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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, May 21, 2012, Vol. 13, No. 100

                            Headlines



A Z E R B A I J A N

TECHNIKABANK: Fitch Downgrades LT Issuer Default Rating to 'CC'


B U L G A R I A

DSK BANK: Moody's Reviews 'D+' BFSR for Downgrade


F R A N C E

CAISSE CENTRALE: Moody's Lowers BSFR to 'E', Maintains Review


G E O R G I A

BANK OF GEORGIA: Moody's Rates Senior Unsecured Notes '(P)Ba3'


G E R M A N Y

CONTINENTAL AG: S&P Raises Corporate Credit Rating to 'BB-'
UNITYMEDIA GMBH: S&P Affirms 'B+' Corporate Credit Rating


G R E E C E

* GREECE: To Remain in Eurozone, G8 Says


H U N G A R Y

* HUNGARY: Construction Sector Liquidations Up 30% in April


I R E L A N D

EIRCOM GROUP: Hutchison Loses Legal Challenge Over Rejected Bid
EIRCOM GROUP: Creditors Support Scheme of Arrangement
STANTON MBS I: S&P Cuts Rating on Class D Notes to 'CCC'


I T A L Y

FONDIARIA-SAI SPA: Intends to Pursue Four-Way Merger


L U X E M B O U R G

INTELSAT SA: Unit to Redeem Outstanding 9 1/2% Notes on June 15


N E T H E R L A N D S

ARES EURO I: S&P Lowers Rating on Class E Notes to 'CCC- (sf)'
TELECONNECT INC: Incurs US$810,000 Net Loss in March 31 Quarter
UPC HOLDING: S&P Affirms Issue Ratings on Senior Notes at 'B-'
* NETHERLANDS: Moody's Says Intervention Act Credit Neutral
* Moody's Says Dutch RMBS Cumulative Default Rate Stabilizes


R O M A N I A

POSTA ROMANA: Mulls Restructuring to Avert Bankruptcy


S P A I N

BANKIA SA: Not Losing Client Money, Spanish Gov't Says
OBRASCON HUARTE: Fitch Affirms LT Issuer Default Rating at 'BB-'
TDA 24: S&P Lowers Rating on Class B Notes to 'CCC-'
* SPAIN: Moody's Cuts LT Debt & Deposit Ratings of 16 Banks
* SPAIN: Moody's Takes Multiple Rating Actions on Covered Bonds

* SPAIN: Moody's Downgrades Ratings of Four Regions
* SPAIN: Bank Bad Loans Up 8.37% in March


U N I T E D   K I N G D O M

BANK OF CREDIT: Deloitte Stands Down as Liquidators
GLOBAL SHIP: Reports US$7.9 Million Net Income in First Quarter
PETROPLUS HOLDINGS: Coryton Plant May Shut Down; Vitrol Drops Bid
REC PLANTATION: S&P Raises Rating on Class D Notes to 'BB-'


X X X X X X X X

* BOND PRICING: For the Week May 14 to May 18, 2012


                            *********


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


TECHNIKABANK: Fitch Downgrades LT Issuer Default Rating to 'CC'
---------------------------------------------------------------
Fitch Ratings has downgraded Azerbaijan-based Technikabank's (TB)
Long-term Issuer Default Rating (IDR) to 'CC' from 'B-' and
Viability Rating (VR) to 'f' from 'b-'.

The downgrade of TB's Long-term IDR reflects further
deterioration in the bank's liquidity position as a result of
continued deposit outflows and a sharp reduction in the bank's
capital ratio.

As at May 11, 2012, individuals' deposits had dropped by 55%
compared to mid-March 2012, and the cash buffer had thinned to
just AZN12m (equal to 2.5% of the bank's liabilities).  In
Fitch's view, TB's tight liquidity gives rise to considerable
uncertainty about its current capacity to service its financial
obligations.

The regulatory capital adequacy ratio fell to just 2.1% at end-
April 2012 (from 16% at end-March 2012), driven by a large AZN60m
of new loan impairment provisions created following a change in
the bank's management, instigated by the Central Bank of
Azerbaijan (CBA).

The downgrade of TB's VR to 'f' reflects Fitch's view that the
bank has failed, given its weak liquidity and capital positions,
and the fact that these have already required some form of
external support or regulatory forbearance.  TB's liquidity
position has benefited from an AZN18m facility (an amount which
exceeds the bank's current liquid assets) received from state-
controlled International Bank of Azerbaijan (IBAR, 'BB+'/Rating
Watch Negative), and a waiver from the CBA in respect to the
breach of capital requirements has been received.

Fitch views further external support for TB as highly uncertain.
Management has informed Fitch that the bank's controlling
shareholder, World Wines, plans to inject new equity into the
bank in the near-term.  However, the absence of capital support
to date, the lack of transparency in respect to ultimate control
of the bank and the reported recent arrest of one of the bank's
key shareholders (see Fitch's comment of April 4) mean that such
support cannot be relied upon, in the agency's view.  Support for
TB from the Azerbaijan authorities is possible, but also highly
uncertain given the apparent complications in relations between
the authorities and one of the bank's shareholders, and the
recent prolonged delays with the recapitalization by the
Azerbaijan authorities of IBAR.

TB's Long-term IDR could be downgraded to 'D' or 'RD' (Restricted
Default) if liquidity tightens further and it becomes clear that
the bank is no longer able to service its current obligations.
The Long-term IDR and VR could be upgraded if TB receives
substantial external support, to the extent that Fitch views the
bank once more as a viable entity.

The rating actions are as follows:

  -- Long-term IDR: downgraded to 'CC' from 'B-', off Rating
     Watch Negative (RWN)
  -- Short-term IDR: downgraded to 'C' from 'B', off RWN
  -- Viability Rating: downgraded to 'f' from 'b-', off RWN
  -- Support Rating: affirmed at '5'
  -- Support Rating Floor: affirmed at 'No Floor'


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


DSK BANK: Moody's Reviews 'D+' BFSR for Downgrade
-------------------------------------------------
Moody's Investors Service has placed on review for downgrade DSK
Bank's Baa3/Prime-3 long and short-term local and foreign-
currency deposit ratings and standalone bank financial strength
rating (BFSR) of D+, mapping to a ba1 standalone credit
assessment. The main drivers of the review are the continuation
of asset quality deterioration and the rating agency's
expectation that Bulgaria's fragile economic recovery may further
weigh on DSK's loan-book performance and profitability.

Ratings Rationale

The rating announcement is driven by Moody's concerns over:

(i) The weak operating conditions, as the deepening euro area
economic slowdown will drag on Bulgaria's already fragile
recovery;

(ii) The progressive deterioration of asset quality metrics since
2009, and Moody's view that the stabilization and improvement of
DSK's asset quality previously expected may be significantly
delayed, given the fragile economic recovery; and

(iii) The risk of downward pressure on profitability, as subdued
credit growth weighs on growth prospects and provisioning needs
absorb a high portion of the bank's pre-provision earnings.

Factors to be Considered in the Review

Moody's review of DSK's ratings will focus on an assessment of
three areas:

1. The performance of DSK's asset-quality metrics relative to its
peers and the risk of further loan-book deterioration in the weak
operating environment. Following an increase in reported non-
performing loans ('NPLs' defined as past due 90 days) to 16% of
gross loans in December 2011, from 11% in December 2010, the
fragile economic recovery may pose challenges to the
stabilization of asset-quality metrics, particularly for retail
and real-estate related lending, as unemployment continues to
increase (to 12.9% in March 2012, from 6.4% in March 2009) and
housing prices remain depressed.

2. The risk that subdued credit growth and high provisioning may
constrain net income. Between 2009 and 2011, DSK's net income
relative to risk-weighted assets declined to 1.4% from 2.4%,
owing primarily to increasing provisioning requirements. Although
Moody's expects pre-provision income to continue to benefit from
the bank's relatively healthy interest-rate margins, net income
could remain under pressure from the need to set aside high loan-
loss provisions, which absorbed 77% of the bank's pre-provision
income in 2011.

3. Moody's will also take into account the capacity of current
capital buffers and provisioning reserve to absorb losses, as
well as the stability generated by DSK's diversified funding
profile. The review will assess: (i) the loss-absorption capacity
of the bank's current capital position, with a Tier 1 ratio of
16.5% in December 2011, (ii) the bank's high provisioning
reserves relative to peers and (iii) benefits derived from the
bank's stable retail deposit base, as the second-largest deposit-
taking institution in Bulgaria.

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

Headquartered in Sofia, Bulgaria, DSK Bank reported total
consolidated assets of BGN8.56 billion (EUR4.4 billion), as of
end December 2011.


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


CAISSE CENTRALE: Moody's Lowers BSFR to 'E', Maintains Review
-------------------------------------------------------------
Moody's Investors Service has downgraded the standalone bank
financial strength (BFSR) of Caisse Centrale du Credit Immobilier
de France (3CIF) to E/caa1, outlook developing, from C/a3 on
review for downgrade. The rating agency is maintaining the review
for downgrade initiated on February 15, 2012 on 3CIF's long- and
short-term debt and deposit ratings of A1 and P-1, respectively.

The long-term ratings now incorporate 12 notches of systemic
support (previously two notches), based on the rating agency's
view that the French public sector is highly likely to provide
both financial support over the short- to medium-term and
assistance in orchestrating a longer-term adaptation of 3CIF's
business model, which is currently unviable. Should such support
not be forthcoming promptly, or should attempts to achieve a
longer-term solution fail, Moody's would expect 3CIF's long-term
debt rating to transition down close to Caa1 (the standalone
financial strength rating implied by 3CIF's BFSR).

Ratings Rationale

Moody's decision to downgrade 3CIF's BFSR to E/caa1 from C/a3 is
based on the rating agency's assessment that the bank is no
longer viable without ongoing financial support and ultimately a
more durable solution. While 3CIF's interest margin and asset
base have shown some resilience throughout the recent crisis, its
business is entirely wholesale-funded, thus making it vulnerable
to debt market disruptions and to loss of investor confidence.
The firm currently has very limited access to private-sector
financing, and the rating agency sees no prospect of that
changing in the foreseeable future. Moody's notes that the
trading of securities issued by 3CIF and CIF Euromortgage was
suspended on May 8, 2012 at the request of the French and
Luxemburg regulators, the Autorite des Marches Financiers and the
Commission de Surveillance du Secteur Financier.

The rating agency notes that the group has a policy of
maintaining a liquidity buffer equivalent to at least six months
of financing needs. This should leave the group with sufficient
liquidity to meet maturing debt obligations for several months.
However, given recent developments, Moody's believes that there
is a high risk that this liquidity buffer will erode steadily
over that period. These significant liquidity risks imply that
the group is likely to become wholly reliant on liquidity support
from the French public sector, and ultimately to require some
form of more permanent solution, which would likely involve a
merger, strategic investment, or other joint venture with a third
party facilitated by the government. Moody's believes that the
group's adjusted BFSR/standalone credit assessment at E/caa1
reflects this risk. The developing outlook reflects the
uncertainty surrounding the strategy of the bank and the
authorities' plan to address the weakness in the bank's funding
profile, as well as the potential for the group's financial
strength to be materially improved, if a credible strategy were
to emerge.

At the same time, Moody's has raised its assumptions of systemic
support to reflect its view that the French public sector is
highly likely to provide liquidity assistance over the short- to
medium-term if required by 3CIF, in order to allow time for a
longer-term solution to be identified and implemented. Moody's
also considers it likely that the French public sector will
provide assistance in orchestrating a longer-term adaptation of
3CIF's business model. The rating agency's expectation of a
strong willingness on the part of the government to support 3CIF
reflects the importance of the bank's lending activities to the
French housing market, especially in assisting less privileged
households, and the broader implications of further disruptions
in 3CIF's operations. A further factor underpinning Moody's
assumption of government support is 3CIF's public sector
ownership via the 56 "societes anonymes cooperatives d'interet
collectif pour l'accession a la propriete" (SACICAPs), which are
social housing companies that operate under private law with a
locally-anchored and diversified ownership, spread across
"colleges" including social housing associations ("organismes
HLM") and local governments ("collectivites territoriales").

As a result of the above considerations, the A1 long-term debt
and deposit ratings now incorporate an unusually large number of
rating notches (12) above the group's standalone financial
strength. The group's long-term ratings remain on review for
downgrade to allow Moody's to assess the prospects for a longer-
term solution that would bolster 3CIF's franchise and strengthen
its funding structure. The rating agency does not believe that
public support will be open-ended, and would expect the long term
ratings to converge towards Caa1 (the standalone financial
strength rating implied by 3CIF's BFSR) should the likelihood
increase that a longer-term solution to 3CIF's problems will not
emerge.

Moody's has maintained its review for downgrade on the Prime-1
short-term rating. The P-1 rating reflects the high degree of
support the rating agency expects to be made available to 3CIF to
maintain a strong ability to repay its short-term obligations.
However, Moody's has decided to maintain the short-term rating on
review for downgrade while this support remains subject to
uncertainty.

In line with the continuing review on the long-term debt ratings,
Moody's has not changed the (P)A2 subordinated debt and the (P)A3
junior subordinated debt program's provisional ratings on review
for downgrade. However, as there is no subordinated and junior
subordinated debt outstanding, Moody's has subsequently withdrawn
the program ratings for its own business reasons.

What Could Change the Ratings Up/Down

Moody's could upgrade 3CIF's BFSR in the event of a material and
sustained improvement in funding conditions for the group.
Moreover, further comprehensive support, most likely in the form
of a strategic transaction involving a business partner of strong
credit standing, could result in a confirmation of the debt and
deposit ratings.

Conversely, Moody's could downgrade 3CIF's debt and deposit
ratings in the event of a further deterioration of the group's
funding position, in the absence of an improvement in the bank's
financing prospects or a rapid materialization of external
support.

These considerations are reflected in the rating agency's
decision to continue its review for downgrade of 3CIF's debt and
deposit ratings and to assign a developing outlook to its BFSR.

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.


=============
G E O R G I A
=============


BANK OF GEORGIA: Moody's Rates Senior Unsecured Notes '(P)Ba3'
--------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P) foreign
currency debt rating of (P)Ba3 -- stable outlook -- to senior
unsecured notes to be issued by Bank of Georgia.

Ratings Rationale

Moody's says that at (P)Ba3, the foreign-currency-denominated
senior unsecured notes are rated at the same level as Bank of
Georgia's long-term Global Local Currency (GLC) deposit rating,
unconstrained by Georgia's foreign currency debt ceiling of Ba1.

In assigning the rating, Moody's has considered Bank of Georgia's
intrinsic financial strength, given its D- standalone bank
financial strength rating (BFSR), mapping to a standalone credit
assessment of ba3. Bank of Georgia's intrinsic strength derives
from: (i) its strong franchise as the largest Georgian bank; and
(ii) overall adequate financial metrics including strong
capitalization, with a Basel 1 Tier 1 ratio of 19.9% as at
December 2011 providing a substantial loss absorption buffer, and
improving profitability with the 2011 net income-to-average risk
weighted assets at 3.6%. The bank's intrinsic strength is
constrained both by residual asset quality pressures (with
extensive foreign currency lending continuing to compound credit
risk) and by lack of geographic diversification which exposes the
bank to challenges in the domestic operating environment such as
low per capita income, developing credit culture and
susceptibility to domestic and regional event risk.

Moody's assesses that there is a very high probability of Bank of
Georgia receiving systemic support in the event of a crisis.
However, Georgia's systemic support indicator (Ba3) is at the
same level as Bank of Georgia's ba3 standalone credit assessment,
therefore the bank's long-term GLC deposit rating and the (P)Ba3
rating on the bank's senior unsecured notes do not receive any
systemic support uplift.

WHAT COULD CHANGE THE RATING - UP

Upward pressure on Bank of Georgia's D- BFSR, which drives the
rating of its foreign-currency senior unsecured notes, is linked
to the evolution of the Georgian economy, the deepening of the
financial services industry, and a sustained improvement in the
bank's asset quality metrics.

WHAT COULD CHANGE THE RATING - DOWN

Downward pressure could be exerted on the rating of Bank of
Georgia's notes by any of the following: (i) weakened operating
environment conditions causing asset quality deterioration; (ii)
resurgence of either domestic or international political risk, or
(iii) events that would lead to substantial loss of funding.

PRINCIPAL METHODOLOGIES

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

Headquartered in Tbilisi, Georgia, Bank of Georgia is the
country's largest bank, with total assets of GEL4.7 billion
(US$2.8 billion) as at December 31, 2011 -- in accordance with
audited IFRS.


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


CONTINENTAL AG: S&P Raises Corporate Credit Rating to 'BB-'
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on German automotive supplier Continental AG to 'BB-' from
'B+' to reflect both the improved credit metrics of Continental
and the better credit quality and liquidity of its parent
Schaeffler AG. The outlook is positive.

"The upgrade reflects our opinion that Continental is likely to
continue to improve its financial risk profile throughout 2012
and beyond, notably as a result of solid generation of free
operating cash flows (FOCF) and only modest dividend payments,"
S&P said.

"The upgrade also reflects the improvement in credit quality of
Continental's parent Schaeffler AG (B/Positive/--). We base our
opinion on the recovery of demand in the automotive and
industrial machinery sector that currently benefits Schaeffler.
Another influencing factor is Schaeffler's improved liquidity
position following the refinancing of its bank debt," S&P said.

"Schaeffler's credit rating is weaker than Continental's stand-
alone credit profile (SACP)--a factor that we continue to
incorporate into Continental's financial risk profile, which we
assess as 'highly leveraged.' We assess Continental's SACP as
'bbb-'," S&P said.

"We continue to view Continental's business risk profile as
'satisfactory,' underpinned by solid market shares; sustainable
market positions, size, diversity, and technological
capabilities; and an ability to generate above-industry-average
profitability. The financial risk profile is 'highly leveraged'
and reflects Schaeffler's weaker credit profile," S&P said.

"In our view, further positive rating actions are closely linked
to an improvement of the rating on Schaeffler. This is because we
primarily base the corporate credit rating on Continental on the
application of our parent-subsidiary criteria. If Schaeffler's
credit rating improves, we could upgrade Continental," S&P said.

"We could likewise raise the rating if Continental continues to
generate discretionary cash flows, leading to further significant
debt reduction. We could also raise the rating if we believe
Schaeffler's influence over Continental has diminished. This
could result if Schaeffler were to sell a significant share of
its holdings in Continental, so that Schaeffler's potential
influence over the annual shareholder meeting is substantially
lower," S&P said.

"Because the rating is primarily the result of parent-subsidiary
criteria, we view an indicative ratio for an upgrade as
insignificant. A negative rating action could occur if
Continental's operating performance were to weaken. Specifically,
FFO to debt would have to fall below 15%, something that we view
as unlikely at this stage, given our base-case scenario that
Continental is likely to achieve FFO to debt in the range of 30%
to 35% in 2012, with minor improvements beyond," S&P said.


UNITYMEDIA GMBH: S&P Affirms 'B+' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on Germany-based cable operator
Unitymedia GmbH. The outlook is stable.

"In addition, we are affirming our issue ratings on Unitymedia's
existing debt. The recovery ratings on these debt instruments
remain unchanged," S&P said.

"At the same time, we are withdrawing our long-term rating on
Kabel BW GmbH (KBW), following its incorporation into Unitymedia.
Furthermore, we are withdrawing our issue ratings on KBW's debt,
following the completion of the exchange offer," S&P said.

"The rating action reflects our view that, after the
incorporation of KBW, Unitymedia's leverage will gradually
decline over the next 12 to 18 months. Supporting this view is
our expectation of solid EBITDA growth through continued, strong
uptake of high-speed Internet (HSI) and telephony services
(called 'triple play' in combination with digital TV services).
However, we believe the group's financial risk profile will
remain constrained by its modest cash flow generation, given
sizable interest payments and high capital expenditures owing to
capitalization of subscriber acquisition costs, and consequently
weaker cash flow coverage ratios," S&P said.

"We understand that Unitymedia will integrate KBW into its
existing operations. Unitymedia is now the second-largest cable
operator in Germany, with 6.9 million unique subscribers on a
joint basis as of Dec. 31, 2011, after Kabel Deutschland Holding
AG (KDH; BB-/Positive/--; 8.7 million unique subscribers). We
anticipate that on a consolidated basis, Unitymedia will post
high-single-digit revenue growth in 2012 and 2013, benefiting
from KBW's largely comparable near-term revenue generation
potential. In 2011 and in the first quarter of 2012, KBW's
revenues increased by 10% and 9% year on year, respectively,
while Unitymedia posted revenues up 10% in both periods. At the
same time, we forecast that Unitymedia's consolidated EBITDA
margin will likely remain close to 60% in 2012 and 2013. We also
forecast that restructuring costs and higher marketing spending
will partly offset the group's high operating leverage and
synergies flowing in from the consolidation of KBW's operations,"
S&P said.

"The stable outlook reflects our view that although Unitymedia's
leverage, after our adjustments and following the incorporation
of KBW, could gradually approach 5x over the next 12 to 18
months, we anticipate that the group's ratio of Standard & Poor's
adjusted FFO to gross debt will remain less than 12%.
Consequently, we view Unitymedia's financial risk profile as
constrained within the 'highly leveraged' category in the near
term by its modest cash flow coverage ratios," S&P said.

"Rating upside is limited at present because of Unitymedia's high
leverage and still-weak cash flow coverage ratios. However, we
are likely to view a decrease in Unitymedia's leverage, as
adjusted by us, to 5x and below, coupled with a Standard & Poor's
adjusted ratio of FFO to debt in excess of 12%, as positive for
the rating. At the same time, before we consider a positive
rating action, we would need to assess LGI's financial policy
regarding target leverage for the German subsidiary and use of
cash," S&P said.

"Importantly, we do not view the current differential between the
credit quality of LGI and that of Unitymedia as large enough to
justify a potential notching up of our rating on Unitymedia, in
case we raised the rating on the parent," S&P said.

"We could consider a downgrade if Unitymedia's ratio of adjusted
debt to EBITDA were to increase to more than 6x, for example, as
a result of a debt refinancing or operating underperformance.
However, we view this scenario as unlikely at this stage," S&P
said.


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


* GREECE: To Remain in Eurozone, G8 Says
----------------------------------------
BBC News reports that the leaders of the G8 group of the world's
most powerful economies say they want debt-stricken Greece to
remain in the eurozone.

In their summit communique, G8 leaders also committed themselves
to promoting growth alongside fiscal responsibility, BBC notes.

According to BBC, Greece's possible exit from the eurozone was
high on the agenda, following inconclusive elections there.

G8 leaders are divided on whether to continue with austerity or
back stimulus measures instead, BBC notes.

                      Euro Zone Exit Costs

Paul Carrel at Reuters reports that a Greek exit from the euro
zone could expose the European Central Bank and the currency bloc
it seeks to protect to hundreds of billions of euros in losses,
landing Germany and its partners with a crippling bill.

With most of Greek's private creditors having taken heavy
writedowns as part of the country's second, EUR130 billion
bailout, it is estimated that the ECB, International Monetary
Fund and euro zone nations hold approaching EUR200 billion of its
debt, Reuters notes.

"In the event of an exit, they (Greece) will default.  And the
loss given default will probably be very high, high enough to
eliminate the ECB's capital," Reuters quotes Andrew Bosomworth,
senior portfolio manager at asset manager Pimco, as saying.
"They might need recapitalization from governments, who are not
exactly in the best position to provide additional capital."

Even once Greece had left the currency club, the costs to the
rest of the euro zone would continue to mount as it would
probably be compelled to avert a complete Greek collapse and
wider contagion, Reuters states.

"Large-scale ECB intervention would be necessary to stabilize the
system, along with intervention from Germany, the European
Stability Mechanism (ESM), its predecessor the European Financial
Stability Facility (EFSF) and the IMF, potentially costing
hundreds of billions of euros," Georgios Tsapouris, investment
strategist at Coutts, as cited by Reuters, said.


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


* HUNGARY: Construction Sector Liquidations Up 30% in April
-----------------------------------------------------------
MTI-Econews reports that Opten, which compiles information on
companies, on Thursday said creditors and suppliers launched
liquidation procedures against 372 construction sector companies
in April, 30% more than in the same period last year.

The number of voluntary liquidations rose 16% in twelve months to
514 in April, MTI-Econews notes.


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


EIRCOM GROUP: Hutchison Loses Legal Challenge Over Rejected Bid
---------------------------------------------------------------
Joe Brennan at Bloomberg News reports that Hutchison Whampoa
Ltd., controlled by Hong Kong billionaire Li Ka-shing, failed in
a legal challenge to a decision by Eircom Group's examiner to
reject a EUR2 billion (US$2.5 billion) bid for the company.

Bloomberg relates that Judge Peter Kelly, who heard the Hutchison
challenge in the High Court in Dublin on Thursday, said the
examiner was running the process in a reasonable manner and that
he had identified "numerous" shortcomings in the company's bid.

"We are disappointed, however we respect the court's decision,"
Bloomberg quotes Rachel Channing, a spokeswoman for Hutchison
unit Three Ireland, as saying in an e-mailed statement on
Thursday.  "Three believes its offer was best for Eircom, its
stakeholders and Ireland Inc."

Three Ireland and New York-based DW Investment Management LP,
which represents some Eircom floating-rate note investors,
started a challenge on May 15 against examiner Michael McAteer's
decision to proceed with a survival plan for the company based on
proposals from its first-lien, or most senior lenders, Bloomberg
discloses.

The examiner is overseeing a court-supervised debt restructuring
at Eircom, Bloomberg notes.

Eircom filed for examinership, an Irish version of bankruptcy
protection, on March 30 to restructure the EUR3.8 billion of net
debt accumulated in five ownership changes over 13 years,
Bloomberg recounts.

As reported by the Troubled Company Reporter-Europe on May 18,
2012, Joe Brennan at Bloomberg News related that Hutchisons' bid
for Eircom was rejected partly because it would have doubled the
losses suffered by the phone company's most senior lenders.
Bloomberg disclosed that Mr. McAteer, the examiner who turned
down the offer, said in a court filing, the first lien lenders to
the company would have recovered 70% of their debts, compared
with their own plan for 85% recovery and full equity control of
Eircom.

Headquartered in Dublin, Ireland, Eircom Group --
http://www.eircom.ie/-- is an Irish telecommunications company,
and former state-owned incumbent.  It is currently the largest
telecommunications operator in the Republic of Ireland and
operates primarily on the island of Ireland, with a point of
presence in Great Britain.


EIRCOM GROUP: Creditors Support Scheme of Arrangement
-----------------------------------------------------
Ciaran Hancock at The Irish Times reports that Eircom moved a
step closer to exiting examinership successfully on Friday after
its creditors gave the necessary support to a scheme of
arrangement that will reduce the company's gross debts to EUR2.35
billion from the current level of EUR4 billion.

All of the first lien and second lien lenders who voted on the
scheme on Friday gave their support to the examiner's proposals,
the Irish Times relates.

It is understood the floating rate noteholders (FRNs) who are
owed EUR350 million, did not support the scheme, the Irish Times
notes.

The FRNs -- namely, DW Investment Management LP -- stand to be
wiped out in the proposed debt restructuring, the Irish Times
discloses.

The first lien lenders who supported the scheme on Friday
represented 70% of the value of their EUR2.7 billion loans and 66
per cent in terms of the number of lenders, the Irish Times
states.

The second lien who supported the scheme represented 72% of the
value of the EUR350 million in loans and 56% by number, the Irish
Times says.

Michael McAteer of Grant Thornton, the company's examiner, is
expected to return to the Commercial Court today to provide it
with an update on the outcome of the creditors' meetings, the
Irish Times discloses.

Counsel for the examiner might also request a date from
Mr. Justice Kelly for a confirmation hearing to be held next
week, the Irish Times states.

According to the Irish Times, it remains to be seen whether the
FRNs or any other group of lenders seek to challenge the scheme
next week.

Under the consensual arrangement with lenders, Eircom's debt
holders have agreed to a five-year rescheduling of the company's
borrowings, the Irish Times discloses.

The first lien lenders will take a 15% hair cut on their loans
and take 100% ownership of Eircom's equity, the Irish Times says.

The examinership covers Eircom Ltd, Meteor Mobile Communications
and Irish Telecommunications Investments Ltd., the Irish Times
notes.

Headquartered in Dublin, Ireland, Eircom Group --
http://www.eircom.ie/-- is an Irish telecommunications company,
and former state-owned incumbent.  It is currently the largest
telecommunications operator in the Republic of Ireland and
operates primarily on the island of Ireland, with a point of
presence in Great Britain.


STANTON MBS I: S&P Cuts Rating on Class D Notes to 'CCC'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Stanton MBS I PLC's
class A1 Rev FRN, A1 FRN, A2, B, C, and D notes.

Stanton MBS I is a cash flow collateralized debt obligation (CDO)
of asset-backed securities (ABS) transaction. Its portfolio
predominantly comprises European residential mortgage-backed
securities (RMBS).

"The rating actions follow our assessment of the transaction's
performance. We used data from the trustee report (dated
March 28, 2012), our cash flow analysis, and took into account
recent transaction developments. We applied our 2010 counterparty
criteria, our cash flow criteria, and our February 2012 CDO of
pooled structured finance criteria," S&P said.

"From our analysis, we have observed that the class B, C, and D
par coverage tests are currently below their trigger levels, and
that the portfolio credit quality has deteriorated since our
previous review of the transaction. We have observed an increase
in the amount of assets rated in the 'CCC' category (including
'CCC', 'CCC+', and 'CCC-') to EUR17 million (10.3% of the current
portfolio balance), from zero at our previous review. We have
also observed an increase in the proportion of defaulted assets
(rated 'CC', 'C', 'SD' [selective default], or 'D') to EUR6.7
million (4.1% of the current portfolio balance), from zero at our
previous Review," S&P said.

"We subjected the capital structure to our cash flow analysis,
based on the updated methodology and assumptions as outlined by
our February 2012 CDO of pooled structured finance criteria, to
determine the break-even default rate (BDR). We used the reported
portfolio balance that we considered to be performing, the
principal cash balance, the current weighted-average spread, and
the weighted-average recovery rates that we considered to be
appropriate. We incorporated various cash flow stress scenarios
using various default patterns, levels, and timings for each
liability rating category, in conjunction with different interest
rate stress scenarios," S&P said.

"We also conducted an updated credit analysis, based on our
updated assumptions, to determine the scenario default rate (SDR)
at each rating level, which we then compared with the
corresponding BDR. When we applied our February 2012 CDO of
pooled structured finance criteria, the scenario default rates
significantly increased at each rating level. At the same time,
the assumed weighted-average recoveries at each rating category
have significantly dropped," S&P said.

"Taking into account our credit and cash flow analysis, we
consider the credit enhancement available to the class A1 Rev
FRN, A1 FRN, A2, B, C, and D notes in this transaction to be
commensurate with lower ratings than we previously assigned. As a
result of these developments, we have lowered and removed from
CreditWatch negative our ratings on these classes of notes. We
originally placed these notes on CreditWatch Negative on March
19, 2012," S&P said.

"We have analyzed the counterparties' exposure to the
transaction, and we have concluded that the ratings on the
counterparties are sufficient to support the assigned ratings on
all classes of notes," 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

Stanton MBS I PLC
EUR383.32 Million Secured Floating-Rate Notes

Ratings Lowered and Removed From CreditWatch Negative

A1 Rev FRN     A- (sf)             AA/Watch Neg (sf)
A1 FRN         A- (sf)             AA/Watch Neg (sf)
A2             BBB- (sf)           AA-/Watch Neg (sf)
B              BB- (sf)            A-/Watch Neg (sf)
C              B+ (sf)             BBB+/Watch Neg (sf)
D              CCC (sf)            BB/Watch Neg (sf)


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


FONDIARIA-SAI SPA: Intends to Pursue Four-Way Merger
----------------------------------------------------
Eric Sylvers at The Financial Times reports that Fondiaria-Sai
SpA has rebuffed an offer from two private equity funds and is
moving forward with plans for a four-way merger that will create
a company it says will be better able to take on market leader
Generali.

Following a board meeting that began on Thursday afternoon and
finished early on Friday morning, Fondiaria-Sai said that while
it would continue "to look into the terms of the offer" from the
two funds, Sator and Palladio, once an agreement on the merger is
reached it would move forward with that plan, the FT relates.

Sator and Palladio, which together own 8% of Fondiaria-Sai, have
offered to pump as much as EUR400 million of their own money into
the insurance company as part of an EUR800 million cash call, the
FT discloses.  The funds, which have one representative on
Fondiaria-Sai's board, would end up owning a stake of between 35%
and 45% in the insurance company, the FT discloses.

According to the FT, under the four-way merger, Unipol, Italy's
third biggest insurer by assets, would take a controlling stake
in Premafin, which owns 36% of Fondiaria-Sai.  Premafin, at this
point controlled by Unipol, would then participate in a
Fondiaria-Sai capital increase. Unipol and the newly capitalized
Fondiaria-Sai would then merge with Premafin and a small
Fondiaria-Sai subsidiary, Milano Assicurazioni, the FT states.

The two funds had said they were trying to open a dialogue with
Fondiaria-Sai and that their offer was non-binding, meaning the
contested insurance company could continue to discuss the
particulars of the four-way merger, the FT notes.

As reported by the Troubled Company Reporter-Europe on April 23,
2012, Bloomberg News related that Unipol's planned rescue of
Fondiaria-SAI 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.  Unipol
agreed in January to buy new shares in Ligresti's Premafin as
part of a plan to rescue the unprofitable insurer, Bloomberg
recounted.

Fondiaria-SAI SpA is an Italian insurer.


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


INTELSAT SA: Unit to Redeem Outstanding 9 1/2% Notes on June 15
---------------------------------------------------------------
Intelsat Jackson Holdings S.A. issued a notice of redemption
pursuant to the indenture governing its 9 1/2% Senior Notes due
2016 that it intends to redeem all of the outstanding 9 1/2%
Notes on June 15, 2012, at a redemption price equal to 103.167%
of the principal amount of the notes, plus accrued and unpaid
interest thereon to the redemption date.

On May 14, 2012, Intelsat Jackson issued a notice of redemption
pursuant to the indenture governing its 11 1/4% Senior Notes due
2016 that it intends to redeem $434,941,000 aggregate principal
amount of the 11 1/4% Notes on June 15, 2012, at a redemption
price equal to 103.75% of the principal amount of the notes, plus
accrued and unpaid interest thereon to the redemption date.

                           About Intelsat

Intelsat S.A., formerly Intelsat, Ltd., provides fixed-satellite
communications services worldwide through a global communications
network of 54 satellites in orbit as of Dec. 31, 2009, and ground
facilities related to the satellite operations and control, and
teleport services.  It had US$2.5 billion in revenue in 2009.

Washington D.C.-based Intelsat Corporation, formerly known as
PanAmSat Corporation, is a fully integrated subsidiary of
Intelsat S.A., its indirect parent.  Intelsat Corp. had US$7.70
billion in assets against US$4.86 billion in debts as of Dec. 31,
2010.

The Company reported a net loss of US$433.99 million in 2011, a
net loss of US$507.77 million in 2010, and a net loss of
US$782.06 million in 2009.

The Company's balance sheet at March 31, 2012, showed US$17.40
billion in total assets, US$18.52 billion in total liabilities,
US$49.51 million in noncontrolling interest and a US$1.16 billion
total Intelsat S.A. shareholder's deficit.

                          *     *     *

Luxembourg-based Intelsat S.A. carries 'B' issuer credit ratings
from Standard & Poor's.  It has 'Caa1' corporate family and
probability of default ratings from Moody's Investors Service.


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


ARES EURO I: S&P Lowers Rating on Class E Notes to 'CCC- (sf)'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Ares Euro CLO I B.V.'s class A-2, A-3, B-1, B-2, and C notes. "At
the same time, we affirmed our ratings on the class A-1, D, and F
notes, and lowered our rating on the class E notes," S&P said.

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

"For our review of the transaction's performance, we used data
from the trustee report (dated March 30, 2012), in addition to
our cash flow analysis. We have taken into account recent
developments in the transaction, and have applied our 2010
counterparty criteria, as well as our cash flow criteria," S&P
said.

"From our analysis, we note that there has been a considerable
improvement in the underlying credit quality of the portfolio.
For example, our analysis shows a significant reduction in the
proportion of assets that we consider being rated in the 'CCC'
category ('CCC+', 'CCC', and 'CCC-') since we last reviewed the
transaction. 'CCC' rated assets decreased to 3.03% from 8.69% of
the portfolio's performing asset balance since our last review.
Combined with a shorter weighted-average life, the scenario
default rates (SDRs) have reduced at each rating level since our
previous review. We have also noted an increase in the weighted-
average spread earned on Ares Euro CLO I's collateral pool," S&P
said.

"We have subjected the capital structure to a cash flow analysis
to determine the break-even default rate. In our analysis, we
have used the reported portfolio balance that we consider to be
performing, the principal cash balance, the current weighted-
average spread, and the weighted-average recovery rates that we
considered to be appropriate. We have incorporated various cash
flow stress scenarios using various default patterns, levels, and
timings for each liability rating category, in conjunction with
different interest rate stress scenarios. Our cash flow analysis
also considered scenarios where the derivative counterparty does
not perform, as the transaction documents reflect downgrade
provisions in line with our previous counterparty criteria and,
as a result, the transaction is exposed to greater exchange rate
risk," S&P said.

"Taking into account our credit and cash flow analysis and our
2010 counterparty criteria, we consider that the credit
enhancement available to the class A-1 notes is sufficient for
them to maintain their 'AAA (sf)' rating. Additionally, in our
view the class A-2, A-3, B-1, B-2, and C notes are commensurate
with higher ratings than we previously assigned. We have
therefore raised our ratings on these classes of notes," S&P
said.

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

"For the class D notes, our cash flow and credit analysis shows
that these notes could achieve a rating higher than their current
level; however, they remain constrained at the 'B+ (sf)' rating
level by the supplemental tests. We have therefore affirmed our
rating on the class D notes," S&P said.

"Similarly, our analysis of the class E notes also shows that the
notes are commensurate with a higher rating. However, the class E
notes have now become constrained by the supplemental tests at
the 'CCC- (sf)' rating level. Previously, the notes were
constrained at 'CCC+ (sf)' under the supplemental tests. As a
result, we have lowered our rating on the class E notes to 'CCC-
(sf)' from 'CCC+ (sf)'," S&P said.

"We have affirmed our 'CCC- (sf)' rating on the class F notes, as
our cash flow and credit analysis, combined with the application
of the supplemental tests, indicates that these notes are not
able to achieve ratings any higher than their current levels,"
S&P said.

Ares Euro CLO I is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms.

           STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

           http://standardandpoorsdisclosure-17g7.com
RATINGS LIST

Class              Rating
            To               From

Ares Euro CLO I B.V.
EUR356 Million Floating Rate Notes

Ratings Raised

A-2         AA+ (sf)         A+ (sf)
A-3         AA+ (sf)         A+ (sf)
B-1         A+ (sf)          BBB+ (sf)
B-2         A+ (sf)          BBB+ (sf)
C           BBB+ (sf)        BB+ (sf)

Ratings Affirmed

A-1         AAA (sf)
D           B+ (sf)
F           CCC- (sf)

Rating Lowered

E           CCC- (sf)        CCC+ (sf)


TELECONNECT INC: Incurs US$810,000 Net Loss in March 31 Quarter
---------------------------------------------------------------
Teleconnect Inc. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net
loss of US$810,293 on US$92,481 of sales for the three months
ended March 31, 2012, compared with a net loss of US$1.27 million
on US$7,943 of sales for the same period during the prior year.

The Company reported a net loss of US$2.04 million on US$111,866
of sales for the six months ended March 31, 2012, compared with a
net loss of US$773,280 on US$19,914 of sales for the same period
during the prior year.

The Company reported a net loss of US$3.26 million on US$112,722
of sales for the fiscal year ended Sept. 30, 2011, compared with
net income of US$1.97 million on US$254,446 of sales during the
prior year.

The Company's balance sheet at March 31, 2012, showed
US$7.21 million in total assets, US$11.08 million in total
liabilities, all current, and a US$3.87 million total
stockholders' deficit.

A copy of the Form 10-Q is available for free at:

                        http://is.gd/TJcqy7

                       About Teleconnect Inc.

Based in Breda, in The Netherlands, Teleconnect Inc. (OTC BB:
TLCO) Teleconnect Inc. (initially named Technology Systems
International Inc.) was incorporated under the laws of the State
of Florida on November 23, 1998.

Serving as a telecommunications service provider in Spain for
almost 9 years, the Company never fully reached expectations and
decided late in 2008 to change its course of business.  In
November 2009, 90% of the Company's telecommunication business
was sold to a Spanish group of investors, and on October 15,
2010, the Company completed the acquisition of Hollandsche
Exploitatie Maatschappij BV (HEM), a Dutch entity established in
2007.  HEM's core business involves the age validation of
consumers when purchasing products which cannot be sold to
minors, such as alcohol or tobacco.  The Company regards this age
validation business as its new strategic direction.  The Dutch
companies acquired in 2007 (Giga Matrix, The Netherlands, 49% and
Photowizz, The Netherlands, 100%) are considered to function
complementary to this new service offering.

Through the purchase of HEM and its ownership in Photowizz and
Giga Matrix the Company now controls all four pillars under its
business model: the manufacturing and leasing of electronic age
validation equipment, the performance of age validation
transactions remotely, the performance of market surveys and the
broadcasting of in-store commercial messages using the age
validation equipment in between age checks.

Coulter & Justus, P.C., in Knoxville, Tenn., expressed
substantial doubt about the Company's ability to continue as a
going concern following the fiscal 2011 financial results.  The
independent auditors noted that the Company has suffered
recurring losses from operations and has a net capital deficiency
in addition to a working capital deficiency.


UPC HOLDING: S&P Affirms Issue Ratings on Senior Notes at 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.S.-
listed, international cable TV (CATV) operator and broadband
services provider Liberty Global Inc. (LGI) to positive from
stable. "At the same time we affirmed our 'B+' long-term
corporate credit rating on the group," S&P said.

"We also raised our issue ratings on senior secured loan
facilities issued by LGI's subsidiary UPC Broadband Holding B.V.
and related entity UPC Financing Partnership to 'BB-' from 'B+',
one notch higher than the corporate credit rating on LGI.  We
raised the recovery ratings on these facilities to '2' from '3',
indicating our expectations of substantial (70%-90%) recovery
prospects in the event of a payment default," S&P said.

"At the same time, we raised the issue ratings on the senior
secured notes issued by special purchase vehicles UPCB Finance I-
III, and V-VI to 'BB-' from 'B+'," S&P said.

"Finally, we affirmed the issue ratings on UPC Holding B.V.'s
senior notes at 'B-', two notches lower than the corporate credit
rating on LGI. These notes have a recovery rating of '6',
indicating our expectation of negligible (0%-10%) recovery for
creditors in the event of a payment default," S&P said.

"The rating action follows LGI's reporting of robust operating
performance in 2011 and the first-quarter of 2012, and reflects
our expectation that sustained revenues and EBITDA growth over
the next 18 months could support significant improvement in the
group's free operating cash flow (FOCF) generation. This,
together with an expected US$1 billion in cash to be received in
coming weeks from the sale of its 54.15% stake in Australian
satellite operator Austar, could result in a gradual reduction in
LGI's adjusted gross debt-to-EBITDA ratio to below 5.25x over the
next 12 months. This is a level we would view as adequate to
consider a one-notch positive rating action," S&P said.

"That said, we see a risk that additional shareholder returns or
acquisitions that differ from our current expectations and
continued very high network and other capital investments could
prevent or delay improvement in credit measures," S&P said.

"The positive outlook reflects the possibility that we could
raise LGI's long-term rating by one notch in the next 12 months
if the group is able to post sustained EBITDA and FOCF growth,
driven by its Western European operations, and resulting in
improvement in its adjusted leverage metrics," S&P said.

"We might consider a positive rating action if LGI was able to
significantly increase its FOCF generation to close to $1
billion, implement some moderation in its financial policy,
particularly regarding the use of cash from the disposal of the
stake in Austar, and reduce the adjusted debt-to-EBITDA ratio to
below 5.25x. That said, before considering a positive rating
action, we would assess LGI management's financial policies and
plans, particularly with regard to future distributions to
shareholders and acquisitions," S&P said.

"The group's focus on its share buyback program as a means to
enhance shareholder value remains a risk from a credit
perspective and partly limits rating upside. Deteriorating
operating performance, failure to improve and sustain FOCF
generation in the US$500 million-US$1 billion range, a
significant increase in the ongoing share buyback program, or an
additional large highly leveraged acquisition would likely lead
us to revise the outlook to stable," S&P said.


* NETHERLANDS: Moody's Says Intervention Act Credit Neutral
-----------------------------------------------------------
Moody's Investors Service expects that the proposed Dutch
Intervention Act (the Act), which is due to come into force in
the Netherlands later this year, will likely be credit neutral
for structured finance transactions and covered bonds. In the
same way that it determined that similar powers granted to UK
authorities under the UK Banking Act 2009 were unlikely to be
used in a detrimental way, Moody's anticipates that the Dutch
authorities will be unlikely to use the Act's powers in a way
that would materially prejudice structured finance transactions.
However, as the potentially damaging use of such powers could be
credit negative, Moody's plans to further discuss with the Dutch
authorities exactly how they intend to use the Act's powers
before concluding on its final impact.

The Act will give wide-ranging transfer powers to the Dutch
National Bank (DNB) and the Minister of Finance to intervene in
financial institutions if they consider them to be experiencing
severe financial difficulties and/or a threat to the stability of
the Dutch financial sector.

-- DAMAGING USE OF ACT'S POWERS POTENTIALLY CREDIT NEGATIVE

Exercise of the Act's transfer powers in a manner detrimental to
structured finance transactions would be credit negative.
Transfer powers granted to the DNB would enable it, in certain
circumstances, to effect a transfer of the whole or part of a
Dutch financial institution to a third party. Transfer powers
could potentially be exercised in a manner detrimental to
structured finance transactions resulting in, for example, the
transfer of those contractual obligations to an entity that is
less likely to be able to perform them.

-- DUTCH AUTHORITIES UNLIKELY TO USE POWERS IN DETRIMENTAL WAY

However, Moody's ultimately determined that similar transfer
powers granted under the UK Banking Act 2009 were unlikely to be
exercised by UK authorities in a manner that would be detrimental
to structured finance transactions. Similarities exist between
the proposed powers under the Act and those contained in the UK
Banking Act 2009 in respect of which Moody's performed a similar
analysis in 2009. In reviewing the Banking Act proposals, Moody's
took into account both discussions it had had with the UK
authorities and various protections and policy objectives
included in the legislation that were aimed at protecting
structured finance markets.

-- FURTHER RESEARCH REQUIRED BEFORE CONCLUSION

Moody's plans to engage in a dialogue with the Dutch authorities
in order to ascertain how the transfer powers under the Act are
likely to be used in practice and what factors the authorities
will give consideration to when exercising the powers. Moody's
expects to conclude its assessment in the next two to three
months.


* Moody's Says Dutch RMBS Cumulative Default Rate Stabilizes
------------------------------------------------------------
The performance of the Dutch residential mortgage-backed
securities (RMBS) market, comprising both NHG and non-NHG
transactions, showed a stable trend in the three-month period to
March 2012, according to the latest indices published by Moody's
Investors Service. However, NHG and non-NHG transactions showed
opposite trends over the one--year period from March 2011 to
March 2012.

Moody's 60+ day delinquencies recorded a decline to 0.67% in
March 2012 from 0.80% in March 2011. This decrease was mainly
driven by non-NHG transactions. The Dutch prime RMBS market
(excluding NHG transactions) recorded a decrease of 60+ day
delinquencies index to 0.70% in March 2012 from 0.85% in March
2011, whereas the 60+ day delinquencies index of NHG transactions
had a relative increase of around 20% to 0.49% in March 2012.
Moody's 60-90 day delinquencies index of the Dutch RMBS market,
comprising both NHG and non NHG transactions, decreased to 0.19%
in March 2012 from 0.25% in March 2011.

The cumulative defaults rate of Dutch RMBS stabilized, decreasing
to 0.40% in March 2012 from 0.69% in March 2011. The cumulative
losses index remained at a low level of 0.06% in March 2012.

Moody's annualized constant prepayment rate (CPR) for the Dutch
RMBS market experienced a drop to 6.12% in March 2012 from 7.74%
in March 2011, mainly driven by NHG transactions.

As of March 2012, the Dutch prime RMBS market (comprising both
NHG and non-NHG transactions) had an outstanding pool balance of
EUR277.6 billion. This constitutes a year-over-year increase of
6%. The NHG share of the Dutch RMBS market grew to 15.4% in March
2012 from 12.9% in March 2011 (estimated as a percentage of
current balance).

On March 20, 2012, Moody's announced that in its opinion the
restructuring of Monastery 2004-I B.V. has, in and of itself, no
rating impact on the current ratings assigned to the issued
notes. On 20 March 2012, the issuer entered into an interest rate
swap agreement with the bankruptcy trustees of DSB Bank N.V.,
which replaced NIBC Bank N.V. as swap counterparty.

On March 19, 2012, Moody's assigned definitive credit ratings to
the classes of notes issued by Green Apple B.V. (2007-I NHG
Portfolio).

On March 2, 2012, Moody's announced that at that time, the
proposed restructuring of Sound II B.V. will not, in and of
itself, result in a reduction or withdrawal of the current
ratings on the notes. On 2 March 2012, the issuer entered into
supplemental and revised transaction documents in order to, among
others: (i) issue new Class S notes against partial redemption of
the Class A notes; (ii) standardize the savings mortgage sub-
participation arrangements; (iii) formalize the collection
foundation structure; and (iv) allow the swap counterparty to set
the mortgage interest rates in certain circumstances.

Moody's indices are usually published mid-month and can be found
on www.moodys.com in the Structured Finance sub-directory under
the Research & Ratings tab.


=============
R O M A N I A
=============


POSTA ROMANA: Mulls Restructuring to Avert Bankruptcy
-----------------------------------------------------
Radu Bostan at Ziarul Financiar reports that the board of Posta
Romana was on Friday set to discuss a plan to restructure the
company and avoid bankruptcy, entailing a new organization.

According to ZF, Communications Minister Dan Nica said that under
the plan, 100 managers and 1,068 technical and administrative
staff will be laid off.

Posta Romana is a Romanian state-owned postal operator.


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


BANKIA SA: Not Losing Client Money, Spanish Gov't Says
------------------------------------------------------
Alexandra Stevenson at The Financial Times reports that Spain's
Bankia has been hit by concerns that customers had withdrawn
EUR1 billion from the bank.

Bankia, which was recently part-nationalized, later issued a
response saying the evolution of deposits in the first half of
May was seasonal, the FT relates.

Fernando Jimenez Latorre, secretary of state for the economy,
denied the bank was losing client money, the FT notes.

As reported by the Troubled Company Reporter-Europe on May 11,
2012, BBC News related that the Spanish central bank confirmed
Bankia is to be partly nationalized.  Bankia, which holds EUR32
billion (GBP25.7 billion) in distressed property assets and whose
boss has resigned, will have a EUR4.47 billion loan by the
Spanish bailout fund converted into shares, BBC disclosed.
The state fund will emerge with a stake in the bank of 45%, BBC
said.  Spain's fourth-biggest bank was only created in 2010 from
a merger of seven struggling savings banks, BBC noted.

Bankia SA accepts deposits and offers commercial banking
services.  The Bank offers retail banking, business banking,
corporate finance, capital markets, and asset and private banking
management services.


OBRASCON HUARTE: Fitch Affirms LT Issuer Default Rating at 'BB-'
----------------------------------------------------------------
Fitch Ratings has affirmed Spain's Obrascon Huarte Lain's (OHL)
Long-term Issuer Default Rating (IDR) and senior unsecured rating
at 'BB-'.  The Short-term IDR is affirmed at 'B' and the Outlook
is Stable.

"Fitch expects recourse leverage to stabilize between 3.0x - 2.5x
over FY12 and FY13 as international construction contracts more
than offset the dismal domestic construction segment.  OHL's
management target to reduce recourse leverage below 2.0x by FY12
is viewed as challenging," says Anil Jhangiani, Director in
Fitch's EMEA Corporate Finance team.  "Further comfort is taken
from OHL's reduced exposure to short term bank debt and raising
of medium term bonds that now represent around 65% of gross
recourse debt."

OHL recently announced divestment of its ring-fenced Brazilian
and Chilean toll roads to Abertis Infraestructuras (Abertis; 'A-
'/Stable) an infrastructure operator.  The recourse group will
receive a 10% stake in Abertis (valued at EUR900 million) and a
likely upstreaming of around EUR450 million cash.  The impact of
this cash is neutral on the credit metrics following an
additional 5% purchase in Abertis.  Although financed using an
equity swap structure off balance sheet, Fitch fully consolidates
this debt into its forecasts, assuming this would ultimately be
refinanced or repaid by recourse cash.  Expectations are that OHL
would support this financing should the Abertis share price
decline.

OHL's proforma FY11 results confirm a net debt/EBITDAR of 3.0x
(adjusted for non-recourse debt and ring-fenced concession cash
flows), which is within Fitch's guidelines for the company's 'BB-
' IDR.  This level of leverage is considered relatively high risk
for a construction industry player, as tolerance to debt is low
due to significant operational risks such as cyclical demand,
project delays and cost overruns.

The FY11 results confirmed both the difficult Spanish
construction market (revenue down 18.0%) and the resilience of
the international construction business (revenue up 1.6%) in an
uncertain international environment.  Construction EBITDA rose to
EUR288 million (FYE10: EUR240 million) largely driven by higher
margins from international contracts.  The construction order
book increased 58.6% during 2011. The order book is now only 23%
exposed to Spain.

The group's recourse liquidity has been recently strengthened,
alongside a weak domestic bank debt market.  The EUR300 million
2020 bond issue completed in March 2012 extends the debt maturity
profile and trend of disintermediation.  The current undrawn
EUR240 million revolving credit facility (RCF) has been
refinanced to 2016 and increased to EUR300 million.  Undrawn
committed facilities and cash available now exceed EUR1.3 billion
(currently EUR0.7 billion require yearly renewal), comfortably
covering debt maturities until 2014 of EUR421 million.

There is a risk that liquidity could deteriorate from stressed
working capital, albeit current expectations are for a net inflow
(customer advances) from the growing international order book.
Fitch believes there is sufficient headroom to withstand a severe
liquidity crisis in domestic markets, whereby a significant
proportion of yearly renewable lines are cancelled.

The Stable Outlook reflects Fitch's view that the company is
comfortably placed at the current rating.  This is also supported
by the improved liquidity and expected working capital position.
A further debt funded increase in the Abertis stake could lead to
rating pressure.


TDA 24: S&P Lowers Rating on Class B Notes to 'CCC-'
----------------------------------------------------
Standard & Poor's Ratings Services lowered and kept on
CreditWatch negative its credit rating on TDA 24, Fondo de
Titulizacion de Activos' class B notes. "At the same time, we
affirmed our 'D (sf)' ratings on the class C and D notes. The
class A1 and A2 notes are unaffected by the rating actions," S&P
said.

"On Dec. 15, 2011, we placed on CreditWatch negative our ratings
on TDA 24's class A1, A2, and B notes. This followed the findings
of an audit of TDA 28's assets originated by Credifimo, according
to which Credifimo had not originated the loans in accordance
with its internal policies," S&P said.

"The rating actions follow what we consider to be deteriorating
performance within the residential mortgage pool backing this
transaction, and a lack of information about the extent to which
the noncompliance of Credifimo with some of its representations
as originator in TDA 28, as identified by an audit of TDA 28's
assets originated by Credifimo, could be repeated in TDA 24. The
contribution of Credifimo, E.F.C., S.A.U. as originator in TDA 24
is 28.49% of the outstanding pool balance (26.80% of the original
pool balance)," S&P said.

In TDA 24, the loans originated by Credifimo have, on average,
shown weaker performance than the rest of the loans in the
portfolio. Credifimo originated 93.9% of the defaulted loans in
the pool.

"We consider delinquency levels in TDA 24's underlying mortgage
portfolio to be high (loans in arrears for more than 30 days
represented 5.73% of the outstanding pool balance as of April
2012). At the end of April 2012, the outstanding balance of
defaulted loans (loans in arrears for more than 12 months)
represented 11.08% of the collateral balance (5.27% of the
original balance)," S&P said

"Due to the high level of defaults in the securitized pool, our
rating on the class B notes depends substantially on the amount
of actual and expected recoveries on these defaulted assets. We
consider the recovery levels for these loans to be low. As of
March 2012, cumulative reported defaults were EUR26.9 million,
and reported cumulative recoveries have totaled EUR2.4 million
since closing," S&P said

"In addition, the trustee is currently in the process of
disposing of 17 unsold repossessed properties on the issuer's
behalf, and we expect the proceeds that are recovered on these
properties to be low. Due to the deterioration of the credit
quality of the portfolio and the low level of recoveries
experienced by the underlying collateral, the level of performing
collateral (nondefaulted loans) available to the transaction to
service the amounts due under the notes has continued to reduce,"
S&P said

"Based on the amount of the performing portfolio balance
available to the issuer, as of the March 2012 interest payment
date, we see that the transaction is undercollateralized by
EUR15.8 million, the class B notes being undercollateralized by
19.97% of their current balance. As of March 2011, the
transaction was undercollateralized by EUR9.9 million and the
class B notes were fully collateralized. The credit enhancement
provided by the performing balance is negative for the class B,
C, and D notes," S&P said.

"Based on the most recent data available for the transaction, our
cash flow analysis indicates that a 'BB (sf)' rating is not
commensurate with the credit enhancement available to the class B
notes, as the transaction experiences interest and principal
shortfalls under all of our cash flow scenarios," S&P said.

"The class B, C, and D notes' interest-deferral trigger levels
are 6.10%, 4.70%, and 3.50%. As of April 2012, the ratio of
cumulative defaults over the original balance was 5.75% (compared
with 4.07% a year earlier). As a result, we consider that
interest on the class B notes could be deferred and could
therefore default in the near future if cumulative defaults
continue to increase at their current pace," S&P said.

"Taking all of the factors into consideration, we have lowered to
'CCC- (sf)' and kept on CreditWatch negative our rating on TDA
24's class B notes. We are seeking further information about the
extent to which the noncompliance of Credifimo with some of its
representations as originator in TDA 28, could be repeated in TDA
24," S&P said.

"In September 2009, due to insufficient excess spread to cover
defaults, the issuer fully drew the reserve fund, which has
remained at zero since then. Furthermore, TDA 24 breached the
interest-deferral triggers on the class C, and D notes in
September 2011 and December 2010, and all the interest amounts
due under these notes have since been deferred to pay the amounts
due under the class A1, A2, and B notes. As a result, we lowered
our ratings to 'D (sf)' on the class C and D notes in December
and January 2011 respectively. We have affirmed our 'D (sf)'
ratings on the class C and D notes," S&P said.

"On April 30, 2012, we lowered our long- and short-term ratings
on Banco Santander S.A.--the account provider for TDA 24--to 'A-
/A-2' from 'A+/A-1'. Following our downgrade of Banco Santander
to below 'A-1', Banco Santander has become an ineligible
counterparty pursuant to the transaction documents. Under the
transaction documents, the transaction has entered into a 30-day
remedy period, in which Banco Santander should replace itself
with an A-1 rated entity or find an A-1 -rated guarantor," S&P
said.

"TDA 24 securitizes a portfolio of Spanish residential mortgages
originated by Caja de Ahorros Castilla La Mancha, (currently
63.64% of the total pool, versus 63.92% at closing), Credifimo,
which was acquired by Banca C¡vica S.A. (BB+/Watch Pos/B)--
currently 28.49% of the total pool, versus 26.80% at closing, and
Bankpime (currently 7.87% of the total pool, versus 9.28% at
closing. The transaction closed in December 2005 with a weighted-
average seasoning of 33.4 months," 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

TDA 24, Fondo de Titulizacion de Activos
EUR490.156 Million Residential Mortgage-Backed
Floating-Rate Notes

Rating Lowered and Remaining On CreditWatch Negative

B            CCC- (sf)/Watch Neg       BB (sf)/Watch Neg

Ratings Affirmed

C            D (sf)
D            D (sf)

Ratings Unaffected

A1            AA- (sf)/Watch Neg
A2            AA- (sf)/Watch Neg


* SPAIN: Moody's Cuts LT Debt & Deposit Ratings of 16 Banks
-----------------------------------------------------------
Moody's Investors Service has downgraded by one to three notches
the long-term debt and deposit ratings for 16 Spanish banks and
Santander UK PLC, a UK-domiciled subsidiary of Banco Santander
(Spain) SA. The rating downgrades primarily reflect the
concurrent downgrades of most of these banks' standalone credit
assessments, and in five cases also Moody's assessment that the
Spanish government's ability to provide support to the banks has
reduced.

The debt and deposit ratings declined by one notch for five
banks, by two notches for three banks and by three notches for
nine banks. The short-term ratings for 13 banks have also been
downgraded between one and two notches, triggered by the long-
term ratings changes.

The outlooks on the debt and deposit ratings for ten of the 17
banks downgraded are now negative. For the remaining seven banks
affected by the actions, their ratings remain on review for
further downgrade, for reasons specific to each bank (as
discussed separately below).

The actions reflect, to various extents across banks, four main
drivers:

1.) Adverse operating conditions, characterized by the renewed
recession, the ongoing real-estate crisis and persistent high
levels of unemployment.

2.) Reduced creditworthiness of the Spanish sovereign, which
weighs on banks' standalone profiles and affects the ability of
the government to support banks.

3.) Rapid asset-quality deterioration, with non-performing loans
to real-estate companies rising rapidly, and Moody's expecting
other loan categories to deteriorate.

4.) Restricted market funding access, with the ongoing euro area
debt crisis contributing to persistent investor concerns about
Spanish banks and the sovereign.

Moody's recognizes several positive trends that have limited the
extent and scope of the rating actions. These mitigants include
(i) the strengthening risk-absorption capacity of banks,
underpinned by stricter capital and provisioning requirements;
(ii) liquidity support from the European Central Bank (ECB) and
(iii) actual and prospective support from the Spanish government,
within the constraints of the sovereign's own reduced
creditworthiness. However, Moody's believes these positive
factors are overwhelmed by mounting asset-quality challenges that
weaken the earnings and threaten to erode the capital positions
of many banks.

Moody's debt and deposit ratings for publicly-rated Spanish banks
now range between A3 and Ba3, with an (unweighted) average
between Baa2 and Baa3. This average is below most Western
European banking systems, reflecting the severe impact of both
the difficult domestic environment and the ongoing euro area debt
crisis on Spanish banks.

A list of the Affected Credit Ratings is available at
http://is.gd/iWYsuDfrom Moody's.  This list is an integral part
of the press release and identifies each affected issuer. For
additional information on bank ratings, please refer to the
webpage containing Moody's related announcements at
http://is.gd/ASKLyY

Moody's has also published a special comment titled "Key Drivers
of Spanish Bank Rating Actions" available at http://is.gd/3E3luz
- with more detail on the rationale for the actions.

AFFECTED BANK RATINGS CARRY NEGATIVE OUTLOOKS OR REMAIN ON REVIEW

The negative rating outlooks for nine Spanish banks affected by
the actions reflect Moody's expectation that banks will continue
to face highly adverse operating and market funding conditions
that pose a threat to their creditworthiness. In some cases, the
outlooks additionally reflect the negative outlook on Spain's A3
government bond rating, which incorporates downside risks to the
government's creditworthiness and therefore, to its ability to
extend support to banks. The placement on review for further
downgrade of the ratings for seven banks affected by the actions
reflects drivers specific to each bank, including in some cases
ongoing mergers

RATINGS RATIONALE -- STANDALONE CREDIT STRENGTH

Following the actions, publicly-rated Spanish banks fall into
four broad groups, based on their standalone creditworthiness:

- The first group consists of the two largest banks, Banco
Santander (Spain) SA (deposits A3, BFSR C / BCA a3) and Banco
Bilbao Vizcaya Argentaria SA (deposits A3, BFSR C / BCA a3). They
retain the highest standalone credit assessments among Spanish
banks, mainly because of the relatively stable earnings generated
by their strong, geographically diversified franchises.

- The second group includes institutions with baa standalone
credit assessments. The banks within this group have generally
solid underlying earnings and franchises relative to Spanish
peers, but are more exposed to the domestic economy and less
resilient than the two largest banks.

- The third group comprises institutions with standalone credit
assessments of ba1 and lower, reflecting elevated vulnerability
to the current challenging conditions.

- The fourth group is made up of those banks whose ratings
remain on review and can therefore not be allocated to the above
groups. In addition to the seven banks downgraded whose ratings
remain on review, the ratings for nine other banks also remain on
review.

FIRST DRIVER -- ADVERSE OPERATING CONDITIONS

The Spanish economy has fallen back into recession in first-
quarter 2012, and Moody's does not expect conditions to improve
during 2012. Moreover, the real-estate crisis that began in 2008
is ongoing, and unemployment has risen to very high levels, with
rising risks to white-collar employment (in addition to
extremely-high youth unemployment) affecting the outlook for
banks' household lending. As a result, Moody's expects bank asset
quality to deteriorate further in coming quarters, causing
persistently high loan-loss provisioning expenses that erode bank
earnings and, in some cases, might erode capital levels.

SECOND DRIVER -- REDUCED CREDITWORTHINESS OF THE SPANISH
SOVEREIGN

Amidst the ongoing euro area debt crisis, the Spanish
government's rising budget deficit and the renewed recession,
sovereign creditworthiness has declined. This decline is a driver
of the bank rating actions, and it is reflected in the recent
two-notch downgrade of the government bond rating to A3, with a
negative. Moody's says that the standalone credit strength of
many Spanish banks has weakened, as they are linked in multiple
ways to the sovereign. These linkages include (i) the impact of
the government's financial position on the domestic economy; and
(ii) the large exposures of most banks to their domestic
government and to other counterparties who depend on the
government.

Reduced government creditworthiness also affects the ability of
the government to support banks, as discussed under "Ratings
Rationale -- Senior Debt and Deposit Ratings" below.

THIRD DRIVER -- RAPID ASSET-QUALITY DETERIORATION

Another factor underpinning the rating actions is the sharp
increase of problem loans already observed and Moody's view that
loan delinquencies will continue to rise in coming quarters. The
rating agency bases this view partly on the very weak performance
of loans to companies in the real-estate and construction
sectors, which accounted for 23% of Spanish banks' lending to the
private sector at year-end 2011. Moreover, Moody's expects the
recession and very high unemployment to cause asset-quality
deterioration also for loans to households and non-real-estate-
related businesses. These loan categories have shown only
moderate weakening to date.

Accelerating problem loans in the real-estate sector have already
driven total domestic non-performing loans of the Spanish banking
system to 8.2% of total loans at the end of February 2012, up
from less than 1% at year-end 2007 (source: Bank of Spain).
Moody's notes that the amount of non-paying assets is even
higher, if real estate acquired as payment-in-kind from troubled
borrowers is included.

FOURTH DRIVER -- RESTRICTED MARKET FUNDING ACCESS

Contributing to the rating actions, Spanish banks are facing less
cost-effective, volatile and at times restricted access to
wholesale funding markets. Moody's recognizes that Spanish banks
on average funded 46% of total assets with deposits at year-end
2011 (source: ECB), a high level compared with other Western
European banking systems. Nonetheless, banks rely to varying
degrees on market funds, leaving most susceptible to the
persistent market tensions.

Partly due to market tensions, Spanish banks have increased their
ECB borrowings by more than six times since June 2011, to the
highest level in absolute terms among euro area banking systems
as of April 2012. The availability of three-year funds from the
ECB has mitigated near-term funding stress. However, significant
central bank reliance raises the issue of how Spanish banks will
be able to reduce their ECB funding reliance over time. Whilst
Spanish banks have deleveraged in 2011 by not fully renewing
maturing loans, the scope for further deleveraging is unclear.

RATINGS RATIONALE -- SENIOR DEBT AND DEPOSIT RATINGS

For five banks, the downgrades of their debt and deposit ratings
reflect not only reduced standalone credit profiles, but also
Moody's assessment that the ability of the Spanish government to
provide future support to Spanish banks has declined. Moody's
recognizes the Spanish government's supportive actions to address
banking sector challenges, most recently through stricter
provisioning requirements and a plan for banks to transfer real-
estate assets acquired from troubled borrowers to special-purpose
vehicles.

However, Moody's believes the Spanish government's ability to
support its bank's debt and deposit ratings is consistent with
the level implied by the sovereign's debt rating, currently A3.
That is, the Spanish government is unlikely to choose to
prioritize its available funds to provide capital for banks over
paying its own sovereign debt investors. Moody's had previously
assumed that the government's willingness and capacity to support
banks in a crisis could exceed its capacity to service its own
debt and thus lift a bank's ratings up to one notch above the
sovereign.

The downgrades of 13 banks' short-term ratings followed the
downgrades of their long-term ratings, consistent with Moody's
standard mapping of short-term to long-term ratings.

RATIONALE FOR DOWNGRADE OF GOVERNMENT-GUARANTEED DEBT

Following the two-notch downgrade on 13 February of the Spanish
government's bond rating to A3, Moody's has downgraded to A3 the
government-guaranteed senior debt of five Spanish banks whose
(unguaranteed) senior debt ratings were previously higher than
the government rating. The A3 ratings assigned are based on the
unconditional government guarantee, which directly links them to
the ratings of the Spanish government.

RATINGS RATIONALE -- SUBORDINATED DEBT AND HYBRID RATINGS

Moody's has downgraded the subordinated debt and hybrid ratings
of nine Spanish banks in line with the downgrades of their
standalone credit assessments. Moody's had previously removed
government support assumptions from its ratings of subordinated
debt and hybrid instruments of Spanish banks on December 12,
2011.

ACTIONS FOLLOW REVIEW ANNOUNCEMENTS ON 15 FEBRUARY 2012 AND OTHER
DATES

The rating actions follow Moody's decision to review for
downgrade the ratings for many European financial institutions,
including Spanish banks. On May 7, 2012, Moody's extended the
review for Santander to its short-term ratings. Moody's
previously placed several Spanish bank ratings on review on
December 12, 2011.

WHAT COULD MOVE THE RATINGS UP/DOWN

Moody's believes that rating upgrades are unlikely in the near
future for banks affected by the actions, for the reasons given
above. Whilst the current rating levels and outlooks incorporate
a degree of expected further deterioration, the rating agency is
of the opinion that the banks' ratings may decline further if (i)
operating conditions worsen beyond Moody's current expectations;
(ii) the Spanish sovereign's creditworthiness declines further;
(iii) asset-quality deterioration exceeds Moody's current
expectations; and (iv) pressures from market-funding restrictions
intensify.

However, Moody's believes that a limited amount of upward rating
momentum could develop if the banks substantially improve their
credit profiles and resilience to the prevailing conditions. This
may occur through increased standalone strength, for example as a
result of bolstered capital and liquidity buffers, work-out of
asset-quality challenges, improved earnings or improved funding
conditions. Ratings could also benefit from increased external
support.

METHODOLOGIES USED

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.

BANK-SPECIFIC RATING CONSIDERATIONS

BANCO SANTANDER S.A. (A3/C/a3, negative outlook)

The two-notch downgrade of Santander's BFSR and standalone credit
assessment to C/a3 from B-/a1 is driven primarily by the expected
negative impact on earnings and asset-quality indicators stemming
from the bleak economic prospects in many of Santander's core
markets, namely Spain and Portugal (and, to a lesser extent, the
UK) that together account for 67% of the group's loan book. The
downgrade is also driven by Santander's reliance on market
funding which, albeit partly mitigated by manageable debt
maturities, exposes the bank to changes in market sentiment.

Moody's believes that these credit-negative factors outweigh the
group's significant geographical diversification that makes
Santander the Spanish bank that is least exposed to the
challenging domestic operating environment as well as its proven
capacity to strengthen its risk absorption capacity during the
current crisis. Moody's expectation that these rating drivers may
persist for some time -- and possibly intensify -- underpins the
negative outlook on the bank's standalone BFSR.

Regarding the potential support that Santander could receive from
the Spanish government -- and which could influence the ratings
uplift for the debt and deposit ratings from its a3 standalone
strength -- Moody's believes the Spanish government's ability to
support Spanish banks' debt and deposit ratings is now
constrained by the level of the sovereign rating itself,
currently A3. For this reason, the government's debt rating does
not provide uplift to Santander's standalone rating, even though
Santander benefits from a very high expectation of systemic
support.

The outlook on the A3 long-term deposit rating is negative,
reflecting both the negative outlook on the Spanish government
bond rating and the negative outlook on Santander's standalone
C/a3 ratings.

BANCO ESPANOL DE CREDITO (BANESTO) (A3/C-/baa2,negative outlook)

The downgrade of Banesto's rating to A3/P-2 from A2/P-1 is driven
by the downgrade of its parent (Banco Santander) to A3/Prime-2
from Aa3/Prime-1. The standalone baa2 credit assessment was not
on review and retains a negative outlook.

SANTANDER UK (A2, negative outlook; C-/baa1, stable outlook)

The downgrade of Santander UK's long-term bank deposit and senior
debt rating to A2 from A1 is driven by the downgrade of the
standalone BFSR of its parent (Banco Santander) to C/a3 from B-
/a1. The P-1 short term rating and the standalone BFSR of C-/baa1
(which has a stable outlook) were not on review and have been
affirmed. This concludes the rating review initiated on February
21, 2012.

Moody's says that because of the downgrade of Banco Santander's
standalone rating, Santander UK now benefits from only one notch
of rating uplift from parental support. However, Santander UK
continues to benefit from one notch of uplift from UK systemic
support given (i) its nationwide network; (ii) its important role
in the UK payments system; and (iii) its large market shares in
UK deposits and loans. This means that Santander UK is now rated
one notch higher than its parent. Moody's believes that this is
appropriate, because (i) it reflects Santander UK's general
funding independence from Banco Santander; (ii) Santander UK has
no direct exposure to the Spanish government (or regional
governments); and (iii) as a systemically important bank in the
UK, Moody's believes there is a low likelihood that the FSA would
allow Santander UK to substantially weaken itself in order to
support the parent.

Moody's has also downgraded by one notch Santander UK's
subordinated debt, junior subordinated debt and preference share
ratings, as they are driven by the bank's "adjusted" standalone
rating, which is now a3 (including parental support), previously
a2. The outlook on the long-term debt and deposit rating of
Santander UK is negative, reflecting the negative outlook on the
standalone financial strength rating of Banco Santander.

BANCO BILBAO VIZCAYA ARGENTARIA, S.A (BBVA) (A3/C/a3, negative
outlook)

BBVA's revised ratings and negative outlook reflect its
sensitivity to a further deterioration of the operating
environment. This is reflected by a vulnerability under Moody's
more stressed scenario, given the 55% weight of BBVA's loan book
in its domestic market. However, Moody's notes that the
relatively solid performance of BBVA's domestic book, compared
with those of its peers, is largely due to the early recognition
of losses that the bank incurred in 2009 in its domestic real-
estate book, which partly stabilized its asset-quality
indicators. Although BBVA has significant geographic
diversification with 72% of its earnings generated in developing
markets (with a particular strong franchise in Mexico), Spain
remains its single largest market by loan distribution;
conditions within Spain therefore significantly affect the
group's performance.

With Spain now in recession, there is potential for profitability
and asset quality to weaken further during 2012. Moody's notes
that BBVA has a relatively robust liquidity framework, including
a substantial portfolio of central bank eligible assets that are
sufficient to cover wholesale maturities for a period exceeding
12 months. However, the rating agency notes that BBVA relies
significantly on confidence-sensitive market sources, and there
is a risk that the current more restricted and costly market
access will continue for an extended period. Uncertainty
regarding when BBVA will again be able to fund itself regularly -
- and on an economic basis -- is therefore a key credit risk and
rating driver.

BBVA's A3 long-term deposit and debt rating is now at the same
level as the Spanish sovereign. Moody's believes that the Spanish
government's ability to support Spanish banks' debt and deposit
ratings is now constrained at the level of the sovereign rating,
currently A3. For this reason, although BBVA benefits from a very
high expectation of systemic support, its debt rating does not
receive any uplift from its a3 standalone credit assessment. The
outlook on the A3 long-term deposit rating is negative,
reflecting both the negative outlook on the Spanish government
bond rating and the negative outlook on BBVA's standalone BFSR.

CAIXABANK (A3/C-/baa1, review for downgrade)

Moody's says that the domestic focus of CaixaBank's loan book is
the main driver for the three-notch downgrade of the bank's
ratings. The loan-book focus on the domestic market will continue
to weigh on the bank's profitability and asset-quality metrics
until economic conditions in Spain become more favorable, which
Moody's believes is unlikely in the near-term. At end-2011,
CaixaBank reported a material increase in problem loans of 32%
reaching a problem loan ratio of 5.1% -- which is nevertheless
below the system's average of 7.6% -- and a further increase by
30% at end-March 2012, year-on-year. With a 28.16% real estate
problem-loan ratio, the bank's exposure to this sector (at 17% of
its loan book) has a particularly weak credit profile. However,
Moody's acknowledges the sound performance of CaixaBank's book of
mortgages to individuals, with a problem loan ratio of 1.57% at
end-March 2012.

Moody's notes that CaixaBank has the strongest liquidity and
funding profile amongst the largest rated Spanish banks,
underpinned by a strong retail funding base (69% of total
funding), manageable debt maturities and a sizeable portfolio of
ECB eligible assets that are sufficient to cover wholesale
maturities for a period significantly exceeding 12 months.
However, the rating agency notes that there is a risk that
restricted and costly market access might continue for an
extended period. As a result, uncertainty regarding when
Caixabank will again be able to fund itself regularly in the
markets -- and on an economic basis -- is a key credit risk and
an important rating driver.

Despite the relatively good performance of the bank's pre-
provision income, Moody's expects that the bank will find it
difficult to improve its recurring profitability given the low
interest-rate environment and subdued business growth. Moreover,
further downward pressure on CaixaBank's recurring and bottom-
line profitability will be exerted by (i) Moody's expectation of
further asset-quality deterioration; (ii) the associated loan-
loss provisions and increased pressure on funding costs; and
(iii) Spain's weakening operating environment.

In terms of capital adequacy, at 12.4% core capital, CaixaBank is
resilient to Moody's base-case scenario; however, given its
domestic focus, the bank is somewhat vulnerable to the more
stressed scenarios.

Moody's decision to extend the review for downgrade of
CaixaBank's ratings is driven by the ongoing merger process with
Banca Civica, which is not sufficiently progressed at this stage
to conclude the review. The review will focus on the credit
profile of the combined entity emerging after the integration
with Banca C¡vica, which is likely to have a weaker credit
profile than CaixaBank's standalone credit strength.

Furthermore, the rating review will focus on (i) the strategic
fit of this acquisition for CaixaBank in the challenging economic
domestic market; (ii) an assessment of the losses Moody's expects
will be embedded in the new bank's asset portfolios. This will
provide a key input to the determination of the new entity's risk
absorption capacity, its ability to withstand deterioration in
its loan book and its sovereign exposures, and its capacity to
generate capital through stressed core earnings and other
capital-growth initiatives. Moody's notes that at the inception
of the merger, the combined entity is set to take EUR3.4 billion
pre-tax fair value adjustments against Banca Civica's
shareholders equity that, consequently, will be reduced to zero.
The EUR3.4 billion comprises EUR2.8 billion associated to its
loan book, EUR300 million to acquired real estate and EUR300
million to other items. This clean-up will significantly increase
the coverage level of existing problem loans, reducing the need
for further impairments; (iii) the pro-forma risk-adjusted
recurring profitability and cost efficiency indicators of the
combined entity; and (iv) the ability of the new entity to
address debt maturities -- which will close to double the amount
of maturing debt for 2012 (EUR4.3 billion at C¡vica versus EUR2.3
billion at CaixaBank) accounting for 2% of the combined balance
sheet -- in light of the ongoing system-wide constraints to
access the capital markets for term funding.

CAJA DE AHORROS Y PENSIONES DE BARCELONA (LA CAIXA) (Baa2, review
for downgrade)

Moody's rating actions on La Caixa follow those of CaixaBank's;
La Caixa's issuer rating has thus been downgraded to Baa2 from
A2. Although La Caixa has the legal status of a savings bank, it
neither takes deposits nor carries out any banking activities. La
Caixa's rating is two notches below CaixaBank's ratings -- its
main operating subsidiary -- reflecting the structural
subordination of La Caixa's current creditors to those of the
operating bank (i.e., CaixaBank). This notching also reflects the
risk stemming from La Caixa's portfolio of real-estate assets,
which Moody's believes could be subject to additional
impairments.

CAJA RURAL DE NAVARRA (Baa1/C-/baa1, negative outlook)

Moody's says that the one-notch downgrade of Caja Rural de
Navarra's (CRN) BFSR and standalone credit assessment to C-/baa1
from C/a3 reflects Moody's expectation of further pressure on
CRN's credit fundamentals stemming from the weak operating
environment. Despite this, Moody's notes that the entity operates
in (and is predominantly focused on) the region of Navarra, one
of the wealthiest regions in Spain. In 2011, the debt-to-GDP
ratio of this region amounted to 12.9% (68.5% for Spain) and GDP
per capita increased by 1.5% (compared with a 0.7%). This region
is also less affected by the global financial crisis than other
areas of Spain, with an unemployment rate of 13.8%, compared with
the national average of 22.8% (as of December 2011).

The downgrade captures CRN's modest profitability indicators --
with a pre-provision income to risk-weighted assets ratio of
1.19% as of December 2011-- together with its weakening asset-
quality indicators. The ratio of problem loans as a percentage of
gross loans was 4.0% at end-December 2011, compared with 3.6% a
year earlier (7.6% for the system).

Moody's expects the deterioration in asset quality to continue.
However, the rating agency believes that it should be moderate
and manageable for CRN, given (i) CRN's limited exposure to risks
outside of Navarra; (ii) the relative strength of the regional
economies where it operates; and (iii) the diversified nature of
its loan book, with relatively low exposure to the real-estate
sector.

In addition, Moody's notes that CRN has very limited reliance on
wholesale funding, and it has a very strong retail-customer base,
which would allow the bank to withstand a disruption in capital
markets over the next 12 months. Furthermore, CRN displays
higher-than-average capital ratios, with the Tier 1 ratio
standing at 12.6% at end-December 2011, up from 12.0% a year
before.

BANCO COOPERATIVO ESPANOL (Baa1/C-/baa2, review for downgrade)

The three-notch downgrade of Banco Cooperativo Espanol's (BCE)
BFSR and standalone credit assessment to C-/baa2 from C+/a2
reflects its vulnerability to the weak operating environment, due
to its role as service provider and central treasury provider for
the Spanish rural credit cooperatives sector. As such, BCE's
credit-risk concentration to the rural cooperatives sector is
high, while the sector's credit profile is weakening.

In addition, the downgrade captures BCE's relatively high
exposure to sovereign risk, when weighed against its capital
base. BCE's Tier 1 ratio stood at 13.2% at end-December 2011.
However, Moody's notes that BCE's risk weighting of its assets is
very low, given that it is a wholesale oriented institution
acting on behalf of the rural credit cooperatives. Its ratio of
shareholders' equity to total assets amounted to 1.8% at the end
of 2011, and the ratio of risk-weighted assets to total assets
was 13.6%, revealing the low risk weighting of BCE's assets.
Notwithstanding this low risk weighting, Moody's believes that
BCE's high leverage poses a significant risk, as it provides BCE
with a very insufficient cushion against any unforeseen,
unexpected losses.

Furthermore, Moody's has maintained the review for downgrade of
BCE's ratings to account for longer-term impact on BCE's business
stemming from the adverse macro-economic environment and the
potential shift in BCE's activity. BCE's main task has
traditionally been that of managing excess liquidity for its
member banks, although Moody's notes that over recent months,
most of BCE's activity has related to the issuance of government-
guaranteed debt and access to ECB funding on behalf of its member
banks.

Moody's review will focus on (i) the wider effects on BCE's
customer base stemming from the persistent pressures and
uncertainties caused by the very difficult operating environment;
and (ii) the sustainability of BCE's franchise in light of the
consolidation movements in the rural cooperatives sector and the
changes in its traditional treasury role.

BANKINTER (Baa2/D+/baa3, negative outlook)

Despite displaying one of the strongest asset quality indicators
among Spanish banks with an NPL ratio of 3.3% as of year-end 2011
(7.6% for the system) and a relatively low exposure to the
commercial real estate segment -- which makes the bank somewhat
more resilient to the adverse domestic operating environment --,
the downgrade of Bankinter's BFSR to D+/baa3 from C/a3 is mainly
driven by the bank's substantial dependence on wholesale funding
in the current context of restricted access to market funding.
Such reliance exposes Bankinter to market disruptions and makes
it difficult to meet scheduled maturities without deleveraging or
resorting to greater central bank funding (ECB funds plus
outstanding wholesale funds totalled 45% of total funding as of
February 2012).

Weighing also negatively on the BFSR, Moody's believes it will be
difficult for Bankinter to achieve or even maintain its already
modest profitability levels, in light of the high unemployment
level and the contraction expected for the Spanish economy in
2012 and given the domestic nature of the bank's operations.

Despite the better-than-average quality of Bankinter's loan book,
its capital position would not be entirely resilient to Moody's
conservative but plausible scenarios or further deterioration in
economic conditions in Spain.

CECA (Baa2/D+/baa3, review for downgrade)

The downgrade of CECA's BFSR and standalone credit assessment to
C/a3 to D+/baa3 reflects the pressures stemming from its business
model as provider of financial services to Spanish savings banks.
CECA is heavily exposed to the savings banks industry -- in terms
of the largest exposures and by revenues. The concentration
towards savings banks represents a major rating constraint, which
is unlikely to change in the near term given the sector's
weakening credit quality and Moody's expectations of further
deterioration in the country's operating environment.

While the three notch downgrade of CECA's standalone credit
assessment is driven by the weaker credit profile of its
traditional clients, there are other factors that further
challenge the long-term sustainability of CECA's business model
and which have caused Moody's to maintain the ratings on review
for further downgrade. The ongoing consolidation and
restructuring process of the savings banks segment -- combined
with the declining level of economic activity in Spain --
indicate a reduced demand for financial services that constrains
CECA's recurrent revenue generation capacity. The breaking-up of
the savings banks segment exerts further pressure on CECA's
critical role as leading services provider for a segment that,
pre-crisis, represented half of Spanish banking assets.

In addition to these challenges, Moody's notes that a significant
part of CECA's revenues are generated from capital-market
activities. Whilst Moody's acknowledge the good performance of
this revenue line in recent years and the conservative stance
CECA has taken on capital markets investments, it is subject to
volatility because it relies on the performance of financial
markets as well as to inherent vulnerabilities, such as
confidence-sensitivity. During the review process, Moody's will
focus on the extent to which all the aforementioned factors
weaken CECA's credit profile in order to assess whether it is
consistent with the lower BFSR currently assigned.

CAJA RURAL DE GRANADA (Baa3/D+/baa3, negative outlook)

The two-notch downgrade of Caja Rural de Granada's (CRG) BFSR and
standalone credit assessment to D+/baa3 from C-/baa1 reflects its
vulnerability to an adverse domestic environment, namely its
weakening asset quality and profitability indicators. The ratio
of problem loans as a percentage of gross loans increased to
5.87% at end-December 2011 from 4.89% a year earlier (compared
with 7.6% for the system). This was mainly driven by a
deterioration of the exposures related to commercial real estate,
although Moody's notes that these exposures are relatively low
compared with those of its peers. In addition, CRG has other non-
earning assets related to real-estate acquisitions that result in
a very high non-performing asset ratio of 12.2%.

The downgrade also captures the bank's modest profitability
indicators, with the already low PPI-to-risk-weighted assets
ratio declining slightly further to 1.05% at end-December 2011
from 1.08% a year earlier. Moody's believes there is likely to be
further pressure on CRG's profitability and asset-quality
indicators, given the rating agency's expectation of a weaker
macro-economic environment in Spain.

Notwithstanding these pressures on some of the bank's credit
fundamentals, Moody's notes that the bank has very limited
reliance on wholesale funding, having a strong retail-customer
base. As a result, CRG maintains a comfortable liquidity position
and could withstand a disruption in capital markets over the next
12 months. Furthermore, the bank's capital ratios are sound, with
a Tier 1 ratio of 12.9% at end-December 2011, up from a 11.9% a
year before.

LIBERBANK (Ba1/D/ba2, negative outlook)

The downgrade of Liberbank's BFSR and standalone credit
assessment to D/ba2 from C-/baa2 captures the effects of the very
weak operating environment and constrained access to market
funding on the bank's credit profile.

Liberbank's performance deteriorated significantly throughout
2011 in terms of asset quality, with the NPL ratio raising to
7.3% as of year-end 2011 (year-end 2010: 4.2%). Profitability
also declined, with the net interest income declining by 27%
year-on-year, which makes the bank's standalone profile no longer
consistent with a baa2 standalone credit assessment.

The bank's sizeable dependence on wholesale funding (31% of total
funding as of march 2012) exerts further pressure on the ratings
given the lack of refinancing options, other than central bank
funding or severe deleveraging measures. Weighing also negatively
on the BFSR is the bank's capital position, despite recent
capital strengthening (it increased its core capital to 10.1% by
year-end 2011 from 8.8% a year before), which is vulnerable to
Moody's scenarios of further economic deterioration. According to
these scenarios, the bulk of credit losses to be recognised by
the bank would stem from its significant exposure to the
commercial real estate segment.

CAJAMAR (Ba2/D/ba2, negative outlook)

Moody's says that the downgrade of Cajamar's BFSR and standalone
credit assessment to D/ba2 from D+/baa3 reflects the bank's
weakening fundamentals in terms of profitability and asset
quality.

The NPL ratio rose to 6.03% at year-end 2011 from 4.8% by year-
end 2010, mainly driven by the deterioration of the commercial
real-estate loan book; real-estate acquisitions from troubled
borrowers raises the non-earning assets ratio to 10.7%. The
bank's traditionally modest profitability indicators declined in
2011, with the risk-weighted recurring earnings power ratio
declining to 0.69% (2010: 1.05%).

Given the domestic nature of Cajamar's operations, Moody's
expects that further deterioration is likely for the bank's
profitability and asset quality in the coming months, in light of
the low level of activity and the high levels of unemployment
within the Spanish economy. In addition, Cajamar has some
reliance on wholesale funding, at 24% of total funding as of
February 2012, mainly in the form of covered bonds and
securitization. This exerts further pressure on the bank's
standalone credit assessment, given the difficulties to rollover
market maturities and the lack of funding alternatives besides
central bank funding or deleveraging. Cajamar's BFSR is also
constrained by the vulnerability of its capital position to
scenarios of further losses, under Moody's scenario analysis.

LICO LEASING (Ba3, negative outlook)

For Lico Leasing, the deposit ratings downgrade to Ba3/Not-Prime
from Baa3/Prime-3 reflects the bank's very weak financial
fundamentals evidenced by (i) a high NPL ratio of 17% at the end
of 2011 (raising from 12.5% a year before); (ii) very weak
profitability indicators, with a severe contraction of the
recurrent earning generation power throughout 2011 (a 91% decline
year-on-year) and a reported net loss of 0.2% over average risk-
weighted assets; and (iii) a weak funding profile, due to its
high reliance on unsecured funding sources (mainly interbank
deposits). Moody's believes that the funding-profile issues pose
a material credit risk to Lico, because of the lack of liquidity
available in the system.

In addition, Lico has incurred a significant drop in the level of
business volume, as companies' investments and the need for
financial leases have declined dramatically since the current
economic crisis started (its lending volumes have reduced by
almost 60% since 2007).

However, Moody's acknowledges that Lico is a strategic provider
of leasing services to the savings banks. Therefore, its ratings
benefit from a high probability of support from its shareholders
and provides an uplift to the deposit ratings from a standalone
credit profile that would otherwise be lower.

Finally, the sovereign's reduced creditworthiness contributed to
ratings downgrades for Unicaja Banco SA (Unicaja, A3 on review
for downgrade; C/a3 on review for downgrade), Banco Popular
Espanol SA (Banco Popular, A3 on review for downgrade; C-/baa1 on
review for downgrade) and Banco Sabadell SA (Baa1 on review for
downgrade; C-/baa2 on review for downgrade). For the
aforementioned banks, reduced sovereign creditworthiness was the
only rating drivers of the actions. Moody's continues to assess
other relevant credit factors for these banks.


* SPAIN: Moody's Takes Multiple Rating Actions on Covered Bonds
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of covered
bonds issued under six programs of Spanish banks. Moody's has
also affirmed the ratings of covered bonds issued under five
programs. In addition, the ratings of covered bonds issued under
ten programmes remain or have been placed on review for
downgrade. These announcements were prompted by Moody's decision
on May 17, 2012, to downgrade the senior debt ratings of the
banks supporting the relevant covered bond programs.

A list of the affected covered bond ratings is available at
http://is.gd/WwSOqUfrom Moody's.com.

For additional information on covered bond ratings, please refer
to the webpage containing Moody's related announcements at
http://www.moodys.com/eusovereign

The downgrades and affirmations conclude the review for
downgrade, initiated on February 16, 2012. That review followed
Moody's wider review of European financial institutions driven in
part by (i) the difficult European operating environment caused
by the prolonged euro area crisis; and (ii) the deteriorating
creditworthiness of certain euro area sovereigns (including
Spain).

Ratings Rationale

The covered bond downgrades and announcements follow Moody's
rating actions on the relevant issuers' senior unsecured ratings
(issuer ratings). Moody's has downgraded the covered bonds issued
under six programs because of the impact of the issuer rating
downgrades under Moody's Timely Payment Indicator (TPI)
framework. The ratings of covered bonds issued under five
programs have been affirmed. The affirmations are due to the fact
that following the issuer downgrades (i) the expected loss of the
covered bonds remains commensurate with their current ratings --
taking into account the available over-collateralization; and
(ii) the TPI framework does not constrain the ratings below their
current level. One covered bond rating has been placed on review
while Moody's assesses the level of over-collateralization the
issuer can be expected to maintain.

Covered bond ratings are determined after applying a two-step
process: an expected loss analysis and a TPI framework analysis.

(1) Expected Loss Method

Moody's expected loss analysis is negatively affected by the
downgrade of the issuer ratings. As the credit strength of the
issuer is incorporated into Moody's expected loss methodology,
any downgrade of the issuer ratings will increase the expected
loss on the covered bonds. However, Moody's notes that issuers
may be able to offset any deterioration in the expected loss
analysis if sufficient collateral is held in the cover pool.

Moody's has placed on review for downgrade BBVA's public-sector
covered bonds, because the rating agency believes that there is a
sufficient degree of uncertainty as to whether BBVA will be able
to sustain over-collateralization consistent with the current
rating of Aa2 (56%).

Moody's measures the over-collateralization percentage as the
excess of assets over the issued amount of covered bonds, divided
by the issued amount of covered bonds.

BBVA retains large amounts of public-sector covered bonds on its
balance-sheet. These bonds would be cancelled -- and thus not
reduce the over-collateralization -- if the issuer defaults and
the covered bonds are not placed at a third party. However, in
its analysis, Moody's treats these covered bonds as issued
amounts that can be sold or pledged at any time as collateral
with third parties, up to an amount that makes the issuer reach
the statutory 43% over-collateralization level.

During the review, Moody's will assess BBVA's willingness and
capacity to further strengthen its programs by holding sufficient
collateral to support the rating assigned to the covered bonds.

(2) TPI Framework

Moody's Timely Payment Indicator (TPI) framework limits a covered
bond rating to a certain number of rating levels above the issuer
rating of the relevant bank. The amount of uplift will depend on
the TPI assigned and for all Spanish covered bonds Moody's
currently assigns a TPI of "Improbable". The indicative rating
uplift for covered bonds based on TPIs can be found in Moody's
published TPI table.

However, Moody's notes that there are many factors that might
influence the application of TPIs, in particular for sub-
investment-grade-rated issuers. For such issuers, factors that
influence the maximum rating achievable include (i) the level of
over-collateralization held in the program; and (ii) the degree
of adequate asset-liability matching.

Following the downgrade of Cajamar to Ba2, Moody's downgraded the
corresponding mortgage and public-sector covered bonds to Baa1,
which is one notch above the Baa2 level indicated by the TPI
table. The higher final ratings were driven by a number of
factors (i) the limited rating uplift of four notches over and
above the issuer rating; (ii) high levels of committed over-
collateralization imposed by the law (25% for mortgage covered
bonds and 43% for public-sector covered bonds); and (iii) the
issuer rating not being on review for further downgrade, which
provides the covered bonds with a higher degree of rating
stability.

KEY RATING ASSUMPTIONS/FACTORS

The ratings assigned by Moody's address the expected loss posed
to investors. Moody's ratings address only the credit risks
associated with the transaction. Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors. Covered bond ratings are determined after applying a
two-step process: an expected loss analysis and a TPI framework
analysis.

- EXPECTED LOSS: Moody's determines a rating based on the
expected loss on the bond. The primary model used is Moody's
Covered Bond Model (COBOL), which determines expected loss as (i)
a function of the issuer's probability of default (measured by
the issuer's rating); and (ii) the stressed losses on the cover
pool assets following issuer default.

- TPI FRAMEWORK: Moody's assigns a timely payment indicator
(TPI), which indicates the likelihood that timely payment will be
made to covered bondholders following issuer default. The effect
of the TPI framework is to limit the covered bond rating to a
certain number of notches above the issuer's rating.

SENSITIVITY ANALYSIS

The robustness of a covered bond rating largely depends on the
issuer's credit strength.

A multi-notch downgrade of the covered bonds might occur in
certain limited circumstances, such as (i) a sovereign downgrade
that negatively affects both the issuer's senior unsecured rating
and the TPI; (ii) a multi-notch downgrade of the issuer; or (iii)
a material reduction of the value of the cover pool.

As the euro area crisis continues, the covered bond ratings
remain exposed to the uncertainties of credit conditions in the
general economy. The deteriorating creditworthiness of euro area
sovereigns as well as the weakening credit profile of the global
banking sector could negatively affect the ratings of covered
bonds.

Over and above any TPI consideration, country risk constrains the
covered bonds' ratings at Aa2. For further information please
refer to "Moody's lowers the highest achievable covered bond
ratings in Italy, Portugal and Spain following the recent
sovereign rating actions", dated 23 February 2012.

The principal methodology used in these ratings was "Moody's
Approach to Rating Covered Bonds", published in March 2010.


* SPAIN: Moody's Downgrades Ratings of Four Regions
---------------------------------------------------
Moody's Investors Service has downgraded the ratings of the
Spanish regions of Catalunya, Murcia, Andalucia and Extremadura
due to their poor fiscal performance in 2011 and the low
probability that the regional governments will be able to meet
the 2012 deficit target set by the central government. At the
same time, Moody's has also confirmed the ratings of the regions
of Castilla-La Mancha and Valencia, and of four government-
related entities in Valencia, reflecting their non investment
grade ratings and the significant liquidity support from the
Spanish central government.

Further to these rating actions, all six affected regions carry
negative outlooks in line with the negative outlook carried by
the A3 sovereign bond rating of the Kingdom of Spain. The rating
actions conclude the review for downgrade that Moody's initiated
on February 15, 2012.

The ratings of the following four regions have been downgraded:

- Junta de Extremadura: long-term issuer rating downgraded by
one notch to Baa1 from A3; outlook negative

- Junta de Andalucia: long-term issuer and debt ratings
downgraded by two notches to Baa2 from A3; outlook negative

- Comunidad Autonoma de Murcia: long-term issuer and debt
ratings downgraded by two notches to Ba1 from Baa2; outlook
negative

- Catalunya: long-term issuer and debt ratings downgraded by one
notch to Ba1 from Baa3; outlook negative; short-term rating
downgraded to Not-Prime from Prime-3

The ratings of the following two regions and four government-
related entities have been confirmed:

- Castilla-La Mancha: long-term issuer and debt ratings
confirmed at Ba2; outlook negative

- Region of Valencia: debt ratings confirmed at Ba3; outlook
negative; short-term rating unchanged at Not-Prime

- Instituto Valenciano de Finanzas: debt rating confirmed at
Ba3, in line with Valencia's ratings; outlook negative.

- Notes of CACSA and Universities of Valencia (Universidad de
Valencia, Universidad de Alicante, Universidad Jaume 1 de
Castellon and Universidad Politecnica de Valencia) confirmed at
Ba3, in line with Valencia's ratings; outlook negative.

- Notes of Feria Valencia: underlying rating confirmed at Ba3
with a negative outlook (A and B Certificates); the rating of
Feria Valencia's notes remains at Aa3 on review for downgrade, in
line with the financial guarantee provided by Assured Guarantee
(Europe) Ltd.

Rationale For The Downgrades

Moody's decision to downgrade the ratings of the Spanish regions
of Extremadura, Andalucia, Murcia and Catalunya was driven by the
following factors:

1.) The poor fiscal outcomes in 2011, as evidenced by deficit-to-
regional-GDP ratios of above 3% for these four regions, which
considerably exceed the 2011 deficit target of 1.3% set by the
government for Spanish regions.

2.) The significant deterioration in the four regions' debt
metrics as a result of the refinancing of their commercial debt
with financial debt. A special fund (Fondo para la Financiacion
de los Pagos a Proveedores) has been set up by the government in
order to refinance the commercial debt of regional and local
governments. However, this refinancing of commercial debt will
further increase the regions' 2012 direct debt stock:
specifically, Moody's expects that net direct and indirect debt
will reach at least 64% of operating revenue for Extremadura, 88%
for Andalucia, 143% for Murcia and 225% for Catalunya (vs. 53%,
63%, 97% and 215% at year-end 2011, respectively).

3.) The considerable uncertainty surrounding these regions'
capacity to reach the 2012 deficit target of 1.5% of deficit to
regional GDP. While Moody's believes that the structural reforms
in healthcare and education announced in April 2012 will help
reduce the regional deficit over the medium term, the rating
agency believes that some measures will be challenging to
implement, and their effect on the 2012 budget outcomes will thus
likely be limited. Consequently, these four regions will continue
to rely on debt increases to cover their large financial
imbalances.

In particular, the downgrades of Catalunya's and Murcia's ratings
to non-investment grade reflect the regions' poor fiscal
performances in 2011 and Moody's expectation that they are likely
to miss the 2012 deficit target. Although both regions had
forecast a reduction in health and education expenditure during
2011, these cuts were not realised to the extent they were
budgeted. Coupled with lower state transfers, this led to large
financing deficits of 37% and 29% of their operating revenue,
respectively (against 30% and 28% in 2010). Looking ahead,
Moody's expects that the refinancing of the regions' outstanding
commercial debt (EUR1.9 billion for Catalunya and EUR1.2 billion
for Murcia) will significantly increase their stock of debt in
2012.

Finally, while Moody's views both regions' liquidity position as
weaker than most of their national peers' -- as evidenced by
their minimal cash reserves throughout 2011 and the extensive use
of their credit-line facilities -- Moody's considers that the
recent measures announced by the government to support regions'
liquidity largely offsets this risk. The central government
provided EUR10 billion worth of liquidity support to the Spanish
regions through the state-owned bank (Instituto de Credito
Oficial, ICO) to help them cover debt redemptions that will
become due in the first half of 2012. As only EUR3.8 billion have
been used so far, Moody's believes that the ICO credit line is
likely to be extended through the second half of the year, which
would significantly ease refinancing pressures on regions.

RATIONALE FOR RATINGS CONFIRMATION

Moody's decision to confirm Castilla -- La Mancha's Ba2 and
Valencia's Ba3 ratings reflects the following factors:

1.) The government has extended liquidity support via the ICO,
which enabled Valencia and Castilla - La Mancha to refinance
EUR2.2 billion and EUR469 million, respectively, since the
beginning of the year.

2.) In exchange for this support, Valencia and Castilla -- La
Mancha are subject to tight government control, which includes
prior authorisation of any financial operation and a monitoring
of their cash position.

Moody's notes that the refinancing of commercial debt will cause
large debt increases for Valencia and Castilla -- La Mancha.
According to Moody's estimates, their debt-to-operating-revenue
ratio would represent approximately 234% and 167%, respectively,
at year-end 2012 (against 204% and 123% in 2011). Although these
regions' financial positions remain weak, immediate liquidity
risks have been lessened leading the rating agency to confirm
their ratings.

WHAT COULD MOVE THE RATINGS UP/DOWN

A stabilization of the outlooks on the six affected regions would
require the regional and local administrations to implement
detailed plans to restore fiscal balances and reverse debt
ratios. Changes to the institutional framework that would result
in a more stable funding framework for the regions could also
exert upward pressure on the ratings.

Any further deterioration of the operating environment in Spain
that would put pressure on the sovereign rating would also have a
negative impact on the ratings of Spanish sub-sovereigns. Also,
any signal of weakening government support would be a credit-
negative factor. Finally, a failure of any individual sub-
sovereign to progress towards fiscal consolidation targets would
add pressure to that specific rating.

Methodologies Used

The methodologies used in these ratings were Regional and Local
Governments Outside the US published in May 2008, The Application
of Joint-Default Analysis to Regional and Local Governments
published in December 2008 and Government-Related Issuers:
Methodology Update published in July 2010.

Moody's methodology for rating a security insured by a financial
guarantor considers the higher of (i) the guarantor's rating, and
(ii) the underlying rating of the security.


* SPAIN: Bank Bad Loans Up 8.37% in March
-----------------------------------------
Julien Toyer and Jesus Aguado at Reuters report that Spanish bank
bad loans rose in March to their highest in 18 years,
underscoring the problems facing the government as it attempts to
clean up the sector and get its economy back on track.

Reuters relates that the Bank of Spain said bad loans rose to
8.37% of the banks' outstanding loans, the highest since August
1994 and up from 8.3% in February, which was also revised higher.

The data came as Spain was set to name independent auditors to
assess how much cash its banks are likely to need to rebuild
their balance sheets, Reuters notes.

Financial sources have said fund manager BlackRock and management
consultancy Oliver Wyman would likely be named to conduct a deep
audit of the sector, but a government source told Reuters a final
decision had not been reached and BlackRock may have a conflict
of interest.

Troubled banks, along with overspending in indebted regions, are
the two biggest risks for Spain's public finances, Reuters says.
According to Reuters, investors believe Spain needs to
aggressively address these two issues to avoid an Irish-style
bailout.

Banks expect bad loans to continue to rise this year as the
economy contracts and the jobless rate remains painfully high at
almost one in four of the workforce, the highest in the EU,
Reuters notes.

Against that backdrop, analysts estimate bad loans could rise to
well over 10% of loans, Reuters discloses.


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


BANK OF CREDIT: Deloitte Stands Down as Liquidators
---------------------------------------------------
Jane Croft at The Financial Times reports that liquidators of the
collapsed Bank of Credit and Commerce International are to stand
down after 21 years orchestrating one of the longest corporate
wind downs in history.

The collapse of BCCI in 1991 was at the time the world's biggest
liquidation and triggered more than 70,000 claims from creditors
ranging from East End market traders and local councils to Abu
Dhabi, the FT notes.

Since 1991, global liquidators led by Deloitte have recovered
US$8.5 billion to pay creditors as well as using legal action to
defeat thousands of invalid claims, the FT states.

On Thursday, more than 100 creditors gathered in central London
for a four-hour meeting at which Deloitte, which is overseeing
the UK and Cayman liquidation, were officially released as
liquidators, the FT relates.  Creditors were told 90% of their
losses have been recovered and that a final dividend will be paid
in August, the FT discloses.

According to the FT, in its report to creditors, Deloitte said
that English liquidation costs and other payments such as legal
fees totaled US$1 billion in the period due to the fact that
London was BCCI's de-facto centre of business.  Liquidation costs
worldwide amounted to US$1.7 billion, the FT notes.

The report also shows that Deloitte was paid US$371 million from
July 1991 to November 2011 for the English liquidation after
deducting discounts and specific individual rate reductions, the
FT says.  It is to be paid a further US$4.2 million of fees for
the period from December 2011 to 2013, the FT states.

Angus Martin, lead partner on the BCCI liquidation at Deloitte,
said that all Deloitte's costs had been scrutinized by the
creditors committee and the level of realizations had been far
greater than in most wind downs where recoveries were typically
20-25%, according to the FT.

Legal and other professional expenses were US$242 million in
England with US$18 million paid to property agents, the FT says.

BCCI had a complicated international structure, with its main
banking business incorporated in Luxembourg but its chief
operations in London and interests in the Cayman Islands, the FT
notes.


GLOBAL SHIP: Reports US$7.9 Million Net Income in First Quarter
---------------------------------------------------------------
Global Ship Lease, Inc., reported net income of US$7.95 million
on US$38.35 million of time charter revenue for the three months
ended March 31, 2012, compared with net income of US$10.83
million on US$39.10 million of time charter revenue for the same
period a year ago.

The Company's balance sheet at March 31, 2012, showed US$937.52
million in total assets, US$595.25 million in total liabilities
and US$342.26 million in total stockholders' equity.

Ian Webber, Chief Executive Officer of Global Ship Lease, stated,
"We continued to generate strong financial results and achieve
high utilization levels during the first quarter of 2012, as our
entire fleet remained secured on long-term fixed rate charters.
During a time in which we completed three of seven scheduled
drydockings for 2012, we achieved EBITDA of $25.2 million and
utilization of 97%.  Despite continuing macro-economic
uncertainty, a welcome positive development in our industry has
been the recent successful implementation by the liner companies
of freight rate increases.  Global Ship Lease remains well
positioned for long-term success as our fleet has a weighted
average remaining lease term of 8.1 years with a contracted
revenue stream of $1.2 billion."

A copy of the press release is available at http://is.gd/cmQ58B

                      About Global Ship Lease

London, England-based Global Ship Lease (NYSE: GSL, GSL.U and
GSL.WS) -- http://www.globalshiplease.com/-- is a containership
charter owner.  Incorporated in the Marshall Islands, Global Ship
Lease commenced operations in December 2007 with a business of
owning and chartering out containerships under long-term, fixed
rate charters to world class container liner companies.

Global Ship Lease owns 17 vessels with a total capacity of 66,297
TEU with a weighted average age at June 30, 2010, of 6.3 years.
All of the current vessels are fixed on long-term charters to CMA
CGM with an average remaining term of 8.6 years.  The Company has
contracts in place to purchase two 4,250 TEU newbuildings from
German interests for approximately $77 million each that are
scheduled to be delivered in the fourth quarter of 2010.  The
Company also has agreements to charter out these newbuildings to
Zim Integrated Shipping Services Limited for seven or eight years
at charterer's option.

As reported in the Dec. 1, 2012 edition of the TCR, Global Ship
Lease disclosed that it had entered into an agreement with its
lenders to waive until Nov. 30, 2012 the requirement under its
credit facility to conduct loan-to-value tests.  The credit
facility requires that loan-to-value, which is the ratio of
outstanding borrowings under the credit facility to the aggregate
charter-free market value of the secured vessels, cannot exceed
75%.


PETROPLUS HOLDINGS: Coryton Plant May Shut Down; Vitrol Drops Bid
-----------------------------------------------------------------
Maria Ermakova at Bloomberg News reports that the Sunday Times
said Petroplus Holdings AG's Coryton refinery in the U.K. will
probably be shut and turned into a storage terminal.

According to Bloomberg, the newspaper, citing unidentified people
with knowledge of the matter, said that Vitol Group dropped out
of the auction for the refinery, leaving one other bidder.

                           Crude Deal

Simon Falush at Reuters reports that Steven Pearson, joint
administrator at PricewaterhouseCoopers had previously said that
a either a deal on Coryton would be reached by the middle of May
or it would close.

Richard Howitt, the Member of the European Parliament for the
East of England, said that a deal with the plant's crude
suppliers, Morgan Stanley and Marcel Van Poecke, expired at
midnight on May 16, and it was unclear whether it would be
extended, Reuters relates.

A tanker was due to reach the plant on May 15 with enough crude
to last 11 days and, as the original deal to supply crude has
expired, the ability of the plant to continue beyond the end of
this month is now in doubt, Reuters notes.

Petroplus filed for administration in several jurisdictions after
defaulting on US$1.75 billion of debt, Reuters recounts.

As reported by the Troubled Company Reporter-Europe on May 18,
Bloomberg News related that Mr. Howitt said administrators for
Petroplus may reach an agreement within 10 days to keep the
insolvent Swiss company's Coryton oil refinery in the U.K.
operating.  Mr. Howitt didn't specify whether the plant was to be
sold or kept in operation under a long-term tolling arrangement,
Bloomberg noted.

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


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

REC Plantation Place is a single loan transaction secured by one
property, Plantation Place, a 487,000 sq ft office building
located in Fenchurch Street, London EC3. The loan matures in July
2013 with a three-year tail period to legal final maturity in
July 2016.

"Just over one year ahead of the loan's scheduled maturity, the
servicer has informed us that a third-party investor has acquired
all of the units of One Plantation Place Unit Trust, which owns
the building. The rating actions follow the recent equity
injection by the new owner. This has helped to lower the leverage
of the loan to a level where the loan-to-value (LTV) ratio
covenants are now satisfied. For the senior loan, the covenant is
77.68%, and at the whole-loan level (including the subordinated
B-Note), it is 82.14%," S&P said.

"While we view the change in ownership as credit-neutral, the
increase in the cash deposit is credit-positive because it will
be available directly to repay the loan. This is one driver of
our rating actions," S&P said.

"In the event of a potential default and subsequent workout of
the loan, the issuer would repay the notes sequentially.
Therefore, the cash deposit has a more pronounced effect at the
top of the capital structure. We have raised our ratings on the
class B notes by two notches, and, on the class C and D notes by
one notch. We have also affirmed our 'B (sf)' rating on the class
E notes," S&P said.

"Our rating on the class A notes is constrained at 'A (sf)' based
on the application of our 2010 counterparty criteria. We have
therefore affirmed our rating on this class of notes," S&P said.

                             OUTLOOK

"In our view, the loan and property continue to show a strong
cash flow, with the asset fully let and the income supported by
long leases to strong tenants. Of the rental income, 95% is
generated by tenants that we rate 'A' or higher. The weighted-
average lease term extends to almost 10 years past the legal
final maturity date of the notes," S&P said.

"We view the asset as a prime property, given its location in the
city of London and its income strength. Properties of this type
typically generate interest from a broader variety of potential
investors as and when they come up for sale," S&P said.

"Nevertheless, we believe that the equity injection reduces but
does not eliminate refinance risk in this transaction. We
therefore continue to rate 12.9% of the rated notes as
speculative-grade. Here, we have taken into account factors such
as the additional debt, which ranks junior to the rated notes,
and brings the total leverage of the transaction to 82%, based on
the most recent valuation and including the cash injection.
Additional debt can slow down the workout process if the loan
fails to repay at its maturity date," S&P said.

                       COUNTERPARTY RISK

"The ratings on the notes are constrained at 'A (sf)' in this
transaction following the application of our 2010 counterparty
criteria," S&P said.

"This is because the replacement framework in the swap documents
provides for a replacement rating trigger of 'BBB-'. Accordingly,
the swap provider can only support ratings of up to 'A-' (see
table 1 in our 2010 counterparty criteria)," S&P said.

"We recognize, however, that the swap documents comply with
previous versions of our counterparty criteria. We can therefore
assign ratings to REC Plantation Place's notes of up to one notch
above the issuer credit rating on the counterparty. Our current
rating on the guarantor for the interest rate swap provider--
Merrill Lynch & Co. Inc.--is 'A-' (plus one notch equals 'A'),"
S&P said.

         POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES

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

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

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

           STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

           http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class                Rating
            To                  From

REC Plantation Place Ltd.
GBP435 Million Commercial Mortgage-Backed Secured Floating-Rate
Notes

Ratings Raised

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

Ratings Affirmed

A           A (sf)
E           B (sf)


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


* BOND PRICING: For the Week May 14 to May 18, 2012
---------------------------------------------------

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

AUSTRIA
-------
A-TEC INDUSTRIES        2.750   5/10/2014     EUR    29.50
A-TEC INDUSTRIES        8.750  10/27/2014     EUR    29.50
A-TEC INDUSTRIES        5.750   11/2/2010     EUR    29.50
BA CREDITANSTALT        5.470   8/28/2013     EUR    68.88
HAA-BANK INTL AG        5.270    4/7/2028     EUR    74.54
IMMOFINANZ              4.250    3/8/2018     EUR     3.68
KOMMUNALKREDIT          4.900   6/23/2031     EUR    65.00
KOMMUNALKREDIT          4.440  12/20/2030     EUR    61.13
OESTER VOLKSBK          4.170   7/29/2015     EUR    65.38
OESTER VOLKSBK          4.160   5/20/2025     EUR    73.06
OESTER VOLKSBK          5.270    2/8/2027     EUR    69.44
OESTER VOLKSBK          4.810   7/29/2025     EUR    60.25
RAIFF CENTROBANK        9.558   1/23/2013     EUR    63.24
RAIFF CENTROBANK        8.283   1/23/2013     EUR    66.65
RAIFF CENTROBANK        7.965   1/23/2013     EUR    74.34
RAIFF CENTROBANK        7.965   1/23/2013     EUR    64.47
RAIFF CENTROBANK        7.646   1/23/2013     EUR    61.75
RAIFF CENTROBANK       11.718   7/25/2012     EUR    26.19
RAIFF CENTROBANK       11.718   7/25/2012     EUR    52.33
RAIFF CENTROBANK       10.090   7/25/2012     EUR    63.73
RAIFF CENTROBANK        9.114   7/25/2012     EUR    48.54
RAIFF CENTROBANK       10.090   7/25/2012     EUR    58.80
RAIFF CENTROBANK       11.000   5/24/2012     EUR    63.35
RAIFF CENTROBANK        9.114   7/25/2012     EUR    74.58
RAIFF CENTROBANK        6.835   7/20/2012     EUR    74.11
RAIFF CENTROBANK       11.000   5/24/2012     EUR    59.89
RAIFF CENTROBANK        7.812   7/20/2012     EUR    55.95
RAIFF CENTROBANK        7.161   7/20/2012     EUR    62.49
RAIFF CENTROBANK        8.463   7/25/2012     EUR    60.16
RAIFF CENTROBANK       10.416   7/20/2012     EUR    43.96
RAIFF CENTROBANK        5.208   7/25/2012     EUR    69.62
RAIFF CENTROBANK        5.208   7/25/2012     EUR    73.30
RAIFF CENTROBANK        7.161   7/25/2012     EUR    64.63
RAIFF CENTROBANK        5.208   7/25/2012     EUR    62.77
RAIFF CENTROBANK        7.812   7/25/2012     EUR    49.15
RAIFF CENTROBANK        9.876   1/23/2013     EUR    47.46
RAIFF CENTROBANK        7.812   7/25/2012     EUR    67.10
RAIFF ZENTRALBK         4.500   9/28/2035     EUR    62.75

BELGIUM
-------
ECONOCOM GROUP          4.000    6/1/2016     EUR    21.56
IDEAL STANDARD I       11.750    5/1/2018     EUR    54.00
IDEAL STANDARD I       11.750    5/1/2018     EUR    53.50

CYPRUS
------
CYPRUS GOVT BOND        4.500   9/28/2017     EUR    61.63
CYPRUS GOVT BOND        4.500    4/2/2017     EUR    63.13
CYPRUS GOVT BOND        4.600   4/23/2018     EUR    60.75
CYPRUS GOVT BOND        4.600  10/23/2018     EUR    59.88
CYPRUS GOVT BOND        4.600   2/26/2019     EUR    59.50
CYPRUS GOVT BOND        6.100   6/24/2019     EUR    65.38
CYPRUS GOVT BOND        5.100   1/29/2018     EUR    63.00
CYPRUS GOVT BOND        6.100   4/20/2020     EUR    64.38
CYPRUS GOVT BOND        5.350    6/9/2020     EUR    60.75
CYPRUS GOVT BOND        6.000    6/9/2021     EUR    60.63
CYPRUS GOVT BOND        6.500   8/25/2021     EUR    61.75
CYPRUS GOVT BOND        4.750   12/2/2015     EUR    69.75
CYPRUS GOVT BOND        4.500    1/2/2016     EUR    68.50
CYPRUS GOVT BOND        4.500   3/30/2016     EUR    67.25
CYPRUS GOVT BOND        4.500    6/2/2016     EUR    66.75
CYPRUS GOVT BOND        5.000    6/9/2016     EUR    69.63
CYPRUS GOVT BOND        4.500   7/11/2016     EUR    65.88
CYPRUS GOVT BOND        4.500   10/9/2016     EUR    65.00
CYPRUS GOVT BOND        6.600  10/26/2016     EUR    71.13
CYPRUS GOVT BOND        4.500    1/4/2017     EUR    64.00
CYPRUS GOVT BOND        4.500   2/15/2017     EUR    63.50
CYPRUS GOVT BOND        5.600   4/15/2017     EUR    69.07
CYPRUS GOVT BOND        4.625    2/3/2020     EUR    57.07
CYPRUS GOVT BOND        5.250    6/9/2015     EUR    73.75
CYPRUS GOVT BOND        4.750   9/30/2015     EUR    70.50
CYPRUS GOVT BOND        3.750   11/1/2015     EUR    68.00
REP OF CYPRUS           4.750   2/25/2016     EUR    57.85
REP OF CYPRUS           4.375   7/15/2014     EUR    70.53

CZECH REPUBLIC
--------------
SAZKA                   9.000   7/12/2021     EUR    35.00

DENMARK
-------
KALMAR STRUCTRD         7.500   9/30/2013     EUR     0.01
KOMMUNEKREDIT           0.500   2/23/2017     ZAR    73.03
KOMMUNEKREDIT           0.500  12/14/2020     ZAR    52.22
KOMMUNEKREDIT           0.500   1/25/2017     ZAR    73.52
VESTAS WIND SYST        4.625   3/23/2015     EUR    64.00

FINLAND
-------
MUNI FINANCE PLC        0.500  11/25/2020     ZAR    50.62
MUNI FINANCE PLC        0.500  11/10/2021     NZD    66.71
MUNI FINANCE PLC        0.500  12/20/2018     ZAR    58.33
MUNI FINANCE PLC        0.500   4/26/2017     ZAR    71.24
MUNI FINANCE PLC        0.500  11/21/2018     ZAR    61.40
MUNI FINANCE PLC        0.500  11/21/2018     TRY    64.54
MUNI FINANCE PLC        0.500   4/27/2018     ZAR    62.41
MUNI FINANCE PLC        0.500  12/14/2018     TRY    64.30
MUNI FINANCE PLC        0.500  12/21/2021     NZD    66.40
MUNI FINANCE PLC        0.500   4/26/2022     ZAR    47.01
MUNI FINANCE PLC        0.500   5/31/2022     ZAR    43.60
MUNI FINANCE PLC        0.500   3/17/2025     CAD    55.45
MUNI FINANCE PLC        0.250   6/28/2040     CAD    23.87
MUNI FINANCE PLC        0.500   3/16/2017     BRL    71.39
MUNI FINANCE PLC        0.500   2/17/2017     BRL    71.82
MUNI FINANCE PLC        0.500   2/16/2017     TRY    72.26
MUNI FINANCE PLC        0.500  12/21/2016     TRY    72.54
MUNI FINANCE PLC        1.000   6/30/2017     ZAR    69.77
MUNI FINANCE PLC        0.500  11/16/2017     TRY    68.54
MUNI FINANCE PLC        0.500   3/28/2018     BRL    65.78
MUNI FINANCE PLC        0.500   12/6/2016     TRY    72.81
MUNI FINANCE PLC        0.500  11/30/2016     BRL    72.96
MUNI FINANCE PLC        0.500  11/17/2016     BRL    73.16
MUNI FINANCE PLC        0.500  11/17/2016     ZAR    73.96
MUNI FINANCE PLC        0.500   4/26/2016     ZAR    76.90
MUNI FINANCE PLC        0.500  10/27/2016     ZAR    74.39
MUNI FINANCE PLC        0.500  10/27/2016     BRL    73.04
MUNI FINANCE PLC        0.500  10/27/2016     TRY    73.21
NOKIA CORP              6.625   5/15/2039     USD    76.25

FRANCE
------
AIR FRANCE-KLM          4.970    4/1/2015     EUR    10.64
ALCATEL-LUCENT          5.000    1/1/2015     EUR     2.77
ALTRAN TECHNOLOG        6.720    1/1/2015     EUR     4.82
ASSYSTEM                4.000    1/1/2017     EUR    21.98
ATOS ORIGIN SA          2.500    1/1/2016     EUR    53.83
AXA SA                  5.250   4/16/2040     EUR    75.28
CAISSE CENT IMMO        7.000   5/16/2014     EUR    35.05
CAISSE CENT IMMO        7.000   9/10/2015     EUR    13.60
CAISSE CENT IMMO        7.000   5/18/2015     EUR    10.73
CALYON                  6.000   6/18/2047     EUR    27.55
CAP GEMINI SOGET        3.500    1/1/2014     EUR    37.50
CGG VERITAS             1.750    1/1/2016     EUR    27.54
CLUB MEDITERRANE        5.000    6/8/2012     EUR    14.01
CLUB MEDITERRANE        6.110   11/1/2015     EUR    17.96
CMA CGM                 8.500   4/15/2017     USD    56.67
CMA CGM                 8.500   4/15/2017     USD    64.75
CMA CGM                 8.875   4/15/2019     EUR    55.82
CMA CGM                 8.875   4/15/2019     EUR    56.17
CNP ASSURANCES          6.875   9/30/2041     EUR    69.52
CNP ASSURANCES          6.000   9/14/2040     EUR    68.77
CNP ASSURANCES          7.375   9/30/2041     GBP    73.70
CRED AGRICOLE SA        3.900   4/19/2021     EUR    72.99
CRED AGRICOLE SA        4.000   9/30/2022     EUR    69.79
CREDIT LOCAL FRA        3.750   5/26/2020     EUR    47.67
DEXIA CRED LOCAL        4.500   2/25/2020     EUR    51.88
DEXIA CRED LOCAL        4.110   9/18/2018     EUR    56.51
DEXIA CRED LOCAL        4.375   2/12/2019     EUR    51.19
DEXIA CRED LOCAL        4.020   3/13/2017     EUR    65.17
DEXIA CRED LOCAL        4.550    4/2/2020     EUR    51.84
DEXIA CRED LOCAL        5.037    8/4/2020     EUR    52.81
DEXIA MUNI AGNCY        1.000  12/23/2024     EUR    70.70
EURAZEO                 6.250   6/10/2014     EUR    58.51
EUROPCAR GROUPE         9.375   4/15/2018     EUR    64.50
EUROPCAR GROUPE         9.375   4/15/2018     EUR    64.83
FAURECIA                4.500    1/1/2015     EUR    19.92
GROUPAMA SA             7.875  10/27/2039     EUR    51.44
GROUPE VIAL             2.500    1/1/2014     EUR     2.15
INGENICO                2.750    1/1/2017     EUR    44.08
MAUREL ET PROM          7.125   7/31/2014     EUR    17.66
MAUREL ET PROM          7.125   7/31/2015     EUR    15.85
NEXANS SA               4.000    1/1/2016     EUR    53.32
NEXANS SA               2.500    1/1/2019     EUR    62.11
NOVASEP HLDG            9.750  12/15/2016     USD    49.50
NOVASEP HLDG            9.750  12/15/2016     USD    49.50
NOVASEP HLDG            9.625  12/15/2016     EUR    49.13
NOVASEP HLDG            9.625  12/15/2016     EUR    49.13
ORPEA                   3.875    1/1/2016     EUR    44.12
PAGESJAUNES FINA        8.875    6/1/2018     EUR    73.33
PAGESJAUNES FINA        8.875    6/1/2018     EUR    73.22
PEUGEOT SA              4.450    1/1/2016     EUR    24.13
PIERRE VACANCES         4.000   10/1/2015     EUR    73.45
PUBLICIS GROUPE         1.000   1/18/2018     EUR    51.14
PUBLICIS GROUPE         3.125   7/30/2014     EUR    36.66
SOC AIR FRANCE          2.750    4/1/2020     EUR    20.44
SOCIETE GENERALE        0.500   12/6/2021     AUD    50.48
SOCIETE GENERALE        0.500    9/7/2021     AUD    51.42
SOITEC                  6.250    9/9/2014     EUR     8.06
TEM                     4.250    1/1/2015     EUR    52.89

GERMANY
-------
BAYERISCHE LNDBK        6.100   6/15/2012     EUR    32.83
BAYERISCHE LNDBK        5.800   7/13/2012     EUR    46.92
BAYERISCHE LNDBK        3.200   10/1/2012     EUR    27.35
BAYERISCHE LNDBK        5.100   6/29/2012     EUR    50.91
BAYERISCHE LNDBK        5.500   6/29/2012     EUR    50.63
BHF-BANK AG            13.200    6/8/2012     EUR    39.33
BHF-BANK AG             7.250   6/15/2012     EUR    55.19
BHW BAUSPARKASSE        4.270   1/15/2019     EUR    73.75
BNP EMIS-U.HANDE        7.000   5/24/2012     EUR    37.18
BNP EMIS-U.HANDE        6.500   6/21/2012     EUR    70.82
BNP EMIS-U.HANDE        6.750   6/21/2012     EUR    55.89
BNP EMIS-U.HANDE        7.000   6/21/2012     EUR    71.56
BNP EMIS-U.HANDE        7.000   6/21/2012     EUR    62.62
BNP EMIS-U.HANDE        7.250   6/21/2012     EUR    60.82
BNP EMIS-U.HANDE        7.250   6/21/2012     EUR    73.82
BNP EMIS-U.HANDE        7.500   6/21/2012     EUR    52.13
BNP EMIS-U.HANDE        7.500   6/21/2012     EUR    68.76
BNP EMIS-U.HANDE        7.750   6/21/2012     EUR    65.99
BNP EMIS-U.HANDE        7.750   6/21/2012     EUR    66.71
BNP EMIS-U.HANDE        7.750   6/21/2012     EUR    52.21
BNP EMIS-U.HANDE        8.250   6/21/2012     EUR    62.44
BNP EMIS-U.HANDE        8.250   6/21/2012     EUR    56.44
BNP EMIS-U.HANDE        8.250   6/21/2012     EUR    66.31
BNP EMIS-U.HANDE        8.250   6/21/2012     EUR    68.13
BNP EMIS-U.HANDE        8.500   6/21/2012     EUR    72.59
BNP EMIS-U.HANDE        8.500   6/21/2012     EUR    62.79
BNP EMIS-U.HANDE        8.500   6/21/2012     EUR    73.90
BNP EMIS-U.HANDE        8.500   6/21/2012     EUR    64.50
BNP EMIS-U.HANDE        8.500   6/21/2012     EUR    59.28
BNP EMIS-U.HANDE        8.500   6/21/2012     EUR    64.26
BNP EMIS-U.HANDE        9.000   6/21/2012     EUR    62.78
BNP EMIS-U.HANDE        9.250   6/21/2012     EUR    37.06
BNP EMIS-U.HANDE        9.250   6/21/2012     EUR    48.60
BNP EMIS-U.HANDE        9.250   6/21/2012     EUR    66.49
BNP EMIS-U.HANDE        9.500   6/21/2012     EUR    48.45
BNP EMIS-U.HANDE        9.500   6/21/2012     EUR    70.33
BNP EMIS-U.HANDE        9.500   6/21/2012     EUR    68.89
BNP EMIS-U.HANDE        9.750   6/21/2012     EUR    72.53
BNP EMIS-U.HANDE        9.750   6/21/2012     EUR    71.76
BNP EMIS-U.HANDE       10.000   6/21/2012     EUR    50.40
BNP EMIS-U.HANDE       10.250   6/21/2012     EUR    47.48
BNP EMIS-U.HANDE       10.250   6/21/2012     EUR    52.95
BNP EMIS-U.HANDE       10.500   6/21/2012     EUR    39.87
BNP EMIS-U.HANDE       10.500   6/21/2012     EUR    41.22
BNP EMIS-U.HANDE       10.500   6/21/2012     EUR    63.49
BNP EMIS-U.HANDE       11.000   6/21/2012     EUR    33.96
BNP EMIS-U.HANDE       11.000   6/21/2012     EUR    56.69
BNP EMIS-U.HANDE       11.250   6/21/2012     EUR    68.78
BNP EMIS-U.HANDE       11.500   6/21/2012     EUR    72.72
BNP EMIS-U.HANDE       11.500   6/21/2012     EUR    41.30
BNP EMIS-U.HANDE       11.750   6/21/2012     EUR    30.92
BNP EMIS-U.HANDE       11.750   6/21/2012     EUR    61.55
BNP EMIS-U.HANDE       12.000   6/21/2012     EUR    66.60
BNP EMIS-U.HANDE       13.500   6/21/2012     EUR    40.70
BNP EMIS-U.HANDE       13.750   6/21/2012     EUR    41.94
BNP EMIS-U.HANDE       14.250   6/21/2012     EUR    31.94
BNP EMIS-U.HANDE       15.000   6/21/2012     EUR    52.90
BNP EMIS-U.HANDE       15.500   6/21/2012     EUR    17.76
BNP EMIS-U.HANDE       16.000   6/21/2012     EUR    16.03
BNP EMIS-U.HANDE       18.250   6/21/2012     EUR     6.26
BNP EMIS-U.HANDE       19.250   6/21/2012     EUR     8.31
BNP EMIS-U.HANDE        5.000   7/26/2012     EUR    72.84
BNP EMIS-U.HANDE        6.000   7/26/2012     EUR    34.23
BNP EMIS-U.HANDE        6.000   7/26/2012     EUR    69.36
BNP EMIS-U.HANDE        6.000   7/26/2012     EUR    67.42
BNP EMIS-U.HANDE        6.000   7/26/2012     EUR    37.40
BNP EMIS-U.HANDE        6.000   7/26/2012     EUR    55.29
BNP EMIS-U.HANDE        6.000   7/26/2012     EUR    36.98
BNP EMIS-U.HANDE        6.500   7/26/2012     EUR    43.95
BNP EMIS-U.HANDE        6.500   7/26/2012     EUR    69.25
BNP EMIS-U.HANDE        7.000   7/26/2012     EUR    26.24
BNP EMIS-U.HANDE        7.000   7/26/2012     EUR    46.56
BNP EMIS-U.HANDE        7.000   7/26/2012     EUR    59.25
BNP EMIS-U.HANDE        7.000   7/26/2012     EUR    21.90
BNP EMIS-U.HANDE        8.000   7/26/2012     EUR    70.28
BNP EMIS-U.HANDE        8.000   7/26/2012     EUR    71.90
BNP EMIS-U.HANDE        8.000   7/26/2012     EUR    47.40
BNP EMIS-U.HANDE        8.000   7/26/2012     EUR    64.82
BNP EMIS-U.HANDE        8.000   7/26/2012     EUR    34.83
BNP EMIS-U.HANDE        8.000   7/26/2012     EUR    71.54
BNP EMIS-U.HANDE        8.500   7/26/2012     EUR    65.20
BNP EMIS-U.HANDE        9.000   7/26/2012     EUR    30.34
BNP EMIS-U.HANDE        9.000   7/26/2012     EUR    50.47
BNP EMIS-U.HANDE        9.000   7/26/2012     EUR    32.95
BNP EMIS-U.HANDE        9.000   7/26/2012     EUR    47.75
BNP EMIS-U.HANDE        9.000   7/26/2012     EUR    45.74
BNP EMIS-U.HANDE        9.000   7/26/2012     EUR    60.57
BNP EMIS-U.HANDE        9.000   7/26/2012     EUR    70.71
BNP EMIS-U.HANDE       10.000   7/26/2012     EUR    36.98
BNP EMIS-U.HANDE       10.000   7/26/2012     EUR    42.78
BNP EMIS-U.HANDE       10.000   7/26/2012     EUR    52.70
BNP EMIS-U.HANDE        8.500  12/28/2012     EUR    62.75
BNP EMIS-U.HANDE        9.750  12/28/2012     EUR    65.64
BNP EMIS-U.HANDE       10.500  12/28/2012     EUR    54.02
BNP EMIS-U.HANDE        7.750  12/31/2012     EUR    54.92
BNP EMIS-U.HANDE        9.500  12/31/2012     EUR    65.62
BNP EMIS-U.HANDE        9.500  12/31/2012     EUR    73.60
BNP EMIS-U.HANDE        5.250   5/24/2012     EUR    55.92
COMMERZBANK AG         10.000   10/1/2012     EUR    66.24
COMMERZBANK AG          9.000   10/1/2012     EUR    52.59
COMMERZBANK AG          8.250   10/1/2012     EUR    66.37
COMMERZBANK AG          7.700   9/28/2012     EUR    49.60
COMMERZBANK AG          9.000    8/3/2012     EUR    61.65
COMMERZBANK AG          8.500    8/3/2012     EUR    47.91
COMMERZBANK AG         12.000    7/6/2012     EUR    69.81
COMMERZBANK AG         11.500    7/6/2012     EUR    73.72
COMMERZBANK AG         11.500    7/6/2012     EUR     5.98
COMMERZBANK AG         10.500    7/6/2012     EUR    51.82
COMMERZBANK AG          8.250    7/6/2012     EUR    68.91
COMMERZBANK AG          9.000  10/29/2012     EUR     8.24
COMMERZBANK AG         25.000   6/22/2012     EUR    61.20
COMMERZBANK AG         19.500   6/22/2012     EUR    67.26
COMMERZBANK AG         16.000   6/22/2012     EUR    47.88
COMMERZBANK AG         16.000   6/22/2012     EUR    73.86
COMMERZBANK AG         12.500   6/22/2012     EUR    72.24
COMMERZBANK AG         11.500   6/22/2012     EUR    45.56
COMMERZBANK AG          8.000   6/22/2012     EUR    47.97
COMMERZBANK AG          8.000   6/22/2012     EUR    59.74
COMMERZBANK AG         23.000   6/21/2012     EUR    68.59
COMMERZBANK AG         18.000   6/21/2012     EUR    68.99
COMMERZBANK AG          8.750   6/21/2012     EUR    52.68
COMMERZBANK AG          9.000    6/4/2012     EUR    68.36
COMMERZBANK AG         10.750   3/21/2013     EUR    74.36
COMMERZBANK AG         13.500  12/28/2012     EUR    73.91
COMMERZBANK AG         13.000  12/28/2012     EUR    74.11
COMMERZBANK AG          8.000  12/27/2012     EUR    44.93
COMMERZBANK AG          7.000  12/27/2012     EUR    59.64
COMMERZBANK AG          6.000  12/27/2012     EUR    70.06
COMMERZBANK AG          8.000    6/4/2012     EUR    59.25
COMMERZBANK AG         10.000  10/29/2012     EUR    62.92
COMMERZBANK AG          8.000   11/5/2012     EUR    39.62
COMMERZBANK AG         10.000   11/5/2012     EUR    53.42
COMMERZBANK AG          8.500  10/29/2012     EUR    71.77
COMMERZBANK AG         11.500   11/5/2012     EUR    47.34
COMMERZBANK AG          8.500  12/17/2012     EUR    53.90
COMMERZBANK AG          8.750  12/17/2012     EUR    66.53
COMMERZBANK AG          6.460   6/24/2022     EUR    69.63
COMMERZBANK AG          6.360   3/15/2022     EUR    70.00
COMMERZBANK AG          6.300   3/15/2022     EUR    69.75
COMMERZBANK AG          8.400  12/30/2013     EUR    17.04
COMMERZBANK AG         14.000    8/5/2013     EUR    67.52
COMMERZBANK AG         18.500   3/21/2013     EUR    69.96
COMMERZBANK AG         14.500   3/21/2013     EUR    71.72
DEUTSCHE BANK AG       15.000  12/20/2012     EUR    69.30
DEUTSCHE BANK AG       12.000  12/20/2012     EUR    50.20
DEUTSCHE BANK AG       12.000  12/20/2012     EUR    72.50
DEUTSCHE BANK AG        8.000  12/20/2012     EUR    65.10
DEUTSCHE BANK AG        8.000  12/20/2012     EUR    43.50
DEUTSCHE BANK AG       12.000  11/29/2012     EUR    72.00
DEUTSCHE BANK AG        9.000  11/29/2012     EUR    72.40
DEUTSCHE BANK AG       12.000  10/31/2012     EUR    72.10
DEUTSCHE BANK AG       10.000  10/31/2012     EUR    74.50
DEUTSCHE BANK AG        8.000   5/31/2012     EUR    49.50
DEUTSCHE BANK AG       13.000   9/28/2012     EUR    73.80
DEUTSCHE BANK AG       12.000   8/31/2012     EUR    69.10
DEUTSCHE BANK AG       12.000   8/31/2012     EUR    75.00
DEUTSCHE BANK AG       12.000   8/31/2012     EUR    74.00
DEUTSCHE BANK AG        9.000   8/31/2012     EUR    70.90
DEUTSCHE BANK AG        8.000   8/31/2012     EUR    74.80
DEUTSCHE BANK AG        8.000    8/6/2012     EUR    61.60
DEUTSCHE BANK AG       13.000   7/31/2012     EUR    72.80
DEUTSCHE BANK AG       13.000   7/31/2012     EUR    69.70
DEUTSCHE BANK AG       13.000   7/31/2012     EUR    73.90
DEUTSCHE BANK AG       13.000   7/31/2012     EUR    65.40
DEUTSCHE BANK AG       10.000   7/31/2012     EUR    54.70
DEUTSCHE BANK AG       10.000   7/31/2012     EUR    49.90
DEUTSCHE BANK AG       10.000   7/31/2012     EUR    58.70
DEUTSCHE BANK AG       10.000   7/31/2012     EUR    62.70
DEUTSCHE BANK AG       10.000   7/31/2012     EUR    63.10
DEUTSCHE BANK AG        9.000   7/31/2012     EUR    70.80
DEUTSCHE BANK AG        9.000   7/31/2012     EUR    67.80
DEUTSCHE BANK AG        9.000   7/31/2012     EUR    75.00
DEUTSCHE BANK AG        8.000   7/31/2012     EUR    58.70
DEUTSCHE BANK AG        8.000   5/31/2012     EUR    51.30
DEUTSCHE BANK AG        8.000   5/31/2012     EUR    64.70
DEUTSCHE BANK AG        8.000   5/31/2012     EUR    45.90
DEUTSCHE BANK AG        8.000   5/31/2012     EUR    65.90
DEUTSCHE BANK AG       10.000   5/31/2012     EUR    61.50
DEUTSCHE BANK AG       10.000   5/31/2012     EUR    72.20
DEUTSCHE BANK AG       10.000   5/31/2012     EUR    50.40
DEUTSCHE BANK AG       10.000   5/31/2012     EUR    46.20
DEUTSCHE BANK AG       10.000   5/31/2012     EUR    63.30
DEUTSCHE BANK AG       10.000   5/31/2012     EUR    43.70
DEUTSCHE BANK AG       10.000   6/20/2012     EUR    70.30
DEUTSCHE BANK AG       14.000   6/20/2012     EUR    74.90
DEUTSCHE BANK AG       14.000   6/20/2012     EUR    59.90
DEUTSCHE BANK AG        7.000   6/29/2012     EUR    68.20
DEUTSCHE BANK AG        7.000   6/29/2012     EUR    53.50
DEUTSCHE BANK AG        7.000   6/29/2012     EUR    61.50
DEUTSCHE BANK AG        7.000   6/29/2012     EUR    58.30
DEUTSCHE BANK AG        8.000   6/29/2012     EUR    45.60
DEUTSCHE BANK AG        8.000   6/29/2012     EUR    65.50
DEUTSCHE BANK AG        8.000   6/29/2012     EUR    55.40
DEUTSCHE BANK AG        8.000   6/29/2012     EUR    59.10
DEUTSCHE BANK AG        8.000   6/29/2012     EUR    74.10
DEUTSCHE BANK AG        8.000   6/29/2012     EUR    49.90
DEUTSCHE BANK AG        8.000   7/31/2012     EUR    52.10
DEUTSCHE BANK AG        8.000   7/31/2012     EUR    64.80
DEUTSCHE BANK AG        8.000   7/31/2012     EUR    74.40
DEUTSCHE BANK AG        8.000   7/31/2012     EUR    70.40
DEUTSCHE BANK AG        8.000   7/31/2012     EUR    60.00
DEUTSCHE BANK AG        8.000   7/31/2012     EUR    65.00
DEUTSCHE BANK AG        7.000   6/29/2012     EUR    47.50
DEUTSCHE BANK AG        7.000   7/31/2012     EUR    67.80
DEUTSCHE BANK AG        7.000   7/31/2012     EUR    67.30
DEUTSCHE BANK AG        7.000   7/31/2012     EUR    61.00
DEUTSCHE BANK AG        7.000   7/31/2012     EUR    63.10
DEUTSCHE BANK AG       13.000   6/29/2012     EUR    73.30
DEUTSCHE BANK AG       10.000   6/29/2012     EUR    56.70
DEUTSCHE BANK AG       10.000   6/29/2012     EUR    72.20
DEUTSCHE BANK AG       10.000   6/29/2012     EUR    46.80
DEUTSCHE BANK AG       10.000   6/29/2012     EUR    43.70
DEUTSCHE BANK AG       10.000   6/29/2012     EUR    70.20
DEUTSCHE BANK AG       10.000   6/29/2012     EUR    71.50
DEUTSCHE BANK AG       10.000   6/29/2012     EUR    63.20
DEUTSCHE BANK AG       10.000   6/29/2012     EUR    54.00
DEUTSCHE BANK AG        7.000   7/31/2012     EUR    54.00
DEUTSCHE BANK AG        7.000   5/31/2012     EUR    54.00
DEUTSCHE BANK AG        7.000   5/31/2012     EUR    68.80
DEUTSCHE BANK AG        7.000   5/31/2012     EUR    48.00
DEUTSCHE BANK AG       15.000   2/20/2013     EUR    74.40
DEUTSCHE BANK AG       15.000   2/20/2013     EUR    73.80
DEUTSCHE BANK AG        7.000   5/31/2012     EUR    53.00
DEUTSCHE BANK AG       15.000   2/20/2013     EUR    74.90
DEUTSCHE BANK AG       15.000   2/20/2013     EUR    71.60
DEUTSCHE BANK AG       15.000   2/20/2013     EUR    73.80
DEUTSCHE BANK AG        7.000   5/31/2012     EUR    68.30
DEUTSCHE BANK AG       15.000   2/20/2013     EUR    72.80
DEUTSCHE BANK AG       15.000   2/20/2013     EUR    69.50
DEUTSCHE BANK AG       11.000   1/18/2013     EUR    73.70
DEUTSCHE BANK AG        8.000   6/29/2012     EUR    73.70
DRESDNER BANK AG        5.700   7/31/2023     EUR    61.13
DRESDNER BANK AG        5.290   5/31/2021     EUR    66.75
DRESDNER BANK AG        7.350   6/13/2028     EUR    64.50
DRESDNER BANK AG        6.180   2/28/2023     EUR    65.63
DRESDNER BANK AG        6.210   6/20/2022     EUR    68.13
DRESDNER BANK AG        7.160   8/14/2024     EUR    67.50
DZ BANK AG             12.000    1/2/2013     EUR    72.20
DZ BANK AG             17.750   8/10/2012     EUR    69.87
DZ BANK AG             16.500   8/10/2012     EUR    73.88
DZ BANK AG             14.500   8/10/2012     EUR    70.62
DZ BANK AG             10.500   8/10/2012     EUR    69.78
DZ BANK AG              9.500   8/10/2012     EUR    67.98
DZ BANK AG              5.000   8/10/2012     EUR    60.43
DZ BANK AG             12.700    8/3/2012     EUR    72.88
DZ BANK AG             12.750   7/31/2012     EUR    69.75
DZ BANK AG             15.500   7/27/2012     EUR    73.09
DZ BANK AG             15.250   7/27/2012     EUR    48.75
DZ BANK AG             15.000   7/27/2012     EUR    41.54
DZ BANK AG             14.750   7/27/2012     EUR    64.36
DZ BANK AG             13.100   7/27/2012     EUR    72.25
DZ BANK AG             12.750   7/27/2012     EUR    71.52
DZ BANK AG             12.700   7/27/2012     EUR    71.29
DZ BANK AG             12.500   7/27/2012     EUR    59.13
DZ BANK AG             12.250   7/27/2012     EUR    68.11
DZ BANK AG             12.000   7/27/2012     EUR    58.19
DZ BANK AG             12.000   7/27/2012     EUR    74.87
DZ BANK AG             11.750   7/27/2012     EUR    53.26
DZ BANK AG             11.500   7/27/2012     EUR    45.21
DZ BANK AG             11.250   7/27/2012     EUR    67.79
DZ BANK AG             11.250   7/27/2012     EUR    53.15
DZ BANK AG             11.250   7/27/2012     EUR    71.18
DZ BANK AG             10.750   7/27/2012     EUR    48.86
DZ BANK AG             10.500   7/27/2012     EUR    53.52
DZ BANK AG             10.000   7/27/2012     EUR    57.46
DZ BANK AG              9.800   7/27/2012     EUR    62.70
DZ BANK AG              9.250   7/27/2012     EUR    68.64
DZ BANK AG              9.250   7/27/2012     EUR    67.19
DZ BANK AG              9.000   7/27/2012     EUR    64.44
DZ BANK AG              8.750   7/27/2012     EUR    74.81
DZ BANK AG              8.000   7/27/2012     EUR    57.53
DZ BANK AG              8.000   7/27/2012     EUR    52.74
DZ BANK AG              7.500   7/27/2012     EUR    66.70
DZ BANK AG              7.250   7/27/2012     EUR    74.92
DZ BANK AG              6.500   7/27/2012     EUR    63.38
DZ BANK AG              6.500   7/27/2012     EUR    73.47
DZ BANK AG              6.000   7/27/2012     EUR    68.80
DZ BANK AG             12.500   7/13/2012     EUR    50.61
DZ BANK AG             10.250   7/13/2012     EUR    62.65
DZ BANK AG             10.000   7/13/2012     EUR    70.07
DZ BANK AG              9.750   7/13/2012     EUR    74.63
DZ BANK AG              9.500   7/13/2012     EUR    64.52
DZ BANK AG              9.250   7/13/2012     EUR    58.98
DZ BANK AG              8.500   7/13/2012     EUR    69.86
DZ BANK AG              8.500   7/13/2012     EUR    45.51
DZ BANK AG              8.500   7/13/2012     EUR    48.48
DZ BANK AG              8.250   7/13/2012     EUR    60.74
DZ BANK AG              7.750   7/13/2012     EUR    73.00
DZ BANK AG              7.500   7/13/2012     EUR    72.96
DZ BANK AG              7.500   7/13/2012     EUR    43.90
DZ BANK AG              7.250   7/13/2012     EUR    57.25
DZ BANK AG              7.250   7/13/2012     EUR    68.01
DZ BANK AG              7.250   7/13/2012     EUR    68.01
DZ BANK AG              7.000   7/13/2012     EUR    61.08
DZ BANK AG              7.000   7/13/2012     EUR    72.89
DZ BANK AG              6.750   7/13/2012     EUR    65.39
DZ BANK AG              6.200   7/13/2012     EUR    69.78
DZ BANK AG              6.000   7/13/2012     EUR    64.02
DZ BANK AG              5.000   7/13/2012     EUR    69.36
DZ BANK AG              5.000   7/13/2012     EUR    62.31
DZ BANK AG             12.300   7/11/2012     EUR    73.55
DZ BANK AG              7.000   7/11/2012     EUR    63.91
DZ BANK AG              7.000   7/11/2012     EUR    62.07
DZ BANK AG              9.500    7/6/2012     EUR    72.23
DZ BANK AG             21.000   6/22/2012     EUR    73.71
DZ BANK AG             16.000   6/22/2012     EUR     7.32
DZ BANK AG             13.750   6/22/2012     EUR    66.61
DZ BANK AG             13.750   6/22/2012     EUR    53.64
DZ BANK AG             13.000   6/22/2012     EUR    33.87
DZ BANK AG             12.500   6/22/2012     EUR    69.98
DZ BANK AG             12.000   6/22/2012     EUR    73.85
DZ BANK AG             12.000   6/22/2012     EUR    45.07
DZ BANK AG             11.750   6/22/2012     EUR    39.64
DZ BANK AG             11.750   6/22/2012     EUR    68.14
DZ BANK AG             11.750   6/22/2012     EUR    38.40
DZ BANK AG             11.750   6/22/2012     EUR    62.13
DZ BANK AG             11.250   6/22/2012     EUR    37.00
DZ BANK AG             11.000   6/22/2012     EUR    43.05
DZ BANK AG             11.000   6/22/2012     EUR    28.25
DZ BANK AG             10.750   6/22/2012     EUR    45.40
DZ BANK AG             10.750   6/22/2012     EUR    66.44
DZ BANK AG             10.750   6/22/2012     EUR    73.82
DZ BANK AG             10.500   6/22/2012     EUR    64.97
DZ BANK AG             10.500   6/22/2012     EUR    31.16
DZ BANK AG             10.250   6/22/2012     EUR    74.17
DZ BANK AG             10.000   6/22/2012     EUR    57.36
DZ BANK AG             10.000   6/22/2012     EUR    63.15
DZ BANK AG             10.000   6/22/2012     EUR    53.11
DZ BANK AG              9.750   6/22/2012     EUR    66.76
DZ BANK AG              9.750   6/22/2012     EUR    68.10
DZ BANK AG              9.750   6/22/2012     EUR    48.86
DZ BANK AG              9.750   6/22/2012     EUR    58.56
DZ BANK AG              9.750   6/22/2012     EUR    73.31
DZ BANK AG              9.750   6/22/2012     EUR    73.62
DZ BANK AG              9.000   6/22/2012     EUR    67.75
DZ BANK AG              9.000   6/22/2012     EUR    49.18
DZ BANK AG              9.000   6/22/2012     EUR    24.04
DZ BANK AG              8.750   6/22/2012     EUR    66.10
DZ BANK AG              8.750   6/22/2012     EUR    56.39
DZ BANK AG              8.500   6/22/2012     EUR    65.58
DZ BANK AG              8.500   6/22/2012     EUR    68.66
DZ BANK AG              8.250   6/22/2012     EUR    66.82
DZ BANK AG              8.250   6/22/2012     EUR    65.96
DZ BANK AG              8.000   6/22/2012     EUR    34.38
DZ BANK AG              7.750   6/22/2012     EUR    66.01
DZ BANK AG              7.500   6/22/2012     EUR    60.22
DZ BANK AG              7.500   6/22/2012     EUR    72.96
DZ BANK AG              7.250   6/22/2012     EUR    71.41
DZ BANK AG              7.250   6/22/2012     EUR    65.16
DZ BANK AG              7.000   6/22/2012     EUR    72.50
DZ BANK AG              7.000   6/22/2012     EUR    68.30
DZ BANK AG              6.750   6/22/2012     EUR    65.17
DZ BANK AG              6.250   6/22/2012     EUR    72.44
DZ BANK AG              6.250   6/22/2012     EUR    54.45
DZ BANK AG              6.250   6/22/2012     EUR    74.94
DZ BANK AG              6.250   6/22/2012     EUR    62.12
DZ BANK AG              5.500   6/22/2012     EUR    65.93
DZ BANK AG              5.500   6/22/2012     EUR    68.09
DZ BANK AG              5.250   6/22/2012     EUR    61.49
DZ BANK AG              4.000   6/20/2012     EUR    58.61
DZ BANK AG              8.000   6/11/2012     EUR    61.48
DZ BANK AG             12.250    6/8/2012     EUR    71.86
DZ BANK AG             11.500    6/8/2012     EUR    73.84
DZ BANK AG             11.250    6/8/2012     EUR    44.31
DZ BANK AG             10.750    6/8/2012     EUR    72.60
DZ BANK AG             10.500    6/8/2012     EUR    41.04
DZ BANK AG             10.000    6/8/2012     EUR    70.10
DZ BANK AG              9.750    6/8/2012     EUR    67.45
DZ BANK AG              9.750    6/8/2012     EUR    62.94
DZ BANK AG              9.500    6/8/2012     EUR    66.56
DZ BANK AG              9.250    6/8/2012     EUR    46.23
DZ BANK AG              9.000    6/8/2012     EUR    49.40
DZ BANK AG              8.750    6/8/2012     EUR    65.77
DZ BANK AG              8.500    6/8/2012     EUR    74.68
DZ BANK AG              8.250    6/8/2012     EUR    72.29
DZ BANK AG              8.250    6/8/2012     EUR    63.57
DZ BANK AG              8.000    6/8/2012     EUR    64.81
DZ BANK AG              8.000    6/8/2012     EUR    64.99
DZ BANK AG              7.750    6/8/2012     EUR    62.35
DZ BANK AG              7.500    6/8/2012     EUR    55.73
DZ BANK AG              6.750    6/8/2012     EUR    50.92
DZ BANK AG              6.000    6/8/2012     EUR    71.71
DZ BANK AG              6.000    6/8/2012     EUR    52.61
DZ BANK AG              5.000    6/8/2012     EUR    61.49
DZ BANK AG             16.000    6/7/2012     EUR    68.27
DZ BANK AG             12.000    6/7/2012     EUR    74.65
DZ BANK AG              8.000    6/7/2012     EUR    65.88
DZ BANK AG             26.500   5/25/2012     EUR    74.74
DZ BANK AG             18.000   5/25/2012     EUR    69.99
DZ BANK AG             17.000   5/25/2012     EUR    66.39
DZ BANK AG              5.000   6/22/2018     EUR    54.97
DZ BANK AG              5.270   6/24/2013     EUR    17.90
DZ BANK AG              5.000   6/24/2013     EUR    16.90
DZ BANK AG             17.000   4/26/2013     EUR    66.40
DZ BANK AG             15.750   4/26/2013     EUR    74.21
DZ BANK AG             11.500   4/26/2013     EUR    61.89
DZ BANK AG             17.000   3/22/2013     EUR    72.92
DZ BANK AG             11.250   3/22/2013     EUR    65.56
DZ BANK AG              9.750   3/22/2013     EUR    73.16
DZ BANK AG              5.410   3/22/2013     EUR    16.00
DZ BANK AG              5.000   3/22/2013     EUR    68.28
DZ BANK AG              5.000   3/22/2013     EUR    11.00
DZ BANK AG              5.000   3/22/2013     EUR    16.00
DZ BANK AG             13.750    3/8/2013     EUR    61.37
DZ BANK AG             11.250    3/8/2013     EUR    70.67
DZ BANK AG             10.000    3/8/2013     EUR    71.39
DZ BANK AG             15.000   2/22/2013     EUR    74.83
DZ BANK AG             15.000   2/22/2013     EUR    73.69
DZ BANK AG             15.000   2/22/2013     EUR    72.59
DZ BANK AG             15.000   2/22/2013     EUR    71.52
DZ BANK AG             14.000   2/22/2013     EUR    69.65
DZ BANK AG             11.250   2/22/2013     EUR    73.51
DZ BANK AG             15.500    2/8/2013     EUR    69.31
DZ BANK AG             11.250    2/8/2013     EUR    73.53
DZ BANK AG             19.000   1/25/2013     EUR    73.69
DZ BANK AG             14.000   1/25/2013     EUR    67.27
DZ BANK AG             12.500   1/25/2013     EUR    57.65
DZ BANK AG             15.500   1/11/2013     EUR    61.60
DZ BANK AG             14.250   1/11/2013     EUR    66.30
DZ BANK AG             14.000   1/11/2013     EUR    55.89
DZ BANK AG              6.000    1/2/2013     EUR    56.15
DZ BANK AG              5.000  12/21/2012     EUR    68.13
DZ BANK AG              3.850  12/21/2012     EUR    16.50
DZ BANK AG              9.750  12/14/2012     EUR    70.74
DZ BANK AG              7.250  12/14/2012     EUR    71.23
DZ BANK AG              5.000  12/14/2012     EUR    61.93
DZ BANK AG             20.000  11/23/2012     EUR    72.09
DZ BANK AG             15.500  11/23/2012     EUR    69.05
DZ BANK AG             10.000  11/23/2012     EUR    65.16
DZ BANK AG             16.000  10/26/2012     EUR    71.90
DZ BANK AG             11.000  10/12/2012     EUR    57.69
DZ BANK AG              9.500  10/12/2012     EUR    64.08
DZ BANK AG              8.000  10/12/2012     EUR    71.33
DZ BANK AG              8.000  10/12/2012     EUR    47.39
DZ BANK AG              7.000  10/12/2012     EUR    60.58
DZ BANK AG              7.000  10/12/2012     EUR    74.54
DZ BANK AG              7.000  10/12/2012     EUR    45.54
DZ BANK AG              5.900  10/12/2012     EUR    71.87
DZ BANK AG              8.300   10/5/2012     EUR    64.37
DZ BANK AG              5.700   10/5/2012     EUR    68.65
DZ BANK AG              4.500   10/5/2012     EUR    71.09
DZ BANK AG             22.500   9/28/2012     EUR    68.25
DZ BANK AG             22.000   9/28/2012     EUR    60.39
DZ BANK AG             20.500   9/28/2012     EUR    73.91
DZ BANK AG             20.000   9/28/2012     EUR    73.33
DZ BANK AG             15.500   9/28/2012     EUR    73.79
DZ BANK AG             15.000   9/28/2012     EUR    73.39
DZ BANK AG             14.750   9/28/2012     EUR    57.30
DZ BANK AG             12.250   9/28/2012     EUR    67.26
DZ BANK AG             11.000   9/28/2012     EUR    72.59
DZ BANK AG             19.500   9/14/2012     EUR    61.95
DZ BANK AG             12.500   9/14/2012     EUR    72.01
DZ BANK AG             10.500   9/14/2012     EUR    46.92
DZ BANK AG             10.250   9/14/2012     EUR    74.44
DZ BANK AG             10.000   9/14/2012     EUR    66.84
DZ BANK AG             10.000   9/14/2012     EUR    66.58
DZ BANK AG              9.500   9/14/2012     EUR    68.71
DZ BANK AG              9.500   9/14/2012     EUR    68.41
DZ BANK AG              8.500   9/14/2012     EUR    51.44
DZ BANK AG              8.500   9/14/2012     EUR    73.23
DZ BANK AG              8.250   9/14/2012     EUR    65.64
DZ BANK AG              8.000   9/14/2012     EUR    46.81
DZ BANK AG              7.750   9/14/2012     EUR    74.28
DZ BANK AG              7.500   9/14/2012     EUR    57.70
DZ BANK AG              7.500   9/14/2012     EUR    74.20
DZ BANK AG              7.250   9/14/2012     EUR    67.61
DZ BANK AG              6.250   9/14/2012     EUR    50.70
DZ BANK AG              6.000   9/14/2012     EUR    70.30
DZ BANK AG              6.000   9/14/2012     EUR    67.22
DZ BANK AG              5.850   9/14/2012     EUR    54.74
DZ BANK AG              5.000   9/14/2012     EUR    56.49
DZ BANK AG             21.250   8/24/2012     EUR    67.21
DZ BANK AG             21.000   8/24/2012     EUR    73.33
DZ BANK AG             21.000   8/24/2012     EUR    65.36
DZ BANK AG             19.000   8/24/2012     EUR    73.44
DZ BANK AG             18.000   8/24/2012     EUR    63.93
DZ BANK AG             17.500   8/24/2012     EUR    70.90
DZ BANK AG             17.000   8/24/2012     EUR    71.01
DZ BANK AG             16.500   8/24/2012     EUR    69.49
DZ BANK AG             15.750   8/24/2012     EUR    69.97
DZ BANK AG             14.500   8/24/2012     EUR    70.76
DZ BANK AG             14.000   8/24/2012     EUR    72.33
DZ BANK AG             14.000   8/24/2012     EUR    68.78
DZ BANK AG             13.500   8/24/2012     EUR    72.19
DZ BANK AG             12.000   8/24/2012     EUR    74.72
DZ BANK AG             12.000   8/24/2012     EUR    74.12
DZ BANK AG             10.750   8/24/2012     EUR    59.93
DZ BANK AG             21.250   8/10/2012     EUR    55.60
ESCADA AG               7.500    4/1/2012     EUR     8.67
EUROHYPO AG             3.830   9/21/2020     EUR    69.00
GOLDMAN SACHS CO       16.000   6/26/2013     EUR    73.60
GOLDMAN SACHS CO       16.000   6/26/2013     EUR    74.20
GOLDMAN SACHS CO       17.000   9/26/2012     EUR    74.30
GOLDMAN SACHS CO       16.000   9/26/2012     EUR    74.40
GOTHAER ALLG VER        5.527   9/29/2026     EUR    72.00
HECKLER & KOCH          9.500   5/15/2018     EUR    67.26
HECKLER & KOCH          9.500   5/15/2018     EUR    67.00
HEIDELBERG DRUCK        9.250   4/15/2018     EUR    74.84
HSBC TRINKAUS          15.500   3/22/2013     EUR    68.35
HSBC TRINKAUS          15.500   3/22/2013     EUR    74.89
HSBC TRINKAUS          16.000   3/22/2013     EUR    72.43
HSBC TRINKAUS          14.000   3/22/2013     EUR    72.86
HSBC TRINKAUS          18.000   3/22/2013     EUR    70.92
HSBC TRINKAUS          18.500   3/22/2013     EUR    66.71
HSBC TRINKAUS          19.500   3/22/2013     EUR    73.14
HSBC TRINKAUS          17.500   3/22/2013     EUR    74.83
HSBC TRINKAUS          19.500   3/22/2013     EUR    70.77
HSBC TRINKAUS          19.500   3/22/2013     EUR    72.61
HSBC TRINKAUS          20.000   3/22/2013     EUR    69.97
HSBC TRINKAUS          21.000   3/22/2013     EUR    66.24
HSBC TRINKAUS          13.000   3/22/2013     EUR    67.79
HSBC TRINKAUS          12.000   6/22/2012     EUR    48.23
HSBC TRINKAUS          22.000   8/24/2012     EUR    74.91
HSBC TRINKAUS          15.500   9/28/2012     EUR    64.44
HSBC TRINKAUS          17.000   9/28/2012     EUR    70.20
HSBC TRINKAUS          21.000   3/22/2013     EUR    73.00
HSBC TRINKAUS          20.000   9/28/2012     EUR    63.41
HSBC TRINKAUS          20.000   9/28/2012     EUR    72.28
HSBC TRINKAUS          21.000   9/28/2012     EUR    68.60
HSBC TRINKAUS          21.000   9/28/2012     EUR    74.19
HSBC TRINKAUS          25.000   9/28/2012     EUR    66.06
HSBC TRINKAUS          25.500   9/28/2012     EUR    74.42
HSBC TRINKAUS          27.500   9/28/2012     EUR    72.77
HSBC TRINKAUS          27.500   9/28/2012     EUR    73.09
HSBC TRINKAUS          29.500   9/28/2012     EUR    64.61
HSBC TRINKAUS          29.500   9/28/2012     EUR    70.13
HSBC TRINKAUS           8.000   3/22/2013     EUR    70.39
HSBC TRINKAUS          10.500   3/22/2013     EUR    71.39
HSBC TRINKAUS          14.500   3/22/2013     EUR    73.64
HSBC TRINKAUS          30.000   6/28/2013     EUR    62.90
HSBC TRINKAUS          26.000   6/28/2013     EUR    62.62
HSBC TRINKAUS          25.500   6/28/2013     EUR    70.68
HSBC TRINKAUS          22.500   6/28/2013     EUR    71.16
HSBC TRINKAUS          15.000   3/22/2013     EUR    74.61
HSBC TRINKAUS          14.500   3/22/2013     EUR    73.67
HSBC TRINKAUS          19.000   6/28/2013     EUR    67.76
HSBC TRINKAUS          18.500   6/28/2013     EUR    72.05
HSBC TRINKAUS          16.500   6/28/2013     EUR    68.47
HSBC TRINKAUS          17.000   6/28/2013     EUR    72.80
HSBC TRINKAUS          10.500   6/28/2013     EUR    72.50
HSBC TRINKAUS          14.000   6/28/2013     EUR    69.63
HSBC TRINKAUS          27.500   3/22/2013     EUR    61.85
HSBC TRINKAUS           8.000   6/28/2013     EUR    74.78
HSBC TRINKAUS          26.500   3/22/2013     EUR    74.88
HSBC TRINKAUS          27.000   3/22/2013     EUR    71.39
HSBC TRINKAUS          21.500   3/22/2013     EUR    73.39
HSBC TRINKAUS          22.000   3/22/2013     EUR    65.97
HSBC TRINKAUS          19.000   9/28/2012     EUR    71.98
LANDBK HESSEN-TH        5.750   7/13/2012     EUR    68.50
LANDBK HESSEN-TH        5.000   6/28/2012     EUR    71.50
LANDESBK BERLIN         7.000   5/23/2012     EUR    68.26
LANDESBK BERLIN         5.500  12/23/2013     EUR    68.80
LANDESBK BERLIN         7.000   6/25/2012     EUR    72.87
LB BADEN-WUERTT        10.000   7/27/2012     EUR    57.54
LB BADEN-WUERTT         4.000   5/25/2012     EUR    70.41
LB BADEN-WUERTT         4.000   5/25/2012     EUR    55.31
LB BADEN-WUERTT         4.000   5/25/2012     EUR    71.10
LB BADEN-WUERTT         4.000   5/25/2012     EUR    63.78
LB BADEN-WUERTT         4.000   5/25/2012     EUR    73.26
LB BADEN-WUERTT         4.000   5/25/2012     EUR    46.64
LB BADEN-WUERTT         6.000   5/25/2012     EUR    67.90
LB BADEN-WUERTT         6.000   5/25/2012     EUR    61.32
LB BADEN-WUERTT         6.000   5/25/2012     EUR    48.72
LB BADEN-WUERTT         6.000   5/25/2012     EUR    61.98
LB BADEN-WUERTT         6.000   5/25/2012     EUR    37.71
LB BADEN-WUERTT         6.000   5/25/2012     EUR    72.08
LB BADEN-WUERTT         6.000   5/25/2012     EUR    57.85
LB BADEN-WUERTT         6.000   5/25/2012     EUR    66.02
LB BADEN-WUERTT         6.000   5/25/2012     EUR    70.73
LB BADEN-WUERTT         6.000   5/25/2012     EUR    73.27
LB BADEN-WUERTT         8.000   5/25/2012     EUR    44.29
LB BADEN-WUERTT         8.000   5/25/2012     EUR    34.12
LB BADEN-WUERTT         8.000   5/25/2012     EUR    66.11
LB BADEN-WUERTT         8.000   5/25/2012     EUR    73.93
LB BADEN-WUERTT         8.000   5/25/2012     EUR    53.44
LB BADEN-WUERTT         8.000   5/25/2012     EUR    73.02
LB BADEN-WUERTT         8.000   5/25/2012     EUR    67.48
LB BADEN-WUERTT         8.000   5/25/2012     EUR    68.02
LB BADEN-WUERTT         8.000   5/25/2012     EUR    56.01
LB BADEN-WUERTT         8.000   5/25/2012     EUR    66.05
LB BADEN-WUERTT         8.000   5/25/2012     EUR    60.26
LB BADEN-WUERTT         8.000   5/25/2012     EUR    54.21
LB BADEN-WUERTT         8.000   5/25/2012     EUR    61.06
LB BADEN-WUERTT         8.350   5/25/2012     EUR    40.12
LB BADEN-WUERTT         4.000   6/22/2012     EUR    56.28
LB BADEN-WUERTT         4.000   6/22/2012     EUR    47.31
LB BADEN-WUERTT         4.000   6/22/2012     EUR    36.14
LB BADEN-WUERTT         4.000   6/22/2012     EUR    49.81
LB BADEN-WUERTT         5.000   6/22/2012     EUR     9.07
LB BADEN-WUERTT         5.000   6/22/2012     EUR    62.94
LB BADEN-WUERTT         5.000   6/22/2012     EUR    55.88
LB BADEN-WUERTT         5.000   6/22/2012     EUR    54.29
LB BADEN-WUERTT         5.000   6/22/2012     EUR    69.71
LB BADEN-WUERTT         5.000   6/22/2012     EUR    70.93
LB BADEN-WUERTT         5.000   6/22/2012     EUR    62.26
LB BADEN-WUERTT         5.000   6/22/2012     EUR    70.07
LB BADEN-WUERTT         5.000   6/22/2012     EUR    58.17
LB BADEN-WUERTT         5.000   6/22/2012     EUR    73.39
LB BADEN-WUERTT         5.000   6/22/2012     EUR    48.66
LB BADEN-WUERTT         5.000   6/22/2012     EUR    62.87
LB BADEN-WUERTT         5.000   6/22/2012     EUR    21.07
LB BADEN-WUERTT         5.000   6/22/2012     EUR    73.92
LB BADEN-WUERTT         6.000   6/22/2012     EUR    67.90
LB BADEN-WUERTT         6.000   6/22/2012     EUR    41.33
LB BADEN-WUERTT         6.000   6/22/2012     EUR    73.37
LB BADEN-WUERTT         6.000   6/22/2012     EUR    40.79
LB BADEN-WUERTT         6.000   6/22/2012     EUR    66.03
LB BADEN-WUERTT         6.000   6/22/2012     EUR    49.08
LB BADEN-WUERTT         6.000   6/22/2012     EUR    72.65
LB BADEN-WUERTT         6.000   6/22/2012     EUR    31.71
LB BADEN-WUERTT         6.000   6/22/2012     EUR    63.77
LB BADEN-WUERTT         6.000   6/22/2012     EUR    71.09
LB BADEN-WUERTT         6.000   6/22/2012     EUR    68.16
LB BADEN-WUERTT         6.000   6/22/2012     EUR    73.79
LB BADEN-WUERTT         7.500   6/22/2012     EUR    74.86
LB BADEN-WUERTT         7.500   6/22/2012     EUR    65.37
LB BADEN-WUERTT         7.500   6/22/2012     EUR    66.69
LB BADEN-WUERTT         7.500   6/22/2012     EUR    56.34
LB BADEN-WUERTT         7.500   6/22/2012     EUR    44.12
LB BADEN-WUERTT         7.500   6/22/2012     EUR    51.56
LB BADEN-WUERTT         7.500   6/22/2012     EUR    63.78
LB BADEN-WUERTT         7.500   6/22/2012     EUR    72.73
LB BADEN-WUERTT         7.500   6/22/2012     EUR     8.03
LB BADEN-WUERTT         7.500   6/22/2012     EUR    63.23
LB BADEN-WUERTT         7.500   6/22/2012     EUR    55.32
LB BADEN-WUERTT         7.500   6/22/2012     EUR    49.76
LB BADEN-WUERTT         7.500   6/22/2012     EUR    19.12
LB BADEN-WUERTT         7.500   6/22/2012     EUR    50.48
LB BADEN-WUERTT         7.500   6/22/2012     EUR    69.78
LB BADEN-WUERTT         8.000   6/22/2012     EUR    67.50
LB BADEN-WUERTT         8.000   6/22/2012     EUR    56.34
LB BADEN-WUERTT         8.000   6/22/2012     EUR    44.44
LB BADEN-WUERTT         8.000   6/22/2012     EUR    65.35
LB BADEN-WUERTT         8.000   6/22/2012     EUR    28.08
LB BADEN-WUERTT         8.000   6/22/2012     EUR    66.44
LB BADEN-WUERTT         8.000   6/22/2012     EUR    35.95
LB BADEN-WUERTT         8.000   6/22/2012     EUR    63.56
LB BADEN-WUERTT         8.000   6/22/2012     EUR    59.35
LB BADEN-WUERTT         8.000   6/22/2012     EUR    36.76
LB BADEN-WUERTT        10.000   6/22/2012     EUR    69.45
LB BADEN-WUERTT        10.000   6/22/2012     EUR    58.83
LB BADEN-WUERTT        10.000   6/22/2012     EUR    17.81
LB BADEN-WUERTT        10.000   6/22/2012     EUR    70.53
LB BADEN-WUERTT        10.000   6/22/2012     EUR    62.87
LB BADEN-WUERTT        10.000   6/22/2012     EUR    46.40
LB BADEN-WUERTT        10.000   6/22/2012     EUR    59.55
LB BADEN-WUERTT        10.000   6/22/2012     EUR    74.24
LB BADEN-WUERTT        10.000   6/22/2012     EUR    71.84
LB BADEN-WUERTT        10.000   6/22/2012     EUR    72.05
LB BADEN-WUERTT        10.000   6/22/2012     EUR    59.95
LB BADEN-WUERTT        10.000   6/22/2012     EUR    65.15
LB BADEN-WUERTT        10.000   6/22/2012     EUR    41.91
LB BADEN-WUERTT        10.000   6/22/2012     EUR    50.22
LB BADEN-WUERTT        10.000   6/22/2012     EUR    52.20
LB BADEN-WUERTT        10.000   6/22/2012     EUR    46.67
LB BADEN-WUERTT        10.000   6/22/2012     EUR    67.49
LB BADEN-WUERTT        10.000   6/22/2012     EUR    73.41
LB BADEN-WUERTT        10.000   6/22/2012     EUR     7.08
LB BADEN-WUERTT        10.000   6/22/2012     EUR    70.30
LB BADEN-WUERTT        10.000   6/22/2012     EUR    47.11
LB BADEN-WUERTT         4.000   7/27/2012     EUR    44.16
LB BADEN-WUERTT         4.000   7/27/2012     EUR    72.08
LB BADEN-WUERTT         4.000   7/27/2012     EUR    50.23
LB BADEN-WUERTT         4.000   7/27/2012     EUR    73.51
LB BADEN-WUERTT         5.000   7/27/2012     EUR    50.11
LB BADEN-WUERTT         5.000   7/27/2012     EUR    57.08
LB BADEN-WUERTT         5.000   7/27/2012     EUR    58.64
LB BADEN-WUERTT         5.000   7/27/2012     EUR    64.17
LB BADEN-WUERTT         5.000   7/27/2012     EUR    21.89
LB BADEN-WUERTT         5.000   7/27/2012     EUR    74.74
LB BADEN-WUERTT         5.000   7/27/2012     EUR    57.07
LB BADEN-WUERTT         5.000   7/27/2012     EUR    72.13
LB BADEN-WUERTT         5.000   7/27/2012     EUR    56.38
LB BADEN-WUERTT         5.000   7/27/2012     EUR    66.93
LB BADEN-WUERTT         5.000   7/27/2012     EUR    13.70
LB BADEN-WUERTT         5.000   7/27/2012     EUR    69.02
LB BADEN-WUERTT         5.000   7/27/2012     EUR    71.30
LB BADEN-WUERTT         5.000   7/27/2012     EUR    60.93
LB BADEN-WUERTT         5.000   7/27/2012     EUR    74.66
LB BADEN-WUERTT         5.000   7/27/2012     EUR    33.09
LB BADEN-WUERTT         5.000   7/27/2012     EUR    54.89
LB BADEN-WUERTT         5.000   7/27/2012     EUR    58.89
LB BADEN-WUERTT         5.000   7/27/2012     EUR    74.43
LB BADEN-WUERTT         6.000   7/27/2012     EUR    64.72
LB BADEN-WUERTT         6.000   7/27/2012     EUR    71.10
LB BADEN-WUERTT         6.000   7/27/2012     EUR    71.71
LB BADEN-WUERTT         6.000   7/27/2012     EUR    42.35
LB BADEN-WUERTT         6.000   7/27/2012     EUR    69.86
LB BADEN-WUERTT         6.000   7/27/2012     EUR    28.07
LB BADEN-WUERTT         6.000   7/27/2012     EUR    63.87
LB BADEN-WUERTT         6.000   7/27/2012     EUR    39.19
LB BADEN-WUERTT         6.500   7/27/2012     EUR    70.72
LB BADEN-WUERTT         6.500   7/27/2012     EUR    71.75
LB BADEN-WUERTT         7.500   7/27/2012     EUR    44.94
LB BADEN-WUERTT         7.500   7/27/2012     EUR    62.43
LB BADEN-WUERTT         7.500   7/27/2012     EUR    51.67
LB BADEN-WUERTT         7.500   7/27/2012     EUR    62.95
LB BADEN-WUERTT         7.500   7/27/2012     EUR    14.20
LB BADEN-WUERTT         7.500   7/27/2012     EUR    55.71
LB BADEN-WUERTT         7.500   7/27/2012     EUR    51.45
LB BADEN-WUERTT         7.500   7/27/2012     EUR    70.36
LB BADEN-WUERTT         7.500   7/27/2012     EUR    56.74
LB BADEN-WUERTT         7.500   7/27/2012     EUR    67.48
LB BADEN-WUERTT         7.500   7/27/2012     EUR    52.28
LB BADEN-WUERTT         7.500   7/27/2012     EUR    20.33
LB BADEN-WUERTT         7.500   7/27/2012     EUR    69.32
LB BADEN-WUERTT         7.500   7/27/2012     EUR    69.24
LB BADEN-WUERTT         7.500   7/27/2012     EUR    50.12
LB BADEN-WUERTT         7.500   7/27/2012     EUR    30.23
LB BADEN-WUERTT         7.500   7/27/2012     EUR    52.77
LB BADEN-WUERTT         7.500   7/27/2012     EUR    71.39
LB BADEN-WUERTT         7.500   7/27/2012     EUR    59.73
LB BADEN-WUERTT         7.500   7/27/2012     EUR    67.59
LB BADEN-WUERTT         8.000   7/27/2012     EUR    65.36
LB BADEN-WUERTT         8.000   7/27/2012     EUR    62.74
LB BADEN-WUERTT         8.000   7/27/2012     EUR    38.31
LB BADEN-WUERTT         8.000   7/27/2012     EUR    57.86
LB BADEN-WUERTT         8.000   7/27/2012     EUR    66.60
LB BADEN-WUERTT         8.000   7/27/2012     EUR    35.49
LB BADEN-WUERTT         8.000   7/27/2012     EUR    60.37
LB BADEN-WUERTT         8.000   7/27/2012     EUR    74.18
LB BADEN-WUERTT         8.000   7/27/2012     EUR    73.12
LB BADEN-WUERTT         9.000   7/27/2012     EUR    55.06
LB BADEN-WUERTT        10.000   7/27/2012     EUR    74.18
LB BADEN-WUERTT        10.000   7/27/2012     EUR    72.85
LB BADEN-WUERTT        10.000   7/27/2012     EUR    52.34
LB BADEN-WUERTT        10.000   7/27/2012     EUR    66.93
LB BADEN-WUERTT        10.000   7/27/2012     EUR    62.70
LB BADEN-WUERTT        10.000   7/27/2012     EUR    54.97
LB BADEN-WUERTT        10.000   7/27/2012     EUR    14.65
LB BADEN-WUERTT        10.000   7/27/2012     EUR    48.09
LB BADEN-WUERTT        10.000   7/27/2012     EUR    57.06
LB BADEN-WUERTT        10.000   7/27/2012     EUR    62.55
LB BADEN-WUERTT        10.000   7/27/2012     EUR    70.67
LB BADEN-WUERTT        10.000   7/27/2012     EUR    72.90
LB BADEN-WUERTT        10.000   7/27/2012     EUR    27.99
LB BADEN-WUERTT        10.000   7/27/2012     EUR    74.18
LB BADEN-WUERTT        10.000   7/27/2012     EUR    74.03
LB BADEN-WUERTT        10.000   7/27/2012     EUR    66.16
LB BADEN-WUERTT        10.000   7/27/2012     EUR    73.55
LB BADEN-WUERTT        10.000   7/27/2012     EUR    70.19
LB BADEN-WUERTT        10.000   7/27/2012     EUR    51.80
LB BADEN-WUERTT        10.000   7/27/2012     EUR    64.87
LB BADEN-WUERTT        10.000   7/27/2012     EUR    19.41
LB BADEN-WUERTT        10.000   7/27/2012     EUR    48.04
LB BADEN-WUERTT        10.000   7/27/2012     EUR    41.81
LB BADEN-WUERTT        10.000   7/27/2012     EUR    49.22
LB BADEN-WUERTT        10.000   7/27/2012     EUR    45.81
LB BADEN-WUERTT        10.000   7/27/2012     EUR    62.66
LB BADEN-WUERTT        10.000   7/27/2012     EUR    46.94
LB BADEN-WUERTT         4.000   8/24/2012     EUR    70.63
LB BADEN-WUERTT         4.000   8/24/2012     EUR    70.77
LB BADEN-WUERTT         4.000   8/24/2012     EUR    41.30
LB BADEN-WUERTT         4.000   8/24/2012     EUR    74.88
LB BADEN-WUERTT         4.000   8/24/2012     EUR    66.55
LB BADEN-WUERTT         4.000   8/24/2012     EUR    51.23
LB BADEN-WUERTT         5.000   8/24/2012     EUR    66.78
LB BADEN-WUERTT         5.000   8/24/2012     EUR    71.76
LB BADEN-WUERTT         5.000   8/24/2012     EUR    66.01
LB BADEN-WUERTT         5.000   8/24/2012     EUR    68.26
LB BADEN-WUERTT         5.000   8/24/2012     EUR    72.68
LB BADEN-WUERTT         5.000   8/24/2012     EUR    72.63
LB BADEN-WUERTT         5.000   8/24/2012     EUR    74.31
LB BADEN-WUERTT         5.000   8/24/2012     EUR    50.59
LB BADEN-WUERTT         5.000   8/24/2012     EUR    26.84
LB BADEN-WUERTT         5.000   8/24/2012     EUR    64.26
LB BADEN-WUERTT         5.000   8/24/2012     EUR    60.38
LB BADEN-WUERTT         5.000   8/24/2012     EUR    54.21
LB BADEN-WUERTT         6.000   8/24/2012     EUR    59.64
LB BADEN-WUERTT         6.000   8/24/2012     EUR    35.49
LB BADEN-WUERTT         6.000   8/24/2012     EUR    67.66
LB BADEN-WUERTT         6.000   8/24/2012     EUR    64.28
LB BADEN-WUERTT         6.000   8/24/2012     EUR    45.80
LB BADEN-WUERTT         6.000   8/24/2012     EUR    68.35
LB BADEN-WUERTT         6.000   8/24/2012     EUR    72.56
LB BADEN-WUERTT         6.000   8/24/2012     EUR    71.48
LB BADEN-WUERTT         6.000   8/24/2012     EUR    64.03
LB BADEN-WUERTT         6.000   8/24/2012     EUR    58.18
LB BADEN-WUERTT         6.000   8/24/2012     EUR    74.65
LB BADEN-WUERTT         6.000   8/24/2012     EUR    69.84
LB BADEN-WUERTT         7.500   8/24/2012     EUR    73.77
LB BADEN-WUERTT         7.500   8/24/2012     EUR    67.55
LB BADEN-WUERTT         7.500   8/24/2012     EUR    45.74
LB BADEN-WUERTT         7.500   8/24/2012     EUR    61.99
LB BADEN-WUERTT         7.500   8/24/2012     EUR    54.19
LB BADEN-WUERTT         7.500   8/24/2012     EUR    74.87
LB BADEN-WUERTT         7.500   8/24/2012     EUR    24.16
LB BADEN-WUERTT         7.500   8/24/2012     EUR    68.61
LB BADEN-WUERTT         7.500   8/24/2012     EUR    65.10
LB BADEN-WUERTT         7.500   8/24/2012     EUR    64.36
LB BADEN-WUERTT         7.500   8/24/2012     EUR    59.58
LB BADEN-WUERTT         7.500   8/24/2012     EUR    58.27
LB BADEN-WUERTT         7.500   8/24/2012     EUR    70.64
LB BADEN-WUERTT         7.500   8/24/2012     EUR    65.94
LB BADEN-WUERTT         7.500   8/24/2012     EUR    56.52
LB BADEN-WUERTT         7.500   8/24/2012     EUR    72.60
LB BADEN-WUERTT         7.500   8/24/2012     EUR    49.54
LB BADEN-WUERTT         8.000   8/24/2012     EUR    32.41
LB BADEN-WUERTT         8.000   8/24/2012     EUR    52.56
LB BADEN-WUERTT         8.000   8/24/2012     EUR    67.56
LB BADEN-WUERTT         8.000   8/24/2012     EUR    72.47
LB BADEN-WUERTT         8.000   8/24/2012     EUR    64.91
LB BADEN-WUERTT         8.000   8/24/2012     EUR    60.19
LB BADEN-WUERTT         8.000   8/24/2012     EUR    66.36
LB BADEN-WUERTT         8.000   8/24/2012     EUR    67.38
LB BADEN-WUERTT         8.000   8/24/2012     EUR    63.91
LB BADEN-WUERTT         8.000   8/24/2012     EUR    53.42
LB BADEN-WUERTT         8.000   8/24/2012     EUR    56.79
LB BADEN-WUERTT         8.000   8/24/2012     EUR    42.30
LB BADEN-WUERTT         8.000   8/24/2012     EUR    61.67
LB BADEN-WUERTT         8.005   8/24/2012     EUR    73.99
LB BADEN-WUERTT        10.000   8/24/2012     EUR    68.74
LB BADEN-WUERTT        10.000   8/24/2012     EUR    60.35
LB BADEN-WUERTT        10.000   8/24/2012     EUR    58.08
LB BADEN-WUERTT        10.000   8/24/2012     EUR    61.35
LB BADEN-WUERTT        10.000   8/24/2012     EUR    62.42
LB BADEN-WUERTT        10.000   8/24/2012     EUR    69.14
LB BADEN-WUERTT        10.000   8/24/2012     EUR    53.97
LB BADEN-WUERTT        10.000   8/24/2012     EUR    71.89
LB BADEN-WUERTT        10.000   8/24/2012     EUR    71.03
LB BADEN-WUERTT        10.000   8/24/2012     EUR    53.53
LB BADEN-WUERTT        10.000   8/24/2012     EUR    69.99
LB BADEN-WUERTT        10.000   8/24/2012     EUR    51.47
LB BADEN-WUERTT        10.000   8/24/2012     EUR    74.12
LB BADEN-WUERTT        10.000   8/24/2012     EUR    64.51
LB BADEN-WUERTT        10.000   8/24/2012     EUR    59.10
LB BADEN-WUERTT        10.000   8/24/2012     EUR    42.60
LB BADEN-WUERTT        10.000   8/24/2012     EUR    50.46
LB BADEN-WUERTT        10.000   8/24/2012     EUR    22.82
LB BADEN-WUERTT        10.000   8/24/2012     EUR    71.22
LB BADEN-WUERTT        10.000   8/24/2012     EUR    64.76
LB BADEN-WUERTT        10.000   8/24/2012     EUR    43.25
LB BADEN-WUERTT         4.000   9/28/2012     EUR    64.99
LB BADEN-WUERTT         4.000   9/28/2012     EUR    45.88
LB BADEN-WUERTT         4.000   9/28/2012     EUR    61.67
LB BADEN-WUERTT         4.000   9/28/2012     EUR    63.50
LB BADEN-WUERTT         4.000   9/28/2012     EUR    29.44
LB BADEN-WUERTT         6.000   9/28/2012     EUR    67.00
LB BADEN-WUERTT         6.000   9/28/2012     EUR    54.39
LB BADEN-WUERTT         6.000   9/28/2012     EUR    55.50
LB BADEN-WUERTT         6.000   9/28/2012     EUR    24.88
LB BADEN-WUERTT         6.000   9/28/2012     EUR    39.83
LB BADEN-WUERTT         6.000   9/28/2012     EUR    68.12
LB BADEN-WUERTT         6.000   9/28/2012     EUR    55.46
LB BADEN-WUERTT         7.000   9/28/2012     EUR    73.03
LB BADEN-WUERTT         7.500   9/28/2012     EUR    74.82
LB BADEN-WUERTT         8.000   9/28/2012     EUR    50.83
LB BADEN-WUERTT         8.000   9/28/2012     EUR    59.62
LB BADEN-WUERTT         8.000   9/28/2012     EUR    49.42
LB BADEN-WUERTT         8.000   9/28/2012     EUR    22.54
LB BADEN-WUERTT         8.000   9/28/2012     EUR    73.70
LB BADEN-WUERTT         8.000   9/28/2012     EUR    71.53
LB BADEN-WUERTT         8.000   9/28/2012     EUR    36.84
LB BADEN-WUERTT         8.000   9/28/2012     EUR    61.00
LB BADEN-WUERTT         8.000   9/28/2012     EUR    49.75
LB BADEN-WUERTT        10.000   9/28/2012     EUR    70.19
LB BADEN-WUERTT         5.000  10/26/2012     EUR    61.11
LB BADEN-WUERTT         5.000  10/26/2012     EUR    21.45
LB BADEN-WUERTT         5.000  10/26/2012     EUR    63.01
LB BADEN-WUERTT         5.000  10/26/2012     EUR     8.11
LB BADEN-WUERTT         5.000  10/26/2012     EUR    60.09
LB BADEN-WUERTT         5.000  10/26/2012     EUR    57.78
LB BADEN-WUERTT         7.500  10/26/2012     EUR    53.84
LB BADEN-WUERTT         7.500  10/26/2012     EUR    56.57
LB BADEN-WUERTT         7.500  10/26/2012     EUR    52.54
LB BADEN-WUERTT         7.500  10/26/2012     EUR     8.43
LB BADEN-WUERTT         7.500  10/26/2012     EUR    50.91
LB BADEN-WUERTT         7.500  10/26/2012     EUR    19.80
LB BADEN-WUERTT         7.500  10/26/2012     EUR    70.94
LB BADEN-WUERTT         7.500  10/26/2012     EUR    68.18
LB BADEN-WUERTT        10.000  10/26/2012     EUR    47.45
LB BADEN-WUERTT        10.000  10/26/2012     EUR    47.56
LB BADEN-WUERTT        10.000  10/26/2012     EUR    50.22
LB BADEN-WUERTT        10.000  10/26/2012     EUR    71.37
LB BADEN-WUERTT        10.000  10/26/2012     EUR    63.02
LB BADEN-WUERTT        10.000  10/26/2012     EUR     8.66
LB BADEN-WUERTT        10.000  10/26/2012     EUR    72.11
LB BADEN-WUERTT        10.000  10/26/2012     EUR    19.15
LB BADEN-WUERTT        10.000  10/26/2012     EUR    72.67
LB BADEN-WUERTT        10.000  10/26/2012     EUR    74.27
LB BADEN-WUERTT        10.000  10/26/2012     EUR    72.66
LB BADEN-WUERTT        10.000  10/26/2012     EUR    65.99
LB BADEN-WUERTT        10.000  10/26/2012     EUR    52.47
LB BADEN-WUERTT         5.000  11/23/2012     EUR    63.57
LB BADEN-WUERTT         5.000  11/23/2012     EUR    62.57
LB BADEN-WUERTT         5.000  11/23/2012     EUR    53.54
LB BADEN-WUERTT         5.000  11/23/2012     EUR    54.21
LB BADEN-WUERTT         5.000  11/23/2012     EUR    21.75
LB BADEN-WUERTT         5.000  11/23/2012     EUR    66.84
LB BADEN-WUERTT         5.000  11/23/2012     EUR    74.15
LB BADEN-WUERTT         5.000  11/23/2012     EUR    73.07
LB BADEN-WUERTT         7.500  11/23/2012     EUR    67.50
LB BADEN-WUERTT         7.500  11/23/2012     EUR    55.51
LB BADEN-WUERTT         7.500  11/23/2012     EUR    65.49
LB BADEN-WUERTT         7.500  11/23/2012     EUR    48.51
LB BADEN-WUERTT         7.500  11/23/2012     EUR    72.19
LB BADEN-WUERTT         7.500  11/23/2012     EUR    55.98
LB BADEN-WUERTT         7.500  11/23/2012     EUR    47.07
LB BADEN-WUERTT         7.500  11/23/2012     EUR    58.80
LB BADEN-WUERTT         7.500  11/23/2012     EUR    74.75
LB BADEN-WUERTT         7.500  11/23/2012     EUR    66.33
LB BADEN-WUERTT         7.500  11/23/2012     EUR    20.49
LB BADEN-WUERTT         7.500  11/23/2012     EUR    67.54
LB BADEN-WUERTT        10.000  11/23/2012     EUR    43.57
LB BADEN-WUERTT        10.000  11/23/2012     EUR    19.97
LB BADEN-WUERTT        10.000  11/23/2012     EUR    58.68
LB BADEN-WUERTT        10.000  11/23/2012     EUR    66.43
LB BADEN-WUERTT        10.000  11/23/2012     EUR    45.02
LB BADEN-WUERTT        10.000  11/23/2012     EUR    54.07
LB BADEN-WUERTT        10.000  11/23/2012     EUR    61.98
LB BADEN-WUERTT        10.000  11/23/2012     EUR    52.14
LB BADEN-WUERTT        10.000  11/23/2012     EUR    61.79
LB BADEN-WUERTT        10.000  11/23/2012     EUR    74.99
LB BADEN-WUERTT        10.000  11/23/2012     EUR    50.28
LB BADEN-WUERTT        10.000  11/23/2012     EUR    69.93
LB BADEN-WUERTT        10.000  11/23/2012     EUR    62.92
LB BADEN-WUERTT        15.000  11/23/2012     EUR    54.03
LB BADEN-WUERTT         5.000    1/4/2013     EUR    73.25
LB BADEN-WUERTT         5.000    1/4/2013     EUR    66.93
LB BADEN-WUERTT         5.000    1/4/2013     EUR    55.69
LB BADEN-WUERTT         5.000    1/4/2013     EUR    22.29
LB BADEN-WUERTT         5.000    1/4/2013     EUR    60.12
LB BADEN-WUERTT         5.000    1/4/2013     EUR    53.07
LB BADEN-WUERTT         5.000    1/4/2013     EUR    61.75
LB BADEN-WUERTT         7.500    1/4/2013     EUR    73.79
LB BADEN-WUERTT         7.500    1/4/2013     EUR    54.20
LB BADEN-WUERTT         7.500    1/4/2013     EUR    46.93
LB BADEN-WUERTT         7.500    1/4/2013     EUR    57.24
LB BADEN-WUERTT         7.500    1/4/2013     EUR    71.85
LB BADEN-WUERTT         7.500    1/4/2013     EUR    59.20
LB BADEN-WUERTT         7.500    1/4/2013     EUR    64.73
LB BADEN-WUERTT         7.500    1/4/2013     EUR    63.29
LB BADEN-WUERTT         7.500    1/4/2013     EUR    21.06
LB BADEN-WUERTT        10.000    1/4/2013     EUR    60.59
LB BADEN-WUERTT        10.000    1/4/2013     EUR    44.61
LB BADEN-WUERTT        10.000    1/4/2013     EUR    58.78
LB BADEN-WUERTT        10.000    1/4/2013     EUR    68.62
LB BADEN-WUERTT        10.000    1/4/2013     EUR    55.83
LB BADEN-WUERTT        10.000    1/4/2013     EUR    64.83
LB BADEN-WUERTT        10.000    1/4/2013     EUR    21.04
LB BADEN-WUERTT        10.000    1/4/2013     EUR    49.93
LB BADEN-WUERTT        10.000    1/4/2013     EUR    69.22
LB BADEN-WUERTT         5.000   1/25/2013     EUR    74.31
LB BADEN-WUERTT         5.000   1/25/2013     EUR    71.69
LB BADEN-WUERTT         5.000   1/25/2013     EUR    29.32
LB BADEN-WUERTT         5.000   1/25/2013     EUR    72.81
LB BADEN-WUERTT         7.500   1/25/2013     EUR    72.23
LB BADEN-WUERTT         7.500   1/25/2013     EUR    68.75
LB BADEN-WUERTT         7.500   1/25/2013     EUR    65.79
LB BADEN-WUERTT         7.500   1/25/2013     EUR    27.36
LB BADEN-WUERTT         7.500   1/25/2013     EUR    69.17
LB BADEN-WUERTT         7.500   1/25/2013     EUR    63.18
LB BADEN-WUERTT         7.500   1/25/2013     EUR    74.49
LB BADEN-WUERTT        10.000   1/25/2013     EUR    26.59
LB BADEN-WUERTT        10.000   1/25/2013     EUR    73.17
LB BADEN-WUERTT        10.000   1/25/2013     EUR    57.61
LB BADEN-WUERTT        10.000   1/25/2013     EUR    64.15
LB BADEN-WUERTT        10.000   1/25/2013     EUR    69.16
LB BADEN-WUERTT        10.000   1/25/2013     EUR    73.81
LB BADEN-WUERTT        10.000   1/25/2013     EUR    61.08
LB BADEN-WUERTT        10.000   1/25/2013     EUR    65.38
LB BADEN-WUERTT        15.000   2/22/2013     EUR    68.05
LB BADEN-WUERTT         8.000   3/22/2013     EUR    71.35
LB BADEN-WUERTT        10.000   3/22/2013     EUR    70.10
LB BADEN-WUERTT        12.000   3/22/2013     EUR    72.70
LB BADEN-WUERTT        15.000   3/22/2013     EUR    67.75
LB BADEN-WUERTT         5.000   6/28/2013     EUR    70.51
LB BADEN-WUERTT         7.500   6/28/2013     EUR    71.22
LB BADEN-WUERTT         7.500   6/28/2013     EUR    74.99
LB BADEN-WUERTT         9.000   6/28/2013     EUR    73.25
LB BADEN-WUERTT        10.000   6/28/2013     EUR    70.79
LB BADEN-WUERTT        10.000   6/28/2013     EUR    71.75
LB BADEN-WUERTT        11.000   6/28/2013     EUR    72.59
LB BADEN-WUERTT         7.000   8/23/2013     EUR    73.49
LB BADEN-WUERTT         9.000   8/23/2013     EUR    71.77
LB BADEN-WUERTT        12.000   8/23/2013     EUR    73.56
LB BADEN-WUERTT         9.000   9/27/2013     EUR    74.89
LB BADEN-WUERTT        11.000   9/27/2013     EUR    74.83
LB BADEN-WUERTT         5.250  10/20/2015     EUR    25.98
LB BADEN-WUERTT         4.950   3/27/2017     EUR    73.35
LB BADEN-WUERTT         2.800   2/23/2037     JPY    64.85
L-BANK FOERDERBK        0.500   5/10/2027     CAD    52.18
MACQUARIE STRUCT       12.500   6/22/2012     EUR    36.42
MACQUARIE STRUCT       12.500   6/22/2012     EUR    39.70
MACQUARIE STRUCT       15.750   6/22/2012     EUR    13.20
MACQUARIE STRUCT       15.750   6/22/2012     EUR    50.25
MACQUARIE STRUCT       13.250    1/2/2013     EUR    74.90
MACQUARIE STRUCT       12.750   6/22/2012     EUR    71.24
MACQUARIE STRUCT        8.750   5/25/2012     EUR    70.80
MACQUARIE STRUCT        9.000   6/22/2012     EUR    60.02
MACQUARIE STRUCT        9.250   6/22/2012     EUR    28.19
MACQUARIE STRUCT        9.750   6/22/2012     EUR    62.13
MACQUARIE STRUCT        9.750   6/22/2012     EUR    67.95
MACQUARIE STRUCT       10.000   6/22/2012     EUR    40.82
MACQUARIE STRUCT       10.000   6/22/2012     EUR    70.51
MACQUARIE STRUCT       10.750   9/28/2012     EUR    72.75
MACQUARIE STRUCT       10.250   6/22/2012     EUR    45.74
MACQUARIE STRUCT       11.500   9/28/2012     EUR    46.66
MACQUARIE STRUCT        9.250   9/28/2012     EUR    65.55
MACQUARIE STRUCT        9.750   9/28/2012     EUR    47.95
MACQUARIE STRUCT       16.000   6/22/2012     EUR    12.78
MACQUARIE STRUCT       10.000   9/28/2012     EUR    63.55
MACQUARIE STRUCT       18.000  12/14/2012     EUR    71.13
MACQUARIE STRUCT       12.000   6/22/2012     EUR    71.86
MACQUARIE STRUCT       12.000   6/22/2012     EUR    65.62
MACQUARIE STRUCT       12.500   6/22/2012     EUR    66.68
MACQUARIE STRUCT       17.000   6/22/2012     EUR    36.37
MACQUARIE STRUCT       21.000   6/22/2012     EUR    65.68
MACQUARIE STRUCT       18.500   6/22/2012     EUR    43.87
MACQUARIE STRUCT       23.250   6/22/2012     EUR     3.56
MACQUARIE STRUCT       13.000   6/22/2012     EUR    57.75
MACQUARIE STRUCT       13.500   6/22/2012     EUR    28.02
MACQUARIE STRUCT        9.000   9/28/2012     EUR    51.95
MACQUARIE STRUCT       10.250   6/22/2012     EUR    68.08
MACQUARIE STRUCT       10.250   6/22/2012     EUR    73.02
MACQUARIE STRUCT       10.750   6/22/2012     EUR    35.15
MACQUARIE STRUCT       11.000   6/22/2012     EUR    73.57
MACQUARIE STRUCT       11.000   6/22/2012     EUR    70.84
MACQUARIE STRUCT       11.000   6/22/2012     EUR    69.81
MACQUARIE STRUCT       11.000   6/22/2012     EUR    57.67
MACQUARIE STRUCT       11.500   6/22/2012     EUR    33.63
MACQUARIE STRUCT       11.500   6/22/2012     EUR    57.13
MACQUARIE STRUCT       11.500   6/22/2012     EUR    47.68
MACQUARIE STRUCT       11.750   6/22/2012     EUR    59.00
MACQUARIE STRUCT       11.750   6/22/2012     EUR    70.47
MACQUARIE STRUCT       11.750   6/22/2012     EUR    67.91
NORDDEUTSCHE L/B        7.000    6/8/2012     EUR    50.49
PRAKTIKER BAU-UN        5.875   2/10/2016     EUR    48.01
Q-CELLS                 6.750  10/21/2015     EUR     0.62
QIMONDA FINANCE         6.750   3/22/2013     USD     5.88
RENTENBANK              0.500   4/19/2017     ZAR    73.70
RENTENBANK              0.500   4/19/2017     TRY    70.89
RENTENBANK              0.500   3/15/2017     TRY    70.82
SOLARWORLD AG           6.125   1/21/2017     EUR    30.01
SOLARWORLD AG           6.375   7/13/2016     EUR    30.61
SOLON AG SOLAR          1.375   12/6/2012     EUR     1.16
TAG IMMO AG             6.500  12/10/2015     EUR     7.98
TUI AG                  5.500  11/17/2014     EUR    60.05
TUI AG                  2.750   3/24/2016     EUR    47.65
UNICREDIT BANK A        7.000   6/21/2012     EUR    46.70
VONTOBEL FIN PRO       11.764   9/28/2012     EUR    54.72
VONTOBEL FIN PRO       11.744   9/28/2012     EUR    71.42
VONTOBEL FIN PRO       11.698   9/28/2012     EUR    65.96
VONTOBEL FIN PRO       11.676   9/28/2012     EUR    44.82
VONTOBEL FIN PRO       11.676   9/28/2012     EUR    73.00
VONTOBEL FIN PRO       11.580   9/28/2012     EUR    69.32
VONTOBEL FIN PRO       11.577   9/28/2012     EUR    47.94
VONTOBEL FIN PRO       11.550   9/28/2012     EUR    65.02
VONTOBEL FIN PRO       11.533   9/28/2012     EUR    74.74
VONTOBEL FIN PRO       11.514   9/28/2012     EUR    64.02
VONTOBEL FIN PRO       11.502   9/28/2012     EUR    44.70
VONTOBEL FIN PRO       11.502   9/28/2012     EUR    42.36
VONTOBEL FIN PRO       11.497   9/28/2012     EUR    68.72
VONTOBEL FIN PRO       11.398   9/28/2012     EUR    69.76
VONTOBEL FIN PRO       11.357   9/28/2012     EUR    54.58
VONTOBEL FIN PRO       11.350   9/28/2012     EUR    68.74
VONTOBEL FIN PRO       11.297   9/28/2012     EUR    73.16
VONTOBEL FIN PRO       11.250   9/28/2012     EUR    70.96
VONTOBEL FIN PRO       11.245   9/28/2012     EUR    66.52
VONTOBEL FIN PRO       11.245   9/28/2012     EUR    72.14
VONTOBEL FIN PRO       11.241   9/28/2012     EUR    72.74
VONTOBEL FIN PRO       11.229   9/28/2012     EUR    60.66
VONTOBEL FIN PRO       11.197   9/28/2012     EUR    60.16
VONTOBEL FIN PRO       11.187   9/28/2012     EUR    56.92
VONTOBEL FIN PRO       11.145   9/28/2012     EUR    47.74
VONTOBEL FIN PRO       11.119   9/28/2012     EUR    56.50
VONTOBEL FIN PRO       11.119   9/28/2012     EUR    63.28
VONTOBEL FIN PRO       11.100   9/28/2012     EUR    73.30
VONTOBEL FIN PRO       11.100   9/28/2012     EUR    69.40
VONTOBEL FIN PRO       11.100   9/28/2012     EUR    64.26
VONTOBEL FIN PRO       11.077   9/28/2012     EUR    48.47
VONTOBEL FIN PRO       11.068   9/28/2012     EUR    66.38
VONTOBEL FIN PRO       11.035   9/28/2012     EUR    58.32
VONTOBEL FIN PRO       11.029   9/28/2012     EUR    73.94
VONTOBEL FIN PRO       11.028   9/28/2012     EUR    62.62
VONTOBEL FIN PRO       11.027   9/28/2012     EUR    66.00
VONTOBEL FIN PRO       11.017   9/28/2012     EUR    60.66
VONTOBEL FIN PRO       11.014   9/28/2012     EUR    72.06
VONTOBEL FIN PRO       10.989   9/28/2012     EUR    55.86
VONTOBEL FIN PRO       10.971   9/28/2012     EUR    61.12
VONTOBEL FIN PRO       10.915   9/28/2012     EUR    59.20
VONTOBEL FIN PRO       10.909   9/28/2012     EUR    58.58
VONTOBEL FIN PRO       10.905   9/28/2012     EUR    63.50
VONTOBEL FIN PRO       10.850   9/28/2012     EUR    58.30
VONTOBEL FIN PRO       10.830   9/28/2012     EUR    46.38
VONTOBEL FIN PRO       10.830   9/28/2012     EUR    64.38
VONTOBEL FIN PRO       10.830   9/28/2012     EUR    50.42
VONTOBEL FIN PRO       10.825   9/28/2012     EUR    64.78
VONTOBEL FIN PRO       10.755   9/28/2012     EUR    67.36
VONTOBEL FIN PRO       10.722   9/28/2012     EUR    62.98
VONTOBEL FIN PRO       10.678   9/28/2012     EUR    58.90
VONTOBEL FIN PRO       10.650   9/28/2012     EUR    74.98
VONTOBEL FIN PRO       10.600   9/28/2012     EUR    70.82
VONTOBEL FIN PRO       10.600   9/28/2012     EUR    57.16
VONTOBEL FIN PRO       10.556   9/28/2012     EUR    39.24
VONTOBEL FIN PRO       10.539   9/28/2012     EUR    50.16
VONTOBEL FIN PRO       10.494   9/28/2012     EUR    43.32
VONTOBEL FIN PRO       10.456   9/28/2012     EUR    71.07
VONTOBEL FIN PRO       10.448   9/28/2012     EUR    74.32
VONTOBEL FIN PRO       10.404   9/28/2012     EUR    71.22
VONTOBEL FIN PRO       10.366   9/28/2012     EUR    53.98
VONTOBEL FIN PRO       10.344   9/28/2012     EUR    50.10
VONTOBEL FIN PRO       10.336   9/28/2012     EUR    48.82
VONTOBEL FIN PRO       10.320   9/28/2012     EUR    66.10
VONTOBEL FIN PRO       10.286   9/28/2012     EUR    74.16
VONTOBEL FIN PRO       10.242   9/28/2012     EUR    72.24
VONTOBEL FIN PRO       10.241   9/28/2012     EUR    71.76
VONTOBEL FIN PRO       10.155   9/28/2012     EUR    66.06
VONTOBEL FIN PRO       10.123   9/28/2012     EUR    52.92
VONTOBEL FIN PRO       10.083   9/28/2012     EUR    55.66
VONTOBEL FIN PRO       10.083   9/28/2012     EUR    66.80
VONTOBEL FIN PRO       10.083   9/28/2012     EUR    73.58
VONTOBEL FIN PRO       10.070   9/28/2012     EUR    72.48
VONTOBEL FIN PRO       10.046   9/28/2012     EUR    62.28
VONTOBEL FIN PRO       10.046   9/28/2012     EUR    55.44
VONTOBEL FIN PRO       10.024   9/28/2012     EUR    74.06
VONTOBEL FIN PRO       10.014   9/28/2012     EUR    45.84
VONTOBEL FIN PRO       10.000   9/28/2012     EUR    53.56
VONTOBEL FIN PRO        9.986   9/28/2012     EUR    71.28
VONTOBEL FIN PRO        9.950   9/28/2012     EUR    51.60
VONTOBEL FIN PRO        9.926   9/28/2012     EUR    57.74
VONTOBEL FIN PRO        9.900   9/28/2012     EUR    66.42
VONTOBEL FIN PRO        9.900   9/28/2012     EUR    71.68
VONTOBEL FIN PRO        9.877   9/28/2012     EUR    50.88
VONTOBEL FIN PRO        9.860   9/28/2012     EUR    71.42
VONTOBEL FIN PRO        9.803   9/28/2012     EUR    63.72
VONTOBEL FIN PRO        9.803   9/28/2012     EUR    63.72
VONTOBEL FIN PRO        9.776   9/28/2012     EUR    59.66
VONTOBEL FIN PRO        9.730   9/28/2012     EUR    74.10
VONTOBEL FIN PRO        9.700   9/28/2012     EUR    74.62
VONTOBEL FIN PRO        9.700   9/28/2012     EUR    74.38
VONTOBEL FIN PRO        9.672   9/28/2012     EUR    52.04
VONTOBEL FIN PRO       12.761   9/28/2012     EUR    50.64
VONTOBEL FIN PRO        9.634   9/28/2012     EUR    48.82
VONTOBEL FIN PRO        9.557   9/28/2012     EUR    66.60
VONTOBEL FIN PRO        9.532   9/28/2012     EUR    69.30
VONTOBEL FIN PRO        9.523   9/28/2012     EUR    44.36
VONTOBEL FIN PRO        9.523   9/28/2012     EUR    58.96
VONTOBEL FIN PRO        9.492   9/28/2012     EUR    59.62
VONTOBEL FIN PRO        9.446   9/28/2012     EUR    74.66
VONTOBEL FIN PRO        9.411   9/28/2012     EUR    67.88
VONTOBEL FIN PRO        9.405   9/28/2012     EUR    65.08
VONTOBEL FIN PRO        9.400   9/28/2012     EUR    58.85
VONTOBEL FIN PRO        9.386   9/28/2012     EUR    63.62
VONTOBEL FIN PRO        9.350   9/28/2012     EUR    72.04
VONTOBEL FIN PRO        9.345   9/28/2012     EUR    62.04
VONTOBEL FIN PRO        9.335   9/28/2012     EUR    69.96
VONTOBEL FIN PRO        9.324   9/28/2012     EUR    67.12
VONTOBEL FIN PRO        9.284   9/28/2012     EUR    55.68
VONTOBEL FIN PRO        9.273   9/28/2012     EUR    60.88
VONTOBEL FIN PRO        9.112   9/28/2012     EUR    64.04
VONTOBEL FIN PRO        9.100   9/28/2012     EUR    72.42
VONTOBEL FIN PRO        9.099   9/28/2012     EUR    68.68
VONTOBEL FIN PRO        9.081   9/28/2012     EUR    71.54
VONTOBEL FIN PRO        9.063   9/28/2012     EUR    68.52
VONTOBEL FIN PRO        9.037   9/28/2012     EUR    52.92
VONTOBEL FIN PRO        9.037   9/28/2012     EUR    47.86
VONTOBEL FIN PRO        9.037   9/28/2012     EUR    71.38
VONTOBEL FIN PRO        9.030   9/28/2012     EUR    71.14
VONTOBEL FIN PRO        8.980   9/28/2012     EUR    68.66
VONTOBEL FIN PRO        8.937   9/28/2012     EUR    73.60
VONTOBEL FIN PRO        8.878   9/28/2012     EUR    67.00
VONTOBEL FIN PRO        8.862   9/28/2012     EUR    68.80
VONTOBEL FIN PRO        8.838   9/28/2012     EUR    73.80
VONTOBEL FIN PRO        8.786   9/28/2012     EUR    58.56
VONTOBEL FIN PRO        8.739   9/28/2012     EUR    59.78
VONTOBEL FIN PRO        8.705   9/28/2012     EUR    61.56
VONTOBEL FIN PRO        8.657   9/28/2012     EUR    64.98
VONTOBEL FIN PRO        8.626   9/28/2012     EUR    57.76
VONTOBEL FIN PRO        8.620   9/28/2012     EUR    53.28
VONTOBEL FIN PRO        8.581   9/28/2012     EUR    52.78
VONTOBEL FIN PRO        8.542   9/28/2012     EUR    64.68
VONTOBEL FIN PRO        8.529   9/28/2012     EUR    68.26
VONTOBEL FIN PRO        8.515   9/28/2012     EUR    68.50
VONTOBEL FIN PRO        8.440   9/28/2012     EUR    53.88
VONTOBEL FIN PRO        8.392   9/28/2012     EUR    74.20
VONTOBEL FIN PRO        8.308   9/28/2012     EUR    70.76
VONTOBEL FIN PRO        8.250   9/28/2012     EUR    70.44
VONTOBEL FIN PRO        8.242   9/28/2012     EUR    73.06
VONTOBEL FIN PRO        8.239   9/28/2012     EUR    70.96
VONTOBEL FIN PRO        8.232   9/28/2012     EUR    71.84
VONTOBEL FIN PRO        8.216   9/28/2012     EUR    65.98
VONTOBEL FIN PRO        8.200   9/28/2012     EUR    64.40
VONTOBEL FIN PRO        8.174   9/28/2012     EUR    54.30
VONTOBEL FIN PRO        8.121   9/28/2012     EUR    57.92
VONTOBEL FIN PRO        8.100   9/28/2012     EUR    69.20
VONTOBEL FIN PRO        8.030   9/28/2012     EUR    73.47
VONTOBEL FIN PRO        8.000   9/28/2012     EUR    73.47
VONTOBEL FIN PRO        7.950   9/28/2012     EUR    68.24
VONTOBEL FIN PRO        7.939   9/28/2012     EUR    73.45
VONTOBEL FIN PRO        7.867   9/28/2012     EUR    63.56
VONTOBEL FIN PRO        7.800   9/28/2012     EUR    73.14
VONTOBEL FIN PRO        7.788   9/28/2012     EUR    73.39
VONTOBEL FIN PRO        7.758   9/28/2012     EUR    73.54
VONTOBEL FIN PRO        7.485   9/28/2012     EUR    73.25
VONTOBEL FIN PRO        7.432   9/28/2012     EUR    55.86
VONTOBEL FIN PRO        7.427   9/28/2012     EUR    62.60
VONTOBEL FIN PRO        7.369   9/28/2012     EUR    73.66
VONTOBEL FIN PRO        7.350   9/28/2012     EUR    67.06
VONTOBEL FIN PRO        7.286   9/28/2012     EUR    70.34
VONTOBEL FIN PRO        7.061   9/28/2012     EUR    73.13
VONTOBEL FIN PRO        6.771   9/28/2012     EUR    72.12
VONTOBEL FIN PRO        5.829   9/28/2012     EUR    65.52
VONTOBEL FIN PRO       12.200   8/24/2012     EUR    70.62
VONTOBEL FIN PRO       11.050   8/24/2012     EUR    64.92
VONTOBEL FIN PRO       10.900   8/24/2012     EUR    67.02
VONTOBEL FIN PRO        8.750   8/24/2012     EUR    73.98
VONTOBEL FIN PRO        8.700   8/24/2012     EUR    72.08
VONTOBEL FIN PRO        8.550   8/24/2012     EUR    69.82
VONTOBEL FIN PRO       11.564   8/10/2012     EUR    64.90
VONTOBEL FIN PRO       11.850    8/3/2012     EUR    70.90
VONTOBEL FIN PRO        9.000    8/3/2012     EUR    73.57
VONTOBEL FIN PRO        7.600    8/3/2012     EUR    70.52
VONTOBEL FIN PRO       12.864   7/27/2012     EUR    57.50
VONTOBEL FIN PRO       11.564   7/27/2012     EUR    52.60
VONTOBEL FIN PRO       11.073   7/27/2012     EUR    72.80
VONTOBEL FIN PRO       10.559   7/27/2012     EUR    71.40
VONTOBEL FIN PRO        9.674   7/27/2012     EUR    72.06
VONTOBEL FIN PRO        8.711   7/27/2012     EUR    70.84
VONTOBEL FIN PRO        7.797   7/27/2012     EUR    70.84
VONTOBEL FIN PRO       11.665   7/20/2012     EUR    60.60
VONTOBEL FIN PRO       11.061   7/20/2012     EUR    56.90
VONTOBEL FIN PRO       10.860   7/20/2012     EUR    47.60
VONTOBEL FIN PRO       11.061   7/13/2012     EUR    57.60
VONTOBEL FIN PRO       10.860   7/13/2012     EUR    62.30
VONTOBEL FIN PRO       11.514    7/6/2012     EUR    48.40
VONTOBEL FIN PRO       10.860    7/6/2012     EUR    70.40
VONTOBEL FIN PRO       12.067   6/29/2012     EUR    52.50
VONTOBEL FIN PRO       12.067   6/29/2012     EUR    43.40
VONTOBEL FIN PRO       10.559   6/29/2012     EUR    71.10
VONTOBEL FIN PRO       28.050   6/22/2012     EUR    67.20
VONTOBEL FIN PRO       24.150   6/22/2012     EUR    66.38
VONTOBEL FIN PRO       23.300   6/22/2012     EUR    60.72
VONTOBEL FIN PRO       22.800   6/22/2012     EUR    43.80
VONTOBEL FIN PRO       21.850   6/22/2012     EUR    71.12
VONTOBEL FIN PRO       21.650   6/22/2012     EUR    74.30
VONTOBEL FIN PRO       21.456   6/22/2012     EUR    39.70
VONTOBEL FIN PRO       20.350   6/22/2012     EUR    71.94
VONTOBEL FIN PRO       20.200   6/22/2012     EUR    72.76
VONTOBEL FIN PRO       19.950   6/22/2012     EUR    69.14
VONTOBEL FIN PRO       19.350   6/22/2012     EUR    51.66
VONTOBEL FIN PRO       19.150   6/22/2012     EUR    51.76
VONTOBEL FIN PRO       18.650   6/22/2012     EUR    69.98
VONTOBEL FIN PRO       18.295   6/22/2012     EUR    38.26
VONTOBEL FIN PRO        9.650   9/28/2012     EUR    72.94
VONTOBEL FIN PRO       18.164   6/22/2012     EUR    14.44
VONTOBEL FIN PRO       18.150   6/22/2012     EUR    63.84
VONTOBEL FIN PRO       18.050   6/22/2012     EUR    72.68
VONTOBEL FIN PRO        9.101   5/18/2012     EUR    72.10
VONTOBEL FIN PRO       10.358   5/18/2012     EUR    74.30
VONTOBEL FIN PRO       10.961   5/18/2012     EUR    48.60
VONTOBEL FIN PRO       12.168   5/18/2012     EUR    30.20
VONTOBEL FIN PRO       10.056   5/25/2012     EUR    69.60
VONTOBEL FIN PRO       11.564   5/25/2012     EUR    38.00
VONTOBEL FIN PRO       10.307    6/1/2012     EUR    73.20
VONTOBEL FIN PRO       10.358    6/1/2012     EUR    54.60
VONTOBEL FIN PRO       12.369    6/1/2012     EUR    28.40
VONTOBEL FIN PRO        7.889    6/6/2012     EUR    56.50
VONTOBEL FIN PRO       10.056    6/8/2012     EUR    66.00
VONTOBEL FIN PRO       11.464    6/8/2012     EUR    61.10
VONTOBEL FIN PRO       10.358   6/15/2012     EUR    40.60
VONTOBEL FIN PRO       10.458   6/15/2012     EUR    46.20
VONTOBEL FIN PRO       11.615   6/15/2012     EUR    56.40
VONTOBEL FIN PRO        5.249   6/22/2012     EUR    72.62
VONTOBEL FIN PRO        6.135   6/22/2012     EUR    73.91
VONTOBEL FIN PRO        6.444   6/22/2012     EUR    63.48
VONTOBEL FIN PRO        6.697   6/22/2012     EUR    68.92
VONTOBEL FIN PRO        6.876   6/22/2012     EUR    52.52
VONTOBEL FIN PRO        6.948   6/22/2012     EUR    64.62
VONTOBEL FIN PRO        7.000   6/22/2012     EUR    73.14
VONTOBEL FIN PRO        7.010   6/22/2012     EUR    56.32
VONTOBEL FIN PRO       18.036   6/22/2012     EUR    42.88
VONTOBEL FIN PRO       17.950   6/22/2012     EUR    43.70
VONTOBEL FIN PRO       17.800   6/22/2012     EUR    54.48
VONTOBEL FIN PRO       17.784   6/22/2012     EUR    40.54
VONTOBEL FIN PRO       17.712   6/22/2012     EUR    14.68
VONTOBEL FIN PRO       17.500   6/22/2012     EUR    69.80
VONTOBEL FIN PRO       17.400   6/22/2012     EUR    72.14
VONTOBEL FIN PRO       17.333   6/22/2012     EUR    34.84
VONTOBEL FIN PRO       17.260   6/22/2012     EUR    14.28
VONTOBEL FIN PRO        5.100   4/14/2014     EUR    38.60
VONTOBEL FIN PRO        5.474   3/17/2014     EUR    68.20
VONTOBEL FIN PRO        7.389  11/25/2013     EUR    29.60
VONTOBEL FIN PRO        8.000   6/28/2013     EUR    68.52
VONTOBEL FIN PRO        6.000   6/28/2013     EUR    56.86
VONTOBEL FIN PRO        4.000   6/28/2013     EUR    46.54
VONTOBEL FIN PRO       20.900   3/22/2013     EUR    63.04
VONTOBEL FIN PRO       18.550   3/22/2013     EUR    72.90
VONTOBEL FIN PRO       18.500   3/22/2013     EUR    72.80
VONTOBEL FIN PRO       18.350   3/22/2013     EUR    66.78
VONTOBEL FIN PRO       17.950   3/22/2013     EUR    67.72
VONTOBEL FIN PRO       17.400   3/22/2013     EUR    57.76
VONTOBEL FIN PRO       16.850   3/22/2013     EUR    73.84
VONTOBEL FIN PRO       14.500   3/22/2013     EUR    59.70
VONTOBEL FIN PRO       14.200   3/22/2013     EUR    70.10
VONTOBEL FIN PRO       14.000   3/22/2013     EUR    70.66
VONTOBEL FIN PRO       13.200   3/22/2013     EUR    70.28
VONTOBEL FIN PRO       13.150   3/22/2013     EUR    73.20
VONTOBEL FIN PRO       12.000   3/22/2013     EUR    71.66
VONTOBEL FIN PRO       11.850   3/22/2013     EUR    62.66
VONTOBEL FIN PRO       11.150   3/22/2013     EUR    63.84
VONTOBEL FIN PRO       10.750   3/22/2013     EUR    74.14
VONTOBEL FIN PRO       10.300   3/22/2013     EUR    74.88
VONTOBEL FIN PRO        9.950   3/22/2013     EUR    73.02
VONTOBEL FIN PRO        9.750   3/22/2013     EUR    70.66
VONTOBEL FIN PRO        9.500   3/22/2013     EUR    64.26
VONTOBEL FIN PRO        8.850   3/22/2013     EUR    66.90
VONTOBEL FIN PRO        8.600   3/22/2013     EUR    71.10
VONTOBEL FIN PRO        8.550   3/22/2013     EUR    66.12
VONTOBEL FIN PRO        6.800   3/22/2013     EUR    72.40
VONTOBEL FIN PRO        6.750   3/22/2013     EUR    70.82
VONTOBEL FIN PRO       10.100    3/8/2013     EUR    65.70
VONTOBEL FIN PRO       10.930    1/2/2013     EUR    40.52
VONTOBEL FIN PRO       10.093    1/2/2013     EUR    68.29
VONTOBEL FIN PRO        9.931    1/2/2013     EUR    74.24
VONTOBEL FIN PRO        8.987    1/2/2013     EUR    32.67
VONTOBEL FIN PRO        8.393    1/2/2013     EUR    73.36
VONTOBEL FIN PRO        8.069    1/2/2013     EUR    66.87
VONTOBEL FIN PRO        8.042    1/2/2013     EUR    61.38
VONTOBEL FIN PRO       28.250  12/31/2012     EUR    52.30
VONTOBEL FIN PRO       27.600  12/31/2012     EUR    54.68
VONTOBEL FIN PRO       24.900  12/31/2012     EUR    65.02
VONTOBEL FIN PRO       24.700  12/31/2012     EUR    56.02
VONTOBEL FIN PRO       22.900  12/31/2012     EUR    72.30
VONTOBEL FIN PRO       22.600  12/31/2012     EUR    54.40
VONTOBEL FIN PRO       21.950  12/31/2012     EUR    71.74
VONTOBEL FIN PRO       21.800  12/31/2012     EUR    58.76
VONTOBEL FIN PRO       21.200  12/31/2012     EUR    66.56
VONTOBEL FIN PRO       20.650  12/31/2012     EUR    70.76
VONTOBEL FIN PRO       19.600  12/31/2012     EUR    72.58
VONTOBEL FIN PRO       18.900  12/31/2012     EUR    62.34
VONTOBEL FIN PRO       18.850  12/31/2012     EUR    61.22
VONTOBEL FIN PRO       18.750  12/31/2012     EUR    72.06
VONTOBEL FIN PRO       18.200  12/31/2012     EUR    74.50
VONTOBEL FIN PRO       18.050  12/31/2012     EUR    71.38
VONTOBEL FIN PRO       17.350  12/31/2012     EUR    73.96
VONTOBEL FIN PRO       17.100  12/31/2012     EUR    60.00
VONTOBEL FIN PRO       17.050  12/31/2012     EUR    64.02
VONTOBEL FIN PRO       16.950  12/31/2012     EUR    65.60
VONTOBEL FIN PRO       16.850  12/31/2012     EUR    51.52
VONTOBEL FIN PRO       16.750  12/31/2012     EUR    73.52
VONTOBEL FIN PRO       16.350  12/31/2012     EUR    56.32
VONTOBEL FIN PRO       16.150  12/31/2012     EUR    71.00
VONTOBEL FIN PRO       16.050  12/31/2012     EUR    74.16
VONTOBEL FIN PRO       15.850  12/31/2012     EUR    70.04
VONTOBEL FIN PRO       15.600  12/31/2012     EUR    73.76
VONTOBEL FIN PRO       15.250  12/31/2012     EUR    66.06
VONTOBEL FIN PRO       15.250  12/31/2012     EUR    66.16
VONTOBEL FIN PRO       15.150  12/31/2012     EUR    74.02
VONTOBEL FIN PRO       14.850  12/31/2012     EUR    65.92
VONTOBEL FIN PRO       14.750  12/31/2012     EUR    68.84
VONTOBEL FIN PRO       14.750  12/31/2012     EUR    59.02
VONTOBEL FIN PRO       14.700  12/31/2012     EUR    73.70
VONTOBEL FIN PRO       14.550  12/31/2012     EUR    73.74
VONTOBEL FIN PRO       14.505  12/31/2012     EUR    64.30
VONTOBEL FIN PRO       14.450  12/31/2012     EUR    74.80
VONTOBEL FIN PRO       14.300  12/31/2012     EUR    57.02
VONTOBEL FIN PRO       14.211  12/31/2012     EUR    42.52
VONTOBEL FIN PRO       14.150  12/31/2012     EUR    44.36
VONTOBEL FIN PRO       14.100  12/31/2012     EUR    70.56
VONTOBEL FIN PRO       14.000  12/31/2012     EUR    67.80
VONTOBEL FIN PRO       13.860  12/31/2012     EUR    66.74
VONTOBEL FIN PRO       13.579  12/31/2012     EUR    61.92
VONTOBEL FIN PRO       13.550  12/31/2012     EUR    74.94
VONTOBEL FIN PRO       13.550  12/31/2012     EUR    63.96
VONTOBEL FIN PRO       13.518  12/31/2012     EUR    70.14
VONTOBEL FIN PRO       13.500  12/31/2012     EUR    68.60
VONTOBEL FIN PRO       13.474  12/31/2012     EUR    71.04
VONTOBEL FIN PRO       13.411  12/31/2012     EUR    57.00
VONTOBEL FIN PRO       13.250  12/31/2012     EUR    62.32
VONTOBEL FIN PRO       13.200  12/31/2012     EUR    67.36
VONTOBEL FIN PRO       13.123  12/31/2012     EUR    23.46
VONTOBEL FIN PRO       13.050  12/31/2012     EUR    64.72
VONTOBEL FIN PRO       13.000  12/31/2012     EUR    68.80
VONTOBEL FIN PRO       12.912  12/31/2012     EUR    43.72
VONTOBEL FIN PRO       12.900  12/31/2012     EUR    59.20
VONTOBEL FIN PRO       12.877  12/31/2012     EUR    74.58
VONTOBEL FIN PRO       12.850  12/31/2012     EUR    71.66
VONTOBEL FIN PRO       12.800  12/31/2012     EUR    62.50
VONTOBEL FIN PRO       12.650  12/31/2012     EUR    63.84
VONTOBEL FIN PRO       12.650  12/31/2012     EUR    46.36
VONTOBEL FIN PRO       12.593  12/31/2012     EUR    48.32
VONTOBEL FIN PRO       12.550  12/31/2012     EUR    74.44
VONTOBEL FIN PRO       12.550  12/31/2012     EUR    69.16
VONTOBEL FIN PRO       12.501  12/31/2012     EUR    50.03
VONTOBEL FIN PRO       12.451  12/31/2012     EUR    66.98
VONTOBEL FIN PRO       12.433  12/31/2012     EUR    66.38
VONTOBEL FIN PRO       12.250  12/31/2012     EUR    64.46
VONTOBEL FIN PRO       12.246  12/31/2012     EUR    69.62
VONTOBEL FIN PRO       12.211  12/31/2012     EUR    66.02
VONTOBEL FIN PRO       12.023  12/31/2012     EUR    68.32
VONTOBEL FIN PRO       12.000  12/31/2012     EUR    62.28
VONTOBEL FIN PRO       11.950  12/31/2012     EUR    69.78
VONTOBEL FIN PRO       11.900  12/31/2012     EUR    72.42
VONTOBEL FIN PRO       11.895  12/31/2012     EUR    60.80
VONTOBEL FIN PRO       11.850  12/31/2012     EUR    65.18
VONTOBEL FIN PRO       11.790  12/31/2012     EUR    48.68
VONTOBEL FIN PRO       11.784  12/31/2012     EUR    55.67
VONTOBEL FIN PRO       11.754  12/31/2012     EUR    73.86
VONTOBEL FIN PRO       11.750  12/31/2012     EUR    72.98
VONTOBEL FIN PRO       11.700  12/31/2012     EUR    66.94
VONTOBEL FIN PRO       11.684  12/31/2012     EUR    64.04
VONTOBEL FIN PRO       11.668  12/31/2012     EUR    59.16
VONTOBEL FIN PRO       11.649  12/31/2012     EUR    45.18
VONTOBEL FIN PRO       11.476  12/31/2012     EUR    49.41
VONTOBEL FIN PRO       11.450  12/31/2012     EUR    64.08
VONTOBEL FIN PRO       11.450  12/31/2012     EUR    74.74
VONTOBEL FIN PRO       11.445  12/31/2012     EUR    59.80
VONTOBEL FIN PRO       11.404  12/31/2012     EUR    61.64
VONTOBEL FIN PRO       11.400  12/31/2012     EUR    72.86
VONTOBEL FIN PRO       11.400  12/31/2012     EUR    66.66
VONTOBEL FIN PRO       11.368  12/31/2012     EUR    74.84
VONTOBEL FIN PRO       11.348  12/31/2012     EUR    68.98
VONTOBEL FIN PRO       11.193  12/31/2012     EUR    67.30
VONTOBEL FIN PRO       11.170  12/31/2012     EUR    50.30
VONTOBEL FIN PRO       10.912  12/31/2012     EUR    72.86
VONTOBEL FIN PRO       10.912  12/31/2012     EUR    62.52
VONTOBEL FIN PRO       10.900  12/31/2012     EUR    56.48
VONTOBEL FIN PRO       10.807  12/31/2012     EUR    56.28
VONTOBEL FIN PRO       10.807  12/31/2012     EUR    23.08
VONTOBEL FIN PRO       10.800  12/31/2012     EUR    66.76
VONTOBEL FIN PRO       10.702  12/31/2012     EUR    72.26
VONTOBEL FIN PRO       10.700  12/31/2012     EUR    70.28
VONTOBEL FIN PRO       10.700  12/31/2012     EUR    70.38
VONTOBEL FIN PRO       10.621  12/31/2012     EUR    71.93
VONTOBEL FIN PRO       10.611  12/31/2012     EUR    74.28
VONTOBEL FIN PRO       10.500  12/31/2012     EUR    48.00
VONTOBEL FIN PRO       10.456  12/31/2012     EUR    63.46
VONTOBEL FIN PRO       10.421  12/31/2012     EUR    50.14
VONTOBEL FIN PRO       10.352  12/31/2012     EUR    73.78
VONTOBEL FIN PRO       10.351  12/31/2012     EUR    66.66
VONTOBEL FIN PRO       10.351  12/31/2012     EUR    66.70
VONTOBEL FIN PRO       10.281  12/31/2012     EUR    73.92
VONTOBEL FIN PRO       10.231  12/31/2012     EUR    62.46
VONTOBEL FIN PRO       10.211  12/31/2012     EUR    68.70
VONTOBEL FIN PRO       10.207  12/31/2012     EUR    60.16
VONTOBEL FIN PRO       10.200  12/31/2012     EUR    70.24
VONTOBEL FIN PRO       10.175  12/31/2012     EUR    47.14
VONTOBEL FIN PRO       10.140  12/31/2012     EUR    73.34
VONTOBEL FIN PRO       10.105  12/31/2012     EUR    64.10
VONTOBEL FIN PRO       10.100  12/31/2012     EUR    69.86
VONTOBEL FIN PRO       10.050  12/31/2012     EUR    58.92
VONTOBEL FIN PRO       10.035  12/31/2012     EUR    68.22
VONTOBEL FIN PRO        9.965  12/31/2012     EUR    66.10
VONTOBEL FIN PRO        9.950  12/31/2012     EUR    67.16
VONTOBEL FIN PRO        9.856  12/31/2012     EUR    67.52
VONTOBEL FIN PRO        9.850  12/31/2012     EUR    70.90
VONTOBEL FIN PRO        9.841  12/31/2012     EUR    52.20
VONTOBEL FIN PRO        9.825  12/31/2012     EUR    65.26
VONTOBEL FIN PRO        9.800  12/31/2012     EUR    70.92
VONTOBEL FIN PRO        9.754  12/31/2012     EUR    57.98
VONTOBEL FIN PRO        9.754  12/31/2012     EUR    47.48
VONTOBEL FIN PRO        9.700  12/31/2012     EUR    54.34
VONTOBEL FIN PRO        9.700  12/31/2012     EUR    63.56
VONTOBEL FIN PRO        9.682  12/31/2012     EUR    73.20
VONTOBEL FIN PRO        9.650  12/31/2012     EUR    74.22
VONTOBEL FIN PRO        9.649  12/31/2012     EUR    75.00
VONTOBEL FIN PRO        9.605  12/31/2012     EUR    63.16
VONTOBEL FIN PRO        9.600  12/31/2012     EUR    74.76
VONTOBEL FIN PRO        9.509  12/31/2012     EUR    65.20
VONTOBEL FIN PRO        9.400  12/31/2012     EUR    73.84
VONTOBEL FIN PRO        9.400  12/31/2012     EUR    74.34
VONTOBEL FIN PRO        9.333  12/31/2012     EUR    71.12
VONTOBEL FIN PRO        9.300  12/31/2012     EUR    70.38
VONTOBEL FIN PRO        9.250  12/31/2012     EUR    53.90
VONTOBEL FIN PRO        9.193  12/31/2012     EUR    48.04
VONTOBEL FIN PRO        9.188  12/31/2012     EUR    74.77
VONTOBEL FIN PRO        9.150  12/31/2012     EUR    69.78
VONTOBEL FIN PRO        9.123  12/31/2012     EUR    51.92
VONTOBEL FIN PRO        9.123  12/31/2012     EUR    69.52
VONTOBEL FIN PRO        8.950  12/31/2012     EUR    69.20
VONTOBEL FIN PRO        8.950  12/31/2012     EUR    56.86
VONTOBEL FIN PRO        8.912  12/31/2012     EUR    66.34
VONTOBEL FIN PRO        8.900  12/31/2012     EUR    72.40
VONTOBEL FIN PRO        8.895  12/31/2012     EUR    63.68
VONTOBEL FIN PRO        8.877  12/31/2012     EUR    60.74
VONTOBEL FIN PRO        8.842  12/31/2012     EUR    69.82
VONTOBEL FIN PRO        8.737  12/31/2012     EUR    67.30
VONTOBEL FIN PRO        8.737  12/31/2012     EUR    59.90
VONTOBEL FIN PRO        8.702  12/31/2012     EUR    68.10
VONTOBEL FIN PRO        8.650  12/31/2012     EUR    69.32
VONTOBEL FIN PRO        8.526  12/31/2012     EUR    22.90
VONTOBEL FIN PRO        8.334  12/31/2012     EUR    74.72
VONTOBEL FIN PRO        8.316  12/31/2012     EUR    72.82
VONTOBEL FIN PRO        8.300  12/31/2012     EUR    50.68
VONTOBEL FIN PRO        8.246  12/31/2012     EUR    49.06
VONTOBEL FIN PRO        8.230  12/31/2012     EUR    55.74
VONTOBEL FIN PRO        8.200  12/31/2012     EUR    74.72
VONTOBEL FIN PRO        8.163  12/31/2012     EUR    58.68
VONTOBEL FIN PRO        8.050  12/31/2012     EUR    62.40
VONTOBEL FIN PRO        8.039  12/31/2012     EUR    70.98
VONTOBEL FIN PRO        8.019  12/31/2012     EUR    68.24
VONTOBEL FIN PRO        7.850  12/31/2012     EUR    71.46
VONTOBEL FIN PRO        7.754  12/31/2012     EUR    71.64
VONTOBEL FIN PRO        7.719  12/31/2012     EUR    69.60
VONTOBEL FIN PRO        7.509  12/31/2012     EUR    70.32
VONTOBEL FIN PRO        7.494  12/31/2012     EUR    65.98
VONTOBEL FIN PRO        7.400  12/31/2012     EUR    62.34
VONTOBEL FIN PRO        7.368  12/31/2012     EUR    72.82
VONTOBEL FIN PRO        7.368  12/31/2012     EUR    74.66
VONTOBEL FIN PRO        7.241  12/31/2012     EUR    74.04
VONTOBEL FIN PRO        7.150  12/31/2012     EUR    71.48
VONTOBEL FIN PRO        7.050  12/31/2012     EUR    70.18
VONTOBEL FIN PRO        6.421  12/31/2012     EUR    72.82
VONTOBEL FIN PRO        6.175  12/31/2012     EUR    66.92
VONTOBEL FIN PRO        5.006  12/28/2012     EUR    52.42
VONTOBEL FIN PRO       11.500  12/14/2012     EUR     7.05
VONTOBEL FIN PRO       28.900   9/28/2012     EUR    52.98
VONTOBEL FIN PRO       28.700   9/28/2012     EUR    61.34
VONTOBEL FIN PRO       28.350   9/28/2012     EUR    69.52
VONTOBEL FIN PRO       27.550   9/28/2012     EUR    52.44
VONTOBEL FIN PRO       26.650   9/28/2012     EUR    68.94
VONTOBEL FIN PRO       25.700   9/28/2012     EUR    58.50
VONTOBEL FIN PRO       25.200   9/28/2012     EUR    55.54
VONTOBEL FIN PRO       24.450   9/28/2012     EUR    73.96
VONTOBEL FIN PRO       24.250   9/28/2012     EUR    73.90
VONTOBEL FIN PRO       23.450   9/28/2012     EUR    70.16
VONTOBEL FIN PRO       23.300   9/28/2012     EUR    72.84
VONTOBEL FIN PRO       22.050   9/28/2012     EUR    54.40
VONTOBEL FIN PRO       21.550   9/28/2012     EUR    59.84
VONTOBEL FIN PRO       21.500   9/28/2012     EUR    58.78
VONTOBEL FIN PRO       21.350   9/28/2012     EUR    69.98
VONTOBEL FIN PRO       20.950   9/28/2012     EUR    58.48
VONTOBEL FIN PRO       20.750   9/28/2012     EUR    69.90
VONTOBEL FIN PRO       20.400   9/28/2012     EUR    56.92
VONTOBEL FIN PRO       20.000   9/28/2012     EUR    71.14
VONTOBEL FIN PRO       19.250   9/28/2012     EUR    62.10
VONTOBEL FIN PRO       19.000   9/28/2012     EUR    53.64
VONTOBEL FIN PRO       18.900   9/28/2012     EUR    74.32
VONTOBEL FIN PRO       18.800   9/28/2012     EUR    59.84
VONTOBEL FIN PRO       18.250   9/28/2012     EUR    75.00
VONTOBEL FIN PRO       18.100   9/28/2012     EUR    64.32
VONTOBEL FIN PRO       17.100   9/28/2012     EUR    64.74
VONTOBEL FIN PRO       17.000   9/28/2012     EUR    42.86
VONTOBEL FIN PRO       16.900   9/28/2012     EUR    71.40
VONTOBEL FIN PRO       16.850   9/28/2012     EUR    73.40
VONTOBEL FIN PRO       16.850   9/28/2012     EUR    61.96
VONTOBEL FIN PRO       16.850   9/28/2012     EUR    68.36
VONTOBEL FIN PRO       16.437   9/28/2012     EUR    72.26
VONTOBEL FIN PRO       16.400   9/28/2012     EUR    72.30
VONTOBEL FIN PRO       16.350   9/28/2012     EUR    66.90
VONTOBEL FIN PRO       16.337   9/28/2012     EUR    60.84
VONTOBEL FIN PRO       16.200   9/28/2012     EUR    72.28
VONTOBEL FIN PRO       16.200   9/28/2012     EUR    65.34
VONTOBEL FIN PRO       16.183   9/28/2012     EUR    42.40
VONTOBEL FIN PRO       16.050   9/28/2012     EUR    73.98
VONTOBEL FIN PRO       16.000   9/28/2012     EUR    55.92
VONTOBEL FIN PRO       15.700   9/28/2012     EUR    62.60
VONTOBEL FIN PRO       15.200   9/28/2012     EUR    69.60
VONTOBEL FIN PRO       15.169   9/28/2012     EUR    72.40
VONTOBEL FIN PRO       15.150   9/28/2012     EUR    73.14
VONTOBEL FIN PRO       15.000   9/28/2012     EUR    74.00
VONTOBEL FIN PRO       15.000   9/28/2012     EUR    64.82
VONTOBEL FIN PRO       14.957   9/28/2012     EUR    60.62
VONTOBEL FIN PRO       14.950   9/28/2012     EUR    67.74
VONTOBEL FIN PRO       14.906   9/28/2012     EUR    53.50
VONTOBEL FIN PRO       14.900   9/28/2012     EUR    57.52
VONTOBEL FIN PRO       14.895   9/28/2012     EUR    64.08
VONTOBEL FIN PRO       14.853   9/28/2012     EUR    50.36
VONTOBEL FIN PRO       14.786   9/28/2012     EUR    69.80
VONTOBEL FIN PRO       14.600   9/28/2012     EUR    55.44
VONTOBEL FIN PRO       14.550   9/28/2012     EUR    63.16
VONTOBEL FIN PRO       14.500   9/28/2012     EUR    64.76
VONTOBEL FIN PRO       14.303   9/28/2012     EUR    60.90
VONTOBEL FIN PRO       14.300   9/28/2012     EUR    67.10
VONTOBEL FIN PRO       14.209   9/28/2012     EUR    54.48
VONTOBEL FIN PRO       14.200   9/28/2012     EUR    59.70
VONTOBEL FIN PRO       14.191   9/28/2012     EUR    42.24
VONTOBEL FIN PRO       14.154   9/28/2012     EUR    44.44
VONTOBEL FIN PRO       14.150   9/28/2012     EUR    73.14
VONTOBEL FIN PRO       14.150   9/28/2012     EUR    44.10
VONTOBEL FIN PRO       13.950   9/28/2012     EUR    54.72
VONTOBEL FIN PRO       13.469   9/28/2012     EUR    49.39
VONTOBEL FIN PRO       13.352   9/28/2012     EUR    36.46
VONTOBEL FIN PRO       13.259   9/28/2012     EUR    42.42
VONTOBEL FIN PRO       13.257   9/28/2012     EUR    43.30
VONTOBEL FIN PRO       13.150   9/28/2012     EUR    61.98
VONTOBEL FIN PRO       13.135   9/28/2012     EUR    52.76
VONTOBEL FIN PRO       13.100   9/28/2012     EUR    67.68
VONTOBEL FIN PRO       13.071   9/28/2012     EUR    57.72
VONTOBEL FIN PRO       13.029   9/28/2012     EUR    73.40
VONTOBEL FIN PRO       12.965   9/28/2012     EUR    60.00
VONTOBEL FIN PRO       12.943   9/28/2012     EUR    68.18
VONTOBEL FIN PRO       12.943   9/28/2012     EUR    63.30
VONTOBEL FIN PRO       12.857   9/28/2012     EUR    66.78
VONTOBEL FIN PRO       12.857   9/28/2012     EUR    54.38
VONTOBEL FIN PRO       12.847   9/28/2012     EUR    46.08
VONTOBEL FIN PRO       12.847   9/28/2012     EUR    69.10
VONTOBEL FIN PRO       12.800   9/28/2012     EUR    67.92
VONTOBEL FIN PRO       12.770   9/28/2012     EUR    55.98
VONTOBEL FIN PRO       12.676   9/28/2012     EUR    60.28
VONTOBEL FIN PRO       12.471   9/28/2012     EUR    58.66
VONTOBEL FIN PRO       12.436   9/28/2012     EUR    63.88
VONTOBEL FIN PRO       12.398   9/28/2012     EUR    52.30
VONTOBEL FIN PRO       12.398   9/28/2012     EUR    61.28
VONTOBEL FIN PRO       12.350   9/28/2012     EUR    47.36
VONTOBEL FIN PRO       12.350   9/28/2012     EUR    55.88
VONTOBEL FIN PRO       12.168   9/28/2012     EUR    70.61
VONTOBEL FIN PRO       12.131   9/28/2012     EUR    54.18
VONTOBEL FIN PRO       12.086   9/28/2012     EUR    70.32
VONTOBEL FIN PRO       12.067   9/28/2012     EUR    46.80
VONTOBEL FIN PRO       12.056   9/28/2012     EUR    47.40
VONTOBEL FIN PRO       12.050   9/28/2012     EUR    72.40
VONTOBEL FIN PRO       12.014   9/28/2012     EUR    74.64
VONTOBEL FIN PRO       11.950   9/28/2012     EUR    68.48
VONTOBEL FIN PRO       11.895   9/28/2012     EUR    37.72
VONTOBEL FIN PRO       11.816   9/28/2012     EUR    63.82
VONTOBEL FIN PRO       11.797   9/28/2012     EUR    50.67
VONTOBEL FIN PRO       11.790   9/28/2012     EUR    44.44
VONTOBEL FIN PRO       18.289   6/22/2012     EUR    14.16
VONTOBEL FIN PRO       11.019   6/22/2012     EUR    49.08
VONTOBEL FIN PRO       11.014   6/22/2012     EUR    66.75
VONTOBEL FIN PRO       10.982   6/22/2012     EUR    70.60
VONTOBEL FIN PRO       10.980   6/22/2012     EUR    61.52
VONTOBEL FIN PRO       10.970   6/22/2012     EUR    66.82
VONTOBEL FIN PRO       10.955   6/22/2012     EUR    59.66
VONTOBEL FIN PRO       10.953   6/22/2012     EUR    68.42
VONTOBEL FIN PRO       10.925   6/22/2012     EUR    47.48
VONTOBEL FIN PRO       10.925   6/22/2012     EUR    64.10
VONTOBEL FIN PRO       10.925   6/22/2012     EUR    44.64
VONTOBEL FIN PRO       10.920   6/22/2012     EUR    32.30
VONTOBEL FIN PRO       10.920   6/22/2012     EUR    70.42
VONTOBEL FIN PRO       10.918   6/22/2012     EUR    67.10
VONTOBEL FIN PRO       10.912   6/22/2012     EUR    68.71
VONTOBEL FIN PRO       10.909   6/22/2012     EUR    35.50
VONTOBEL FIN PRO       10.890   6/22/2012     EUR    70.55
VONTOBEL FIN PRO       10.402   6/22/2012     EUR    47.46
VONTOBEL FIN PRO       10.405   6/22/2012     EUR    70.08
VONTOBEL FIN PRO       10.890   6/22/2012     EUR    70.88
VONTOBEL FIN PRO       10.415   6/22/2012     EUR    63.91
VONTOBEL FIN PRO       10.438   6/22/2012     EUR    59.96
VONTOBEL FIN PRO       10.439   6/22/2012     EUR    40.66
VONTOBEL FIN PRO       10.440   6/22/2012     EUR    58.72
VONTOBEL FIN PRO       10.458   6/22/2012     EUR    57.70
VONTOBEL FIN PRO       10.476   6/22/2012     EUR    23.42
VONTOBEL FIN PRO       10.878   6/22/2012     EUR    59.12
VONTOBEL FIN PRO       10.867   6/22/2012     EUR    73.28
VONTOBEL FIN PRO       10.850   6/22/2012     EUR    69.38
VONTOBEL FIN PRO       10.478   6/22/2012     EUR    63.18
VONTOBEL FIN PRO       10.479   6/22/2012     EUR    67.08
VONTOBEL FIN PRO       10.484   6/22/2012     EUR    74.06
VONTOBEL FIN PRO       10.847   6/22/2012     EUR    51.32
VONTOBEL FIN PRO       10.837   6/22/2012     EUR    68.72
VONTOBEL FIN PRO       10.833   6/22/2012     EUR    44.28
VONTOBEL FIN PRO       10.833   6/22/2012     EUR    67.36
VONTOBEL FIN PRO       10.821   6/22/2012     EUR    70.14
VONTOBEL FIN PRO       10.819   6/22/2012     EUR    70.12
VONTOBEL FIN PRO       10.818   6/22/2012     EUR    70.22
VONTOBEL FIN PRO       10.800   6/22/2012     EUR    36.58
VONTOBEL FIN PRO       10.791   6/22/2012     EUR    66.62
VONTOBEL FIN PRO       10.789   6/22/2012     EUR    71.62
VONTOBEL FIN PRO       10.781   6/22/2012     EUR    64.00
VONTOBEL FIN PRO       10.486   6/22/2012     EUR    37.58
VONTOBEL FIN PRO       10.779   6/22/2012     EUR    50.74
VONTOBEL FIN PRO       10.761   6/22/2012     EUR    72.82
VONTOBEL FIN PRO       10.761   6/22/2012     EUR    55.88
VONTOBEL FIN PRO       10.760   6/22/2012     EUR    62.76
VONTOBEL FIN PRO       10.759   6/22/2012     EUR    62.59
VONTOBEL FIN PRO       10.757   6/22/2012     EUR    43.88
VONTOBEL FIN PRO       10.490   6/22/2012     EUR    44.22
VONTOBEL FIN PRO       10.492   6/22/2012     EUR    73.74
VONTOBEL FIN PRO       10.500   6/22/2012     EUR    43.26
VONTOBEL FIN PRO       10.500   6/22/2012     EUR    72.44
VONTOBEL FIN PRO       10.520   6/22/2012     EUR    33.46
VONTOBEL FIN PRO       10.757   6/22/2012     EUR    70.46
VONTOBEL FIN PRO       10.755   6/22/2012     EUR    70.52
VONTOBEL FIN PRO       10.726   6/22/2012     EUR    40.24
VONTOBEL FIN PRO       10.724   6/22/2012     EUR    44.64
VONTOBEL FIN PRO       10.720   6/22/2012     EUR    71.34
VONTOBEL FIN PRO       10.703   6/22/2012     EUR    63.22
VONTOBEL FIN PRO       10.702   6/22/2012     EUR    74.52
VONTOBEL FIN PRO       10.697   6/22/2012     EUR    69.16
VONTOBEL FIN PRO       10.679   6/22/2012     EUR    73.88
VONTOBEL FIN PRO       10.668   6/22/2012     EUR    64.16
VONTOBEL FIN PRO       10.660   6/22/2012     EUR    41.28
VONTOBEL FIN PRO       10.642   6/22/2012     EUR    52.53
VONTOBEL FIN PRO       10.620   6/22/2012     EUR    54.86
VONTOBEL FIN PRO       10.612   6/22/2012     EUR    62.60
VONTOBEL FIN PRO       10.611   6/22/2012     EUR    70.40
VONTOBEL FIN PRO       10.607   6/22/2012     EUR    41.62
VONTOBEL FIN PRO       10.577   6/22/2012     EUR    52.86
VONTOBEL FIN PRO       10.571   6/22/2012     EUR    70.96
VONTOBEL FIN PRO       10.567   6/22/2012     EUR    53.02
VONTOBEL FIN PRO       10.556   6/22/2012     EUR    66.50
VONTOBEL FIN PRO       10.548   6/22/2012     EUR    46.74
VONTOBEL FIN PRO       10.528   6/22/2012     EUR    56.75
VONTOBEL FIN PRO        7.094   6/22/2012     EUR    50.12
VONTOBEL FIN PRO        7.101   6/22/2012     EUR    38.94
VONTOBEL FIN PRO        7.150   6/22/2012     EUR    70.20
VONTOBEL FIN PRO        7.150   6/22/2012     EUR    73.60
VONTOBEL FIN PRO        7.156   6/22/2012     EUR    61.38
VONTOBEL FIN PRO        7.184   6/22/2012     EUR    74.86
VONTOBEL FIN PRO        7.200   6/22/2012     EUR    61.40
VONTOBEL FIN PRO        7.228   6/22/2012     EUR    63.18
VONTOBEL FIN PRO        7.231   6/22/2012     EUR    65.82
VONTOBEL FIN PRO        7.236   6/22/2012     EUR    45.24
VONTOBEL FIN PRO        7.299   6/22/2012     EUR    69.28
VONTOBEL FIN PRO        7.299   6/22/2012     EUR    66.74
VONTOBEL FIN PRO        7.337   6/22/2012     EUR    71.81
VONTOBEL FIN PRO        7.354   6/22/2012     EUR    74.01
VONTOBEL FIN PRO        7.362   6/22/2012     EUR    64.78
VONTOBEL FIN PRO        7.370   6/22/2012     EUR    62.92
VONTOBEL FIN PRO        7.416   6/22/2012     EUR    70.34
VONTOBEL FIN PRO        7.471   6/22/2012     EUR    72.92
VONTOBEL FIN PRO        7.473   6/22/2012     EUR    50.70
VONTOBEL FIN PRO        7.488   6/22/2012     EUR    59.24
VONTOBEL FIN PRO        7.500   6/22/2012     EUR    52.00
VONTOBEL FIN PRO        7.509   6/22/2012     EUR    46.24
VONTOBEL FIN PRO        7.562   6/22/2012     EUR    57.32
VONTOBEL FIN PRO        7.600   6/22/2012     EUR    68.88
VONTOBEL FIN PRO        7.622   6/22/2012     EUR    73.18
VONTOBEL FIN PRO        7.689   6/22/2012     EUR    73.76
VONTOBEL FIN PRO        7.700   6/22/2012     EUR    65.44
VONTOBEL FIN PRO        7.720   6/22/2012     EUR    64.68
VONTOBEL FIN PRO        7.754   6/22/2012     EUR    49.32
VONTOBEL FIN PRO        7.795   6/22/2012     EUR    62.70
VONTOBEL FIN PRO        7.812   6/22/2012     EUR    62.44
VONTOBEL FIN PRO        7.833   6/22/2012     EUR    69.26
VONTOBEL FIN PRO        7.855   6/22/2012     EUR    58.02
VONTOBEL FIN PRO        7.942   6/22/2012     EUR    50.52
VONTOBEL FIN PRO        7.956   6/22/2012     EUR    70.00
VONTOBEL FIN PRO        7.974   6/22/2012     EUR    48.28
VONTOBEL FIN PRO        7.974   6/22/2012     EUR    32.06
VONTOBEL FIN PRO        7.988   6/22/2012     EUR    71.87
VONTOBEL FIN PRO        7.996   6/22/2012     EUR    57.46
VONTOBEL FIN PRO        8.013   6/22/2012     EUR    45.72
VONTOBEL FIN PRO        8.014   6/22/2012     EUR    59.76
VONTOBEL FIN PRO        8.015   6/22/2012     EUR    57.56
VONTOBEL FIN PRO        8.031   6/22/2012     EUR    65.16
VONTOBEL FIN PRO        8.038   6/22/2012     EUR    63.71
VONTOBEL FIN PRO        8.052   6/22/2012     EUR    68.96
VONTOBEL FIN PRO        8.068   6/22/2012     EUR    50.16
VONTOBEL FIN PRO        8.092   6/22/2012     EUR    71.14
VONTOBEL FIN PRO        8.108   6/22/2012     EUR    61.54
VONTOBEL FIN PRO        8.113   6/22/2012     EUR    69.22
VONTOBEL FIN PRO        8.113   6/22/2012     EUR    59.20
VONTOBEL FIN PRO        8.135   6/22/2012     EUR    56.16
VONTOBEL FIN PRO        8.152   6/22/2012     EUR    57.48
VONTOBEL FIN PRO        8.169   6/22/2012     EUR    73.72
VONTOBEL FIN PRO        8.177   6/22/2012     EUR    70.80
VONTOBEL FIN PRO        8.185   6/22/2012     EUR    44.46
VONTOBEL FIN PRO        8.189   6/22/2012     EUR    32.08
VONTOBEL FIN PRO        8.189   6/22/2012     EUR    56.98
VONTOBEL FIN PRO        8.229   6/22/2012     EUR    58.70
VONTOBEL FIN PRO        8.264   6/22/2012     EUR    58.24
VONTOBEL FIN PRO        8.267   6/22/2012     EUR    58.34
VONTOBEL FIN PRO        8.278   6/22/2012     EUR    59.68
VONTOBEL FIN PRO        8.284   6/22/2012     EUR    46.38
VONTOBEL FIN PRO        8.302   6/22/2012     EUR    50.08
VONTOBEL FIN PRO        8.302   6/22/2012     EUR    71.91
VONTOBEL FIN PRO        8.327   6/22/2012     EUR    53.96
VONTOBEL FIN PRO        8.328   6/22/2012     EUR    70.24
VONTOBEL FIN PRO        8.340   6/22/2012     EUR    55.32
VONTOBEL FIN PRO        8.340   6/22/2012     EUR    16.52
VONTOBEL FIN PRO        8.347   6/22/2012     EUR    68.14
VONTOBEL FIN PRO        8.347   6/22/2012     EUR    48.60
VONTOBEL FIN PRO        8.347   6/22/2012     EUR    57.08
VONTOBEL FIN PRO        8.369   6/22/2012     EUR    72.82
VONTOBEL FIN PRO        8.377   6/22/2012     EUR    70.38
VONTOBEL FIN PRO        8.377   6/22/2012     EUR    43.38
VONTOBEL FIN PRO        8.378   6/22/2012     EUR    70.04
VONTOBEL FIN PRO        8.404   6/22/2012     EUR    63.28
VONTOBEL FIN PRO        8.407   6/22/2012     EUR    35.32
VONTOBEL FIN PRO        8.408   6/22/2012     EUR    71.86
VONTOBEL FIN PRO        8.422   6/22/2012     EUR    71.91
VONTOBEL FIN PRO        8.433   6/22/2012     EUR    62.58
VONTOBEL FIN PRO        8.455   6/22/2012     EUR    68.88
VONTOBEL FIN PRO        8.460   6/22/2012     EUR    48.34
VONTOBEL FIN PRO        8.466   6/22/2012     EUR    64.32
VONTOBEL FIN PRO        8.466   6/22/2012     EUR    36.70
VONTOBEL FIN PRO        8.487   6/22/2012     EUR    57.44
VONTOBEL FIN PRO        8.491   6/22/2012     EUR    48.66
VONTOBEL FIN PRO        8.491   6/22/2012     EUR    43.86
VONTOBEL FIN PRO       17.189   6/22/2012     EUR    61.02
VONTOBEL FIN PRO       17.150   6/22/2012     EUR    69.70
VONTOBEL FIN PRO       16.900   6/22/2012     EUR    60.26
VONTOBEL FIN PRO       16.864   6/22/2012     EUR    49.66
VONTOBEL FIN PRO       16.850   6/22/2012     EUR    60.40
VONTOBEL FIN PRO       16.833   6/22/2012     EUR    57.44
VONTOBEL FIN PRO       16.746   6/22/2012     EUR    17.56
VONTOBEL FIN PRO        8.495   6/22/2012     EUR    68.22
VONTOBEL FIN PRO        8.496   6/22/2012     EUR    67.10
VONTOBEL FIN PRO       16.667   6/22/2012     EUR    19.64
VONTOBEL FIN PRO       16.611   6/22/2012     EUR    62.16
VONTOBEL FIN PRO        8.500   6/22/2012     EUR    71.18
VONTOBEL FIN PRO        8.501   6/22/2012     EUR    74.65
VONTOBEL FIN PRO       16.600   6/22/2012     EUR    56.14
VONTOBEL FIN PRO       16.600   6/22/2012     EUR    74.36
VONTOBEL FIN PRO       16.595   6/22/2012     EUR    46.36
VONTOBEL FIN PRO       16.497   6/22/2012     EUR    18.50
VONTOBEL FIN PRO       16.488   6/22/2012     EUR    19.58
VONTOBEL FIN PRO        8.525   6/22/2012     EUR    52.70
VONTOBEL FIN PRO        8.528   6/22/2012     EUR    61.60
VONTOBEL FIN PRO        8.528   6/22/2012     EUR    57.74
VONTOBEL FIN PRO       16.389   6/22/2012     EUR    67.26
VONTOBEL FIN PRO       16.250   6/22/2012     EUR    69.78
VONTOBEL FIN PRO       16.156   6/22/2012     EUR    53.08
VONTOBEL FIN PRO        8.550   6/22/2012     EUR    68.58
VONTOBEL FIN PRO        8.566   6/22/2012     EUR    62.90
VONTOBEL FIN PRO        8.581   6/22/2012     EUR    56.44
VONTOBEL FIN PRO        8.597   6/22/2012     EUR    54.90
VONTOBEL FIN PRO        8.605   6/22/2012     EUR    73.52
VONTOBEL FIN PRO        8.640   6/22/2012     EUR    25.08
VONTOBEL FIN PRO        8.642   6/22/2012     EUR    45.65
VONTOBEL FIN PRO        8.667   6/22/2012     EUR    69.62
VONTOBEL FIN PRO        8.667   6/22/2012     EUR    57.02
VONTOBEL FIN PRO        8.676   6/22/2012     EUR    60.00
VONTOBEL FIN PRO        8.676   6/22/2012     EUR    71.92
VONTOBEL FIN PRO        8.679   6/22/2012     EUR    50.62
VONTOBEL FIN PRO        8.679   6/22/2012     EUR    62.66
VONTOBEL FIN PRO        8.681   6/22/2012     EUR    64.02
VONTOBEL FIN PRO        8.690   6/22/2012     EUR    47.62
VONTOBEL FIN PRO        8.701   6/22/2012     EUR    35.44
VONTOBEL FIN PRO        8.701   6/22/2012     EUR    74.78
VONTOBEL FIN PRO        8.711   6/22/2012     EUR    71.93
VONTOBEL FIN PRO        8.720   6/22/2012     EUR    60.40
VONTOBEL FIN PRO        8.727   6/22/2012     EUR    66.38
VONTOBEL FIN PRO        8.747   6/22/2012     EUR    69.74
VONTOBEL FIN PRO        8.753   6/22/2012     EUR    64.62
VONTOBEL FIN PRO        8.755   6/22/2012     EUR    40.84
VONTOBEL FIN PRO        8.755   6/22/2012     EUR    57.62
VONTOBEL FIN PRO        8.755   6/22/2012     EUR    60.94
VONTOBEL FIN PRO        8.757   6/22/2012     EUR    57.85
VONTOBEL FIN PRO        8.774   6/22/2012     EUR    68.58
VONTOBEL FIN PRO        8.779   6/22/2012     EUR    73.90
VONTOBEL FIN PRO        8.793   6/22/2012     EUR    56.80
VONTOBEL FIN PRO        8.795   6/22/2012     EUR    45.74
VONTOBEL FIN PRO        8.795   6/22/2012     EUR    63.42
VONTOBEL FIN PRO        8.795   6/22/2012     EUR    52.24
VONTOBEL FIN PRO        8.800   6/22/2012     EUR    71.02
VONTOBEL FIN PRO        8.802   6/22/2012     EUR    70.80
VONTOBEL FIN PRO        8.806   6/22/2012     EUR    64.00
VONTOBEL FIN PRO        8.806   6/22/2012     EUR    50.44
VONTOBEL FIN PRO        8.819   6/22/2012     EUR    71.93
VONTOBEL FIN PRO        8.830   6/22/2012     EUR    59.24
VONTOBEL FIN PRO        8.835   6/22/2012     EUR    53.16
VONTOBEL FIN PRO        8.845   6/22/2012     EUR    65.68
VONTOBEL FIN PRO        8.855   6/22/2012     EUR    71.93
VONTOBEL FIN PRO        8.872   6/22/2012     EUR    70.48
VONTOBEL FIN PRO        8.875   6/22/2012     EUR    56.82
VONTOBEL FIN PRO        8.877   6/22/2012     EUR    56.14
VONTOBEL FIN PRO        8.889   6/22/2012     EUR    73.92
VONTOBEL FIN PRO        8.889   6/22/2012     EUR    46.18
VONTOBEL FIN PRO        8.891   6/22/2012     EUR    50.92
VONTOBEL FIN PRO        8.892   6/22/2012     EUR    49.48
VONTOBEL FIN PRO        8.900   6/22/2012     EUR    50.52
VONTOBEL FIN PRO        8.906   6/22/2012     EUR    44.66
VONTOBEL FIN PRO        8.920   6/22/2012     EUR    66.74
VONTOBEL FIN PRO        8.943   6/22/2012     EUR    60.38
VONTOBEL FIN PRO        8.944   6/22/2012     EUR    69.02
VONTOBEL FIN PRO        8.960   6/22/2012     EUR    74.14
VONTOBEL FIN PRO        8.982   6/22/2012     EUR    69.98
VONTOBEL FIN PRO        9.019   6/22/2012     EUR    46.44
VONTOBEL FIN PRO        9.025   6/22/2012     EUR    65.78
VONTOBEL FIN PRO        9.026   6/22/2012     EUR    66.66
VONTOBEL FIN PRO        9.071   6/22/2012     EUR    62.88
VONTOBEL FIN PRO        9.072   6/22/2012     EUR    41.14
VONTOBEL FIN PRO        9.072   6/22/2012     EUR    58.48
VONTOBEL FIN PRO        9.072   6/22/2012     EUR    71.36
VONTOBEL FIN PRO        9.074   6/22/2012     EUR    72.28
VONTOBEL FIN PRO        9.075   6/22/2012     EUR    74.40
VONTOBEL FIN PRO        9.080   6/22/2012     EUR    67.74
VONTOBEL FIN PRO        9.094   6/22/2012     EUR    67.85
VONTOBEL FIN PRO        9.097   6/22/2012     EUR    69.76
VONTOBEL FIN PRO        9.125   6/22/2012     EUR    69.04
VONTOBEL FIN PRO        9.133   6/22/2012     EUR    70.62
VONTOBEL FIN PRO        9.134   6/22/2012     EUR    65.56
VONTOBEL FIN PRO        9.139   6/22/2012     EUR    72.36
VONTOBEL FIN PRO        9.140   6/22/2012     EUR    74.68
VONTOBEL FIN PRO        9.142   6/22/2012     EUR    58.60
VONTOBEL FIN PRO        9.162   6/22/2012     EUR    60.84
VONTOBEL FIN PRO        9.170   6/22/2012     EUR    72.76
VONTOBEL FIN PRO        9.180   6/22/2012     EUR    59.46
VONTOBEL FIN PRO        9.208   6/22/2012     EUR    37.12
VONTOBEL FIN PRO        9.220   6/22/2012     EUR    71.78
VONTOBEL FIN PRO        9.234   6/22/2012     EUR    74.90
VONTOBEL FIN PRO        9.250   6/22/2012     EUR    72.96
VONTOBEL FIN PRO        9.250   6/22/2012     EUR    51.94
VONTOBEL FIN PRO        9.259   6/22/2012     EUR    64.92
VONTOBEL FIN PRO        9.274   6/22/2012     EUR    55.52
VONTOBEL FIN PRO        9.283   6/22/2012     EUR    35.24
VONTOBEL FIN PRO        9.290   6/22/2012     EUR    53.80
VONTOBEL FIN PRO        9.292   6/22/2012     EUR    44.56
VONTOBEL FIN PRO        9.295   6/22/2012     EUR    74.64
VONTOBEL FIN PRO        9.309   6/22/2012     EUR    74.69
VONTOBEL FIN PRO        9.316   6/22/2012     EUR    45.38
VONTOBEL FIN PRO        9.332   6/22/2012     EUR    60.72
VONTOBEL FIN PRO        9.333   6/22/2012     EUR    63.20
VONTOBEL FIN PRO        9.333   6/22/2012     EUR    66.12
VONTOBEL FIN PRO        9.373   6/22/2012     EUR    38.75
VONTOBEL FIN PRO        9.376   6/22/2012     EUR    72.32
VONTOBEL FIN PRO        9.389   6/22/2012     EUR    45.80
VONTOBEL FIN PRO        9.396   6/22/2012     EUR    61.66
VONTOBEL FIN PRO        9.405   6/22/2012     EUR    64.00
VONTOBEL FIN PRO        9.411   6/22/2012     EUR    57.46
VONTOBEL FIN PRO        9.414   6/22/2012     EUR    48.82
VONTOBEL FIN PRO        9.443   6/22/2012     EUR    69.38
VONTOBEL FIN PRO        9.448   6/22/2012     EUR    65.92
VONTOBEL FIN PRO        9.454   6/22/2012     EUR    38.14
VONTOBEL FIN PRO        9.461   6/22/2012     EUR    62.52
VONTOBEL FIN PRO        9.466   6/22/2012     EUR    53.30
VONTOBEL FIN PRO        9.472   6/22/2012     EUR    63.62
VONTOBEL FIN PRO        9.472   6/22/2012     EUR    28.49
VONTOBEL FIN PRO        9.493   6/22/2012     EUR    71.38
VONTOBEL FIN PRO        9.509   6/22/2012     EUR    70.44
VONTOBEL FIN PRO        9.511   6/22/2012     EUR    54.02
VONTOBEL FIN PRO        9.524   6/22/2012     EUR    57.48
VONTOBEL FIN PRO        9.534   6/22/2012     EUR    68.98
VONTOBEL FIN PRO        9.534   6/22/2012     EUR    64.68
VONTOBEL FIN PRO        9.547   6/22/2012     EUR    50.62
VONTOBEL FIN PRO        9.550   6/22/2012     EUR    73.46
VONTOBEL FIN PRO        9.553   6/22/2012     EUR    57.94
VONTOBEL FIN PRO        9.553   6/22/2012     EUR    54.96
VONTOBEL FIN PRO        9.556   6/22/2012     EUR    21.70
VONTOBEL FIN PRO        9.557   6/22/2012     EUR    65.28
VONTOBEL FIN PRO        9.567   6/22/2012     EUR    65.92
VONTOBEL FIN PRO        9.576   6/22/2012     EUR    52.88
VONTOBEL FIN PRO        9.600   6/22/2012     EUR    68.12
VONTOBEL FIN PRO        9.606   6/22/2012     EUR    57.52
VONTOBEL FIN PRO        9.623   6/22/2012     EUR    42.32
VONTOBEL FIN PRO        9.623   6/22/2012     EUR    32.20
VONTOBEL FIN PRO        9.627   6/22/2012     EUR    47.12
VONTOBEL FIN PRO        9.658   6/22/2012     EUR    55.61
VONTOBEL FIN PRO        9.673   6/22/2012     EUR    38.40
VONTOBEL FIN PRO        9.674   6/22/2012     EUR    60.90
VONTOBEL FIN PRO        9.684   6/22/2012     EUR    64.16
VONTOBEL FIN PRO        9.687   6/22/2012     EUR    69.16
VONTOBEL FIN PRO        9.689   6/22/2012     EUR    67.82
VONTOBEL FIN PRO        9.689   6/22/2012     EUR    54.42
VONTOBEL FIN PRO        9.698   6/22/2012     EUR    64.10
VONTOBEL FIN PRO        9.699   6/22/2012     EUR    42.24
VONTOBEL FIN PRO        9.702   6/22/2012     EUR    73.40
VONTOBEL FIN PRO        9.709   6/22/2012     EUR    42.10
VONTOBEL FIN PRO        9.709   6/22/2012     EUR    32.94
VONTOBEL FIN PRO        9.709   6/22/2012     EUR    68.34
VONTOBEL FIN PRO        9.716   6/22/2012     EUR    57.80
VONTOBEL FIN PRO        9.722   6/22/2012     EUR    67.82
VONTOBEL FIN PRO        9.723   6/22/2012     EUR    69.72
VONTOBEL FIN PRO        9.724   6/22/2012     EUR    63.40
VONTOBEL FIN PRO        9.732   6/22/2012     EUR    69.16
VONTOBEL FIN PRO        9.740   6/22/2012     EUR    66.67
VONTOBEL FIN PRO        9.754   6/22/2012     EUR    67.30
VONTOBEL FIN PRO        9.781   6/22/2012     EUR    45.78
VONTOBEL FIN PRO        9.784   6/22/2012     EUR    74.77
VONTOBEL FIN PRO        9.790   6/22/2012     EUR    67.28
VONTOBEL FIN PRO        9.790   6/22/2012     EUR    73.96
VONTOBEL FIN PRO        9.797   6/22/2012     EUR    41.20
VONTOBEL FIN PRO        9.832   6/22/2012     EUR    61.66
VONTOBEL FIN PRO        9.832   6/22/2012     EUR    66.12
VONTOBEL FIN PRO        9.851   6/22/2012     EUR    70.02
VONTOBEL FIN PRO        9.871   6/22/2012     EUR    54.44
VONTOBEL FIN PRO        9.871   6/22/2012     EUR    71.82
VONTOBEL FIN PRO        9.880   6/22/2012     EUR    58.20
VONTOBEL FIN PRO        9.887   6/22/2012     EUR    55.40
VONTOBEL FIN PRO        9.892   6/22/2012     EUR    57.10
VONTOBEL FIN PRO        9.898   6/22/2012     EUR    72.02
VONTOBEL FIN PRO        9.918   6/22/2012     EUR    48.92
VONTOBEL FIN PRO        9.921   6/22/2012     EUR    58.58
VONTOBEL FIN PRO        9.950   6/22/2012     EUR    73.46
VONTOBEL FIN PRO        9.957   6/22/2012     EUR    49.46
VONTOBEL FIN PRO        9.960   6/22/2012     EUR    63.18
VONTOBEL FIN PRO        9.969   6/22/2012     EUR    34.22
VONTOBEL FIN PRO        9.991   6/22/2012     EUR    49.58
VONTOBEL FIN PRO       10.000   6/22/2012     EUR    61.72
VONTOBEL FIN PRO       10.000   6/22/2012     EUR    73.82
VONTOBEL FIN PRO       10.000   6/22/2012     EUR    68.58
VONTOBEL FIN PRO       10.026   6/22/2012     EUR    54.08
VONTOBEL FIN PRO       10.027   6/22/2012     EUR    70.55
VONTOBEL FIN PRO       10.028   6/22/2012     EUR    50.54
VONTOBEL FIN PRO       10.028   6/22/2012     EUR    64.08
VONTOBEL FIN PRO       10.030   6/22/2012     EUR    61.48
VONTOBEL FIN PRO       10.038   6/22/2012     EUR    44.78
VONTOBEL FIN PRO       10.048   6/22/2012     EUR    69.16
VONTOBEL FIN PRO       10.050   6/22/2012     EUR    59.44
VONTOBEL FIN PRO       10.070   6/22/2012     EUR    71.94
VONTOBEL FIN PRO       10.070   6/22/2012     EUR    61.00
VONTOBEL FIN PRO       10.073   6/22/2012     EUR    64.68
VONTOBEL FIN PRO       10.098   6/22/2012     EUR    66.98
VONTOBEL FIN PRO       10.100   6/22/2012     EUR    58.00
VONTOBEL FIN PRO       10.107   6/22/2012     EUR    55.70
VONTOBEL FIN PRO       10.110   6/22/2012     EUR    36.86
VONTOBEL FIN PRO       10.113   6/22/2012     EUR    60.74
VONTOBEL FIN PRO       10.116   6/22/2012     EUR    52.98
VONTOBEL FIN PRO       10.135   6/22/2012     EUR    72.40
VONTOBEL FIN PRO       10.142   6/22/2012     EUR    56.00
VONTOBEL FIN PRO       10.146   6/22/2012     EUR    72.20
VONTOBEL FIN PRO       10.148   6/22/2012     EUR    71.82
VONTOBEL FIN PRO       10.167   6/22/2012     EUR    45.54
VONTOBEL FIN PRO       10.185   6/22/2012     EUR    69.42
VONTOBEL FIN PRO       10.186   6/22/2012     EUR    58.68
VONTOBEL FIN PRO       10.200   6/22/2012     EUR    72.56
VONTOBEL FIN PRO       10.204   6/22/2012     EUR    66.72
VONTOBEL FIN PRO       10.207   6/22/2012     EUR    52.16
VONTOBEL FIN PRO       10.222   6/22/2012     EUR    69.42
VONTOBEL FIN PRO       10.222   6/22/2012     EUR    54.46
VONTOBEL FIN PRO       10.241   6/22/2012     EUR    67.54
VONTOBEL FIN PRO       10.244   6/22/2012     EUR    64.72
VONTOBEL FIN PRO       10.246   6/22/2012     EUR    61.64
VONTOBEL FIN PRO       10.254   6/22/2012     EUR    52.28
VONTOBEL FIN PRO       10.257   6/22/2012     EUR    48.46
VONTOBEL FIN PRO       10.260   6/22/2012     EUR    44.58
VONTOBEL FIN PRO       10.264   6/22/2012     EUR    45.79
VONTOBEL FIN PRO       10.272   6/22/2012     EUR    69.42
VONTOBEL FIN PRO       10.273   6/22/2012     EUR    47.40
VONTOBEL FIN PRO       10.274   6/22/2012     EUR    64.88
VONTOBEL FIN PRO       10.278   6/22/2012     EUR    44.88
VONTOBEL FIN PRO       10.286   6/22/2012     EUR    67.04
VONTOBEL FIN PRO       10.293   6/22/2012     EUR    71.68
VONTOBEL FIN PRO       10.297   6/22/2012     EUR    73.66
VONTOBEL FIN PRO       10.311   6/22/2012     EUR    72.40
VONTOBEL FIN PRO       10.325   6/22/2012     EUR    60.86
VONTOBEL FIN PRO       16.150   6/22/2012     EUR    52.10
VONTOBEL FIN PRO       16.110   6/22/2012     EUR    15.20
VONTOBEL FIN PRO       16.000   6/22/2012     EUR    73.98
VONTOBEL FIN PRO       15.979   6/22/2012     EUR    51.38
VONTOBEL FIN PRO       15.950   6/22/2012     EUR    62.04
VONTOBEL FIN PRO       15.944   6/22/2012     EUR    67.88
VONTOBEL FIN PRO       15.940   6/22/2012     EUR    28.60
VONTOBEL FIN PRO       15.920   6/22/2012     EUR    15.88
VONTOBEL FIN PRO       15.889   6/22/2012     EUR    68.30
VONTOBEL FIN PRO       15.856   6/22/2012     EUR    63.02
VONTOBEL FIN PRO       15.840   6/22/2012     EUR    42.98
VONTOBEL FIN PRO       15.526   6/22/2012     EUR    42.02
VONTOBEL FIN PRO       15.448   6/22/2012     EUR    38.74
VONTOBEL FIN PRO       15.370   6/22/2012     EUR    42.00
VONTOBEL FIN PRO       15.308   6/22/2012     EUR    32.90
VONTOBEL FIN PRO       15.258   6/22/2012     EUR    56.98
VONTOBEL FIN PRO       15.250   6/22/2012     EUR    46.36
VONTOBEL FIN PRO       15.167   6/22/2012     EUR    36.64
VONTOBEL FIN PRO       15.091   6/22/2012     EUR    51.88
VONTOBEL FIN PRO       15.081   6/22/2012     EUR    56.72
VONTOBEL FIN PRO       14.821   6/22/2012     EUR    29.72
VONTOBEL FIN PRO       14.791   6/22/2012     EUR    18.38
VONTOBEL FIN PRO       14.717   6/22/2012     EUR    32.54
VONTOBEL FIN PRO       14.712   6/22/2012     EUR    34.68
VONTOBEL FIN PRO       14.680   6/22/2012     EUR    37.80
VONTOBEL FIN PRO       14.652   6/22/2012     EUR    46.76
VONTOBEL FIN PRO       14.643   6/22/2012     EUR    73.86
VONTOBEL FIN PRO       14.611   6/22/2012     EUR    54.22
VONTOBEL FIN PRO       14.595   6/22/2012     EUR    56.60
VONTOBEL FIN PRO       14.580   6/22/2012     EUR    50.62
VONTOBEL FIN PRO       14.561   6/22/2012     EUR    54.82
VONTOBEL FIN PRO       14.450   6/22/2012     EUR    36.48
VONTOBEL FIN PRO       14.447   6/22/2012     EUR    58.18
VONTOBEL FIN PRO       14.436   6/22/2012     EUR    20.66
VONTOBEL FIN PRO       14.345   6/22/2012     EUR    45.02
VONTOBEL FIN PRO       14.302   6/22/2012     EUR    17.02
VONTOBEL FIN PRO       14.278   6/22/2012     EUR    40.84
VONTOBEL FIN PRO       14.276   6/22/2012     EUR    56.10
VONTOBEL FIN PRO       14.229   6/22/2012     EUR    33.94
VONTOBEL FIN PRO       14.201   6/22/2012     EUR    27.70
VONTOBEL FIN PRO       14.172   6/22/2012     EUR    54.76
VONTOBEL FIN PRO       14.167   6/22/2012     EUR    61.26
VONTOBEL FIN PRO       14.160   6/22/2012     EUR    16.50
VONTOBEL FIN PRO       14.150   6/22/2012     EUR    60.92
VONTOBEL FIN PRO       14.100   6/22/2012     EUR    74.48
VONTOBEL FIN PRO       14.061   6/22/2012     EUR    50.82
VONTOBEL FIN PRO       14.000   6/22/2012     EUR    54.20
VONTOBEL FIN PRO       14.000   6/22/2012     EUR    42.88
VONTOBEL FIN PRO       13.980   6/22/2012     EUR    43.74
VONTOBEL FIN PRO       13.974   6/22/2012     EUR    59.30
VONTOBEL FIN PRO       13.973   6/22/2012     EUR    63.53
VONTOBEL FIN PRO       13.968   6/22/2012     EUR    52.66
VONTOBEL FIN PRO       13.961   6/22/2012     EUR    65.42
VONTOBEL FIN PRO       13.944   6/22/2012     EUR    66.28
VONTOBEL FIN PRO       13.886   6/22/2012     EUR    47.30
VONTOBEL FIN PRO       13.860   6/22/2012     EUR    45.82
VONTOBEL FIN PRO       13.846   6/22/2012     EUR    48.14
VONTOBEL FIN PRO       13.832   6/22/2012     EUR    50.62
VONTOBEL FIN PRO       13.832   6/22/2012     EUR    32.60
VONTOBEL FIN PRO       13.829   6/22/2012     EUR    45.82
VONTOBEL FIN PRO       13.812   6/22/2012     EUR    41.78
VONTOBEL FIN PRO       13.809   6/22/2012     EUR    72.84
VONTOBEL FIN PRO       13.803   6/22/2012     EUR    40.32
VONTOBEL FIN PRO       13.800   6/22/2012     EUR    59.64
VONTOBEL FIN PRO       13.792   6/22/2012     EUR    48.30
VONTOBEL FIN PRO       13.778   6/22/2012     EUR    55.32
VONTOBEL FIN PRO       13.778   6/22/2012     EUR    71.72
VONTOBEL FIN PRO       13.758   6/22/2012     EUR    26.14
VONTOBEL FIN PRO       13.748   6/22/2012     EUR    35.34
VONTOBEL FIN PRO       13.748   6/22/2012     EUR    56.90
VONTOBEL FIN PRO       13.700   6/22/2012     EUR    65.82
VONTOBEL FIN PRO       13.667   6/22/2012     EUR    63.00
VONTOBEL FIN PRO       13.650   6/22/2012     EUR    50.96
VONTOBEL FIN PRO       13.627   6/22/2012     EUR    67.12
VONTOBEL FIN PRO       13.615   6/22/2012     EUR    43.70
VONTOBEL FIN PRO       13.556   6/22/2012     EUR    69.54
VONTOBEL FIN PRO       13.536   6/22/2012     EUR    29.88
VONTOBEL FIN PRO       13.522   6/22/2012     EUR    47.26
VONTOBEL FIN PRO       13.521   6/22/2012     EUR    36.08
VONTOBEL FIN PRO       13.514   6/22/2012     EUR    74.74
VONTOBEL FIN PRO       13.500   6/22/2012     EUR    29.08
VONTOBEL FIN PRO       13.463   6/22/2012     EUR    27.42
VONTOBEL FIN PRO       13.461   6/22/2012     EUR    63.30
VONTOBEL FIN PRO       13.388   6/22/2012     EUR    63.30
VONTOBEL FIN PRO       13.355   6/22/2012     EUR    38.44
VONTOBEL FIN PRO       13.343   6/22/2012     EUR    49.22
VONTOBEL FIN PRO       13.293   6/22/2012     EUR    58.00
VONTOBEL FIN PRO       13.288   6/22/2012     EUR    34.50
VONTOBEL FIN PRO       13.283   6/22/2012     EUR    35.92
VONTOBEL FIN PRO       13.253   6/22/2012     EUR    39.58
VONTOBEL FIN PRO       13.224   6/22/2012     EUR    49.00
VONTOBEL FIN PRO       13.208   6/22/2012     EUR    42.82
VONTOBEL FIN PRO       13.200   6/22/2012     EUR    57.42
VONTOBEL FIN PRO       13.200   6/22/2012     EUR    68.62
VONTOBEL FIN PRO       13.150   6/22/2012     EUR    40.20
VONTOBEL FIN PRO       13.150   6/22/2012     EUR    70.68
VONTOBEL FIN PRO       13.123   6/22/2012     EUR    74.50
VONTOBEL FIN PRO       13.111   6/22/2012     EUR    38.68
VONTOBEL FIN PRO       13.084   6/22/2012     EUR    50.40
VONTOBEL FIN PRO       13.055   6/22/2012     EUR    70.10
VONTOBEL FIN PRO       13.035   6/22/2012     EUR    70.28
VONTOBEL FIN PRO       13.035   6/22/2012     EUR    62.60
VONTOBEL FIN PRO       13.032   6/22/2012     EUR    28.38
VONTOBEL FIN PRO       13.027   6/22/2012     EUR    65.44
VONTOBEL FIN PRO       13.024   6/22/2012     EUR    61.06
VONTOBEL FIN PRO       13.000   6/22/2012     EUR    20.56
VONTOBEL FIN PRO       13.000   6/22/2012     EUR    72.78
VONTOBEL FIN PRO       12.978   6/22/2012     EUR    74.48
VONTOBEL FIN PRO       12.964   6/22/2012     EUR    51.96
VONTOBEL FIN PRO       12.926   6/22/2012     EUR    62.88
VONTOBEL FIN PRO       12.890   6/22/2012     EUR    66.68
VONTOBEL FIN PRO       12.880   6/22/2012     EUR    59.28
VONTOBEL FIN PRO       12.878   6/22/2012     EUR    60.84
VONTOBEL FIN PRO       12.870   6/22/2012     EUR    50.88
VONTOBEL FIN PRO       12.857   6/22/2012     EUR    70.08
VONTOBEL FIN PRO       12.851   6/22/2012     EUR    74.94
VONTOBEL FIN PRO       12.830   6/22/2012     EUR    32.62
VONTOBEL FIN PRO       12.799   6/22/2012     EUR    54.68
VONTOBEL FIN PRO       12.789   6/22/2012     EUR    68.22
VONTOBEL FIN PRO       12.740   6/22/2012     EUR    67.64
VONTOBEL FIN PRO       12.716   6/22/2012     EUR    31.10
VONTOBEL FIN PRO       12.689   6/22/2012     EUR    51.14
VONTOBEL FIN PRO       12.685   6/22/2012     EUR    36.80
VONTOBEL FIN PRO       12.679   6/22/2012     EUR    52.51
VONTOBEL FIN PRO       12.672   6/22/2012     EUR    33.82
VONTOBEL FIN PRO       12.672   6/22/2012     EUR    62.84
VONTOBEL FIN PRO       12.667   6/22/2012     EUR    63.68
VONTOBEL FIN PRO       12.652   6/22/2012     EUR    59.38
VONTOBEL FIN PRO       12.627   6/22/2012     EUR    37.86
VONTOBEL FIN PRO       12.623   6/22/2012     EUR    31.46
VONTOBEL FIN PRO       12.600   6/22/2012     EUR    52.48
VONTOBEL FIN PRO       12.595   6/22/2012     EUR    41.16
VONTOBEL FIN PRO       12.578   6/22/2012     EUR    34.90
VONTOBEL FIN PRO       12.578   6/22/2012     EUR    56.38
VONTOBEL FIN PRO       12.556   6/22/2012     EUR    73.14
VONTOBEL FIN PRO       12.550   6/22/2012     EUR    69.64
VONTOBEL FIN PRO       12.547   6/22/2012     EUR    57.82
VONTOBEL FIN PRO       12.544   6/22/2012     EUR    42.32
VONTOBEL FIN PRO       12.537   6/22/2012     EUR    44.90
VONTOBEL FIN PRO       12.536   6/22/2012     EUR    49.88
VONTOBEL FIN PRO       12.532   6/22/2012     EUR    52.96
VONTOBEL FIN PRO       12.520   6/22/2012     EUR    44.81
VONTOBEL FIN PRO       12.512   6/22/2012     EUR    47.36
VONTOBEL FIN PRO       12.500   6/22/2012     EUR    58.76
VONTOBEL FIN PRO       12.500   6/22/2012     EUR    67.24
VONTOBEL FIN PRO       12.472   6/22/2012     EUR    63.18
VONTOBEL FIN PRO       12.462   6/22/2012     EUR    57.82
VONTOBEL FIN PRO       12.456   6/22/2012     EUR    51.66
VONTOBEL FIN PRO       12.451   6/22/2012     EUR    48.10
VONTOBEL FIN PRO       12.420   6/22/2012     EUR    21.88
VONTOBEL FIN PRO       12.414   6/22/2012     EUR    73.44
VONTOBEL FIN PRO       12.405   6/22/2012     EUR    72.06
VONTOBEL FIN PRO       12.403   6/22/2012     EUR    61.48
VONTOBEL FIN PRO       12.398   6/22/2012     EUR    60.66
VONTOBEL FIN PRO       12.393   6/22/2012     EUR    55.48
VONTOBEL FIN PRO       12.389   6/22/2012     EUR    42.90
VONTOBEL FIN PRO       12.382   6/22/2012     EUR    47.92
VONTOBEL FIN PRO       12.352   6/22/2012     EUR    49.96
VONTOBEL FIN PRO       12.348   6/22/2012     EUR    59.26
VONTOBEL FIN PRO       12.343   6/22/2012     EUR    40.12
VONTOBEL FIN PRO       12.340   6/22/2012     EUR    37.38
VONTOBEL FIN PRO       12.340   6/22/2012     EUR    56.91
VONTOBEL FIN PRO       12.334   6/22/2012     EUR    68.56
VONTOBEL FIN PRO       12.323   6/22/2012     EUR    30.86
VONTOBEL FIN PRO       12.311   6/22/2012     EUR    74.26
VONTOBEL FIN PRO       12.306   6/22/2012     EUR    65.68
VONTOBEL FIN PRO       12.303   6/22/2012     EUR    67.78
VONTOBEL FIN PRO       12.300   6/22/2012     EUR    50.16
VONTOBEL FIN PRO       12.298   6/22/2012     EUR    42.34
VONTOBEL FIN PRO       12.276   6/22/2012     EUR    41.96
VONTOBEL FIN PRO       12.264   6/22/2012     EUR    72.72
VONTOBEL FIN PRO       12.264   6/22/2012     EUR    65.38
VONTOBEL FIN PRO       12.260   6/22/2012     EUR    47.06
VONTOBEL FIN PRO       12.247   6/22/2012     EUR    44.52
VONTOBEL FIN PRO       12.226   6/22/2012     EUR    16.82
VONTOBEL FIN PRO       12.216   6/22/2012     EUR    55.78
VONTOBEL FIN PRO       12.204   6/22/2012     EUR    42.82
VONTOBEL FIN PRO       12.168   6/22/2012     EUR    46.18
VONTOBEL FIN PRO       12.164   6/22/2012     EUR    57.28
VONTOBEL FIN PRO       12.162   6/22/2012     EUR    60.36
VONTOBEL FIN PRO       12.148   6/22/2012     EUR    66.86
VONTOBEL FIN PRO       12.144   6/22/2012     EUR    56.62
VONTOBEL FIN PRO       12.123   6/22/2012     EUR    44.32
VONTOBEL FIN PRO       12.118   6/22/2012     EUR    57.98
VONTOBEL FIN PRO       12.117   6/22/2012     EUR    31.04
VONTOBEL FIN PRO       12.111   6/22/2012     EUR    57.66
VONTOBEL FIN PRO       12.103   6/22/2012     EUR    47.51
VONTOBEL FIN PRO       12.091   6/22/2012     EUR    65.40
VONTOBEL FIN PRO       12.038   6/22/2012     EUR    64.03
VONTOBEL FIN PRO       12.025   6/22/2012     EUR    64.18
VONTOBEL FIN PRO       12.017   6/22/2012     EUR    55.42
VONTOBEL FIN PRO       12.015   6/22/2012     EUR    72.54
VONTOBEL FIN PRO       12.013   6/22/2012     EUR    37.80
VONTOBEL FIN PRO       12.000   6/22/2012     EUR    64.86
VONTOBEL FIN PRO       12.000   6/22/2012     EUR    55.42
VONTOBEL FIN PRO       12.000   6/22/2012     EUR    59.72
VONTOBEL FIN PRO       11.983   6/22/2012     EUR    62.94
VONTOBEL FIN PRO       11.967   6/22/2012     EUR    43.88
VONTOBEL FIN PRO       11.962   6/22/2012     EUR    73.96
VONTOBEL FIN PRO       11.959   6/22/2012     EUR    70.98
VONTOBEL FIN PRO       11.955   6/22/2012     EUR    35.60
VONTOBEL FIN PRO       11.952   6/22/2012     EUR    49.08
VONTOBEL FIN PRO       11.944   6/22/2012     EUR    52.16
VONTOBEL FIN PRO       11.917   6/22/2012     EUR    61.04
VONTOBEL FIN PRO       11.910   6/22/2012     EUR    51.04
VONTOBEL FIN PRO       11.900   6/22/2012     EUR    59.98
VONTOBEL FIN PRO       11.888   6/22/2012     EUR    66.28
VONTOBEL FIN PRO       11.877   6/22/2012     EUR    67.19
VONTOBEL FIN PRO       11.867   6/22/2012     EUR    65.02
VONTOBEL FIN PRO       11.844   6/22/2012     EUR    47.84
VONTOBEL FIN PRO       11.819   6/22/2012     EUR    58.84
VONTOBEL FIN PRO       11.814   6/22/2012     EUR    70.14
VONTOBEL FIN PRO       11.811   6/22/2012     EUR    35.80
VONTOBEL FIN PRO       11.808   6/22/2012     EUR    55.90
VONTOBEL FIN PRO       11.807   6/22/2012     EUR    46.04
VONTOBEL FIN PRO       11.807   6/22/2012     EUR    48.94
VONTOBEL FIN PRO       11.800   6/22/2012     EUR    62.76
VONTOBEL FIN PRO       11.798   6/22/2012     EUR    74.14
VONTOBEL FIN PRO       11.793   6/22/2012     EUR    74.52
VONTOBEL FIN PRO       11.791   6/22/2012     EUR    57.04
VONTOBEL FIN PRO       11.778   6/22/2012     EUR    43.44
VONTOBEL FIN PRO       11.776   6/22/2012     EUR    66.80
VONTOBEL FIN PRO       11.774   6/22/2012     EUR    42.50
VONTOBEL FIN PRO       11.755   6/22/2012     EUR    71.76
VONTOBEL FIN PRO       11.750   6/22/2012     EUR    40.44
VONTOBEL FIN PRO       11.736   6/22/2012     EUR    32.52
VONTOBEL FIN PRO       11.713   6/22/2012     EUR    66.88
VONTOBEL FIN PRO       11.705   6/22/2012     EUR    38.91
VONTOBEL FIN PRO       11.705   6/22/2012     EUR    74.14
VONTOBEL FIN PRO       11.693   6/22/2012     EUR    38.44
VONTOBEL FIN PRO       11.682   6/22/2012     EUR    73.20
VONTOBEL FIN PRO       11.678   6/22/2012     EUR    71.08
VONTOBEL FIN PRO       11.647   6/22/2012     EUR    68.48
VONTOBEL FIN PRO       11.622   6/22/2012     EUR    53.46
VONTOBEL FIN PRO       11.614   6/22/2012     EUR    46.58
VONTOBEL FIN PRO       11.600   6/22/2012     EUR    52.30
VONTOBEL FIN PRO       11.591   6/22/2012     EUR    59.18
VONTOBEL FIN PRO       11.586   6/22/2012     EUR    48.55
VONTOBEL FIN PRO       11.585   6/22/2012     EUR    61.12
VONTOBEL FIN PRO       11.582   6/22/2012     EUR    52.26
VONTOBEL FIN PRO       11.581   6/22/2012     EUR    44.10
VONTOBEL FIN PRO       11.566   6/22/2012     EUR    41.34
VONTOBEL FIN PRO       11.565   6/22/2012     EUR    74.12
VONTOBEL FIN PRO       11.560   6/22/2012     EUR    36.06
VONTOBEL FIN PRO       11.556   6/22/2012     EUR    71.04
VONTOBEL FIN PRO       11.554   6/22/2012     EUR    64.62
VONTOBEL FIN PRO       11.554   6/22/2012     EUR    57.94
VONTOBEL FIN PRO       11.550   6/22/2012     EUR    69.40
VONTOBEL FIN PRO       11.546   6/22/2012     EUR    68.82
VONTOBEL FIN PRO       11.534   6/22/2012     EUR    54.56
VONTOBEL FIN PRO       11.534   6/22/2012     EUR    66.46
VONTOBEL FIN PRO       11.533   6/22/2012     EUR    63.86
VONTOBEL FIN PRO       11.514   6/22/2012     EUR    62.60
VONTOBEL FIN PRO       11.484   6/22/2012     EUR    51.60
VONTOBEL FIN PRO       11.472   6/22/2012     EUR    72.94
VONTOBEL FIN PRO       11.463   6/22/2012     EUR    70.98
VONTOBEL FIN PRO       11.455   6/22/2012     EUR    43.34
VONTOBEL FIN PRO       11.443   6/22/2012     EUR    59.66
VONTOBEL FIN PRO       11.430   6/22/2012     EUR    64.28
VONTOBEL FIN PRO       11.425   6/22/2012     EUR    57.54
VONTOBEL FIN PRO       11.425   6/22/2012     EUR    43.82
VONTOBEL FIN PRO       11.422   6/22/2012     EUR    43.42
VONTOBEL FIN PRO       11.409   6/22/2012     EUR    55.92
VONTOBEL FIN PRO       11.405   6/22/2012     EUR    67.58
VONTOBEL FIN PRO       11.405   6/22/2012     EUR    63.52
VONTOBEL FIN PRO       11.396   6/22/2012     EUR    45.61
VONTOBEL FIN PRO       11.394   6/22/2012     EUR    68.16
VONTOBEL FIN PRO       10.333   6/22/2012     EUR    61.64
VONTOBEL FIN PRO       10.364   6/22/2012     EUR    61.46
VONTOBEL FIN PRO       11.389   6/22/2012     EUR    60.16
VONTOBEL FIN PRO       11.389   6/22/2012     EUR    58.92
VONTOBEL FIN PRO       11.388   6/22/2012     EUR    69.98
VONTOBEL FIN PRO       11.377   6/22/2012     EUR    39.32
VONTOBEL FIN PRO       11.366   6/22/2012     EUR    47.24
VONTOBEL FIN PRO       11.361   6/22/2012     EUR    44.26
VONTOBEL FIN PRO       11.356   6/22/2012     EUR    56.14
VONTOBEL FIN PRO       11.350   6/22/2012     EUR    65.68
VONTOBEL FIN PRO       10.364   6/22/2012     EUR    61.46
VONTOBEL FIN PRO       10.371   6/22/2012     EUR    50.12
VONTOBEL FIN PRO       11.342   6/22/2012     EUR    68.68
VONTOBEL FIN PRO       11.333   6/22/2012     EUR    67.08
VONTOBEL FIN PRO       11.328   6/22/2012     EUR    59.04
VONTOBEL FIN PRO       11.319   6/22/2012     EUR    36.32
VONTOBEL FIN PRO       11.314   6/22/2012     EUR    69.22
VONTOBEL FIN PRO       11.305   6/22/2012     EUR    65.34
VONTOBEL FIN PRO       11.304   6/22/2012     EUR    46.24
VONTOBEL FIN PRO       11.296   6/22/2012     EUR    55.88
VONTOBEL FIN PRO       11.287   6/22/2012     EUR    58.58
VONTOBEL FIN PRO       11.283   6/22/2012     EUR    37.26
VONTOBEL FIN PRO       11.268   6/22/2012     EUR    74.92
VONTOBEL FIN PRO       11.243   6/22/2012     EUR    70.18
VONTOBEL FIN PRO       11.239   6/22/2012     EUR    68.44
VONTOBEL FIN PRO       10.389   6/22/2012     EUR    66.86
VONTOBEL FIN PRO       11.238   6/22/2012     EUR    40.06
VONTOBEL FIN PRO       11.237   6/22/2012     EUR    67.50
VONTOBEL FIN PRO       11.227   6/22/2012     EUR    66.84
VONTOBEL FIN PRO       11.219   6/22/2012     EUR    55.73
VONTOBEL FIN PRO       11.219   6/22/2012     EUR    53.06
VONTOBEL FIN PRO       11.215   6/22/2012     EUR    74.10
VONTOBEL FIN PRO       11.194   6/22/2012     EUR    68.66
VONTOBEL FIN PRO       11.194   6/22/2012     EUR    61.72
VONTOBEL FIN PRO       11.172   6/22/2012     EUR    73.76
VONTOBEL FIN PRO       11.161   6/22/2012     EUR    72.72
VONTOBEL FIN PRO       11.138   6/22/2012     EUR    64.02
VONTOBEL FIN PRO       11.135   6/22/2012     EUR    64.16
VONTOBEL FIN PRO       11.130   6/22/2012     EUR    65.65
VONTOBEL FIN PRO       11.129   6/22/2012     EUR    63.52
VONTOBEL FIN PRO       11.123   6/22/2012     EUR    67.68
VONTOBEL FIN PRO       11.117   6/22/2012     EUR    59.52
VONTOBEL FIN PRO       11.103   6/22/2012     EUR    59.00
VONTOBEL FIN PRO       11.098   6/22/2012     EUR    59.66
VONTOBEL FIN PRO       11.080   6/22/2012     EUR    56.16
VONTOBEL FIN PRO       11.080   6/22/2012     EUR    70.26
VONTOBEL FIN PRO       11.056   6/22/2012     EUR    63.28
VONTOBEL FIN PRO       11.052   6/22/2012     EUR    37.72
VONTOBEL FIN PRO       11.052   6/22/2012     EUR    74.53
VONTOBEL FIN PRO       11.032   6/22/2012     EUR    70.98
VONTOBEL FIN PRO       11.029   6/22/2012     EUR    57.84
WESTLB AG               0.100   9/27/2012     EUR    56.72
WESTLB AG               0.075   9/27/2012     EUR    68.34
WESTLB AG               5.250   5/21/2012     EUR    57.66
WESTLB AG              12.000   9/27/2012     EUR    74.92
WESTLB AG               7.000   6/21/2012     EUR    58.08
WESTLB AG               7.000   6/21/2012     EUR    70.38
WESTLB AG               7.000   6/21/2012     EUR    71.23
WESTLB AG               7.000   6/21/2012     EUR    70.08
WESTLB AG               6.000   6/21/2012     EUR    61.20
WESTLB AG               8.500   6/21/2012     EUR    47.27
WESTLB AG               6.000   6/21/2012     EUR    57.86
WESTLB AG               8.500   6/21/2012     EUR    50.38
WESTLB AG               0.100   9/27/2012     EUR    47.61
WESTLB AG               5.000   4/12/2016     EUR    29.01
WESTLB AG               6.750   7/30/2012     EUR    56.21
WESTLB AG               8.500   6/21/2012     EUR    65.96
WESTLB AG               6.500   6/18/2012     EUR    70.62
WESTLB AG               0.100   9/27/2012     EUR    66.51
WESTLB AG               0.075   9/27/2012     EUR    68.03
WESTLB AG               0.075   9/27/2012     EUR    56.02
WESTLB AG               0.075   9/27/2012     EUR    73.66
WESTLB AG               0.075   9/27/2012     EUR    63.46
WGZ BANK                8.000   6/21/2012     EUR    57.06
WGZ BANK                5.000  12/20/2012     EUR    73.25
WGZ BANK                6.000  12/20/2012     EUR    68.71
WGZ BANK                7.000  12/20/2012     EUR    64.78
WGZ BANK                8.000   6/13/2012     EUR    32.08
WGZ BANK                4.000   6/13/2012     EUR    41.08
WGZ BANK                8.000  12/20/2012     EUR    63.31
WGZ BANK                6.000  12/21/2012     EUR    74.44
WGZ BANK                7.000  12/21/2012     EUR    69.89
WGZ BANK                8.000  12/21/2012     EUR    68.13
WGZ BANK                4.000  12/28/2012     EUR    69.50
WGZ BANK                5.000  12/28/2012     EUR    64.94
WGZ BANK                6.000  12/28/2012     EUR    60.98
WGZ BANK                7.000  12/28/2012     EUR    57.60
WGZ BANK                8.000  12/28/2012     EUR    54.69
WGZ BANK                7.000   6/13/2012     EUR    33.51
WGZ BANK                6.000   6/13/2012     EUR    35.09
WGZ BANK                7.000   6/15/2012     EUR    74.41
WGZ BANK                8.000   6/15/2012     EUR    71.41
WGZ BANK                4.000   6/21/2012     EUR    66.72
WGZ BANK                5.000   6/21/2012     EUR    63.98
WGZ BANK                6.000   6/21/2012     EUR    61.48
WGZ BANK                7.000   6/21/2012     EUR    59.18
WGZ BANK                5.000   6/13/2012     EUR    36.85

GREECE
------
EFG EUROBANK            6.010    1/9/2036     EUR    34.25
HELLENIC REPUB          4.625   6/25/2013     EUR    30.50
HELLENIC REPUB          4.625   6/25/2013     USD    30.75
HELLENIC REPUB          2.125    7/5/2013     CHF    28.75
HELLENIC REPUB          5.800   7/14/2015     JPY    30.50
HELLENIC REPUB          5.800   7/14/2015     JPY    28.88
HELLENIC REPUB          5.250    2/1/2016     JPY    29.50
HELLENIC REPUB          5.250    2/1/2016     JPY    30.50
HELLENIC REPUB          5.000   8/22/2016     JPY    31.50
HELLENIC REPUB          5.000   8/22/2016     JPY    30.50
HELLENIC REPUB          4.500   11/8/2016     JPY    30.50
HELLENIC REPUB          4.500    7/3/2017     JPY    29.88
HELLENIC REPUB          3.800    8/8/2017     JPY    29.50
HELLENIC REPUB          5.000   3/11/2019     EUR    30.13
HELLENIC REPUB          5.000   3/11/2019     EUR    30.50
HELLENIC REPUB          6.140   4/14/2028     EUR    28.00
HELLENIC REPUB          5.200   7/17/2034     EUR    26.88
HELLENIC REPUB          2.085   7/25/2057     EUR     7.63
NATL BK GREECE          3.875   10/7/2016     EUR    70.00
YIOULA GLASSWORK        9.000   12/1/2015     EUR    42.83
YIOULA GLASSWORK        9.000   12/1/2015     EUR    42.00

GUERNSEY
--------
BCV GUERNSEY            8.020    3/1/2013     EUR    51.95
BCV GUERNSEY            7.850   5/18/2012     CHF    65.72
BCV GUERNSEY           10.000   5/18/2012     CHF    54.57
BCV GUERNSEY           13.000   5/18/2012     CHF    59.11
BCV GUERNSEY           10.100   5/23/2012     EUR    70.99
BCV GUERNSEY            9.030   7/13/2012     EUR    62.03
BCV GUERNSEY            9.200   5/31/2012     CHF    72.12
BCV GUERNSEY            9.100   5/25/2012     CHF    58.79
BCV GUERNSEY            8.500   5/25/2012     EUR    52.42
BCV GUERNSEY           14.000   5/22/2012     USD    69.55
BCV GUERNSEY           10.530   6/29/2012     CHF    68.64
BKB FINANCE             6.250   5/23/2012     CHF    67.92
BKB FINANCE             6.250   7/12/2012     CHF    69.57
BKB FINANCE             7.750   5/31/2012     CHF    56.89
BKB FINANCE             9.300   5/31/2012     CHF    67.79
BKB FINANCE             8.350   1/14/2013     CHF    50.37
BKB FINANCE             7.750    6/7/2012     CHF    40.04
BKB FINANCE             6.520    7/6/2012     EUR    70.40
BKB FINANCE             8.300    6/7/2012     CHF    62.64
BKB FINANCE             6.300   7/12/2012     CHF    57.28
BKB FINANCE             9.050    8/9/2012     CHF    57.74
BKB FINANCE             8.900   9/27/2012     CHF    63.32
BKB FINANCE             6.850   6/14/2012     CHF    69.56
BKB FINANCE             9.200   6/21/2012     CHF    57.88
BKB FINANCE             7.400   6/28/2012     CHF    55.70
BKB FINANCE             6.850   5/31/2012     CHF    67.50
EFG FINANCIAL PR        9.000  11/13/2012     CHF    74.06
EFG FINANCIAL PR        6.000  11/12/2015     EUR    73.67
EFG FINANCIAL PR        5.850  10/14/2014     CHF    63.82
EFG FINANCIAL PR        8.160   4/25/2014     EUR    62.32
EFG FINANCIAL PR       19.000   10/3/2013     GBP    72.08
EFG FINANCIAL PR        8.400   9/30/2013     CHF    56.67
EFG FINANCIAL PR        6.500   8/27/2013     CHF    47.83
EFG FINANCIAL PR       12.000   4/26/2013     CHF    64.51
EFG FINANCIAL PR        7.000   4/19/2013     EUR    56.83
EFG FINANCIAL PR       15.370    4/2/2013     USD    72.25
EFG FINANCIAL PR       11.750   3/26/2013     EUR    70.98
EFG FINANCIAL PR       10.750   3/19/2013     USD    69.81
EFG FINANCIAL PR        7.500   3/18/2013     CHF    72.37
EFG FINANCIAL PR        6.750   3/11/2013     EUR    62.69
EFG FINANCIAL PR       10.000    3/6/2013     USD    69.49
EFG FINANCIAL PR       14.000   2/19/2013     CHF    17.60
EFG FINANCIAL PR        5.800   1/23/2013     CHF    68.41
EFG FINANCIAL PR       13.000   1/15/2013     CHF    71.20
EFG FINANCIAL PR       12.500   1/15/2013     CHF    53.33
EFG FINANCIAL PR       11.250   1/15/2013     GBP    68.95
EFG FINANCIAL PR       10.250   1/15/2013     CHF    21.49
EFG FINANCIAL PR        9.000   1/15/2013     CHF    50.09
EFG FINANCIAL PR        8.830  12/28/2012     USD    53.23
EFG FINANCIAL PR       12.000  12/27/2012     CHF    12.08
EFG FINANCIAL PR       12.600  12/21/2012     CHF    61.14
EFG FINANCIAL PR       10.900  12/21/2012     CHF    60.20
EFG FINANCIAL PR       10.300  12/21/2012     CHF    74.78
EFG FINANCIAL PR        9.400  12/21/2012     CHF    73.51
EFG FINANCIAL PR        9.300  12/21/2012     CHF    58.98
EFG FINANCIAL PR        7.000  12/19/2012     USD    71.87
EFG FINANCIAL PR        7.000  12/19/2012     CHF    72.32
EFG FINANCIAL PR        7.000  12/19/2012     EUR    72.51
EFG FINANCIAL PR       17.500  12/14/2012     EUR    45.84
EFG FINANCIAL PR       14.250  12/14/2012     GBP    74.76
EFG FINANCIAL PR       14.250  12/14/2012     EUR    69.79
EFG FINANCIAL PR       12.750  12/14/2012     CHF    73.74
EFG FINANCIAL PR       10.250  12/14/2012     CHF    72.11
EFG FINANCIAL PR        8.500  12/14/2012     CHF    65.64
EFG FINANCIAL PR        9.750   12/3/2012     CHF    73.00
EFG FINANCIAL PR       16.000  11/27/2012     EUR    43.39
EFG FINANCIAL PR       14.500  11/27/2012     CHF    73.25
EFG FINANCIAL PR       14.500  11/27/2012     CHF    36.61
EFG FINANCIAL PR       13.250  11/27/2012     CHF    74.40
EFG FINANCIAL PR       11.250  11/27/2012     CHF    61.46
EFG FINANCIAL PR       10.500  11/27/2012     CHF    74.99
EFG FINANCIAL PR        9.250  11/27/2012     CHF    67.54
EFG FINANCIAL PR       14.800  11/20/2012     EUR    44.71
EFG FINANCIAL PR       11.500  11/20/2012     EUR    51.14
EFG FINANCIAL PR        9.400  11/20/2012     EUR    69.23
EFG FINANCIAL PR        9.300  11/20/2012     CHF    70.20
EFG FINANCIAL PR        8.400  11/20/2012     CHF    69.16
EFG FINANCIAL PR        8.300  11/20/2012     CHF    63.91
EFG FINANCIAL PR        8.000  11/20/2012     CHF    53.15
EFG FINANCIAL PR        8.000  11/20/2012     CHF    70.90
EFG FINANCIAL PR        7.000  11/20/2012     CHF    67.09
EFG FINANCIAL PR       12.830  11/19/2012     CHF    63.54
EFG FINANCIAL PR       11.600  11/19/2012     CHF    69.17
EFG FINANCIAL PR       17.000  11/13/2012     EUR    42.24
EFG FINANCIAL PR       14.750  11/13/2012     CHF    65.63
EFG FINANCIAL PR       14.500  11/13/2012     EUR    52.57
EFG FINANCIAL PR       14.000  11/13/2012     USD    17.85
EFG FINANCIAL PR       13.000  11/13/2012     CHF    66.02
EFG FINANCIAL PR       13.000  11/13/2012     CHF    17.67
EFG FINANCIAL PR       12.750  11/13/2012     CHF    16.55
EFG FINANCIAL PR       12.750  11/13/2012     CHF    63.32
EFG FINANCIAL PR       12.500  11/13/2012     EUR    65.22
EFG FINANCIAL PR       12.250  11/13/2012     CHF    71.89
EFG FINANCIAL PR       12.000  11/13/2012     CHF    69.43
EFG FINANCIAL PR       11.000  11/13/2012     CHF    74.19
EFG FINANCIAL PR       10.750  11/13/2012     CHF    73.60
EFG FINANCIAL PR       10.500  11/13/2012     CHF    54.60
EFG FINANCIAL PR       10.500  11/13/2012     CHF    54.41
EFG FINANCIAL PR        6.000  11/12/2012     CHF    49.49
EFG FINANCIAL PR        6.000  11/12/2012     EUR    51.18
EFG FINANCIAL PR       11.050   11/8/2012     USD    52.16
EFG FINANCIAL PR       13.080   11/5/2012     CHF    67.25
EFG FINANCIAL PR        9.330  10/29/2012     USD    51.70
EFG FINANCIAL PR       21.000  10/26/2012     USD    19.74
EFG FINANCIAL PR       20.500  10/26/2012     EUR    19.92
EFG FINANCIAL PR       20.000  10/26/2012     CHF    19.34
EFG FINANCIAL PR       17.000  10/26/2012     EUR    34.84
EFG FINANCIAL PR       16.750  10/26/2012     CHF    30.18
EFG FINANCIAL PR       15.000  10/26/2012     CHF    67.92
EFG FINANCIAL PR       13.250  10/26/2012     CHF    53.97
EFG FINANCIAL PR       13.250  10/26/2012     EUR    59.53
EFG FINANCIAL PR       12.000  10/26/2012     CHF    59.00
EFG FINANCIAL PR       11.250  10/26/2012     CHF    53.18
EFG FINANCIAL PR       11.000  10/26/2012     USD    71.58
EFG FINANCIAL PR       10.500  10/26/2012     CHF    71.65
EFG FINANCIAL PR        6.250  10/25/2012     CHF    67.07
EFG FINANCIAL PR       13.750  10/24/2012     USD    58.46
EFG FINANCIAL PR       12.000  10/19/2012     USD    45.84
EFG FINANCIAL PR       17.250  10/12/2012     CHF    71.81
EFG FINANCIAL PR       16.250  10/12/2012     CHF    74.87
EFG FINANCIAL PR       14.500  10/12/2012     CHF    74.63
EFG FINANCIAL PR       20.000  10/11/2012     CHF    18.18
EFG FINANCIAL PR       18.000  10/11/2012     EUR    50.47
EFG FINANCIAL PR       12.500  10/11/2012     GBP    63.79
EFG FINANCIAL PR       12.500  10/11/2012     CHF    52.87
EFG FINANCIAL PR       12.250  10/11/2012     EUR    64.03
EFG FINANCIAL PR       12.250  10/11/2012     EUR    72.03
EFG FINANCIAL PR       12.000  10/11/2012     USD    63.82
EFG FINANCIAL PR       11.500  10/11/2012     CHF    63.76
EFG FINANCIAL PR        9.750  10/11/2012     CHF    70.69
EFG FINANCIAL PR       10.620   10/3/2012     USD    27.34
EFG FINANCIAL PR        9.930   10/3/2012     EUR    27.28
EFG FINANCIAL PR       10.000   10/2/2012     EUR    73.44
EFG FINANCIAL PR       10.000   10/1/2012     CHF    52.91
EFG FINANCIAL PR        8.500   10/1/2012     CHF    74.01
EFG FINANCIAL PR       12.000   9/25/2012     EUR    66.19
EFG FINANCIAL PR       11.750   9/25/2012     EUR    74.92
EFG FINANCIAL PR       11.250   9/25/2012     CHF    74.61
EFG FINANCIAL PR       11.250   9/25/2012     EUR    69.54
EFG FINANCIAL PR       11.250   9/25/2012     CHF    52.08
EFG FINANCIAL PR       11.000   9/25/2012     USD    69.03
EFG FINANCIAL PR       10.750   9/25/2012     CHF    53.91
EFG FINANCIAL PR       10.250   9/25/2012     CHF    69.09
EFG FINANCIAL PR       10.000   9/21/2012     USD    47.56
EFG FINANCIAL PR        9.350   9/18/2012     EUR    74.73
EFG FINANCIAL PR        8.650   9/18/2012     EUR    74.65
EFG FINANCIAL PR        8.210   9/18/2012     EUR    74.38
EFG FINANCIAL PR       11.450   9/17/2012     CHF    73.42
EFG FINANCIAL PR       11.000   9/17/2012     USD    66.66
EFG FINANCIAL PR       11.000   9/10/2012     EUR    70.62
EFG FINANCIAL PR       11.000   9/10/2012     EUR    70.46
EFG FINANCIAL PR       10.000   9/10/2012     EUR    65.44
EFG FINANCIAL PR        9.800   9/10/2012     AUD    71.22
EFG FINANCIAL PR        9.000   9/10/2012     CHF    48.21
EFG FINANCIAL PR        8.250   9/10/2012     EUR    74.78
EFG FINANCIAL PR        7.500   9/10/2012     CHF    71.05
EFG FINANCIAL PR        8.500    9/7/2012     USD    38.48
EFG FINANCIAL PR        7.250    9/7/2012     EUR    65.34
EFG FINANCIAL PR        7.000    9/7/2012     EUR    50.80
EFG FINANCIAL PR        7.000    9/7/2012     CHF    45.25
EFG FINANCIAL PR        9.600    9/4/2012     USD    53.91
EFG FINANCIAL PR        9.500    9/4/2012     USD    34.92
EFG FINANCIAL PR       12.250    9/3/2012     CHF    66.97
EFG FINANCIAL PR       12.200    9/3/2012     CHF    68.03
EFG FINANCIAL PR       12.000    9/3/2012     EUR    65.05
EFG FINANCIAL PR       10.500    9/3/2012     CHF    47.90
EFG FINANCIAL PR       10.260   8/31/2012     EUR    65.58
EFG FINANCIAL PR       14.750   8/30/2012     EUR    71.86
EFG FINANCIAL PR       12.250   8/30/2012     USD    72.41
EFG FINANCIAL PR       10.000   8/30/2012     EUR    65.54
EFG FINANCIAL PR       22.000   8/24/2012     USD    18.95
EFG FINANCIAL PR       14.000   8/24/2012     CHF    25.10
EFG FINANCIAL PR       13.000   8/24/2012     EUR    66.51
EFG FINANCIAL PR       12.500   8/24/2012     CHF    66.66
EFG FINANCIAL PR       12.250   8/24/2012     EUR    63.80
EFG FINANCIAL PR       11.750   8/24/2012     CHF    53.93
EFG FINANCIAL PR       11.500   8/24/2012     CHF    46.92
EFG FINANCIAL PR       10.250   8/24/2012     CHF    69.70
EFG FINANCIAL PR        9.000   8/24/2012     CHF    71.11
EFG FINANCIAL PR       11.800   8/17/2012     CHF    50.07
EFG FINANCIAL PR       11.600   8/17/2012     EUR    56.10
EFG FINANCIAL PR       19.600   8/16/2012     EUR    61.66
EFG FINANCIAL PR       12.000   8/16/2012     EUR    24.52
EFG FINANCIAL PR       15.000   8/14/2012     EUR    67.71
EFG FINANCIAL PR       14.000   8/14/2012     EUR    66.68
EFG FINANCIAL PR       13.750   8/14/2012     EUR    67.24
EFG FINANCIAL PR       13.250   8/14/2012     GBP    66.59
EFG FINANCIAL PR       13.000   8/14/2012     EUR    66.47
EFG FINANCIAL PR       12.750   8/14/2012     CHF    48.40
EFG FINANCIAL PR       12.500   8/14/2012     CHF    66.13
EFG FINANCIAL PR       11.000   8/14/2012     CHF    53.90
EFG FINANCIAL PR       10.000   8/14/2012     CHF    72.21
EFG FINANCIAL PR        8.500   8/14/2012     CHF    65.37
EFG FINANCIAL PR        3.850   8/13/2012     EUR    42.59
EFG FINANCIAL PR       12.800   8/10/2012     CHF    58.01
EFG FINANCIAL PR       12.500   8/10/2012     EUR    73.12
EFG FINANCIAL PR       11.700   8/10/2012     USD    25.56
EFG FINANCIAL PR       10.000   8/10/2012     CHF    66.70
EFG FINANCIAL PR       19.000    8/8/2012     USD    39.92
EFG FINANCIAL PR       12.000    8/7/2012     CHF    73.15
EFG FINANCIAL PR       11.000    8/7/2012     CHF    33.91
EFG FINANCIAL PR       11.000    8/7/2012     CHF    70.68
EFG FINANCIAL PR       10.250    8/7/2012     CHF    67.73
EFG FINANCIAL PR       10.000    8/7/2012     CHF    47.97
EFG FINANCIAL PR        7.250    8/7/2012     CHF    70.75
EFG FINANCIAL PR        9.000    8/3/2012     CHF     9.61
EFG FINANCIAL PR        9.000    8/3/2012     CHF    57.76
EFG FINANCIAL PR        9.000    8/3/2012     CHF    74.13
EFG FINANCIAL PR        9.000    8/3/2012     CHF    71.10
EFG FINANCIAL PR        9.000    8/3/2012     CHF    53.61
EFG FINANCIAL PR        8.000    8/3/2012     EUR    71.39
EFG FINANCIAL PR       15.500   7/31/2012     GBP    70.06
EFG FINANCIAL PR       15.000   7/31/2012     CHF    69.71
EFG FINANCIAL PR       11.750   7/31/2012     CHF    48.31
EFG FINANCIAL PR       11.750   7/31/2012     CHF    48.11
EFG FINANCIAL PR       11.500   7/31/2012     EUR    52.31
EFG FINANCIAL PR       10.000   7/31/2012     CHF    72.43
EFG FINANCIAL PR       10.000   7/31/2012     CHF    47.75
EFG FINANCIAL PR        9.500   7/31/2012     CHF    72.24
EFG FINANCIAL PR       12.000   7/25/2012     GBP    63.77
EFG FINANCIAL PR       11.750   7/25/2012     EUR    67.59
EFG FINANCIAL PR       11.300   7/25/2012     CHF    62.99
EFG FINANCIAL PR       11.000   7/25/2012     CHF    13.37
EFG FINANCIAL PR       11.000   7/25/2012     CHF    63.50
EFG FINANCIAL PR       11.000   7/25/2012     EUR    70.95
EFG FINANCIAL PR       10.250   7/25/2012     CHF    45.36
EFG FINANCIAL PR       10.000   7/25/2012     CHF    62.03
EFG FINANCIAL PR        8.500   7/25/2012     CHF    71.81
EFG FINANCIAL PR        9.770   7/23/2012     EUR    62.47
EFG FINANCIAL PR       10.830   7/20/2012     CHF    73.60
EFG FINANCIAL PR        6.000   7/13/2012     EUR    69.54
EFG FINANCIAL PR       12.750   7/12/2012     EUR    65.42
EFG FINANCIAL PR        9.300    7/6/2012     CHF    59.13
EFG FINANCIAL PR       19.570    7/5/2012     EUR    64.39
EFG FINANCIAL PR       10.500    7/5/2012     CHF    45.37
EFG FINANCIAL PR        8.250    7/5/2012     CHF    66.56
EFG FINANCIAL PR       13.250    7/4/2012     EUR    69.65
EFG FINANCIAL PR       12.500    7/4/2012     USD    69.61
EFG FINANCIAL PR       12.100    7/4/2012     CHF    69.69
EFG FINANCIAL PR       11.500    7/4/2012     EUR    69.03
EFG FINANCIAL PR        8.250    7/4/2012     EUR    67.42
EFG FINANCIAL PR        6.600    7/4/2012     CHF    67.14
EFG FINANCIAL PR       13.200   6/28/2012     EUR    63.01
EFG FINANCIAL PR       12.000   6/28/2012     USD    66.62
EFG FINANCIAL PR       11.300   6/28/2012     EUR    54.99
EFG FINANCIAL PR        8.200   6/28/2012     GBP    73.37
EFG FINANCIAL PR        8.100   6/28/2012     USD    72.98
EFG FINANCIAL PR       16.500   6/27/2012     GBP    55.30
EFG FINANCIAL PR        6.750   6/27/2012     EUR    63.67
EFG FINANCIAL PR       16.020   6/26/2012     CHF    74.87
EFG FINANCIAL PR       10.000   6/22/2012     CHF    43.82
EFG FINANCIAL PR        7.000   6/21/2012     CHF    52.54
EFG FINANCIAL PR        9.650   6/20/2012     USD    40.76
EFG FINANCIAL PR       13.110   6/18/2012     USD    48.79
EFG FINANCIAL PR       12.250   6/15/2012     EUR     8.00
EFG FINANCIAL PR       11.500   6/15/2012     EUR    62.42
EFG FINANCIAL PR        8.800   6/15/2012     CHF    70.92
EFG FINANCIAL PR        5.200   6/14/2012     CHF    51.39
EFG FINANCIAL PR       12.250    6/8/2012     EUR    49.77
EFG FINANCIAL PR       10.000    6/8/2012     CHF    28.91
EFG FINANCIAL PR       12.750    6/6/2012     EUR    58.37
EFG FINANCIAL PR       12.750    6/6/2012     CHF    55.08
EFG FINANCIAL PR       10.000    6/6/2012     CHF    66.25
EFG FINANCIAL PR        8.000    6/6/2012     CHF    66.12
EFG FINANCIAL PR        8.320    6/5/2012     CHF    73.31
EFG FINANCIAL PR       16.000   5/31/2012     GBP    69.19
EFG FINANCIAL PR        6.000   5/31/2012     USD    70.01
EFG FINANCIAL PR       12.500   5/30/2012     EUR    52.67
EFG FINANCIAL PR       10.000   5/30/2012     EUR    63.04
EFG FINANCIAL PR       10.000   5/30/2012     CHF    56.37
EFG FINANCIAL PR        8.400   5/30/2012     EUR    68.96
EFG FINANCIAL PR       10.910   5/29/2012     EUR    36.87
EFG FINANCIAL PR       12.840   5/25/2012     EUR    70.07
EFG FINANCIAL PR       11.200   5/25/2012     CHF    60.63
EFG FINANCIAL PR       10.650   5/25/2012     EUR    67.90
EFG FINANCIAL PR       10.570   5/25/2012     EUR    53.30
EFG FINANCIAL PR       10.440   5/25/2012     EUR    73.40
EFG FINANCIAL PR        9.430   5/25/2012     EUR    70.36
EFG FINANCIAL PR        7.440   5/25/2012     EUR    51.16
EFG FINANCIAL PR        6.100   5/25/2012     EUR    67.56
EFG FINANCIAL PR        9.000   5/24/2012     CHF    66.64
EFG FINANCIAL PR        8.000   5/24/2012     USD    39.20
EFG FINANCIAL PR       14.000   5/22/2012     EUR    65.94
EFG FINANCIAL PR       12.750   5/22/2012     EUR    64.71
EFG FINANCIAL PR       11.250   5/22/2012     CHF    49.89
EFG FINANCIAL PR       10.750   5/22/2012     CHF    64.36
EFG FINANCIAL PR       12.960   5/21/2012     EUR    15.81
EFG FINANCIAL PR       12.500   5/18/2012     EUR    71.69
EFG FINANCIAL PR       10.830   5/18/2012     CHF     0.96
MARE BALTIC PCC         2.000   11/1/2015     DKK     0.01
MARE BALTIC PCC         3.000  11/17/2014     DKK     1.00
MARE BALTIC PCC         2.000   11/1/2015     DKK     0.01
MARE BALTIC PCC         3.000  11/17/2014     DKK    20.00
SARASIN CI LTD         10.250   5/25/2012     EUR    71.60
SARASIN CI LTD          6.000    6/9/2014     EUR    59.06
ZURCHER KANT FIN        8.000   6/15/2012     CHF    59.09
ZURCHER KANT FIN        6.769   5/23/2012     CHF    74.43
ZURCHER KANT FIN        9.050   6/29/2012     CHF    67.14
ZURCHER KANT FIN        7.721   6/22/2012     CHF    62.36
ZURCHER KANT FIN        9.000   6/18/2012     CHF    50.16
ZURCHER KANT FIN       13.575   6/15/2012     CHF    70.53
ZURCHER KANT FIN       11.263   6/15/2012     CHF    65.25
ZURCHER KANT FIN        9.700   6/15/2012     EUR    68.61
ZURCHER KANT FIN        8.548    7/6/2012     EUR    68.30
ZURCHER KANT FIN        7.844   5/18/2012     CHF    58.69
ZURCHER KANT FIN        8.000   7/13/2012     CHF    65.05
ZURCHER KANT FIN       11.000   7/13/2012     CHF    66.37
ZURCHER KANT FIN       12.067   7/13/2012     CHF    70.23
ZURCHER KANT FIN       10.250   7/19/2012     CHF    67.10
ZURCHER KANT FIN        9.250   11/9/2012     CHF    55.05
ZURCHER KANT FIN        7.340   4/16/2013     CHF    56.30

HUNGARY
-------
FHB MORTGAGE BAN        4.500   3/22/2022     EUR    62.38

IRELAND
-------
AIB MORTGAGE BNK        5.000    3/1/2030     EUR    55.79
AIB MORTGAGE BNK        5.000   2/12/2030     EUR    55.81
AIB MORTGAGE BNK        5.580   4/28/2028     EUR    61.83
BANK OF IRELAND         5.600   9/18/2023     EUR    57.13
BANK OF IRELAND         4.473  11/30/2016     EUR    73.75
BK IRELAND MTGE         5.760    9/7/2029     EUR    66.65
BK IRELAND MTGE         5.400   11/6/2029     EUR    63.51
BK IRELAND MTGE         5.360  10/12/2029     EUR    63.23
BK IRELAND MTGE         5.450    3/1/2030     EUR    63.59
DEPFA ACS BANK          5.125   3/16/2037     USD    70.43
DEPFA ACS BANK          0.500    3/3/2025     CAD    45.21
DEPFA ACS BANK          4.900   8/24/2035     CAD    73.50
DEPFA ACS BANK          3.250   7/31/2031     CHF    68.63
DEPFA ACS BANK          5.125   3/16/2037     USD    70.88
FIRST ACTIVE PLC        6.375    4/4/2018     GBP    74.60
KALVEBOD PLC            2.000    5/1/2106     DKK    35.00

ITALY
-----
BANCA MARCHE            4.000   5/26/2021     EUR    74.50
BANCA MARCHE            3.700    9/1/2020     EUR    74.75
BANCA POP MILANO        4.500   4/18/2018     EUR    74.88
BANCA POP VICENT        4.970   4/20/2027     EUR    65.95
BP CIVIDALE             3.180   5/19/2020     EUR    69.88
BTPS I/L                2.550   9/15/2041     EUR    69.32
BTPS I/L                2.350   9/15/2035     EUR    69.19
ICCREA BANCAIMPR        5.220   4/11/2017     EUR    58.00
INTESA SANPAOLO         2.882   4/20/2020     EUR    74.00
INTESA SANPAOLO         3.750    3/2/2020     EUR    74.81
MONTE DEI PASCHI        5.750   9/30/2016     GBP    76.12
REP OF ITALY            2.870   5/19/2036     JPY    54.09
REP OF ITALY            5.250   12/7/2034     GBP    75.93
REP OF ITALY            1.850   9/15/2057     EUR    49.72
REP OF ITALY            2.200   9/15/2058     EUR    56.23
REP OF ITALY            4.850   6/11/2060     EUR    73.05
REP OF ITALY            2.000   9/15/2062     EUR    51.16
SANPAOLO IMI            5.625   3/18/2024     GBP    76.21
SEAT PAGINE            10.500   1/31/2017     EUR    64.17
SEAT PAGINE            10.500   1/31/2017     EUR    65.00
TELECOM ITALIA          5.250   3/17/2055     EUR    69.97
UBI BANCA SPCA          6.250  11/18/2018     EUR    51.44
UNICREDIT SPA           5.050   4/25/2022     EUR    73.10
UNIPOL ASSICURAZ        5.660   7/28/2023     EUR    64.00

LUXEMBOURG
----------
ARCELORMITTAL           7.250    4/1/2014     EUR    21.95
CONTROLINVESTE          3.000   1/28/2015     EUR    73.98
DEXIA BQ INT LUX        6.000    7/2/2018     EUR    74.59
ESFG INTERNATION        6.875  10/21/2019     EUR    67.00
ESPIRITO SANTO F        9.750  12/19/2025     EUR    65.52
FORTIS LUX FINAN        6.500  10/22/2012     EUR    73.00
HELLAS III              8.500  10/15/2013     EUR     0.25
HELLAS III              8.500  10/15/2013     EUR     0.25
LIGHTHOUSE INTL         8.000   4/30/2014     EUR    11.63
LIGHTHOUSE INTL         8.000   4/30/2014     EUR    11.63
ORCO PROPERTY GR        1.000   4/30/2020     EUR    43.75
VIVALDIS                0.500    8/8/2028     EUR    60.47
VIVALDIS                0.500   6/13/2028     EUR    56.50
VIVALDIS                0.500   6/13/2013     EUR    56.50

NETHERLANDS
-----------
APP INTL FINANCE       11.750   10/1/2005     USD     8.75
ASTANA FINANCE          9.000  11/16/2011     USD     3.00
ASTANA FINANCE          7.875    6/8/2010     EUR     2.83
ASTANA FINANCE         14.500    7/2/2013     USD     3.00
BK NED GEMEENTEN        0.500   9/15/2016     TRY    74.03
BK NED GEMEENTEN        0.500   6/22/2016     TRY    74.95
BK NED GEMEENTEN        0.500   6/22/2021     ZAR    50.97
BK NED GEMEENTEN        0.500   5/10/2017     TRY    72.40
BK NED GEMEENTEN        0.500   5/12/2021     ZAR    51.47
BK NED GEMEENTEN        0.500   3/29/2021     NZD    68.99
BK NED GEMEENTEN        0.500   5/22/2017     ZAR    74.28
BK NED GEMEENTEN        0.500    3/3/2021     NZD    69.25
BK NED GEMEENTEN        0.500   6/12/2017     TRY    73.18
BK NED GEMEENTEN        0.500   2/24/2025     CAD    65.75
BK NED GEMEENTEN        0.500    6/7/2022     ZAR    50.10
BLT FINANCE BV          7.500   5/15/2014     USD    17.88
BLT FINANCE BV          7.500   5/15/2014     USD    23.00
BLT FINANCE BV         12.000   2/10/2015     USD    24.13
BRIT INSURANCE          6.625   12/9/2030     GBP    57.86
BULGARIA STEEL         12.000    5/4/2013     EUR     5.88
BULGARIA STEEL         12.000    5/4/2013     EUR     5.88
ENEL FIN INTL NV        5.750   9/14/2040     GBP    75.53
GREENWICH AVENUE       10.000   6/30/2013     USD     0.63
ING BANK NV             4.200  12/19/2035     EUR    66.60
LEHMAN BROS TR B        3.500   9/29/2017     EUR     5.25
LEHMAN BROS TSY         2.500   8/15/2012     CHF     5.25
LEHMAN BROS TSY        13.000   7/25/2012     EUR    16.00
LEHMAN BROS TSY         4.000   7/20/2012     EUR     5.25
LEHMAN BROS TSY         9.250   6/20/2012     USD     5.25
LEHMAN BROS TSY         4.300    6/4/2012     USD    16.00
LEHMAN BROS TSY         6.600   5/23/2012     AUD    16.00
LEHMAN BROS TSY         1.000    5/9/2012     EUR     5.25
LEHMAN BROS TSY         6.750    4/5/2012     EUR     5.25
LEHMAN BROS TSY         0.750   3/29/2012     EUR     5.25
LEHMAN BROS TSY         8.000   3/19/2012     USD     5.25
LEHMAN BROS TSY         3.630    3/2/2012     EUR    16.00
LEHMAN BROS TSY         6.600   2/22/2012     EUR    16.00
LEHMAN BROS TSY         1.460   2/19/2012     JPY    16.00
LEHMAN BROS TSY         7.000   2/15/2012     EUR    16.00
LEHMAN BROS TSY         6.000   2/14/2012     EUR    16.00
LEHMAN BROS TSY         1.500    2/8/2012     CHF     5.25
LEHMAN BROS TSY        10.000    1/3/2012     BRL     5.25
LEHMAN BROS TSY         7.750    1/3/2012     AUD    16.00
LEHMAN BROS TSY        11.000  12/19/2011     USD     5.25
LEHMAN BROS TSY         2.500  12/15/2011     GBP    16.00
LEHMAN BROS TSY         5.000   12/6/2011     EUR     5.25
LEHMAN BROS TSY         4.600   11/9/2011     EUR     5.25
LEHMAN BROS TSY         2.500   11/9/2011     CHF     5.25
LEHMAN BROS TSY         3.500  10/31/2011     USD     5.25
LEHMAN BROS TSY         1.500  10/25/2011     EUR     5.25
LEHMAN BROS TSY         3.500  10/24/2011     USD     5.25
LEHMAN BROS TSY         3.860   9/21/2011     SGD    16.00
LEHMAN BROS TSY         7.000   9/20/2011     USD     5.25
LEHMAN BROS TSY         6.000   9/20/2011     EUR     5.25
LEHMAN BROS TSY         6.250    9/5/2011     EUR     5.25
LEHMAN BROS TSY         5.000    9/1/2011     EUR     5.25
LEHMAN BROS TSY         6.650   8/24/2011     AUD    16.00
LEHMAN BROS TSY         3.000   8/13/2011     EUR     5.25
LEHMAN BROS TSY         4.000   7/27/2011     EUR     5.25
LEHMAN BROS TSY         7.625   7/22/2011     HKD    16.00
LEHMAN BROS TSY        12.000    7/4/2011     EUR    16.00
LEHMAN BROS TSY        11.000    7/4/2011     CHF    16.00
LEHMAN BROS TSY        11.000    7/4/2011     USD    16.00
LEHMAN BROS TSY         2.000   6/28/2011     EUR     5.25
LEHMAN BROS TSY         6.000   6/21/2011     EUR     5.25
LEHMAN BROS TSY         2.000   6/21/2011     EUR     5.25
LEHMAN BROS TSY         3.500   6/20/2011     EUR     5.25
LEHMAN BROS TSY         2.400   6/20/2011     JPY     5.25
LEHMAN BROS TSY         4.000    6/5/2011     USD    16.00
LEHMAN BROS TSY         5.000   5/12/2011     CHF     5.25
LEHMAN BROS TSY         6.700   4/21/2011     USD     5.25
LEHMAN BROS TSY         4.000   4/13/2011     CHF     5.25
LEHMAN BROS TSY        15.000   3/30/2011     EUR     5.25
LEHMAN BROS TSY         6.000   3/17/2011     EUR     5.25
LEHMAN BROS TSY         6.000   3/14/2011     EUR     5.25
LEHMAN BROS TSY         4.000   3/10/2011     EUR     5.25
LEHMAN BROS TSY         8.875   1/28/2011     HKD    16.00
LEHMAN BROS TSY         4.000    1/4/2011     USD    16.00
LEHMAN BROS TSY         8.000  12/31/2010     USD    16.00
LEHMAN BROS TSY         4.500  12/30/2010     USD    16.00
LEHMAN BROS TSY         9.300  12/21/2010     EUR    16.00
LEHMAN BROS TSY         9.300  12/21/2010     EUR    16.00
LEHMAN BROS TSY         6.000  12/21/2010     USD    16.00
LEHMAN BROS TSY         8.050  12/20/2010     HKD    16.00
LEHMAN BROS TSY        14.900  11/16/2010     EUR    16.00
LEHMAN BROS TSY         1.280   11/6/2010     JPY    16.00
LEHMAN BROS TSY         7.000  10/22/2010     EUR     5.25
LEHMAN BROS TSY         4.000  10/12/2010     USD    16.00
LEHMAN BROS TSY         1.500  10/12/2010     EUR     5.25
LEHMAN BROS TSY         4.100   8/23/2010     USD    16.00
LEHMAN BROS TSY         4.000   8/11/2010     USD     5.25
LEHMAN BROS TSY        10.500    8/9/2010     EUR    16.00
LEHMAN BROS TSY         6.000   7/28/2010     EUR    16.00
LEHMAN BROS TSY         6.000   7/28/2010     EUR    16.00
LEHMAN BROS TSY         7.000   7/11/2010     EUR     5.25
LEHMAN BROS TSY         5.500   6/22/2010     USD     5.25
LEHMAN BROS TSY         1.600   6/21/2010     JPY     5.25
LEHMAN BROS TSY         7.250   6/20/2010     USD     5.25
LEHMAN BROS TSY         3.100    6/4/2010     USD    16.00
LEHMAN BROS TSY         3.000    6/3/2010     EUR     5.25
LEHMAN BROS TSY         7.500   5/30/2010     AUD    16.00
LEHMAN BROS TSY         4.000   5/30/2010     USD    16.00
LEHMAN BROS TSY         4.000   5/17/2010     USD     5.25
LEHMAN BROS TSY         2.000   5/17/2010     EUR    16.00
LEHMAN BROS TSY         4.250   5/15/2010     EUR     5.25
LEHMAN BROS TSY         7.600    3/4/2010     NZD    16.00
LEHMAN BROS TSY        11.750    3/1/2010     EUR    16.00
LEHMAN BROS TSY         4.000   2/28/2010     EUR    16.00
LEHMAN BROS TSY         1.000   2/26/2010     USD     5.25
LEHMAN BROS TSY         6.450   2/20/2010     AUD    16.00
LEHMAN BROS TSY         4.100   2/19/2010     EUR     5.25
LEHMAN BROS TSY         7.000   2/15/2010     CHF    16.00
LEHMAN BROS TSY         7.500   2/14/2010     AUD    16.00
LEHMAN BROS TSY         1.750    2/7/2010     EUR    16.00
LEHMAN BROS TSY        10.000    1/4/2010     USD     5.25
LEHMAN BROS TSY         8.800  12/27/2009     EUR    16.00
LEHMAN BROS TSY         7.585  11/22/2009     MXN    16.00
LEHMAN BROS TSY         2.000  11/16/2009     EUR     5.25
LEHMAN BROS TSY         2.750  10/28/2009     EUR    16.00
LEHMAN BROS TSY         3.820  10/20/2009     USD    16.00
LEHMAN BROS TSY         3.400   9/21/2009     HKD    16.00
LEHMAN BROS TSY         7.500   9/13/2009     CHF    16.00
LEHMAN BROS TSY        16.800   8/21/2009     USD    16.00
LEHMAN BROS TSY         8.000    8/3/2009     USD    16.00
LEHMAN BROS TSY         4.500    8/2/2009     USD    16.00
LEHMAN BROS TSY         8.500    7/6/2009     CHF    16.00
LEHMAN BROS TSY        11.000   6/29/2009     EUR    16.00
LEHMAN BROS TSY         3.000   6/23/2009     EUR     5.25
LEHMAN BROS TSY        10.000   6/17/2009     USD    16.00
LEHMAN BROS TSY         5.750   6/15/2009     CHF    16.00
LEHMAN BROS TSY         5.500   6/15/2009     CHF    16.00
LEHMAN BROS TSY         9.000   6/13/2009     USD    16.00
LEHMAN BROS TSY         3.700    6/6/2009     EUR     5.25
LEHMAN BROS TSY        15.000    6/4/2009     CHF    16.00
LEHMAN BROS TSY        17.000    6/2/2009     USD    16.00
LEHMAN BROS TSY        13.500    6/2/2009     USD    16.00
LEHMAN BROS TSY        10.000   5/22/2009     USD    16.00
LEHMAN BROS TSY         8.000   5/22/2009     USD    16.00
LEHMAN BROS TSY         8.000   5/22/2009     USD    16.00
LEHMAN BROS TSY         4.100   5/20/2009     USD    16.00
LEHMAN BROS TSY        16.200   5/14/2009     USD    16.00
LEHMAN BROS TSY         2.480   5/12/2009     USD     5.25
LEHMAN BROS TSY         2.250   5/12/2009     USD     5.25
LEHMAN BROS TSY         4.000   4/24/2009     USD    16.00
LEHMAN BROS TSY         3.850   4/24/2009     USD    16.00
LEHMAN BROS TSY         8.000   4/20/2009     EUR     5.25
LEHMAN BROS TSY        16.000   10/8/2008     CHF    16.00
LEHMAN BROS TSY         7.250   10/6/2008     EUR    16.00
LEHMAN BROS TSY        10.000  10/22/2008     USD    16.00
LEHMAN BROS TSY         8.000  10/23/2008     USD    16.00
LEHMAN BROS TSY         5.000  10/24/2008     CHF    16.00
LEHMAN BROS TSY         6.000  10/24/2008     EUR    16.00
LEHMAN BROS TSY         7.500  10/24/2008     USD    16.00
LEHMAN BROS TSY        16.000  10/28/2008     USD    16.00
LEHMAN BROS TSY        13.150  10/30/2008     USD    16.00
LEHMAN BROS TSY        16.000   11/9/2008     USD    16.00
LEHMAN BROS TSY        14.100  11/12/2008     USD    16.00
LEHMAN BROS TSY        10.442  11/22/2008     CHF    16.00
LEHMAN BROS TSY         7.000  11/28/2008     CHF    16.00
LEHMAN BROS TSY        16.000  12/26/2008     USD    16.00
LEHMAN BROS TSY         6.720  12/29/2008     EUR     5.25
LEHMAN BROS TSY        13.432    1/8/2009     ILS    16.00
LEHMAN BROS TSY         7.750   1/30/2009     EUR    16.00
LEHMAN BROS TSY         6.600    2/9/2009     EUR     5.25
LEHMAN BROS TSY         0.500   2/16/2009     EUR    16.00
LEHMAN BROS TSY        10.000   2/16/2009     CHF    16.00
LEHMAN BROS TSY        11.000   2/16/2009     CHF    16.00
LEHMAN BROS TSY        13.000   2/16/2009     CHF    16.00
LEHMAN BROS TSY         5.000   3/13/2009     EUR     5.25
LEHMAN BROS TSY         9.000   3/17/2009     GBP    16.00
LEHMAN BROS TSY         4.050   9/16/2008     EUR     5.25
LEHMAN BROS TSY        23.300   9/16/2008     USD    16.00
LEHMAN BROS TSY         7.375   9/20/2008     EUR    16.00
LEHMAN BROS TSY        18.250   10/2/2008     USD    16.00
LEHMAN BROS TSY        10.000   3/27/2009     USD     5.25
LEHMAN BROS TSY         7.000   4/14/2009     EUR    16.00
LEHMAN BROS TSY         5.103   6/22/2046     EUR    16.00
LEHMAN BROS TSY         4.680  12/12/2045     EUR    16.00
LEHMAN BROS TSY        10.000    8/2/2037     JPY     5.25
LEHMAN BROS TSY         4.820  12/18/2036     EUR    16.00
LEHMAN BROS TSY         4.950  10/25/2036     EUR     5.25
LEHMAN BROS TSY         3.000   9/12/2036     JPY     5.25
LEHMAN BROS TSY         6.000   11/2/2035     EUR     5.25
LEHMAN BROS TSY         7.250   10/5/2035     EUR     5.38
LEHMAN BROS TSY         7.500    8/1/2035     EUR     5.25
LEHMAN BROS TSY         7.000   5/17/2035     EUR     5.38
LEHMAN BROS TSY         8.250   3/16/2035     EUR     5.63
LEHMAN BROS TSY         6.000   2/15/2035     EUR     5.63
LEHMAN BROS TSY         5.000   2/28/2032     EUR     5.25
LEHMAN BROS TSY         3.500  12/20/2027     USD     5.25
LEHMAN BROS TSY         5.120   4/30/2027     EUR    16.00
LEHMAN BROS TSY         6.500   7/24/2026     EUR     5.25
LEHMAN BROS TSY         5.250   5/26/2026     EUR     5.25
LEHMAN BROS TSY         5.000    8/1/2025     EUR     5.25
LEHMAN BROS TSY         5.220    3/1/2024     EUR    16.00
LEHMAN BROS TSY         5.250    4/1/2023     EUR    16.00
LEHMAN BROS TSY         6.000   2/19/2023     USD     5.25
LEHMAN BROS TSY         9.000   5/15/2022     USD     5.25
LEHMAN BROS TSY         5.000    5/2/2022     EUR    16.00
LEHMAN BROS TSY         4.250   3/13/2021     EUR    16.00
LEHMAN BROS TSY         4.150   8/25/2020     EUR    16.00
LEHMAN BROS TSY         0.500    8/1/2020     EUR    16.00
LEHMAN BROS TSY         4.900   7/28/2020     EUR     5.25
LEHMAN BROS TSY         0.500    7/2/2020     EUR    16.00
LEHMAN BROS TSY         0.500    6/2/2020     EUR    16.00
LEHMAN BROS TSY        11.000    5/9/2020     USD     5.25
LEHMAN BROS TSY         6.300  12/21/2018     USD     5.25
LEHMAN BROS TSY         9.750   6/22/2018     USD     5.25
LEHMAN BROS TSY         6.000   5/23/2018     CZK     5.25
LEHMAN BROS TSY         9.500    4/1/2018     USD     5.25
LEHMAN BROS TSY         7.800   3/31/2018     USD     5.25
LEHMAN BROS TSY         8.000   3/21/2018     USD     5.25
LEHMAN BROS TSY         5.200   3/19/2018     EUR    16.00
LEHMAN BROS TSY         2.600   3/19/2018     JPY    16.00
LEHMAN BROS TSY         5.000   2/15/2018     EUR     5.25
LEHMAN BROS TSY         6.000  12/30/2017     EUR     5.25
LEHMAN BROS TSY         4.500  12/20/2017     AUD     5.25
LEHMAN BROS TSY         4.500  12/20/2017     AUD     5.25
LEHMAN BROS TSY         4.500  12/20/2017     AUD     5.25
LEHMAN BROS TSY         0.500  12/20/2017     AUD     5.25
LEHMAN BROS TSY         0.500  12/20/2017     USD     5.25
LEHMAN BROS TSY         0.500  12/20/2017     USD     5.25
LEHMAN BROS TSY         0.500  12/20/2017     USD     5.25
LEHMAN BROS TSY         0.500  12/20/2017     USD     5.25
LEHMAN BROS TSY         0.500  12/20/2017     AUD     5.25
LEHMAN BROS TSY         0.500  12/20/2017     AUD     5.25
LEHMAN BROS TSY         0.500  12/20/2017     AUD     5.25
LEHMAN BROS TSY         0.500  12/20/2017     AUD     5.25
LEHMAN BROS TSY        12.220  11/21/2017     USD     5.25
LEHMAN BROS TSY         4.600  10/11/2017     ILS    16.00
LEHMAN BROS TSY         5.000   8/16/2017     EUR     8.88
LEHMAN BROS TSY         3.000   8/15/2017     EUR     5.25
LEHMAN BROS TSY         3.000    8/8/2017     EUR     5.25
LEHMAN BROS TSY         7.500   6/15/2017     USD     5.25
LEHMAN BROS TSY         7.000    6/6/2017     EUR     5.25
LEHMAN BROS TSY         6.000   5/12/2017     EUR     5.25
LEHMAN BROS TSY         5.100    5/8/2017     HKD    15.00
LEHMAN BROS TSY         7.390    5/4/2017     USD     5.25
LEHMAN BROS TSY         7.500    5/2/2017     EUR     5.25
LEHMAN BROS TSY         4.500    5/2/2017     EUR     5.25
LEHMAN BROS TSY         5.000   4/24/2017     EUR     5.25
LEHMAN BROS TSY         4.690   2/19/2017     EUR    16.00
LEHMAN BROS TSY         4.000   2/16/2017     EUR     5.25
LEHMAN BROS TSY         0.800  12/30/2016     EUR     5.25
LEHMAN BROS TSY         6.000   12/6/2016     USD    16.00
LEHMAN BROS TSY         4.000  11/24/2016     EUR     5.25
LEHMAN BROS TSY         3.350  10/13/2016     EUR     5.25
LEHMAN BROS TSY         4.350    8/8/2016     SGD    16.00
LEHMAN BROS TSY         4.600    7/6/2016     EUR     5.25
LEHMAN BROS TSY         8.500    7/5/2016     EUR     5.25
LEHMAN BROS TSY         4.700   3/23/2016     EUR     5.25
LEHMAN BROS TSY         4.700   3/23/2016     EUR     5.25
LEHMAN BROS TSY         8.000   2/16/2016     EUR     5.25
LEHMAN BROS TSY         8.250    2/3/2016     EUR     5.25
LEHMAN BROS TSY         8.250   12/3/2015     EUR     5.25
LEHMAN BROS TSY         6.500   5/16/2015     EUR     5.25
LEHMAN BROS TSY         7.050    4/8/2015     USD     5.25
LEHMAN BROS TSY         5.400   3/18/2015     USD     5.25
LEHMAN BROS TSY         5.000   3/18/2015     EUR     5.75
LEHMAN BROS TSY         5.550   3/12/2015     EUR    16.00
LEHMAN BROS TSY         4.500    3/7/2015     EUR     5.25
LEHMAN BROS TSY         1.680    3/5/2015     EUR     5.25
LEHMAN BROS TSY         5.400    3/4/2015     USD     5.25
LEHMAN BROS TSY         5.000   2/25/2015     EUR     5.25
LEHMAN BROS TSY         5.000   2/16/2015     EUR     5.25
LEHMAN BROS TSY         3.025   1/31/2015     EUR     5.25
LEHMAN BROS TSY         8.000  10/17/2014     EUR     5.25
LEHMAN BROS TSY         5.000   9/22/2014     EUR     5.25
LEHMAN BROS TSY         4.500   7/24/2014     EUR     5.25
LEHMAN BROS TSY         0.250   7/21/2014     EUR     5.25
LEHMAN BROS TSY         5.250    7/8/2014     EUR    16.00
LEHMAN BROS TSY         4.100   6/10/2014     SGD    16.00
LEHMAN BROS TSY         2.300   4/28/2014     JPY     5.25
LEHMAN BROS TSY         5.300   4/23/2014     EUR     5.25
LEHMAN BROS TSY        10.600   4/22/2014     MXN     5.25
LEHMAN BROS TSY         5.000   2/27/2014     EUR     5.25
LEHMAN BROS TSY         5.375    2/4/2014     USD     5.25
LEHMAN BROS TSY         7.000  11/26/2013     EUR     5.25
LEHMAN BROS TSY         1.950   11/4/2013     EUR    16.00
LEHMAN BROS TSY         4.870   10/8/2013     USD    16.00
LEHMAN BROS TSY         6.000    8/7/2013     EUR     5.25
LEHMAN BROS TSY         4.600    8/1/2013     EUR     5.25
LEHMAN BROS TSY         2.370   7/15/2013     USD     5.25
LEHMAN BROS TSY         2.300   6/27/2013     USD    16.00
LEHMAN BROS TSY         2.300    6/6/2013     USD    16.00
LEHMAN BROS TSY         3.450   5/23/2013     USD     5.25
LEHMAN BROS TSY         6.700   5/21/2013     USD     5.25
LEHMAN BROS TSY         7.150   3/21/2013     USD     5.25
LEHMAN BROS TSY         2.875   3/14/2013     CHF    16.88
LEHMAN BROS TSY         4.500    3/6/2013     CHF     5.25
LEHMAN BROS TSY         7.600   1/31/2013     AUD    16.00
LEHMAN BROS TSY        13.000  12/14/2012     USD     5.25
LEHMAN BROS TSY         3.000   12/3/2012     EUR     5.25
LEHMAN BROS TSY         6.250  11/30/2012     EUR     5.25
LEHMAN BROS TSY         5.500  11/30/2012     CZK     5.25
LEHMAN BROS TSY         5.000  11/22/2012     EUR     5.25
LEHMAN BROS TSY         6.000  10/30/2012     EUR     5.25
LEHMAN BROS TSY         6.000  10/30/2012     USD     5.25
LEHMAN BROS TSY         4.000  10/24/2012     EUR     5.25
LEHMAN BROS TSY         0.250  10/19/2012     CHF     5.25
LEHMAN BROS TSY         2.500   8/23/2012     GBP    16.00
NATL INVESTER BK       25.983    5/7/2029     EUR    25.02
NED WATERSCHAPBK        0.500   3/11/2025     CAD    64.76
NIB CAPITAL BANK        4.510  12/16/2035     EUR    67.84
PORTUGAL TEL FIN        4.500   6/16/2025     EUR    69.28
Q-CELLS INTERNAT        5.750   5/26/2014     EUR    13.33
RABOBANK                0.500  11/26/2021     ZAR    46.07
RABOBANK                0.500  10/27/2016     ZAR    73.86
RBS NV EX-ABN NV        2.910   6/21/2036     JPY    69.87
RBS NV EX-ABN NV        6.500   5/17/2018     AUD    71.34
SNS BANK                6.250  10/26/2020     EUR    73.92
SNS BANK                4.580   3/20/2026     EUR    65.94
SNS BANK                5.215   12/3/2027     EUR    69.06
SRLEV NV                9.000   4/15/2041     EUR    73.21
TJIWI KIMIA FIN        13.250    8/1/2001     USD     0.01

NORWAY
------
KOMMUNALBANKEN          0.500   5/25/2018     ZAR    63.06
KOMMUNALBANKEN          0.500   3/29/2017     BRL    70.10
KOMMUNALBANKEN          0.500   5/10/2017     BRL    69.95
KOMMUNALBANKEN          0.500   3/28/2017     BRL    70.58
KOMMUNALBANKEN          0.500   7/26/2016     BRL    74.26
KOMMUNALBANKEN          0.500   7/28/2016     BRL    73.81
KOMMUNALBANKEN          0.500   7/29/2016     TRY    74.92
KOMMUNALBANKEN          0.500   8/16/2016     BRL    73.53
KOMMUNALBANKEN          0.500    3/7/2017     BRL    70.89
KOMMUNALBANKEN          0.500    3/2/2018     BRL    65.82
NORSKE SKOGIND          6.125  10/15/2015     USD    71.33
NORSKE SKOGIND          7.000   6/26/2017     EUR    61.21
NORSKE SKOGIND          7.125  10/15/2033     USD    52.38
NORSKE SKOGIND          7.125  10/15/2033     USD    52.38
NORSKE SKOGIND          6.125  10/15/2015     USD    71.00
RENEWABLE CORP          6.500    6/4/2014     EUR    60.32
RENEWABLE CORP          9.750    5/3/2018     NOK    70.62

POLAND
------
POLAND GOVT BOND        5.000   4/25/2037     PLN    63.50

PORTUGAL
--------
CAIXA GERAL DEPO        5.380   10/1/2038     EUR    60.26
CAIXA GERAL DEPO        4.250   1/27/2020     EUR    75.94
COMBOIOS DE PORT        4.170  10/16/2019     EUR    50.18
COMBOIOS DE PORT        5.700    2/5/2030     EUR    59.98
METRO DE LISBOA         5.750    2/4/2019     EUR    57.93
METRO DE LISBOA         4.061   12/4/2026     EUR    48.50
METRO DE LISBOA         4.799   12/7/2027     EUR    48.66
METRO DE LISBOA         7.300  12/23/2025     EUR    54.38
MONTEPIO GERAL          4.000    2/8/2015     EUR    74.38
MONTEPIO GERAL          5.000    2/8/2017     EUR    61.63
PARPUBLICA              5.250   9/28/2017     EUR    69.75
PARPUBLICA              4.200  11/16/2026     EUR    50.25
PARPUBLICA              3.567   9/22/2020     EUR    55.54
PORTUGAL (REP)          3.500   3/25/2015     USD    75.22
PORTUGUESE OT'S         4.200  10/15/2016     EUR    68.09
PORTUGUESE OT'S         4.350  10/16/2017     EUR    62.88
PORTUGUESE OT'S         4.450   6/15/2018     EUR    60.40
PORTUGUESE OT'S         4.750   6/14/2019     EUR    59.42
PORTUGUESE OT'S         4.800   6/15/2020     EUR    58.01
PORTUGUESE OT'S         3.850   4/15/2021     EUR    55.95
PORTUGUESE OT'S         4.100   4/15/2037     EUR    46.49
PORTUGUESE OT'S         4.950  10/25/2023     EUR    56.70
PORTUGUESE OT'S         3.350  10/15/2015     EUR    72.46
REFER                   4.000   3/16/2015     EUR    57.02
REFER                   5.875   2/18/2019     EUR    59.53
REFER                   4.047  11/16/2026     EUR    46.99
REFER                   4.250  12/13/2021     EUR    44.99
REFER                   4.675  10/16/2024     EUR    48.14

RUSSIA
------
ARIZK                   3.000  12/20/2030     RUB    44.03
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    31.51
NOK                    12.500   8/26/2014     RUB     5.00
PROMPEREOSNASTKA        1.000  12/17/2012     RUB     0.01
PROTON-FINANCE          9.000   6/12/2012     RUB    65.00
RBC OJSC                3.270   4/19/2018     RUB    45.00
RBC OJSC                7.000   4/23/2015     RUB    70.00
RBC OJSC                7.000   4/23/2015     RUB    71.50
SATURN                  8.000    6/6/2014     RUB     2.00

SPAIN
-----
AYT CEDULAS CAJA        4.750   5/25/2027     EUR    66.02
AYT CEDULAS CAJA        3.750  12/14/2022     EUR    67.67
AYT CEDULAS CAJA        4.250  10/25/2023     EUR    69.70
AYT CEDULAS CAJA        3.750   6/30/2025     EUR    59.36
AYUNTAM DE MADRD        4.350   6/16/2021     EUR    65.91
AYUNTAM DE MADRD        4.550   6/16/2036     EUR    47.78
BANCAJA                 1.500   5/22/2018     EUR    61.36
BANCO BILBAO VIZ        6.025    3/3/2033     EUR    57.64
BANCO BILBAO VIZ        4.500   2/16/2022     EUR    71.59
BANCO BILBAO VIZ        4.375  10/20/2019     EUR    74.07
BANCO CASTILLA          1.500   6/23/2021     EUR    63.95
BANCO POP ESPAN         5.702  12/22/2019     EUR    73.00
BASQUE GOV'T            4.600    1/7/2025     EUR    71.79
BBVA SUB CAP UNI        2.750  10/22/2035     JPY    66.72
BPE FINANCIACION        6.873  10/22/2020     EUR    72.17
CAIXA TERRASSA          1.700   3/12/2022     EUR    65.66
CAIXA TERRASSA          4.700    8/9/2021     EUR    67.19
CAIXABANK               4.000    2/9/2022     EUR    72.35
CAJA MADRID             5.116   7/15/2015     EUR    72.50
CAJA MADRID             4.125   3/24/2036     EUR    68.67
CEDULAS TDA 6 FO        3.875   5/23/2025     EUR    61.85
CEDULAS TDA 6 FO        4.250   4/10/2031     EUR    57.37
CEDULAS TDA A-5         4.250   3/28/2027     EUR    61.79
COMUN AUTO CANAR        3.900  11/30/2035     EUR    46.00
COMUN AUTO CANAR        4.200  10/25/2036     EUR    48.28
COMUN AUTO CANAR        4.450  11/17/2019     EUR    72.24
COMUN AUTO CANAR        5.750  10/15/2029     EUR    69.36
COMUN NAVARRA           4.000  11/23/2021     EUR    73.17
COMUNIDAD ARAGON        4.646   7/11/2036     EUR    55.26
COMUNIDAD ARAGON        4.470   7/12/2021     EUR    72.66
COMUNIDAD ARAGON        4.815  10/10/2022     EUR    71.99
COMUNIDAD BALEAR        3.869  11/23/2020     EUR    65.47
COMUNIDAD BALEAR        4.063  11/23/2035     EUR    43.62
COMUNIDAD BALEAR        4.796    3/4/2020     EUR    73.49
COMUNIDAD MADRID        4.300   9/15/2026     EUR    63.35
DIPUTACION FOR          4.323  12/29/2023     EUR    64.49
GEN DE CATALUNYA        5.950   10/1/2030     EUR    60.18
GEN DE CATALUNYA        2.965    9/8/2039     JPY    43.56
GEN DE CATALUNYA        4.220   4/26/2035     EUR    44.64
GEN DE CATALUNYA        4.690  10/28/2034     EUR    48.85
GEN DE CATALUNYA        6.350  11/30/2041     EUR    61.66
GEN DE CATALUNYA        2.125   10/1/2014     CHF    74.96
GEN DE CATALUNYA        2.315   9/10/2015     CHF    72.42
GEN DE CATALUNYA        2.355  11/10/2015     CHF    71.51
GEN DE CATALUNYA        2.750   3/24/2016     CHF    70.26
GEN DE CATALUNYA        4.801   7/31/2020     EUR    70.49
GEN DE CATALUNYA        4.900   9/15/2021     EUR    68.32
GEN DE CATALUNYA        5.250   10/5/2023     EUR    65.26
GEN DE CATALUNYA        5.900   5/20/2024     EUR    68.77
GEN DE CATALUNYA        5.325   10/5/2028     EUR    57.24
GEN DE CATALUNYA        5.219   9/10/2029     EUR    55.31
GEN DE CATALUNYA        5.400   5/13/2030     EUR    56.32
GEN DE CATALUNYA        5.900   5/28/2030     EUR    60.60
GENERAL VALENCIA        4.000   11/2/2016     EUR    72.50
GENERAL VALENCIA        4.900   3/17/2020     EUR    64.38
GENERAL VALENCIA        5.900  11/30/2032     EUR    50.63
IM CEDULAS 5            3.500   6/15/2020     EUR    74.18
INSTIT CRDT OFCL        3.250   6/28/2024     CHF    67.98
INSTIT CRDT OFCL        2.100   2/23/2021     JPY    70.13
INSTIT CRDT OFCL        2.570  10/22/2021     CHF    67.83
INSTITUT CATALA         4.250   6/15/2024     EUR    59.47
JUNTA ANDALUCIA         3.065   7/29/2039     JPY    46.30
JUNTA ANDALUCIA         4.850   3/17/2020     EUR    72.34
JUNTA ANDALUCIA         3.170   7/29/2039     JPY    47.50
JUNTA ANDALUCIA         3.050  12/10/2020     JPY    73.62
JUNTA ANDALUCIA         5.000   7/13/2022     EUR    68.01
JUNTA ANDALUCIA         5.700   7/20/2028     EUR    64.21
JUNTA ANDALUCIA         4.125   1/20/2020     EUR    70.25
JUNTA ANDALUCIA         5.150   5/24/2034     EUR    55.20
JUNTA ANDALUCIA         6.600  11/29/2030     EUR    68.77
JUNTA ANDALUCIA         4.250  10/31/2036     EUR    44.57
JUNTA CASTILLA          4.650   11/8/2022     EUR    69.58
JUNTA LA MANCHA         3.875   1/31/2036     EUR    40.00
JUNTA LA MANCHA         7.705   2/15/2033     EUR    72.50
JUNTA LA MANCHA         4.625  11/30/2022     EUR    63.25
JUNTA LA MANCHA         4.875   3/18/2020     EUR    72.38
JUNTA LA MANCHA         2.810  10/14/2022     JPY    62.63
JUNTA LA MANCHA         5.950    9/9/2030     EUR    60.19
MAPFRE SA               5.921   7/24/2037     EUR    63.23
SACYR VALLEHERM         6.500    5/1/2016     EUR    59.06
SANTANDER ISSUAN        5.750   1/31/2018     GBP    73.02
SANTANDER ISSUAN        5.435  10/24/2017     EUR    77.00
SANTANDER ISSUAN        4.250   5/30/2018     EUR    72.00
SANTANDER ISSUAN        4.750   5/29/2019     EUR    71.75
SANTANDER ISSUAN        4.500   9/30/2019     EUR    70.01
SPANISH GOV'T           4.200   1/31/2037     EUR    71.48
XUNTA DE GALICIA        5.350  11/22/2028     EUR    62.82
XUNTA DE GALICIA        4.205  11/30/2019     EUR    73.98
XUNTA DE GALICIA        4.025  11/28/2035     EUR    46.61

SWEDEN
------
ASSA ABLOY AB           4.000   2/15/2027     EUR    74.13
SAS AB                  7.500    4/1/2015     SEK    74.48
SWEDISH EXP CRED        7.500   6/12/2012     USD     6.95
SWEDISH EXP CRED        0.500  11/27/2015     TRY    74.50
SWEDISH EXP CRED        0.500   5/27/2016     BRL    74.94
SWEDISH EXP CRED        0.500   6/29/2016     TRY    71.36
SWEDISH EXP CRED        0.500   6/29/2016     BRL    74.40
SWEDISH EXP CRED        0.500   8/25/2016     BRL    73.88
SWEDISH EXP CRED        0.500   9/14/2016     BRL    73.57
SWEDISH EXP CRED        0.500   9/30/2016     ZAR    74.79
SWEDISH EXP CRED        0.500  12/14/2016     BRL    72.09
SWEDISH EXP CRED        0.500  12/21/2016     BRL    71.98
SWEDISH EXP CRED        0.500   1/26/2017     BRL    71.41
SWEDISH EXP CRED        0.500  12/17/2027     USD    61.06
SWEDISH EXP CRED        0.500   3/15/2022     ZAR    42.43
SWEDISH EXP CRED        0.500   2/22/2022     ZAR    42.69
SWEDISH EXP CRED        0.500   7/21/2017     BRL    68.68
SWEDISH EXP CRED        0.500   8/25/2021     ZAR    44.95
SWEDISH EXP CRED        0.500   1/31/2022     ZAR    43.28
SWEDISH EXP CRED        0.500   8/26/2021     AUD    66.13
SWEDISH EXP CRED        0.500  12/22/2016     BRL    71.96
SWEDISH EXP CRED        0.500   3/10/2017     BRL    70.70
SWEDISH EXP CRED        0.500    2/3/2017     BRL    71.33
SWEDISH EXP CRED        0.500   6/30/2017     BRL    68.99
SWEDISH EXP CRED        0.500   6/21/2017     BRL    69.12
SWEDISH EXP CRED        0.500   1/25/2028     USD    60.70

SWITZERLAND
-----------
BANK JULIUS BAER       12.000    7/6/2012     EUR    54.65
BANK JULIUS BAER       11.900    7/6/2012     CHF    60.55
BANK JULIUS BAER       11.300    7/6/2012     CHF    42.45
BANK JULIUS BAER       10.700    7/6/2012     CHF    73.60
BANK JULIUS BAER       10.500    7/6/2012     USD    63.30
BANK JULIUS BAER        9.000   9/17/2012     CHF    42.55
BANK JULIUS BAER       10.500  12/14/2012     USD    69.25
BANK JULIUS BAER       10.000   1/28/2013     CHF    68.05
BANK JULIUS BAER       17.300    2/1/2013     EUR    63.95
BANK JULIUS BAER       12.000    4/9/2013     CHF    48.15
BANK JULIUS BAER        8.700    8/5/2013     CHF    64.37
BANK JULIUS BAER        8.750   6/15/2012     CHF    70.05
BANK JULIUS BAER       10.500    7/6/2012     CHF    69.35
BANK JULIUS BAER       10.100    7/6/2012     CHF    41.85
BANK JULIUS BAER       14.800    7/6/2012     EUR    52.05
BANK JULIUS BAER       14.300   7/13/2012     CHF    47.85
BANK JULIUS BAER       10.500   7/18/2012     CHF    57.20
BANK JULIUS BAER        5.500   7/20/2012     CHF    69.90
BANK JULIUS BAER       11.700   7/20/2012     EUR    71.25
BANK JULIUS BAER        8.750   7/26/2012     EUR    71.40
BANK JULIUS BAER        9.300   7/27/2012     EUR    65.15
BANK JULIUS BAER       11.000   7/27/2012     CHF    71.15
BANK JULIUS BAER       12.000   7/27/2012     EUR    71.30
BANK JULIUS BAER        9.000    7/6/2012     EUR    64.85
BANK JULIUS BAER        8.600    7/6/2012     CHF    69.60
BANK JULIUS BAER       11.900   6/29/2012     EUR    60.45
BANK JULIUS BAER        8.000   6/29/2012     EUR    71.45
BANK JULIUS BAER       14.000   6/28/2012     EUR    58.05
BANK JULIUS BAER        8.600   6/27/2012     CHF    73.20
BANK JULIUS BAER       10.000   6/22/2012     CHF    71.35
BANK JULIUS BAER        7.500   6/15/2012     CHF    74.75
BANK JULIUS BAER        7.000   6/15/2012     CHF    70.70
BANK JULIUS BAER        7.400   6/14/2012     CAD    51.75
BANK JULIUS BAER        8.200    6/8/2012     CHF    67.90
BANK JULIUS BAER       13.000    6/1/2012     USD    51.15
BANK JULIUS BAER       11.200    6/1/2012     CHF    64.80
BANK JULIUS BAER       12.400    7/6/2012     CHF    49.70
BANK JULIUS BAER       10.600    6/1/2012     EUR    73.45
BANK JULIUS BAER       10.300    6/1/2012     EUR    72.95
BANK JULIUS BAER       10.000    6/1/2012     CHF    50.65
BANK JULIUS BAER        9.750    6/1/2012     EUR    72.10
BANK JULIUS BAER        9.000   5/30/2012     CHF    50.45
BANK JULIUS BAER       10.000   5/25/2012     CHF    65.10
BANK JULIUS BAER        9.200   5/25/2012     EUR    48.20
BANK JULIUS BAER        8.600   5/25/2012     EUR    71.75
BANK JULIUS BAER        8.500   5/25/2012     CHF    65.60
BANK JULIUS BAER       14.000   5/24/2012     EUR    70.20
BANK JULIUS BAER        8.200   5/18/2012     EUR    66.95
BANK JULIUS BAER        9.700   5/18/2012     USD    69.70
BANK JULIUS BAER       11.600   5/18/2012     USD    74.85
BANK JULIUS BAER        8.400   5/23/2012     CHF    50.40
BANK JULIUS BAER       10.000   5/23/2012     CHF    66.55
BANK JULIUS BAER       11.300    8/3/2012     CHF    66.92
BANK JULIUS BAER       22.800    8/3/2012     USD    56.11
CLARIDEN LEU NAS        0.000  11/26/2013     CHF    57.66
CLARIDEN LEU NAS        9.500   7/13/2012     EUR    47.81
CLARIDEN LEU NAS       11.750   7/12/2012     USD    59.16
CLARIDEN LEU NAS       10.500   7/12/2012     CHF    57.39
CLARIDEN LEU NAS       12.500   7/11/2012     EUR    62.19
CLARIDEN LEU NAS       11.250    7/6/2012     GBP    71.98
CLARIDEN LEU NAS       10.000    7/6/2012     EUR    67.72
CLARIDEN LEU NAS       10.000    7/6/2012     CHF    70.26
CLARIDEN LEU NAS       11.000    7/5/2012     CHF    59.60
CLARIDEN LEU NAS       10.500    7/4/2012     EUR    63.11
CLARIDEN LEU NAS       10.250    7/4/2012     EUR    53.09
CLARIDEN LEU NAS       10.000    7/4/2012     CHF    59.21
CLARIDEN LEU NAS        9.500    7/4/2012     CHF    66.50
CLARIDEN LEU NAS        9.250    7/4/2012     EUR    72.99
CLARIDEN LEU NAS        8.750    7/4/2012     CHF    61.74
CLARIDEN LEU NAS        8.500    7/4/2012     EUR    68.49
CLARIDEN LEU NAS        8.000    7/4/2012     CHF    74.27
CLARIDEN LEU NAS        6.250    7/4/2012     CHF    74.12
CLARIDEN LEU NAS       15.500   6/29/2012     EUR    40.95
CLARIDEN LEU NAS       14.000   6/29/2012     CHF    73.44
CLARIDEN LEU NAS       10.000   6/27/2012     CHF    71.84
CLARIDEN LEU NAS       12.500   6/22/2012     EUR    72.64
CLARIDEN LEU NAS       11.250   6/22/2012     CHF    47.00
CLARIDEN LEU NAS       10.000   6/22/2012     CHF    55.03
CLARIDEN LEU NAS       10.500   6/21/2012     EUR    53.46
CLARIDEN LEU NAS       10.000   6/21/2012     EUR    57.38
CLARIDEN LEU NAS        9.000   6/21/2012     CHF    54.54
CLARIDEN LEU NAS       12.000   6/20/2012     USD    58.02
CLARIDEN LEU NAS       10.250   6/20/2012     SEK    66.97
CLARIDEN LEU NAS        8.500   6/20/2012     CHF    71.12
CLARIDEN LEU NAS        3.550   6/20/2012     CHF    47.66
CLARIDEN LEU NAS       10.500   6/15/2012     CHF    64.33
CLARIDEN LEU NAS        9.000   6/15/2012     CHF    63.32
CLARIDEN LEU NAS       12.000   6/14/2012     CHF    30.65
CLARIDEN LEU NAS       11.750   6/14/2012     EUR    68.41
CLARIDEN LEU NAS        9.250   6/14/2012     CHF    67.44
CLARIDEN LEU NAS        9.000   6/14/2012     CHF    52.35
CLARIDEN LEU NAS       13.500    6/8/2012     EUR    49.73
CLARIDEN LEU NAS        8.500    6/8/2012     CHF    61.83
CLARIDEN LEU NAS        7.500    6/8/2012     GBP    64.44
CLARIDEN LEU NAS        0.000    6/8/2012     CHF    60.03
CLARIDEN LEU NAS       12.500    6/6/2012     EUR    73.14
CLARIDEN LEU NAS       11.000    6/6/2012     CAD    67.33
CLARIDEN LEU NAS       10.000    6/6/2012     NOK    60.63
CLARIDEN LEU NAS       10.000    6/6/2012     CHF    67.60
CLARIDEN LEU NAS       13.250    6/1/2012     USD    11.51
CLARIDEN LEU NAS       12.500    6/1/2012     CHF    11.54
CLARIDEN LEU NAS       11.500    6/1/2012     EUR    69.03
CLARIDEN LEU NAS        7.500    6/1/2012     EUR    63.06
CLARIDEN LEU NAS       12.250   5/31/2012     EUR    38.33
CLARIDEN LEU NAS       10.750   5/30/2012     CHF    51.74
CLARIDEN LEU NAS       10.500   5/30/2012     EUR    64.95
CLARIDEN LEU NAS       10.500   5/25/2012     CHF    65.67
CLARIDEN LEU NAS       12.750   5/24/2012     EUR    48.52
CLARIDEN LEU NAS       10.500   5/24/2012     EUR    71.20
CLARIDEN LEU NAS       14.000   5/23/2012     EUR    10.69
CLARIDEN LEU NAS       13.000   5/23/2012     CHF    10.66
CLARIDEN LEU NAS       12.750   5/23/2012     EUR    74.96
CLARIDEN LEU NAS       11.500   5/23/2012     USD    59.96
CLARIDEN LEU NAS       10.000   5/23/2012     CHF    69.01
CLARIDEN LEU NAS       10.000   5/23/2012     NOK    58.90
CLARIDEN LEU NAS       12.000   5/18/2012     EUR    51.02
CLARIDEN LEU NAS       10.600   5/18/2012     CHF    51.30
CLARIDEN LEU NAS       10.000   5/18/2012     EUR    64.30
CLARIDEN LEU NAS       21.650  11/25/2014     EUR    73.81
CLARIDEN LEU NAS        0.000  10/15/2014     CHF    56.15
CLARIDEN LEU NAS        0.000   9/10/2014     CHF    51.74
CLARIDEN LEU NAS        0.000   8/27/2014     CHF    52.34
CLARIDEN LEU NAS        4.500   8/13/2014     CHF    43.70
CLARIDEN LEU NAS        5.250    8/6/2014     CHF    46.71
CLARIDEN LEU NAS        4.500    8/6/2014     EUR    71.30
CLARIDEN LEU NAS        0.000   6/10/2014     CHF    58.95
CLARIDEN LEU NAS        0.000   6/10/2014     CHF    56.59
CLARIDEN LEU NAS        0.000    6/3/2014     CHF    68.57
CLARIDEN LEU NAS        0.000   5/26/2014     CHF    58.78
CLARIDEN LEU NAS        0.000   5/13/2014     CHF    58.16
CLARIDEN LEU NAS        0.000   2/24/2014     CHF    49.86
CLARIDEN LEU NAS        0.000   2/11/2014     CHF    49.43
CLARIDEN LEU NAS       18.400  12/20/2013     EUR    68.57
CLARIDEN LEU NAS        0.000   11/4/2013     USD    73.86
CLARIDEN LEU NAS        0.000   11/4/2013     CHF    73.79
CLARIDEN LEU NAS        0.000   9/23/2013     CHF    48.90
CLARIDEN LEU NAS        0.000   9/16/2013     USD    68.27
CLARIDEN LEU NAS        3.250   9/16/2013     CHF    48.10
CLARIDEN LEU NAS        7.000   7/22/2013     CHF    65.75
CLARIDEN LEU NAS       13.000   7/15/2013     CHF    68.62
CLARIDEN LEU NAS       10.000   6/10/2013     CHF    57.26
CLARIDEN LEU NAS        0.000   5/31/2013     CHF    60.44
CLARIDEN LEU NAS        6.500   4/26/2013     CHF    52.92
CLARIDEN LEU NAS        0.000    4/4/2013     CHF    73.29
CLARIDEN LEU NAS       10.750   3/27/2013     USD    74.42
CLARIDEN LEU NAS        0.000   3/25/2013     CHF    53.97
CLARIDEN LEU NAS       12.000    3/8/2013     USD    73.61
CLARIDEN LEU NAS       12.500    3/1/2013     USD    73.69
CLARIDEN LEU NAS       20.000   2/27/2013     USD    69.09
CLARIDEN LEU NAS       11.000   2/21/2013     USD    73.68
CLARIDEN LEU NAS       13.500   2/15/2013     EUR    69.40
CLARIDEN LEU NAS        9.000   2/14/2013     CHF    62.08
CLARIDEN LEU NAS       11.500   2/13/2013     EUR    68.60
CLARIDEN LEU NAS        0.000   1/24/2013     CHF    63.28
CLARIDEN LEU NAS        8.750   1/15/2013     CHF    63.79
CLARIDEN LEU NAS       18.000  12/28/2012     USD    66.49
CLARIDEN LEU NAS        8.250  12/17/2012     CHF    63.50
CLARIDEN LEU NAS        0.000  12/17/2012     EUR    62.98
CLARIDEN LEU NAS        0.000  12/14/2012     CHF    51.45
CLARIDEN LEU NAS       10.500  11/26/2012     EUR    58.87
CLARIDEN LEU NAS        8.000  11/20/2012     CHF    67.48
CLARIDEN LEU NAS        7.125  11/19/2012     CHF    52.85
CLARIDEN LEU NAS        7.250  11/16/2012     CHF    53.41
CLARIDEN LEU NAS        7.500  11/13/2012     CHF    52.92
CLARIDEN LEU NAS        7.250  11/13/2012     CHF    68.73
CLARIDEN LEU NAS       20.750   11/2/2012     GBP    70.61
CLARIDEN LEU NAS       19.000  10/18/2012     USD    74.25
CLARIDEN LEU NAS       10.250  10/18/2012     EUR    72.20
CLARIDEN LEU NAS       10.000  10/15/2012     CHF    49.33
CLARIDEN LEU NAS        9.500  10/15/2012     CHF    49.95
CLARIDEN LEU NAS        8.500  10/15/2012     CHF    48.47
CLARIDEN LEU NAS        8.000  10/15/2012     CHF    61.52
CLARIDEN LEU NAS       10.500   10/8/2012     CHF    71.86
CLARIDEN LEU NAS       10.000   10/8/2012     EUR    52.34
CLARIDEN LEU NAS        9.000   10/8/2012     CHF    71.06
CLARIDEN LEU NAS        7.000   10/4/2012     CHF    49.73
CLARIDEN LEU NAS       10.000   9/25/2012     CHF    74.67
CLARIDEN LEU NAS        9.500   9/24/2012     CHF    62.38
CLARIDEN LEU NAS        9.000   9/24/2012     CHF    62.21
CLARIDEN LEU NAS       10.250   9/17/2012     CHF    49.34
CLARIDEN LEU NAS       10.000   9/11/2012     CHF    48.35
CLARIDEN LEU NAS       11.000   9/10/2012     EUR    64.86
CLARIDEN LEU NAS        7.500   9/10/2012     CHF    59.85
CLARIDEN LEU NAS       12.000    9/4/2012     EUR    38.20
CLARIDEN LEU NAS       10.500    9/4/2012     USD    63.58
CLARIDEN LEU NAS        9.250    9/4/2012     CHF    45.76
CLARIDEN LEU NAS       11.250   8/22/2012     CHF    67.89
CLARIDEN LEU NAS        7.000   8/16/2012     CHF    50.70
CLARIDEN LEU NAS       12.000   8/15/2012     USD    68.09
CLARIDEN LEU NAS       10.000   8/10/2012     EUR    66.66
CLARIDEN LEU NAS       11.750    8/8/2012     EUR    61.69
CLARIDEN LEU NAS       10.750    8/8/2012     EUR    72.19
CLARIDEN LEU NAS       10.000    8/8/2012     USD    62.48
CLARIDEN LEU NAS        9.250    8/8/2012     EUR    72.79
CLARIDEN LEU NAS       10.000    8/3/2012     CHF    71.61
CLARIDEN LEU NAS       13.000    8/2/2012     EUR    70.07
CLARIDEN LEU NAS       11.000    8/2/2012     USD    56.61
CLARIDEN LEU NAS       10.500    8/2/2012     EUR    49.40
CLARIDEN LEU NAS       10.250    8/2/2012     CHF    62.31
CLARIDEN LEU NAS        9.750    8/2/2012     CHF    72.97
CLARIDEN LEU NAS       12.000   7/26/2012     EUR    72.30
CLARIDEN LEU NAS       11.000   7/26/2012     CHF    72.74
CLARIDEN LEU NAS       10.500   7/26/2012     CHF    69.20
CLARIDEN LEU NAS        8.750   7/26/2012     CHF    59.34
CLARIDEN LEU NAS       11.000   7/25/2012     NOK    67.57
CLARIDEN LEU NAS       10.250   7/25/2012     EUR    71.82
CLARIDEN LEU NAS       10.250   7/25/2012     USD    66.48
CLARIDEN LEU NAS        9.250   7/25/2012     CHF    66.42
CLARIDEN LEU NAS       12.250   7/20/2012     USD    59.09
CLARIDEN LEU NAS        9.500   7/20/2012     CHF    61.61
CLARIDEN LEU NAS       10.750   7/19/2012     EUR    65.78
CLARIDEN LEU NAS        9.000   7/19/2012     CHF    58.56
CLARIDEN LEU NAS       11.000   7/18/2012     EUR    67.56
CLARIDEN LEU NAS       10.500   7/18/2012     CHF    60.02
CLARIDEN LEU NAS        7.900   7/18/2012     USD    65.67
CLARIDEN LEU NAS       11.750   7/13/2012     EUR    68.41
CREDIT SUISSE LD        8.900   3/25/2013     EUR    59.06
CREDIT SUISSE LD        4.000  12/10/2012     EUR    41.80
S-AIR GROUP             4.250    2/2/2007     CHF    10.38
S-AIR GROUP             2.125   11/4/2004     CHF    10.38
S-AIR GROUP             0.125    7/7/2005     CHF    10.38
SARASIN CI LTD          8.400   5/30/2012     CHF    65.32
SARASIN CI LTD          7.743    6/8/2012     CHF    66.45
SARASIN CI LTD          5.538   6/18/2012     CHF    50.04
SARASIN CI LTD          9.300   6/20/2012     CHF    70.81
SARASIN CI LTD         12.000   6/27/2012     CHF    45.24
SARASIN CI LTD          8.000   4/27/2015     CHF    63.37
SARASIN CI LTD          4.154   6/11/2012     CHF    66.58
SARASIN CI LTD          8.000    9/3/2012     CHF    57.23
SARASIN/GUERNSEY        7.600   7/13/2012     EUR    63.55
SARASIN/GUERNSEY       10.000   7/20/2012     EUR    70.27
SARASIN/GUERNSEY       12.100   7/12/2012     CHF    56.77
SARASIN/GUERNSEY       15.400   7/12/2012     EUR    66.21
SARASIN/GUERNSEY       10.000   8/10/2012     EUR    51.51
SARASIN/GUERNSEY        7.200   7/16/2012     CHF    56.06
SARASIN/GUERNSEY        7.200   7/19/2012     CHF    70.51
SARASIN/GUERNSEY       17.000  10/12/2012     EUR    73.02
SWISSAIR                6.250   4/12/2005     CHF    10.38
SWISSAIR                5.500   7/23/2003     CHF    10.38
SWISSAIR                6.250  10/27/2002     CHF    10.38
SWISSAIR                2.750   7/30/2004     CHF    10.38
SWISSAIR                2.750   7/30/2004     CHF    10.38
UBS AG                  9.000   5/18/2012     EUR    69.05
UBS AG                 13.300   5/23/2012     USD     3.41
UBS AG                 13.700   5/23/2012     USD    13.94
UBS AG                 14.000   5/23/2012     USD     8.96
UBS AG                 11.740    6/1/2012     EUR    73.44
UBS AG                 13.130    6/1/2012     EUR    71.52
UBS AG                 14.620    6/1/2012     EUR    69.70
UBS AG                  9.820    6/4/2012     EUR    69.08
UBS AG                  9.850    6/4/2012     EUR    69.94
UBS AG                 10.470    6/4/2012     EUR    44.54
UBS AG                 10.740    6/4/2012     EUR    71.88
UBS AG                 12.410    6/4/2012     EUR    72.54
UBS AG                 12.650    6/4/2012     EUR    73.68
UBS AG                 13.680    6/4/2012     EUR    73.50
UBS AG                 15.860    6/4/2012     EUR    62.48
UBS AG                 17.720    6/4/2012     EUR    37.38
UBS AG                  6.700    6/6/2012     CHF    72.20
UBS AG                  8.000    6/6/2012     CHF    64.95
UBS AG                 10.000    6/6/2012     CHF    63.25
UBS AG                 10.600    6/6/2012     CHF    65.10
UBS AG                 15.000    6/6/2012     CHF    59.30
UBS AG                  8.000   6/14/2012     CHF    68.75
UBS AG                  9.000   6/14/2012     EUR    69.00
UBS AG                  8.700   6/22/2012     EUR    74.00
UBS AG                  9.140   6/22/2012     EUR    68.36
UBS AG                  9.930   6/22/2012     EUR    70.80
UBS AG                 10.620   6/22/2012     EUR    74.90
UBS AG                 10.710   6/22/2012     EUR    65.56
UBS AG                 11.230   6/22/2012     EUR    67.88
UBS AG                 11.430   6/22/2012     EUR    73.80
UBS AG                 11.510   6/22/2012     EUR    74.10
UBS AG                 11.540   6/22/2012     EUR    73.40
UBS AG                 11.830   6/22/2012     EUR    74.82
UBS AG                 12.400   6/22/2012     EUR    63.00
UBS AG                 12.500   6/22/2012     EUR    71.98
UBS AG                 12.620   6/22/2012     EUR    65.20
UBS AG                 12.710   6/22/2012     EUR    71.92
UBS AG                 12.910   6/22/2012     EUR    71.60
UBS AG                 13.500   6/22/2012     EUR    70.60
UBS AG                 13.690   6/22/2012     EUR    71.90
UBS AG                 13.940   6/22/2012     EUR    69.86
UBS AG                 14.080   6/22/2012     EUR    62.76
UBS AG                 14.210   6/22/2012     EUR    60.68
UBS AG                 14.470   6/22/2012     EUR    69.54
UBS AG                 14.540   6/22/2012     EUR    69.30
UBS AG                 15.190   6/22/2012     EUR    67.94
UBS AG                 15.610   6/22/2012     EUR    68.06
UBS AG                 15.620   6/22/2012     EUR    60.52
UBS AG                 15.690   6/22/2012     EUR    69.24
UBS AG                 16.100   6/22/2012     EUR    67.62
UBS AG                 16.110   6/22/2012     EUR    58.54
UBS AG                 16.460   6/22/2012     EUR    66.12
UBS AG                 16.710   6/22/2012     EUR    66.88
UBS AG                 17.230   6/22/2012     EUR    58.46
UBS AG                 17.400   6/22/2012     EUR    74.06
UBS AG                 17.730   6/22/2012     EUR    64.42
UBS AG                 17.790   6/22/2012     EUR    65.82
UBS AG                 17.830   6/22/2012     EUR    66.82
UBS AG                 18.080   6/22/2012     EUR    56.60
UBS AG                 18.350   6/22/2012     EUR    72.32
UBS AG                 18.910   6/22/2012     EUR    56.58
UBS AG                 19.000   6/22/2012     EUR    64.64
UBS AG                 19.020   6/22/2012     EUR    62.82
UBS AG                 19.290   6/22/2012     EUR    70.68
UBS AG                 19.440   6/22/2012     EUR    74.74
UBS AG                 19.530   6/22/2012     EUR    64.12
UBS AG                 20.060   6/22/2012     EUR    64.58
UBS AG                 20.120   6/22/2012     EUR    54.80
UBS AG                 20.320   6/22/2012     EUR    61.30
UBS AG                 20.650   6/22/2012     EUR    54.82
UBS AG                 21.180   6/22/2012     EUR    67.60
UBS AG                 21.300   6/22/2012     EUR    62.54
UBS AG                 21.370   6/22/2012     EUR    62.58
UBS AG                 21.590   6/22/2012     EUR    74.80
UBS AG                 21.630   6/22/2012     EUR    59.86
UBS AG                 22.200   6/22/2012     EUR    53.14
UBS AG                 22.360   6/22/2012     EUR    62.54
UBS AG                 22.370   6/22/2012     EUR    74.54
UBS AG                 22.440   6/22/2012     EUR    53.20
UBS AG                 22.490   6/22/2012     EUR    71.82
UBS AG                 22.970   6/22/2012     EUR    58.50
UBS AG                 23.060   6/22/2012     EUR    64.78
UBS AG                 23.100   6/22/2012     EUR    61.06
UBS AG                 23.850   6/22/2012     EUR    72.82
UBS AG                 24.260   6/22/2012     EUR    51.70
UBS AG                 24.310   6/22/2012     EUR    57.22
UBS AG                 24.690   6/22/2012     EUR    60.64
UBS AG                 24.900   6/22/2012     EUR    59.66
UBS AG                 24.950   6/22/2012     EUR    62.22
UBS AG                 26.100   6/22/2012     EUR    50.30
UBS AG                 26.850   6/22/2012     EUR    59.90
UBS AG                 27.030   6/22/2012     EUR    54.86
UBS AG                 28.770   6/22/2012     EUR    57.76
UBS AG                  7.010   6/25/2012     EUR    68.74
UBS AG                  7.070   6/25/2012     EUR    57.30
UBS AG                  7.110   6/25/2012     EUR    27.40
UBS AG                  7.150   6/25/2012     EUR    69.48
UBS AG                  7.350   6/25/2012     EUR    66.94
UBS AG                  7.400   6/25/2012     EUR    57.34
UBS AG                  7.410   6/25/2012     EUR    27.44
UBS AG                  7.420   6/25/2012     EUR    69.50
UBS AG                  7.420   6/25/2012     EUR    59.52
UBS AG                  7.560   6/25/2012     EUR    68.78
UBS AG                  7.670   6/25/2012     EUR    69.52
UBS AG                  7.690   6/25/2012     EUR    27.44
UBS AG                  7.710   6/25/2012     EUR    28.90
UBS AG                  7.720   6/25/2012     EUR    57.36
UBS AG                  7.770   6/25/2012     EUR    51.82
UBS AG                  7.870   6/25/2012     EUR    67.00
UBS AG                  7.870   6/25/2012     EUR    69.54
UBS AG                  7.890   6/25/2012     EUR    59.58
UBS AG                  7.960   6/25/2012     EUR    27.48
UBS AG                  8.000   6/25/2012     EUR    57.38
UBS AG                  8.070   6/25/2012     EUR    68.82
UBS AG                  8.220   6/25/2012     EUR    27.50
UBS AG                  8.270   6/25/2012     EUR    57.40
UBS AG                  8.320   6/25/2012     EUR    59.60
UBS AG                  8.360   6/25/2012     EUR    67.02
UBS AG                  8.490   6/25/2012     EUR    51.88
UBS AG                  8.490   6/25/2012     EUR    28.96
UBS AG                  8.510   6/25/2012     EUR    57.42
UBS AG                  8.540   6/25/2012     EUR    68.86
UBS AG                  8.690   6/25/2012     EUR    27.54
UBS AG                  8.720   6/25/2012     EUR    59.64
UBS AG                  8.720   6/25/2012     EUR    57.44
UBS AG                  8.810   6/25/2012     EUR    67.06
UBS AG                  8.910   6/25/2012     EUR    57.46
UBS AG                  8.950   6/25/2012     EUR    68.90
UBS AG                  9.080   6/25/2012     EUR    59.68
UBS AG                  9.080   6/25/2012     EUR    57.48
UBS AG                  9.090   6/25/2012     EUR    27.56
UBS AG                  9.130   6/25/2012     EUR    51.92
UBS AG                  9.200   6/25/2012     EUR    67.10
UBS AG                  9.220   6/25/2012     EUR    29.02
UBS AG                  9.310   6/25/2012     EUR    68.92
UBS AG                  9.330   6/25/2012     EUR    57.50
UBS AG                  9.390   6/25/2012     EUR    59.70
UBS AG                  9.430   6/25/2012     EUR    27.60
UBS AG                  9.550   6/25/2012     EUR    67.12
UBS AG                  9.610   6/25/2012     EUR    68.96
UBS AG                  9.660   6/25/2012     EUR    59.72
UBS AG                  9.700   6/25/2012     EUR    51.98
UBS AG                  9.710   6/25/2012     EUR    27.62
UBS AG                  9.860   6/25/2012     EUR    67.16
UBS AG                  9.890   6/25/2012     EUR    59.74
UBS AG                  9.900   6/25/2012     EUR    29.08
UBS AG                  9.920   6/25/2012     EUR    27.64
UBS AG                 10.040   6/25/2012     EUR    56.44
UBS AG                 10.120   6/25/2012     EUR    67.18
UBS AG                 10.190   6/25/2012     EUR    52.02
UBS AG                 10.330   6/25/2012     EUR    67.18
UBS AG                 10.420   6/25/2012     EUR    56.46
UBS AG                 10.500   6/25/2012     EUR    29.12
UBS AG                 10.510   6/25/2012     EUR    67.20
UBS AG                 10.590   6/25/2012     EUR    52.06
UBS AG                 10.650   6/25/2012     EUR    67.22
UBS AG                 10.770   6/25/2012     EUR    56.50
UBS AG                 10.920   6/25/2012     EUR    52.08
UBS AG                 11.030   6/25/2012     EUR    29.18
UBS AG                 11.080   6/25/2012     EUR    56.52
UBS AG                 11.180   6/25/2012     EUR    52.10
UBS AG                 11.360   6/25/2012     EUR    56.54
UBS AG                 11.380   6/25/2012     EUR    52.12
UBS AG                 11.480   6/25/2012     EUR    29.20
UBS AG                 11.600   6/25/2012     EUR    56.58
UBS AG                 11.810   6/25/2012     EUR    56.58
UBS AG                 11.860   6/25/2012     EUR    29.24
UBS AG                 11.990   6/25/2012     EUR    56.60
UBS AG                 12.140   6/25/2012     EUR    56.60
UBS AG                 12.170   6/25/2012     EUR    29.26
UBS AG                 12.270   6/25/2012     EUR    56.62
UBS AG                 12.370   6/25/2012     EUR    56.62
UBS AG                 12.410   6/25/2012     EUR    29.28
UBS AG                 12.450   6/25/2012     EUR    56.64
UBS AG                 12.510   6/25/2012     EUR    56.64
UBS AG                 12.610   6/25/2012     EUR    29.30
UBS AG                 12.750   6/25/2012     EUR    29.32
UBS AG                 10.200   6/29/2012     CHF    71.30
UBS AG                 12.000   6/29/2012     EUR    56.70
UBS AG                 12.100   6/29/2012     CHF    66.30
UBS AG                 13.700   6/29/2012     EUR    73.20
UBS AG                 14.400   6/29/2012     CHF    42.45
UBS AG                  8.000   7/18/2012     CHF    71.80
UBS AG                 10.020   7/20/2012     USD    10.92
UBS AG                 10.600   7/20/2012     CHF    60.00
UBS AG                 10.960   7/20/2012     USD    24.73
UBS AG                 12.000   7/25/2012     EUR    58.90
UBS AG                  8.460   7/31/2012     USD    30.68
UBS AG                 12.040   7/31/2012     USD    12.70
UBS AG                 10.000    8/2/2012     CHF    59.60
UBS AG                 10.200    8/2/2012     CHF    71.45
UBS AG                 10.500    8/2/2012     EUR    53.75
UBS AG                 11.000    8/2/2012     EUR    54.30
UBS AG                 11.500    8/2/2012     CHF    63.75
UBS AG                  9.500   8/10/2012     USD    28.61
UBS AG                 13.500   8/15/2012     CHF    74.40
UBS AG                 17.250   8/15/2012     EUR    49.05
UBS AG                 14.000   8/27/2012     CHF    67.65
UBS AG                  9.430   8/31/2012     USD    33.27
UBS AG                 11.460   8/31/2012     EUR    73.62
UBS AG                 12.570   8/31/2012     EUR    72.10
UBS AG                  9.070    9/3/2012     EUR    57.60
UBS AG                 11.600    9/3/2012     EUR    74.74
UBS AG                 13.630    9/3/2012     EUR    71.22
UBS AG                 13.980    9/3/2012     EUR    69.58
UBS AG                 15.150    9/3/2012     EUR    68.86
UBS AG                 16.600    9/3/2012     EUR    71.10
UBS AG                 17.640    9/3/2012     EUR    65.54
UBS AG                 17.730    9/3/2012     EUR    64.20
UBS AG                 18.180    9/3/2012     EUR    73.38
UBS AG                 19.660    9/3/2012     EUR    65.78
UBS AG                 20.830    9/3/2012     EUR    71.04
UBS AG                 13.000   9/21/2012     EUR    61.74
UBS AG                 22.700   9/21/2012     EUR    58.70
UBS AG                  8.530   9/28/2012     EUR    70.18
UBS AG                  8.810   9/28/2012     EUR    72.42
UBS AG                  9.750   9/28/2012     EUR    67.80
UBS AG                  9.830   9/28/2012     EUR    69.96
UBS AG                 10.440   9/28/2012     EUR    74.24
UBS AG                 10.580   9/28/2012     EUR    74.46
UBS AG                 10.900   9/28/2012     EUR    67.70
UBS AG                 11.040   9/28/2012     EUR    65.66
UBS AG                 11.130   9/28/2012     EUR    74.12
UBS AG                 11.320   9/28/2012     EUR    73.32
UBS AG                 11.360   9/28/2012     EUR    72.68
UBS AG                 12.020   9/28/2012     EUR    65.62
UBS AG                 12.030   9/28/2012     EUR    74.76
UBS AG                 12.100   9/28/2012     EUR    72.24
UBS AG                 12.290   9/28/2012     EUR    71.18
UBS AG                 12.300   9/28/2012     EUR    72.42
UBS AG                 12.390   9/28/2012     EUR    63.72
UBS AG                 12.890   9/28/2012     EUR    71.20
UBS AG                 13.180   9/28/2012     EUR    63.72
UBS AG                 13.230   9/28/2012     EUR    69.74
UBS AG                 13.490   9/28/2012     EUR    72.54
UBS AG                 13.500   9/28/2012     EUR    70.84
UBS AG                 13.700   9/28/2012     EUR    70.22
UBS AG                 13.800   9/28/2012     EUR    61.96
UBS AG                 14.180   9/28/2012     EUR    68.38
UBS AG                 14.390   9/28/2012     EUR    62.00
UBS AG                 14.740   9/28/2012     EUR    69.38
UBS AG                 15.020   9/28/2012     EUR    70.52
UBS AG                 15.130   9/28/2012     EUR    67.08
UBS AG                 15.240   9/28/2012     EUR    60.38
UBS AG                 15.370   9/28/2012     EUR    68.40
UBS AG                 15.640   9/28/2012     EUR    60.42
UBS AG                 15.770   9/28/2012     EUR    74.50
UBS AG                 16.000   9/28/2012     EUR    68.02
UBS AG                 16.090   9/28/2012     EUR    65.86
UBS AG                 16.490   9/28/2012     EUR    73.26
UBS AG                 16.620   9/28/2012     EUR    68.70
UBS AG                 16.720   9/28/2012     EUR    58.94
UBS AG                 16.930   9/28/2012     EUR    59.00
UBS AG                 17.050   9/28/2012     EUR    64.72
UBS AG                 17.090   9/28/2012     EUR    66.78
UBS AG                 17.280   9/28/2012     EUR    66.76
UBS AG                 17.920   9/28/2012     EUR    70.92
UBS AG                 18.020   9/28/2012     EUR    63.62
UBS AG                 18.220   9/28/2012     EUR    57.66
UBS AG                 18.240   9/28/2012     EUR    57.70
UBS AG                 18.250   9/28/2012     EUR    67.04
UBS AG                 18.580   9/28/2012     EUR    65.60
UBS AG                 19.000   9/28/2012     EUR    62.60
UBS AG                 19.330   9/28/2012     EUR    68.72
UBS AG                 19.580   9/28/2012     EUR    56.54
UBS AG                 19.880   9/28/2012     EUR    64.52
UBS AG                 19.910   9/28/2012     EUR    65.54
UBS AG                 19.990   9/28/2012     EUR    61.64
UBS AG                 20.740   9/28/2012     EUR    66.72
UBS AG                 20.920   9/28/2012     EUR    55.46
UBS AG                 21.970   9/28/2012     EUR    59.86
UBS AG                 22.150   9/28/2012     EUR    64.88
UBS AG                 23.560   9/28/2012     EUR    63.18
UBS AG                 24.960   9/28/2012     EUR    61.64
UBS AG                  7.030   10/1/2012     EUR    71.22
UBS AG                  7.040   10/1/2012     EUR    70.60
UBS AG                  7.140   10/1/2012     EUR    29.28
UBS AG                  7.190   10/1/2012     EUR    59.14
UBS AG                  7.210   10/1/2012     EUR    71.28
UBS AG                  7.240   10/1/2012     EUR    61.44
UBS AG                  7.380   10/1/2012     EUR    29.36
UBS AG                  7.380   10/1/2012     EUR    71.34
UBS AG                  7.380   10/1/2012     EUR    68.70
UBS AG                  7.450   10/1/2012     EUR    59.24
UBS AG                  7.460   10/1/2012     EUR    53.78
UBS AG                  7.470   10/1/2012     EUR    70.74
UBS AG                  7.610   10/1/2012     EUR    61.58
UBS AG                  7.620   10/1/2012     EUR    29.44
UBS AG                  7.660   10/1/2012     EUR    30.90
UBS AG                  7.680   10/1/2012     EUR    59.32
UBS AG                  7.810   10/1/2012     EUR    68.86
UBS AG                  7.840   10/1/2012     EUR    29.52
UBS AG                  7.850   10/1/2012     EUR    70.88
UBS AG                  7.900   10/1/2012     EUR    59.40
UBS AG                  7.940   10/1/2012     EUR    61.70
UBS AG                  8.050   10/1/2012     EUR    29.60
UBS AG                  8.090   10/1/2012     EUR    59.46
UBS AG                  8.090   10/1/2012     EUR    53.96
UBS AG                  8.200   10/1/2012     EUR    68.98
UBS AG                  8.200   10/1/2012     EUR    71.00
UBS AG                  8.240   10/1/2012     EUR    61.82
UBS AG                  8.260   10/1/2012     EUR    59.52
UBS AG                  8.310   10/1/2012     EUR    31.12
UBS AG                  8.400   10/1/2012     EUR    59.58
UBS AG                  8.420   10/1/2012     EUR    29.72
UBS AG                  8.490   10/1/2012     EUR    71.10
UBS AG                  8.500   10/1/2012     EUR    61.88
UBS AG                  8.530   10/1/2012     EUR    59.62
UBS AG                  8.540   10/1/2012     EUR    69.10
UBS AG                  8.720   10/1/2012     EUR    61.96
UBS AG                  8.720   10/1/2012     EUR    59.68
UBS AG                  8.730   10/1/2012     EUR    29.82
UBS AG                  8.740   10/1/2012     EUR    71.18
UBS AG                  8.850   10/1/2012     EUR    69.22
UBS AG                  8.910   10/1/2012     EUR    31.34
UBS AG                  8.910   10/1/2012     EUR    62.04
UBS AG                  8.950   10/1/2012     EUR    71.30
UBS AG                  9.060   10/1/2012     EUR    62.12
UBS AG                  9.110   10/1/2012     EUR    69.34
UBS AG                  9.160   10/1/2012     EUR    54.34
UBS AG                  9.200   10/1/2012     EUR    30.00
UBS AG                  9.340   10/1/2012     EUR    69.38
UBS AG                  9.360   10/1/2012     EUR    30.04
UBS AG                  9.440   10/1/2012     EUR    31.52
UBS AG                  9.530   10/1/2012     EUR    69.48
UBS AG                  9.540   10/1/2012     EUR    58.68
UBS AG                  9.580   10/1/2012     EUR    54.48
UBS AG                  9.690   10/1/2012     EUR    69.50
UBS AG                  9.820   10/1/2012     EUR    69.58
UBS AG                  9.860   10/1/2012     EUR    58.82
UBS AG                  9.900   10/1/2012     EUR    30.28
UBS AG                  9.910   10/1/2012     EUR    31.68
UBS AG                  9.920   10/1/2012     EUR    69.58
UBS AG                  9.930   10/1/2012     EUR    54.60
UBS AG                 10.150   10/1/2012     EUR    58.88
UBS AG                 10.220   10/1/2012     EUR    54.70
UBS AG                 10.310   10/1/2012     EUR    31.82
UBS AG                 10.410   10/1/2012     EUR    58.98
UBS AG                 10.440   10/1/2012     EUR    54.78
UBS AG                 10.620   10/1/2012     EUR    54.88
UBS AG                 10.640   10/1/2012     EUR    59.06
UBS AG                 10.650   10/1/2012     EUR    31.94
UBS AG                 10.740   10/1/2012     EUR    54.88
UBS AG                 10.840   10/1/2012     EUR    59.12
UBS AG                 10.930   10/1/2012     EUR    32.04
UBS AG                 11.010   10/1/2012     EUR    59.18
UBS AG                 11.150   10/1/2012     EUR    32.12
UBS AG                 11.160   10/1/2012     EUR    59.24
UBS AG                 11.280   10/1/2012     EUR    59.28
UBS AG                 11.330   10/1/2012     EUR    32.18
UBS AG                 11.380   10/1/2012     EUR    59.32
UBS AG                 11.460   10/1/2012     EUR    59.34
UBS AG                 11.460   10/1/2012     EUR    32.22
UBS AG                 11.530   10/1/2012     EUR    59.38
UBS AG                 11.560   10/1/2012     EUR    32.26
UBS AG                 11.580   10/1/2012     EUR    59.38
UBS AG                 13.820   10/3/2012     USD    13.36
UBS AG                  9.180   10/4/2012     CHF    74.15
UBS AG                  9.920   10/4/2012     CHF    62.00
UBS AG                 10.320   10/4/2012     CHF    62.05
UBS AG                 12.850  10/17/2012     USD    12.32
UBS AG                 12.760  10/18/2012     USD    13.46
UBS AG                 12.240  10/26/2012     EUR    71.70
UBS AG                 13.570  10/26/2012     EUR    70.58
UBS AG                 16.390  10/26/2012     EUR    68.60
UBS AG                 12.500   11/1/2012     EUR    70.40
UBS AG                  6.070  11/12/2012     EUR    57.88
UBS AG                  6.700  11/12/2012     EUR    49.08
UBS AG                  7.740  11/12/2012     EUR    73.36
UBS AG                  8.280  11/12/2012     EUR    61.80
UBS AG                  8.280  11/12/2012     EUR    61.80
UBS AG                  8.370  11/12/2012     EUR    53.50
UBS AG                  8.590  11/12/2012     EUR    54.42
UBS AG                  8.740  11/12/2012     EUR    74.90
UBS AG                  8.780  11/12/2012     EUR    72.52
UBS AG                  9.020  11/12/2012     EUR    48.14
UBS AG                  9.470  11/12/2012     EUR    45.18
UBS AG                  9.640  11/12/2012     EUR    73.40
UBS AG                  9.650  11/12/2012     EUR    44.78
UBS AG                  9.840  11/12/2012     EUR    73.06
UBS AG                 10.930  11/12/2012     EUR    45.40
UBS AG                 11.260  11/12/2012     EUR    49.66
UBS AG                 11.660  11/12/2012     EUR    42.18
UBS AG                 12.000  11/12/2012     EUR    67.64
UBS AG                 13.560  11/12/2012     EUR    43.12
UBS AG                 13.600  11/12/2012     EUR    42.08
UBS AG                  8.080  12/21/2012     EUR    71.28
UBS AG                  8.150  12/21/2012     EUR    73.20
UBS AG                  9.000  12/21/2012     EUR    71.08
UBS AG                  9.100  12/21/2012     EUR    69.24
UBS AG                  9.730  12/21/2012     EUR    74.18
UBS AG                  9.890  12/21/2012     EUR    69.10
UBS AG                 10.060  12/21/2012     EUR    74.84
UBS AG                 10.160  12/21/2012     EUR    67.36
UBS AG                 10.490  12/21/2012     EUR    72.92
UBS AG                 10.690  12/21/2012     EUR    73.90
UBS AG                 10.810  12/21/2012     EUR    67.28
UBS AG                 11.000  12/21/2012     EUR    74.06
UBS AG                 11.260  12/21/2012     EUR    71.72
UBS AG                 11.270  12/21/2012     EUR    65.66
UBS AG                 11.330  12/21/2012     EUR    73.00
UBS AG                 11.770  12/21/2012     EUR    65.62
UBS AG                 11.970  12/21/2012     EUR    72.70
UBS AG                 11.980  12/21/2012     EUR    72.16
UBS AG                 12.020  12/21/2012     EUR    70.56
UBS AG                 12.140  12/21/2012     EUR    74.54
UBS AG                 12.200  12/21/2012     EUR    63.58
UBS AG                 12.400  12/21/2012     EUR    64.14
UBS AG                 12.760  12/21/2012     EUR    64.12
UBS AG                 12.800  12/21/2012     EUR    69.48
UBS AG                 12.970  12/21/2012     EUR    71.44
UBS AG                 13.320  12/21/2012     EUR    70.58
UBS AG                 13.360  12/21/2012     EUR    72.76
UBS AG                 13.560  12/21/2012     EUR    62.76
UBS AG                 13.570  12/21/2012     EUR    68.42
UBS AG                 13.770  12/21/2012     EUR    62.74
UBS AG                 13.980  12/21/2012     EUR    70.28
UBS AG                 14.350  12/21/2012     EUR    67.44
UBS AG                 14.610  12/21/2012     EUR    71.16
UBS AG                 14.690  12/21/2012     EUR    69.18
UBS AG                 14.740  12/21/2012     EUR    61.52
UBS AG                 14.810  12/21/2012     EUR    61.50
UBS AG                 15.000  12/21/2012     EUR    69.20
UBS AG                 15.130  12/21/2012     EUR    66.50
UBS AG                 15.860  12/21/2012     EUR    60.38
UBS AG                 15.900  12/21/2012     EUR    69.72
UBS AG                 15.920  12/21/2012     EUR    65.62
UBS AG                 15.930  12/21/2012     EUR    60.42
UBS AG                 16.030  12/21/2012     EUR    68.22
UBS AG                 16.600  12/21/2012     EUR    60.18
UBS AG                 16.710  12/21/2012     EUR    64.80
UBS AG                 16.930  12/21/2012     EUR    59.38
UBS AG                 17.070  12/21/2012     EUR    67.30
UBS AG                 17.200  12/21/2012     EUR    68.42
UBS AG                 17.500  12/21/2012     EUR    64.02
UBS AG                 18.000  12/21/2012     EUR    58.48
UBS AG                 19.090  12/21/2012     EUR    62.60
UBS AG                 15.990    1/4/2013     EUR    73.28
UBS AG                 17.150    1/4/2013     EUR    71.52
UBS AG                 18.300    1/4/2013     EUR    69.90
UBS AG                 19.440    1/4/2013     EUR    68.40
UBS AG                 20.570    1/4/2013     EUR    67.04
UBS AG                 21.700    1/4/2013     EUR    65.78
UBS AG                 10.390   1/18/2013     USD    36.86
UBS AG                 11.020   1/25/2013     EUR    72.30
UBS AG                 12.010   1/25/2013     EUR    71.42
UBS AG                 14.070   1/25/2013     EUR    69.88
UBS AG                 10.590   2/22/2013     EUR    72.38
UBS AG                 10.960   2/22/2013     EUR    72.44
UBS AG                 12.680   2/22/2013     EUR    71.70
UBS AG                 12.690   2/22/2013     EUR    73.06
UBS AG                 13.070   2/22/2013     EUR    68.40
UBS AG                 13.660   2/22/2013     EUR    68.70
UBS AG                 14.850   2/22/2013     EUR    69.72
UBS AG                 15.800   2/22/2013     EUR    74.76
UBS AG                 13.760    3/6/2013     USD     6.38
UBS AG                 10.000    3/7/2013     USD    67.25
UBS AG                  9.850   3/22/2013     USD    20.47
UBS AG                  9.650   4/11/2013     USD    34.27
UBS AG                 11.250   4/11/2013     USD    26.20
UBS AG                 10.170   4/26/2013     EUR    72.72
UBS AG                 10.970   4/26/2013     EUR    72.04
UBS AG                 12.610   4/26/2013     EUR    70.82
UBS AG                  9.650   8/23/2013     USD    32.42
UBS AG                 10.200   9/20/2013     EUR    66.30
UBS AG                 12.900   9/20/2013     EUR    64.76
UBS AG                 15.900   9/20/2013     EUR    64.42
UBS AG                 11.020  10/21/2013     USD    58.10
UBS AG                  0.500   4/27/2015     CHF    48.70
UBS AG                  8.660   10/1/2012     EUR    54.16
UBS AG JERSEY           3.220   7/31/2012     EUR    30.64

UNITED KINGDOM
--------------
ALLIANC&LEIC BLD        5.875   8/14/2031     GBP    72.75
ALPHA CREDIT GRP        5.500   6/20/2013     EUR    69.13
ALPHA CREDIT GRP        3.250   2/25/2013     EUR    72.63
ALPHA CREDIT GRP        6.000   6/20/2014     EUR    52.63
ALPHA CREDIT GRP        4.500   6/21/2013     EUR    64.50
BAKKAVOR FIN 2          8.250   2/15/2018     GBP    79.40
BANK NADRA              8.000   6/22/2017     USD    51.00
BARCLAYS BK PLC        11.070   8/31/2012     USD    31.84
BARCLAYS BK PLC         9.000   8/28/2012     USD     8.95
BARCLAYS BK PLC        10.800   7/31/2012     USD    26.51
BARCLAYS BK PLC        11.500   7/27/2012     USD     7.71
BARCLAYS BK PLC         7.000   7/27/2012     USD     9.69
BARCLAYS BK PLC        10.000   7/20/2012     USD     6.42
BARCLAYS BK PLC         8.000   6/29/2012     USD     9.36
BARCLAYS BK PLC        16.750   6/22/2012     EUR    53.76
BARCLAYS BK PLC        15.000   6/22/2012     EUR    47.19
BARCLAYS BK PLC        14.500   6/22/2012     EUR    49.93
BARCLAYS BK PLC        14.500   6/22/2012     EUR    37.79
BARCLAYS BK PLC        14.000   6/22/2012     EUR    73.51
BARCLAYS BK PLC        13.750   6/22/2012     EUR    50.38
BARCLAYS BK PLC        13.750   6/22/2012     EUR    45.63
BARCLAYS BK PLC        13.500   6/22/2012     EUR    65.83
BARCLAYS BK PLC        13.500   6/22/2012     EUR    71.62
BARCLAYS BK PLC        13.500   6/22/2012     EUR    62.43
BARCLAYS BK PLC        13.000   6/22/2012     EUR    55.77
BARCLAYS BK PLC        12.750   6/22/2012     EUR    41.05
BARCLAYS BK PLC        12.000   6/22/2012     EUR    74.07
BARCLAYS BK PLC        12.000   6/22/2012     EUR    45.95
BARCLAYS BK PLC        12.000   6/22/2012     EUR    69.83
BARCLAYS BK PLC        12.000   6/22/2012     EUR    70.89
BARCLAYS BK PLC        12.000   6/22/2012     EUR    58.21
BARCLAYS BK PLC        11.750   6/22/2012     EUR    51.13
BARCLAYS BK PLC        11.500   6/22/2012     EUR    42.59
BARCLAYS BK PLC        11.500   6/22/2012     EUR    52.21
BARCLAYS BK PLC        11.000   6/22/2012     EUR    47.55
BARCLAYS BK PLC        15.000   6/22/2012     EUR    73.31
BARCLAYS BK PLC        10.750   6/22/2012     EUR    59.35
BARCLAYS BK PLC        10.750   6/22/2012     EUR    74.78
BARCLAYS BK PLC        10.500   6/22/2012     EUR    48.24
BARCLAYS BK PLC        10.500   6/22/2012     EUR    73.79
BARCLAYS BK PLC        10.500   6/22/2012     EUR    50.67
BARCLAYS BK PLC        10.500   6/22/2012     EUR    49.20
BARCLAYS BK PLC        10.000   6/22/2012     EUR    72.52
BARCLAYS BK PLC        10.000   6/22/2012     EUR    72.48
BARCLAYS BK PLC        10.000   6/22/2012     EUR    53.64
BARCLAYS BK PLC        10.000   6/22/2012     EUR    73.11
BARCLAYS BK PLC        10.000   6/22/2012     EUR    74.95
BARCLAYS BK PLC         9.750   6/22/2012     EUR    51.31
BARCLAYS BK PLC         9.500   6/22/2012     EUR    62.36
BARCLAYS BK PLC         9.000   6/22/2012     EUR    74.92
BARCLAYS BK PLC         8.750   6/22/2012     EUR    63.47
BARCLAYS BK PLC         8.500   6/22/2012     EUR    52.11
BARCLAYS BK PLC         8.250   6/22/2012     EUR    52.77
BARCLAYS BK PLC         8.000   6/22/2012     EUR    62.16
BARCLAYS BK PLC         8.000   6/22/2012     EUR    59.27
BARCLAYS BK PLC         8.000   6/22/2012     EUR    71.41
BARCLAYS BK PLC        10.750   6/22/2012     EUR    43.97
BARCLAYS BK PLC         8.000   6/22/2012     EUR    56.59
BARCLAYS BK PLC         8.000   6/22/2012     EUR    73.26
BARCLAYS BK PLC         8.000   6/22/2012     EUR    71.65
BARCLAYS BK PLC         8.000   6/22/2012     EUR    50.23
BARCLAYS BK PLC         7.250   6/22/2012     EUR    54.08
BARCLAYS BK PLC         7.000   6/22/2012     EUR    55.36
BARCLAYS BK PLC         7.000   6/22/2012     EUR    60.62
BARCLAYS BK PLC         7.000   6/22/2012     EUR    50.38
BARCLAYS BK PLC         7.000   6/22/2012     EUR    67.87
BARCLAYS BK PLC         6.000   6/22/2012     EUR    57.49
BARCLAYS BK PLC         6.000   6/22/2012     EUR    52.85
BARCLAYS BK PLC         6.000   6/22/2012     EUR    54.58
BARCLAYS BK PLC         6.000   6/22/2012     EUR    69.70
BARCLAYS BK PLC         6.000   6/22/2012     EUR    60.96
BARCLAYS BK PLC         6.000   6/22/2012     EUR    64.26
BARCLAYS BK PLC         6.000   6/22/2012     EUR    70.83
BARCLAYS BK PLC        26.000    6/8/2012     EUR    71.68
BARCLAYS BK PLC        16.080    6/8/2012     EUR    58.75
BARCLAYS BK PLC        15.750    6/8/2012     EUR    53.02
BARCLAYS BK PLC        14.220    6/8/2012     EUR    56.67
BARCLAYS BK PLC         8.000   6/22/2012     EUR    46.11
BARCLAYS BK PLC        12.500    6/8/2012     EUR    47.64
BARCLAYS BK PLC        12.000    6/8/2012     EUR    74.82
BARCLAYS BK PLC        12.000    6/8/2012     EUR    53.02
BARCLAYS BK PLC        11.750    6/8/2012     EUR    41.29
BARCLAYS BK PLC        11.250    6/8/2012     EUR    68.39
BARCLAYS BK PLC        11.090    6/8/2012     EUR    50.14
BARCLAYS BK PLC        11.000    6/8/2012     EUR    53.27
BARCLAYS BK PLC        11.000    6/8/2012     EUR    70.53
BARCLAYS BK PLC        11.000    6/8/2012     EUR    66.95
BARCLAYS BK PLC        11.000    6/8/2012     EUR    59.01
BARCLAYS BK PLC        11.000    6/8/2012     EUR    52.17
BARCLAYS BK PLC        10.780    6/8/2012     EUR    61.98
BARCLAYS BK PLC        10.520    6/8/2012     EUR    59.12
BARCLAYS BK PLC        10.500    6/8/2012     EUR    70.65
BARCLAYS BK PLC        10.500    6/8/2012     EUR    45.13
BARCLAYS BK PLC        10.250    6/8/2012     EUR    72.69
BARCLAYS BK PLC        10.250    6/8/2012     EUR    50.74
BARCLAYS BK PLC         9.850    6/8/2012     EUR    74.42
BARCLAYS BK PLC         9.750    6/8/2012     EUR    65.20
BARCLAYS BK PLC         9.750    6/8/2012     EUR    45.36
BARCLAYS BK PLC        13.000    6/8/2012     EUR    40.74
BARCLAYS BK PLC         9.250    6/8/2012     EUR    61.87
BARCLAYS BK PLC         9.000    6/8/2012     EUR    74.82
BARCLAYS BK PLC         9.000    6/8/2012     EUR    74.46
BARCLAYS BK PLC         9.000    6/8/2012     EUR    74.13
BARCLAYS BK PLC         9.000    6/8/2012     EUR    68.03
BARCLAYS BK PLC         9.000    6/8/2012     EUR    71.06
BARCLAYS BK PLC         8.500    6/8/2012     EUR    44.84
BARCLAYS BK PLC         8.250    6/8/2012     EUR    50.64
BARCLAYS BK PLC         8.250    6/8/2012     EUR    58.25
BARCLAYS BK PLC         8.000    6/8/2012     EUR    48.50
BARCLAYS BK PLC         8.000    6/8/2012     EUR    58.85
BARCLAYS BK PLC         8.000    6/8/2012     EUR    67.43
BARCLAYS BK PLC         8.000    6/8/2012     EUR    54.93
BARCLAYS BK PLC         8.000    6/8/2012     EUR    63.96
BARCLAYS BK PLC         7.000    6/8/2012     EUR    56.21
BARCLAYS BK PLC         7.000    6/8/2012     EUR    64.99
BARCLAYS BK PLC         7.000    6/8/2012     EUR    68.69
BARCLAYS BK PLC         6.000    6/8/2012     EUR    63.16
BARCLAYS BK PLC         5.000    6/8/2012     EUR    70.32
BARCLAYS BK PLC         5.000    6/8/2012     EUR    61.16
BARCLAYS BK PLC         9.500    6/8/2012     EUR    59.58
BARCLAYS BK PLC         0.500   9/24/2019     AUD    65.01
BARCLAYS BK PLC         0.500   12/3/2017     AUD    73.37
BARCLAYS BK PLC        11.500   6/28/2013     EUR    48.13
BARCLAYS BK PLC        11.000   6/28/2013     EUR    49.74
BARCLAYS BK PLC        10.500   6/28/2013     EUR    73.76
BARCLAYS BK PLC        10.000   6/28/2013     EUR    51.14
BARCLAYS BK PLC         8.000   6/28/2013     EUR    52.61
BARCLAYS BK PLC         7.000   4/25/2013     EUR    71.33
BARCLAYS BK PLC        11.500   3/22/2013     EUR    46.12
BARCLAYS BK PLC        11.000   3/22/2013     EUR    73.21
BARCLAYS BK PLC        10.750   3/22/2013     EUR    48.35
BARCLAYS BK PLC        10.500   3/22/2013     EUR    73.38
BARCLAYS BK PLC        10.000   3/22/2013     EUR    49.31
BARCLAYS BK PLC         8.000   3/22/2013     EUR    50.88
BARCLAYS BK PLC        12.500    1/2/2013     EUR    53.48
BARCLAYS BK PLC        12.000    1/2/2013     EUR    44.11
BARCLAYS BK PLC        11.500    1/2/2013     EUR    56.75
BARCLAYS BK PLC        11.000    1/2/2013     EUR    72.03
BARCLAYS BK PLC        11.000    1/2/2013     EUR    73.17
BARCLAYS BK PLC        11.000    1/2/2013     EUR    46.65
BARCLAYS BK PLC        10.000    1/2/2013     EUR    47.93
BARCLAYS BK PLC        10.000    1/2/2013     EUR    57.57
BARCLAYS BK PLC         9.500    1/2/2013     EUR    48.40
BARCLAYS BK PLC         8.750    1/2/2013     EUR    58.45
BARCLAYS BK PLC         8.500    1/2/2013     EUR    62.03
BARCLAYS BK PLC         8.000    1/2/2013     EUR    49.51
BARCLAYS BK PLC         7.000    1/2/2013     EUR    52.85
BARCLAYS BK PLC         7.000    1/2/2013     EUR    63.14
BARCLAYS BK PLC         6.000    1/2/2013     EUR    66.75
BARCLAYS BK PLC         6.000    1/2/2013     EUR    55.41
BARCLAYS BK PLC        12.730  12/14/2012     EUR    63.31
BARCLAYS BK PLC        12.500  12/14/2012     EUR    58.83
BARCLAYS BK PLC        11.000  12/14/2012     EUR    46.73
BARCLAYS BK PLC        10.930  12/14/2012     EUR    62.00
BARCLAYS BK PLC        10.500  12/14/2012     EUR    53.26
BARCLAYS BK PLC         9.500  12/14/2012     EUR    58.48
BARCLAYS BK PLC         8.750  12/14/2012     EUR    50.32
BARCLAYS BK PLC         8.000  12/14/2012     EUR    67.73
BARCLAYS BK PLC         8.000  12/14/2012     EUR    58.13
BARCLAYS BK PLC         7.000  12/14/2012     EUR    72.02
BARCLAYS BK PLC         9.000  10/16/2012     USD    11.08
BARCLAYS BK PLC         8.500  10/16/2012     USD    10.73
BARCLAYS BK PLC        14.000   10/1/2012     USD    10.32
BARCLAYS BK PLC         9.000   10/1/2012     USD     9.96
BARCLAYS BK PLC        13.500   9/28/2012     EUR    50.76
BARCLAYS BK PLC        13.000   9/28/2012     EUR    41.18
BARCLAYS BK PLC        12.500   9/28/2012     EUR    53.73
BARCLAYS BK PLC        12.000   9/28/2012     EUR    69.36
BARCLAYS BK PLC        11.750   9/28/2012     EUR    44.18
BARCLAYS BK PLC        11.000   9/28/2012     EUR    73.53
BARCLAYS BK PLC        10.500   9/28/2012     EUR    72.10
BARCLAYS BK PLC        10.500   9/28/2012     EUR    55.35
BARCLAYS BK PLC        10.500   9/28/2012     EUR    45.75
BARCLAYS BK PLC        10.000   9/28/2012     EUR    46.62
BARCLAYS BK PLC         9.500   9/28/2012     EUR    55.89
BARCLAYS BK PLC         8.500   9/28/2012     EUR    60.84
BARCLAYS BK PLC         8.000   9/28/2012     USD    10.44
BARCLAYS BK PLC         8.000   9/28/2012     EUR    48.07
BARCLAYS BK PLC         7.000   9/28/2012     EUR    62.34
BARCLAYS BK PLC         7.000   9/28/2012     EUR    52.03
BARCLAYS BK PLC         6.000   9/28/2012     EUR    66.06
BARCLAYS BK PLC         6.000   9/28/2012     EUR    54.61
BARCLAYS BK PLC        11.000   9/19/2012     EUR    72.21
BARCLAYS BK PLC        14.070   9/14/2012     EUR    61.60
BARCLAYS BK PLC        13.750   9/14/2012     EUR    56.37
BARCLAYS BK PLC        12.200   9/14/2012     EUR    59.78
BARCLAYS BK PLC        12.000   9/14/2012     EUR    43.85
BARCLAYS BK PLC        11.000   9/14/2012     EUR    50.92
BARCLAYS BK PLC        10.250   9/14/2012     EUR    70.77
BARCLAYS BK PLC        10.250   9/14/2012     EUR    55.96
BARCLAYS BK PLC         9.250   9/14/2012     EUR    48.04
BARCLAYS BK PLC         8.000   9/14/2012     EUR    67.42
BARCLAYS BK PLC         8.000   9/14/2012     EUR    56.35
BARCLAYS BK PLC         7.000   9/14/2012     EUR    73.46
BARCLAYS BK PLC         8.000   9/11/2012     USD    10.85
BARCLAYS BK PLC         8.000   9/11/2012     USD    10.63
BARCLAYS BK PLC         5.000    6/8/2012     EUR    74.61
CO-OPERATIVE BNK        5.750   12/2/2024     GBP    73.96
CO-OPERATIVE BNK        5.875   3/28/2033     GBP    72.36
CO-OPERATIVE BNK        5.625  11/16/2021     GBP    75.90
DUNFERMLINE BS          6.000   3/31/2015     GBP     0.75
EFG HELLAS PLC          5.400   11/2/2047     EUR    13.63
EFG HELLAS PLC          4.375   2/11/2013     EUR    75.00
EMPORIKI GRP FIN        5.000   12/2/2021     EUR    31.63
EMPORIKI GRP FIN        4.350   7/22/2014     EUR    52.38
EMPORIKI GRP FIN        5.100   12/9/2021     EUR    32.00
EMPORIKI GRP FIN        5.000   2/24/2022     EUR    31.13
EMPORIKI GRP FIN        6.000   5/18/2022     EUR    34.50
ENTERPRISE INNS         6.875    5/9/2025     GBP    67.27
ENTERPRISE INNS         6.375   9/26/2031     GBP    65.67
ENTERPRISE INNS         6.875   2/15/2021     GBP    72.43
ESSAR ENERGY            4.250    2/1/2016     USD    61.69
F&C ASSET MNGMT         6.750  12/20/2026     GBP    65.50
GALA ELECTRIC CA       11.500    6/1/2019     GBP    69.38
GALA ELECTRIC CA       11.500    6/1/2019     GBP    69.70
GREENE KING FIN         5.702  12/15/2034     GBP   105.34
GS INTERNATIONAL        8.250  12/17/2012     EUR    66.25
GS INTERNATIONAL       13.000   6/28/2012     CHF    54.20
GS INTERNATIONAL        8.120    6/8/2012     CHF    73.00
GS INTERNATIONAL        5.150   5/31/2012     EUR    68.50
GS INTERNATIONAL        5.000   5/31/2012     USD    69.30
GS INTERNATIONAL        9.750   5/22/2012     CHF    48.40
HBOS PLC                4.500   3/18/2030     EUR    61.40
HBOS PLC                5.374   6/30/2021     EUR    67.13
HBOS PLC                4.375  10/30/2019     EUR    73.68
HBOS PLC                6.305  10/18/2017     GBP    74.45
HSBC BANK PLC           0.500  12/29/2022     AUD    56.47
HSBC BANK PLC           0.500   2/24/2023     AUD    57.19
HSBC BANK PLC           0.500  11/22/2021     AUD    63.71
HSBC BANK PLC           0.500   12/8/2026     AUD    48.50
HSBC BANK PLC           0.500  12/29/2026     AUD    48.35
HSBC BANK PLC           4.750   3/24/2046     GBP    72.82
HSBC BANK PLC           0.500    2/2/2023     AUD    53.62
HSBC BANK PLC           0.500    4/3/2023     AUD    59.26
HSBC BANK PLC           0.500   12/2/2022     AUD    60.30
HSBC BANK PLC           0.500  11/16/2018     AUD    71.90
LBG CAPITAL NO.1        6.439   5/23/2020     EUR    73.05
LBG CAPITAL NO.1        7.869   8/25/2020     GBP    79.97
LBG CAPITAL NO.2        6.385   5/12/2020     EUR    73.43
MATALAN                 9.625   3/31/2017     GBP    65.83
MATALAN                 9.625   3/31/2017     GBP    67.36
MAX PETROLEUM           6.750    9/8/2013     USD    46.76
NOMURA BANK INTL        0.800  12/21/2020     EUR    67.75
OTE PLC                 4.625   5/20/2016     EUR    54.00
OTE PLC                 5.000    8/5/2013     EUR    63.65
OTE PLC                 7.250    4/8/2014     EUR    58.53
PIRAEUS GRP FIN         4.000   9/17/2012     EUR    75.57
PRIVATBANK              5.799    2/9/2016     USD    70.01
PUNCH TAVERNS           5.883  10/15/2026     GBP    62.72
ROYAL BK SCOTLND        4.625   9/22/2021     EUR    69.92
ROYAL BK SCOTLND        6.250  12/20/2012     EUR    52.55
SPIRIT ISSUER           5.472  12/28/2028     GBP    71.84
THOMAS COOK GR          7.750   6/22/2017     GBP    48.75
THOMAS COOK GR          6.750   6/22/2015     EUR    58.59
UNIQUE PUB FIN          7.395   3/28/2024     GBP    61.80
UNIQUE PUB FIN          5.659   6/30/2027     GBP    72.77
UNIQUE PUB FIN          6.464   3/30/2032     GBP    43.11


                            *********

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 * * *