL FIN PRO         10.577     6/22/2012     EUR     58.94
VONTOBEL FIN PRO         10.571     6/22/2012     EUR     74.30
VONTOBEL FIN PRO         10.567     6/22/2012     EUR     54.86
VONTOBEL FIN PRO         10.556     6/22/2012     EUR     73.96
VONTOBEL FIN PRO         10.548     6/22/2012     EUR     52.20
VONTOBEL FIN PRO         10.539     6/22/2012     EUR     73.40
VONTOBEL FIN PRO         10.528     6/22/2012     EUR     59.09
VONTOBEL FIN PRO         10.520     6/22/2012     EUR     41.94
VONTOBEL FIN PRO         10.500     6/22/2012     EUR     53.58
VONTOBEL FIN PRO         10.490     6/22/2012     EUR     43.04
VONTOBEL FIN PRO         10.486     6/22/2012     EUR     36.72
VONTOBEL FIN PRO         10.478     6/22/2012     EUR     70.84
VONTOBEL FIN PRO         10.476     6/22/2012     EUR     23.80
VONTOBEL FIN PRO         10.458     6/22/2012     EUR     64.90
VONTOBEL FIN PRO         10.440     6/22/2012     EUR     59.88
VONTOBEL FIN PRO         10.439     6/22/2012     EUR     45.18
VONTOBEL FIN PRO         10.438     6/22/2012     EUR     61.06
VONTOBEL FIN PRO         10.415     6/22/2012     EUR     69.11
VONTOBEL FIN PRO         10.402     6/22/2012     EUR     58.68
VONTOBEL FIN PRO         10.389     6/22/2012     EUR     70.32
VONTOBEL FIN PRO         10.371     6/22/2012     EUR     55.64
VONTOBEL FIN PRO         10.364     6/22/2012     EUR     68.00
VONTOBEL FIN PRO         10.364     6/22/2012     EUR     68.00
VONTOBEL FIN PRO         10.333     6/22/2012     EUR     70.82
VONTOBEL FIN PRO         10.325     6/22/2012     EUR     68.24
VONTOBEL FIN PRO         10.286     6/22/2012     EUR     63.36
VONTOBEL FIN PRO         10.278     6/22/2012     EUR     43.70
VONTOBEL FIN PRO         10.274     6/22/2012     EUR     72.46
VONTOBEL FIN PRO         10.273     6/22/2012     EUR     58.64
VONTOBEL FIN PRO         10.272     6/22/2012     EUR     70.60
VONTOBEL FIN PRO         10.264     6/22/2012     EUR     52.73
VONTOBEL FIN PRO         10.260     6/22/2012     EUR     43.44
VONTOBEL FIN PRO         10.257     6/22/2012     EUR     53.70
VONTOBEL FIN PRO         10.254     6/22/2012     EUR     64.54
VONTOBEL FIN PRO         10.246     6/22/2012     EUR     70.80
VONTOBEL FIN PRO         10.244     6/22/2012     EUR     68.06
VONTOBEL FIN PRO         10.222     6/22/2012     EUR     62.78
VONTOBEL FIN PRO         10.222     6/22/2012     EUR     70.58
VONTOBEL FIN PRO         10.207     6/22/2012     EUR     60.14
VONTOBEL FIN PRO         10.186     6/22/2012     EUR     65.84
VONTOBEL FIN PRO         10.185     6/22/2012     EUR     75.06
VONTOBEL FIN PRO         10.167     6/22/2012     EUR     50.48
VONTOBEL FIN PRO         10.167     6/22/2012     EUR     68.00
VONTOBEL FIN PRO         10.142     6/22/2012     EUR     61.58
VONTOBEL FIN PRO         10.116     6/22/2012     EUR     54.74
VONTOBEL FIN PRO         10.113     6/22/2012     EUR     74.48
VONTOBEL FIN PRO         10.110     6/22/2012     EUR     35.90
VONTOBEL FIN PRO         10.107     6/22/2012     EUR     61.40
VONTOBEL FIN PRO         10.100     6/22/2012     EUR     56.08
VONTOBEL FIN PRO         10.098     6/22/2012     EUR     68.10
VONTOBEL FIN PRO         10.073     6/22/2012     EUR     72.50
VONTOBEL FIN PRO         10.070     6/22/2012     EUR     74.80
VONTOBEL FIN PRO         10.050     6/22/2012     EUR     68.44
VONTOBEL FIN PRO         10.048     6/22/2012     EUR     73.90
VONTOBEL FIN PRO         10.038     6/22/2012     EUR     50.00
VONTOBEL FIN PRO         10.030     6/22/2012     EUR     67.00
VONTOBEL FIN PRO         10.028     6/22/2012     EUR     62.44
VONTOBEL FIN PRO         10.028     6/22/2012     EUR     68.60
VONTOBEL FIN PRO         10.026     6/22/2012     EUR     66.78
VONTOBEL FIN PRO         10.000     6/22/2012     EUR     67.10
VONTOBEL FIN PRO          9.991     6/22/2012     EUR     55.30
VONTOBEL FIN PRO          9.969     6/22/2012     EUR     43.02
VONTOBEL FIN PRO          9.960     6/22/2012     EUR     69.54
VONTOBEL FIN PRO          9.957     6/22/2012     EUR     54.82
VONTOBEL FIN PRO          9.921     6/22/2012     EUR     67.12
VONTOBEL FIN PRO          9.918     6/22/2012     EUR     60.42
VONTOBEL FIN PRO          9.892     6/22/2012     EUR     63.28
VONTOBEL FIN PRO          9.887     6/22/2012     EUR     58.34
VONTOBEL FIN PRO          9.880     6/22/2012     EUR     71.76
VONTOBEL FIN PRO          9.871     6/22/2012     EUR     66.98
VONTOBEL FIN PRO          9.839     6/22/2012     EUR     70.36
VONTOBEL FIN PRO          9.832     6/22/2012     EUR     70.22
VONTOBEL FIN PRO          9.797     6/22/2012     EUR     53.72
VONTOBEL FIN PRO          9.790     6/22/2012     EUR     75.04
VONTOBEL FIN PRO          9.781     6/22/2012     EUR     50.74
VONTOBEL FIN PRO          9.732     6/22/2012     EUR     73.14
VONTOBEL FIN PRO          9.724     6/22/2012     EUR     65.26
VONTOBEL FIN PRO          9.716     6/22/2012     EUR     70.80
VONTOBEL FIN PRO          9.709     6/22/2012     EUR     46.72
VONTOBEL FIN PRO          9.709     6/22/2012     EUR     38.68
VONTOBEL FIN PRO          9.699     6/22/2012     EUR     46.96
VONTOBEL FIN PRO          9.698     6/22/2012     EUR     60.60
VONTOBEL FIN PRO          9.689     6/22/2012     EUR     73.00
VONTOBEL FIN PRO          9.689     6/22/2012     EUR     62.70
VONTOBEL FIN PRO          9.689     6/22/2012     EUR     71.74
VONTOBEL FIN PRO          9.684     6/22/2012     EUR     69.84
VONTOBEL FIN PRO          9.674     6/22/2012     EUR     70.76
VONTOBEL FIN PRO          9.673     6/22/2012     EUR     48.24
VONTOBEL FIN PRO          9.658     6/22/2012     EUR     63.99
VONTOBEL FIN PRO          9.627     6/22/2012     EUR     52.30
VONTOBEL FIN PRO          9.623     6/22/2012     EUR     35.92
VONTOBEL FIN PRO          9.623     6/22/2012     EUR     43.78
VONTOBEL FIN PRO          9.606     6/22/2012     EUR     65.54
VONTOBEL FIN PRO          9.576     6/22/2012     EUR     58.16
VONTOBEL FIN PRO          9.557     6/22/2012     EUR     69.08
VONTOBEL FIN PRO          9.556     6/22/2012     EUR     22.12
VONTOBEL FIN PRO          9.553     6/22/2012     EUR     61.46
VONTOBEL FIN PRO          9.553     6/22/2012     EUR     63.82
VONTOBEL FIN PRO          9.550     6/22/2012     EUR     70.94
VONTOBEL FIN PRO          9.547     6/22/2012     EUR     62.30
VONTOBEL FIN PRO          9.534     6/22/2012     EUR     74.52
VONTOBEL FIN PRO          9.534     6/22/2012     EUR     68.46
VONTOBEL FIN PRO          9.524     6/22/2012     EUR     65.94
VONTOBEL FIN PRO          9.511     6/22/2012     EUR     61.56
VONTOBEL FIN PRO          9.493     6/22/2012     EUR     73.92
VONTOBEL FIN PRO          9.472     6/22/2012     EUR     34.01
VONTOBEL FIN PRO          9.472     6/22/2012     EUR     60.16
VONTOBEL FIN PRO          9.466     6/22/2012     EUR     58.94
VONTOBEL FIN PRO          9.461     6/22/2012     EUR     63.62
VONTOBEL FIN PRO          9.454     6/22/2012     EUR     37.66
VONTOBEL FIN PRO          9.448     6/22/2012     EUR     69.12
VONTOBEL FIN PRO          9.443     6/22/2012     EUR     74.92
VONTOBEL FIN PRO          9.414     6/22/2012     EUR     56.34
VONTOBEL FIN PRO          9.411     6/22/2012     EUR     63.28
VONTOBEL FIN PRO          9.405     6/22/2012     EUR     70.44
VONTOBEL FIN PRO          9.396     6/22/2012     EUR     67.00
VONTOBEL FIN PRO          9.389     6/22/2012     EUR     44.50
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     62.10
VONTOBEL FIN PRO         12.067     4/27/2012     EUR     73.40
VONTOBEL FIN PRO         12.067      5/4/2012     EUR     55.10
VONTOBEL FIN PRO         13.173      5/4/2012     EUR     44.60
VONTOBEL FIN PRO         10.056     5/11/2012     EUR     54.80
VONTOBEL FIN PRO         10.961     5/18/2012     EUR     54.30
VONTOBEL FIN PRO         12.168     5/18/2012     EUR     36.10
VONTOBEL FIN PRO         11.564     5/25/2012     EUR     42.00
VONTOBEL FIN PRO         10.358      6/1/2012     EUR     64.00
VONTOBEL FIN PRO         12.369      6/1/2012     EUR     36.60
VONTOBEL FIN PRO          7.889      6/6/2012     EUR     62.60
VONTOBEL FIN PRO         10.056      6/8/2012     EUR     73.60
VONTOBEL FIN PRO         11.464      6/8/2012     EUR     64.20
VONTOBEL FIN PRO         10.358     6/15/2012     EUR     44.90
VONTOBEL FIN PRO         10.458     6/15/2012     EUR     51.00
VONTOBEL FIN PRO          9.672     9/28/2012     EUR     57.30
VONTOBEL FIN PRO          9.634     9/28/2012     EUR     62.60
VONTOBEL FIN PRO          9.557     9/28/2012     EUR     73.74
VONTOBEL FIN PRO          9.532     9/28/2012     EUR     72.68
VONTOBEL FIN PRO          9.523     9/28/2012     EUR     67.32
VONTOBEL FIN PRO          9.523     9/28/2012     EUR     43.10
VONTOBEL FIN PRO          9.492     9/28/2012     EUR     61.08
VONTOBEL FIN PRO          9.776     9/28/2012     EUR     65.24
VONTOBEL FIN PRO          9.803     9/28/2012     EUR     69.36
VONTOBEL FIN PRO          9.803     9/28/2012     EUR     69.36
VONTOBEL FIN PRO          9.860     9/28/2012     EUR     72.80
VONTOBEL FIN PRO          9.877     9/28/2012     EUR     55.98
VONTOBEL FIN PRO          9.900     9/28/2012     EUR     67.48
VONTOBEL FIN PRO          9.926     9/28/2012     EUR     65.74
VONTOBEL FIN PRO          9.950     9/28/2012     EUR     63.04
VONTOBEL FIN PRO          9.986     9/28/2012     EUR     72.36
VONTOBEL FIN PRO         10.000     9/28/2012     EUR     51.76
VONTOBEL FIN PRO         10.014     9/28/2012     EUR     56.02
VONTOBEL FIN PRO         10.046     9/28/2012     EUR     57.02
VONTOBEL FIN PRO         10.046     9/28/2012     EUR     70.44
VONTOBEL FIN PRO         10.083     9/28/2012     EUR     70.48
VONTOBEL FIN PRO         10.083     9/28/2012     EUR     61.28
VONTOBEL FIN PRO         10.123     9/28/2012     EUR     58.16
VONTOBEL FIN PRO         10.155     9/28/2012     EUR     72.54
VONTOBEL FIN PRO         10.241     9/28/2012     EUR     74.76
VONTOBEL FIN PRO         10.320     9/28/2012     EUR     72.36
VONTOBEL FIN PRO         10.336     9/28/2012     EUR     59.60
VONTOBEL FIN PRO         10.344     9/28/2012     EUR     55.12
VONTOBEL FIN PRO         10.366     9/28/2012     EUR     63.10
VONTOBEL FIN PRO         10.494     9/28/2012     EUR     42.18
VONTOBEL FIN PRO         10.539     9/28/2012     EUR     61.88
VONTOBEL FIN PRO         10.556     9/28/2012     EUR     48.52
VONTOBEL FIN PRO         10.600     9/28/2012     EUR     69.68
VONTOBEL FIN PRO         10.678     9/28/2012     EUR     74.84
VONTOBEL FIN PRO         10.722     9/28/2012     EUR     66.98
VONTOBEL FIN PRO         10.755     9/28/2012     EUR     70.42
VONTOBEL FIN PRO         10.825     9/28/2012     EUR     74.84
VONTOBEL FIN PRO         10.830     9/28/2012     EUR     61.54
VONTOBEL FIN PRO         10.830     9/28/2012     EUR     59.56
VONTOBEL FIN PRO         10.850     9/28/2012     EUR     56.54
VONTOBEL FIN PRO         10.905     9/28/2012     EUR     69.68
VONTOBEL FIN PRO         10.905     9/28/2012     EUR     65.66
VONTOBEL FIN PRO         10.909     9/28/2012     EUR     64.46
VONTOBEL FIN PRO         10.915     9/28/2012     EUR     68.34
VONTOBEL FIN PRO         10.971     9/28/2012     EUR     69.86
VONTOBEL FIN PRO         10.989     9/28/2012     EUR     63.68
VONTOBEL FIN PRO         11.014     9/28/2012     EUR     75.14
VONTOBEL FIN PRO         11.017     9/28/2012     EUR     68.66
VONTOBEL FIN PRO         11.027     9/28/2012     EUR     69.70
VONTOBEL FIN PRO         11.028     9/28/2012     EUR     71.48
VONTOBEL FIN PRO         11.035     9/28/2012     EUR     66.36
VONTOBEL FIN PRO         11.077     9/28/2012     EUR     53.41
VONTOBEL FIN PRO         11.100     9/28/2012     EUR     71.32
VONTOBEL FIN PRO         11.119     9/28/2012     EUR     62.06
VONTOBEL FIN PRO         11.119     9/28/2012     EUR     71.82
VONTOBEL FIN PRO         11.145     9/28/2012     EUR     58.34
VONTOBEL FIN PRO         11.187     9/28/2012     EUR     65.12
VONTOBEL FIN PRO         11.197     9/28/2012     EUR     65.86
VONTOBEL FIN PRO         11.200     9/28/2012     EUR     74.56
VONTOBEL FIN PRO         11.229     9/28/2012     EUR     69.02
VONTOBEL FIN PRO         11.241     9/28/2012     EUR     75.10
VONTOBEL FIN PRO         11.245     9/28/2012     EUR     75.76
VONTOBEL FIN PRO         11.250     9/28/2012     EUR     68.70
VONTOBEL FIN PRO         11.350     9/28/2012     EUR     74.40
VONTOBEL FIN PRO         11.357     9/28/2012     EUR     62.50
VONTOBEL FIN PRO         11.497     9/28/2012     EUR     70.28
VONTOBEL FIN PRO         11.502     9/28/2012     EUR     51.84
VONTOBEL FIN PRO         11.502     9/28/2012     EUR     41.38
VONTOBEL FIN PRO         11.514     9/28/2012     EUR     67.28
VONTOBEL FIN PRO         11.577     9/28/2012     EUR     52.84
VONTOBEL FIN PRO         11.580     9/28/2012     EUR     70.52
VONTOBEL FIN PRO         11.676     9/28/2012     EUR     57.52
VONTOBEL FIN PRO         11.698     9/28/2012     EUR     69.32
VONTOBEL FIN PRO         11.764     9/28/2012     EUR     62.66
VONTOBEL FIN PRO         11.790     9/28/2012     EUR     54.92
VONTOBEL FIN PRO         11.797     9/28/2012     EUR     59.39
VONTOBEL FIN PRO         11.816     9/28/2012     EUR     70.06
VONTOBEL FIN PRO         11.895     9/28/2012     EUR     46.64
VONTOBEL FIN PRO         11.900     9/28/2012     EUR     58.52
VONTOBEL FIN PRO         11.950     9/28/2012     EUR     75.22
VONTOBEL FIN PRO         12.050     9/28/2012     EUR     76.96
VONTOBEL FIN PRO         12.056     9/28/2012     EUR     58.56
VONTOBEL FIN PRO         12.067     9/28/2012     EUR     57.18
VONTOBEL FIN PRO         12.086     9/28/2012     EUR     74.36
VONTOBEL FIN PRO         12.131     9/28/2012     EUR     61.84
VONTOBEL FIN PRO         12.168     9/28/2012     EUR     75.83
VONTOBEL FIN PRO         12.211     9/28/2012     EUR     74.84
VONTOBEL FIN PRO         12.211     9/28/2012     EUR     74.84
VONTOBEL FIN PRO         12.350     9/28/2012     EUR     54.86
VONTOBEL FIN PRO         12.350     9/28/2012     EUR     47.94
VONTOBEL FIN PRO         12.398     9/28/2012     EUR     73.92
VONTOBEL FIN PRO         12.398     9/28/2012     EUR     54.00
VONTOBEL FIN PRO         12.436     9/28/2012     EUR     66.98
VONTOBEL FIN PRO         12.471     9/28/2012     EUR     66.86
VONTOBEL FIN PRO         12.676     9/28/2012     EUR     69.02
VONTOBEL FIN PRO         12.761     9/28/2012     EUR     59.38
VONTOBEL FIN PRO         12.770     9/28/2012     EUR     71.42
VONTOBEL FIN PRO         12.800     9/28/2012     EUR     65.92
VONTOBEL FIN PRO         12.847     9/28/2012     EUR     71.60
VONTOBEL FIN PRO         12.847     9/28/2012     EUR     50.88
VONTOBEL FIN PRO         12.857     9/28/2012     EUR     56.16
VONTOBEL FIN PRO         12.857     9/28/2012     EUR     75.58
VONTOBEL FIN PRO          9.405     9/28/2012     EUR     66.56
VONTOBEL FIN PRO          9.400     9/28/2012     EUR     57.06
VONTOBEL FIN PRO          9.386     9/28/2012     EUR     72.44
VONTOBEL FIN PRO          9.345     9/28/2012     EUR     71.50
VONTOBEL FIN PRO         12.943     9/28/2012     EUR     71.40
VONTOBEL FIN PRO         12.965     9/28/2012     EUR     68.38
VONTOBEL FIN PRO         13.071     9/28/2012     EUR     65.84
VONTOBEL FIN PRO          9.324     9/28/2012     EUR     70.38
VONTOBEL FIN PRO         13.135     9/28/2012     EUR     60.32
VONTOBEL FIN PRO         13.257     9/28/2012     EUR     55.58
VONTOBEL FIN PRO         13.259     9/28/2012     EUR     52.44
VONTOBEL FIN PRO          9.284     9/28/2012     EUR     61.20
VONTOBEL FIN PRO          9.273     9/28/2012     EUR     66.88
VONTOBEL FIN PRO          9.112     9/28/2012     EUR     72.36
VONTOBEL FIN PRO          9.100     9/28/2012     EUR     74.38
VONTOBEL FIN PRO          9.063     9/28/2012     EUR     77.06
VONTOBEL FIN PRO          9.037     9/28/2012     EUR     55.42
VONTOBEL FIN PRO          9.037     9/28/2012     EUR     64.56
VONTOBEL FIN PRO          9.030     9/28/2012     EUR     75.78
VONTOBEL FIN PRO          8.980     9/28/2012     EUR     74.94
VONTOBEL FIN PRO          8.937     9/28/2012     EUR     74.62
VONTOBEL FIN PRO          8.878     9/28/2012     EUR     70.56
VONTOBEL FIN PRO          8.862     9/28/2012     EUR     72.46
VONTOBEL FIN PRO          8.786     9/28/2012     EUR     62.18
VONTOBEL FIN PRO          8.739     9/28/2012     EUR     67.92
VONTOBEL FIN PRO          8.705     9/28/2012     EUR     70.12
VONTOBEL FIN PRO          8.657     9/28/2012     EUR     73.84
VONTOBEL FIN PRO          8.626     9/28/2012     EUR     63.50
VONTOBEL FIN PRO          8.620     9/28/2012     EUR     65.56
VONTOBEL FIN PRO         13.352     9/28/2012     EUR     45.06
VONTOBEL FIN PRO         13.469     9/28/2012     EUR     54.51
VONTOBEL FIN PRO         13.950     9/28/2012     EUR     53.42
VONTOBEL FIN PRO         14.150     9/28/2012     EUR     54.42
VONTOBEL FIN PRO         14.154     9/28/2012     EUR     49.16
VONTOBEL FIN PRO         14.191     9/28/2012     EUR     49.08
VONTOBEL FIN PRO         17.333     6/22/2012     EUR     44.28
VONTOBEL FIN PRO         17.260     6/22/2012     EUR     15.38
VONTOBEL FIN PRO         17.189     6/22/2012     EUR     63.36
VONTOBEL FIN PRO         16.900     6/22/2012     EUR     71.56
VONTOBEL FIN PRO         16.864     6/22/2012     EUR     65.04
VONTOBEL FIN PRO         16.850     6/22/2012     EUR     70.66
VONTOBEL FIN PRO         16.833     6/22/2012     EUR     67.30
VONTOBEL FIN PRO         16.746     6/22/2012     EUR     18.60
VONTOBEL FIN PRO         16.667     6/22/2012     EUR     20.66
VONTOBEL FIN PRO         16.611     6/22/2012     EUR     65.78
VONTOBEL FIN PRO         16.600     6/22/2012     EUR     70.56
VONTOBEL FIN PRO         16.595     6/22/2012     EUR     52.02
VONTOBEL FIN PRO         16.497     6/22/2012     EUR     19.52
VONTOBEL FIN PRO         16.488     6/22/2012     EUR     20.56
VONTOBEL FIN PRO         16.389     6/22/2012     EUR     70.28
VONTOBEL FIN PRO         16.293     6/22/2012     EUR     62.00
VONTOBEL FIN PRO         16.156     6/22/2012     EUR     57.98
VONTOBEL FIN PRO         16.150     6/22/2012     EUR     51.10
VONTOBEL FIN PRO         16.110     6/22/2012     EUR     16.22
VONTOBEL FIN PRO         16.000     6/22/2012     EUR     71.98
VONTOBEL FIN PRO         15.979     6/22/2012     EUR     60.38
VONTOBEL FIN PRO         15.950     6/22/2012     EUR     61.14
VONTOBEL FIN PRO         15.944     6/22/2012     EUR     73.90
VONTOBEL FIN PRO         15.940     6/22/2012     EUR     36.44
VONTOBEL FIN PRO         15.920     6/22/2012     EUR     16.88
VONTOBEL FIN PRO         15.856     6/22/2012     EUR     64.56
VONTOBEL FIN PRO         15.840     6/22/2012     EUR     44.98
VONTOBEL FIN PRO         15.526     6/22/2012     EUR     49.52
VONTOBEL FIN PRO         15.448     6/22/2012     EUR     43.52
VONTOBEL FIN PRO         15.370     6/22/2012     EUR     43.88
VONTOBEL FIN PRO         15.308     6/22/2012     EUR     41.74
VONTOBEL FIN PRO         15.258     6/22/2012     EUR     63.80
VONTOBEL FIN PRO         15.250     6/22/2012     EUR     58.34
VONTOBEL FIN PRO         15.167     6/22/2012     EUR     46.38
VONTOBEL FIN PRO         15.091     6/22/2012     EUR     55.02
VONTOBEL FIN PRO         15.081     6/22/2012     EUR     67.36
VONTOBEL FIN PRO         14.821     6/22/2012     EUR     37.56
VONTOBEL FIN PRO         14.791     6/22/2012     EUR     19.24
VONTOBEL FIN PRO         14.717     6/22/2012     EUR     42.84
VONTOBEL FIN PRO         14.712     6/22/2012     EUR     39.04
VONTOBEL FIN PRO         14.680     6/22/2012     EUR     42.46
VONTOBEL FIN PRO         14.652     6/22/2012     EUR     57.94
VONTOBEL FIN PRO         14.640     6/22/2012     EUR     64.88
WESTLB AG                 5.000     4/12/2016     EUR     29.01
WESTLB AG                 0.100     9/27/2012     EUR     72.00
WESTLB AG                 0.100     9/27/2012     EUR     46.60
WESTLB AG                 0.075     9/27/2012     EUR     68.28
WESTLB AG                 0.075     9/27/2012     EUR     76.45
WESTLB AG                 0.075     9/27/2012     EUR     69.01
WESTLB AG                 0.075     9/27/2012     EUR     71.77
WESTLB AG                 6.750     7/30/2012     EUR     68.91
WESTLB AG                 8.500     6/21/2012     EUR     75.13
WESTLB AG                 6.000     6/21/2012     EUR     66.70
WESTLB AG                 7.000     6/21/2012     EUR     63.40
WESTLB AG                 7.000     6/21/2012     EUR     74.04
WESTLB AG                 8.500     6/21/2012     EUR     58.32
WESTLB AG                 5.250     5/21/2012     EUR     64.45
WESTLB AG                 6.000     6/21/2012     EUR     71.05
WESTLB AG                 8.500     6/21/2012     EUR     59.57
WGZ BANK                  7.000    12/28/2012     EUR     69.29
WGZ BANK                  8.000    12/28/2012     EUR     65.93
WGZ BANK                  6.000    12/28/2012     EUR     73.04
WGZ BANK                  8.000    12/21/2012     EUR     71.36
WGZ BANK                  7.000    12/21/2012     EUR     73.08
WGZ BANK                  8.000    12/20/2012     EUR     71.34
WGZ BANK                  7.000    12/20/2012     EUR     72.90
WGZ BANK                  8.000     6/21/2012     EUR     70.07
WGZ BANK                  7.000     6/21/2012     EUR     72.56
WGZ BANK                  8.000     6/13/2012     EUR     37.95
WGZ BANK                  7.000     6/13/2012     EUR     39.56
WGZ BANK                  6.000     6/13/2012     EUR     41.34
WGZ BANK                  5.000     6/13/2012     EUR     43.32
WGZ BANK                  4.000     6/13/2012     EUR     48.15

GREECE
------
HELLENIC REPUB            4.625     6/25/2013     USD     21.13
HELLENIC REPUB            2.125      7/5/2013     CHF     36.50
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
NATL BK GREECE            3.875     10/7/2016     EUR     69.51
YIOULA GLASSWORK          9.000     12/1/2015     EUR     51.50
YIOULA GLASSWORK          9.000     12/1/2015     EUR     51.88

GUERNSEY
--------
BCV GUERNSEY              8.020      3/1/2013     EUR     66.47
BCV GUERNSEY             19.200     5/17/2012     EUR     44.67
BCV GUERNSEY             10.030     5/11/2012     CHF     72.42
BCV GUERNSEY              8.120     5/11/2012     CHF     69.69
BCV GUERNSEY             18.600     5/17/2012     USD     43.01
BCV GUERNSEY             18.150     5/17/2012     CHF     42.67
BCV GUERNSEY             10.030     4/20/2012     CHF     67.83
BCV GUERNSEY              7.250     5/25/2012     CHF     70.24
BCV GUERNSEY             13.000     5/18/2012     CHF     59.62
BCV GUERNSEY             10.130     5/11/2012     EUR     71.72
BCV GUERNSEY              8.500     5/25/2012     EUR     55.84
BCV GUERNSEY              9.100     5/25/2012     CHF     64.08
BCV GUERNSEY              9.030     7/13/2012     EUR     71.53
BCV GUERNSEY             10.000     5/18/2012     CHF     53.10
BCV GUERNSEY              7.850     5/18/2012     CHF     69.92
BCV GUERNSEY             10.100     5/23/2012     EUR     67.84
BKB FINANCE               6.520      7/6/2012     EUR     75.32
BKB FINANCE               7.400     6/28/2012     CHF     68.89
BKB FINANCE               9.200     6/21/2012     CHF     62.82
BKB FINANCE               7.650     6/14/2012     CHF     69.61
BKB FINANCE               6.850     6/14/2012     CHF     65.52
BKB FINANCE               8.300      6/7/2012     CHF     75.36
BKB FINANCE               7.750      6/7/2012     CHF     36.97
BKB FINANCE               7.750     5/31/2012     CHF     64.56
BKB FINANCE               7.150     5/10/2012     CHF     67.00
BKB FINANCE               6.400     5/10/2012     CHF     62.58
BKB FINANCE               8.050      5/3/2012     CHF     64.57
BKB FINANCE               7.800      5/3/2012     CHF     59.03
BKB FINANCE               9.850     4/26/2012     CHF     54.52
BKB FINANCE               5.500     4/26/2012     CHF     74.49
BKB FINANCE              11.400     11/8/2012     CHF     73.47
BKB FINANCE               8.900     9/27/2012     CHF     58.53
BKB FINANCE               6.300     7/12/2012     CHF     66.58
BKB FINANCE               8.350     1/14/2013     CHF     61.37
EFG FINANCIAL PR         12.600    12/21/2012     CHF     73.98
EFG FINANCIAL PR         13.110     6/18/2012     USD     52.07
EFG FINANCIAL PR         12.250     6/15/2012     EUR      7.58
EFG FINANCIAL PR         11.500     6/15/2012     EUR     74.20
EFG FINANCIAL PR          5.200     6/14/2012     CHF     63.21
EFG FINANCIAL PR         12.250      6/8/2012     EUR     54.91
EFG FINANCIAL PR         10.000      6/8/2012     CHF     33.73
EFG FINANCIAL PR         12.750      6/6/2012     CHF     66.12
EFG FINANCIAL PR         12.750      6/6/2012     EUR     63.59
EFG FINANCIAL PR          8.000      6/6/2012     CHF     72.09
EFG FINANCIAL PR         12.500     5/30/2012     EUR     57.37
EFG FINANCIAL PR         10.000     5/30/2012     CHF     60.09
EFG FINANCIAL PR         10.000     5/30/2012     EUR     68.35
EFG FINANCIAL PR          8.400     5/30/2012     EUR     74.08
EFG FINANCIAL PR         10.910     5/29/2012     EUR     44.96
EFG FINANCIAL PR         11.200     5/25/2012     CHF     70.54
EFG FINANCIAL PR         10.570     5/25/2012     EUR     65.83
EFG FINANCIAL PR          7.440     5/25/2012     EUR     58.17
EFG FINANCIAL PR          6.100     5/25/2012     EUR     72.34
EFG FINANCIAL PR          8.000     5/24/2012     USD     42.32
EFG FINANCIAL PR         14.000     5/22/2012     EUR     69.82
EFG FINANCIAL PR         12.750     5/22/2012     EUR     59.35
EFG FINANCIAL PR         11.250     5/22/2012     CHF     57.54
EFG FINANCIAL PR         10.750     5/22/2012     CHF     63.99
EFG FINANCIAL PR         12.960     5/21/2012     EUR     21.69
EFG FINANCIAL PR         10.830     5/18/2012     CHF      0.42
EFG FINANCIAL PR         10.100     5/16/2012     USD     73.51
EFG FINANCIAL PR          9.000     5/16/2012     CHF     71.25
EFG FINANCIAL PR         11.500     5/15/2012     EUR     76.57
EFG FINANCIAL PR          8.950     5/14/2012     CHF     64.10
EFG FINANCIAL PR         11.000     5/11/2012     EUR     21.04
EFG FINANCIAL PR         10.050     5/11/2012     CHF     60.95
EFG FINANCIAL PR         10.000     5/11/2012     CHF     21.19
EFG FINANCIAL PR         10.600      5/9/2012     CHF     25.20
EFG FINANCIAL PR          9.290      5/7/2012     CHF     70.15
EFG FINANCIAL PR          9.000      5/7/2012     USD     44.86
EFG FINANCIAL PR          7.000      5/7/2012     CHF     66.75
EFG FINANCIAL PR         18.600      5/4/2012     CHF     64.77
EFG FINANCIAL PR         14.750      5/4/2012     EUR     34.51
EFG FINANCIAL PR         11.000      5/4/2012     USD     67.53
EFG FINANCIAL PR         10.500      5/4/2012     CHF     75.04
EFG FINANCIAL PR          9.500      5/4/2012     CHF     61.23
EFG FINANCIAL PR          7.500      5/4/2012     CHF     72.25
EFG FINANCIAL PR          6.500      5/3/2012     USD     61.98
EFG FINANCIAL PR         10.800      5/2/2012     CHF     63.20
EFG FINANCIAL PR         11.300     4/27/2012     EUR     55.43
EFG FINANCIAL PR         10.250     4/26/2012     EUR     43.10
EFG FINANCIAL PR          8.650     4/23/2012     USD     55.89
EFG FINANCIAL PR         11.000     4/20/2012     USD     62.25
EFG FINANCIAL PR         10.500     4/20/2012     USD     43.18
EFG FINANCIAL PR         10.000     4/20/2012     USD     43.06
EFG FINANCIAL PR          9.450     4/20/2012     CHF     58.64
EFG FINANCIAL PR         18.110     4/19/2012     EUR     52.51
EFG FINANCIAL PR         16.500     4/19/2012     EUR     52.48
EFG FINANCIAL PR         14.150     4/19/2012     EUR     46.38
EFG FINANCIAL PR         13.050     4/19/2012     USD     46.08
EFG FINANCIAL PR         10.500     4/19/2012     CHF     62.67
EFG FINANCIAL PR         10.000     4/19/2012     CHF     62.43
EFG FINANCIAL PR          9.000     4/19/2012     USD     63.61
EFG FINANCIAL PR          8.160     4/25/2014     EUR     73.14
EFG FINANCIAL PR          8.400     9/30/2013     CHF     67.38
EFG FINANCIAL PR          6.500     8/27/2013     CHF     57.02
EFG FINANCIAL PR         12.000     4/26/2013     CHF     70.21
EFG FINANCIAL PR          7.000     4/19/2013     EUR     58.77
EFG FINANCIAL PR          6.750     3/11/2013     EUR     71.29
EFG FINANCIAL PR         14.000     2/19/2013     CHF     17.78
EFG FINANCIAL PR          5.800     1/23/2013     CHF     58.12
EFG FINANCIAL PR         16.500     1/18/2013     CHF     66.90
EFG FINANCIAL PR         12.500     1/15/2013     CHF     49.63
EFG FINANCIAL PR         10.250     1/15/2013     CHF     26.50
EFG FINANCIAL PR          9.000     1/15/2013     CHF     46.33
EFG FINANCIAL PR          8.830    12/28/2012     USD     63.33
EFG FINANCIAL PR         12.000    12/27/2012     CHF     12.14
EFG FINANCIAL PR         20.500    10/26/2012     EUR     34.33
EFG FINANCIAL PR         10.900    12/21/2012     CHF     72.88
EFG FINANCIAL PR          9.300    12/21/2012     CHF     70.96
EFG FINANCIAL PR         17.500    12/14/2012     EUR     51.56
EFG FINANCIAL PR          8.500    12/14/2012     CHF     65.95
EFG FINANCIAL PR         13.750     12/6/2012     CHF     70.13
EFG FINANCIAL PR         16.000    11/27/2012     EUR     49.42
EFG FINANCIAL PR         14.500    11/27/2012     CHF     48.45
EFG FINANCIAL PR         11.250    11/27/2012     CHF     71.50
EFG FINANCIAL PR          9.250    11/27/2012     CHF     74.36
EFG FINANCIAL PR         14.800    11/20/2012     EUR     55.35
EFG FINANCIAL PR         11.500    11/20/2012     EUR     62.86
EFG FINANCIAL PR          8.000    11/20/2012     CHF     68.40
EFG FINANCIAL PR          7.000    11/20/2012     CHF     73.98
EFG FINANCIAL PR         17.000    11/13/2012     EUR     53.61
EFG FINANCIAL PR         14.500    11/13/2012     EUR     65.01
EFG FINANCIAL PR         14.000    11/13/2012     USD     30.07
EFG FINANCIAL PR         13.000    11/13/2012     CHF     29.54
EFG FINANCIAL PR         12.750    11/13/2012     CHF     27.84
EFG FINANCIAL PR         10.500    11/13/2012     CHF     70.64
EFG FINANCIAL PR         10.500    11/13/2012     CHF     70.85
EFG FINANCIAL PR         11.050     11/8/2012     USD     62.84
EFG FINANCIAL PR          9.330    10/29/2012     USD     59.81
EFG FINANCIAL PR         21.000    10/26/2012     USD     34.50
EFG FINANCIAL PR          9.500      9/4/2012     USD     37.55
EFG FINANCIAL PR         20.000    10/26/2012     CHF     33.79
EFG FINANCIAL PR         17.000    10/26/2012     EUR     48.51
EFG FINANCIAL PR         16.750    10/26/2012     CHF     42.61
EFG FINANCIAL PR         13.250    10/26/2012     CHF     71.45
EFG FINANCIAL PR         11.250    10/26/2012     CHF     68.74
EFG FINANCIAL PR          6.250    10/25/2012     CHF     61.64
EFG FINANCIAL PR         12.000    10/19/2012     USD     50.35
EFG FINANCIAL PR         17.250    10/12/2012     CHF     68.84
EFG FINANCIAL PR         20.000    10/11/2012     CHF     22.12
EFG FINANCIAL PR         18.000    10/11/2012     EUR     54.73
EFG FINANCIAL PR         12.500    10/11/2012     CHF     63.26
EFG FINANCIAL PR         10.620     10/3/2012     USD     34.41
EFG FINANCIAL PR          9.930     10/3/2012     EUR     34.61
EFG FINANCIAL PR         10.000     10/1/2012     CHF     63.74
EFG FINANCIAL PR         12.000     9/25/2012     EUR     72.76
EFG FINANCIAL PR         11.250     9/25/2012     CHF     62.87
EFG FINANCIAL PR         10.750     9/25/2012     CHF     64.41
EFG FINANCIAL PR         10.000     9/21/2012     USD     69.92
EFG FINANCIAL PR          9.000     9/10/2012     CHF     58.54
EFG FINANCIAL PR          8.500      9/7/2012     USD     43.41
EFG FINANCIAL PR          7.000      9/7/2012     CHF     54.69
EFG FINANCIAL PR          7.000      9/7/2012     EUR     57.08
EFG FINANCIAL PR          9.600      9/4/2012     USD     61.39
EFG FINANCIAL PR          9.000      8/3/2012     CHF     60.26
EFG FINANCIAL PR         12.000      9/3/2012     EUR     73.95
EFG FINANCIAL PR         10.500      9/3/2012     CHF     57.52
EFG FINANCIAL PR         22.000     8/24/2012     USD     22.65
EFG FINANCIAL PR         14.000     8/24/2012     CHF     34.72
EFG FINANCIAL PR         12.250     8/24/2012     EUR     74.25
EFG FINANCIAL PR         11.750     8/24/2012     CHF     65.55
EFG FINANCIAL PR         11.500     8/24/2012     CHF     56.49
EFG FINANCIAL PR         11.800     8/17/2012     CHF     59.54
EFG FINANCIAL PR         11.600     8/17/2012     EUR     59.45
EFG FINANCIAL PR         12.000     8/16/2012     EUR     31.97
EFG FINANCIAL PR         15.000     8/14/2012     EUR     70.06
EFG FINANCIAL PR         13.750     8/14/2012     EUR     71.56
EFG FINANCIAL PR         12.750     8/14/2012     CHF     58.13
EFG FINANCIAL PR         11.000     8/14/2012     CHF     55.68
EFG FINANCIAL PR          8.500     8/14/2012     CHF     68.62
EFG FINANCIAL PR          3.850     8/13/2012     EUR     58.36
EFG FINANCIAL PR         12.800     8/10/2012     CHF     56.09
EFG FINANCIAL PR         11.700     8/10/2012     USD     40.57
EFG FINANCIAL PR         19.000      8/8/2012     USD     48.47
EFG FINANCIAL PR         11.000      8/7/2012     CHF     38.74
EFG FINANCIAL PR         10.250      8/7/2012     CHF     70.41
EFG FINANCIAL PR         10.000      8/7/2012     CHF     57.88
EFG FINANCIAL PR          9.000      8/3/2012     CHF      9.66
EFG FINANCIAL PR          7.000     6/21/2012     CHF     60.54
EFG FINANCIAL PR          9.000      8/3/2012     CHF     53.23
EFG FINANCIAL PR         11.750     7/31/2012     CHF     58.23
EFG FINANCIAL PR         11.750     7/31/2012     CHF     57.86
EFG FINANCIAL PR         11.500     7/31/2012     EUR     51.02
EFG FINANCIAL PR         10.000     7/31/2012     CHF     57.38
EFG FINANCIAL PR         11.750     7/25/2012     EUR     74.61
EFG FINANCIAL PR         11.000     7/25/2012     CHF     19.59
EFG FINANCIAL PR         10.250     7/25/2012     CHF     42.24
EFG FINANCIAL PR          9.770     7/23/2012     EUR     71.86
EFG FINANCIAL PR          6.000     7/13/2012     EUR     74.40
EFG FINANCIAL PR         12.750     7/12/2012     EUR     76.13
EFG FINANCIAL PR          9.300      7/6/2012     CHF     73.33
EFG FINANCIAL PR         10.500      7/5/2012     CHF     42.01
EFG FINANCIAL PR          8.250      7/5/2012     CHF     70.04
EFG FINANCIAL PR          8.250      7/4/2012     EUR     63.83
EFG FINANCIAL PR          6.600      7/4/2012     CHF     63.57
EFG FINANCIAL PR         13.200     6/28/2012     EUR     69.59
EFG FINANCIAL PR         12.000     6/28/2012     USD     73.21
EFG FINANCIAL PR         11.300     6/28/2012     EUR     58.14
EFG FINANCIAL PR         10.100     6/28/2012     EUR     75.05
EFG FINANCIAL PR         16.500     6/27/2012     GBP     71.31
EFG FINANCIAL PR          6.750     6/27/2012     EUR     75.38
EFG FINANCIAL PR         10.000     6/22/2012     CHF     40.61
EFG FINANCIAL PR          9.650     6/20/2012     USD     46.41
MARE BALTIC PCC           3.000    11/17/2014     DKK      1.00
MARE BALTIC PCC           2.000     11/1/2015     DKK      0.01
MARE BALTIC PCC           3.000    11/17/2014     DKK     20.40
MARE BALTIC PCC           2.000     11/1/2015     DKK      0.01
SARASIN CI LTD            6.000      6/9/2014     EUR     64.15
SARASIN CI LTD           10.250     5/25/2012     EUR     75.61
ZURCHER KANT FIN          8.000     6/15/2012     CHF     65.50
ZURCHER KANT FIN          9.700     6/15/2012     EUR     73.18
ZURCHER KANT FIN         13.575     6/15/2012     CHF     73.40
ZURCHER KANT FIN          9.000     6/18/2012     CHF     59.69
ZURCHER KANT FIN          9.250     11/9/2012     CHF     64.44
ZURCHER KANT FIN          7.340     4/16/2013     CHF     56.01
ZURCHER KANT FIN         10.250     7/19/2012     CHF     71.38
ZURCHER KANT FIN          8.548      7/6/2012     EUR     71.61
ZURCHER KANT FIN         11.000     4/20/2012     CHF     52.43
ZURCHER KANT FIN         11.783     4/27/2012     CHF     72.49
ZURCHER KANT FIN         11.000     7/13/2012     CHF     70.56
ZURCHER KANT FIN          7.844     5/18/2012     CHF     63.27
ZURCHER KANT FIN         11.765     5/11/2012     CHF     73.68
ZURCHER KANT FIN         13.000     4/19/2012     CHF     73.73

HUNGARY
-------
FHB MORTGAGE BAN          4.500     3/22/2022     EUR     61.00
REP OF HUNGARY            2.110    10/26/2017     JPY     70.35

IRELAND
-------
AIB MORTGAGE BNK          5.580     4/28/2028     EUR     66.36
AIB MORTGAGE BNK          5.000      3/1/2030     EUR     60.02
AIB MORTGAGE BNK          5.000     2/12/2030     EUR     60.04
BANK OF IRELAND           5.600     9/18/2023     EUR     56.13
BK IRELAND MTGE           5.760      9/7/2029     EUR     67.56
BK IRELAND MTGE           5.360    10/12/2029     EUR     64.12
BK IRELAND MTGE           5.400     11/6/2029     EUR     64.40
BK IRELAND MTGE           5.450      3/1/2030     EUR     64.58
DEPFA ACS BANK            5.125     3/16/2037     USD     69.50
DEPFA ACS BANK            4.900     8/24/2035     CAD     70.22
DEPFA ACS BANK            0.500      3/3/2025     CAD     41.72
DEPFA ACS BANK            3.278     7/17/2026     CHF     73.56
DEPFA ACS BANK            3.250     7/31/2031     CHF     63.84
DEPFA ACS BANK            5.125     3/16/2037     USD     70.18
FIRST ACTIVE PLC          6.375      4/4/2018     GBP     74.20
KALVEBOD PLC              2.000      5/1/2106     DKK     34.00
BANCA POP VICENT          4.970     4/20/2027     EUR     71.28
BTPS I/L                  2.350     9/15/2035     EUR     70.37
BTPS I/L                  2.550     9/15/2041     EUR     70.18
ICCREA BANCAIMPR          5.220     4/11/2017     EUR     59.63
REGION OF LOMBAR          5.804    10/25/2032     USD     78.78

ITALY
-----
REP OF ITALY              2.000     9/15/2062     EUR     51.94
REP OF ITALY              4.850     6/11/2060     EUR     68.47
REP OF ITALY              2.200     9/15/2058     EUR     57.06
REP OF ITALY              1.850     9/15/2057     EUR     50.47
REP OF ITALY              2.870     5/19/2036     JPY     48.03
REP OF ITALY              5.250     12/7/2034     GBP     73.87
SANPAOLO IMI              5.625     3/18/2024     GBP     76.87
SEAT PAGINE              10.500     1/31/2017     EUR     66.01
SEAT PAGINE              10.500     1/31/2017     EUR     66.50
SEAT PAGINE              10.500     1/31/2017     EUR     67.02
SEAT PAGINE              10.500     1/31/2017     EUR     66.13
TELECOM ITALIA            5.250     3/17/2055     EUR     69.53
UBI BANCA SPCA            6.250    11/18/2018     EUR     50.85
UNIPOL ASSICURAZ          5.660     7/28/2023     EUR     66.02

LUXEMBOURG
----------
ARCELORMITTAL             7.250      4/1/2014     EUR     22.40
CONTROLINVESTE            3.000     1/28/2015     EUR     74.11
ESFG INTERNATION          6.875    10/21/2019     EUR     67.28
ESPIRITO SANTO F          9.750    12/19/2025     EUR     65.26
FORTIS LUX FINAN          6.500    10/22/2012     EUR     73.75
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     74.19
IT HOLDING FIN            9.875    11/15/2012     EUR      1.00
IT HOLDING FIN            9.875    11/15/2012     EUR      1.00
LIGHTHOUSE INTL           8.000     4/30/2014     EUR     12.88
LIGHTHOUSE INTL           8.000     4/30/2014     EUR     12.88
VIVALDIS                  0.500     6/13/2013     EUR     60.19
VIVALDIS                  0.500      8/8/2028     EUR     64.43
VIVALDIS                  0.500     6/13/2028     EUR     60.14

KAZAKHSTAN
----------
APP INTL FINANCE         11.750     10/1/2005     USD      8.75
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     5/10/2017     TRY     73.48
BK NED GEMEENTEN          0.500     5/22/2017     ZAR     74.10
BK NED GEMEENTEN          0.500      3/3/2021     NZD     70.02
BK NED GEMEENTEN          0.500     3/29/2021     NZD     69.78
BK NED GEMEENTEN          0.500     9/15/2016     TRY     73.68
BK NED GEMEENTEN          0.500     6/22/2016     TRY     74.61
BK NED GEMEENTEN          0.500     6/22/2021     ZAR     49.40
BK NED GEMEENTEN          0.500     2/24/2025     CAD     63.31
BK NED GEMEENTEN          0.500     5/12/2021     ZAR     49.89
BLT FINANCE BV            7.500     5/15/2014     USD     29.13
BLT FINANCE BV           12.000     2/10/2015     USD     24.88
BLT FINANCE BV            7.500     5/15/2014     USD     23.88
BRIT INSURANCE            6.625     12/9/2030     GBP     60.35
BULGARIA STEEL           12.000      5/4/2013     EUR      5.88
BULGARIA STEEL           12.000      5/4/2013     EUR      5.88
FINANCE & CREDIT         10.500     1/25/2014     USD     53.17
GREENWICH AVENUE         10.000     6/30/2013     USD      1.25
INDAH KIAT INTL          12.500     6/15/2006     USD      0.01
INDAH KIAT INTL          11.875     6/15/2002     USD      0.01
ING BANK NV               4.200    12/19/2035     EUR     71.60
KBC IFIMA NV              7.500     4/30/2012     EUR     54.34
LEHMAN BROS TSY           6.000     11/2/2035     EUR      7.50
LEHMAN BROS TSY           8.250     3/16/2035     EUR      5.00
LEHMAN BROS TSY           7.000     5/17/2035     EUR      7.00
LEHMAN BROS TSY           7.250     10/5/2035     EUR      7.10
LEHMAN BROS TSY           6.000     2/15/2035     EUR      5.00
NATL INVESTER BK         25.983      5/7/2029     EUR     29.02
NED WATERSCHAPBK          0.500     3/11/2025     CAD     62.17
NIB CAPITAL BANK          4.510    12/16/2035     EUR     72.71
PORTUGAL TEL FIN          4.500     6/16/2025     EUR     68.14
Q-CELLS INTERNAT          5.750     5/26/2014     EUR     13.43
RABOBANK                  0.500    10/27/2016     ZAR     73.34
RABOBANK                  0.500    11/26/2021     ZAR     44.60
RBS NV EX-ABN NV          2.910     6/21/2036     JPY     65.33
SNS BANK                  5.215     12/3/2027     EUR     73.06
SNS BANK                  4.580     3/20/2026     EUR     69.94
TJIWI KIMIA FIN          13.250      8/1/2001     USD      0.01

NORWAY
------
KOMMUNALBANKEN            0.500     5/25/2018     ZAR     62.22
KOMMUNALBANKEN            0.500     7/29/2016     ZAR     73.49
KOMMUNALBANKEN            0.500     7/26/2016     ZAR     73.54
KOMMUNALBANKEN            0.500     5/25/2016     ZAR     74.61
NORSKE SKOGIND            6.125    10/15/2015     USD     70.75
NORSKE SKOGIND            7.125    10/15/2033     USD     52.88
NORSKE SKOGIND            7.125    10/15/2033     USD     52.88
NORSKE SKOGIND            7.000     6/26/2017     EUR     61.51
NORSKE SKOGIND            6.125    10/15/2015     USD     70.75
NORSKE SKOGIND           11.750     6/15/2016     EUR     75.06
RENEWABLE CORP            6.500      6/4/2014     EUR     61.56
RENEWABLE CORP            9.750      5/3/2018     NOK     70.49

POLAND
------
POLAND GOVT BOND          5.000     4/25/2037     PLN     73.00
POLAND-REGD-RSTA          2.810    11/16/2037     JPY     73.80
REP OF POLAND             2.648     3/29/2034     JPY     72.78
CAIXA GERAL DEPO          4.400     10/8/2019     EUR     75.13
CAIXA GERAL DEPO          4.250     1/27/2020     EUR     74.84
CAIXA GERAL DEPO          5.380     10/1/2038     EUR     61.04
COMBOIOS DE PORT          4.170    10/16/2019     EUR     48.28
METRO DE LISBOA           7.300    12/23/2025     EUR     53.00
METRO DE LISBOA           4.799     12/7/2027     EUR     47.00
METRO DE LISBOA           4.061     12/4/2026     EUR     45.63
METRO DE LISBOA           5.750      2/4/2019     EUR     55.63
MONTEPIO GERAL            5.000      2/8/2017     EUR     61.38
PARPUBLICA                4.191    10/15/2014     EUR     76.88
PARPUBLICA                5.250     9/28/2017     EUR     74.32
PARPUBLICA                4.200    11/16/2026     EUR     50.38
PARPUBLICA                3.567     9/22/2020     EUR     51.99
PORTUGAL (REP)            3.500     3/25/2015     USD     74.53
PORTUGAL (REP)            3.500     3/25/2015     USD     74.53
PORTUGUESE OT'S           4.450     6/15/2018     EUR     62.94
PORTUGUESE OT'S           3.350    10/15/2015     EUR     73.83
PORTUGUESE OT'S           4.200    10/15/2016     EUR     71.11
PORTUGUESE OT'S           4.350    10/16/2017     EUR     66.54
PORTUGUESE OT'S           4.750     6/14/2019     EUR     60.53
PORTUGUESE OT'S           4.800     6/15/2020     EUR     59.25
PORTUGUESE OT'S           3.850     4/15/2021     EUR     57.66
PORTUGUESE OT'S           4.950    10/25/2023     EUR     57.35
PORTUGUESE OT'S           4.100     4/15/2037     EUR     46.61
REFER                     4.250    12/13/2021     EUR     44.48
REFER                     4.047    11/16/2026     EUR     47.13
REFER                     4.675    10/16/2024     EUR     46.99
REFER                     4.000     3/16/2015     EUR     57.99
REFER                     5.875     2/18/2019     EUR     55.75

RUSSIA
------
ARIZK                     3.000    12/20/2030     RUB     47.27
DVTG-FINANS              17.000     8/29/2013     RUB     55.55
DVTG-FINANS               7.750     7/18/2013     RUB     20.29
MIRAX                    17.000     9/17/2012     RUB     30.01
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     90.00
PROTON-FINANCE            9.000     6/12/2012     RUB     65.00
RBC OJSC                  3.270     4/19/2018     RUB     49.00
SATURN                    8.000      6/6/2014     RUB      1.00
SERBIA T-BONDS            5.850     2/16/2026     EUR     72.88

SPAIN
-----
AYT CEDULAS CAJA          3.750    12/14/2022     EUR     68.15
AYT CEDULAS CAJA          3.750     6/30/2025     EUR     61.01
AYT CEDULAS CAJA          4.750     5/25/2027     EUR     66.37
AYT CEDULAS CAJA          4.250    10/25/2023     EUR     69.67
AYUNTAM DE MADRD          4.350     6/16/2021     EUR     72.96
AYUNTAM DE MADRD          4.550     6/16/2036     EUR     52.85
BANCAJA                   1.500     5/22/2018     EUR     67.63
BANCO BILBAO VIZ          6.025      3/3/2033     EUR     63.85
BANCO BILBAO VIZ          4.500     2/16/2022     EUR     74.77
BANCO CASTILLA            1.500     6/23/2021     EUR     63.69
BASQUE GOV'T              4.600      1/7/2025     EUR     72.91
BBVA SUB CAP UNI          2.750    10/22/2035     JPY     62.08
CAIXA TERRASSA            4.700      8/9/2021     EUR     69.94
CAIXA TERRASSA            1.700     3/12/2022     EUR     65.45
CAJA MADRID               5.116     7/15/2015     EUR     73.90
CAJA MADRID               4.125     3/24/2036     EUR     67.86
CEDULAS TDA 6 FO          3.875     5/23/2025     EUR     61.14
CEDULAS TDA 6 FO          4.250     4/10/2031     EUR     57.76
CEDULAS TDA A-5           4.250     3/28/2027     EUR     60.95
COMUN AUTO CANAR          4.200    10/25/2036     EUR     50.79
COMUN AUTO CANAR          3.900    11/30/2035     EUR     48.82
COMUN AUTO CANAR          5.750    10/15/2029     EUR     73.71
COMUNIDAD ARAGON          4.646     7/11/2036     EUR     59.77
COMUNIDAD ARAGON          4.470     7/12/2021     EUR     73.36
COMUNIDAD ARAGON          4.815    10/10/2022     EUR     72.43
COMUNIDAD BALEAR          4.063    11/23/2035     EUR     47.47
COMUNIDAD BALEAR          3.869    11/23/2020     EUR     66.04
COMUNIDAD BALEAR          4.796      3/4/2020     EUR     74.35
COMUNIDAD MADRID          4.300     9/15/2026     EUR     66.49
DIPUTACION FOR            4.323    12/29/2023     EUR     66.17
GEN DE CATALUNYA          4.690    10/28/2034     EUR     54.38
GEN DE CATALUNYA          4.220     4/26/2035     EUR     49.01
GEN DE CATALUNYA          2.965      9/8/2039     JPY     48.43
GEN DE CATALUNYA          5.950     10/1/2030     EUR     67.61
GEN DE CATALUNYA          5.900     5/28/2030     EUR     68.11
GEN DE CATALUNYA          5.219     9/10/2029     EUR     62.33
GEN DE CATALUNYA          5.325     10/5/2028     EUR     63.91
GEN DE CATALUNYA          5.900     5/20/2024     EUR     70.44
GEN DE CATALUNYA          5.250     10/5/2023     EUR     65.75
GEN DE CATALUNYA          6.350    11/30/2041     EUR     66.12
GEN DE CATALUNYA          4.900     9/15/2021     EUR     67.94
GEN DE CATALUNYA          4.801     7/31/2020     EUR     70.53
GEN DE CATALUNYA          4.950     2/11/2020     EUR     74.07
GEN DE CATALUNYA          5.400     5/13/2030     EUR     63.57
GENERAL VALENCIA          4.900     3/17/2020     EUR     65.00
GENERAL VALENCIA          4.000     11/2/2016     EUR     74.52
GENERAL VALENCIA          5.900    11/30/2032     EUR     58.88
IM CEDULAS 5              3.500     6/15/2020     EUR     73.22
INSTIT CRDT OFCL          2.570    10/22/2021     CHF     70.24
INSTIT CRDT OFCL          3.250     6/28/2024     CHF     69.61
INSTITUT CATALA           4.250     6/15/2024     EUR     64.00
JUNTA ANDALUCIA           3.170     7/29/2039     JPY     53.52
JUNTA ANDALUCIA           3.065     7/29/2039     JPY     52.18
JUNTA ANDALUCIA           4.250    10/31/2036     EUR     48.79
JUNTA ANDALUCIA           4.125     1/20/2020     EUR     71.30
JUNTA ANDALUCIA           5.150     5/24/2034     EUR     59.40
JUNTA ANDALUCIA           6.600    11/29/2030     EUR     73.85
JUNTA ANDALUCIA           4.850     3/17/2020     EUR     72.43
JUNTA ANDALUCIA           5.700     7/20/2028     EUR     68.61
JUNTA ANDALUCIA           5.000     7/13/2022     EUR     69.13
JUNTA CASTILLA            4.650     11/8/2022     EUR     68.83
JUNTA LA MANCHA           2.810    10/14/2022     JPY     69.38
JUNTA LA MANCHA           5.950      9/9/2030     EUR     60.27
JUNTA LA MANCHA           4.625    11/30/2022     EUR     62.50
JUNTA LA MANCHA           3.875     1/31/2036     EUR     37.00
JUNTA LA MANCHA           7.705     2/15/2033     EUR     72.88
MAPFRE SA                 5.921     7/24/2037     EUR     65.75
SACYR VALLEHERM           6.500      5/1/2016     EUR     62.25
SANTANDER ISSUAN          5.750     1/31/2018     GBP     75.92
SPANISH GOV'T             4.200     1/31/2037     EUR     72.54
XUNTA DE GALICIA          5.350    11/22/2028     EUR     65.09
XUNTA DE GALICIA          4.025    11/28/2035     EUR     47.49

SWEDEN
------
SWEDISH EXP CRED          0.500     1/25/2028     USD     57.98
SWEDISH EXP CRED          0.500    12/17/2027     USD     58.38
SWEDISH EXP CRED          0.500     3/15/2022     ZAR     46.29
SWEDISH EXP CRED          0.500     2/22/2022     ZAR     46.49
SWEDISH EXP CRED          0.500     1/31/2022     ZAR     47.15
SWEDISH EXP CRED          0.500     8/26/2021     AUD     65.00
SWEDISH EXP CRED          0.500     8/25/2021     ZAR     48.30
SWEDISH EXP CRED          0.500     9/30/2016     ZAR     72.65
SWEDISH EXP CRED          0.500     9/20/2016     ZAR     72.76
SWEDISH EXP CRED          0.500     8/26/2016     ZAR     73.22
SWEDISH EXP CRED          0.500     8/25/2016     ZAR     73.18
SWEDISH EXP CRED          0.500     6/14/2016     ZAR     74.36
SWEDISH EXP CRED          0.500    11/27/2015     TRY     74.54
SWEDISH EXP CRED          7.500     6/12/2012     USD      7.03
SWEDISH EXP CRED          9.250     4/27/2012     USD      8.09
SWEDISH EXP CRED          0.500     6/29/2016     TRY     70.99

SWITZERLAND
-----------
BANK JULIUS BAER         10.000     4/27/2012     CHF     71.80
BANK JULIUS BAER         14.000     4/27/2012     EUR     72.85
BANK JULIUS BAER         11.500      5/7/2012     CHF     73.05
BANK JULIUS BAER          7.100      5/9/2012     CHF     75.80
BANK JULIUS BAER         10.500      5/9/2012     EUR     55.00
BANK JULIUS BAER         10.500      5/9/2012     EUR     59.70
BANK JULIUS BAER          7.100     5/10/2012     CHF     64.60
BANK JULIUS BAER          6.200     5/11/2012     USD     59.90
BANK JULIUS BAER          8.300     5/11/2012     CHF     62.05
BANK JULIUS BAER         10.000     5/11/2012     CHF     62.80
BANK JULIUS BAER         13.500     5/11/2012     EUR     72.40
BANK JULIUS BAER          8.200     5/18/2012     EUR     64.95
BANK JULIUS BAER          8.400     5/23/2012     CHF     62.05
BANK JULIUS BAER          9.200     5/25/2012     EUR     55.30
BANK JULIUS BAER          9.000     5/30/2012     CHF     56.75
BANK JULIUS BAER         10.000      6/1/2012     CHF     62.90
BANK JULIUS BAER         11.200      6/1/2012     CHF     69.60
BANK JULIUS BAER         13.000      6/1/2012     USD     59.15
BANK JULIUS BAER          7.400     6/14/2012     CAD     58.40
BANK JULIUS BAER         14.000     6/28/2012     EUR     64.00
BANK JULIUS BAER         11.900     6/29/2012     EUR     63.25
BANK JULIUS BAER          9.000      7/6/2012     EUR     72.55
BANK JULIUS BAER         10.500     4/26/2012     CHF     62.00
BANK JULIUS BAER          8.200     4/26/2012     EUR     67.80
BANK JULIUS BAER         15.600     4/20/2012     EUR     37.85
BANK JULIUS BAER         12.300     4/20/2012     CHF     58.60
BANK JULIUS BAER         12.100     4/20/2012     EUR     65.30
BANK JULIUS BAER         10.100      7/6/2012     CHF     38.65
BANK JULIUS BAER         11.300      7/6/2012     CHF     39.30
BANK JULIUS BAER         11.900      7/6/2012     CHF     60.00
BANK JULIUS BAER         12.000      7/6/2012     EUR     66.60
BANK JULIUS BAER         12.400      7/6/2012     CHF     50.50
BANK JULIUS BAER         14.800      7/6/2012     EUR     61.25
BANK JULIUS BAER         14.300     7/13/2012     CHF     55.75
BANK JULIUS BAER         10.500     7/18/2012     CHF     67.60
BANK JULIUS BAER         11.700     7/20/2012     EUR     74.75
BANK JULIUS BAER          9.300     7/27/2012     EUR     66.55
BANK JULIUS BAER         22.800      8/3/2012     USD     73.42
BANK JULIUS BAER          9.000     9/17/2012     CHF     52.50
BANK JULIUS BAER         12.000      4/9/2013     CHF     63.25
BANK JULIUS BAER          8.700      8/5/2013     CHF     65.32
BANK JULIUS BAER         11.700     4/20/2012     EUR     56.70
CLARIDEN LEU NAS         13.000      8/2/2012     EUR     75.83
CLARIDEN LEU NAS          9.000     4/19/2012     CHF     62.49
CLARIDEN LEU NAS          9.250     4/19/2012     EUR     66.43
CLARIDEN LEU NAS         11.000     4/19/2012     USD     61.88
CLARIDEN LEU NAS          8.250     4/20/2012     EUR     73.98
CLARIDEN LEU NAS         10.500     4/20/2012     EUR     67.92
CLARIDEN LEU NAS         10.000     4/26/2012     EUR     75.11
CLARIDEN LEU NAS         10.000     4/26/2012     CHF     73.41
CLARIDEN LEU NAS         10.000     4/26/2012     CHF     66.02
CLARIDEN LEU NAS         10.000     4/27/2012     CHF     74.95
CLARIDEN LEU NAS          3.250     9/16/2013     CHF     68.48
CLARIDEN LEU NAS          0.000     6/24/2013     EUR     87.48
CLARIDEN LEU NAS          0.000     5/31/2013     CHF     64.86
CLARIDEN LEU NAS          0.000     3/25/2013     CHF     65.61
CLARIDEN LEU NAS          8.250    12/17/2012     CHF     67.03
CLARIDEN LEU NAS          0.000    12/17/2012     EUR     70.27
CLARIDEN LEU NAS          0.000    12/14/2012     CHF     40.40
CLARIDEN LEU NAS         10.500    11/26/2012     EUR     69.64
CLARIDEN LEU NAS          7.125    11/19/2012     CHF     64.59
CLARIDEN LEU NAS          7.250    11/16/2012     CHF     65.05
CLARIDEN LEU NAS          7.500    11/13/2012     CHF     64.75
CLARIDEN LEU NAS         10.000    10/15/2012     CHF     60.60
CLARIDEN LEU NAS          9.500    10/15/2012     CHF     61.20
CLARIDEN LEU NAS          8.500    10/15/2012     CHF     59.72
CLARIDEN LEU NAS         10.000     10/8/2012     EUR     57.83
CLARIDEN LEU NAS          7.000     10/4/2012     CHF     61.29
CLARIDEN LEU NAS          9.000     9/24/2012     CHF     65.88
CLARIDEN LEU NAS         10.250     9/17/2012     CHF     60.93
CLARIDEN LEU NAS         10.000     9/11/2012     CHF     59.59
CLARIDEN LEU NAS         11.000     9/10/2012     EUR     70.22
CLARIDEN LEU NAS          7.500     9/10/2012     CHF     64.27
CLARIDEN LEU NAS         12.000      9/4/2012     EUR     44.49
CLARIDEN LEU NAS          9.250      9/4/2012     CHF     56.43
CLARIDEN LEU NAS          7.000     8/16/2012     CHF     58.26
CLARIDEN LEU NAS         10.000     8/10/2012     EUR     71.85
CLARIDEN LEU NAS         11.750      8/8/2012     EUR     68.36
CLARIDEN LEU NAS         10.000      8/8/2012     USD     78.71
CLARIDEN LEU NAS         11.250     4/26/2012     USD     62.80
CLARIDEN LEU NAS          8.500     4/27/2012     USD     62.87
CLARIDEN LEU NAS          9.000     4/27/2012     USD     70.33
CLARIDEN LEU NAS          9.000     4/27/2012     USD     14.71
CLARIDEN LEU NAS         10.600     5/18/2012     CHF     62.46
CLARIDEN LEU NAS         10.250     4/27/2012     CHF     74.85
CLARIDEN LEU NAS         12.400     4/27/2012     EUR     73.16
CLARIDEN LEU NAS         13.000     4/27/2012     CHF     15.10
CLARIDEN LEU NAS          9.500      5/2/2012     EUR     62.74
CLARIDEN LEU NAS         10.500      5/2/2012     EUR     57.54
CLARIDEN LEU NAS         11.000      5/2/2012     EUR     73.00
CLARIDEN LEU NAS         11.000      5/2/2012     CHF     61.38
CLARIDEN LEU NAS          8.250      5/3/2012     GBP     74.83
CLARIDEN LEU NAS          9.500      5/3/2012     CHF     60.33
CLARIDEN LEU NAS         11.250      5/3/2012     GBP     70.63
CLARIDEN LEU NAS         10.250      5/4/2012     CHF     56.66
CLARIDEN LEU NAS          7.300      5/9/2012     CHF     60.00
CLARIDEN LEU NAS          9.000      5/9/2012     EUR     65.11
CLARIDEN LEU NAS          9.600      5/9/2012     CHF     76.43
CLARIDEN LEU NAS         10.750      5/9/2012     EUR     71.35
CLARIDEN LEU NAS         10.750      5/9/2012     CHF     66.09
CLARIDEN LEU NAS         10.750     5/11/2012     CHF     62.95
CLARIDEN LEU NAS         12.000     5/11/2012     EUR     44.95
CLARIDEN LEU NAS         10.000     5/16/2012     EUR     73.37
CLARIDEN LEU NAS         10.000     5/16/2012     EUR     62.14
CLARIDEN LEU NAS         10.550     5/16/2012     EUR     53.41
CLARIDEN LEU NAS         11.750     5/16/2012     EUR     74.11
CLARIDEN LEU NAS         10.000     5/18/2012     EUR     67.37
CLARIDEN LEU NAS         10.250     6/20/2012     SEK     70.05
CLARIDEN LEU NAS         12.000     5/18/2012     EUR     53.78
CLARIDEN LEU NAS         10.000     5/23/2012     NOK     66.45
CLARIDEN LEU NAS         11.500     5/23/2012     USD     72.47
CLARIDEN LEU NAS         13.000     5/23/2012     CHF     16.34
CLARIDEN LEU NAS         14.000     5/23/2012     EUR     16.38
CLARIDEN LEU NAS         12.750     5/24/2012     EUR     52.88
CLARIDEN LEU NAS         10.500     5/30/2012     EUR     70.81
CLARIDEN LEU NAS         10.750     5/30/2012     CHF     64.54
CLARIDEN LEU NAS         12.250     5/31/2012     EUR     42.39
CLARIDEN LEU NAS          7.500      6/1/2012     EUR     70.74
CLARIDEN LEU NAS         13.250      6/1/2012     USD     17.97
CLARIDEN LEU NAS         10.000      6/6/2012     NOK     68.59
CLARIDEN LEU NAS          0.000      6/8/2012     CHF     62.63
CLARIDEN LEU NAS          8.500      6/8/2012     CHF     65.30
CLARIDEN LEU NAS         13.500      6/8/2012     EUR     57.23
CLARIDEN LEU NAS          9.000     6/14/2012     CHF     64.91
CLARIDEN LEU NAS          9.250     6/14/2012     CHF     72.06
CLARIDEN LEU NAS         12.000     6/14/2012     CHF     38.61
CLARIDEN LEU NAS         10.500     6/15/2012     CHF     70.10
CLARIDEN LEU NAS          3.550     6/20/2012     CHF     50.76
CLARIDEN LEU NAS         10.500     7/18/2012     CHF     74.11
CLARIDEN LEU NAS          9.000     6/21/2012     CHF     67.64
CLARIDEN LEU NAS         10.000     6/21/2012     EUR     64.06
CLARIDEN LEU NAS         10.500     6/21/2012     EUR     57.01
CLARIDEN LEU NAS         10.000     6/22/2012     CHF     68.39
CLARIDEN LEU NAS         11.250     6/22/2012     CHF     53.19
CLARIDEN LEU NAS         15.500     6/29/2012     EUR     45.29
CLARIDEN LEU NAS          8.750      7/4/2012     CHF     71.88
CLARIDEN LEU NAS         10.000      7/4/2012     CHF     73.24
CLARIDEN LEU NAS         10.250      7/4/2012     EUR     62.98
CLARIDEN LEU NAS         10.500      7/4/2012     EUR     66.12
CLARIDEN LEU NAS         11.000      7/5/2012     CHF     73.81
CLARIDEN LEU NAS         10.000      7/6/2012     EUR     74.82
CLARIDEN LEU NAS         12.500     7/11/2012     EUR     66.31
CLARIDEN LEU NAS         10.500     7/12/2012     CHF     70.05
CLARIDEN LEU NAS         11.750     7/12/2012     USD     72.50
CLARIDEN LEU NAS          9.500     7/13/2012     EUR     60.36
CLARIDEN LEU NAS         11.750     7/13/2012     EUR     74.34
CLARIDEN LEU NAS          7.900     7/18/2012     USD     73.39
CLARIDEN LEU NAS         11.000     7/18/2012     EUR     72.08
CLARIDEN LEU NAS          9.000     7/19/2012     CHF     72.07
CLARIDEN LEU NAS         10.750     7/19/2012     EUR     71.86
CLARIDEN LEU NAS         12.250     7/20/2012     USD     73.25
CLARIDEN LEU NAS          9.250     7/25/2012     CHF     69.29
CLARIDEN LEU NAS          8.750     7/26/2012     CHF     64.78
CLARIDEN LEU NAS         10.500      8/2/2012     EUR     60.40
CLARIDEN LEU NAS         11.000      8/2/2012     USD     72.57
CLARIDEN LEU NAS          0.000     9/10/2014     CHF     69.99
CLARIDEN LEU NAS          0.000     8/27/2014     CHF     69.50
CLARIDEN LEU NAS          4.500     8/13/2014     CHF     60.62
CLARIDEN LEU NAS          0.000     6/10/2014     CHF     65.52
CLARIDEN LEU NAS          0.000     6/10/2014     CHF     71.98
CLARIDEN LEU NAS          0.000     5/26/2014     CHF     62.88
CLARIDEN LEU NAS          0.000     5/13/2014     CHF     61.80
CLARIDEN LEU NAS          0.000     2/24/2014     CHF     59.63
CLARIDEN LEU NAS          0.000     2/11/2014     CHF     59.15
CLARIDEN LEU NAS          0.000    11/26/2013     CHF     68.42
CLARIDEN LEU NAS          0.000     9/23/2013     CHF     68.83
CREDIT SUISSE LD          8.900     3/25/2013     EUR     61.37
CREDIT SUISSE LD          4.000    12/10/2012     EUR     44.60
SARASIN CI LTD            8.000      9/3/2012     CHF     43.54
SARASIN CI LTD           11.000      5/9/2012     CHF     60.33
SARASIN CI LTD           10.080      5/4/2012     CHF     42.44
SARASIN CI LTD           12.500     5/11/2012     CHF     57.93
SARASIN CI LTD           11.000     4/26/2012     CHF     61.19
SARASIN CI LTD            8.600     5/16/2012     CHF     72.21
SARASIN CI LTD            7.000     5/24/2012     CHF     62.85
SARASIN CI LTD            5.538     6/18/2012     CHF     61.87
SARASIN CI LTD           12.000     6/27/2012     CHF     42.20
SARASIN CI LTD            8.500     4/26/2012     CHF     54.14
SARASIN CI LTD           10.500     4/26/2012     CHF     59.55
SARASIN/GUERNSEY         10.000     8/10/2012     EUR     60.56
SARASIN/GUERNSEY          7.200     7/16/2012     CHF     51.72
SARASIN/GUERNSEY          7.600     7/13/2012     EUR     66.95
SARASIN/GUERNSEY         15.400     7/12/2012     EUR     74.69
SARASIN/GUERNSEY         12.100     7/12/2012     CHF     69.73
SARASIN/GUERNSEY         17.000    10/12/2012     EUR     77.29
UBS AG                   22.970     6/22/2012     EUR     69.71
UBS AG                   22.490     6/22/2012     EUR     71.90
UBS AG                   22.440     6/22/2012     EUR     69.69
UBS AG                   22.360     6/22/2012     EUR     72.13
UBS AG                   22.200     6/22/2012     EUR     66.41
UBS AG                   24.310     6/22/2012     EUR     68.32
UBS AG                   21.370     6/22/2012     EUR     67.31
UBS AG                   21.300     6/22/2012     EUR     69.43
UBS AG                   20.650     6/22/2012     EUR     71.65
UBS AG                   20.120     6/22/2012     EUR     68.31
UBS AG                   20.060     6/22/2012     EUR     74.29
UBS AG                   19.530     6/22/2012     EUR     71.02
UBS AG                   19.440     6/22/2012     EUR     74.52
UBS AG                   21.630     6/22/2012     EUR     71.18
UBS AG                   18.910     6/22/2012     EUR     73.78
UBS AG                   18.080     6/22/2012     EUR     70.38
UBS AG                   17.790     6/22/2012     EUR     72.72
UBS AG                   16.710     6/22/2012     EUR     71.46
UBS AG                   16.110     6/22/2012     EUR     72.63
UBS AG                   16.100     6/22/2012     EUR     74.55
UBS AG                   15.610     6/22/2012     EUR     72.63
UBS AG                   19.000     6/22/2012     EUR     69.29
UBS AG                   15.000      6/6/2012     CHF     72.90
UBS AG                   17.720      6/4/2012     EUR     44.91
UBS AG                   15.860      6/4/2012     EUR     68.36
UBS AG                   13.680      6/4/2012     EUR     72.84
UBS AG                   10.470      6/4/2012     EUR     52.74
UBS AG                    9.820      6/4/2012     EUR     74.22
UBS AG                   14.620      6/1/2012     EUR     74.94
UBS AG                   14.540     6/22/2012     EUR     73.85
UBS AG                   13.700     5/23/2012     USD     13.57
UBS AG                   13.300     5/23/2012     USD      3.80
UBS AG                   15.150     5/11/2012     EUR     39.59
UBS AG                   13.150     5/11/2012     EUR     51.97
UBS AG                   12.900     5/11/2012     EUR     47.68
UBS AG                   11.240     5/11/2012     EUR     44.46
UBS AG                   10.940     5/11/2012     EUR     46.86
UBS AG                   14.000     5/23/2012     USD      8.96
UBS AG                   10.060     5/11/2012     EUR     61.06
UBS AG                    9.880     5/11/2012     EUR     52.12
UBS AG                    9.170     5/11/2012     EUR     63.63
UBS AG                    9.170     5/11/2012     EUR     63.63
UBS AG                    9.110     5/11/2012     EUR     58.86
UBS AG                    6.870     5/11/2012     EUR     52.72
UBS AG                    6.600     5/11/2012     USD     62.95
UBS AG                   10.750     5/11/2012     EUR     73.57
UBS AG                   15.000      5/3/2012     EUR     38.35
UBS AG                    8.500      5/3/2012     CHF     59.60
UBS AG                    7.500      5/3/2012     EUR     71.80
UBS AG                   12.800     4/20/2012     CHF     73.40
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                    6.550     5/11/2012     EUR     67.69
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                   11.000      3/4/2014     USD     19.73
UBS AG                   13.830    12/17/2013     USD     20.11
UBS AG                   11.020    10/21/2013     USD     58.10
UBS AG                   15.900     9/20/2013     EUR     72.59
UBS AG                   10.770      9/6/2013     USD     17.40
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                    9.850     3/22/2013     USD     20.47
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                   14.850     2/22/2013     EUR     75.13
UBS AG                   10.390     1/18/2013     USD     38.04
UBS AG                   21.700      1/4/2013     EUR     75.98
UBS AG                   18.000    12/21/2012     EUR     73.13
UBS AG                   17.070    12/21/2012     EUR     73.47
UBS AG                   16.930    12/21/2012     EUR     74.24
UBS AG                   16.600    12/21/2012     EUR     69.86
UBS AG                   16.030    12/21/2012     EUR     74.40
UBS AG                   15.930    12/21/2012     EUR     72.78
UBS AG                   14.740    12/21/2012     EUR     74.06
UBS AG                   14.690    12/21/2012     EUR     73.30
UBS AG                   13.320    12/21/2012     EUR     74.67
UBS AG                   13.600    11/12/2012     EUR     46.52
UBS AG                   13.560    11/12/2012     EUR     50.37
UBS AG                   12.000    11/12/2012     EUR     73.08
UBS AG                   11.660    11/12/2012     EUR     53.63
UBS AG                   11.260    11/12/2012     EUR     56.87
UBS AG                   10.930    11/12/2012     EUR     50.05
UBS AG                    9.650    11/12/2012     EUR     57.04
UBS AG                    9.470    11/12/2012     EUR     51.73
UBS AG                    9.020    11/12/2012     EUR     56.20
UBS AG                    8.590    11/12/2012     EUR     62.24
UBS AG                    8.370    11/12/2012     EUR     65.14
UBS AG                    8.280    11/12/2012     EUR     67.08
UBS AG                    8.280    11/12/2012     EUR     67.08
UBS AG                    6.700    11/12/2012     EUR     56.13
UBS AG                    6.070    11/12/2012     EUR     70.26
UBS AG                   12.500     11/1/2012     EUR     74.72
UBS AG                   13.340    10/24/2012     USD     46.27
UBS AG                   11.580     10/1/2012     EUR     64.76
UBS AG                   11.560     10/1/2012     EUR     37.84
UBS AG                   11.530     10/1/2012     EUR     64.74
UBS AG                   11.460     10/1/2012     EUR     64.71
UBS AG                   11.460     10/1/2012     EUR     37.80
UBS AG                   11.380     10/1/2012     EUR     64.68
UBS AG                   11.330     10/1/2012     EUR     37.74
UBS AG                   11.280     10/1/2012     EUR     64.63
UBS AG                   11.160     10/1/2012     EUR     64.58
UBS AG                   11.150     10/1/2012     EUR     37.67
UBS AG                   11.010     10/1/2012     EUR     64.52
UBS AG                   10.930     10/1/2012     EUR     37.57
UBS AG                   10.840     10/1/2012     EUR     64.45
UBS AG                   10.740     10/1/2012     EUR     70.03
UBS AG                   10.650     10/1/2012     EUR     37.45
UBS AG                   10.640     10/1/2012     EUR     64.36
UBS AG                   10.620     10/1/2012     EUR     70.03
UBS AG                   10.440     10/1/2012     EUR     69.90
UBS AG                   10.410     10/1/2012     EUR     64.26
UBS AG                   10.310     10/1/2012     EUR     37.31
UBS AG                   10.220     10/1/2012     EUR     69.81
UBS AG                   10.150     10/1/2012     EUR     64.15
UBS AG                    9.930     10/1/2012     EUR     69.69
UBS AG                    9.910     10/1/2012     EUR     37.14
UBS AG                    9.900     10/1/2012     EUR     35.78
UBS AG                    9.860     10/1/2012     EUR     64.07
UBS AG                    9.580     10/1/2012     EUR     69.54
UBS AG                    9.540     10/1/2012     EUR     63.89
UBS AG                    9.440     10/1/2012     EUR     36.94
UBS AG                    9.360     10/1/2012     EUR     35.50
UBS AG                    9.200     10/1/2012     EUR     35.44
UBS AG                    9.160     10/1/2012     EUR     69.36
UBS AG                    9.060     10/1/2012     EUR     70.78
UBS AG                    8.950     10/1/2012     EUR     76.23
UBS AG                    8.910     10/1/2012     EUR     36.71
UBS AG                    8.910     10/1/2012     EUR     70.68
UBS AG                    8.740     10/1/2012     EUR     76.10
UBS AG                    8.730     10/1/2012     EUR     35.24
UBS AG                    8.720     10/1/2012     EUR     70.60
UBS AG                    8.720     10/1/2012     EUR     72.71
UBS AG                    8.660     10/1/2012     EUR     69.15
UBS AG                    8.530     10/1/2012     EUR     72.62
UBS AG                    8.500     10/1/2012     EUR     70.51
UBS AG                    8.490     10/1/2012     EUR     75.99
UBS AG                    8.420     10/1/2012     EUR     35.14
UBS AG                    8.400     10/1/2012     EUR     72.57
UBS AG                    8.310     10/1/2012     EUR     36.49
UBS AG                    8.260     10/1/2012     EUR     72.51
UBS AG                    8.240     10/1/2012     EUR     70.42
UBS AG                    8.200     10/1/2012     EUR     75.90
UBS AG                    8.090     10/1/2012     EUR     68.90
UBS AG                    8.090     10/1/2012     EUR     72.44
UBS AG                    8.050     10/1/2012     EUR     34.95
UBS AG                    7.940     10/1/2012     EUR     70.30
UBS AG                    7.900     10/1/2012     EUR     72.36
UBS AG                    7.850     10/1/2012     EUR     75.72
UBS AG                    7.840     10/1/2012     EUR     34.86
UBS AG                    7.680     10/1/2012     EUR     72.26
UBS AG                    7.660     10/1/2012     EUR     36.18
UBS AG                    7.620     10/1/2012     EUR     34.76
UBS AG                    7.610     10/1/2012     EUR     70.16
UBS AG                    7.470     10/1/2012     EUR     75.56
UBS AG                    7.450     10/1/2012     EUR     72.16
UBS AG                    7.380     10/1/2012     EUR     34.66
UBS AG                    7.240     10/1/2012     EUR     70.00
UBS AG                    7.140     10/1/2012     EUR     34.56
UBS AG                    7.040     10/1/2012     EUR     75.40
UBS AG                   24.960     9/28/2012     EUR     72.48
UBS AG                   23.560     9/28/2012     EUR     74.14
UBS AG                   22.150     9/28/2012     EUR     75.94
UBS AG                   21.970     9/28/2012     EUR     70.14
UBS AG                   20.920     9/28/2012     EUR     70.70
UBS AG                   19.990     9/28/2012     EUR     72.11
UBS AG                   19.910     9/28/2012     EUR     74.61
UBS AG                   19.880     9/28/2012     EUR     70.96
UBS AG                   19.580     9/28/2012     EUR     72.03
UBS AG                   18.580     9/28/2012     EUR     72.06
UBS AG                   18.240     9/28/2012     EUR     73.47
UBS AG                   18.220     9/28/2012     EUR     70.47
UBS AG                   17.280     9/28/2012     EUR     73.23
UBS AG                   17.090     9/28/2012     EUR     71.14
UBS AG                   16.930     9/28/2012     EUR     75.02
UBS AG                   16.720     9/28/2012     EUR     71.99
UBS AG                   16.000     9/28/2012     EUR     74.50
UBS AG                   15.370     9/28/2012     EUR     72.73
UBS AG                   15.240     9/28/2012     EUR     73.65
UBS AG                   13.700     9/28/2012     EUR     74.51
UBS AG                   22.700     9/21/2012     EUR     68.88
UBS AG                   13.000     9/21/2012     EUR     72.07
UBS AG                   10.740     9/17/2012     USD     33.58
UBS AG                   19.660      9/3/2012     EUR     72.44
UBS AG                    9.070      9/3/2012     EUR     66.11
UBS AG                    9.430     8/31/2012     USD     33.67
UBS AG                   17.250     8/15/2012     EUR     54.85
UBS AG                    9.500     8/10/2012     USD     28.61
UBS AG                   11.500      8/2/2012     CHF     74.20
UBS AG                   11.000      8/2/2012     EUR     66.50
UBS AG                   10.500      8/2/2012     EUR     57.35
UBS AG                   10.000      8/2/2012     CHF     68.95
UBS AG                   12.040     7/31/2012     USD     17.88
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     65.55
UBS AG                   10.960     7/20/2012     USD     24.73
UBS AG                   10.600     7/20/2012     CHF     74.25
UBS AG                   10.020     7/20/2012     USD     10.92
UBS AG                   14.400     6/29/2012     CHF     47.10
UBS AG                   12.000     6/29/2012     EUR     63.10
UBS AG                   12.750     6/25/2012     EUR     35.04
UBS AG                   12.610     6/25/2012     EUR     35.00
UBS AG                   12.510     6/25/2012     EUR     62.18
UBS AG                   12.450     6/25/2012     EUR     62.17
UBS AG                   12.410     6/25/2012     EUR     34.96
UBS AG                   12.370     6/25/2012     EUR     62.15
UBS AG                   12.270     6/25/2012     EUR     62.14
UBS AG                   12.170     6/25/2012     EUR     34.92
UBS AG                   12.140     6/25/2012     EUR     62.12
UBS AG                   11.990     6/25/2012     EUR     62.09
UBS AG                   11.860     6/25/2012     EUR     34.88
UBS AG                   11.810     6/25/2012     EUR     62.06
UBS AG                   11.600     6/25/2012     EUR     62.05
UBS AG                   11.480     6/25/2012     EUR     34.81
UBS AG                   11.380     6/25/2012     EUR     67.69
UBS AG                   11.360     6/25/2012     EUR     61.99
UBS AG                   11.180     6/25/2012     EUR     67.66
UBS AG                   11.080     6/25/2012     EUR     61.95
UBS AG                   11.030     6/25/2012     EUR     34.76
UBS AG                   10.920     6/25/2012     EUR     67.62
UBS AG                   10.770     6/25/2012     EUR     61.90
UBS AG                   10.590     6/25/2012     EUR     67.56
UBS AG                   10.500     6/25/2012     EUR     34.66
UBS AG                   10.420     6/25/2012     EUR     61.84
UBS AG                   10.190     6/25/2012     EUR     67.50
UBS AG                   10.040     6/25/2012     EUR     61.78
UBS AG                    9.920     6/25/2012     EUR     33.15
UBS AG                    9.900     6/25/2012     EUR     34.56
UBS AG                    9.890     6/25/2012     EUR     68.48
UBS AG                    9.710     6/25/2012     EUR     33.11
UBS AG                    9.700     6/25/2012     EUR     67.42
UBS AG                    9.660     6/25/2012     EUR     68.46
UBS AG                    9.610     6/25/2012     EUR     74.02
UBS AG                    9.430     6/25/2012     EUR     33.07
UBS AG                    9.390     6/25/2012     EUR     68.42
UBS AG                    9.330     6/25/2012     EUR     70.94
UBS AG                    9.310     6/25/2012     EUR     73.95
UBS AG                    9.220     6/25/2012     EUR     34.45
UBS AG                    9.090     6/25/2012     EUR     33.02
UBS AG                    9.080     6/25/2012     EUR     68.37
UBS AG                    9.080     6/25/2012     EUR     70.90
UBS AG                    8.950     6/25/2012     EUR     73.91
UBS AG                    8.910     6/25/2012     EUR     70.88
UBS AG                    8.720     6/25/2012     EUR     70.85
UBS AG                    8.720     6/25/2012     EUR     68.31
UBS AG                    9.130     6/25/2012     EUR     67.33
UBS AG                    8.540     6/25/2012     EUR     73.84
UBS AG                    8.510     6/25/2012     EUR     70.81
UBS AG                    8.490     6/25/2012     EUR     34.34
UBS AG                    8.490     6/25/2012     EUR     67.23
UBS AG                    8.320     6/25/2012     EUR     68.23
UBS AG                    8.270     6/25/2012     EUR     70.77
UBS AG                    8.220     6/25/2012     EUR     32.88
UBS AG                    8.690     6/25/2012     EUR     32.95
UBS AG                    8.000     6/25/2012     EUR     70.73
UBS AG                    7.960     6/25/2012     EUR     32.83
UBS AG                    7.890     6/25/2012     EUR     68.17
UBS AG                    7.870     6/25/2012     EUR     73.60
UBS AG                    7.770     6/25/2012     EUR     67.13
UBS AG                    7.720     6/25/2012     EUR     70.69
UBS AG                    7.710     6/25/2012     EUR     34.23
UBS AG                    8.070     6/25/2012     EUR     73.75
UBS AG                    7.670     6/25/2012     EUR     73.57
UBS AG                    7.560     6/25/2012     EUR     73.67
UBS AG                    7.420     6/25/2012     EUR     68.10
UBS AG                    7.420     6/25/2012     EUR     73.53
UBS AG                    7.410     6/25/2012     EUR     32.78
UBS AG                    7.150     6/25/2012     EUR     73.48
UBS AG                    7.110     6/25/2012     EUR     32.71
UBS AG                    7.690     6/25/2012     EUR     32.79
UBS AG                   28.770     6/22/2012     EUR     69.66
UBS AG                   27.030     6/22/2012     EUR     65.75
UBS AG                   26.850     6/22/2012     EUR     72.00
UBS AG                   26.100     6/22/2012     EUR     66.17
UBS AG                   24.950     6/22/2012     EUR     74.52
UBS AG                   24.900     6/22/2012     EUR     66.55
UBS AG                   24.690     6/22/2012     EUR     70.15
UBS AG                    7.010     6/25/2012     EUR     73.60
UBS AG                   24.260     6/22/2012     EUR     67.86
UBS AG                   23.100     6/22/2012     EUR     67.94
UBS AG                   10.780     4/19/2012     CHF     60.70
UBS AG JERSEY             3.220     7/31/2012     EUR     31.66

UNITED KINGDOM
--------------
ALLIANC&LEIC BLD          5.875     8/14/2031     GBP     73.87
BAKKAVOR FIN 2            8.250     2/15/2018     GBP     77.75
BANK NADRA                8.000     6/22/2017     USD     49.32
BARCLAYS BK PLC           8.750      1/2/2013     EUR     65.97
BARCLAYS BK PLC           0.500     9/24/2019     AUD     62.26
BARCLAYS BK PLC           0.500     12/3/2017     AUD     70.85
BARCLAYS BK PLC          11.500     6/28/2013     EUR     54.81
BARCLAYS BK PLC          11.000     6/28/2013     EUR     56.73
BARCLAYS BK PLC          10.000     6/28/2013     EUR     58.43
BARCLAYS BK PLC           8.000     6/28/2013     EUR     60.31
BARCLAYS BK PLC          11.500     3/22/2013     EUR     52.78
BARCLAYS BK PLC          10.750     3/22/2013     EUR     55.40
BARCLAYS BK PLC          10.000     3/22/2013     EUR     56.56
BARCLAYS BK PLC           8.000     3/22/2013     EUR     58.49
BARCLAYS BK PLC          12.500      1/2/2013     EUR     60.55
BARCLAYS BK PLC          12.000      1/2/2013     EUR     50.93
BARCLAYS BK PLC          11.500      1/2/2013     EUR     64.17
BARCLAYS BK PLC          11.000      1/2/2013     EUR     53.92
BARCLAYS BK PLC          10.000      1/2/2013     EUR     65.05
BARCLAYS BK PLC          10.000      1/2/2013     EUR     55.44
BARCLAYS BK PLC           9.500      1/2/2013     EUR     55.99
BARCLAYS BK PLC           8.000     9/28/2012     USD     10.57
BARCLAYS BK PLC           8.500      1/2/2013     EUR     69.76
BARCLAYS BK PLC           8.000      1/2/2013     EUR     57.33
BARCLAYS BK PLC           7.000      1/2/2013     EUR     70.84
BARCLAYS BK PLC           7.000      1/2/2013     EUR     61.22
BARCLAYS BK PLC           6.000      1/2/2013     EUR     64.20
BARCLAYS BK PLC           6.000      1/2/2013     EUR     74.38
BARCLAYS BK PLC          12.500    12/14/2012     EUR     68.07
BARCLAYS BK PLC          11.000    12/14/2012     EUR     54.05
BARCLAYS BK PLC          10.930    12/14/2012     EUR     69.93
BARCLAYS BK PLC          10.500    12/14/2012     EUR     60.38
BARCLAYS BK PLC           9.500    12/14/2012     EUR     66.11
BARCLAYS BK PLC           8.750    12/14/2012     EUR     58.25
BARCLAYS BK PLC           8.000    12/14/2012     EUR     65.68
BARCLAYS BK PLC           9.000    10/16/2012     USD     10.68
BARCLAYS BK PLC           8.500    10/16/2012     USD     10.86
BARCLAYS BK PLC          14.000     10/1/2012     USD     10.19
BARCLAYS BK PLC           9.000     10/1/2012     USD      9.84
BARCLAYS BK PLC          13.500     9/28/2012     EUR     58.01
BARCLAYS BK PLC          13.000     9/28/2012     EUR     47.98
BARCLAYS BK PLC          12.500     9/28/2012     EUR     61.33
BARCLAYS BK PLC          11.750     9/28/2012     EUR     51.37
BARCLAYS BK PLC          10.500     9/28/2012     EUR     53.15
BARCLAYS BK PLC          10.500     9/28/2012     EUR     63.08
BARCLAYS BK PLC          10.000     9/28/2012     EUR     54.14
BARCLAYS BK PLC           9.500     9/28/2012     EUR     63.64
BARCLAYS BK PLC           8.500     9/28/2012     EUR     69.02
BARCLAYS BK PLC          13.750     6/22/2012     EUR     58.05
BARCLAYS BK PLC           8.000     9/28/2012     EUR     55.75
BARCLAYS BK PLC           7.000     9/28/2012     EUR     60.27
BARCLAYS BK PLC           7.000     9/28/2012     EUR     70.52
BARCLAYS BK PLC           6.000     9/28/2012     EUR     74.28
BARCLAYS BK PLC           6.000     9/28/2012     EUR     63.19
BARCLAYS BK PLC          14.070     9/14/2012     EUR     71.43
BARCLAYS BK PLC          13.750     9/14/2012     EUR     65.48
BARCLAYS BK PLC          12.200     9/14/2012     EUR     68.11
BARCLAYS BK PLC          12.000     9/14/2012     EUR     51.06
BARCLAYS BK PLC          11.000     9/14/2012     EUR     58.17
BARCLAYS BK PLC          10.250     9/14/2012     EUR     63.82
BARCLAYS BK PLC           9.250     9/14/2012     EUR     55.78
BARCLAYS BK PLC           8.000     9/14/2012     EUR     64.15
BARCLAYS BK PLC           8.000     9/11/2012     USD     10.60
BARCLAYS BK PLC           8.000     9/11/2012     USD     10.71
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      9.99
BARCLAYS BK PLC          10.000     7/20/2012     USD      6.82
BARCLAYS BK PLC           8.000     6/29/2012     USD      9.55
BARCLAYS BK PLC          16.750     6/22/2012     EUR     63.21
BARCLAYS BK PLC          15.000     6/22/2012     EUR     72.92
BARCLAYS BK PLC          15.000     6/22/2012     EUR     54.51
BARCLAYS BK PLC          14.500     6/22/2012     EUR     57.59
BARCLAYS BK PLC          14.500     6/22/2012     EUR     44.72
BARCLAYS BK PLC           8.000     6/22/2012     EUR     67.74
BARCLAYS BK PLC          13.750     6/22/2012     EUR     53.62
BARCLAYS BK PLC          13.500     6/22/2012     EUR     71.23
BARCLAYS BK PLC          13.000     6/22/2012     EUR     64.03
BARCLAYS BK PLC          12.750     6/22/2012     EUR     48.37
BARCLAYS BK PLC          12.000     6/22/2012     EUR     66.37
BARCLAYS BK PLC          12.000     6/22/2012     EUR     57.04
BARCLAYS BK PLC          12.000     6/22/2012     EUR     75.52
BARCLAYS BK PLC          11.750     6/22/2012     EUR     56.32
BARCLAYS BK PLC          11.500     6/22/2012     EUR     59.98
BARCLAYS BK PLC          11.500     6/22/2012     EUR     50.06
BARCLAYS BK PLC          11.000     6/22/2012     EUR     52.38
BARCLAYS BK PLC          10.750     6/22/2012     EUR     67.58
BARCLAYS BK PLC          10.750     6/22/2012     EUR     51.60
BARCLAYS BK PLC          10.500     6/22/2012     EUR     60.94
BARCLAYS BK PLC          10.500     6/22/2012     EUR     53.09
BARCLAYS BK PLC          10.500     6/22/2012     EUR     59.22
BARCLAYS BK PLC          10.000     6/22/2012     EUR     61.51
BARCLAYS BK PLC           9.750     6/22/2012     EUR     56.37
BARCLAYS BK PLC           9.500     6/22/2012     EUR     70.88
BARCLAYS BK PLC           8.750     6/22/2012     EUR     72.08
BARCLAYS BK PLC           8.500     6/22/2012     EUR     64.36
BARCLAYS BK PLC           8.250     6/22/2012     EUR     65.17
BARCLAYS BK PLC           8.000     6/22/2012     EUR     70.99
BARCLAYS BK PLC           8.000     6/22/2012     EUR     53.88
BARCLAYS BK PLC           8.000     6/22/2012     EUR     62.06
BARCLAYS BK PLC           8.000     6/22/2012     EUR     61.98
BARCLAYS BK PLC          10.250      6/8/2012     EUR     58.31
BARCLAYS BK PLC           7.250     6/22/2012     EUR     59.20
BARCLAYS BK PLC           7.000     6/22/2012     EUR     69.21
BARCLAYS BK PLC           7.000     6/22/2012     EUR     58.71
BARCLAYS BK PLC           7.000     6/22/2012     EUR     68.23
BARCLAYS BK PLC           6.000     6/22/2012     EUR     61.49
BARCLAYS BK PLC           6.000     6/22/2012     EUR     66.57
BARCLAYS BK PLC           6.000     6/22/2012     EUR     73.16
BARCLAYS BK PLC           6.000     6/22/2012     EUR     67.23
BARCLAYS BK PLC           6.000     6/22/2012     EUR     70.78
BARCLAYS BK PLC          16.080      6/8/2012     EUR     69.01
BARCLAYS BK PLC          15.750      6/8/2012     EUR     62.45
BARCLAYS BK PLC          14.220      6/8/2012     EUR     65.29
BARCLAYS BK PLC          13.000      6/8/2012     EUR     48.17
BARCLAYS BK PLC          12.500      6/8/2012     EUR     54.92
BARCLAYS BK PLC          12.000      6/8/2012     EUR     61.02
BARCLAYS BK PLC          11.750      6/8/2012     EUR     48.54
BARCLAYS BK PLC          11.090      6/8/2012     EUR     62.20
BARCLAYS BK PLC          11.000      6/8/2012     EUR     61.22
BARCLAYS BK PLC          11.000      6/8/2012     EUR     75.83
BARCLAYS BK PLC          11.000      6/8/2012     EUR     59.98
BARCLAYS BK PLC          11.000      6/8/2012     EUR     67.27
BARCLAYS BK PLC          10.780      6/8/2012     EUR     70.60
BARCLAYS BK PLC          10.520      6/8/2012     EUR     64.94
BARCLAYS BK PLC          10.500      6/8/2012     EUR     56.02
BARCLAYS BK PLC           9.750      6/8/2012     EUR     74.15
BARCLAYS BK PLC           9.750      6/8/2012     EUR     53.28
BARCLAYS BK PLC           9.500      6/8/2012     EUR     68.17
BARCLAYS BK PLC           9.250      6/8/2012     EUR     70.79
BARCLAYS BK PLC           8.500      6/8/2012     EUR     52.60
BARCLAYS BK PLC           8.250      6/8/2012     EUR     55.59
BARCLAYS BK PLC           8.250      6/8/2012     EUR     66.71
BARCLAYS BK PLC           8.000      6/8/2012     EUR     64.46
BARCLAYS BK PLC           8.000      6/8/2012     EUR     59.98
BARCLAYS BK PLC           8.000      6/8/2012     EUR     72.62
BARCLAYS BK PLC           8.000      6/8/2012     EUR     62.88
BARCLAYS BK PLC           7.000      6/8/2012     EUR     71.03
BARCLAYS BK PLC           7.000      6/8/2012     EUR     69.35
BARCLAYS BK PLC           6.000      6/8/2012     EUR     68.99
BARCLAYS BK PLC          12.950     4/20/2012     USD     23.40
CO-OPERATIVE BNK          5.625    11/16/2021     GBP     76.08
CO-OPERATIVE BNK          5.750     12/2/2024     GBP     72.73
CO-OPERATIVE BNK          5.875     3/28/2033     GBP     72.21
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     37.38
EMPORIKI GRP FIN          5.100     12/9/2021     EUR     49.38
EMPORIKI GRP FIN          5.000     12/2/2021     EUR     48.88
EMPORIKI GRP FIN          6.000     5/18/2022     EUR     52.88
EMPORIKI GRP FIN          5.000     2/24/2022     EUR     48.38
ENTERPRISE INNS           6.875      5/9/2025     GBP     67.00
ENTERPRISE INNS           6.375     9/26/2031     GBP     65.33
ENTERPRISE INNS           6.875     2/15/2021     GBP     72.00
ESSAR ENERGY              4.250      2/1/2016     USD     65.33
F&C ASSET MNGMT           6.750    12/20/2026     GBP     64.64
GALA ELECTRIC CA         11.500      6/1/2019     GBP     66.00
GALA ELECTRIC CA         11.500      6/1/2019     GBP     65.50
GS INTERNATIONAL          9.750     5/22/2012     CHF     56.00
GS INTERNATIONAL          9.500     4/20/2012     CHF     51.80
GS INTERNATIONAL          8.250    12/17/2012     EUR     68.55
HBOS PLC                  6.305    10/18/2017     GBP     74.77
HBOS PLC                  4.375    10/30/2019     EUR     74.51
HBOS PLC                  5.374     6/30/2021     EUR     68.13
HBOS PLC                  6.000     11/1/2033     USD     74.48
HBOS PLC                  6.000     11/1/2033     USD     74.48
HBOS PLC                  4.500     3/18/2030     EUR     62.74
HSBC BANK PLC             0.500      2/2/2023     AUD     50.72
HSBC BANK PLC             0.500     2/24/2023     AUD     53.41
HSBC BANK PLC             0.500      4/3/2023     AUD     55.56
HSBC BANK PLC             0.500     12/8/2026     AUD     44.57
HSBC BANK PLC             0.500    12/29/2026     AUD     44.41
HSBC BANK PLC             4.750     3/24/2046     GBP     74.80
HSBC BANK PLC             0.500     9/28/2018     AUD     72.21
HSBC BANK PLC             0.500    11/16/2018     AUD     69.13
HSBC BANK PLC             0.500    11/22/2021     AUD     60.14
HSBC BANK PLC             0.500     12/2/2022     AUD     56.65
HSBC BANK PLC             0.500    12/29/2022     AUD     52.99
LBG CAPITAL NO.1          6.439     5/23/2020     EUR     74.73
LBG CAPITAL NO.2          6.385     5/12/2020     EUR     74.94
MARSTONS ISSUER           5.641     7/15/2035     GBP     74.08
MATALAN                   9.625     3/31/2017     GBP     68.80
MATALAN                   9.625     3/31/2017     GBP     68.63
MAX PETROLEUM             6.750      9/8/2013     USD     48.43
NOMURA BANK INTL          0.800    12/21/2020     EUR     67.53
OTE PLC                   4.625     5/20/2016     EUR     67.34
PRIVATBANK                5.799      2/9/2016     USD     70.03
PUNCH TAVERNS             7.567     4/15/2026     GBP     54.33
PUNCH TAVERNS             5.883    10/15/2026     GBP     63.05
ROYAL BK SCOTLND          6.250    12/20/2012     EUR     53.16
ROYAL BK SCOTLND          4.625     9/22/2021     EUR     75.05
SPIRIT ISSUER             5.472    12/28/2028     GBP     72.25
THOMAS COOK GR            7.750     6/22/2017     GBP     56.34
THOMAS COOK GR            6.750     6/22/2015     EUR     66.10
UNIQUE PUB FIN            6.464     3/30/2032     GBP     44.92
UNIQUE PUB FIN            5.659     6/30/2027     GBP     72.47
WESSEX WATER FIN          1.499    11/29/2058     GBP     61.25
WESSEX WATER FIN          1.369     7/31/2057     GBP     60.61


                            *********

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 * * *