TCREUR_Public/120709.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, July 9, 2012, Vol. 13, No. 135

                            Headlines



C Y P R U S

* CYPRUS: Russia Remains Candidate to Provide Bailout


F R A N C E

DOUX SA: Sofiproteol-Led Group Makes Bid for Assets
PSA PEUGEOT: Denies State Aid Rumors After Sales Slumped


G E R M A N Y

COMMERZBANK AG: Moody's Says Downgrade Won't Hit CB Mezzcap Rtngs
MOTOR AUTHORITY: Files for Bankruptcy After Failed Sale
PROMISE XXS: Fitch Affirms Rating on Class E Notes at 'CCCsf'
SOLAR MILLENNIUM: Ferrostaal Acquires 74.9% Stake in Flagsol
STABILITY CMBS: Fitch Affirms Rating on Class E Notes at 'CCsf'

WESTLB: Moody's Extends Ratings Review After Name Change


I R E L A N D

DOUGLAS COURT: In Receivership; Trading Continues as Normal


I T A L Y

CELL THERAPEUTICS: Estimates US$7.2 Million Net Loss in May


L I T H U A N I A

BANKAS SNORAS: Former Owners Arrested in London


N O R W A Y

JJ SIETAS: To Sell Neuenfelder Maschinenfabrik Division to TTS


P O L A N D

PBG SA: Poland Government Mulls Nationalization
SKY CLUB: Declared Bankruptcy on Lack of Funds


R U S S I A

DELANCE LIMITED: Moody's Upgrades National Scale Rating From Ba1
DELANCE LIMITED: Moody's Upgrades CFR to 'B2'; Outlook Stable
INT'L FINANCIAL: Moody's Assigns 'E+' BFSR; Outlook Positive
SOVCOMFLOT OAO: Fitch Downgrades Issuer Default Rating to 'BB+'
TATNEFT OAO: Moody's Upgrades CFR to 'Ba1'; Outlook Stable

TATNEFT OAO: Moody's Upgrades National Scale Rating


S P A I N

IM TERRASSA: Fitch Lowers Rating on Class C Notes to 'Bsf'


T U R K E Y

TRUCAS PETROL: Fitch Assigns 'B' Long-Term Issuer Default Ratings
TURKIYE HALK: Fitch Issues Expected 'BB+' Rating to Eurobond


U K R A I N E

* CRIMEA: S&P Raises Long-Term Issuer Credit Rating to 'B'


U N I T E D   K I N G D O M

ALPHA TOPCO: S&P Affirms 'B+' Long-Term Corporate Credit Rating
AMERICAN BABY: Parent to Cover Product-Liability Claims
CANARY WHARF: Fitch Affirms Rating on Class D2 Notes at 'BBsf'
CLARIS LTD: S&P Raises Credit Rating to 'CCC+ (sf)'
DECO 6: S&P Downgrades Rating on Class D Notes to 'CCC-(sf)'

EPIC: S&P Withdraws Class A Notes Rating, 'B-' Rating Unaffected
GKN HOLDINGS: Moody's Affirms 'Ba1' CFR; Outlook Positive
NETWORK TRADING: Owner Adrian Nicholl Declared Bankrupt
TITAN EUROPE: S&P Downgrades Rating on Class B Notes to 'D (sf)'
UBC: Owed GBP11 Million at Time of Collapse

WINDERMERE XI: Fitch Affirms 'Dsf' Rating on Class D Notes


X X X X X X X X

* EUROPE: EU Summit Measures to Reduce Shock But Carry High Cost
* S&P Takes Rating Actions on 10 European Synthetic CDO Tranches
* BOND PRICING: For the Week July 2 to July 6, 2012


                            *********


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C Y P R U S
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* CYPRUS: Russia Remains Candidate to Provide Bailout
-----------------------------------------------------
James Kanter at The New York Times reports that the Cypriot
president, Demetris Christofias, said Friday that Russia remained
a candidate to step in and bail out his country, amid signs of a
widening rift with the international authorities about where the
aid should come from, and under what terms.

At a news conference, Mr. Christofias, who is the only communist
leader in the European Union, scorned those who were critical of
his friendliness with Moscow and insisted that his country could
take aid from whatever country it chose, the New York Times
relates.

According to the New York Times, Russian finance minister
Anton Siluanov, as cited by Bloomberg News, said Friday, Cyprus
has asked to borrow EUR5 billion, or US$6.1 billion, from Russia,
the Russian finance minister.  He said the request was being
considered, the New York Times notes.

Jose Manuel Barroso, the head of the European Commission
suggested that nations in the same position as Cyprus should
accept full European bailout programs, including conditions,
rather than rely on aid from other countries with fewer strings
attached, the New York Times discloses.

According to the New York Times, Mr. Barroso called on Cypriots
to accept the reforms often demanded by the international
financial authorities as "the only way in the medium and longer
term to have sustainable growth."



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F R A N C E
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DOUX SA: Sofiproteol-Led Group Makes Bid for Assets
---------------------------------------------------
Rudy Ruitenberg at Bloomberg News reports that Sofiproteol SA,
France's largest oilseed crusher, is leading a group of French
companies seeking to buy the assets of Doux SA.

According to Bloomberg, Philippe Tillous-Borde, adviser to
Sofiproteol's chairman, said that partners include agricultural
cooperatives Terrena and Triskalia, closely held companies Duc
and Glon Sanders, as well as poultry processors Tilly-Sabco and
LDC SA.  He declined to give the value of the offer or say how
the bid will be structured, Bloomberg notes.

"It's really a coordinated offer, it's not a consortium with a
holding that will take over everything together," Bloomberg
quotes Mr. Tillous-Borde as saying.  The board adviser said that
the offer was made to Doux's court-appointed administrator on
Thursday, Bloomberg relates.

Doux was placed under court administration on June 1 by the court
of Quimper in Brittany, Bloomberg recounts.

Bloomberg notes that Mr. Tillous-Borde said the offer seeks to
bring all of Doux's businesses under management of the companies
making the offer.  The adviser said that the group is seeking to
buy assets, and doesn't plan to renegotiate Doux's debt with
creditors including Barclays Plc, according to Bloomberg.

Mr. Tillous-Borde, as cited by Bloomberg, said that Doux's assets
in Brazil are not part of the offer.

France-based Doux S.A. produces, sells, and exports poultry and
poultry-based processed products for retail, food service and
catering, and food processing industries.


PSA PEUGEOT: Denies State Aid Rumors After Sales Slumped
--------------------------------------------------------
Gabriele Parussini and David Pearson at The Wall Street Journal
report that PSA Peugeot-Citroen on Friday said its sales slumped
due to shrinking demand in its main markets and denied it had
asked for state aid.

According to the Journal, in the first half of the year, PSA's
sales plunged as demand fell in its main markets of France, Spain
and Italy, where the euro-zone crisis has taken a heavy toll on
business activity and consumer demand.

In the first half of the year, PSA's sales plunged as demand fell
in its main markets of France, Spain and Italy, where the euro-
zone crisis has taken a heavy toll on business activity and
consumer demand, the Journal relates.

PSA, France's largest automaker, denied a report that it is
asking for a government loan to help ease its financial woes
after its sales plunged, the Journal notes.

The company denied a report on the web site of French financial
weekly La Tribune that said Chief Executive Philippe Varin had
asked the government for a loan, the Journal discloses.
According to the Journal, the report quoted a Socialist
politician saying that the government "is ready to come to its
assistance, and is even contemplating the state taking a stake in
its capital."

"Neither PSA nor . . . Mr. Varin have asked for a loan," the
Journal quotes spokesman Pierre-Olivier Salmon as saying.
Later, French Finance Minister Pierre Moscovici also denied the
report, the Journal notes.

PSA Peugeot Citroen S.A. -- http://www.psa-peugeot-citroen.com/
-- is a France-based manufacturer of passenger cars and light
commercial vehicles.  It produces vehicles under the Peugeot and
Citroen brands.  In addition to its automobile division, the
Company includes Banque PSA Finance, which supports the sale of
Peugeot and Citroen vehicles by financing new vehicle and
replacement parts inventory for dealers and offering financing
and related services to car buyers; Faurecia, an automotive
equipment manufacturer focused on four component families: seats,
vehicle interior, front end and exhaust systems; Gefco, which
offers logistics services covering the entire supply chain,
including overland, sea and air transport, industrial logistics,
container management, vehicle preparation and distribution, and
customs and value added tax (VAT) representation, and Peugeot
Motocycles, which manufactures scooters and motorcycles.  In
2008, PSA Peugeot Citroen S.A. sold more than 3.2 million
vehicles in 150 countries worldwide.



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G E R M A N Y
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COMMERZBANK AG: Moody's Says Downgrade Won't Hit CB Mezzcap Rtngs
-----------------------------------------------------------------
Moody's Investors Service has reviewed the proposal of
Commerzbank AG, the interest rate swap counterparty and tax
liquidity facility provider of CB MezzCap Limited Partnership
(the "Issuer"), taking no remedial action following Moody's
rating downgrade of its ratings on June 6, 2012 (the "Proposal").

Moody's has determined that the Proposal will not in and of
itself and at this time cause the current Moody's ratings of the
notes of the Issuer to be reduced or withdrawn. Moody's believes
that Commerzbank AG's taking no further remedial action in
accordance with the transaction documentation does not have an
adverse effect on the credit quality of the securities such that
the Moody's ratings are impacted. Moody's does not express an
opinion as to whether Commerzbank AG's action could have other,
non credit-related effects.

Moody's rating analysis in this case is based primarily on its
opinion that Commerzbank AG is still a highly-rated entity
relative to the highest outstanding rating of the notes which is
B3.

The methodologies used in this rating were "Moody's Approach to
Rating Collateralized Loan Obligations" published in June 2011
and "Moody's Approach to Rating CDOs of SMEs in Europe" published
in February 2007.

Other methodologies and factors that may have been considered in
the process of this rating can also be found in the Ratings
Methodologies subdirectory.

Moody's will continue monitoring these ratings. Any change in the
ratings will be publicly disseminated by Moody's through
appropriate media.


MOTOR AUTHORITY: Files for Bankruptcy After Failed Sale
-------------------------------------------------------
Viknesh Vijayenthiran at Motor Authority reports that Artega has
filed for bankruptcy.

According to Motor Authority, the company stated that it has
become insolvent and that it is seeking to find new roles for its
34 employees.

Artega also claims that part of the decision to file for
bankruptcy was due to a proposed sale of the firm to an Asian
investor failing at the last minute, Motor Authority discloses.

Court-approved administrators are currently examining Artega's
remaining assets while management looks for new investment
possibilities, Motor Authority says.

Artega is the manufacturer of the Henrik Fisker-designed GT
sports car.  It is based in Delbrueck.


PROMISE XXS: Fitch Affirms Rating on Class E Notes at 'CCCsf'
-------------------------------------------------------------
Fitch Ratings has affirmed Promise XXS-2006-1 GmbH's notes, due
2024, as follows:

  -- EUR51,740 Class A+ (ISIN XS0277600663): affirmed at 'AAsf';
     Outlook Stable;

  -- EUR102,694,535 Class A (ISIN XS0277602016): affirmed at
     'Asf'; Outlook Stable;

  -- EUR61,788,355 Class B (ISIN XS0277606272): affirmed at
     'BBBsf'; Outlook Stable; EUR44,910,980 Class C (ISIN
     XS0277606512): affirmed at 'BBsf'; Outlook Stable;

  -- EUR32,324,464 Class D (ISIN XS0277606942): affirmed at
     'Bsf'; Outlook Stable;

  -- EUR59,731,043 Class E (ISIN XS0277607320): affirmed at
     'CCCsf'; assigned Recovery Estimate (RE) of 'RE50%'

The affirmation of the ratings and the Stable Outlook reflect the
stable pool performance and pool composition since the last
review in July 2011 and the increased credit protection to the
rated notes as a result of pool amortization.  In particular, the
available credit protection is, in the agency's view, sufficient
to provide for the expected losses in the respective rating
scenarios.

The transaction is amortizing with a current portfolio share of
26% of the initial pool volume of EUR4.4 billion compared with
40% at the last review.  Through pool amortization and sequential
allocation of the amortized funds to the notes, the credit
protection for the rated classes has increased from the last
rating action.  Despite the amortization, the pool composition
remains largely unchanged.  The 10 largest obligor groups make up
14.5% of the pool compared to 12.2% and the 20 largest obligors
make up 21.4%, compared to 19% at the last review.  In Fitch's
view, the pool remains granular despite the quick amortization.

The portfolio's performance has not significantly changed from
the last review.  As of the April 2012 reporting date, defaulted
assets in the portfolio are 0.9% of the initial pool balance
compared to 1.4% at the last review.  In particular, the current
defaults came down as a result of the work-out process being
completed for almost EUR24 million of defaulted assets since the
last review.  While the current defaults came down, the
liquidation of the aforementioned defaulted assets resulted in
realized losses of EUR18.3 million which have been only partially
covered by the synthetic excess spread available in the amount of
EUR8.7 million.  Therefore, uncovered losses of EUR9.5 million
were written against the non-rated class G and class H notes,
thus reducing the available credit protection to the rated notes.

Fitch notes that the synthetic excess spread of 80bps p.a.
provides only limited credit protection to the notes since it is
going down with the performing asset balance over time and
because unused synthetic excess spread is not kept in the
transaction.  The agency acknowledged that whether or not the
synthetic excess spread will be sufficient to cover realized
losses, depends on the amount of liquidated defaulted assets in a
particular period.  In the event of liquidations in an amount
exceeding the available synthetic excess spread, the difference
will be allocated as a loss against the notes starting with the
unrated notes.

Fitch applied its portfolio credit model (PCM) to credit-assess
the portfolio.  For this reason, the agency mapped the
originator's internal ratings to Fitch's one year probability of
defaults (PDs) by using the originator's rating migration tables.
Additionally, the agency applied additional stress to obligor
groups larger than 0.50% which make up 22% of the outstanding
pool balance.  In the agency's view, the available credit
enhancement is sufficient to provide for the expected loss rates
in the rating scenarios applicable to the respective notes.
While the available credit protection is expected to increase as
a result of sequential amortization of the notes, the agency
notes that it may also go down in the event realized losses are
not covered by the synthetic excess spread.

Fitch assigned a Recovery Estimate (RE) to the 'CCCsf'-rated
class E note.  REs are forward-looking, taking into account
Fitch's expectations for principal repayments on distressed
structured finance securities rated 'CCCsf' or below.

The transaction is a partially-funded synthetic CDO
securitization with exposures to small- and medium-sized
enterprises, primarily in Germany and Austria.  Originators are
UniCredit Bank AG ('A+'/Stable/'F1+') and UniCredit Bank Austria
AG ('A'/Stable/'F1').


SOLAR MILLENNIUM: Ferrostaal Acquires 74.9% Stake in Flagsol
------------------------------------------------------------
Marc Roca at Bloomberg News reports that Ferrostaal GmbH
purchased Solar Millennium AG's 74.9% stake in Flagsol GmbH,
giving it full ownership of the solar-thermal venture.

Terms of the sale weren't provided in a statement on Friday from
the administrator that's handling Solar Millennium's affairs
after the solar-thermal project developer filed for insolvency in
December.

According to Bloomberg, the statement said that Ferrostaal will
retain all 80 employees of the Cologne-based company.

A reported by the Troubled Company Reporter-Europe on March 1,
2012, the Local Court of Fuerth initiated the insolvency
proceedings for Solar Millennium AG on Tuesday.  The court
appointed Volker Boehm as insolvency administrator.

Solar Millennium AG is an Erlangen-based solar company.  It had
focused on developing solar-thermal plants in Europe and the U.S.


STABILITY CMBS: Fitch Affirms Rating on Class E Notes at 'CCsf'
---------------------------------------------------------------
Fitch Ratings has affirmed STABILITY CMBS 2007-1 GmbH's senior
swap and commercial mortgage-backed floating-rate note ratings
and revised the Outlook to Negative for Class C and D notes, as
follows:

  -- EUR220,554,011.34 senior swap affirmed at 'AAAsf'; Outlook
     Stable

  -- EUR151,734 Class A+ (DE000A0N30Z7) affirmed at 'AAAsf';
     Outlook Stable

  -- EUR31,800,000 Class A (DE000A0N3005) affirmed at 'Asf';
     Outlook Stable

  -- EUR46,400,000 Class B (DE000A0N3013) affirmed at 'BBBsf';
     Outlook Stable

  -- EUR30,500,000 Class C (DE000A0N3021) affirmed at 'BBsf';
     Outlook revised to Negative from Stable

  -- EUR30,400,000 Class D (DE000A0N3039) affirmed at 'Bsf';
     Outlook revised to Negative from Stable

  -- EUR28,200,000 Class E (DE000A0N3047) affirmed at 'CCsf';
     Recovery Estimate 'RE0%'

The affirmation is driven by strong amortization of the portfolio
and the resulting increase in credit protection, given fully
sequential principal pay down rules.  The pool balance has
reduced to EUR402.6 million from EUR909.2 million at closing.
The Negative Outlook on the Class C and D notes reflects
deterioration in the overall credit quality of the underlying
loan pool as well as refinancing concerns over some of the larger
positions.  While this is largely offset by the increase in
credit enhancement, this is less apparent for junior bonds.

Collateral performance over the last 12 months has been stable to
negative.  Loans affected by credit events have increased to
EUR10.2 million from none a year ago, with the first loss
allocation expected on the next payment date.  The interest
coverage and debt service ratios have both decreased, the former
to 2.58x from 2.91x, and the latter to 1.41x from 1.48x.

As a result of amortization, loan concentration in the portfolio
has naturally increased.  The 10 largest exposures now make up
almost 70% of the pool balance, an increase of approximately 12%
from a year ago.  The largest exposure in the transaction,
accounting for a quarter of the principal balance, is secured by
18 office properties let to the State of Hessen on long leases.
While its debt yield is low, even lower German government bond
yields improve the prospects of refinancing in December 2013,
despite the size of the loan, (EUR101.7m syndication portion of a
EUR745.8m loan) and the strains in the German commercial real
estate lending market.

STABILITY is a synthetic securitization of commercial mortgage
loans originated by IKB Deutsche Industriebank AG (not rated),
with the notes collateralised by debt instruments issued by
Kreditanstalt fur Wiederaufbau (rated 'AAA'/F1+).  As per the
April 2012 investor report, STABILITY provided credit protection
for a portfolio of 84 commercial mortgage loans to 51 debtor
groups.  While 24 large claims granted to special-purpose vehicle
(SPV) borrowers represent approximately 67% of the current pool
balance, the remainder consists of generally small secured loans
with recourse to non-SPV borrowers.


WESTLB: Moody's Extends Ratings Review After Name Change
--------------------------------------------------------
Moody's Investors Service has extended the ongoing review for
upgrade of WestLB's A3/Prime-2 senior unsecured debt ratings and
the review for downgrade of WestLB's A3/Prime-2 deposit ratings.
This follows the announcement that WestLB has discontinued its
banking business and changed its legal name to Portigon AG.

Moody's has extended the reviews because the conclusion of the
reviews remains subject to either (i) the effective transfer to
another entity of affected senior bonds; or (ii), in terms of
deposits, the receipt of more information than is currently
available on the future profile and outlook of Portigon AG.

Moody's extended reviews will focus on (i) the selection of bonds
and deposits that will be subject to transfers out of Portigon to
either EAA Erste Abwicklungsanstalt (EAA, Aa1 stable/Prime-1) or
Landesbank Hessen-Thueringen (Helaba; A2 stable; D+/baa3 stable,
Prime-1); (ii) the outlook for and likely protection of
Portigon's depositors; and (iii) operational risk, including
legal obstacles, that could hamper or delay current plans.

Ratings Rationale

According to the "Law on the Restructuring of WestLB", which was
first published on June 1, 2012 and passed into law by the state
parliament of North-Rhine Westphalia (Aa1 stable) on June 21,
2012, as well as a press release published by Helaba on July 2,
2012, Portigon AG will be broken up into three parts over the
next few weeks:

-- A part that will be transferred to EAA, the existing wind-
    down vehicle of former WestLB;

-- A EUR40 billion portfolio that will be transferred to and
    merged with Helaba; and

-- The remaining assets that do not constitute banking business
    and remain within Portigon AG.

Portigon is expected to maintain its full banking license at
least until the process is concluded. Over time, Moody's expects
EAA to be the main (or even sole) lender to Portigon, meeting all
of its future funding requirements.

Following Portigon's break-up into three parts, Moody's says that
the outstanding senior unsecured bonds may be upgraded by up to
five notches from the current A3 level, reflecting the current
Aa1 rating level of EAA. The A3 deposit ratings could be
downgraded by up to three notches, implying that these ratings
will likely remain investment grade, reflecting Portigon AG's
status as a non-bank financial institution that has critical
responsibilities in the unwinding process and is ultimately 100%-
owned by the State of North-Rhine Westphalia. Moody's expects
that these circumstances offer a degree of support for
depositors.

Moody's does not expect to rate Portigon AG in the medium term --
which over the next few months will transform into a non-bank
service provider -- but to withdraw all ratings (except for
grandfathered ratings) as and when the breakup of the former
WestLB is finalised.

The E standalone BFSR, the Ca(hyb) hybrid ratings and the Aa1
ratings for grandfathered debt were not affected by the rating
actions.

WHAT COULD CHANGE THE RATINGS UP / DOWN

Moody's says that the following factors continue to underpin the
upgrade potential of between one and five notches for Portigon's
outstanding senior unsecured debt:

-- Holders of senior unsecured bonds and notes issued by the
former WestLB will continue to depend on ongoing support from the
State of North-Rhine Westphalia, which Moody's acknowledges has
been forthcoming thus far.

-- Given the recent decisions by the former and current owners
as well as the Sparkassen Finanzgruppe (Aa2 stable; C+/a2 stable)
to provide additional capital totalling EUR2.0 billion (as
outlined in the "Law on the Restructuring of WestLB"), support
appears sufficient to facilitate the break-up and to absorb a
large portion of the expected loss that Portigon is expected to
incur in the course of its start-up phase as a service provider.

-- In addition, the supporting parties appear to offer suitable
capital funds (or guarantees) to accompany the portfolios marked
for transference.

-- The strongest positive rating pressure will be prompted by a
transfer of liabilities to EAA, and milder upward pressure by a
transfer to Helaba.

At the same time, Moody's points to the risk of negative rating
pressure for the A3 ratings of deposits in Portigon AG, as
captured by the review for downgrade. Moody's expects that some
deposits will be transferred out during the break-up. However,
Portigon's deposit ratings -- until discontinued and withdrawn --
will continue to reflect the combination of the financial
strength of Portigon and the support available to it, which faces
considerable uncertainties given the level of opacity surrounding
Portigon's future.

The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.



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DOUGLAS COURT: In Receivership; Trading Continues as Normal
-----------------------------------------------------------
Louise Roseingrave at The Irish Times reports that the Douglas
Court shopping center in Cork entered receivership under KPMG on
Friday.

Joint receivers Kieran Wallace and David Swinburne of KPMG were
appointed to the company on Friday by Bank of Scotland plc,
following a request from the directors of owner Douglas
Developments Ltd., the Irish Times relates.

According to the Irish Times, a spokesman for the center
confirmed that stores will continue to trade as normal during the
process.

KMPG will examine the income and assets of the shopping center in
a bid to clear associated debts, the Irish Times discloses.

The Douglas Court shopping center accommodates 59 units including
flagship store Dunnes Stores.



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I T A L Y
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CELL THERAPEUTICS: Estimates US$7.2 Million Net Loss in May
-----------------------------------------------------------
Cell Therapeutics, Inc., provided information pursuant to a
request from the Italian securities regulatory authority, CONSOB,
pursuant to Article 114, Section 5 of the Unified Financial Act,
that the Company issue at the end of each month a press release
providing a monthly update of certain information relating to the
Company's management and financial situation.

The Company estimated a net loss attributable to common
shareholders of US$7.23 million on US$0 of net revenue for the
month ended May 31, 2012, compared with a net loss attributable
to common shareholders of US$5.15 million on US$0 of net revenue
during the prior month.

Estimated research and development expenses were US$2.3 million
for the month of April 2012 and US$2.5 million for the month of
May 2012.

                    NASDAQ Noncompliance Notice

On June 29, 2012, the Company received a notice from The NASDAQ
Stock Market indicating that for 30 consecutive business days the
closing bid price of the Company's common stock was below the
minimum US$1.00 per share requirement for continued listing of
the Company's common stock on The NASDAQ Capital Market under
NASDAQ Listing Rule 5550(a)(2).  This notification has no
immediate effect on the listing of or the ability to trade the
Company's common stock on The NASDAQ Capital Market.

NASDAQ Listing Rule 5810(c)(3)(A) provides the Company with a
grace period of 180 calendar days, or until Dec. 26, 2012, to
regain compliance.  The Company will achieve compliance if the
closing bid price of the Company's common stock is $1.00 per
share or more for a minimum of 10 consecutive business days
before Dec. 26, 2012.

                      About Cell Therapeutics

Headquartered in Seattle, Washington, Cell Therapeutics, Inc.
(NASDAQ and MTA: CTIC) -- http://www.CellTherapeutics.com/-- is
a biopharmaceutical company committed to developing an integrated
portfolio of oncology products aimed at making cancer more
treatable.

Cell Therapeutics reported a net loss attributable to CTI of
US$62.36 million in 2011, compared with a net loss attributable
to CTI of US$82.64 million in 2010.

The Company's balance sheet at March 31, 2012, showed US$44.15
million in total assets, US$18.50 million in total liabilities
US$13.46 million in common stock purchase warrants, and US$12.18
million in total shareholders' equity.

                     Going Concern Doubt Raised

The report of Marcum LLP, in San Francisco, Calif., dated
March 8, 2012, expressed an unqualified opinion, with an
explanatory paragraph as to the uncertainty regarding the
Company's ability to continue as a going concern.

The Company's available cash and cash equivalents are US$47.1
million as of Dec. 31, 2011.  The Company's total current
liabilities were US$17.8 million as of Dec. 31, 2011.  The
Company does not expect that it will have sufficient cash to fund
its planned operations beyond the second quarter of 2012, which
raises substantial doubt about the Company's ability to continue
as a going concern.

                        Bankruptcy Warning

The Form 10-K for the year ended Dec. 31, 2011, noted that if the
Company receives approval of Pixuvri by the EMA or the FDA, it
would anticipate significant additional commercial expenses
associated with Pixuvri operations.  Accordingly, the Company
will need to raise additional funds and are currently exploring
alternative sources of equity or debt financing.  The Company may
seek to raise that capital through public or private equity
financings, partnerships, joint ventures, disposition of assets,
debt financings or restructurings, bank borrowings or other
sources of financing.  However, the Company has a limited number
of authorized shares of common stock available for issuance and
additional funding may not be available on favorable terms or at
all.  If additional funds are raised by issuing equity
securities, substantial dilution to existing shareholders may
result.  If the Company fails to obtain additional capital when
needed, it may be required to delay, scale back, or eliminate
some or all of its research and development programs and may be
forced to cease operations, liquidate its assets and possibly
seek bankruptcy protection.



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L I T H U A N I A
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BANKAS SNORAS: Former Owners Arrested in London
-----------------------------------------------
Erik Larson at Bloomberg News reports that Bankas Snoras AB's
former owners were arrested again in London on Friday on expanded
claims they siphoned at least LTL1.7 billion (US$609.5 million)
from the failed Lithuanian lender to finance luxurious
lifestyles.

According to Bloomberg, John Hardy, a lawyer for the prosecution,
said at a scheduled hearing on Friday in London's Westminster
Magistrates Court, that Russian banker Vladimir Antonov and his
business partner Raimondas Baranauskas, who were detained in
November and are fighting extradition to Lithuania, were arrested
a second time after authorities probing the bank's collapse in
the Baltic country issued another European arrest warrant
containing new allegations.

Judge John Zani ruled on Friday that the case will be limited to
the claims in the previous warrant and the new one, even if
additional information is found by Lithuanian investigators,
Bloomberg relates.  Both men deny the claims and declined to
comment outside court, Bloomberg notes.

The judge freed the men on their existing bail conditions and
scheduled another hearing for July 27, Bloomberg discloses.

Mr. Antonov, 37, and Mr. Baranauskas, 54, are wanted in Lithuania
for allegedly forging documents and fixing accounts in a scheme
Copy that caused the collapse of the country's third biggest bank
by Send deposits and financed purchases of luxury homes, cars and
a U.K. Repo 100) soccer team, Bloomberg notes.

According to Bloomberg, the men are fighting the fraud charges in
Lithuania, where prosecutors issued arrest warrants in May
doubling the size of the claims against them.

Mr. Hardy said after Friday's hearing that the new claims
increase the amount of money that was taken by the men, but he
wasn't able to determine by how much, Bloomberg relates.

Bankas Snoras AB is Lithuania's fifth biggest lender.  Snoras
held LTL6.05 billion in deposits and had assets of LTL8.14
billion at the end of September. It competes with Scandinavian
lenders including SEB AB, Swedbank AB (SWEDA), and Nordea AB.  It
also controls investment bank Finasta and Latvian lender Latvijas
Krajbanka AS.



===========
N O R W A Y
===========


JJ SIETAS: To Sell Neuenfelder Maschinenfabrik Division to TTS
--------------------------------------------------------------
Niklas Magnusson at Bloomberg News, citing Hamburger Abendblatt,
reports that Berthold Brinkmann, insolvency administrator for
J.J. Sietas KG, will sell its Neuenfelder Maschinenfabrik
division to TTS Group ASA of Norway.

J.J. Sietas KG is a Norwegian shipyard company.



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


PBG SA: Poland Government Mulls Nationalization
-----------------------------------------------
Maciej Martewicz at Bloomberg News, citing the PAP newswire,
reports that Poland is considering a plan to nationalize some
construction companies to save them from potential bankruptcy,
including PBG SA.

According to Bloomberg, Deputy Prime Minister Waldemar Pawlak
told PAP that the Finance Ministry is preparing an analysis of
financial impact of such aid.  Mr. Pawlak, as cited by the
newswire, said that the government may discuss the document at
this week's meeting.

As reported by the Troubled Company Reporter-Europe on June 15,
2012, Bloomberg News related that a Poznan, western Poland-based
court agreed to declare bankruptcy of PBG SA aimed at arrangement
with creditors.

PBG SA is Poland's third largest builder.


SKY CLUB: Declared Bankruptcy on Lack of Funds
----------------------------------------------
Remi Adekoya at Warsaw Business Journal reports that Sky Club, a
travel agency, has declared bankruptcy, taking some 4,000 of its
clients who currently on vacation abroad, by surprise.

According to Warsaw Business Journal, Sky Club spokeswoman Kalina
Paluch told Tok FM on Wednesday morning that "a guarantee fund of
PLN25 million is available to cover the costs of customer returns
and payment for those who have already paid for holidays but who
will now not be going on vacation as planned."

Warsaw Business Journal relates that Sky Club, which also
operates under the name Triada, said in a statement released on
Tuesday evening that it had requested the courts to begin a
bankruptcy process, citing "lack of funds" to continue to operate
and consequently "has suspended operations and sales."

"All tourist trips from July 4, 2012 are canceled.  Customers who
have tourist trips starting tomorrow will be informed not to turn
up at airports," the statement reads.

Sky Club is a travel agency based in Poland.



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


DELANCE LIMITED: Moody's Upgrades National Scale Rating From Ba1
----------------------------------------------------------------
Moody's Interfax Rating Agency has upgraded to Baa1.ru from
Ba1.ru the national scale rating (NSR) of Delance Limited, which
is a holding company of ROLF Group, a Russian importer and
retailer of foreign-brand cars. The outlook on the rating is
stable.

Ratings Rationale

The upgrade of ROLF's NSR to Baa1.ru reflects substantial
improvement in the company's operating performance and financial
profile on the back of (1) the sustainable recovery of the
Russian car market through 2010-11, and (2) a set of performance
optimization measures introduced by management.

As of end 2011, ROLF's revenues rose by 60%, while its adjusted
EBITDA reached RUR9.2 billion (US$287 million), double that of
2010. As a result, the company's adjusted EBITDA margin improved
to 7.7% from 5.8% in 2010 and negative in 2009. Solid revenues
and profitability growth allowed the company to generate positive
free cash flow for the second consecutive year, as well as
further reduce its adjusted leverage (measured in terms of
debt/EBITDA) to a healthy 2.8x in 2011 from 5.4x in 2010 and -
8.5x in 2009. In addition, Moody's notes that ROLF has
successfully addressed refinancing risks related to substantial
maturities due in the third quarter of 2012 by securing well in
advance a number of new long-term bank loans.

The rating action also takes into account a new conservative
financial policy adopted by ROLF in 2011 that is focused on
gradual deleveraging, with the target debt/EBITDA ratio set at
2.0x. Moreover, the company has been building up additional
financial flexibility through (1) exercising tight cost control;
(2) focusing on the development of its retail business as its
core division; (3) increasing its presence in the more profitable
premium cars segment as well as taking advantage of its well-
developed spare parts and service business, which tends to be
less cyclical and thus more resilient to economic downturns; and
(4) introducing hedging contracts, which have substantially
reduced the company's historically high foreign exchange risk.

Moody's expects that in the next 12-18 months, ROLF will continue
to improve its financial profile within its prudent financial
policy. This improvement is likely to be supported by the ongoing
growth of the Russian car market, although this will be at a
slower pace than recent years, at slightly below 10% compared
with 30% and nearly 40% growth in 2010 and 2011, respectively
(according to the Association of European Business (AEB)).

However, Moody's notes that the rating remains constrained by
uncertainties over consumer confidence and car demand in Russia,
which may be negatively affected by the current volatility in the
global financial markets. The ratings also consider ROLF's
dependence on Mitsubishi for the supply of competitively priced
vehicles, as well as the fact that the company is exposed solely
to the Russian market, which has a less developed regulatory,
political and legal framework than some other European countries.
Another constraint on the ratings is ROLF's lack of geographical
diversification across Russian regions, particularly in view of
the threat of increasing competition in the attractive foreign-
brands car market. However, this factor is to some extent
mitigated by the company's leading position in the Russian
market.

The stable outlook reflects Moody's view that in the short to
medium term, ROLF will be able to maintain its sound financial
and operating performance while operating within its prudent
financial policy. The outlook also incorporates the rating
agency's expectation that the company will continue to
proactively manage its liquidity, addressing upcoming refinancing
issues in a timely manner.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's does not envisage positive pressure being exerted on
ROLF's rating in the next 12-18 months. However, in the longer
term, positive pressure could develop if the company builds a
track record of operations while adhering to its prudent strategy
and financial policy and maintaining a solid liquidity profile.

Moody's could downgrade the rating in the event of weaker-than-
anticipated conditions in the Russian automotive market or if
ROLF experiences challenges in executing its strategy that lead
to (1) adjusted leverage, i.e., debt/EBITDA, increasing above
4.0x on a sustainable basis; and (2) a deterioration in operating
cash flow generation, with retained cash flow (RCF)/debt
sustainably in low teens or below; (3) a materially deteriorating
liquidity position.

Principal Methodology

The principal methodology used in rating ROLF was the Global
Automotive Retailer Industry Methodology published in December
2009.

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

About Moody's and Moody's Interfax

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

Delance Limited is the holding company of ROLF Group, the leading
importer and retailer of foreign-brand cars in Russia. ROLF has
been the exclusive distributor of Mitsubishi cars in Russia since
1998, with the renewed distribution agreement valid until March
2014. ROLF also has dealer agreements with Ford, Mazda, Audi,
Hyundai, Mercedes, Renault, Land Rover, Skoda, Toyota and Lexus.


DELANCE LIMITED: Moody's Upgrades CFR to 'B2'; Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has upgraded to B2 from Caa1 the
corporate family rating (CFR) and probability of default rating
(PDR) of Delance Limited, which is a holding company of ROLF
Group, a Russian importer and retailer of foreign-brand cars.
Concurrently, Moody's has changed the outlook on the ratings to
stable from positive.

Ratings Rationale

"The two-notch upgrade of ROLF's ratings to B2 reflects
substantial improvement in the company's operating performance
and financial profile on the back of (1) the sustainable recovery
of the Russian car market through 2010-11, and (2) a set of
performance optimization measures introduced by management," says
Sergei Grishunin, an Associate Vice President in Moody's
Corporate Finance Group and lead analyst for ROLF.

As of end 2011, ROLF's revenues rose by 60%, while its adjusted
EBITDA reached RUR9.2 billion (US$287 million), double that of
2010. As a result, the company's adjusted EBITDA margin improved
to 7.7% from 5.8% in 2010 and negative in 2009. Solid revenues
and profitability growth allowed the company to generate positive
free cash flow for the second consecutive year, as well as
further reduce its adjusted leverage (measured in terms of
debt/EBITDA) to a healthy 2.8x in 2011 from 5.4x in 2010 and -
8.5x in 2009. In addition, Moody's notes that ROLF has
successfully addressed refinancing risks related to substantial
maturities due in the third quarter of 2012 by securing well in
advance a number of new long-term bank loans.

The rating action also takes into account a new conservative
financial policy adopted by ROLF in 2011 that is focused on
gradual deleveraging, with the target debt/EBITDA ratio set at
2.0x. Moreover, the company has been building up additional
financial flexibility through (1) exercising tight cost control;
(2) focusing on the development of its retail business as its
core division; (3) increasing its presence in the more profitable
premium cars segment as well as taking advantage of its well-
developed spare parts and service business, which tends to be
less cyclical and thus more resilient to economic downturns; and
(4) introducing hedging contracts, which have substantially
reduced the company's historically high foreign exchange risk.

Moody's expects that in the next 12-18 months, ROLF will continue
to improve its financial profile within its prudent financial
policy. This improvement is likely to be supported by the ongoing
growth of the Russian car market, although this will be at a
slower pace than recent years, at slightly below 10% compared
with 30% and nearly 40% growth in 2010 and 2011, respectively
(according to the Association of European Business (AEB)).

However, Moody's notes that the ratings remain constrained by
uncertainties over consumer confidence and car demand in Russia,
which may be negatively affected by the current volatility in the
global financial markets. The ratings also consider ROLF's
dependence on Mitsubishi for the supply of competitively priced
vehicles, as well as the fact that the company is exposed solely
to the Russian market, which has a less developed regulatory,
political and legal framework than some other European countries.
Another constraint on the ratings is ROLF's lack of geographical
diversification across Russian regions, particularly in view of
the threat of increasing competition in the attractive foreign-
brands car market. However, this factor is to some extent
mitigated by the company's leading position in the Russian
market.

The change of outlook to stable from positive reflects Moody's
view that in the short to medium term, ROLF will be able to
maintain its sound financial and operating performance while
operating within its prudent financial policy. The outlook also
incorporates the rating agency's expectation that the company
will continue to proactively manage its liquidity, addressing
upcoming refinancing issues in a timely manner.

What Could Change The Rating Up/Down

Moody's does not envisage positive pressure being exerted on
ROLF's ratings in the next 12-18 months. However, in the longer
term, positive pressure could develop if the company builds a
track record of operations while adhering to its prudent strategy
and financial policy and maintaining a solid liquidity profile.

Moody's could downgrade the ratings in the event of weaker-than-
anticipated conditions in the Russian automotive market or if
ROLF experiences challenges in executing its strategy that lead
to (1) adjusted leverage, i.e., debt/EBITDA, increasing above
4.0x on a sustainable basis; and (2) a deterioration in operating
cash flow generation, with retained cash flow (RCF)/debt
sustainably in low teens or below; (3) a materially deteriorating
liquidity position.

Principal Methodology

The principal methodology used in rating ROLF was the Global
Automotive Retailer Industry Methodology published in December
2009.

Delance Limited is the holding company of ROLF Group, the leading
importer and retailer of foreign-brand cars in Russia. ROLF has
been the exclusive distributor of Mitsubishi cars in Russia since
1998, with the renewed distribution agreement valid until March
2014. ROLF also has dealer agreements with Ford, Mazda, Audi,
Hyundai, Mercedes, Renault, Land Rover, Skoda, Toyota and Lexus.


INT'L FINANCIAL: Moody's Assigns 'E+' BFSR; Outlook Positive
------------------------------------------------------------
Moody's Investors Service has assigned the following ratings to
International Financial Club: E+ standalone bank financial
strength rating (BFSR) mapping to a standalone credit assessment
of b3, B3 long-term local and foreign currency deposit ratings,
and 'Not Prime' short-term local and foreign currency deposit
ratings. All the bank's long-term deposit ratings carry a
positive outlook while the standalone BFSR carries a stable
outlook.

Ratings Rationale

According to Moody's, International Financial Club's ratings are
constrained by (i) the limited track record of the bank's
operations; (ii) high single-name concentrations in the loan book
and customer funding, rendering the bank's capital and liquidity
potential vulnerable; (iii) the untested nature and rapid growth
of the loan book in the challenging and highly competitive
operating environment; and (iv) modest capital adequacy. At the
same time, the bank's currently good asset quality, compared to
peers, and its improving operating efficiency and recurring
earnings generation capacity underpin positive outlook on the
bank's long-term deposit ratings.

Moody's notes International Financial Club's high customer
concentrations, as the 20 largest credit exposures exceed 300% of
the bank's Tier 1 capital, while the 20 largest depositors
accounted for 58% of non-equity funding at YE2011. Moody's
cautions that these concentration risks render the bank's
capital, liquidity and business profile potentially vulnerable to
the performance and/or behavior of the largest groups of clients.
These concentration risks are additionally amplified by
International Financial Club's modest equity-to-assets ratio of
10.6% at YE2011, according to audited IFRS, and a moderate
liquidity cushion (liquid assets covered 14% of total liabilities
at YE2011).

Moody's notes, that International Financial Club had
substantially increased its interest-earning assets in 2010-2011,
thereby improving its operating efficiency and profitability. The
cost-to-income ratio improved to 92% in 2011 (2010: 115%; 2009:
176%, according to audited IFRS), while the return on average
assets improved to 0.3% in 2011 (2010: -1.6%; 2009: -3.7%). In Q1
2012, income further increased, with return on average assets
amounting to 2%, in accordance with Russian Accounting Standards.

The ongoing improvement of the bank's profitability, in Moody's
view, is exerting upward pressure on the bank's standalone b3
credit assessment warranting a positive outlook on the bank's
long-term deposit ratings. However, Moody's also notes that the
current performance track record is still limited, the level of
loan loss reserves is low and the loan book is still unseasoned.

International Financial Club's loan portfolio exhibits a lower
level of problem loans compared to its Russian peers, as loans
overdue by more than 90 days accounted for 1% of the bank's gross
loan book at YE2011. However, Moody's notes that the reported low
level of non-performing loans (NPL) is likely to increase going
forward, given: (i) the unseasoned nature of the loan portfolio;
and (ii) the rapid growth of the loan book in recent years (2011:
67%; 2010: 230%).

WHAT COULD MOVE THE RATINGS UP / DOWN

Upward pressure on the bank's long-term ratings could be a
consequence of a sustainable track record of strong financial
results over a longer-term period along with maintaining the
currently benign asset quality metrics.

The ratings could be downgraded (i) if the bank's asset quality
deteriorates, (ii) the bank's financials fundaments -- in
particular its capital profile - were to weaken or (iii) if the
bank's appetite for market or related party risk were to
increase.

Principal Methodologies

The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.

Headquartered in, Moscow, Russia, International Financial Club
reported total assets of RUB42 billion (US$1.3 billion) and net
income of RUB124 million (US$4 million) -- under audited IFRS --
as at YE2011.


SOVCOMFLOT OAO: Fitch Downgrades Issuer Default Rating to 'BB+'
---------------------------------------------------------------
Fitch Ratings has downgraded Russia-based OAO Sovcomflot's (SCF)
Long-term Issuer Default Rating (IDR) to 'BB+' from 'BBB-'.  The
Outlook is Negative.  Fitch has also downgraded SCF Capital
Limited's (SCF Capital) senior unsecured notes, which are
guaranteed by SCF, to 'BB+' from 'BBB-'.

The 'BB+' IDR and senior unsecured rating reflect SCF's
standalone rating of 'BB' and incorporate a one-notch uplift for
support from the Russian Federation ('BBB'/Stable).  SCF is 100%
directly owned by the Russian state and strategic and operational
ties are considered to be relatively strong.  The ratings assume
that the Russian state will maintain majority control over the
medium term.

The downgrade reflects a further deterioration in SCF's
forecasted financial metrics including the expectation that FFO
net adjusted leverage will no longer decrease to around 4.0x by
FY13 as previously anticipated by Fitch.  This is due to capex
commitments, which are again higher than levels previously
forecasted by Fitch and will further hinder free cash flow
generation.  Fitch previously stated that it considered
deleveraging to this level by 2013 as essential to prevent a
downgrade of SCF's ratings.  Leverage is only expected to be
around 4.0x in FY14, which is considered too far in the rating
horizon, particularly given current economic uncertainties.

In addition, there is still limited certainty regarding the
timing of SCF's recapitalization, which is fundamental to its
ability to decrease leverage in the short term.  Fitch expected
more clarity over the past few months, and despite recent
statements issued by the Russian government, the agency believes
that privatization and a reinvestment of proceeds are less likely
to happen in late Q412 or in early 2013 as initially incorporated
within Fitch's rating case.  While SCF is considered a top
priority in terms of the Russian Government's privatization plan,
the challenging industry fundamentals may result in a delay of
the IPO until the latter half of 2013 when markets are forecast
to recover.

The Negative Outlook signals the continued uncertainty regarding
the timing of SCF's recapitalization, the proceeds to be
reinvested and the company's ability to de-leverage.  Leverage of
6.2x and FFO interest cover of 3.6x in FY11 are not commensurate
with the 'BB' standalone rating.  If it appears the IPO may be
delayed much later into FY13 or postponed to FY14, there would be
increased rating pressure.  The agency highlights there is the
potential for a downgrade of more than one notch given the number
of risks to which SCF is exposed and the current limited headroom
in financial metrics.

Fitch calculates that at least US$800 million would need to be
reinvested into SCF in order for metrics to improve to levels
commensurate with the current rating.  Fitch would expect the
company's net leverage metrics to strengthen to less than 4.5x by
FY13 and interest cover to improve to around 4.0x in order to
prevent further negative rating action.

The agency also highlights the company's intensive capex plans
and the continued expansion of its fleet, which have been at the
expense of its leverage metrics. SCF's revised contracted capex
figures signal a reduced commitment to deleverage. Fitch
estimates capex will total around US$2.1 billion over the next
four years, but further increases in capex, if not met by further
improvements in freight rates, are likely to be negative for the
rating.  Fitch recognizes SCF's opportune acquisition of vessels
in an environment of declining asset values and its intention to
develop a more specialized fleet.  This should enable the company
to focus on more profitable segments, namely LNG and Offshore,
with longer contract terms.  However, the benefits of this
strategy will not be immediate and in the short term, the company
will be subject to challenging freight rates, despite the
favorable, albeit seasonal, rates witnessed in Q112.  Meaningful
improvements in freight rates are not anticipated until 2013 and
this is assuming no double-dip recession.

The ratings continue to be supported by the company's dominance
in the Russian tanker market and its integral role in Russia's
energy strategy.  SCF's strategic ties with the Russian state
ensure SCF has a growing market for its business and is also able
to benefit from financial support.  SCF's exposure to the spot
market can be beneficial in stronger markets, but negative when
markets are depressed. So far, the decline in current freight
rates has had no material effect on the company's balanced
chartering strategy.  A large proportion of SCF's contracts
remain long term. The average age of SCF's fleet is around seven
years and below the market sector average.

The senior unsecured notes are aligned to SCF's IDR given the
adequate level of unencumbered assets.  However, the agency would
consider a decoupling of the ratings should the amount of
unencumbered assets be below 2.0x unsecured debt.  As at March
2012 this was calculated by Fitch to be only marginally above
this level.  The company's capex plans and likelihood that it may
draw down on its secured credit facilities may lead to a
deterioration in this ratio, albeit with increases in asset
values, which should increase the value of unencumbered assets.
SCF's policy is to maintain an amount of unencumbered assets of
around USD1bn and above.

As at March 2012 SCF had total liquidity of US$656 million
(FY11:US$814 million) comprising US$319 million (US$340 million)
of cash and cash equivalents and US$337 million (US$474 million)
of available undrawn credit lines.  This was more than sufficient
to cover current bank loans and finance leases of US$280 million.
However, over the next two to three years Fitch believes that
headroom is likely to be used to finance a portion of committed
capex.  The company has significant capex commitments in FY12.
Of these commitments, around US$279 million will still need to be
financed in FY12 and US$276 million in FY13.


TATNEFT OAO: Moody's Upgrades CFR to 'Ba1'; Outlook Stable
----------------------------------------------------------
Moody's Investors Service has upgraded to Ba1 from Ba2 the
corporate family (CFR) and probability of default (PDR) ratings
of Tatneft OAO, a Russian oil & gas company. The outlook on the
ratings is stable.

Ratings Rationale

"The rating action was prompted by the shift in Tatneft's
operating profile towards an integrated business model comprising
sizeable downstream operations, as well as its robust operating
and financial performance," says Julia Pribytkova, a Moody's Vice
President -- Senior Analyst and lead analyst for Tatneft.
Specifically, the upgrade to Ba1 reflects Tatneft's (1)
substantial proved oil reserves and reserve life; (2) low level
of finding and development (F&D) costs and robust historical
reserve replacement rate; (3) modern refining capacity; and (4)
strong financial metrics.

However, Moody's notes that Tatneft's operations remain
predominantly upstream, with high geographic and customer
concentration. Tatneft's new Taneco refinery currently processes
533 thousand tonnes per month, which accounts for approximately
24% of total crude produced by the company, and has a refining
depth of 71%. At this stage, light products constitute only 45%
of the refining output. The second stage of investment in the
refinery is expected to be completed in 2013 and mainly involves
the construction of hydrocracking facilities, which will allow
the company to produce Euro-5 diesel oil, hydrotreated vacuum
gasoil, jet fuel and lube oils, and increase the refinery's
economic efficiency under the current tax regime in Russia.

Tatneft's rating of Ba1 is on par with its baseline credit
assessment (BCA) and the sub-sovereign rating of the Republic of
Tatarstan. This reflects Moody's view that given the size of the
republic's budget (around US$4.0 billion for 2012), the potential
ability of the government to support the company's liquidity or
provide funding on the required scale is limited. At the same
time, Moody's notes that Tatarstan's budget is highly dependent
on oil and oil-related industries, which makes Tatneft
susceptible to government interference.

The stable outlook reflects Moody's expectation that Tatneft will
continue to demonstrate robust operating and financial
performance going forward.

What Could Change The Rating Up/Down

Given the recent upgrade, upward pressure on the ratings is
limited and would only arise as a result of (1) upgrades of the
sovereign (Russia) and sub-sovereign (Tatarstan) ratings; and (2)
transformational changes in Tatneft's business profile.

Conversely, a downgrade of the ratings could result from any
developments that weaken Tatneft's operational or financial
profile, including (1) decline in production; and (2) a
deterioration in its liquidity and financial profile. In
addition, negative developments in the rating positioning of
Tatneft's support provider (Republic of Tatarstan) could exert
pressure on the company's ratings.

The principal methodology used in rating Tatneft was "Global
Integrated Oil & Gas Industry" rating methodology, published in
November 2009. Other methodologies used include the Government-
Related Issuers methodology published in July 2010.

Tatneft is Russia's sixth largest oil & gas company operating in
the Republic of Tatarstan (Ba1 stable). The Tatarstan government
holds 36% of the company's voting stock plus a "golden share". At
year-end 2011, Tatneft's proved crude oil and condensate reserves
amounted to 6193 million barrels (Mbbl), according to Petroleum
Resources Management System (PRMS) classification, and its crude
oil production stood at 511.2 thousand barrels (mbbl) per day. In
2011, Tatneft generated total sales of US$21 billion and adjusted
EBITDA of nearly US$3.54 billion. The company employs
approximately 70,000 people.


TATNEFT OAO: Moody's Upgrades National Scale Rating
---------------------------------------------------
Moody's Interfax Rating Agency has upgraded to Aa1.ru from Aa2.ru
the national scale rating of Tatneft OAO, a Russian oil & gas
company. The outlook on the ratings is stable.

Ratings Rationale

"The rating action was prompted by the shift in Tatneft's
operating profile towards an integrated business model comprising
sizeable downstream operations, as well as its robust operating
and financial performance," says Julia Pribytkova, a Moody's Vice
President -- Senior Analyst and lead analyst for Tatneft.
Specifically, the upgrade to Ba1 reflects Tatneft's (1)
substantial proved oil reserves and reserve life; (2) low level
of finding and development (F&D) costs and robust historical
reserve replacement rate; (3) modern refining capacity; and (4)
strong financial metrics.

However, Moody's notes that Tatneft's operations remain
predominantly upstream, with high geographic and customer
concentration. Tatneft's new Taneco refinery currently processes
533 thousand tonnes per month, which accounts for approximately
24% of total crude produced by the company, and has a refining
depth of 71%. At this stage, light products constitute only 45%
of the refining output. The second stage of investment in the
refinery is expected to be completed in 2013 and mainly involves
the construction of hydrocracking facilities, which will allow
the company to produce Euro-5 diesel oil, hydrotreated vacuum
gasoil, jet fuel and lube oils, and increase the refinery's
economic efficiency under the current tax regime in Russia.

Tatneft's rating of Ba1 is on par with its baseline credit
assessment (BCA) and the sub-sovereign rating of the Republic of
Tatarstan. This reflects Moody's view that given the size of the
republic's budget (around US$4.0 billion for 2012), the potential
ability of the government to support the company's liquidity or
provide funding on the required scale is limited. At the same
time, Moody's notes that Tatarstan's budget is highly dependent
on oil and oil-related industries, which makes Tatneft
susceptible to government interference.

The stable outlook reflects Moody's expectation that Tatneft will
continue to demonstrate robust operating and financial
performance going forward.

What Could Change the Rating Up/Down

Given the recent upgrade, upward pressure on the ratings is
limited and would only arise as a result of (1) upgrades of the
sovereign (Russia) and sub-sovereign (Tatarstan) ratings; and (2)
transformational changes in Tatneft's business profile.

Conversely, a downgrade of the ratings could result from any
developments that weaken Tatneft's operational or financial
profile, including (1) decline in production; and (2) a
deterioration in its liquidity and financial profile. In
addition, negative developments in the rating positioning of
Tatneft's support provider (Republic of Tatarstan) could exert
pressure on the company's ratings.

The principal methodology used in rating Tatneft was the Global
Integrated Oil & Gas Industry Methodology published in November
2009. Other methodologies used include the Government-Related
Issuers methodology published in July 2010.

Tatneft is Russia's sixth-largest oil & gas company operating in
the Republic of Tatarstan (Ba1 stable). The Tatarstan government
holds 36% of the company's voting stock plus a "golden share". At
year-end 2011, Tatneft's proved crude oil and condensate reserves
amounted to 6193 million barrels (Mbbl), according to Petroleum
Resources Management System (PRMS) classification, and its crude
oil production stood at 511.2 thousand barrels (mbbl) per day. In
2011, Tatneft generated total sales of US$21 billion and adjusted
EBITDA of nearly US$3.54 billion. The company employs
approximately 70,000 people.

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

About Moody's and Moody's Interfax

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



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


IM TERRASSA: Fitch Lowers Rating on Class C Notes to 'Bsf'
----------------------------------------------------------
Fitch Ratings has affirmed one and downgraded two tranches of IM
Terrassa MBS 1, a Spanish RMBS transaction.  The downgrades of
the mezzanine and junior notes are mainly due to the large rise
in arrears observed over the last 12 months, as well as Fitch's
negative outlook on the Spanish mortgage market.

The rating actions are as follows:

  -- Class A (ISIN ES0347855001) affirmed at 'AA-sf'; Outlook
     Negative

  -- Class B (ISIN ES0347855019) downgraded to 'BBsf' from 'Asf';
     Outlook Negative

  -- Class C (ISIN ES0347855027) downgraded to 'Bsf' from 'BBsf';
     Outlook Negative;

Spain's mortgage market remains in difficulty as the adverse
macroeconomic environment continues to impact borrower
affordability.  In addition, the significant overhang of unsold
properties exerts a downward pressure on property prices.

The IM Terrassa MBS 1 transaction has performed poorly when
compared to other Fitch-rated Spanish prime RMBS deals, with the
level of arrears rising sharply over the last 12 months.  As of
May 2012, the amount of loans in arrears by more than three
months (3m+ arrears) as a percentage of the current collateral
balance stood at 4.42% compared to 1.50% in June 2011.

Due to the weaker performance of the assets, the gross excess
spread levels generated by the transaction have been insufficient
to cover period provisions of defaulted loans (defined as loans
in arrears by more than 12 months).  As a result, the transaction
has had to draw on its reserve fund in the past three interest
payment dates (IPD).  As of May 2012, the reserve fund stood at
73% of its target level compared to 100% in July 2011.

Although the transaction will benefit from the future recoveries
of defaulted properties; the lengthy foreclosure process in Spain
makes the timing and amount of these recoveries uncertain.  The
data would indicate that in the past the originator, Unnim, has
supported the transaction, by purchasing repossessed properties.
Whilst Unnim has not confirmed any form of support, if this did
occur, there is the possibility that future support might wane,
given the challenging economic environment.

With the current pipeline of potential defaults now higher than
the previous year and timing of recoveries uncertain, Fitch
expects further reserve fund draws to occur in upcoming IPDs,
negatively impacting the credit enhancement available to the
notes.  The class B and C notes are most vulnerable to any future
deterioration and therefore remain on Negative Outlook.

Following the downgrade of Banco Espanol de Credito S.A. to
'BBB+/F2', the entity is no longer deemed eligible to perform the
role of treasury account bank where the commingling deposit is
held, without implementing remedial actions.

As the downgrade occurred on 11 June 2012, the entity is still
within its remedial period, and for this reason Fitch has not
taken into account the increased counterparty risk to which the
transaction is now exposed.  The agency will be providing further
commentary as and when further information is made available.  As
a result, Fitch may take further rating actions in the upcoming
weeks.



===========
T U R K E Y
===========


TRUCAS PETROL: Fitch Assigns 'B' Long-Term Issuer Default Ratings
-----------------------------------------------------------------
Fitch Ratings has assigned initial Long-term local and foreign
currency Issuer Default Ratings (IDRs) of 'B' and a National
Long-term rating of 'BBB-(tur)' to Turcas Petrol A.S. (Turcas).
The Outlooks on the Long-term ratings are Stable.

The ratings reflect Turcas' profile as a holding company
investing in energy-related sectors (fuel distribution, power
generation, refining, renewable energy and energy trading), the
company's positive free cash flow after dividends (before
investments in the projects) and sufficient liquidity.

Its main cash-generating investment is a 30% stake in leading
Turkish fuel distributor Shell & Turcas Petrol A.S. (STAS), a
30%:70% joint venture with Royal Dutch Shell plc ('AA'/Stable)
established in 2006.  Fitch positively views Turcas' strategy of
investing in oil- and power-related projects in Turkey in
partnership with large foreign industry players having expertise
in their respective sectors.

Turcas' ratings are negatively affected by the company's very
ambitious investment plan for the next several years.  Fitch
expects that cash outflows related to two large investment
projects in power generation and oil refining will substantially
increase Turcas' funds from operations (FFO) adjusted net
leverage in the next few years -- to above 5x in 2012-2013 from a
relatively high 2.3x in 2011.  This projected leverage level is
consistent with a weak 'B' rating given Turcas' business profile.
Historically, Turcas had very little debt and a net cash position
until end-2010.

In 2011, the company increased leverage in order to fund its 30%
share in a 30%:70% joint venture with RWE AG ('A'/Negative)
established to build and operate a 775 megawatt (MW) gas-fired
power plant in south-western Turkey.  Total project cost is
EUR550 million-EUR600 million.  Debt will continue to rise in
2012 as the company makes progress in the construction of the
power plant, which is due to be operational in Q412.  Fitch
believes the gas-power plant project has attractive economics
versus competitive plants due to its location, high efficiency
and relatively low funding costs.  However, the project's
profitability is dependent on gas and power prices which tend to
be volatile.

Fitch expects Turcas to increase its debt further in 2013-2015 as
the company plans to fund its 18.5% equity share in the large
Star refinery project with State Oil Company of the Azerbaijan
Republic (SOCAR, 'BBB-'/Stable).  SOCAR owns an 81.5% stake in
the refinery project, which plans to build the 10 million tonnes
refinery on the Turkish coast of the Aegean sea.  The refinery is
slated to be operational in 2016.  This around USD5bn project is
planned to be funded on a project-finance basis with a targeted
75%:25% debt to equity split.  The SOCAR/Turcas jv plans to
obtain long-term external funding for the project by end-2012.

Turcas expects to fund its US$231 million share in the refinery's
equity from a combination of free cash flow in 2012-2015 and
external funding. Depending on the ongoing discussion with the
refinery project's lending banks, Turcas will be making equity
contributions to the refinery either gradually in 2012-2015 in
line with the progress with refinery construction or up-front
once the project funding is finalized probably by end-2012.

While the planned refinery investment will lead to a material
increase in Turcas' debt, it should also enhance the company's
business profile due to vertical integration of its existing
operations in fuel distribution through STAS with refining
through the jv with SOCAR.  Nevertheless, Fitch views oil
refining as a difficult and cyclical industry that reported weak
margins in Europe in the past several years.

However, there are some risk mitigants for the refining project,
including the presence of SOCAR as the majority-owner and an oil
supplier to the refinery.  In addition, the Star refinery's
products will target the undersupplied domestic market with a
large deficit of diesel and naphta rather than the oversupplied
European market.

Turcas' main cash flow item is dividends from its 30%-owned
associate STAS.  This dividend accounted for 91% of 2011 FFO.
Turcas benefits from a recurring dividend stream from STAS, which
paid dividends each year in the past five years.  Dividends and
royalty payments received from STAS amounted to TRY258 million
(US$143 million at the current FX rate) in 2007-2011, while
Turcas paid dividends to its shareholders of TRY112 million in
this period.  This means that Turcas reinvests more than 50% of
the dividends received from STAS.  However, Turcas does not have
full control over dividend flows from this associate as dividends
have to be agreed by both shareholders of STAS.

Asset sales are a secondary source of cash flows for Turcas and
may support the company's cash flows if needed.  For example, in
December 2011 the company sold its 25% stake in SOCAR & Turcas
Enerji A.S., the petrochemicals jv with SOCAR for US$44 million
(TRY83.8 million) as it decided to exit the investment in the
petrochemicals business.

Turcas' liquidity is adequate with TRY118m of cash and no current
financial liabilities as of 31 December 2011.  Total debt
consisted of TRY212 million of long-term bank loans, and with
limited refinancing risk as its debt maturity extends to between
10 to 13 years.  Turcas' potential liquidity includes undrawn
uncommitted short-term credit lines amounting to US$209.5 million
at end-2011.  The company had cash of TRY133 million at end-March
2012.

Fitch positively assesses Turcas' policy to funds its long-term
projects with long-term funding.  The company's two main
investment projects, the gas-fired power plant and the refinery
project, are expected to provide sufficient cash flows for their
debt service.

Negative pressure on Turcas' ratings would arise if FFO-adjusted
net leverage approaches or exceeds 6.0x on a sustained basis.  A
requirement for Turcas to make equity contributions to the Star
refinery up-front when the funding agreement with banks in closed
(rather than gradual equity injections in 2012-2015) could also
put pressure on the rating as it would result in a steep increase
in Turcas' leverage in a short period of time. Cash on Turcas'
balance sheet and funds already injected to the project somewhat
mitigate this risk.

Positive rating pressure is likely in case of a reduced
investment plan for the next several years.

Turcas has been listed on the Istanbul Stock Exchange since 1992
and is controlled by Aksoy Holding, a family-owned conglomerate
that also has stakes in the hotel and construction businesses.


TURKIYE HALK: Fitch Issues Expected 'BB+' Rating to Eurobond
------------------------------------------------------------
Fitch Ratings has assigned Turkiye Halk Bankasi A.S.'s (Halkbank)
forthcoming Eurobond issue an expected rating of 'BB+(EXP)'.  The
notes are senior unsecured and will rank equally with all of
Halkbank's other senior unsecured obligations.  The total amount
and final maturity of the issue are yet to be determined.
The final rating is contingent upon receipt of final documents
conforming to information already received by Fitch.

Halkbank is the seventh-largest bank in Turkey (ranking by total
assets as at end-Q112).  It controls a 10.1% share of banking
sector deposits.  Halkbank is a majority state-owned bank, with
75% of its shares held by the State Privatisation Fund.  The
remaining 25% of the shares are publicly traded.  Halkbank's
Issuer Default Ratings (IDR) are equalised with those of the
Turkish sovereign.

Halkbank's ratings are as follows:

  -- Long-term foreign currency IDR 'BB+'; Outlook Stable
  -- Long-term local currency IDR 'BB+'; Outlook Stable
  -- Short-term foreign currency IDR 'B'
  -- Short-term local currency IDR 'B'
  -- National Long-term rating 'AA+(tur)'; Outlook Stable
  -- Viability Rating 'bb+'
  -- Support Rating '3'
  -- Support Rating Floor 'BB+'



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


* CRIMEA: S&P Raises Long-Term Issuer Credit Rating to 'B'
----------------------------------------------------------
Standard & Poor's Ratings Services had raised its long-term
issuer credit rating on Ukraine's Autonomous Republic of Crimea
to 'B' from 'B-'. The outlook is stable.

"At the same time, we raised the Ukraine national scale rating to
'uaA-' from uaBBB.  The rating action reflects Crimea's
conservative debt policies, whereby the republic raised less debt
in 2011 than we previously expected. Moreover, Crimea has no
plans to borrow in 2012-2013," S&P said.

"Negatively, the ratings on Crimea reflect our view that the
republic lacks revenue predictability and has very low budgetary
flexibility in terms of revenue and expenditure. Crimea relies
heavily on subsidies and excise revenue and has high expenditure
needs due to the volatile and underfunded Ukrainian system of
interbudgetary relations. The ratings also reflect Crimea's low
wealth levels.  These weaknesses are mitigated by our
expectations that Crimea's debt and debt service will remain low
over the next few years. As the result, Crimea is likely to
maintain relatively sound financial performance and
liquidity. Under the volatile and underfunded Ukrainian system of
interbudgetary relations, Crimea's budgetary flexibility is
constrained," S&P said.

Due to a sharp increase in state subsidies in 2010-2011, the
republic managed to increase its capital spending, but will cut
it again in 2012 following a subsequent decrease in subsidies.
Reliance on alcohol excise further constrains revenue
flexibility. In 2009-2011, Crimea achieved a strong operating
surplus due to additional revenues from excises and subsidies.

"However, we expect its operating balance to weaken in 2012-2014.
In our base-case scenario, we expect the republic to report
nearly balanced operating margins in 2012-2014 with surpluses of
just 1%-2% because of spending pressures. Crimea's debt policy is
conservative and the republic has no plans to increase its debt
burden. In our base-case scenario, Crimea's tax-supported debt
will remain below a modest 10% of revenues until 2014. The
republic issued a Ukrainian hryvnia 133 million bond in 2011 to
finance waste-recycling projects, but has no plans to borrow in
2012-2013," S&P said.

"Consequently, we expect its debt service to remain very modest
at less than 1% in that period. In our base-case scenario,
Crimea's deficit after capital accounts will average only 2%-3%
of revenues. We expect Crimea to use the proceeds from its 2011
bond issue in 2012 and report a 3%-4% deficit after capital
accounts for the year.  The stable outlook reflects our
expectation that Crimea's budget revenue will grow and that the
region will adhere to its conservative debt policy, leading to
sound budgetary performance," S&P said.



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


ALPHA TOPCO: S&P Affirms 'B+' Long-Term Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'B+' long-
term corporate credit rating on U.K.-based Alpha Topco Ltd., the
Formula One World Championship (F1) organizer and owner of the
sport's commercial rights. The outlook is stable.

"We also affirmed our 'BB-' issue rating on Formula One's
existing senior secured facilities. We removed the long-term
corporate credit and issue ratings from CreditWatch, where we
placed them with positive implications on May 18, 2012. At the
same time, following the cancellation of the facilities owing to
the IPO's postponement, we withdrew our 'BB' issue rating on the
following proposed senior secured loans: US$1,300 million
amortizing term loan B due in June 2018; US$450 million
amortizing term loan C maturing in June 2017; and US$50 million
revolving credit facility (RCF) maturing in June 2017," S&P
said.

"We also withdrew the '2' recovery rating on these proposed
senior debt issues. The rating actions reflect our view that,
following Formula One's postponement of its IPO and the
cancellation of the proposed credit facilities, the group will
not significantly and durably lower its leverage contrary to our
previous expectations," S&P said.

Formula One's capital structure will therefore remain unchanged,
with existing senior secured facilities of US$2.2 billion. We
understand that the group could revive its IPO plans if market
conditions improve over the next few months.  The long-term
corporate credit rating on Formula One remains constrained mainly
by our view of the group's financial risk profile as "highly
leveraged."

"This is in part because we consider the US$4 billion of
shareholder loans held at Formula One's holding company, Delta
Topco Ltd. (not rated), to be debt-like obligations, under our
criteria. We also believe the group is unlikely to deleverage
substantially over the next two to three years, absent a
successful IPO and despite having a cash flow sweep mechanism. We
therefore estimate that the Standard & Poor's-adjusted gross
debt-to-EBITDA ratio for Formula One should reach about 12x at
year-end 2012, under the existing capital structure, and about
4.2x excluding the shareholder loans.  Further rating weaknesses
include Formula One's continuous need to maintain  its high
audience share, the existence of substitute entertainment events
to  F1 races that compete for similar audiences, and some
exposure to economic downturns, mostly at contract renewal times.
We also think the group could face CEO succession risks, given
the dominant role the founder and CEO has played in designing and
implementing the F1 business model.

"These factors are partly mitigated by Formula One's business
risk profile, which we consider to be "satisfactory."
Underpinning our assessment is the group's high contract backlog
of over US$7 billion, which provides some visibility and
stability to the capital structure, as we estimate that over 80%
of this year's revenues and 70% of 2013 revenues are already
contracted. In the event Formula One faces CEO succession risk,
this high visibility should also offset any negative effects on
the group's earnings over the next two years. In addition, we
understand that management has taken necessary steps to address
succession, should it materialize," S&P said.

Other positive factors include interest coverage that is in line
with the ratings and good free cash flow generation.

"We anticipate that adjusted EBITDA interest coverage will be
about 0.9x, or more than 3x excluding shareholder loans, over the
next two to three years. The stable outlook reflects our view
that Formula One's gross adjusted debt to EBITDA is unlikely to
markedly reduce over the next two to three years in the sluggish
global economic environment we forecast under our base-case
scenario.  In our base case, we anticipate that Formula One's
backlog will continue to provide high revenue and EBITDA
visibility," S&P said.

"We forecast revenue growth in the low- to mid-single digits and
an EBITDA margin of about 27% from 2013 under the new Concorde
agreement for F1 racing teams.  The stable outlook also
incorporates our expectation that Formula One will maintain its
position as a top global sports promoter. We also anticipate that
its covenant headroom will likely remain adequate over the next
few years.  We could lower the ratings if, over the next few
years, adjusted gross debt to EBITDA were to significantly exceed
15x--or increase to about 5x excluding shareholder loans--, or if
adjusted EBITDA interest cover were to fall below 0.9x--about
2.5x when excluding the noncash interest element from the
shareholder loans," S&P said.

"We could also lower the ratings if group EBITDA margin were to
contract to less than 27% during that period, or if the group
were to enter sizable acquisitions. At this stage, a positive
rating action over the next 12 to 24 months is unlikely in our
view, given our expectation of Formula One's limited debt
deleveraging during the period--absent an IPO--and the revenue
growth assumptions we have already factored into our base case,"
S&P said.


AMERICAN BABY: Parent to Cover Product-Liability Claims
-------------------------------------------------------
Stephanie Gleason at Bankruptcy Beat reports that U.K.
manufacturer Maclaren will cover product-liability claims against
American Baby Products, Inc., doing business as Maclaren USA.

Maclaren said in a news release "In a cooperative effort with the
bankruptcy trustee and American Baby Products' insurers, Maclaren
is making arrangements to cover any money owed by American Baby
Products on all product liability claims pending against the
Company as of May 1, 2012, the bankruptcy claim cut-off date."
According to the news release, Maclaren will cover the insurance
deductibles for the product liability claims as well as "any
uninsured claims where appropriate."

Maclaren has also decided to start distributing its products
directly, Ms. Gleason relates.

Court documents show that since Maclaren ended its distribution
agreement with Maclaren USA/American Baby Products, it had
started distributing its products in the U.S. through a company
called Maclaren NA Inc.

                  About American Baby Products

American Baby Products, Inc., doing business as Maclaren USA,
filed for Chapter 7 bankruptcy (Bankr. D. Conn. Case No. 11-
52541) on Dec. 29, 2011, listing under US$50,000 in assets and
between US$10 million to US$50 million in debts.  American Baby
Products is the U.S. unit of the high-end stroller manufacturer
Maclaren.  The bankruptcy filing halted seven pending lawsuits
against it.

The Debtor listed the parents of nine children as top unsecured
creditors with unknown claim amounts.  The Debtor listed its
largest unsecured creditor, owed US$13.1 million of the company's
total US$15.9 million in liabilities, as Maclaren (HK) Limited,
Maclaren's Chinese subsidiary.


CANARY WHARF: Fitch Affirms Rating on Class D2 Notes at 'BBsf'
--------------------------------------------------------------
Fitch Ratings has affirmed Canary Wharf Finance II plc, as
follows:

  -- GBP1,063.1m class A1 due October 2037 (XS0112279616):
     affirmed at 'AAAsf'; Outlook Stable

  -- GBP400m class A3 due October 2037 (XS0130681512): affirmed
     at 'AAAsf'; Outlook Stable

  -- GBP222m class A7 due October 2037 (XS0295171341): affirmed
     at 'AAAsf'; Outlook Stable

  -- GBP186.6m class B due October 2037 (XS0112281190): affirmed
     at 'AAsf'; Outlook Stable

  -- GBP104m class B3 due October 2037 (XS0295172075): affirmed
     at 'AAsf'; Outlook Stable

  -- GBP275m class C2 due October 2037 (XS0295172406): affirmed
     at 'Asf'; Outlook Stable

  -- GBP125m class D2 due October 2037 (XS0295172745): affirmed
     at 'BBsf'; Outlook Stable

The affirmations reflect the stability offered to bondholders by
a number of long leases to strong institutions.  However, with
global financial services increasingly under strain, Fitch will
monitor developments closely in the months ahead.

The stress in the sector over the crisis since the last tap
issuance (in 2007), exemplified by the downfall of Lehman
Brothers (which occupied an office mortgaged to the issuer), has
seen income coverage fluctuate between 1.6x and 1.05x.  The
latest reported figure of 1.25x is above the 1.17x reported as at
the last rating action in July 2011.  The collateral was re-
valued at GBP3.205 billion in December 2011, revealing a market
value decline of 28% from the peak in June 2007.  The latest
valuation, in conjunction with scheduled amortization, results in
a loan to value ratio of 72.3% (net of cash reserves).

Although the notes continue to benefit from high quality
mortgaged assets let on long leases to strong tenants, the recent
downgrades of the kind of global financial sector institutions
regionally headquartered in Canary Wharf has lessened the overall
credit strength of the rental income, contracted or potential,
that ultimately serves as collateral.  Further negative rating
action may begin to apply downwards pressure to the notes'
ratings.

The transaction is secured by seven prime office buildings on
London's Canary Wharf estate.  The majority of rental income is
derived from tenants in the financial services industry, with a
WA term to the earlier of lease break or expiry of 14 years.  The
vacancy rate currently stands at 4.1% of total floor area.


CLARIS LTD: S&P Raises Credit Rating to 'CCC+ (sf)'
---------------------------------------------------
Standard & Poor's Ratings Services raised to 'CCC+ (sf)' from 'D
(sf)' its credit rating on Claris Ltd.'s series 43/2005 Voltaire.
Claris's series 43/2005 Voltaire is a single tranche European
synthetic collateralized debt obligation (CDO) squared
transaction.

"The rating action follows our discovery of an error leading to
our June  28, 2012 rating action on this transaction, when we
lowered the rating to 'D  (sf)' from 'CCC+ (sf)'. Based on a
credit event notice, we in error had  assumed that losses from
credit events had breached the threshold and the  tranche
notional amounts," S&P said.

"However, this was not the case and we have raised to 'CCC+ (sf)'
from 'D (sf)' our rating on Claris' series 43/2005 Voltaire. This
rating action is to correct this error.  In our June 28 rating
action media release, we stated that the ratings being  lowered
to 'D' will remain at 'D' for a period of 30 days before the
withdrawals of the ratings become effective," S&P said.

As the rating on this tranche is no longer rated 'D (sf)', this
withdrawal will not occur.


DECO 6: S&P Downgrades Rating on Class D Notes to 'CCC-(sf)'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
DECO 6 - UK Large Loan 2 PLC's class A2, B, and D notes. At the
same time, we affirmed our rating on the class C notes.

The transaction closed in December 2005 and was initially secured
by four loans (Canary Wharf, St Enoch, Brunel, and Mapeley). Two
of the loans, Canary Wharf and St Enoch, have prepaid, and were
both secured by prime, well-let assets in their respective office
and retail sectors. In contrast, the two remaining loans in the
transaction, Brunel and Mapeley, are secured by secondary
properties in regional areas of the U.K., which are currently
experiencing declines in market rent and capital value.

"As a result of tenant lease breaks, tenant insolvencies, and a
weakened rental market, cash flows have declined at a greater
rate than we expected. In our opinion, the secondary nature of
the properties and the continued deterioration of the regional
office and retail sectors are likely to result in increased
susceptibility to vacancies, which would further depress property
values," S&P said.

The Brunel Loan

The Brunel loan was scheduled to mature in April 2012 and is
secured against the Brunel Shopping Centre in Swindon. The loan
has been in special servicing since June 2011, and failed to
repay at loan maturity in April 2012. The issuer has instructed
LPA (Law of Property Act) receivers to take control of the rental
income during the ongoing loan restructuring talks.

A new valuation of the property, dated Oct. 25, 2011, reports a
revised figure of GBP87.2 million, which reflects a 33% decline
from the valuation of GBP130.2 million at closing, and a current
senior loan-to-value (LTV) ratio of 116%.

The new valuation has triggered an appraisal-reduction mechanism
in the transaction, which limits the amount available to be drawn
from the liquidity facility. On the April 2012 interest payment
date (IPD), there was an interest shortfall on the class B, C,
and D notes as a result of the Brunel loan being unable to pay
loan interest.

"However, due to the maturity of the interest rate swap, we do
not believe that there will be further interest shortfalls. The
expiration of the swap means that the loan reverts to a floating
rate upon maturity, thereby increasing cash flow available to
meet note interest payments. In our opinion, this excess cash
flow will be enough to repay accrued interest, liquidity facility
draws, and interest payments for the July IPD," S&P said.

The loan has a senior LTV ratio of 116%, the asset income is
currently insufficient to cover interest payments, and the
secondary real estate market is suffering declines in rental and
capital value.

"As such, we believe the current restrictive lending conditions
will compound the difficulties the borrower faces in refinancing
this loan. In view of these factors, even if the loan is
restructured as a result of the ongoing discussions, we consider
that principal losses are likely," S&P said.

THE MAPELEY LOAN

The Mapeley loan matures in July 2015 and is secured against a
portfolio of 20 secondary office properties located throughout
the U.K. The loan defaulted in October 2011, due to a breach of
the interest coverage ratio (ICR) covenant of 1.15x (the current
ICR is 0.75x), and the servicer subsequently transferred the loan
into special servicing. As per the transaction documents, excess
cash has been held in a reserve account, and the current balance
stands at GBP11.7 million.

"We believe this is available to top up any future loan interest
shortfalls, or any potential shortfalls arising from special
servicing fees.  In September 2011, British Telecommunications
PLC (BT), which was the sole tenant in Delta Point Croydon
(252,000 sq ft), vacated the property upon expiry of its lease,
causing the occupancy rate to fall to 72%, from 98% at  closing.
BT represented 27% of the portfolio's gross income, and its
departure has caused the net operating income to fall
substantially to GBP9.7 million at present, from GBP15.9 million
at closing," S&P said.

In February 2012, the special servicer (Hatfield Philips
International Ltd.)  provided information on an external
valuation for the Mapeley loan. This new figure of GBP74.7
million gives an LTV ratio of 228%, and represents a 70% market
value decline from the Day 1 valuation figure of GBP244.8
million.

"We believe this figure to be particularly low, compared with our
view on the value of the portfolio. While our view of that value
is higher than the most recent valuation figure, we have taken
into consideration that the new external valuation figure may
constrain potential recoveries," S&P said.

If the Mapeley loan is enforced, material swap break costs would
be crystallized. These would rank senior to payments to the
noteholders.

"We understand from the special servicer, Hatfield Philips
International, that the presentation of the workout strategy has
been postponed to the end of June, after which a decision is
expected on available workout options," S&P said.

Although there are three years left to develop and implement a
sustainable strategy for the portfolio, we view the prospects of
full recovery at or before note maturity as limited, given the
factors discussed above.

Rating Actions

"We have lowered our ratings on the class A2, B, and D notes and
affirmed our rating on the class C notes, to reflect our view of
principal recovery expectations. This is a result of credit
deterioration in the Mapeley loan, highlighted by an updated
valuation showing a 66% market value decline from the Day 1
value. We have lowered our rating on the class D notes to 'D
(sf)', to reflect the recent interest shortfall and our opinion
that this class is likely to experience significant principal
losses," S&P said.

DECO 6 - U.K. Large Loan 2 is a U.K. commercial mortgage-backed
securities (CMBS) transaction, which closed in December 2005 with
notes totaling GBP555.2 million. The current outstanding balance
is GBP272.2 million, as of the April 2012 interest payment date.
The notes have a final legal maturity in July 2017.

Ratings List

Class             Rating
            To              From

DECO 6 - U.K. Large Loan 2 PLC
GBP555.119 Million Commercial Mortgage-Backed Fixed-Rate Notes

Ratings Lowered

A2          BB (sf)         A (sf)
B           B (sf)          BB+ (sf)
D           D (sf)          CCC- (sf)

Rating Affirmed

C           B- (sf)


EPIC: S&P Withdraws Class A Notes Rating, 'B-' Rating Unaffected
----------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its credit
rating on Epic (Culzean) PLC's class A notes, following their
redemption. The other rated notes in this transaction are
unaffected by the rating action.

The class A notes were scheduled to mature in October 2019. The
cash manager's report produced by the servicer, Royal Bank of
Scotland PLC confirms that the class A notes repaid in full on
the April 2012 interest payment date.

The collateral backing the remaining loans in the transaction
comprises a mixture of retail and office properties in the
U.K.  Epic (Culzean) is a commercial mortgage-backed securities
(CMBS) transaction that closed in February 2007, with a scheduled
note maturity in October 2019.  At closing, the transaction had
notes totaling GBP548.65 million. The current outstanding balance
of the notes is GBP94.46 million.

Ratings List

Class                   Rating
            To                         From

Epic (Culzean) PLC
GBP548.65 Million Commercial Mortgage-Backed Floating-Rate Notes

Rating Withdrawn

A           NR                         AA- (sf)/Watch Neg

Ratings Unaffected

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

NR-Not rated.


GKN HOLDINGS: Moody's Affirms 'Ba1' CFR; Outlook Positive
---------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating (CFR) and Ba1 debt ratings of GKN Holdings Plc. The
outlook on the ratings remains positive.

Ratings Rationale

"We see the acquisition of Volvo Aero as positive for GKN's
business profile. However, overall implications on GKN's credit
profile are negative in our view as the acquisition will increase
the group's financial leverage," says Rainer Neidnig, a Moody's
Vice President -- Senior Analyst and lead analyst for GKN. "We
maintain the positive outlook because GKN plans to fund the
acquisition at least in part with equity which evidences its
commitment to an investment grade rating. In addition, the
outlook reflects Moody's expectation that GKN should be able to
achieve investment grade metrics over the next 18 months absent a
material worsening of the macroeconomic environment."

Moody's considers the acquisition of Volvo Aero, which engineers
and manufactures components and systems for aircraft engines, as
positive for GKN's business profile as it will further diversify
the group's exposure to different end customer industries.
Although demand in both of GKN's most important business
segments, automotive and aerospace components, is cyclical, these
segments have followed different cycles historically, which
should overall contribute to a more stable operating
profitability of GKN. Pro forma the acquisition GKN's aerospace
business would have recorded sales of more than GBP2.0 billion in
2011 (actual GBP1.5 billion), of which two thirds would have come
from the civil aerospace market. On the same pro forma basis, the
aerospace business would have accounted for approximately 31% of
total group revenues which compares to an actual share of 24% in
2011. Moody's also considers Volvo Aero's product portfolio to be
fairly complementary to GKN's existing aerospace activities which
should improve the competitive position of its aerospace
activities.

The acquisition enterprise value is GBP633 million according to
GKN comprising GBP513 million of equity value, an anticipated
Volvo Aero pension settlement of GBP50 million and working
capital refinancing of GBP70 million. The acquisition is expected
to be completed during the third quarter, subject to regulatory
approvals. GKN plans to fund the acquisition by new debt and a
GBP140 million equity increase. GKN expects Volvo Aero's sales to
be around GBP670 million in 2012 with EBITDA anticipated to be
approximately GBP100 million. This results in an enterprise
value/EBITDA multiple of 6.3x and an implied leverage of 4.9x
debt/EBITDA before transaction costs. Concerning the debt
financing GKN agreed on a GBP500 million debt bridge facility
with a maturity of 18 months which it intends to refinance near-
term in the bond market.

Moody's expects leverage to increase in 2012 from 2.9x
debt/EBITDA in 2011 (pro forma the full year contribution of
Stromag and Getrag Driveline which were acquired in late 2011)
given the implied 4.9x leverage of the transaction. However,
Moody's expects leverage to remain below the level of 3.5x
debt/EBITDA pro forma the full year EBITDA contribution of Volvo
Aero which Moody's views as commensurate with a Ba1 CFR.

The positive outlook reflects Moody's expectation that GKN will
be able to gradually reduce its leverage over 2013, if GKN's
existing businesses continue to perform solidly and Volvo Aero
can be successfully integrated. Moreover, the positive outlook
reflects Moody's expectation that GKN can successfully place the
GBP140 million of additional equity. A failure in this respect,
also if caused by an adverse macroeconomic environment, or
further M&A would most likely result in an outlook change.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's would consider upgrading the ratings if there is clear
visibility that GKN is able to achieve credit metrics in line
with an investment-grade rating on a sustainable basis. This
would require (i) EBIT margins to remain at levels of 6% or
above; (ii) debt/EBITDA to decrease to notably below 3.0x through
the cycle; and (iii) RCF/net debt to remain markedly above 20% on
a sustainable basis. Moreover, an upgrade would require the
generation of positive free cash flow on a sustainable basis.

Downward rating pressure could arise upon a deterioration in
GKN's earnings and cash flow, which would be contrary to current
expectations. Such a development would be exemplified by negative
free cash flow or a failure to maintain leverage at levels of
debt/EBITDA below 3.5x and RCF/net debt falling markedly below
20%.

The Ba1 (LGD4-63%) rating of the GBP350 million notes issued by
GKN Holdings Plc recognizes that pension obligations and trade
claims at the level of operating subsidiaries are substantial in
size and have higher structural seniority in the debt structure
of GKN group. The assigned expected loss given default rate for
the notes at 63% is higher than the average rate for all
obligations of the entire GKN group (50% in line with Moody's
standard assumption for corporates with bank and bond debt).The
notes are not notched as a reflection of (i) the investment-grade
debt structure, (ii) the strong positioning in the Ba1 category
and (iii) the potential of an upgrade back to investment-grade.
However, a notching might be considered in future, if the above
factors are not viewed as sufficient anymore to mitigate the
sizeable pension obligations and trade payables.

PRINCIPAL METHODOLOGY

The principal methodology used in rating GKN Holdings plc was the
Global Automotive Supplier Industry Methodology published in
January 2009. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.

Headquartered in Redditch, UK, GKN Holdings Plc acts as a
finance, investment and holding company of the GKN Group ("GKN").
GKN Holdings plc is a wholly owned subsidiary of GKN plc, the
ultimate holding company of GKN. GKN is an international
engineering group with operations in more than 35 countries and
more than 44,000 employees. The group operates through four main
divisions: Driveline (46% of 2011 revenues), Powder Metallurgy
(14%), Aerospace (24%) and Land Systems (15%). The Driveline and
Powder Metallurgy divisions primarily serve the automotive
industry. Aerospace supplies both the civil and military aircraft
market and Land Systems primarily serves the agriculture,
construction & mining and industrial equipment sectors.

In 2011, GKN recorded revenues of GBP5.7 billion. Including GKN's
pro-rata share in joint ventures, the group's revenues amounted
to GBP6.1 billion. GKN plc is listed on the London Stock
Exchange.


NETWORK TRADING: Owner Adrian Nicholl Declared Bankrupt
-------------------------------------------------------
Dromore Leader reports that property developer Adrian Nicholl,
the owner Network Trading Group, was declared bankrupt earlier
this month.

Mr. Nicholl controlled the group which was based at Bridge Street
in Banbridge and owed the sum to Bank of Scotland (Ireland),
Dromore Leader discloses.

The group, which owned properties in Portadown, Larne, Lisburn,
Dunmurry, Belfast and Culcavy, went into administration in
October 2010, Dromore Leader relates.

Network Trading Group was based at Bridge Street in Banbridge.


TITAN EUROPE: S&P Downgrades Rating on Class B Notes to 'D (sf)'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Titan Europe 2007-3 Ltd.'s class A2 and B notes. The ratings on
the other classes are unaffected by today's rating actions.

"The downgrades follow the interest shortfall that occurred on
the class B notes on the April 2012 payment date, and our
assessment of the issuer's ability to pay interest on all of the
notes," S&P said.

"As reflected in the April 2012 cash manager report, the class B,
C, D, and E notes have deferred unpaid interest. The class C, D,
E, F, and G notes are already rated 'D (sf)'. The class B notes,
which in our view are highly exposed to principal losses, failed
to receive full interest payment on the April 2012 payment date,"
S&P said.

"Although the existing interest shortfall may be repaid given the
relatively senior position of the class B notes in the issuer's
waterfall, we believe that the risk of additional interest
shortfalls on this class has increased, given the deteriorating
performance of the underlying pool of loans. Therefore, we have
today lowered our rating on the class B notes to 'D (sf)' from
'B- (sf)'," S&P said.

"We also believe that the deteriorating performance of the
underlying pool of loans could have a near-term impact on income
that would exacerbate the size of existing interest shortfalls.
As a consequence, our analysis indicates that the class A2 notes
may be at risk of suffering interest shortfalls (absent other
mitigating factors). We have therefore lowered our rating on the
class A2 notes to 'B (sf)' from 'BB- (sf)'," S&P said.

"We understand that the excess spread, which is distributed to
the class X notes, is not available in this transaction to
mitigate interest shortfalls under the rest of the notes. In this
transaction, the issuer relies on servicer advances to address
timely payment of interest on the notes," S&P said.

However, the transaction documents indicate to us that the back-
up advancer is  not allowed to make servicing advances to cover
interest shortfalls under the  notes, if such shortfalls have
resulted from: Extraordinary expenses payable to the transaction
parties (e.g., special  servicing fees or special servicing
expenses); or The reduction of servicing advances, if required to
meet interest shortfalls under any of the loans, following the
determination of an  appraisal-reduction amount (the appraisal-
reduction mechanism was structured to prevent drawings on the
portion of the securitized loans  that represents more than 90%
of the securitized loan).

The rating actions have not resulted from a change in our opinion
of the recovery prospects for the assets backing the remaining
loans in the transaction.

"However, the class B notes experienced an interest shortfall and
we believe that the class A2 notes have become more vulnerable to
interest shortfalls. Our ratings in this transaction address
timely payment of  interest, payable quarterly in arrears, and
payment of principal not later  than the legal final maturity
date (in October 2016) ," S&P said.

Titan Europe 2007-3 is a true-sale transaction that closed in
August 2007. Its legal maturity date occurs in October 2016. The
notes were initially backed by a pool of 19 loans secured against
35 commercial properties in the U.K. The notes are now backed by
a pool of 14 loans secured against 22 commercial properties in
the U.K.

Potential Effects of Proposed Criteria Changes

"We have taken today's rating actions based on our criteria for
rating European CMBS. However, these criteria are under review
(see "Advance Notice of Proposed Criteria Change: Methodology And
Assumptions For Rating European Commercial Mortgage-Backed
Securities," published on Nov. 8, 2011)," S&P said.

"As highlighted in the Nov. 8 Advance Notice Of Proposed Criteria
Change, 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.  On June 4, we published a request for comment
(RFC) outlining our proposed criteria changes for CMBS Global
Property Evaluation Methodology. The proposed criteria do not
significantly change Standard & Poor's longstanding approach to
deriving property net cash flow (S&P NCF) and value (S&P Value).
We therefore anticipate limited impact for European outstanding
ratings when the updated CMBS Global Property Evaluation
Methodology criteria are finalized," S&P said.

However, because of its global scope, the proposed CMBS Global
Property Evaluation Methodology does not include certain market-
specific adjustments.

"An application of these criteria to European Transactions will
therefore be published when we release our updated rating
criteria.  Until such time that we adopt new criteria for rating
European CMBS, we will continue to rate and monitor these
transactions using our existing criteria," S&P said.

Ratings List

Class                    Rating
                To                    From

Titan Europe 2007-3 Ltd.
GBP778.822 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered

A2              B (sf)                BB- (sf)
B               D (sf)                B- (sf)

Ratings Unaffected

A1              A (sf)
C               D (sf)
D               D (sf)
E               D (sf)
F               D (sf)
G               D (sf)


UBC: Owed GBP11 Million at Time of Collapse
-------------------------------------------
The Press and Journal reports that UBC, which collapsed with the
loss of 240 jobs, had debts of more than GBP11 million.

UBC called in the administrators in May 8 and blamed its
predicament on the downturn in the building sector, the Press and
Journal relates.  It also said other companies had been unable to
pay for work it had carried out, the Press and Journal notes.

On Saturday, Glasgow-based administrators Zolfo Cooper issued a
notice of statement of affairs for the group, giving details of
its creditors and the amount owned to each, the Press and Journal
discloses.  However, the firm was unable to say how much
unsecured creditors would get back, if anything, according to the
Press and Journal.

UBC is a construction group based in Inverness and Hebrides.


WINDERMERE XI: Fitch Affirms 'Dsf' Rating on Class D Notes
----------------------------------------------------------
Fitch Ratings has affirmed Windermere XI plc's commercial
mortgage-backed notes due April 2017 as follows:

  -- GBP449.8m Class A: affirmed at 'Bsf''; Outlook Stable
  -- GBP53.5m Class B: affirmed at 'CCCsf'; Recovery Estimate
    (RE) 80%
  -- GBP41.8m Class C: affirmed at 'Csf'; RE0%
  -- GBP17.6m Class D: affirmed at 'Dsf'; RE0%
  -- GBP0m Class E: Rating of 'Dsf' Withdrawn

The affirmations reflect the lack of material change in the
performance of the loans since Fitch's last rating action in July
2011.  The CAA House loan (GBP91.8 million securitized balance)
is expected to repay in full by the July IPD (contracts were
exchanged in April for the sale of the property securing the
loan).  These proceeds will be paid down solely to Class A
noteholders, now that the transaction is fully sequential.  Given
the size of the class A note balance, full repayment of a loan
that posed some credit risk is insufficient to improve the
rating.

The prospects for the class A and B notes hinge on the Government
Income Portfolio (GIP) loan, which accounts for approximately 20%
of the portfolio and will shortly fall due (October 2012).  While
the weighted average (WA) lease length of just over eight years,
the almost 90% occupancy and the dominance of public sector
tenants are all credit positive, the property portfolio's
secondary and tertiary locations and quality pose a real risk.
If leases are not renewed, the appeal of space to other tenants
is questionable.  Sentiment concerning residual value will be key
in whether the loan is refinanced.  A strength of this loan is
the lack of additional subordinated debt, which is a feature of
the other four left in the pool (and which complicate
refinancing).  Full repayment would be credit positive for the
class A notes, although at this stage Fitch considers a loan
extension more likely.

The largest loan, the GBP191m Devonshire House loan making up 34%
of the pool, is in a period of transition.  Vacancy has increased
by 30% over the last 12 months, reaching 42% as a result of lease
breaks and expiries.  The loan, which was originated with very
low interest coverage, is now dependent for periodic interest on
contributions by the sponsor (by topping up a dedicated reserve
account, currently standing at GBP6.3 million).  This suggests
strong commitment by the sponsor to a very high quality property
in a prime Mayfair location. The servicer has authorized the
borrower to drawdown GBP11.3m from a pre-funded capital
expenditure facility to facilitate refurbishment work in vacated
space.  There should be sufficient time to complete the works by
loan maturity, in April 2014, which should enable the space to be
re-let. Refinancing prospects will hinge on the success of this
turnaround.

Another central London office acting as collateral in this CMBS
secures the 20% Long Acre loan.  It is located in the mid-town
district and let to a number of well-known tenants.  However,
with the WA lease to expiry only three years, whether the two
larger leases (providing 30% of rent) renew at the end of 2013
will have a major bearing on refinancing risk.  Fitch's estimate
of market value suggests that the whole loan LTV is close to
100%, indicating that an equity injection will be needed if the
loan is to repay in 2014.

The weakest loan is the 9% Westville loan, which was transferred
to special servicing in July 2009 as a result of payment default.
The collateral is in being liquidated, with seven properties sold
over the last 12 months, at a total sales price 20% higher than
their values reported in a 2009 valuation.  Six properties remain
in the portfolio.  The loan remains significantly impaired, with
income well below the level required to pay interest (the
reported forward-looking ICR is 0.4x).  Given the poor quality
and weak locations of the collateral, and the build-up of
interest arrears (compounded by the 1% additional default
interest being incurred), the loan will suffer significant
losses, adding to those already realized on other loans, and
reflected in the highly distressed ratings of note classes C and
D.  The class E note rating of 'Dsf' has been withdrawn because
its balance has been written down to zero.



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


* EUROPE: EU Summit Measures to Reduce Shock But Carry High Cost
----------------------------------------------------------------
The measures contained in the June 29 statement by euro area
leaders will reduce near-term risks of deposit runs or credit
market shutdowns, says Moody's Investors Service in a report
assessing the outcome of the summit.

Moody's believes that the statement confirms that policymakers
are inclined to take the necessary steps to avoid the severe and
profoundly credit-negative downside scenario of a gradual
unraveling of the euro area through additional defaults and/or
exit.

However, Moody's also notes that the path of gradual policy
developments towards closer fiscal integration carries a high
cost, as those euro area countries that are effectively
supporting the others will continue to face an increase in their
contingent liabilities -- which will in turn weaken their
creditworthiness.

Moreover, given the continued reactive nature of policy
decisions, Moody's believes that the normalization of sovereign
debt markets could take a number of years, with the risk of
policy accidents and rising sovereign defaults the longer the
crisis persists.

The new report is entitled "European Sovereigns: Post-Summit
Measures Reduce Near-Term Likelihood of Shocks, But Integration
Comes at a Cost".


* S&P Takes Rating Actions on 10 European Synthetic CDO Tranches
----------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on 10 European collateralized debt obligation (CDO)
tranches.  Specifically, S&P lowered and kept on CreditWatch
negative its ratings on nine tranches; and removed from
CreditWatch negative its rating on one tranche.

For the full list of the rating actions, see http://is.gd/4puVYn

"The rating actions on these 10 tranches follow our recent rating
actions on the underlying collateral, swap counterparty, bank
account provider, or guarantor. Under our criteria applicable to
transactions such as these, we would generally reflect changes to
the rating on the collateral, swap  counterparty, bank account
provider, or guarantor in our rating on the tranche," S&P said.


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

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

AUSTRIA
-------
A-TEC INDUSTRIES         5.750   11/2/2010      EUR     29.50
A-TEC INDUSTRIES         2.750   5/10/2014      EUR     29.50
A-TEC INDUSTRIES         8.750  10/27/2014      EUR     28.13
ERSTE BANK               6.000    2/1/2014      EUR     63.38
ERSTE BANK               6.000   7/31/2014      EUR     57.50
ERSTE BANK               5.500   1/23/2015      EUR     57.38
ERSTE BANK               7.710   2/17/2015      EUR     56.13
ERSTE BANK               4.500   6/24/2015      EUR     50.50
IMMOFINANZ               4.250    3/8/2018      EUR      3.82
KOMMUNALKREDIT           4.440  12/20/2030      EUR     64.25
KOMMUNALKREDIT           4.900   6/23/2031      EUR     68.25
OESTER VOLKSBK           4.170   7/29/2015      EUR     54.13
OESTER VOLKSBK           4.350  11/16/2018      EUR     55.63
OESTER VOLKSBK           4.160   5/20/2025      EUR     71.80
OESTER VOLKSBK           4.810   7/29/2025      EUR     61.50
OESTER VOLKSBK           4.900   8/18/2025      EUR     61.25
OESTER VOLKSBK           5.270    2/8/2027      EUR     75.00
RAIFF CENTROBANK         7.161   7/20/2012      EUR     65.48
RAIFF CENTROBANK         7.812   7/20/2012      EUR     57.06
RAIFF CENTROBANK        10.416   7/20/2012      EUR     42.99
RAIFF CENTROBANK         6.835   7/20/2012      EUR     70.04
RAIFF CENTROBANK         5.208   7/25/2012      EUR     69.06
RAIFF CENTROBANK         5.208   7/25/2012      EUR     68.65
RAIFF CENTROBANK         7.161   7/25/2012      EUR     63.81
RAIFF CENTROBANK         7.812   7/25/2012      EUR     67.58
RAIFF CENTROBANK         8.463   7/25/2012      EUR     70.72
RAIFF CENTROBANK         9.114   7/25/2012      EUR     39.72
RAIFF CENTROBANK         7.812   7/25/2012      EUR     48.58
RAIFF CENTROBANK         9.114   7/25/2012      EUR     73.05
RAIFF CENTROBANK        10.090   7/25/2012      EUR     58.39
RAIFF CENTROBANK        10.090   7/25/2012      EUR     61.29
RAIFF CENTROBANK        11.718   7/25/2012      EUR     20.43
RAIFF CENTROBANK        11.718   7/25/2012      EUR     60.78
RAIFF CENTROBANK         7.646   1/23/2013      EUR     60.34
RAIFF CENTROBANK         9.876   1/23/2013      EUR     46.60
RAIFF CENTROBANK         7.965   1/23/2013      EUR     60.89
RAIFF CENTROBANK         9.304   1/23/2013      EUR     63.61
RAIFF CENTROBANK         9.558   1/23/2013      EUR     62.94
RAIFF ZENTRALBK          4.500   9/28/2035      EUR     64.35

BELGIUM
-------
ECONOCOM GROUP           4.000    6/1/2016      EUR     21.53
IDEAL STANDARD I        11.750    5/1/2018      EUR     66.75
IDEAL STANDARD I        11.750    5/1/2018      EUR     67.08

CYPRUS
------
CYPRUS GOVT BOND         4.500   7/11/2016      EUR     74.63
CYPRUS GOVT BOND         4.500   10/9/2016      EUR     72.75
CYPRUS GOVT BOND         4.500    1/4/2017      EUR     71.25
CYPRUS GOVT BOND         4.500   2/15/2017      EUR     70.50
CYPRUS GOVT BOND         4.500    4/2/2017      EUR     69.63
CYPRUS GOVT BOND         5.600   4/15/2017      EUR     73.25
CYPRUS GOVT BOND         4.500   9/28/2017      EUR     66.63
CYPRUS GOVT BOND         5.100   1/29/2018      EUR     66.88
CYPRUS GOVT BOND         4.600   4/23/2018      EUR     63.63
CYPRUS GOVT BOND         4.600  10/23/2018      EUR     61.13
CYPRUS GOVT BOND         4.600   2/26/2019      EUR     59.63
CYPRUS GOVT BOND         6.100   6/24/2019      EUR     64.75
CYPRUS GOVT BOND         6.100   4/20/2020      EUR     62.25
CYPRUS GOVT BOND         5.350    6/9/2020      EUR     58.25
CYPRUS GOVT BOND         6.000    6/9/2021      EUR     58.25
CYPRUS GOVT BOND         6.500   8/25/2021      EUR     59.00
REP OF CYPRUS            3.750   11/1/2015      EUR     65.96
REP OF CYPRUS            4.625    2/3/2020      EUR     54.24

CZECH REPUBLIC
--------------
SAZKA                    9.000   7/12/2021      EUR     35.00
JYSKE BANK A/S           7.000   5/29/2024      EUR     68.75
KALMAR STRUCTRD          7.500   9/30/2013      EUR      0.01
KOMMUNEKREDIT            0.500  12/14/2020      ZAR     57.43
KOMMUNEKREDIT            0.500   5/11/2029      CAD     53.08
VESTAS WIND SYST         4.625   3/23/2015      EUR     67.25

FINLAND
-------
MUNI FINANCE PLC         0.500   4/26/2016      ZAR     79.06
MUNI FINANCE PLC         0.500  10/27/2016      BRL     74.21
MUNI FINANCE PLC         0.500  11/17/2016      BRL     74.31
MUNI FINANCE PLC         0.500  11/30/2016      BRL     74.11
MUNI FINANCE PLC         0.500   2/17/2017      BRL     72.95
MUNI FINANCE PLC         0.500   3/16/2017      BRL     72.52
MUNI FINANCE PLC         0.500   4/26/2017      ZAR     74.84
MUNI FINANCE PLC         1.000   6/30/2017      ZAR     74.92
MUNI FINANCE PLC         0.500  11/16/2017      TRY     72.04
MUNI FINANCE PLC         0.500   3/28/2018      BRL     66.78
MUNI FINANCE PLC         0.500   4/27/2018      ZAR     70.08
MUNI FINANCE PLC         0.500  11/21/2018      ZAR     67.50
MUNI FINANCE PLC         0.500  11/21/2018      TRY     67.60
MUNI FINANCE PLC         0.500  12/14/2018      TRY     67.32
MUNI FINANCE PLC         0.500  12/20/2018      ZAR     67.07
MUNI FINANCE PLC         0.500   9/24/2020      CAD     72.87
MUNI FINANCE PLC         0.500  11/25/2020      ZAR     59.56
MUNI FINANCE PLC         0.500  11/10/2021      NZD     68.31
MUNI FINANCE PLC         0.500  12/21/2021      NZD     67.94
MUNI FINANCE PLC         0.500   4/26/2022      ZAR     56.97
MUNI FINANCE PLC         0.500   5/31/2022      ZAR     55.04
MUNI FINANCE PLC         0.500   6/19/2024      ZAR     50.53
MUNI FINANCE PLC         0.500   3/17/2025      CAD     56.62
MUNI FINANCE PLC         0.250   6/28/2040      CAD     21.29

FRANCE
------
AIR FRANCE-KLM           4.970    4/1/2015      EUR     10.82
ALCATEL-LUCENT           5.000    1/1/2015      EUR      2.72
ALTRAN TECHNOLOG         6.720    1/1/2015      EUR      4.89
ASSYSTEM                 4.000    1/1/2017      EUR     22.35
ATOS ORIGIN SA           2.500    1/1/2016      EUR     56.02
BNP PARIBAS              2.890   5/16/2036      JPY     72.80
CAISSE CENT IMMO         7.000   5/16/2014      EUR     27.02
CAISSE CENT IMMO         7.000   5/18/2015      EUR      5.93
CAISSE CENT IMMO         7.000   9/10/2015      EUR     13.58
CALYON                   6.000   6/18/2047      EUR     26.52
CAP GEMINI SOGET         3.500    1/1/2014      EUR     37.70
CGG VERITAS              1.750    1/1/2016      EUR     30.01
CLUB MEDITERRANE         6.110   11/1/2015      EUR     17.98
CMA CGM                  8.500   4/15/2017      USD     51.50
CMA CGM                  8.500   4/15/2017      USD     57.63
CMA CGM                  8.875   4/15/2019      EUR     57.50
CMA CGM                  8.875   4/15/2019      EUR     57.79
CNP ASSURANCES           6.000   9/14/2040      EUR     72.07
CNP ASSURANCES           7.375   9/30/2041      GBP     73.68
CNP ASSURANCES           6.875   9/30/2041      EUR     73.29
CREDIT LOCAL FRA         3.750   5/26/2020      EUR     52.96
DEXIA CRED LOCAL         4.020   3/13/2017      EUR     70.01
DEXIA CRED LOCAL         4.110   9/18/2018      EUR     61.38
DEXIA CRED LOCAL         4.375   2/12/2019      EUR     39.00
DEXIA CRED LOCAL         4.500   2/25/2020      EUR     57.14
DEXIA CRED LOCAL         4.550    4/2/2020      EUR     57.18
DEXIA CRED LOCAL         5.037    8/4/2020      EUR     58.39
DEXIA MUNI AGNCY         1.000  12/23/2024      EUR     72.09
DEXIA MUNI AGNCY         4.680    3/9/2029      CAD     69.14
EURAZEO                  6.250   6/10/2014      EUR     54.85
EUROPCAR GROUPE          9.375   4/15/2018      EUR     71.38
EUROPCAR GROUPE          9.375   4/15/2018      EUR     71.47
FAURECIA                 4.500    1/1/2015      EUR     19.86
GROUPAMA SA              7.875  10/27/2039      EUR     56.40
GROUPE VIAL              2.500    1/1/2014      EUR      2.16
INGENICO                 2.750    1/1/2017      EUR     49.11
MAUREL ET PROM           7.125   7/31/2014      EUR     18.72
MAUREL ET PROM           7.125   7/31/2015      EUR     16.90
NEXANS SA                4.000    1/1/2016      EUR     54.61
NEXANS SA                2.500    1/1/2019      EUR     64.79
NOVASEP HLDG             9.750  12/15/2016      USD     49.50
NOVASEP HLDG             9.750  12/15/2016      USD     49.50
ORPEA                    3.875    1/1/2016      EUR     45.46
PEUGEOT SA               4.450    1/1/2016      EUR     23.43
PIERRE VACANCES          4.000   10/1/2015      EUR     74.44
PUBLICIS GROUPE          3.125   7/30/2014      EUR     37.25
PUBLICIS GROUPE          1.000   1/18/2018      EUR     51.77
SOC AIR FRANCE           2.750    4/1/2020      EUR     20.87
SOCIETE GENERALE         0.500    9/7/2021      AUD     52.03
SOCIETE GENERALE         0.500   12/6/2021      AUD     51.10
SOCIETE GENERALE         0.500   4/27/2022      USD     58.50
SOCIETE GENERALE         0.500   4/27/2022      AUD     49.38
SOCIETE GENERALE         0.500   7/11/2022      AUD     57.16
SOCIETE GENERALE         0.500   7/11/2022      USD     68.96
SOITEC                   6.250    9/9/2014      EUR      8.37
TEM                      4.250    1/1/2015      EUR     53.82

GERMANY
-------
BAYERISCHE LNDBK         5.800   7/13/2012      EUR     54.55
BAYERISCHE LNDBK         4.200   8/24/2012      EUR     66.79
BAYERISCHE LNDBK         3.200   10/1/2012      EUR     24.37
BNP EMIS-U.HANDE         6.000   7/26/2012      EUR     73.04
BNP EMIS-U.HANDE         6.000   7/26/2012      EUR     30.28
BNP EMIS-U.HANDE         6.000   7/26/2012      EUR     47.95
BNP EMIS-U.HANDE         6.000   7/26/2012      EUR     32.77
BNP EMIS-U.HANDE         6.000   7/26/2012      EUR     32.74
BNP EMIS-U.HANDE         6.000   7/26/2012      EUR     72.97
BNP EMIS-U.HANDE         6.000   7/26/2012      EUR     63.93
BNP EMIS-U.HANDE         6.500   7/26/2012      EUR     68.29
BNP EMIS-U.HANDE         6.500   7/26/2012      EUR     49.78
BNP EMIS-U.HANDE         7.000   7/26/2012      EUR     22.64
BNP EMIS-U.HANDE         7.000   7/26/2012      EUR     53.21
BNP EMIS-U.HANDE         7.000   7/26/2012      EUR     18.76
BNP EMIS-U.HANDE         7.000   7/26/2012      EUR     41.33
BNP EMIS-U.HANDE         8.000   7/26/2012      EUR     59.45
BNP EMIS-U.HANDE         8.000   7/26/2012      EUR     30.20
BNP EMIS-U.HANDE         8.000   7/26/2012      EUR     68.57
BNP EMIS-U.HANDE         8.000   7/26/2012      EUR     45.02
BNP EMIS-U.HANDE         8.500   7/26/2012      EUR     63.98
BNP EMIS-U.HANDE         9.000   7/26/2012      EUR     65.01
BNP EMIS-U.HANDE         9.000   7/26/2012      EUR     68.75
BNP EMIS-U.HANDE         9.000   7/26/2012      EUR     43.37
BNP EMIS-U.HANDE         9.000   7/26/2012      EUR     74.87
BNP EMIS-U.HANDE         9.000   7/26/2012      EUR     26.42
BNP EMIS-U.HANDE         9.000   7/26/2012      EUR     44.44
BNP EMIS-U.HANDE         9.000   7/26/2012      EUR     73.30
BNP EMIS-U.HANDE         9.000   7/26/2012      EUR     28.77
BNP EMIS-U.HANDE         9.000   7/26/2012      EUR     74.09
BNP EMIS-U.HANDE         9.000   7/26/2012      EUR     42.18
BNP EMIS-U.HANDE        10.000   7/26/2012      EUR     46.84
BNP EMIS-U.HANDE        10.000   7/26/2012      EUR     37.55
BNP EMIS-U.HANDE        10.000   7/26/2012      EUR     44.64
BNP EMIS-U.HANDE         8.500  12/28/2012      EUR     66.93
BNP EMIS-U.HANDE        10.500  12/28/2012      EUR     48.48
BNP EMIS-U.HANDE         9.750  12/28/2012      EUR     71.46
BNP EMIS-U.HANDE         7.750  12/31/2012      EUR     53.82
BNP EMIS-U.HANDE         9.500  12/31/2012      EUR     72.43
BNP EMIS-U.HANDE         9.500  12/31/2012      EUR     65.01
COMMERZBANK AG          10.500    7/6/2012      EUR     54.34
COMMERZBANK AG          11.500    7/6/2012      EUR      3.66
COMMERZBANK AG          23.000   7/26/2012      EUR     67.94
COMMERZBANK AG          29.250   7/26/2012      EUR     74.79
COMMERZBANK AG          24.250   7/26/2012      EUR     70.96
COMMERZBANK AG           9.000    8/3/2012      EUR     67.50
COMMERZBANK AG           8.500    8/3/2012      EUR     53.90
COMMERZBANK AG          11.250   9/27/2012      EUR     74.37
COMMERZBANK AG          18.250   9/27/2012      EUR     68.85
COMMERZBANK AG          19.500   9/27/2012      EUR     71.59
COMMERZBANK AG          19.750   9/27/2012      EUR     74.14
COMMERZBANK AG          28.750   9/27/2012      EUR     70.20
COMMERZBANK AG          19.750   9/27/2012      EUR     73.73
COMMERZBANK AG          17.250   9/27/2012      EUR     71.63
COMMERZBANK AG           7.700   9/28/2012      EUR     43.94
COMMERZBANK AG           9.000   10/1/2012      EUR     55.24
COMMERZBANK AG          10.000   10/1/2012      EUR     72.35
COMMERZBANK AG           8.250   10/1/2012      EUR     72.92
COMMERZBANK AG           9.000  10/29/2012      EUR      8.60
COMMERZBANK AG          11.500   11/5/2012      EUR     65.42
COMMERZBANK AG           8.000   11/5/2012      EUR     55.75
COMMERZBANK AG          10.000   11/5/2012      EUR     56.15
COMMERZBANK AG           8.500  12/17/2012      EUR     61.82
COMMERZBANK AG           8.750  12/17/2012      EUR     73.59
COMMERZBANK AG           8.000  12/27/2012      EUR     47.21
COMMERZBANK AG           7.000  12/27/2012      EUR     65.64
COMMERZBANK AG          13.000  12/28/2012      EUR     71.23
COMMERZBANK AG          29.750  12/31/2012      EUR     69.24
COMMERZBANK AG          16.750  12/31/2012      EUR     72.72
COMMERZBANK AG          23.000  12/31/2012      EUR     69.62
COMMERZBANK AG          16.500    1/3/2013      EUR     74.61
COMMERZBANK AG          24.500   3/21/2013      EUR     71.09
COMMERZBANK AG          14.500   3/21/2013      EUR     53.38
COMMERZBANK AG          10.750   3/21/2013      EUR     55.64
COMMERZBANK AG          18.500   3/21/2013      EUR     52.10
COMMERZBANK AG          19.750   3/21/2013      EUR     71.12
COMMERZBANK AG          15.250   3/21/2013      EUR     73.55
COMMERZBANK AG           8.400  12/30/2013      EUR     17.11
DEUTSCHE BANK AG        13.000   7/31/2012      EUR     67.60
DEUTSCHE BANK AG        13.000   7/31/2012      EUR     66.00
DEUTSCHE BANK AG        13.000   7/31/2012      EUR     56.40
DEUTSCHE BANK AG        10.000   7/31/2012      EUR     43.00
DEUTSCHE BANK AG        10.000   7/31/2012      EUR     57.00
DEUTSCHE BANK AG         7.000   7/31/2012      EUR     47.00
DEUTSCHE BANK AG        10.000   7/31/2012      EUR     74.10
DEUTSCHE BANK AG        10.000   7/31/2012      EUR     48.10
DEUTSCHE BANK AG        10.000   7/31/2012      EUR     72.00
DEUTSCHE BANK AG        10.000   7/31/2012      EUR     67.30
DEUTSCHE BANK AG        10.000   7/31/2012      EUR     66.10
DEUTSCHE BANK AG         9.000   7/31/2012      EUR     69.40
DEUTSCHE BANK AG         9.000   7/31/2012      EUR     69.30
DEUTSCHE BANK AG         9.000   7/31/2012      EUR     59.10
DEUTSCHE BANK AG         8.000   7/31/2012      EUR     68.70
DEUTSCHE BANK AG         8.000   7/31/2012      EUR     52.00
DEUTSCHE BANK AG         8.000   7/31/2012      EUR     45.10
DEUTSCHE BANK AG         8.000   7/31/2012      EUR     58.60
DEUTSCHE BANK AG         8.000   7/31/2012      EUR     69.60
DEUTSCHE BANK AG         8.000   7/31/2012      EUR     73.10
DEUTSCHE BANK AG         8.000   7/31/2012      EUR     73.40
DEUTSCHE BANK AG         8.000   7/31/2012      EUR     61.50
DEUTSCHE BANK AG         7.000   7/31/2012      EUR     61.80
DEUTSCHE BANK AG         7.000   7/31/2012      EUR     72.80
DEUTSCHE BANK AG         7.000   7/31/2012      EUR     54.20
DEUTSCHE BANK AG         7.000   7/31/2012      EUR     71.50
DEUTSCHE BANK AG         8.000    8/6/2012      EUR     59.00
DEUTSCHE BANK AG         8.000   8/27/2012      EUR     71.50
DEUTSCHE BANK AG        12.000   8/31/2012      EUR     60.10
DEUTSCHE BANK AG         9.000   8/31/2012      EUR     74.00
DEUTSCHE BANK AG         8.000   8/31/2012      EUR     65.80
DEUTSCHE BANK AG         9.000   8/31/2012      EUR     62.00
DEUTSCHE BANK AG        12.000   8/31/2012      EUR     66.90
DEUTSCHE BANK AG        13.000   9/28/2012      EUR     71.20
DEUTSCHE BANK AG        11.000   9/28/2012      EUR     74.40
DEUTSCHE BANK AG        13.000   9/28/2012      EUR     72.00
DEUTSCHE BANK AG        10.000  10/31/2012      EUR     73.20
DEUTSCHE BANK AG        12.000  10/31/2012      EUR     74.40
DEUTSCHE BANK AG        12.000  10/31/2012      EUR     70.40
DEUTSCHE BANK AG         9.000  11/29/2012      EUR     71.20
DEUTSCHE BANK AG        12.000  11/29/2012      EUR     70.40
DEUTSCHE BANK AG         8.000  12/20/2012      EUR     72.10
DEUTSCHE BANK AG         8.000  12/20/2012      EUR     59.50
DEUTSCHE BANK AG        10.000  12/20/2012      EUR     68.30
DEUTSCHE BANK AG        12.000  12/20/2012      EUR     43.40
DEUTSCHE BANK AG        12.000  12/20/2012      EUR     67.10
DEUTSCHE BANK AG        15.000  12/20/2012      EUR     62.80
DEUTSCHE BANK AG         8.000  12/20/2012      EUR     42.00
DEUTSCHE BANK AG        11.000   1/18/2013      EUR     65.30
DEUTSCHE BANK AG         9.000   1/18/2013      EUR     69.90
DEUTSCHE BANK AG        15.000   2/20/2013      EUR     70.80
DEUTSCHE BANK AG        15.000   2/20/2013      EUR     73.00
DEUTSCHE BANK AG        12.000   2/28/2013      EUR     71.30
DEUTSCHE BANK AG        10.000   2/28/2013      EUR     74.70
DEUTSCHE BANK AG        10.000    4/2/2013      EUR     74.10
DEUTSCHE HYP HAN         5.300  11/20/2023      EUR     73.76
DRESDNER BANK AG         5.700   7/31/2023      EUR     72.81
DZ BANK AG               7.100    7/6/2012      EUR     73.29
DZ BANK AG               5.100    7/6/2012      EUR     73.27
DZ BANK AG               6.200    7/6/2012      EUR     70.46
DZ BANK AG               8.800    7/6/2012      EUR     70.49
DZ BANK AG               9.500    7/6/2012      EUR     74.57
DZ BANK AG              10.500    7/6/2012      EUR     74.52
DZ BANK AG               7.000   7/11/2012      EUR     54.99
DZ BANK AG              12.300   7/11/2012      EUR     71.62
DZ BANK AG               7.000   7/11/2012      EUR     70.24
DZ BANK AG               6.750   7/13/2012      EUR     69.79
DZ BANK AG               6.200   7/13/2012      EUR     73.99
DZ BANK AG              12.500   7/13/2012      EUR     45.95
DZ BANK AG               6.000   7/13/2012      EUR     66.91
DZ BANK AG              10.000   7/13/2012      EUR     71.71
DZ BANK AG              10.250   7/13/2012      EUR     57.35
DZ BANK AG               7.250   7/13/2012      EUR     70.85
DZ BANK AG               8.500   7/13/2012      EUR     40.02
DZ BANK AG               5.000   7/13/2012      EUR     69.03
DZ BANK AG               8.500   7/13/2012      EUR     42.69
DZ BANK AG               5.000   7/13/2012      EUR     72.70
DZ BANK AG               9.500   7/13/2012      EUR     65.97
DZ BANK AG               9.250   7/13/2012      EUR     60.23
DZ BANK AG               9.750   7/13/2012      EUR     72.59
DZ BANK AG               7.250   7/13/2012      EUR     61.43
DZ BANK AG               7.500   7/13/2012      EUR     73.81
DZ BANK AG               8.500   7/13/2012      EUR     71.69
DZ BANK AG               7.750   7/13/2012      EUR     73.88
DZ BANK AG               8.250   7/13/2012      EUR     65.10
DZ BANK AG               7.250   7/13/2012      EUR     70.85
DZ BANK AG               7.000   7/13/2012      EUR     73.81
DZ BANK AG               7.000   7/13/2012      EUR     67.06
DZ BANK AG               7.500   7/13/2012      EUR     38.67
DZ BANK AG               8.750   7/27/2012      EUR     73.66
DZ BANK AG              15.500   7/27/2012      EUR     73.84
DZ BANK AG              15.250   7/27/2012      EUR     42.45
DZ BANK AG              15.000   7/27/2012      EUR     35.93
DZ BANK AG              14.750   7/27/2012      EUR     66.80
DZ BANK AG              13.100   7/27/2012      EUR     67.76
DZ BANK AG              13.000   7/27/2012      EUR     66.70
DZ BANK AG              12.700   7/27/2012      EUR     69.02
DZ BANK AG              12.500   7/27/2012      EUR     62.80
DZ BANK AG              12.250   7/27/2012      EUR     72.58
DZ BANK AG              12.000   7/27/2012      EUR     61.84
DZ BANK AG              12.000   7/27/2012      EUR     72.45
DZ BANK AG              11.750   7/27/2012      EUR     36.89
DZ BANK AG              11.500   7/27/2012      EUR     39.67
DZ BANK AG              11.250   7/27/2012      EUR     46.91
DZ BANK AG              11.250   7/27/2012      EUR     67.76
DZ BANK AG              11.250   7/27/2012      EUR     74.63
DZ BANK AG              10.750   7/27/2012      EUR     46.34
DZ BANK AG              10.500   7/27/2012      EUR     45.05
DZ BANK AG              10.000   7/27/2012      EUR     55.05
DZ BANK AG               9.800   7/27/2012      EUR     65.81
DZ BANK AG               9.300   7/27/2012      EUR     74.66
DZ BANK AG               9.250   7/27/2012      EUR     70.13
DZ BANK AG               9.250   7/27/2012      EUR     70.62
DZ BANK AG               9.000   7/27/2012      EUR     73.87
DZ BANK AG               9.000   7/27/2012      EUR     69.14
DZ BANK AG               8.000   7/27/2012      EUR     50.59
DZ BANK AG               8.000   7/27/2012      EUR     48.88
DZ BANK AG               7.500   7/27/2012      EUR     66.72
DZ BANK AG               6.500   7/27/2012      EUR     61.45
DZ BANK AG               6.000   7/27/2012      EUR     72.91
DZ BANK AG              12.750   7/31/2012      EUR     67.48
DZ BANK AG              12.700    8/3/2012      EUR     67.11
DZ BANK AG              21.250   8/10/2012      EUR     38.13
DZ BANK AG               7.000   8/10/2012      EUR     71.35
DZ BANK AG               5.000   8/10/2012      EUR     52.82
DZ BANK AG               9.500   8/10/2012      EUR     64.07
DZ BANK AG              10.500   8/10/2012      EUR     62.53
DZ BANK AG              14.500   8/10/2012      EUR     61.30
DZ BANK AG              16.500   8/10/2012      EUR     64.09
DZ BANK AG              15.500   8/24/2012      EUR     72.66
DZ BANK AG              12.750   8/24/2012      EUR     66.74
DZ BANK AG              21.000   8/24/2012      EUR     57.18
DZ BANK AG              14.000   8/24/2012      EUR     59.36
DZ BANK AG              12.000   8/24/2012      EUR     73.49
DZ BANK AG              21.250   8/24/2012      EUR     71.07
DZ BANK AG              18.000   8/24/2012      EUR     67.48
DZ BANK AG              26.000   8/24/2012      EUR     71.90
DZ BANK AG              18.000   8/24/2012      EUR     54.60
DZ BANK AG              17.500   8/24/2012      EUR     62.85
DZ BANK AG              17.000   8/24/2012      EUR     61.04
DZ BANK AG              16.500   8/24/2012      EUR     67.49
DZ BANK AG              13.400   8/31/2012      EUR     74.98
DZ BANK AG               7.500   9/14/2012      EUR     62.39
DZ BANK AG               8.500   9/14/2012      EUR     45.83
DZ BANK AG               6.250   9/14/2012      EUR     44.18
DZ BANK AG               9.500   9/14/2012      EUR     73.36
DZ BANK AG               9.500   9/14/2012      EUR     66.85
DZ BANK AG              10.000   9/14/2012      EUR     47.19
DZ BANK AG              10.000   9/14/2012      EUR     46.45
DZ BANK AG              10.250   9/14/2012      EUR     72.11
DZ BANK AG              10.500   9/14/2012      EUR     41.42
DZ BANK AG              12.500   9/14/2012      EUR     70.21
DZ BANK AG               9.000   9/14/2012      EUR     73.66
DZ BANK AG              19.500   9/14/2012      EUR     43.64
DZ BANK AG               7.250   9/14/2012      EUR     67.66
DZ BANK AG               8.250   9/14/2012      EUR     63.91
DZ BANK AG               8.000   9/14/2012      EUR     40.57
DZ BANK AG               7.750   9/14/2012      EUR     74.39
DZ BANK AG               7.500   9/14/2012      EUR     74.35
DZ BANK AG               5.000   9/14/2012      EUR     55.48
DZ BANK AG               5.850   9/14/2012      EUR     46.93
DZ BANK AG               6.000   9/14/2012      EUR     72.59
DZ BANK AG              17.000   9/28/2012      EUR     72.84
DZ BANK AG              16.000   9/28/2012      EUR     71.87
DZ BANK AG              22.000   9/28/2012      EUR     62.63
DZ BANK AG              17.500   9/28/2012      EUR     68.02
DZ BANK AG              20.000   9/28/2012      EUR     69.49
DZ BANK AG              23.000   9/28/2012      EUR     69.54
DZ BANK AG               5.700   10/5/2012      EUR     66.43
DZ BANK AG               8.300   10/5/2012      EUR     61.81
DZ BANK AG               4.500   10/5/2012      EUR     69.05
DZ BANK AG               8.000  10/12/2012      EUR     69.86
DZ BANK AG               8.000  10/12/2012      EUR     42.18
DZ BANK AG               7.000  10/12/2012      EUR     39.61
DZ BANK AG               7.000  10/12/2012      EUR     65.60
DZ BANK AG               7.000  10/12/2012      EUR     74.78
DZ BANK AG               9.500  10/12/2012      EUR     57.82
DZ BANK AG              11.000  10/26/2012      EUR     74.03
DZ BANK AG              13.750  10/26/2012      EUR     53.90
DZ BANK AG              15.000  10/26/2012      EUR     73.47
DZ BANK AG              16.000  10/26/2012      EUR     70.14
DZ BANK AG              18.000  10/26/2012      EUR     73.37
DZ BANK AG              19.000  10/26/2012      EUR     71.94
DZ BANK AG              22.000  10/26/2012      EUR     69.34
DZ BANK AG              18.000  10/26/2012      EUR     74.81
DZ BANK AG              11.900   11/1/2012      EUR     69.88
DZ BANK AG              14.500   11/9/2012      EUR     72.85
DZ BANK AG              20.000  11/23/2012      EUR     71.59
DZ BANK AG               9.750  12/14/2012      EUR     65.26
DZ BANK AG               5.000  12/14/2012      EUR     54.52
DZ BANK AG               5.000  12/21/2012      EUR     67.23
DZ BANK AG              12.000    1/2/2013      EUR     71.09
DZ BANK AG               6.000    1/2/2013      EUR     60.86
DZ BANK AG              14.000   1/11/2013      EUR     40.89
DZ BANK AG              10.750   1/11/2013      EUR     70.46
DZ BANK AG              15.500   1/11/2013      EUR     45.30
DZ BANK AG              14.000   1/25/2013      EUR     71.96
DZ BANK AG              12.500   1/25/2013      EUR     42.32
DZ BANK AG              19.000   1/25/2013      EUR     73.13
DZ BANK AG              10.250    2/8/2013      EUR     73.18
DZ BANK AG              11.250    2/8/2013      EUR     64.71
DZ BANK AG               9.000    2/8/2013      EUR     73.54
DZ BANK AG              10.750   2/22/2013      EUR     62.30
DZ BANK AG              11.000   2/22/2013      EUR     65.29
DZ BANK AG              15.000   2/22/2013      EUR     74.04
DZ BANK AG              12.000    3/7/2013      EUR     73.70
DZ BANK AG              11.140    3/8/2013      EUR     74.77
DZ BANK AG              11.000    3/8/2013      EUR     74.28
DZ BANK AG              10.750    3/8/2013      EUR     73.85
DZ BANK AG              10.500    3/8/2013      EUR     73.47
DZ BANK AG              10.000    3/8/2013      EUR     53.11
DZ BANK AG              13.750    3/8/2013      EUR     45.62
DZ BANK AG              20.000   3/22/2013      EUR     73.63
DZ BANK AG              14.000   3/22/2013      EUR     70.76
DZ BANK AG              14.000   3/22/2013      EUR     71.98
DZ BANK AG              11.250   3/22/2013      EUR     46.52
DZ BANK AG              11.000   3/22/2013      EUR     74.62
DZ BANK AG               8.500   3/22/2013      EUR     73.50
DZ BANK AG              14.000    4/2/2013      EUR     71.50
DZ BANK AG              12.000    4/2/2013      EUR     73.07
DZ BANK AG              13.250    4/2/2013      EUR     73.40
DZ BANK AG              16.000   4/12/2013      EUR     64.06
DZ BANK AG              15.750   4/26/2013      EUR     73.43
DZ BANK AG              17.000   4/26/2013      EUR     37.66
DZ BANK AG               8.500   4/26/2013      EUR     71.37
DZ BANK AG              15.500   5/24/2013      EUR     65.37
DZ BANK AG               5.000   6/22/2018      EUR     61.09
ESCADA AG                7.500    4/1/2012      EUR      8.64
ESCADA AG                7.500    4/1/2012      EUR      8.38
EUROHYPO AG              3.830   9/21/2020      EUR     69.88
GOLDMAN SACHS CO        16.000   9/26/2012      EUR     73.00
GOLDMAN SACHS CO        10.000   9/26/2012      EUR     74.40
GOLDMAN SACHS CO        17.000   9/26/2012      EUR     73.40
GOLDMAN SACHS CO        11.000   9/26/2012      EUR     73.70
GOLDMAN SACHS CO        12.000   9/26/2012      EUR     67.80
GOLDMAN SACHS CO        13.000   9/26/2012      EUR     74.30
GOLDMAN SACHS CO        16.000   9/26/2012      EUR     74.80
GOLDMAN SACHS CO        15.000  12/28/2012      EUR     74.40
GOLDMAN SACHS CO        15.000  12/28/2012      EUR     72.50
GOLDMAN SACHS CO        10.000  12/28/2012      EUR     72.10
GOLDMAN SACHS CO        16.000    1/2/2013      EUR     74.90
GOLDMAN SACHS CO        18.000   3/20/2013      EUR     73.60
GOLDMAN SACHS CO        18.000   3/20/2013      EUR     73.30
GOLDMAN SACHS CO        15.000   3/20/2013      EUR     71.00
GOLDMAN SACHS CO        15.000   6/26/2013      EUR     70.50
GOLDMAN SACHS CO        11.000   6/26/2013      EUR     73.60
GOLDMAN SACHS CO        16.000  12/27/2013      EUR     73.70
GOLDMAN SACHS CO        10.000  12/27/2013      EUR     73.30
GOLDMAN SACHS CO        13.000  12/27/2013      EUR     74.40
HECKLER & KOCH           9.500   5/15/2018      EUR     74.88
HECKLER & KOCH           9.500   5/15/2018      EUR     75.02
HEIDELBERG DRUCK         9.250   4/15/2018      EUR     73.13
HEIDELBERG DRUCK         9.250   4/15/2018      EUR     73.14
HSBC TRINKAUS           12.000   9/28/2012      EUR     72.59
HSBC TRINKAUS           29.500   9/28/2012      EUR     65.10
HSBC TRINKAUS           27.500   9/28/2012      EUR     74.35
HSBC TRINKAUS           25.000   9/28/2012      EUR     66.70
HSBC TRINKAUS           25.000   9/28/2012      EUR     68.91
HSBC TRINKAUS           24.000   9/28/2012      EUR     68.09
HSBC TRINKAUS           21.000   9/28/2012      EUR     72.62
HSBC TRINKAUS           20.000   9/28/2012      EUR     69.49
HSBC TRINKAUS           15.500   9/28/2012      EUR     45.38
HSBC TRINKAUS           29.500   9/28/2012      EUR     66.41
HSBC TRINKAUS           29.000   9/28/2012      EUR     74.98
HSBC TRINKAUS           13.000   9/28/2012      EUR     73.84
HSBC TRINKAUS           20.000   9/28/2012      EUR     62.48
HSBC TRINKAUS           19.000   9/28/2012      EUR     67.78
HSBC TRINKAUS           19.500   9/28/2012      EUR     70.20
HSBC TRINKAUS           27.500   9/28/2012      EUR     68.31
HSBC TRINKAUS           10.000  10/26/2012      EUR     72.21
HSBC TRINKAUS           17.500  10/26/2012      EUR     73.69
HSBC TRINKAUS           12.500  10/26/2012      EUR     69.55
HSBC TRINKAUS           11.500  11/23/2012      EUR     70.08
HSBC TRINKAUS           16.000  11/23/2012      EUR     74.42
HSBC TRINKAUS            9.500  11/23/2012      EUR     72.68
HSBC TRINKAUS           10.500   3/22/2013      EUR     71.88
HSBC TRINKAUS            8.000   3/22/2013      EUR     52.19
HSBC TRINKAUS           15.000   3/22/2013      EUR     74.84
HSBC TRINKAUS           15.000   3/22/2013      EUR     71.07
HSBC TRINKAUS           15.500   3/22/2013      EUR     67.76
HSBC TRINKAUS           17.500   3/22/2013      EUR     74.30
HSBC TRINKAUS           17.500   3/22/2013      EUR     74.02
HSBC TRINKAUS           18.000   3/22/2013      EUR     71.49
HSBC TRINKAUS           18.500   3/22/2013      EUR     65.52
HSBC TRINKAUS           19.500   3/22/2013      EUR     72.02
HSBC TRINKAUS           20.000   3/22/2013      EUR     70.88
HSBC TRINKAUS           20.000   3/22/2013      EUR     73.43
HSBC TRINKAUS           21.000   3/22/2013      EUR     69.63
HSBC TRINKAUS           21.000   3/22/2013      EUR     49.44
HSBC TRINKAUS           21.000   3/22/2013      EUR     72.96
HSBC TRINKAUS           22.000   3/22/2013      EUR     71.94
HSBC TRINKAUS           22.000   3/22/2013      EUR     64.16
HSBC TRINKAUS           12.000   3/22/2013      EUR     74.80
HSBC TRINKAUS           23.500   3/22/2013      EUR     66.96
HSBC TRINKAUS           24.000   3/22/2013      EUR     71.98
HSBC TRINKAUS           26.500   3/22/2013      EUR     65.12
HSBC TRINKAUS           27.000   3/22/2013      EUR     63.96
HSBC TRINKAUS           27.500   3/22/2013      EUR     54.37
HSBC TRINKAUS           13.000   3/22/2013      EUR     50.19
HSBC TRINKAUS           19.000   6/28/2013      EUR     66.15
HSBC TRINKAUS           19.500   6/28/2013      EUR     71.92
HSBC TRINKAUS           19.500   6/28/2013      EUR     72.12
HSBC TRINKAUS           21.500   6/28/2013      EUR     69.84
HSBC TRINKAUS           22.500   6/28/2013      EUR     65.03
HSBC TRINKAUS           23.500   6/28/2013      EUR     68.15
HSBC TRINKAUS           25.500   6/28/2013      EUR     64.04
HSBC TRINKAUS           26.000   6/28/2013      EUR     55.98
HSBC TRINKAUS           30.000   6/28/2013      EUR     55.89
HSBC TRINKAUS           18.500   6/28/2013      EUR     72.69
HSBC TRINKAUS           17.500   6/28/2013      EUR     73.55
HSBC TRINKAUS           17.500   6/28/2013      EUR     73.27
HSBC TRINKAUS           16.500   6/28/2013      EUR     67.33
HSBC TRINKAUS           16.500   6/28/2013      EUR     74.24
HSBC TRINKAUS           14.000   6/28/2013      EUR     68.97
HSBC TRINKAUS           13.000   6/28/2013      EUR     73.17
HSBC TRINKAUS           10.500   6/28/2013      EUR     72.66
HSBC TRINKAUS           11.500  12/30/2013      EUR     74.33
KFW                      0.250   10/6/2036      CAD     32.47
L-BANK FOERDERBK         0.500   5/10/2027      CAD     56.48
L-BANK FOERDERBK         0.250  10/13/2037      CAD     28.27
LANDBK HESSEN-TH         5.750   7/13/2012      EUR     74.40
LB BADEN-WUERTT         10.000   7/27/2012      EUR     60.67
LB BADEN-WUERTT         10.000   7/27/2012      EUR     63.27
LB BADEN-WUERTT         10.000   7/27/2012      EUR     72.43
LB BADEN-WUERTT         10.000   7/27/2012      EUR     50.57
LB BADEN-WUERTT         10.000   7/27/2012      EUR     47.66
LB BADEN-WUERTT         10.000   7/27/2012      EUR     24.01
LB BADEN-WUERTT         10.000   7/27/2012      EUR     71.82
LB BADEN-WUERTT         10.000   7/27/2012      EUR     61.13
LB BADEN-WUERTT         10.000   7/27/2012      EUR     58.33
LB BADEN-WUERTT         10.000   7/27/2012      EUR     59.66
LB BADEN-WUERTT         10.000   7/27/2012      EUR     16.28
LB BADEN-WUERTT         10.000   7/27/2012      EUR     72.56
LB BADEN-WUERTT         10.000   7/27/2012      EUR     41.87
LB BADEN-WUERTT         10.000   7/27/2012      EUR     14.65
LB BADEN-WUERTT         10.000   7/27/2012      EUR     55.97
LB BADEN-WUERTT          8.000   7/27/2012      EUR     72.03
LB BADEN-WUERTT          8.000   7/27/2012      EUR     67.32
LB BADEN-WUERTT          8.000   7/27/2012      EUR     56.63
LB BADEN-WUERTT          8.000   7/27/2012      EUR     72.43
LB BADEN-WUERTT          8.000   7/27/2012      EUR     33.31
LB BADEN-WUERTT          8.000   7/27/2012      EUR     23.97
LB BADEN-WUERTT          8.000   7/27/2012      EUR     64.77
LB BADEN-WUERTT          8.000   7/27/2012      EUR     49.99
LB BADEN-WUERTT          7.500   7/27/2012      EUR     56.23
LB BADEN-WUERTT          7.500   7/27/2012      EUR     50.95
LB BADEN-WUERTT          7.500   7/27/2012      EUR     61.34
LB BADEN-WUERTT          7.500   7/27/2012      EUR     46.38
LB BADEN-WUERTT          7.500   7/27/2012      EUR     66.98
LB BADEN-WUERTT          7.500   7/27/2012      EUR     42.88
LB BADEN-WUERTT          7.500   7/27/2012      EUR     73.24
LB BADEN-WUERTT          7.500   7/27/2012      EUR     41.82
LB BADEN-WUERTT          7.500   7/27/2012      EUR     68.64
LB BADEN-WUERTT          7.500   7/27/2012      EUR     70.54
LB BADEN-WUERTT          7.500   7/27/2012      EUR     65.23
LB BADEN-WUERTT          7.500   7/27/2012      EUR     72.67
LB BADEN-WUERTT          7.500   7/27/2012      EUR     47.76
LB BADEN-WUERTT          7.500   7/27/2012      EUR     17.47
LB BADEN-WUERTT          7.500   7/27/2012      EUR     44.32
LB BADEN-WUERTT          7.500   7/27/2012      EUR     49.65
LB BADEN-WUERTT          7.500   7/27/2012      EUR     63.64
LB BADEN-WUERTT          7.500   7/27/2012      EUR     66.54
LB BADEN-WUERTT          7.500   7/27/2012      EUR     26.31
LB BADEN-WUERTT          7.500   7/27/2012      EUR     14.54
LB BADEN-WUERTT          6.000   7/27/2012      EUR     26.51
LB BADEN-WUERTT          6.000   7/27/2012      EUR     62.05
LB BADEN-WUERTT          6.000   7/27/2012      EUR     69.75
LB BADEN-WUERTT          6.000   7/27/2012      EUR     37.16
LB BADEN-WUERTT          6.000   7/27/2012      EUR     55.44
LB BADEN-WUERTT          6.000   7/27/2012      EUR     24.25
LB BADEN-WUERTT          5.000   7/27/2012      EUR     70.66
LB BADEN-WUERTT          5.000   7/27/2012      EUR     29.17
LB BADEN-WUERTT          5.000   7/27/2012      EUR     54.53
LB BADEN-WUERTT          5.000   7/27/2012      EUR     69.61
LB BADEN-WUERTT          5.000   7/27/2012      EUR     56.06
LB BADEN-WUERTT          5.000   7/27/2012      EUR     52.05
LB BADEN-WUERTT          4.000   7/27/2012      EUR     44.49
LB BADEN-WUERTT          4.000   7/27/2012      EUR     70.18
LB BADEN-WUERTT          4.000   7/27/2012      EUR     64.30
LB BADEN-WUERTT          4.000   7/27/2012      EUR     30.32
LB BADEN-WUERTT          5.000   7/27/2012      EUR     18.95
LB BADEN-WUERTT          5.000   7/27/2012      EUR     51.71
LB BADEN-WUERTT          5.000   7/27/2012      EUR     48.14
LB BADEN-WUERTT          5.000   7/27/2012      EUR     74.37
LB BADEN-WUERTT          5.000   7/27/2012      EUR     54.18
LB BADEN-WUERTT          5.000   7/27/2012      EUR     69.42
LB BADEN-WUERTT          5.000   7/27/2012      EUR     14.21
LB BADEN-WUERTT          5.000   7/27/2012      EUR     64.67
LB BADEN-WUERTT          5.000   7/27/2012      EUR     47.08
LB BADEN-WUERTT          5.000   7/27/2012      EUR     49.54
LB BADEN-WUERTT         10.000   7/27/2012      EUR     68.08
LB BADEN-WUERTT         10.000   7/27/2012      EUR     38.68
LB BADEN-WUERTT         10.000   7/27/2012      EUR     41.13
LB BADEN-WUERTT         10.000   7/27/2012      EUR     38.94
LB BADEN-WUERTT         10.000   7/27/2012      EUR     71.74
LB BADEN-WUERTT         10.000   7/27/2012      EUR     45.81
LB BADEN-WUERTT         10.000   7/27/2012      EUR     67.05
LB BADEN-WUERTT         10.000   7/27/2012      EUR     43.23
LB BADEN-WUERTT         10.000   7/27/2012      EUR     67.91
LB BADEN-WUERTT         10.000   7/27/2012      EUR     73.70
LB BADEN-WUERTT         10.000   7/27/2012      EUR     65.20
LB BADEN-WUERTT         10.000   8/24/2012      EUR     56.47
LB BADEN-WUERTT         10.000   8/24/2012      EUR     65.49
LB BADEN-WUERTT         10.000   8/24/2012      EUR     67.65
LB BADEN-WUERTT         10.000   8/24/2012      EUR     74.50
LB BADEN-WUERTT         10.000   8/24/2012      EUR     74.89
LB BADEN-WUERTT         10.000   8/24/2012      EUR     47.33
LB BADEN-WUERTT         10.000   8/24/2012      EUR     63.81
LB BADEN-WUERTT         10.000   8/24/2012      EUR     67.35
LB BADEN-WUERTT         10.000   8/24/2012      EUR     66.28
LB BADEN-WUERTT         10.000   8/24/2012      EUR     60.74
LB BADEN-WUERTT         10.000   8/24/2012      EUR     67.99
LB BADEN-WUERTT         10.000   8/24/2012      EUR     71.06
LB BADEN-WUERTT         10.000   8/24/2012      EUR     19.35
LB BADEN-WUERTT         10.000   8/24/2012      EUR     43.33
LB BADEN-WUERTT         10.000   8/24/2012      EUR     73.93
LB BADEN-WUERTT         10.000   8/24/2012      EUR     37.67
LB BADEN-WUERTT         10.000   8/24/2012      EUR     74.89
LB BADEN-WUERTT         10.000   8/24/2012      EUR     66.86
LB BADEN-WUERTT         10.000   8/24/2012      EUR     39.30
LB BADEN-WUERTT         10.000   8/24/2012      EUR     55.53
LB BADEN-WUERTT         10.000   8/24/2012      EUR     74.69
LB BADEN-WUERTT          6.000   8/24/2012      EUR     31.19
LB BADEN-WUERTT          6.000   8/24/2012      EUR     31.48
LB BADEN-WUERTT          6.000   8/24/2012      EUR     62.73
LB BADEN-WUERTT          6.000   8/24/2012      EUR     69.84
LB BADEN-WUERTT          6.000   8/24/2012      EUR     63.57
LB BADEN-WUERTT          6.000   8/24/2012      EUR     73.69
LB BADEN-WUERTT          7.500   8/24/2012      EUR     74.08
LB BADEN-WUERTT          7.500   8/24/2012      EUR     43.68
LB BADEN-WUERTT          7.500   8/24/2012      EUR     42.58
LB BADEN-WUERTT          7.500   8/24/2012      EUR     46.88
LB BADEN-WUERTT          7.500   8/24/2012      EUR     65.52
LB BADEN-WUERTT          7.500   8/24/2012      EUR     20.76
LB BADEN-WUERTT          7.500   8/24/2012      EUR     72.47
LB BADEN-WUERTT          7.500   8/24/2012      EUR     69.95
LB BADEN-WUERTT          4.000   8/24/2012      EUR     36.63
LB BADEN-WUERTT          4.000   8/24/2012      EUR     74.60
LB BADEN-WUERTT          7.500   8/24/2012      EUR     52.81
LB BADEN-WUERTT          4.000   8/24/2012      EUR     58.22
LB BADEN-WUERTT          5.000   8/24/2012      EUR     23.49
LB BADEN-WUERTT          5.000   8/24/2012      EUR     73.01
LB BADEN-WUERTT          5.000   8/24/2012      EUR     47.41
LB BADEN-WUERTT          5.000   8/24/2012      EUR     52.56
LB BADEN-WUERTT          7.500   8/24/2012      EUR     72.64
LB BADEN-WUERTT          5.000   8/24/2012      EUR     67.36
LB BADEN-WUERTT          7.500   8/24/2012      EUR     60.72
LB BADEN-WUERTT          5.000   8/24/2012      EUR     59.93
LB BADEN-WUERTT          4.000   8/24/2012      EUR     35.38
LB BADEN-WUERTT          5.000   8/24/2012      EUR     70.68
LB BADEN-WUERTT          5.000   8/24/2012      EUR     51.81
LB BADEN-WUERTT          5.000   8/24/2012      EUR     71.11
LB BADEN-WUERTT          5.000   8/24/2012      EUR     48.32
LB BADEN-WUERTT          6.000   8/24/2012      EUR     50.51
LB BADEN-WUERTT          6.000   8/24/2012      EUR     73.04
LB BADEN-WUERTT          6.000   8/24/2012      EUR     73.05
LB BADEN-WUERTT          7.500   8/24/2012      EUR     61.65
LB BADEN-WUERTT          7.500   8/24/2012      EUR     46.20
LB BADEN-WUERTT          7.500   8/24/2012      EUR     73.51
LB BADEN-WUERTT          7.500   8/24/2012      EUR     61.85
LB BADEN-WUERTT          7.500   8/24/2012      EUR     69.09
LB BADEN-WUERTT          7.500   8/24/2012      EUR     74.02
LB BADEN-WUERTT          8.000   8/24/2012      EUR     65.31
LB BADEN-WUERTT          8.000   8/24/2012      EUR     55.59
LB BADEN-WUERTT          8.000   8/24/2012      EUR     70.01
LB BADEN-WUERTT          8.000   8/24/2012      EUR     46.10
LB BADEN-WUERTT          8.000   8/24/2012      EUR     68.53
LB BADEN-WUERTT          8.000   8/24/2012      EUR     65.28
LB BADEN-WUERTT          8.000   8/24/2012      EUR     71.96
LB BADEN-WUERTT          8.000   8/24/2012      EUR     28.84
LB BADEN-WUERTT          8.000   8/24/2012      EUR     66.11
LB BADEN-WUERTT          8.000   8/24/2012      EUR     73.44
LB BADEN-WUERTT          8.000   8/24/2012      EUR     55.00
LB BADEN-WUERTT          8.000   8/24/2012      EUR     71.05
LB BADEN-WUERTT          8.000   8/24/2012      EUR     28.22
LB BADEN-WUERTT         10.000   8/24/2012      EUR     41.74
LB BADEN-WUERTT         10.000   8/24/2012      EUR     73.36
LB BADEN-WUERTT         10.000   8/24/2012      EUR     56.34
LB BADEN-WUERTT          4.000   9/28/2012      EUR     63.09
LB BADEN-WUERTT          4.000   9/28/2012      EUR     62.77
LB BADEN-WUERTT          4.000   9/28/2012      EUR     43.57
LB BADEN-WUERTT          4.000   9/28/2012      EUR     67.44
LB BADEN-WUERTT          5.000   9/28/2012      EUR     74.54
LB BADEN-WUERTT          4.000   9/28/2012      EUR     40.75
LB BADEN-WUERTT          5.000   9/28/2012      EUR     59.26
LB BADEN-WUERTT          6.000   9/28/2012      EUR     73.02
LB BADEN-WUERTT          6.000   9/28/2012      EUR     54.44
LB BADEN-WUERTT          6.000   9/28/2012      EUR     37.94
LB BADEN-WUERTT          6.000   9/28/2012      EUR     35.10
LB BADEN-WUERTT          6.000   9/28/2012      EUR     53.35
LB BADEN-WUERTT          6.000   9/28/2012      EUR     21.62
LB BADEN-WUERTT          7.500   9/28/2012      EUR     54.22
LB BADEN-WUERTT          6.000   9/28/2012      EUR     58.57
LB BADEN-WUERTT          7.000   9/28/2012      EUR     69.76
LB BADEN-WUERTT          8.000   9/28/2012      EUR     19.35
LB BADEN-WUERTT          8.000   9/28/2012      EUR     47.19
LB BADEN-WUERTT          8.000   9/28/2012      EUR     52.96
LB BADEN-WUERTT          8.000   9/28/2012      EUR     32.21
LB BADEN-WUERTT          8.000   9/28/2012      EUR     63.24
LB BADEN-WUERTT          8.000   9/28/2012      EUR     49.51
LB BADEN-WUERTT          8.000   9/28/2012      EUR     34.48
LB BADEN-WUERTT         10.000   9/28/2012      EUR     50.06
LB BADEN-WUERTT          4.000   9/28/2012      EUR     25.87
LB BADEN-WUERTT         10.000  10/26/2012      EUR     33.09
LB BADEN-WUERTT         10.000  10/26/2012      EUR      7.77
LB BADEN-WUERTT         10.000  10/26/2012      EUR     45.35
LB BADEN-WUERTT         10.000  10/26/2012      EUR     69.23
LB BADEN-WUERTT         10.000  10/26/2012      EUR     41.80
LB BADEN-WUERTT         10.000  10/26/2012      EUR     48.69
LB BADEN-WUERTT         10.000  10/26/2012      EUR     71.99
LB BADEN-WUERTT         10.000  10/26/2012      EUR     16.18
LB BADEN-WUERTT         10.000  10/26/2012      EUR     67.23
LB BADEN-WUERTT          7.500  10/26/2012      EUR     52.62
LB BADEN-WUERTT          7.500  10/26/2012      EUR     46.63
LB BADEN-WUERTT          7.500  10/26/2012      EUR     49.19
LB BADEN-WUERTT          7.500  10/26/2012      EUR     17.00
LB BADEN-WUERTT          7.500  10/26/2012      EUR     35.62
LB BADEN-WUERTT          7.500  10/26/2012      EUR     73.41
LB BADEN-WUERTT          7.500  10/26/2012      EUR      7.99
LB BADEN-WUERTT          5.000  10/26/2012      EUR     59.25
LB BADEN-WUERTT          5.000  10/26/2012      EUR     18.69
LB BADEN-WUERTT          5.000  10/26/2012      EUR      8.11
LB BADEN-WUERTT          5.000  10/26/2012      EUR     40.82
LB BADEN-WUERTT          5.000  10/26/2012      EUR     55.20
LB BADEN-WUERTT         10.000  10/26/2012      EUR     70.78
LB BADEN-WUERTT          5.000  10/26/2012      EUR     55.08
LB BADEN-WUERTT          7.500  11/23/2012      EUR     34.11
LB BADEN-WUERTT          7.500  11/23/2012      EUR     69.87
LB BADEN-WUERTT          7.500  11/23/2012      EUR     41.69
LB BADEN-WUERTT          7.500  11/23/2012      EUR     17.65
LB BADEN-WUERTT          7.500  11/23/2012      EUR     69.97
LB BADEN-WUERTT          7.500  11/23/2012      EUR     48.72
LB BADEN-WUERTT         10.000  11/23/2012      EUR     61.88
LB BADEN-WUERTT         10.000  11/23/2012      EUR     63.55
LB BADEN-WUERTT         10.000  11/23/2012      EUR     16.98
LB BADEN-WUERTT         10.000  11/23/2012      EUR     72.53
LB BADEN-WUERTT         10.000  11/23/2012      EUR     54.10
LB BADEN-WUERTT         10.000  11/23/2012      EUR     73.49
LB BADEN-WUERTT         10.000  11/23/2012      EUR     66.22
LB BADEN-WUERTT          7.500  11/23/2012      EUR     60.65
LB BADEN-WUERTT         10.000  11/23/2012      EUR     45.16
LB BADEN-WUERTT         10.000  11/23/2012      EUR     61.05
LB BADEN-WUERTT         10.000  11/23/2012      EUR     38.28
LB BADEN-WUERTT         10.000  11/23/2012      EUR     31.63
LB BADEN-WUERTT         10.000  11/23/2012      EUR     73.67
LB BADEN-WUERTT         10.000  11/23/2012      EUR     44.94
LB BADEN-WUERTT         15.000  11/23/2012      EUR     54.26
LB BADEN-WUERTT         10.000  11/23/2012      EUR     65.82
LB BADEN-WUERTT          5.000  11/23/2012      EUR     54.92
LB BADEN-WUERTT          5.000  11/23/2012      EUR     70.81
LB BADEN-WUERTT          5.000  11/23/2012      EUR     38.33
LB BADEN-WUERTT          5.000  11/23/2012      EUR     47.98
LB BADEN-WUERTT          5.000  11/23/2012      EUR     18.95
LB BADEN-WUERTT          5.000  11/23/2012      EUR     53.52
LB BADEN-WUERTT          7.500  11/23/2012      EUR     71.32
LB BADEN-WUERTT          7.500  11/23/2012      EUR     72.19
LB BADEN-WUERTT          7.500  11/23/2012      EUR     48.76
LB BADEN-WUERTT          7.500  11/23/2012      EUR     67.22
LB BADEN-WUERTT          5.000    1/4/2013      EUR     66.41
LB BADEN-WUERTT          5.000    1/4/2013      EUR     50.25
LB BADEN-WUERTT          7.500    1/4/2013      EUR     18.17
LB BADEN-WUERTT          7.500    1/4/2013      EUR     45.63
LB BADEN-WUERTT         10.000    1/4/2013      EUR     46.84
LB BADEN-WUERTT          7.500    1/4/2013      EUR     47.29
LB BADEN-WUERTT         10.000    1/4/2013      EUR     18.01
LB BADEN-WUERTT         10.000    1/4/2013      EUR     63.94
LB BADEN-WUERTT         10.000    1/4/2013      EUR     72.63
LB BADEN-WUERTT         10.000    1/4/2013      EUR     66.93
LB BADEN-WUERTT         10.000    1/4/2013      EUR     54.32
LB BADEN-WUERTT         10.000    1/4/2013      EUR     43.35
LB BADEN-WUERTT         10.000    1/4/2013      EUR     39.86
LB BADEN-WUERTT         10.000    1/4/2013      EUR     74.07
LB BADEN-WUERTT         10.000    1/4/2013      EUR     52.67
LB BADEN-WUERTT         10.000    1/4/2013      EUR     74.61
LB BADEN-WUERTT          7.500    1/4/2013      EUR     72.44
LB BADEN-WUERTT          7.500    1/4/2013      EUR     51.46
LB BADEN-WUERTT          5.000    1/4/2013      EUR     48.00
LB BADEN-WUERTT          5.000    1/4/2013      EUR     52.80
LB BADEN-WUERTT          7.500    1/4/2013      EUR     42.17
LB BADEN-WUERTT          5.000    1/4/2013      EUR     19.42
LB BADEN-WUERTT          7.500    1/4/2013      EUR     69.01
LB BADEN-WUERTT          7.500    1/4/2013      EUR     58.06
LB BADEN-WUERTT          5.000    1/4/2013      EUR     44.42
LB BADEN-WUERTT         10.000   1/25/2013      EUR     68.42
LB BADEN-WUERTT         10.000   1/25/2013      EUR     55.06
LB BADEN-WUERTT         10.000   1/25/2013      EUR     60.64
LB BADEN-WUERTT          5.000   1/25/2013      EUR     71.06
LB BADEN-WUERTT          5.000   1/25/2013      EUR     70.21
LB BADEN-WUERTT          5.000   1/25/2013      EUR     25.64
LB BADEN-WUERTT         10.000   1/25/2013      EUR     74.53
LB BADEN-WUERTT          7.500   1/25/2013      EUR     72.42
LB BADEN-WUERTT         10.000   1/25/2013      EUR     73.83
LB BADEN-WUERTT         10.000   1/25/2013      EUR     68.29
LB BADEN-WUERTT         10.000   1/25/2013      EUR     22.95
LB BADEN-WUERTT         10.000   1/25/2013      EUR     74.56
LB BADEN-WUERTT          7.500   1/25/2013      EUR     67.28
LB BADEN-WUERTT          7.500   1/25/2013      EUR     73.04
LB BADEN-WUERTT          7.500   1/25/2013      EUR     73.93
LB BADEN-WUERTT          7.500   1/25/2013      EUR     60.26
LB BADEN-WUERTT          7.500   1/25/2013      EUR     23.75
LB BADEN-WUERTT         11.000   2/22/2013      EUR     73.74
LB BADEN-WUERTT         15.000   2/22/2013      EUR     67.43
LB BADEN-WUERTT         15.000   2/22/2013      EUR     60.81
LB BADEN-WUERTT         10.000   2/22/2013      EUR     69.41
LB BADEN-WUERTT          8.000   3/22/2013      EUR     52.60
LB BADEN-WUERTT         10.000   3/22/2013      EUR     51.55
LB BADEN-WUERTT         12.000   3/22/2013      EUR     74.01
LB BADEN-WUERTT         15.000   3/22/2013      EUR     49.80
LB BADEN-WUERTT         12.000   3/22/2013      EUR     71.39
LB BADEN-WUERTT          7.500   6/28/2013      EUR     56.24
LB BADEN-WUERTT          9.000   6/28/2013      EUR     53.73
LB BADEN-WUERTT         10.000   6/28/2013      EUR     73.32
LB BADEN-WUERTT         10.000   6/28/2013      EUR     53.51
LB BADEN-WUERTT         10.000   6/28/2013      EUR     69.36
LB BADEN-WUERTT         11.000   6/28/2013      EUR     53.31
LB BADEN-WUERTT          7.500   6/28/2013      EUR     68.34
LB BADEN-WUERTT          7.000   6/28/2013      EUR     55.75
LB BADEN-WUERTT          5.000   6/28/2013      EUR     61.86
LB BADEN-WUERTT          5.000   6/28/2013      EUR     68.46
LB BADEN-WUERTT          8.000   7/26/2013      EUR     58.46
LB BADEN-WUERTT          7.000   7/26/2013      EUR     60.49
LB BADEN-WUERTT          9.000   7/26/2013      EUR     58.07
LB BADEN-WUERTT          7.000   8/23/2013      EUR     74.84
LB BADEN-WUERTT         12.000   8/23/2013      EUR     55.68
LB BADEN-WUERTT          8.000   8/23/2013      EUR     58.76
LB BADEN-WUERTT          9.000   8/23/2013      EUR     72.86
LB BADEN-WUERTT         10.000   8/23/2013      EUR     56.96
LB BADEN-WUERTT         11.000   9/27/2013      EUR     56.45
LB BADEN-WUERTT          7.000   9/27/2013      EUR     57.93
LB BADEN-WUERTT          9.000   9/27/2013      EUR     56.39
LB BADEN-WUERTT          8.000  11/22/2013      EUR     73.74
LB BADEN-WUERTT         10.000  11/22/2013      EUR     72.68
LB BADEN-WUERTT          5.250  10/20/2015      EUR     25.46
LB BADEN-WUERTT          2.800   2/23/2037      JPY     57.78
MACQUARIE STRUCT         8.500    7/6/2012      EUR     69.22
MACQUARIE STRUCT         9.000   9/28/2012      EUR     50.41
MACQUARIE STRUCT         9.250   9/28/2012      EUR     69.18
MACQUARIE STRUCT         9.750   9/28/2012      EUR     41.29
MACQUARIE STRUCT        10.750   9/28/2012      EUR     70.86
MACQUARIE STRUCT        11.500   9/28/2012      EUR     41.01
MACQUARIE STRUCT        12.750   9/28/2012      EUR     69.38
MACQUARIE STRUCT        16.000   9/28/2012      EUR     67.56
MACQUARIE STRUCT        10.000   9/28/2012      EUR     67.98
MACQUARIE STRUCT        18.000  12/14/2012      EUR     60.13
MACQUARIE STRUCT        13.250    1/2/2013      EUR     73.25
MACQUARIE STRUCT        16.500    1/2/2013      EUR     74.29
PRAKTIKER BAU-UN         5.875   2/10/2016      EUR     35.00
Q-CELLS                  6.750  10/21/2015      EUR      0.51
RENTENBANK               0.500   3/15/2017      TRY     70.90
RENTENBANK               0.500   4/19/2017      TRY     70.61
SOLARWORLD AG            6.375   7/13/2016      EUR     33.01
SOLARWORLD AG            6.125   1/21/2017      EUR     29.02
SOLON AG SOLAR           1.375   12/6/2012      EUR      0.84
TAG IMMO AG              6.500  12/10/2015      EUR      8.61
TUI AG                   5.500  11/17/2014      EUR     60.34
TUI AG                   2.750   3/24/2016      EUR     48.46
VONTOBEL FIN PRO        11.514    7/6/2012      EUR     51.80
VONTOBEL FIN PRO        10.860    7/6/2012      EUR     67.00
VONTOBEL FIN PRO        10.860   7/13/2012      EUR     69.60
VONTOBEL FIN PRO        11.061   7/13/2012      EUR     61.60
VONTOBEL FIN PRO        10.860   7/20/2012      EUR     40.80
VONTOBEL FIN PRO        11.665   7/20/2012      EUR     66.70
VONTOBEL FIN PRO        11.061   7/20/2012      EUR     62.40
VONTOBEL FIN PRO        11.073   7/27/2012      EUR     73.60
VONTOBEL FIN PRO        10.559   7/27/2012      EUR     71.90
VONTOBEL FIN PRO        11.564   7/27/2012      EUR     60.20
VONTOBEL FIN PRO        11.850    8/3/2012      EUR     70.20
VONTOBEL FIN PRO        11.564   8/10/2012      EUR     68.90
VONTOBEL FIN PRO        26.950   8/24/2012      EUR     65.48
VONTOBEL FIN PRO        12.200   8/24/2012      EUR     61.14
VONTOBEL FIN PRO        10.900   8/24/2012      EUR     64.38
VONTOBEL FIN PRO         8.700   8/24/2012      EUR     69.84
VONTOBEL FIN PRO         8.550   8/24/2012      EUR     60.80
VONTOBEL FIN PRO        11.250   9/28/2012      EUR     66.12
VONTOBEL FIN PRO        16.850   9/28/2012      EUR     62.02
VONTOBEL FIN PRO        16.900   9/28/2012      EUR     64.96
VONTOBEL FIN PRO        11.200   9/28/2012      EUR     74.88
VONTOBEL FIN PRO        11.100   9/28/2012      EUR     63.74
VONTOBEL FIN PRO        11.050   9/28/2012      EUR     69.72
VONTOBEL FIN PRO        10.900   9/28/2012      EUR     74.38
VONTOBEL FIN PRO        10.850   9/28/2012      EUR     54.02
VONTOBEL FIN PRO        10.650   9/28/2012      EUR     53.84
VONTOBEL FIN PRO        17.100   9/28/2012      EUR     45.06
VONTOBEL FIN PRO        10.600   9/28/2012      EUR     61.68
VONTOBEL FIN PRO        10.600   9/28/2012      EUR     49.38
VONTOBEL FIN PRO        10.400   9/28/2012      EUR     73.02
VONTOBEL FIN PRO         9.950   9/28/2012      EUR     74.72
VONTOBEL FIN PRO         9.900   9/28/2012      EUR     70.32
VONTOBEL FIN PRO         9.700   9/28/2012      EUR     69.70
VONTOBEL FIN PRO         9.400   9/28/2012      EUR     54.81
VONTOBEL FIN PRO         9.350   9/28/2012      EUR     66.58
VONTOBEL FIN PRO        16.850   9/28/2012      EUR     65.84
VONTOBEL FIN PRO        17.150   9/28/2012      EUR     66.22
VONTOBEL FIN PRO        17.450   9/28/2012      EUR     74.24
VONTOBEL FIN PRO        17.600   9/28/2012      EUR     72.88
VONTOBEL FIN PRO        17.750   9/28/2012      EUR     74.90
VONTOBEL FIN PRO        18.100   9/28/2012      EUR     44.66
VONTOBEL FIN PRO        18.800   9/28/2012      EUR     62.22
VONTOBEL FIN PRO        18.900   9/28/2012      EUR     66.26
VONTOBEL FIN PRO        19.000   9/28/2012      EUR     36.74
VONTOBEL FIN PRO        19.250   9/28/2012      EUR     42.92
VONTOBEL FIN PRO        19.600   9/28/2012      EUR     69.88
VONTOBEL FIN PRO        19.900   9/28/2012      EUR     73.36
VONTOBEL FIN PRO        20.000   9/28/2012      EUR     67.26
VONTOBEL FIN PRO        20.400   9/28/2012      EUR     58.66
VONTOBEL FIN PRO         9.300   9/28/2012      EUR     63.14
VONTOBEL FIN PRO         9.030   9/28/2012      EUR     73.78
VONTOBEL FIN PRO         8.250   9/28/2012      EUR     61.48
VONTOBEL FIN PRO         8.200   9/28/2012      EUR     73.46
VONTOBEL FIN PRO        20.750   9/28/2012      EUR     66.24
VONTOBEL FIN PRO        20.950   9/28/2012      EUR     54.32
VONTOBEL FIN PRO        21.200   9/28/2012      EUR     70.22
VONTOBEL FIN PRO         8.200   9/28/2012      EUR     42.52
VONTOBEL FIN PRO         7.950   9/28/2012      EUR     72.06
VONTOBEL FIN PRO         7.900   9/28/2012      EUR     71.16
VONTOBEL FIN PRO         7.350   9/28/2012      EUR     61.96
VONTOBEL FIN PRO         6.300   9/28/2012      EUR     67.04
VONTOBEL FIN PRO        21.350   9/28/2012      EUR     48.90
VONTOBEL FIN PRO        21.500   9/28/2012      EUR     54.50
VONTOBEL FIN PRO        21.550   9/28/2012      EUR     41.14
VONTOBEL FIN PRO        21.550   9/28/2012      EUR     64.32
VONTOBEL FIN PRO        21.900   9/28/2012      EUR     73.84
VONTOBEL FIN PRO        23.300   9/28/2012      EUR     62.10
VONTOBEL FIN PRO        23.450   9/28/2012      EUR     73.02
VONTOBEL FIN PRO        25.700   9/28/2012      EUR     40.00
VONTOBEL FIN PRO        27.550   9/28/2012      EUR     47.46
VONTOBEL FIN PRO        28.700   9/28/2012      EUR     56.06
VONTOBEL FIN PRO        28.900   9/28/2012      EUR     47.78
VONTOBEL FIN PRO        25.050   9/28/2012      EUR     67.72
VONTOBEL FIN PRO        16.800   9/28/2012      EUR     72.20
VONTOBEL FIN PRO        16.400   9/28/2012      EUR     66.72
VONTOBEL FIN PRO        16.350   9/28/2012      EUR     74.20
VONTOBEL FIN PRO        16.200   9/28/2012      EUR     59.22
VONTOBEL FIN PRO        16.000   9/28/2012      EUR     61.60
VONTOBEL FIN PRO        15.700   9/28/2012      EUR     56.68
VONTOBEL FIN PRO        15.650   9/28/2012      EUR     69.04
VONTOBEL FIN PRO        15.550   9/28/2012      EUR     72.44
VONTOBEL FIN PRO        15.250   9/28/2012      EUR     74.14
VONTOBEL FIN PRO        15.150   9/28/2012      EUR     70.10
VONTOBEL FIN PRO        15.000   9/28/2012      EUR     67.78
VONTOBEL FIN PRO        14.900   9/28/2012      EUR     54.74
VONTOBEL FIN PRO        14.600   9/28/2012      EUR     52.46
VONTOBEL FIN PRO        14.550   9/28/2012      EUR     43.96
VONTOBEL FIN PRO        14.500   9/28/2012      EUR     59.70
VONTOBEL FIN PRO        14.450   9/28/2012      EUR     70.74
VONTOBEL FIN PRO        14.200   9/28/2012      EUR     66.48
VONTOBEL FIN PRO        14.150   9/28/2012      EUR     71.22
VONTOBEL FIN PRO        14.150   9/28/2012      EUR     49.56
VONTOBEL FIN PRO        13.950   9/28/2012      EUR     50.28
VONTOBEL FIN PRO        13.100   9/28/2012      EUR     73.38
VONTOBEL FIN PRO        12.800   9/28/2012      EUR     62.96
VONTOBEL FIN PRO        12.600   9/28/2012      EUR     70.82
VONTOBEL FIN PRO        12.350   9/28/2012      EUR     51.54
VONTOBEL FIN PRO        11.900   9/28/2012      EUR     72.00
VONTOBEL FIN PRO        11.900   9/28/2012      EUR     70.26
VONTOBEL FIN PRO        11.550   9/28/2012      EUR     42.18
VONTOBEL FIN PRO         5.006  12/28/2012      EUR     51.46
VONTOBEL FIN PRO        15.250  12/31/2012      EUR     70.82
VONTOBEL FIN PRO        28.250  12/31/2012      EUR     47.38
VONTOBEL FIN PRO        27.600  12/31/2012      EUR     49.58
VONTOBEL FIN PRO        26.050  12/31/2012      EUR     73.88
VONTOBEL FIN PRO        24.900  12/31/2012      EUR     59.52
VONTOBEL FIN PRO        24.700  12/31/2012      EUR     51.42
VONTOBEL FIN PRO        21.200  12/31/2012      EUR     48.28
VONTOBEL FIN PRO        19.850  12/31/2012      EUR     66.34
VONTOBEL FIN PRO        18.900  12/31/2012      EUR     45.00
VONTOBEL FIN PRO        18.850  12/31/2012      EUR     56.58
VONTOBEL FIN PRO        18.450  12/31/2012      EUR     68.24
VONTOBEL FIN PRO        17.100  12/31/2012      EUR     55.64
VONTOBEL FIN PRO        17.050  12/31/2012      EUR     46.30
VONTOBEL FIN PRO        16.950  12/31/2012      EUR     47.54
VONTOBEL FIN PRO        16.850  12/31/2012      EUR     55.00
VONTOBEL FIN PRO        16.700  12/31/2012      EUR     70.04
VONTOBEL FIN PRO        16.350  12/31/2012      EUR     61.58
VONTOBEL FIN PRO        16.150  12/31/2012      EUR     64.36
VONTOBEL FIN PRO        15.650  12/31/2012      EUR     72.74
VONTOBEL FIN PRO        15.250  12/31/2012      EUR     47.88
VONTOBEL FIN PRO        14.950  12/31/2012      EUR     71.76
VONTOBEL FIN PRO        14.750  12/31/2012      EUR     65.20
VONTOBEL FIN PRO        14.550  12/31/2012      EUR     68.02
VONTOBEL FIN PRO        14.550  12/31/2012      EUR     74.70
VONTOBEL FIN PRO        14.450  12/31/2012      EUR     68.72
VONTOBEL FIN PRO        14.300  12/31/2012      EUR     72.62
VONTOBEL FIN PRO        14.300  12/31/2012      EUR     40.88
VONTOBEL FIN PRO        14.100  12/31/2012      EUR     64.94
VONTOBEL FIN PRO        14.000  12/31/2012      EUR     62.26
VONTOBEL FIN PRO        13.600  12/31/2012      EUR     71.76
VONTOBEL FIN PRO        13.550  12/31/2012      EUR     60.94
VONTOBEL FIN PRO        13.500  12/31/2012      EUR     49.78
VONTOBEL FIN PRO        13.250  12/31/2012      EUR     69.50
VONTOBEL FIN PRO        13.150  12/31/2012      EUR     56.12
VONTOBEL FIN PRO        13.050  12/31/2012      EUR     59.40
VONTOBEL FIN PRO        12.900  12/31/2012      EUR     65.50
VONTOBEL FIN PRO        12.800  12/31/2012      EUR     67.36
VONTOBEL FIN PRO        12.650  12/31/2012      EUR     46.12
VONTOBEL FIN PRO        12.650  12/31/2012      EUR     52.28
VONTOBEL FIN PRO        12.550  12/31/2012      EUR     69.12
VONTOBEL FIN PRO        12.550  12/31/2012      EUR     60.54
VONTOBEL FIN PRO        12.250  12/31/2012      EUR     59.32
VONTOBEL FIN PRO        12.000  12/31/2012      EUR     64.98
VONTOBEL FIN PRO        11.950  12/31/2012      EUR     64.12
VONTOBEL FIN PRO        11.900  12/31/2012      EUR     74.28
VONTOBEL FIN PRO        11.850  12/31/2012      EUR     56.66
VONTOBEL FIN PRO        11.800  12/31/2012      EUR     72.44
VONTOBEL FIN PRO        11.750  12/31/2012      EUR     67.22
VONTOBEL FIN PRO        11.700  12/31/2012      EUR     64.16
VONTOBEL FIN PRO        11.450  12/31/2012      EUR     44.44
VONTOBEL FIN PRO        11.400  12/31/2012      EUR     64.30
VONTOBEL FIN PRO        11.400  12/31/2012      EUR     72.64
VONTOBEL FIN PRO        11.000  12/31/2012      EUR     73.92
VONTOBEL FIN PRO        11.000  12/31/2012      EUR     55.12
VONTOBEL FIN PRO        10.500  12/31/2012      EUR     44.54
VONTOBEL FIN PRO        10.350  12/31/2012      EUR     70.26
VONTOBEL FIN PRO        10.200  12/31/2012      EUR     75.00
VONTOBEL FIN PRO        10.050  12/31/2012      EUR     51.46
VONTOBEL FIN PRO         9.900  12/31/2012      EUR     73.60
VONTOBEL FIN PRO         9.850  12/31/2012      EUR     65.82
VONTOBEL FIN PRO         9.800  12/31/2012      EUR     65.80
VONTOBEL FIN PRO         9.650  12/31/2012      EUR     54.46
VONTOBEL FIN PRO         9.400  12/31/2012      EUR     70.00
VONTOBEL FIN PRO         9.400  12/31/2012      EUR     73.30
VONTOBEL FIN PRO         9.350  12/31/2012      EUR     73.08
VONTOBEL FIN PRO         9.250  12/31/2012      EUR     52.54
VONTOBEL FIN PRO         8.950  12/31/2012      EUR     63.62
VONTOBEL FIN PRO         8.800  12/31/2012      EUR     62.38
VONTOBEL FIN PRO         8.650  12/31/2012      EUR     74.28
VONTOBEL FIN PRO         8.050  12/31/2012      EUR     73.40
VONTOBEL FIN PRO         7.850  12/31/2012      EUR     63.26
VONTOBEL FIN PRO         7.400  12/31/2012      EUR     43.34
VONTOBEL FIN PRO         7.100  12/31/2012      EUR     69.40
VONTOBEL FIN PRO         6.150  12/31/2012      EUR     68.14
VONTOBEL FIN PRO        13.650    3/1/2013      EUR     66.00
VONTOBEL FIN PRO        10.100    3/8/2013      EUR     62.60
VONTOBEL FIN PRO        10.750   3/22/2013      EUR     72.40
VONTOBEL FIN PRO        10.700   3/22/2013      EUR     72.60
VONTOBEL FIN PRO        10.350   3/22/2013      EUR     74.00
VONTOBEL FIN PRO        16.850   3/22/2013      EUR     64.34
VONTOBEL FIN PRO        10.300   3/22/2013      EUR     55.98
VONTOBEL FIN PRO         9.950   3/22/2013      EUR     74.56
VONTOBEL FIN PRO        14.000   3/22/2013      EUR     52.42
VONTOBEL FIN PRO        12.200   3/22/2013      EUR     69.78
VONTOBEL FIN PRO        13.150   3/22/2013      EUR     68.14
VONTOBEL FIN PRO        13.700   3/22/2013      EUR     67.78
VONTOBEL FIN PRO        20.900   3/22/2013      EUR     65.62
VONTOBEL FIN PRO         8.600   3/22/2013      EUR     69.86
VONTOBEL FIN PRO        11.150   3/22/2013      EUR     59.16
VONTOBEL FIN PRO         9.350   3/22/2013      EUR     71.68
VONTOBEL FIN PRO        18.350   3/22/2013      EUR     70.80
VONTOBEL FIN PRO        12.000   3/22/2013      EUR     70.40
VONTOBEL FIN PRO        10.750   3/22/2013      EUR     69.48
VONTOBEL FIN PRO        18.500   3/22/2013      EUR     63.16
VONTOBEL FIN PRO         6.750   3/22/2013      EUR     66.68
VONTOBEL FIN PRO         8.850   3/22/2013      EUR     62.40
VONTOBEL FIN PRO        14.050   3/22/2013      EUR     73.16
VONTOBEL FIN PRO        11.850   3/22/2013      EUR     45.98
VONTOBEL FIN PRO         8.550   3/22/2013      EUR     48.62
VONTOBEL FIN PRO        14.500   3/22/2013      EUR     43.84
VONTOBEL FIN PRO        14.550   3/22/2013      EUR     73.50
VONTOBEL FIN PRO        15.250   3/22/2013      EUR     65.88
VONTOBEL FIN PRO        16.300   3/22/2013      EUR     74.72
VONTOBEL FIN PRO        16.850   3/22/2013      EUR     69.58
VONTOBEL FIN PRO         4.000   6/28/2013      EUR     42.26
VONTOBEL FIN PRO         8.000   6/28/2013      EUR     73.62
VONTOBEL FIN PRO         6.000   6/28/2013      EUR     49.78
VONTOBEL FIN PRO         7.389  11/25/2013      EUR     33.40
VONTOBEL FIN PRO         5.474   3/17/2014      EUR     71.80
VONTOBEL FIN PRO         5.100   4/14/2014      EUR     35.90
WESTLB AG                6.750   7/30/2012      EUR     48.42
WESTLB AG                0.100   9/27/2012      EUR     43.97
WESTLB AG                0.100   9/27/2012      EUR     57.02
WESTLB AG               12.000   9/27/2012      EUR     64.75
WESTLB AG                0.065   9/27/2012      EUR     68.83
WESTLB AG                0.075   9/27/2012      EUR     72.06
WESTLB AG                0.075   9/27/2012      EUR     61.84
WESTLB AG                0.075   9/27/2012      EUR     71.13
WESTLB AG                0.075   9/27/2012      EUR     48.21
WESTLB AG                0.075   9/27/2012      EUR     72.81
WESTLB AG                0.100   9/27/2012      EUR     58.79
WESTLB AG               10.000   2/21/2013      EUR     73.89
WESTLB AG                9.500   2/21/2013      EUR     72.01
WGZ BANK                 6.250    7/6/2012      EUR     66.17
WGZ BANK                 6.000  12/20/2012      EUR     73.94
WGZ BANK                 7.000  12/20/2012      EUR     69.43
WGZ BANK                 8.000  12/20/2012      EUR     67.63
WGZ BANK                 8.000  12/21/2012      EUR     71.66
WGZ BANK                 7.000  12/21/2012      EUR     73.77
WGZ BANK                 5.000  12/28/2012      EUR     56.89
WGZ BANK                 7.000  12/28/2012      EUR     50.06
WGZ BANK                 6.000  12/28/2012      EUR     53.18
WGZ BANK                 4.000  12/28/2012      EUR     61.31
WGZ BANK                 8.000  12/28/2012      EUR     47.42
WGZ BANK                 7.000   2/26/2013      EUR     70.75

ICELAND
-------
EFG EUROBANK             6.010    1/9/2036      EUR     34.25
HELLENIC REPUB           4.625   6/25/2013      USD     28.50
HELLENIC REPUB           4.625   6/25/2013      EUR     24.00
HELLENIC REPUB           2.125    7/5/2013      CHF     37.63
HELLENIC REPUB           5.800   7/14/2015      JPY     19.38
HELLENIC REPUB           5.800   7/14/2015      JPY     24.00
HELLENIC REPUB           5.250    2/1/2016      JPY     19.88
HELLENIC REPUB           5.250    2/1/2016      JPY     24.00
HELLENIC REPUB           5.000   8/22/2016      JPY     24.00
HELLENIC REPUB           5.000   8/22/2016      JPY     21.25
HELLENIC REPUB           4.500   11/8/2016      JPY     30.38
HELLENIC REPUB           4.500    7/3/2017      JPY     28.50
HELLENIC REPUB           3.800    8/8/2017      JPY     28.25
HELLENIC REPUB           5.000   3/11/2019      EUR     24.00
HELLENIC REPUB           5.000   3/11/2019      EUR     24.00
HELLENIC REPUB           6.140   4/14/2028      EUR     24.00
HELLENIC REPUB           5.200   7/17/2034      EUR     24.00
NATL BK GREECE           3.875   10/7/2016      EUR     66.05
YIOULA GLASSWORK         9.000   12/1/2015      EUR     45.75
YIOULA GLASSWORK         9.000   12/1/2015      EUR     45.31

GUERNSEY
--------
AMDOCS LIMITED           0.500   3/15/2024      USD     75.00
BCV GUERNSEY             9.030   7/13/2012      EUR     67.85
BCV GUERNSEY             8.020    3/1/2013      EUR     53.19
BKB FINANCE              6.520    7/6/2012      EUR     69.39
BKB FINANCE              6.250   7/12/2012      CHF     71.98
BKB FINANCE              6.300   7/12/2012      CHF     64.61
BKB FINANCE              9.050    8/9/2012      CHF     50.13
BKB FINANCE              8.900   9/27/2012      CHF     55.42
BKB FINANCE             11.400   11/8/2012      CHF     70.13
BKB FINANCE              8.350   1/14/2013      CHF     46.26
EFG FINANCIAL PR         9.300    7/6/2012      CHF     53.99
EFG FINANCIAL PR        12.750   7/12/2012      EUR     73.03
EFG FINANCIAL PR         6.000   7/13/2012      EUR     71.22
EFG FINANCIAL PR        10.830   7/20/2012      CHF     69.96
EFG FINANCIAL PR         9.770   7/23/2012      EUR     57.76
EFG FINANCIAL PR         8.500   7/25/2012      CHF     73.13
EFG FINANCIAL PR        10.000   7/25/2012      CHF     56.75
EFG FINANCIAL PR        11.000   7/25/2012      CHF     60.01
EFG FINANCIAL PR        11.000   7/25/2012      CHF     12.45
EFG FINANCIAL PR        11.000   7/25/2012      EUR     66.70
EFG FINANCIAL PR        11.300   7/25/2012      CHF     59.14
EFG FINANCIAL PR        11.750   7/25/2012      EUR     66.66
EFG FINANCIAL PR        12.000   7/25/2012      GBP     60.41
EFG FINANCIAL PR        10.250   7/25/2012      CHF     39.18
EFG FINANCIAL PR         9.500   7/31/2012      CHF     74.46
EFG FINANCIAL PR        10.000   7/31/2012      CHF     44.92
EFG FINANCIAL PR        10.000   7/31/2012      CHF     74.75
EFG FINANCIAL PR        16.000   7/31/2012      EUR     72.23
EFG FINANCIAL PR        15.500   7/31/2012      GBP     66.61
EFG FINANCIAL PR        15.000   7/31/2012      CHF     66.08
EFG FINANCIAL PR        11.750   7/31/2012      CHF     45.40
EFG FINANCIAL PR        11.750   7/31/2012      CHF     45.55
EFG FINANCIAL PR        11.500   7/31/2012      EUR     58.92
EFG FINANCIAL PR         9.000    8/3/2012      CHF     70.12
EFG FINANCIAL PR         9.000    8/3/2012      CHF     52.36
EFG FINANCIAL PR         9.000    8/3/2012      CHF     56.74
EFG FINANCIAL PR        10.000    8/7/2012      CHF     45.18
EFG FINANCIAL PR         7.250    8/7/2012      CHF     73.07
EFG FINANCIAL PR        11.000    8/7/2012      CHF     25.20
EFG FINANCIAL PR        12.000    8/7/2012      CHF     67.10
EFG FINANCIAL PR        19.000    8/8/2012      USD     41.21
EFG FINANCIAL PR        12.800    8/9/2012      CHF     63.77
EFG FINANCIAL PR        13.000    8/9/2012      EUR     63.93
EFG FINANCIAL PR        12.600    8/9/2012      USD     64.10
EFG FINANCIAL PR         9.200   8/10/2012      CHF     67.34
EFG FINANCIAL PR        10.000   8/10/2012      CHF     66.59
EFG FINANCIAL PR        12.000   8/10/2012      EUR     72.49
EFG FINANCIAL PR        11.700   8/10/2012      USD     28.06
EFG FINANCIAL PR        12.800   8/10/2012      CHF     51.92
EFG FINANCIAL PR         3.850   8/13/2012      EUR     43.69
EFG FINANCIAL PR        15.000   8/14/2012      EUR     72.83
EFG FINANCIAL PR         8.500   8/14/2012      CHF     65.91
EFG FINANCIAL PR        11.000   8/14/2012      CHF     58.20
EFG FINANCIAL PR        12.500   8/14/2012      CHF     64.51
EFG FINANCIAL PR        12.750   8/14/2012      CHF     45.70
EFG FINANCIAL PR        13.000   8/14/2012      EUR     64.80
EFG FINANCIAL PR        13.250   8/14/2012      GBP     65.01
EFG FINANCIAL PR        13.750   8/14/2012      EUR     72.26
EFG FINANCIAL PR        14.000   8/14/2012      EUR     66.76
EFG FINANCIAL PR        19.600   8/16/2012      EUR     58.29
EFG FINANCIAL PR        12.000   8/16/2012      EUR     23.14
EFG FINANCIAL PR        11.600   8/17/2012      EUR     62.34
EFG FINANCIAL PR        11.800   8/17/2012      CHF     47.27
EFG FINANCIAL PR        14.750   8/24/2012      EUR     74.21
EFG FINANCIAL PR        14.000   8/24/2012      CHF     26.95
EFG FINANCIAL PR        12.500   8/24/2012      CHF     64.25
EFG FINANCIAL PR        12.250   8/24/2012      EUR     63.75
EFG FINANCIAL PR        13.000   8/24/2012      EUR     64.08
EFG FINANCIAL PR        22.000   8/24/2012      USD     19.61
EFG FINANCIAL PR         9.000   8/24/2012      CHF     73.30
EFG FINANCIAL PR        10.250   8/24/2012      CHF     72.01
EFG FINANCIAL PR        11.500   8/24/2012      CHF     44.23
EFG FINANCIAL PR        11.750   8/24/2012      CHF     56.43
EFG FINANCIAL PR        10.000   8/30/2012      EUR     56.47
EFG FINANCIAL PR        12.250   8/30/2012      USD     71.67
EFG FINANCIAL PR        10.260   8/31/2012      EUR     67.05
EFG FINANCIAL PR        12.000    9/3/2012      EUR     65.32
EFG FINANCIAL PR        10.500    9/3/2012      CHF     45.09
EFG FINANCIAL PR        12.250    9/3/2012      CHF     64.75
EFG FINANCIAL PR        12.200    9/3/2012      CHF     72.54
EFG FINANCIAL PR         9.500    9/4/2012      USD     36.09
EFG FINANCIAL PR         9.600    9/4/2012      USD     52.25
EFG FINANCIAL PR         7.000    9/7/2012      CHF     40.77
EFG FINANCIAL PR         8.500    9/7/2012      USD     26.65
EFG FINANCIAL PR         7.000    9/7/2012      EUR     55.15
EFG FINANCIAL PR         7.250    9/7/2012      EUR     63.04
EFG FINANCIAL PR         7.500   9/10/2012      CHF     73.27
EFG FINANCIAL PR        11.000   9/10/2012      EUR     64.67
EFG FINANCIAL PR         9.800   9/10/2012      AUD     66.14
EFG FINANCIAL PR         9.000   9/10/2012      CHF     45.41
EFG FINANCIAL PR        10.000   9/10/2012      EUR     65.10
EFG FINANCIAL PR        11.000   9/17/2012      USD     64.04
EFG FINANCIAL PR        10.000   9/21/2012      USD     52.12
EFG FINANCIAL PR        10.250   9/25/2012      CHF     65.89
EFG FINANCIAL PR        10.750   9/25/2012      CHF     53.57
EFG FINANCIAL PR        11.000   9/25/2012      USD     66.11
EFG FINANCIAL PR        11.250   9/25/2012      CHF     49.12
EFG FINANCIAL PR        11.250   9/25/2012      EUR     66.31
EFG FINANCIAL PR        12.000   9/25/2012      EUR     69.75
EFG FINANCIAL PR        10.000   10/1/2012      CHF     49.66
EFG FINANCIAL PR        10.620   10/3/2012      USD     27.44
EFG FINANCIAL PR         9.930   10/3/2012      EUR     27.26
EFG FINANCIAL PR        12.250  10/11/2012      EUR     72.93
EFG FINANCIAL PR        12.250  10/11/2012      EUR     61.44
EFG FINANCIAL PR        12.500  10/11/2012      CHF     49.85
EFG FINANCIAL PR        12.500  10/11/2012      GBP     61.42
EFG FINANCIAL PR        13.000  10/11/2012      EUR     74.22
EFG FINANCIAL PR        11.500  10/11/2012      CHF     60.93
EFG FINANCIAL PR        18.000  10/11/2012      EUR     55.28
EFG FINANCIAL PR        20.000  10/11/2012      CHF     18.54
EFG FINANCIAL PR         9.750  10/11/2012      CHF     73.23
EFG FINANCIAL PR        12.000  10/11/2012      USD     62.17
EFG FINANCIAL PR        17.250  10/12/2012      CHF     64.22
EFG FINANCIAL PR        12.000  10/19/2012      USD     51.25
EFG FINANCIAL PR        13.750  10/24/2012      USD     60.45
EFG FINANCIAL PR         6.250  10/25/2012      CHF     59.72
EFG FINANCIAL PR        12.000  10/26/2012      CHF     58.59
EFG FINANCIAL PR        13.250  10/26/2012      CHF     50.82
EFG FINANCIAL PR        13.250  10/26/2012      EUR     61.31
EFG FINANCIAL PR        15.000  10/26/2012      CHF     72.28
EFG FINANCIAL PR        16.750  10/26/2012      CHF     23.68
EFG FINANCIAL PR        21.000  10/26/2012      USD     20.04
EFG FINANCIAL PR        20.000  10/26/2012      CHF     19.69
EFG FINANCIAL PR        20.500  10/26/2012      EUR     19.98
EFG FINANCIAL PR        17.000  10/26/2012      EUR     39.10
EFG FINANCIAL PR        10.500  10/26/2012      CHF     73.19
EFG FINANCIAL PR        11.250  10/26/2012      CHF     50.16
EFG FINANCIAL PR         9.330  10/29/2012      USD     51.25
EFG FINANCIAL PR        13.080   11/5/2012      CHF     70.12
EFG FINANCIAL PR        11.050   11/8/2012      USD     59.70
EFG FINANCIAL PR         6.000  11/12/2012      EUR     48.28
EFG FINANCIAL PR         6.000  11/12/2012      CHF     46.79
EFG FINANCIAL PR        13.000  11/13/2012      CHF     18.07
EFG FINANCIAL PR        17.000  11/13/2012      EUR     46.51
EFG FINANCIAL PR        14.750  11/13/2012      CHF     73.93
EFG FINANCIAL PR        14.500  11/13/2012      EUR     61.55
EFG FINANCIAL PR        14.000  11/13/2012      USD     18.33
EFG FINANCIAL PR        10.500  11/13/2012      CHF     51.32
EFG FINANCIAL PR        10.500  11/13/2012      CHF     51.29
EFG FINANCIAL PR        12.000  11/13/2012      CHF     71.69
EFG FINANCIAL PR        12.250  11/13/2012      CHF     74.39
EFG FINANCIAL PR        12.500  11/13/2012      EUR     68.77
EFG FINANCIAL PR        12.750  11/13/2012      CHF     18.34
EFG FINANCIAL PR        12.750  11/13/2012      CHF     60.31
EFG FINANCIAL PR        13.000  11/13/2012      CHF     63.00
EFG FINANCIAL PR        11.600  11/19/2012      CHF     71.30
EFG FINANCIAL PR        12.830  11/19/2012      CHF     60.41
EFG FINANCIAL PR         7.000  11/20/2012      CHF     67.71
EFG FINANCIAL PR        11.500  11/20/2012      EUR     55.10
EFG FINANCIAL PR         9.500  11/20/2012      EUR     73.63
EFG FINANCIAL PR         9.400  11/20/2012      EUR     68.99
EFG FINANCIAL PR         8.400  11/20/2012      CHF     71.37
EFG FINANCIAL PR        14.800  11/20/2012      EUR     48.97
EFG FINANCIAL PR         8.300  11/20/2012      CHF     70.57
EFG FINANCIAL PR         8.000  11/20/2012      CHF     49.93
EFG FINANCIAL PR        14.500  11/27/2012      EUR     66.02
EFG FINANCIAL PR        16.000  11/27/2012      EUR     39.49
EFG FINANCIAL PR        11.250  11/27/2012      CHF     52.82
EFG FINANCIAL PR        14.500  11/27/2012      CHF     74.89
EFG FINANCIAL PR        12.250  11/27/2012      EUR     70.59
EFG FINANCIAL PR         9.250  11/27/2012      CHF     70.34
EFG FINANCIAL PR        13.250  11/27/2012      CHF     65.56
EFG FINANCIAL PR        14.500  11/27/2012      CHF     31.54
EFG FINANCIAL PR        10.000  11/27/2012      CHF     74.51
EFG FINANCIAL PR        10.500  11/27/2012      CHF     72.28
EFG FINANCIAL PR         9.750   12/3/2012      CHF     62.57
EFG FINANCIAL PR        14.000  12/14/2012      EUR     74.96
EFG FINANCIAL PR        17.500  12/14/2012      EUR     41.95
EFG FINANCIAL PR        14.250  12/14/2012      GBP     66.69
EFG FINANCIAL PR        14.250  12/14/2012      EUR     65.38
EFG FINANCIAL PR        12.750  12/14/2012      CHF     66.16
EFG FINANCIAL PR        11.000  12/14/2012      CHF     72.65
EFG FINANCIAL PR        10.250  12/14/2012      CHF     72.24
EFG FINANCIAL PR         8.500  12/14/2012      CHF     67.15
EFG FINANCIAL PR         8.000  12/14/2012      CHF     75.00
EFG FINANCIAL PR         9.300  12/21/2012      CHF     54.64
EFG FINANCIAL PR        12.600  12/21/2012      CHF     56.15
EFG FINANCIAL PR        10.900  12/21/2012      CHF     55.37
EFG FINANCIAL PR         8.830  12/28/2012      USD     52.43
EFG FINANCIAL PR        13.000   1/15/2013      CHF     72.27
EFG FINANCIAL PR        12.500   1/15/2013      CHF     48.78
EFG FINANCIAL PR        11.250   1/15/2013      GBP     70.11
EFG FINANCIAL PR         9.000   1/15/2013      CHF     45.51
EFG FINANCIAL PR        10.250   1/15/2013      CHF     21.69
EFG FINANCIAL PR         5.800   1/23/2013      CHF     58.24
EFG FINANCIAL PR        11.400   1/25/2013      EUR     74.90
EFG FINANCIAL PR        10.000    3/6/2013      USD     68.04
EFG FINANCIAL PR         6.750   3/11/2013      EUR     70.74
EFG FINANCIAL PR         7.500   3/18/2013      CHF     72.93
EFG FINANCIAL PR        10.750   3/19/2013      USD     69.60
EFG FINANCIAL PR        16.000   3/28/2013      CHF     74.95
EFG FINANCIAL PR        15.370    4/2/2013      USD     71.87
EFG FINANCIAL PR        14.500    4/2/2013      CHF     74.96
EFG FINANCIAL PR        10.500    4/4/2013      CHF     74.54
EFG FINANCIAL PR        16.000    4/4/2013      CHF     50.50
EFG FINANCIAL PR         7.000   4/19/2013      EUR     59.82
EFG FINANCIAL PR        12.000   4/26/2013      CHF     67.56
EFG FINANCIAL PR        10.000   5/16/2013      EUR     73.36
EFG FINANCIAL PR         6.500   8/27/2013      CHF     44.01
EFG FINANCIAL PR         8.400   9/30/2013      CHF     53.27
EFG FINANCIAL PR        19.000   10/3/2013      GBP     58.41
EFG FINANCIAL PR         8.160   4/25/2014      EUR     63.95
EFG FINANCIAL PR         5.850  10/14/2014      CHF     49.02
MARE BALTIC PCC          3.000  11/17/2014      DKK      1.00
MARE BALTIC PCC          3.000  11/17/2014      DKK     21.00
MARE BALTIC PCC          2.000   11/1/2015      DKK      0.01
MARE BALTIC PCC          2.000   11/1/2015      DKK      0.01
SARASIN CI LTD           6.000    6/9/2014      EUR     65.68
ZURCHER KANT FIN         8.548    7/6/2012      EUR     71.49
ZURCHER KANT FIN         9.754   7/13/2012      EUR     72.17
ZURCHER KANT FIN         8.000   7/13/2012      CHF     61.41
ZURCHER KANT FIN        12.067   7/13/2012      CHF     66.71
ZURCHER KANT FIN        14.078   7/13/2012      EUR     74.24
ZURCHER KANT FIN        11.000   7/13/2012      CHF     63.63
ZURCHER KANT FIN        10.250   7/19/2012      CHF     64.27
ZURCHER KANT FIN         9.250   11/9/2012      CHF     51.38
ZURCHER KANT FIN         7.340   4/16/2013      CHF     60.01

HUNGARY
-------
FHB MORTGAGE BAN         4.500   3/22/2022      EUR     64.00

ICELAND
-------
KAUPTHING                7.000   7/24/2009      ISK     26.75
KAUPTHING                6.500   10/8/2010      ISK     26.75
KAUPTHING                0.800   2/15/2011      EUR     26.75
KAUPTHING                5.800    9/7/2012      EUR     26.75
KAUPTHING                7.500   12/5/2014      ISK     26.75
KAUPTHING                6.400  12/15/2015      EUR     26.75
KAUPTHING BANK           5.500    2/2/2009      USD     26.75
KAUPTHING BANK           4.950    5/6/2009      EUR     26.75
KAUPTHING BANK           0.200   7/12/2009      JPY     26.75
KAUPTHING BANK           1.800  10/20/2009      JPY     26.75
KAUPTHING BANK           3.000   2/12/2010      CHF     26.75
KAUPTHING BANK           4.700   2/15/2010      CAD     26.75
KAUPTHING BANK           1.650    7/5/2010      JPY     26.75
KAUPTHING BANK           7.500   10/2/2010      EUR     26.75
KAUPTHING BANK           0.945  10/20/2010      JPY     26.75
KAUPTHING BANK           4.470  10/27/2010      EUR     26.75
KAUPTHING BANK           7.000    1/3/2011      EUR     26.75
KAUPTHING BANK           4.500   1/17/2011      EUR     26.75
KAUPTHING BANK           7.500    4/2/2011      EUR     26.75
KAUPTHING BANK           0.690   5/21/2011      JPY     26.75
KAUPTHING BANK           7.700   10/2/2011      EUR     26.75
KAUPTHING BANK           5.750   10/4/2011      USD     26.75
KAUPTHING BANK           5.750   10/4/2011      USD     26.75
KAUPTHING BANK           4.530   4/24/2012      EUR     26.75
KAUPTHING BANK           1.990    7/5/2012      JPY     26.75
KAUPTHING BANK           4.650   2/19/2013      EUR     26.75
KAUPTHING BANK           5.000   11/8/2013      EUR     26.75
KAUPTHING BANK           7.625   2/28/2015      USD     26.75
KAUPTHING BANK           7.625   2/28/2015      USD     26.75
KAUPTHING BANK           9.750   9/10/2015      USD     26.75
KAUPTHING BANK           1.750    6/7/2016      EUR     26.75
KAUPTHING BANK           6.125   10/4/2016      USD     26.75
KAUPTHING BANK           6.125   10/4/2016      USD     26.75
KAUPTHING BANK           4.900   5/29/2017      EUR     26.75
KAUPTHING BANK           5.250   7/18/2017      BGN     26.75
KAUPTHING BANK           3.750   2/15/2024      ISK     26.75
KAUPTHING BANK           5.000    1/4/2027      SKK     26.75
KAUPTHING HF             7.900    2/1/2016      EUR     26.75
KAUPTHING HF             7.900   4/28/2016      EUR     26.75
LANDSBANKI ISLAN         4.375  10/20/2008      EUR      5.75
LANDSBANKI ISLAN         4.400   1/18/2010      CAD      5.75
LANDSBANKI ISLAN         4.320   1/31/2010      EUR      5.75
LANDSBANKI ISLAN         7.000    4/2/2010      EUR      5.75
LANDSBANKI ISLAN         4.280  11/19/2010      EUR      5.75
LANDSBANKI ISLAN         3.000   12/7/2010      CHF      5.75
LANDSBANKI ISLAN         4.340    3/1/2011      EUR      5.75
LANDSBANKI ISLAN         2.750   3/16/2011      EUR      5.75
LANDSBANKI ISLAN         7.250    4/2/2011      EUR      5.75
LANDSBANKI ISLAN         6.100   8/25/2011      USD      5.75
LANDSBANKI ISLAN         6.100   8/25/2011      USD      5.75
LANDSBANKI ISLAN         4.530   4/24/2012      EUR      5.75
LANDSBANKI ISLAN         3.340   5/11/2012      EUR      5.75
LANDSBANKI ISLAN         4.750   5/31/2013      EUR      5.75
LANDSBANKI ISLAN         6.750   2/18/2015      EUR      5.75
LANDSBANKI ISLAN         6.750   8/18/2015      EUR      5.75
LANDSBANKI ISLAN         3.000  10/22/2015      EUR      5.75
LANDSBANKI ISLAN         7.750   2/22/2016      USD      5.75
LANDSBANKI ISLAN         6.000    6/6/2017      EUR      5.75
LANDSBANKI ISLAN         5.250    6/5/2023      EUR      5.75
LANDSBANKI ISLND         3.110  11/10/2008      EUR      5.75
LANDSBANKI ISLND         4.400   11/3/2009      CZK      5.75
LANDSBANKI ISLND         3.200   5/10/2010      SKK      5.75
LANDSBANKI ISLND         2.250   2/14/2011      CHF      5.75
LANDSBANKI ISLND         8.650    5/1/2011      ISK      5.75
LANDSBANKI ISLND         3.360   8/17/2012      EUR      5.75
LANDSBANKI ISLND         5.080    3/1/2013      ISK      5.75
LANDSBANKI ISLND         1.683  12/22/2014      JPY      5.75
LANDSBANKI ISLND         4.075   3/16/2015      EUR      5.75
LANDSBANKI ISLND         4.000   9/23/2015      EUR      5.75
LANDSBANKI ISLND         2.220  10/15/2019      JPY      5.75
LANDSBANKI ISLND         2.140    2/3/2020      JPY      5.75
LANDSBANKI ISLND         4.340  12/22/2025      EUR      5.75

IRELAND
-------
AIB MORTGAGE BNK         5.580   4/28/2028      EUR     64.12
AIB MORTGAGE BNK         5.000   2/12/2030      EUR     56.74
AIB MORTGAGE BNK         5.000    3/1/2030      EUR     56.67
BANESTO FINANC           5.000   3/23/2030      EUR     69.01
BANK OF IRELAND          5.600   9/18/2023      EUR     60.00
BK IRELAND MTGE          5.760    9/7/2029      EUR     73.56
BK IRELAND MTGE          5.360  10/12/2029      EUR     69.94
BK IRELAND MTGE          5.400   11/6/2029      EUR     70.24
BK IRELAND MTGE          5.450    3/1/2030      EUR     70.30
DEPFA ACS BANK           0.500    3/3/2025      CAD     40.76
DEPFA ACS BANK           3.250   7/31/2031      CHF     68.77
DEPFA ACS BANK           4.900   8/24/2035      CAD     73.12
DEPFA ACS BANK           5.125   3/16/2037      USD     69.04
DEPFA ACS BANK           5.125   3/16/2037      USD     69.09
KALVEBOD PLC             2.000    5/1/2106      DKK     35.00

ITALY
-----
BANCA POP VICENT         4.970   4/20/2027      EUR     72.69
BANCO POPOLARE           9.000   3/29/2049      EUR     53.38
BP CIVIDALE              3.180   5/19/2020      EUR     74.76
BTPS I/L                 2.350   9/15/2035      EUR     62.72
BTPS I/L                 2.550   9/15/2041      EUR     63.94
CIR SPA                  5.750  12/16/2024      EUR     74.63
CIRIO SPA                8.000  12/21/2005      EUR      0.50
CITY OF VENICE           4.265   3/26/2026      EUR     73.68
CITY OF VENICE           4.265   3/26/2026      EUR     73.24
CO BRAONE                4.567   6/30/2037      EUR     74.36
CO CASTELMASSA           3.960   3/31/2026      EUR     70.63
COMUNE DI MILANO         4.019   6/29/2035      EUR     65.78
DEXIA CREDIOP            4.250  10/22/2018      EUR     67.00
ENEL (ENTNZENEL)         5.750   6/22/2037      GBP     74.65
ICCREA BANCAIMPR         5.220   4/11/2017      EUR     47.38
INTESA SANPAOLO          3.750    3/2/2020      EUR     74.23
INTESA SANPAOLO          2.882   4/20/2020      EUR     73.96
MONTE DEI PASCHI         5.750   9/30/2016      GBP     73.60
REGION OF LIGURI         4.795  11/22/2034      EUR     74.28
REGION OF LOMBAR         5.804  10/25/2032      USD     72.36
REP OF ITALY             5.250   12/7/2034      GBP     73.68
REP OF ITALY             2.870   5/19/2036      JPY     49.42
REP OF ITALY             1.850   9/15/2057      EUR     40.85
REP OF ITALY             2.200   9/15/2058      EUR     46.57
REP OF ITALY             4.850   6/11/2060      EUR     68.82
REP OF ITALY             2.000   9/15/2062      EUR     42.00
SANPAOLO IMI             5.625   3/18/2024      GBP     75.29
TELECOM ITALIA           5.250   3/17/2055      EUR     69.66
UNIONE DI BANCHE         6.250  11/18/2018      EUR     33.13
UNIPOL ASSICURAZ         5.660   7/28/2023      EUR     60.08

LUXEMBOURG
----------
ARCELORMITTAL            7.250    4/1/2014      EUR     22.30
CERRUTI FINANCE          6.500   7/26/2004      EUR      1.50
CIRIO FINANCE            7.500   11/3/2002      EUR      1.13
CIRIO HOLDING            6.250   2/16/2004      EUR      0.13
CODERE FIN LUX           8.250   6/15/2015      EUR     74.85
CODERE FIN LUX           8.250   6/15/2015      EUR     75.00
CODERE FIN LUX           9.250   2/15/2019      USD     70.25
CODERE FIN LUX           9.250   2/15/2019      USD     69.00
DEL MONTE FIN SA         6.625   5/24/2006      EUR     12.13
ESFG INTERNATION         6.875  10/21/2019      EUR     63.53
ESPIRITO SANTO F         9.750  12/19/2025      EUR     65.90
HELLAS III               8.500  10/15/2013      EUR      0.25
HELLAS III               8.500  10/15/2013      EUR      0.25
INTL INDUST BANK         9.000    7/6/2011      EUR      1.06
IT HOLDING FIN           9.875  11/15/2012      EUR      0.25
IT HOLDING FIN           9.875  11/15/2012      EUR      0.25
LA VEGGIA FIN            7.125  11/14/2004      EUR      0.63
LIGHTHOUSE INTL          8.000   4/30/2014      EUR     11.00
LIGHTHOUSE INTL          8.000   4/30/2014      EUR     11.00
ORCO PROPERTY GR         1.000   4/30/2020      EUR     46.28
TEKSID ALUMI LUX        11.375   7/15/2011      EUR      0.42
VIVALDIS                 0.500   6/13/2013      EUR     59.49
VIVALDIS                 0.500   6/13/2028      EUR     59.49
VIVALDIS                 0.500    8/8/2028      EUR     63.87

NETHERLANDS
-----------
APP INTL FINANCE        11.750   10/1/2005      USD      0.01
ASTANA FINANCE           7.875    6/8/2010      EUR      9.71
ASTANA FINANCE           9.000  11/16/2011      USD      3.33
ASTANA FINANCE          14.500    7/2/2013      USD      3.00
ATRADIUS FIN BV          5.875    9/3/2024      EUR     69.46
BK NED GEMEENTEN         0.500   5/10/2017      TRY     73.92
BK NED GEMEENTEN         0.500   5/22/2017      ZAR     74.18
BK NED GEMEENTEN         0.500   6/12/2017      TRY     73.92
BK NED GEMEENTEN         0.500   7/12/2017      TRY     74.44
BK NED GEMEENTEN         0.500    3/3/2021      NZD     67.88
BK NED GEMEENTEN         0.500   3/29/2021      NZD     69.07
BK NED GEMEENTEN         0.500   5/12/2021      ZAR     55.18
BK NED GEMEENTEN         0.500   6/22/2021      ZAR     54.73
BK NED GEMEENTEN         0.500    6/7/2022      ZAR     51.57
BK NED GEMEENTEN         0.500   7/12/2022      ZAR     53.73
BK NED GEMEENTEN         0.500   2/24/2025      CAD     67.83
BLT FINANCE BV           7.500   5/15/2014      USD     19.38
BLT FINANCE BV           7.500   5/15/2014      USD     20.00
BLT FINANCE BV          12.000   2/10/2015      USD     24.88
BRIT INSURANCE           6.625   12/9/2030      GBP     54.97
BULGARIA STEEL          12.000    5/4/2013      EUR      5.38
BULGARIA STEEL          12.000    5/4/2013      EUR      5.38
CIRIO DEL MONTE          7.750   3/14/2005      EUR      2.13
ENEL FIN INTL NV         5.750   9/14/2040      GBP     73.59
GREENWICH AVENUE        10.000   6/30/2013      USD      0.25
ING BANK NV              4.200  12/19/2035      EUR     68.28
KPNQWEST BV              8.875    2/1/2008      EUR      0.13
KPNQWEST BV              8.875    2/1/2008      EUR      0.13
KPNQWEST BV              8.875    2/1/2008      EUR      0.13
KPNQWEST BV              7.125    6/1/2009      EUR      0.13
KPNQWEST BV              7.125    6/1/2009      EUR      0.13
KPNQWEST BV              8.125    6/1/2009      USD      0.13
KPNQWEST BV              7.125    6/1/2009      EUR      0.13
KPNQWEST NV             10.000   3/15/2012      EUR      0.13
LEHMAN BROS TR B         3.500   9/29/2017      EUR      3.25
LEHMAN BROS TSY         23.300   9/16/2008      USD     17.25
LEHMAN BROS TSY          4.050   9/16/2008      EUR      3.25
LEHMAN BROS TSY          7.375   9/20/2008      EUR     17.25
LEHMAN BROS TSY         18.250   10/2/2008      USD     17.25
LEHMAN BROS TSY          7.250   10/6/2008      EUR     17.25
LEHMAN BROS TSY         16.000   10/8/2008      CHF     17.25
LEHMAN BROS TSY         10.000  10/22/2008      USD     17.25
LEHMAN BROS TSY          8.000  10/23/2008      USD     17.25
LEHMAN BROS TSY          5.000  10/24/2008      CHF     17.25
LEHMAN BROS TSY          6.000  10/24/2008      EUR     17.25
LEHMAN BROS TSY          7.500  10/24/2008      USD     17.25
LEHMAN BROS TSY         16.000  10/28/2008      USD     17.25
LEHMAN BROS TSY         13.150  10/30/2008      USD     17.25
LEHMAN BROS TSY         16.000   11/9/2008      USD     17.25
LEHMAN BROS TSY         14.100  11/12/2008      USD     17.25
LEHMAN BROS TSY         10.442  11/22/2008      CHF     17.25
LEHMAN BROS TSY          7.000  11/28/2008      CHF     17.25
LEHMAN BROS TSY         16.000  12/26/2008      USD     17.25
LEHMAN BROS TSY          6.720  12/29/2008      EUR      3.25
LEHMAN BROS TSY         13.432    1/8/2009      ILS     17.25
LEHMAN BROS TSY          7.750   1/30/2009      EUR     17.25
LEHMAN BROS TSY          6.600    2/9/2009      EUR      3.25
LEHMAN BROS TSY         10.000   2/16/2009      CHF     17.25
LEHMAN BROS TSY         11.000   2/16/2009      CHF     17.25
LEHMAN BROS TSY         13.000   2/16/2009      CHF     17.25
LEHMAN BROS TSY          0.500   2/16/2009      EUR     17.25
LEHMAN BROS TSY          5.000   3/13/2009      EUR      3.25
LEHMAN BROS TSY          9.000   3/17/2009      GBP     17.25
LEHMAN BROS TSY         10.000   3/27/2009      USD      3.25
LEHMAN BROS TSY          7.000   4/14/2009      EUR     17.25
LEHMAN BROS TSY          8.000   4/20/2009      EUR      3.25
LEHMAN BROS TSY          4.000   4/24/2009      USD     17.25
LEHMAN BROS TSY          3.850   4/24/2009      USD     17.25
LEHMAN BROS TSY          2.250   5/12/2009      USD      3.25
LEHMAN BROS TSY          2.480   5/12/2009      USD      3.25
LEHMAN BROS TSY         16.200   5/14/2009      USD     17.25
LEHMAN BROS TSY          4.100   5/20/2009      USD     17.25
LEHMAN BROS TSY         10.000   5/22/2009      USD     17.25
LEHMAN BROS TSY          8.000   5/22/2009      USD     17.25
LEHMAN BROS TSY          8.000   5/22/2009      USD     17.25
LEHMAN BROS TSY         13.500    6/2/2009      USD     17.25
LEHMAN BROS TSY         17.000    6/2/2009      USD     17.25
LEHMAN BROS TSY         15.000    6/4/2009      CHF     17.25
LEHMAN BROS TSY          3.700    6/6/2009      EUR      3.25
LEHMAN BROS TSY          9.000   6/13/2009      USD     17.25
LEHMAN BROS TSY          5.500   6/15/2009      CHF     17.25
LEHMAN BROS TSY          5.750   6/15/2009      CHF     17.25
LEHMAN BROS TSY         10.000   6/17/2009      USD     17.25
LEHMAN BROS TSY          3.000   6/23/2009      EUR      3.25
LEHMAN BROS TSY         11.000   6/29/2009      EUR     17.25
LEHMAN BROS TSY          8.500    7/6/2009      CHF     17.25
LEHMAN BROS TSY          4.500    8/2/2009      USD     17.25
LEHMAN BROS TSY          8.000    8/3/2009      USD     17.25
LEHMAN BROS TSY         16.800   8/21/2009      USD     17.25
LEHMAN BROS TSY          7.500   9/13/2009      CHF     17.25
LEHMAN BROS TSY          3.400   9/21/2009      HKD     17.25
LEHMAN BROS TSY          3.820  10/20/2009      USD     17.25
LEHMAN BROS TSY          2.750  10/28/2009      EUR      3.25
LEHMAN BROS TSY          2.000  11/16/2009      EUR      3.25
LEHMAN BROS TSY          5.250  11/21/2009      USD      3.25
LEHMAN BROS TSY          7.585  11/22/2009      MXN     17.25
LEHMAN BROS TSY          8.800  12/27/2009      EUR     17.25
LEHMAN BROS TSY         10.000    1/4/2010      USD      3.25
LEHMAN BROS TSY          1.750    2/7/2010      EUR     17.25
LEHMAN BROS TSY          7.500   2/14/2010      AUD     17.25
LEHMAN BROS TSY          7.000   2/15/2010      CHF     17.25
LEHMAN BROS TSY          4.100   2/19/2010      EUR      3.25
LEHMAN BROS TSY          6.450   2/20/2010      AUD     17.25
LEHMAN BROS TSY          1.000   2/26/2010      USD      3.25
LEHMAN BROS TSY          4.000   2/28/2010      EUR     17.25
LEHMAN BROS TSY         11.750    3/1/2010      EUR     17.25
LEHMAN BROS TSY          7.600    3/4/2010      NZD     17.25
LEHMAN BROS TSY          4.250   5/15/2010      EUR      3.25
LEHMAN BROS TSY          4.000   5/17/2010      USD      3.25
LEHMAN BROS TSY          2.000   5/17/2010      EUR     17.25
LEHMAN BROS TSY          7.500   5/30/2010      AUD     17.25
LEHMAN BROS TSY          4.000   5/30/2010      USD     17.25
LEHMAN BROS TSY          3.000    6/3/2010      EUR      3.25
LEHMAN BROS TSY          3.100    6/4/2010      USD     17.25
LEHMAN BROS TSY          7.250   6/20/2010      USD      3.25
LEHMAN BROS TSY          1.600   6/21/2010      JPY      3.25
LEHMAN BROS TSY          5.500   6/22/2010      USD      3.25
LEHMAN BROS TSY          7.000   7/11/2010      EUR      3.25
LEHMAN BROS TSY          6.000   7/28/2010      EUR     17.25
LEHMAN BROS TSY          6.000   7/28/2010      EUR     17.25
LEHMAN BROS TSY         10.500    8/9/2010      EUR     17.25
LEHMAN BROS TSY          4.000   8/11/2010      USD      3.25
LEHMAN BROS TSY          4.100   8/23/2010      USD     17.25
LEHMAN BROS TSY          3.000   9/13/2010      JPY     17.25
LEHMAN BROS TSY          4.000  10/12/2010      USD     17.25
LEHMAN BROS TSY          1.500  10/12/2010      EUR      3.25
LEHMAN BROS TSY          7.000  10/22/2010      EUR      3.25
LEHMAN BROS TSY          1.280   11/6/2010      JPY     17.25
LEHMAN BROS TSY         14.900  11/16/2010      EUR     17.25
LEHMAN BROS TSY          8.050  12/20/2010      HKD     17.25
LEHMAN BROS TSY          6.000  12/21/2010      USD     17.25
LEHMAN BROS TSY          9.300  12/21/2010      EUR     17.25
LEHMAN BROS TSY          9.300  12/21/2010      EUR     17.25
LEHMAN BROS TSY          4.500  12/30/2010      USD     17.25
LEHMAN BROS TSY          8.000  12/31/2010      USD     17.25
LEHMAN BROS TSY          4.000    1/4/2011      USD     17.25
LEHMAN BROS TSY          8.875   1/28/2011      HKD     17.25
LEHMAN BROS TSY          4.000   3/10/2011      EUR      3.25
LEHMAN BROS TSY          6.000   3/14/2011      EUR      3.25
LEHMAN BROS TSY          6.000   3/17/2011      EUR      3.25
LEHMAN BROS TSY         15.000   3/30/2011      EUR      3.25
LEHMAN BROS TSY          4.000   4/13/2011      CHF      3.25
LEHMAN BROS TSY          6.700   4/21/2011      USD      3.25
LEHMAN BROS TSY          5.000   5/12/2011      CHF      3.25
LEHMAN BROS TSY          4.000    6/5/2011      USD     17.25
LEHMAN BROS TSY          2.400   6/20/2011      JPY      3.25
LEHMAN BROS TSY          3.500   6/20/2011      EUR      3.25
LEHMAN BROS TSY          6.000   6/21/2011      EUR      3.25
LEHMAN BROS TSY          2.000   6/21/2011      EUR      3.25
LEHMAN BROS TSY          2.000   6/28/2011      EUR      3.25
LEHMAN BROS TSY         12.000    7/4/2011      EUR     17.25
LEHMAN BROS TSY         11.000    7/4/2011      CHF     17.25
LEHMAN BROS TSY         11.000    7/4/2011      USD     17.25
LEHMAN BROS TSY          7.625   7/22/2011      HKD     17.25
LEHMAN BROS TSY          4.000   7/27/2011      EUR      3.25
LEHMAN BROS TSY          3.000   8/13/2011      EUR      3.25
LEHMAN BROS TSY          6.650   8/24/2011      AUD     17.25
LEHMAN BROS TSY          5.000    9/1/2011      EUR      3.25
LEHMAN BROS TSY          6.250    9/5/2011      EUR      3.25
LEHMAN BROS TSY          7.000   9/20/2011      USD      3.25
LEHMAN BROS TSY          6.000   9/20/2011      EUR      3.25
LEHMAN BROS TSY          0.010   9/20/2011      USD      3.25
LEHMAN BROS TSY          3.860   9/21/2011      SGD     17.25
LEHMAN BROS TSY          3.500  10/24/2011      USD      3.25
LEHMAN BROS TSY          1.500  10/25/2011      EUR      3.25
LEHMAN BROS TSY          3.500  10/31/2011      USD      3.25
LEHMAN BROS TSY          4.600   11/9/2011      EUR      3.25
LEHMAN BROS TSY          2.500   11/9/2011      CHF      3.25
LEHMAN BROS TSY          5.000   12/6/2011      EUR      3.25
LEHMAN BROS TSY          2.500  12/15/2011      GBP     17.25
LEHMAN BROS TSY         11.000  12/19/2011      USD      3.25
LEHMAN BROS TSY          7.750    1/3/2012      AUD     17.25
LEHMAN BROS TSY         10.000    1/3/2012      BRL      3.25
LEHMAN BROS TSY          1.500    2/8/2012      CHF      3.25
LEHMAN BROS TSY          6.000   2/14/2012      EUR     17.25
LEHMAN BROS TSY          7.000   2/15/2012      EUR     17.25
LEHMAN BROS TSY          1.460   2/19/2012      JPY     17.25
LEHMAN BROS TSY          6.600   2/22/2012      EUR     17.25
LEHMAN BROS TSY          3.630    3/2/2012      EUR     17.25
LEHMAN BROS TSY          8.000   3/19/2012      USD      3.25
LEHMAN BROS TSY          0.750   3/29/2012      EUR      3.25
LEHMAN BROS TSY          6.750    4/5/2012      EUR      3.25
LEHMAN BROS TSY          1.000    5/9/2012      EUR      3.25
LEHMAN BROS TSY          6.600   5/23/2012      AUD     17.25
LEHMAN BROS TSY          4.300    6/4/2012      USD     17.25
LEHMAN BROS TSY          9.250   6/20/2012      USD      3.25
LEHMAN BROS TSY          4.000   7/20/2012      EUR      3.25
LEHMAN BROS TSY         13.000   7/25/2012      EUR     17.25
LEHMAN BROS TSY          2.500   8/15/2012      CHF      3.25
LEHMAN BROS TSY          2.500   8/23/2012      GBP     17.25
LEHMAN BROS TSY          0.250  10/19/2012      CHF      3.25
LEHMAN BROS TSY          4.000  10/24/2012      EUR      3.25
LEHMAN BROS TSY          6.000  10/30/2012      EUR      3.25
LEHMAN BROS TSY          6.000  10/30/2012      USD      3.25
LEHMAN BROS TSY          5.000  11/22/2012      EUR      3.25
LEHMAN BROS TSY          5.500  11/30/2012      CZK      3.25
LEHMAN BROS TSY          6.250  11/30/2012      EUR      3.25
LEHMAN BROS TSY          4.000   12/2/2012      EUR      3.25
LEHMAN BROS TSY          3.000   12/3/2012      EUR      3.25
LEHMAN BROS TSY         13.000  12/14/2012      USD      3.25
LEHMAN BROS TSY          7.600   1/31/2013      AUD     17.25
LEHMAN BROS TSY          4.500    3/6/2013      CHF      3.25
LEHMAN BROS TSY          2.875   3/14/2013      CHF     17.25
LEHMAN BROS TSY          7.150   3/21/2013      USD      3.25
LEHMAN BROS TSY          7.600   5/21/2013      USD      3.25
LEHMAN BROS TSY          3.450   5/23/2013      USD      3.25
LEHMAN BROS TSY          2.300    6/6/2013      USD     17.25
LEHMAN BROS TSY          2.300   6/27/2013      USD     17.25
LEHMAN BROS TSY          2.370   7/15/2013      USD      3.25
LEHMAN BROS TSY          7.500   7/31/2013      GBP      3.25
LEHMAN BROS TSY          7.320   7/31/2013      GBP      3.25
LEHMAN BROS TSY          8.600   7/31/2013      GBP      3.25
LEHMAN BROS TSY          8.280   7/31/2013      GBP      3.25
LEHMAN BROS TSY          4.600    8/1/2013      EUR      3.25
LEHMAN BROS TSY          6.000    8/7/2013      EUR      3.25
LEHMAN BROS TSY          4.870   10/8/2013      USD     17.25
LEHMAN BROS TSY          1.950   11/4/2013      EUR     17.25
LEHMAN BROS TSY          7.000  11/26/2013      EUR      3.25
LEHMAN BROS TSY          5.375    2/4/2014      USD      3.25
LEHMAN BROS TSY          5.000   2/27/2014      EUR      3.25
LEHMAN BROS TSY         10.600   4/22/2014      MXN      3.25
LEHMAN BROS TSY          5.300   4/23/2014      EUR      3.25
LEHMAN BROS TSY          2.300   4/28/2014      JPY      3.25
LEHMAN BROS TSY          4.100   6/10/2014      SGD     17.25
LEHMAN BROS TSY          5.250    7/8/2014      EUR     17.25
LEHMAN BROS TSY          0.250   7/21/2014      EUR      3.25
LEHMAN BROS TSY          4.500   7/24/2014      EUR      3.25
LEHMAN BROS TSY          5.000   9/22/2014      EUR      3.25
LEHMAN BROS TSY          8.000  10/17/2014      EUR      3.25
LEHMAN BROS TSY          3.025   1/31/2015      EUR      3.25
LEHMAN BROS TSY          5.000   2/16/2015      EUR      3.38
LEHMAN BROS TSY          5.000   2/25/2015      EUR      3.25
LEHMAN BROS TSY          5.400    3/4/2015      USD      3.25
LEHMAN BROS TSY          1.680    3/5/2015      EUR      3.25
LEHMAN BROS TSY          4.500    3/7/2015      EUR      3.25
LEHMAN BROS TSY          5.550   3/12/2015      EUR     17.25
LEHMAN BROS TSY          5.400   3/18/2015      USD      3.25
LEHMAN BROS TSY          5.000   3/18/2015      EUR      3.75
LEHMAN BROS TSY          7.050    4/8/2015      USD      3.25
LEHMAN BROS TSY          6.500   5/16/2015      EUR      3.25
LEHMAN BROS TSY          8.250   12/3/2015      EUR      3.25
LEHMAN BROS TSY          8.250    2/3/2016      EUR      3.25
LEHMAN BROS TSY          8.000   2/16/2016      EUR      3.25
LEHMAN BROS TSY          7.750   2/21/2016      EUR      3.25
LEHMAN BROS TSY          4.700   3/23/2016      EUR      3.25
LEHMAN BROS TSY          4.700   3/23/2016      EUR      3.25
LEHMAN BROS TSY          8.500    7/5/2016      EUR      3.25
LEHMAN BROS TSY          4.600    7/6/2016      EUR      3.25
LEHMAN BROS TSY          4.350    8/8/2016      SGD     17.25
LEHMAN BROS TSY          3.350  10/13/2016      EUR      3.25
LEHMAN BROS TSY          4.000  11/24/2016      EUR      3.25
LEHMAN BROS TSY          6.000   12/6/2016      USD      3.25
LEHMAN BROS TSY          0.800  12/30/2016      EUR      3.25
LEHMAN BROS TSY          4.000   2/16/2017      EUR      3.25
LEHMAN BROS TSY          4.690   2/19/2017      EUR     17.25
LEHMAN BROS TSY          5.000   4/24/2017      EUR      3.25
LEHMAN BROS TSY          4.500    5/2/2017      EUR      3.25
LEHMAN BROS TSY          7.500    5/2/2017      EUR      3.25
LEHMAN BROS TSY          7.390    5/4/2017      USD      3.25
LEHMAN BROS TSY          5.100    5/8/2017      HKD     17.25
LEHMAN BROS TSY          6.000   5/12/2017      EUR      3.25
LEHMAN BROS TSY          7.000    6/6/2017      EUR      3.25
LEHMAN BROS TSY          7.500   6/15/2017      USD      3.25
LEHMAN BROS TSY          3.000    8/8/2017      EUR      3.25
LEHMAN BROS TSY          3.000   8/15/2017      EUR      3.25
LEHMAN BROS TSY          5.000   8/16/2017      EUR      3.25
LEHMAN BROS TSY          4.600  10/11/2017      ILS     17.25
LEHMAN BROS TSY         12.220  11/21/2017      USD      3.25
LEHMAN BROS TSY          9.000  12/20/2017      AUD      3.25
LEHMAN BROS TSY          0.500  12/20/2017      USD      3.25
LEHMAN BROS TSY          0.500  12/20/2017      AUD      3.25
LEHMAN BROS TSY          9.000  12/20/2017      AUD      3.25
LEHMAN BROS TSY          9.000  12/20/2017      AUD      3.25
LEHMAN BROS TSY          0.500  12/20/2017      AUD      3.25
LEHMAN BROS TSY          0.500  12/20/2017      AUD      3.25
LEHMAN BROS TSY          0.500  12/20/2017      AUD      3.25
LEHMAN BROS TSY          0.500  12/20/2017      AUD      3.25
LEHMAN BROS TSY          0.500  12/20/2017      USD      3.25
LEHMAN BROS TSY          0.500  12/20/2017      USD      3.25
LEHMAN BROS TSY          0.500  12/20/2017      USD      3.25
LEHMAN BROS TSY          6.000  12/30/2017      EUR      3.25
LEHMAN BROS TSY          5.000   2/15/2018      EUR      3.25
LEHMAN BROS TSY          2.600   3/19/2018      JPY     17.25
LEHMAN BROS TSY          5.200   3/19/2018      EUR     17.25
LEHMAN BROS TSY          8.000   3/21/2018      USD      3.25
LEHMAN BROS TSY          7.800   3/31/2018      USD      3.25
LEHMAN BROS TSY          9.500    4/1/2018      USD      3.25
LEHMAN BROS TSY          6.000   5/23/2018      CZK      3.25
LEHMAN BROS TSY          9.750   6/22/2018      USD      3.25
LEHMAN BROS TSY          6.300  12/21/2018      USD      3.25
LEHMAN BROS TSY         11.000    5/9/2020      USD      3.25
LEHMAN BROS TSY          0.500    6/2/2020      EUR     17.25
LEHMAN BROS TSY          0.500    7/2/2020      EUR     17.25
LEHMAN BROS TSY          4.900   7/28/2020      EUR      3.25
LEHMAN BROS TSY          0.500    8/1/2020      EUR     17.25
LEHMAN BROS TSY          4.150   8/25/2020      EUR     17.25
LEHMAN BROS TSY          4.250   3/13/2021      EUR     17.25
LEHMAN BROS TSY          5.000    5/2/2022      EUR     17.25
LEHMAN BROS TSY          9.000   5/15/2022      USD      3.25
LEHMAN BROS TSY          6.000   2/19/2023      USD      3.25
LEHMAN BROS TSY          5.250    4/1/2023      EUR     17.25
LEHMAN BROS TSY          5.220    3/1/2024      EUR     17.25
LEHMAN BROS TSY          5.000    8/1/2025      EUR      3.25
LEHMAN BROS TSY          5.250   5/26/2026      EUR      3.25
LEHMAN BROS TSY          6.500   7/24/2026      EUR      3.25
LEHMAN BROS TSY          5.120   4/30/2027      EUR     17.25
LEHMAN BROS TSY          3.500  12/20/2027      USD      3.25
LEHMAN BROS TSY          5.000   2/28/2032      EUR      3.25
LEHMAN BROS TSY          6.000   2/15/2035      EUR      3.25
LEHMAN BROS TSY          8.250   3/16/2035      EUR      3.38
LEHMAN BROS TSY          7.000   5/17/2035      EUR      3.25
LEHMAN BROS TSY          7.500    8/1/2035      EUR      3.25
LEHMAN BROS TSY          7.250   10/5/2035      EUR      3.25
LEHMAN BROS TSY          6.000   11/2/2035      EUR      3.25
LEHMAN BROS TSY          3.000   9/12/2036      JPY      3.25
LEHMAN BROS TSY          4.950  10/25/2036      EUR      3.25
LEHMAN BROS TSY          4.820  12/18/2036      EUR     17.25
LEHMAN BROS TSY         10.000    8/2/2037      JPY      3.25
LEHMAN BROS TSY          4.680  12/12/2045      EUR     17.25
LEHMAN BROS TSY          5.103   6/22/2046      EUR     17.25
MAGYAR TELECOM           9.500  12/15/2016      EUR     76.09
NATL INVESTER BK        25.983    5/7/2029      EUR     32.77
NED WATERSCHAPBK         0.500   3/11/2025      CAD     66.69
PORTUGAL TEL FIN         4.500   6/16/2025      EUR     72.93
Q-CELLS INTERNAT         1.375   4/30/2012      EUR     13.83
Q-CELLS INTERNAT         5.750   5/26/2014      EUR     13.43
RABOBANK                 0.500  11/26/2021      ZAR     48.78
RBS NV EX-ABN NV         2.910   6/21/2036      JPY     60.74
SNS BANK                 6.250  10/26/2020      EUR     71.25
SNS BANK                 4.580   3/20/2026      EUR     73.51
SRLEV NV                 9.000   4/15/2041      EUR     75.16

NORWAY
------
EKSPORTFINANS            2.250   2/11/2021      CHF     78.42
KOMMUNALBANKEN           0.500   8/16/2016      BRL     74.93
KOMMUNALBANKEN           0.500    3/7/2017      BRL     72.33
KOMMUNALBANKEN           0.500   3/28/2017      BRL     72.03
KOMMUNALBANKEN           0.500   3/29/2017      BRL     71.58
KOMMUNALBANKEN           0.500   5/10/2017      BRL     71.42
KOMMUNALBANKEN           0.500    6/1/2017      BRL     73.96
KOMMUNALBANKEN           0.500    3/2/2018      BRL     67.34
KOMMUNALBANKEN           0.500   5/25/2018      ZAR     69.09
KOMMUNALBANKEN           0.500   5/27/2022      ZAR     72.12
NORSKE SKOGIND           6.125  10/15/2015      USD     69.63
NORSKE SKOGIND           6.125  10/15/2015      USD     69.63
NORSKE SKOGIND           7.000   6/26/2017      EUR     60.48
NORSKE SKOGIND           7.125  10/15/2033      USD     51.50
NORSKE SKOGIND           7.125  10/15/2033      USD     51.50
PETROMENA               10.850  11/19/2010      USD      8.00
PETROMENA                9.750   5/24/2013      NOK      8.00
RENEWABLE CORP           6.500    6/4/2014      EUR     72.71

PORTUGAL
--------
BANCO ESPIRITO           6.900   6/28/2024      EUR     71.50
CAIXA GERAL DEPO         4.000   5/13/2019      EUR     74.00
CAIXA GERAL DEPO         5.380   10/1/2038      EUR     64.64
COMBOIOS DE PORT         4.170  10/16/2019      EUR     54.00
METRO DE LISBOA          5.750    2/4/2019      EUR     57.50
METRO DE LISBOA          7.300  12/23/2025      EUR     53.00
METRO DE LISBOA          4.061   12/4/2026      EUR     50.13
METRO DE LISBOA          4.799   12/7/2027      EUR     47.88
MONTEPIO GERAL           5.000    2/8/2017      EUR     63.38
PARPUBLICA               3.567   9/22/2020      EUR     58.68
PARPUBLICA               4.200  11/16/2026      EUR     51.25
PORTUGUESE OT'S          4.450   6/15/2018      EUR     74.21
PORTUGUESE OT'S          4.750   6/14/2019      EUR     71.47
PORTUGUESE OT'S          4.800   6/15/2020      EUR     69.45
PORTUGUESE OT'S          3.850   4/15/2021      EUR     64.25
PORTUGUESE OT'S          4.950  10/25/2023      EUR     64.34
PORTUGUESE OT'S          4.100   4/15/2037      EUR     49.42
REFER                    4.000   3/16/2015      EUR     62.01
REFER                    5.875   2/18/2019      EUR     63.71
REFER                    4.250  12/13/2021      EUR     43.00
REFER                    4.675  10/16/2024      EUR     54.66
REFER                    4.047  11/16/2026      EUR     52.41

RUSSIA
------
ARIZK                    3.000  12/20/2030      RUB     51.09
DVTG-FINANS              7.750   7/18/2013      RUB     20.29
DVTG-FINANS             17.000   8/29/2013      RUB     55.55
MIRAX                   17.000   9/17/2012      RUB     12.00
NOK                     12.500   8/26/2014      RUB      5.00
PROMPEREOSNASTKA         1.000  12/17/2012      RUB      0.01
RBC OJSC                 7.000   4/23/2015      RUB     75.00
RBC OJSC                 3.270   4/19/2018      RUB     51.10
SATURN                   8.000    6/6/2014      RUB      2.00

SPAIN
-----
AYT CEDULAS CAJA         4.000   3/31/2020      EUR     71.40
AYT CEDULAS CAJA         4.000   3/24/2021      EUR     68.80
AYT CEDULAS CAJA         3.750  12/14/2022      EUR     62.63
AYT CEDULAS CAJA         4.250  10/25/2023      EUR     61.74
AYT CEDULAS CAJA         3.750   6/30/2025      EUR     54.94
AYT CEDULAS CAJA         4.750   5/25/2027      EUR     57.39
AYUNTAM DE MADRD         4.650   1/10/2017      EUR     67.68
AYUNTAM DE MADRD         5.078   12/2/2018      EUR     62.81
AYUNTAM DE MADRD         4.350   6/16/2021      EUR     58.18
AYUNTAM DE MADRD         4.550   6/16/2036      EUR     44.42
BANCAJA                  4.375   2/14/2017      EUR     71.90
BANCAJA                  1.500   5/22/2018      EUR     58.75
BANCO BILBAO VIZ         4.375  10/20/2019      EUR     68.00
BANCO BILBAO VIZ         4.500   2/16/2022      EUR     60.05
BANCO BILBAO VIZ         6.025    3/3/2033      EUR     39.12
BANCO CASTILLA           1.500   6/23/2021      EUR     67.25
BANCO POP ESPAN          5.702  12/22/2019      EUR     62.25
BANCO POP ESPAN          8.000   7/29/2021      EUR     67.25
BANCO POP ESPAN          8.250  10/19/2021      EUR     68.13
BANCO SABADELL           6.250   4/26/2020      EUR     69.46
BANKINTER SA             6.000  12/18/2028      EUR     62.50
BASQUE GOV'T             4.150  10/28/2019      EUR     72.29
BASQUE GOV'T             4.600    1/7/2025      EUR     64.64
BBVA SUB CAP UNI         5.750   3/11/2018      GBP     75.00
BBVA SUB CAP UNI         2.750  10/22/2035      JPY     59.70
BPE FINANCIACION         6.873  10/22/2020      EUR     63.96
CAIXA TERRASSA           4.700    8/9/2021      EUR     68.00
CAIXA TERRASSA           1.700   3/12/2022      EUR     65.13
CAJA ESPANA              4.150   2/23/2020      EUR     69.13
CAJA ESPANA              3.500   6/29/2020      EUR     66.50
CAJA MADRID              5.116   7/15/2015      EUR     44.63
CAJA MADRID              4.000    2/3/2025      EUR     66.47
CAJA MADRID              4.125   3/24/2036      EUR     60.69
CAJA MADRID              5.020   2/26/2038      EUR     73.72
CEDULAS TDA 6 FO         3.875   5/23/2025      EUR     56.48
CEDULAS TDA 6 FO         4.250   4/10/2031      EUR     52.38
CEDULAS TDA A-4          4.125   4/10/2021      EUR     69.82
CEDULAS TDA A-5          4.250   3/28/2027      EUR     53.84
COMUN AUTO CANAR         4.450  11/17/2019      EUR     68.88
COMUN AUTO CANAR         4.929    3/9/2020      EUR     74.92
COMUN AUTO CANAR         5.750  10/15/2029      EUR     71.26
COMUN AUTO CANAR         3.900  11/30/2035      EUR     48.27
COMUN AUTO CANAR         4.200  10/25/2036      EUR     49.27
COMUN NAVARRA            4.000  11/23/2021      EUR     72.19
COMUNIDAD ARAGON         5.000   10/4/2020      EUR     55.81
COMUNIDAD ARAGON         5.100   10/4/2020      EUR     55.81
COMUNIDAD ARAGON         5.100  11/15/2020      EUR     55.81
COMUNIDAD ARAGON         4.470   7/12/2021      EUR     62.09
COMUNIDAD ARAGON         4.815  10/10/2022      EUR     61.46
COMUNIDAD ARAGON         6.625   2/21/2023      EUR     71.18
COMUNIDAD ARAGON         7.500    3/1/2027      EUR     73.89
COMUNIDAD ARAGON         4.646   7/11/2036      EUR     45.66
COMUNIDAD BALEAR         4.796    3/4/2020      EUR     66.22
COMUNIDAD BALEAR         3.869  11/23/2020      EUR     59.09
COMUNIDAD BALEAR         4.063  11/23/2035      EUR     43.54
COMUNIDAD MADRID         7.550   7/21/2026      EUR     73.68
COMUNIDAD MADRID         4.300   9/15/2026      EUR     64.58
COMUNIDAD MURCIA         4.725   11/5/2018      EUR     73.68
COMUNIDAD MURCIA         4.695   3/30/2020      EUR     72.70
DIPUTACION FOR           4.323  12/29/2023      EUR     55.70
FERIA VALENCIA           6.040   6/10/2027      EUR     49.94
GEN DE CATALUNYA         2.315   9/10/2015      CHF     73.66
GEN DE CATALUNYA         3.875   9/15/2015      EUR     74.14
GEN DE CATALUNYA         2.355  11/10/2015      CHF     72.58
GEN DE CATALUNYA        10.900  11/16/2015      EUR     74.25
GEN DE CATALUNYA         2.750   3/24/2016      CHF     71.19
GEN DE CATALUNYA         4.300  11/15/2016      EUR     69.13
GEN DE CATALUNYA         4.750    6/4/2018      EUR     65.13
GEN DE CATALUNYA         4.950   2/11/2020      EUR     57.97
GEN DE CATALUNYA         4.801   7/31/2020      EUR     55.38
GEN DE CATALUNYA         4.900   9/15/2021      EUR     57.00
GEN DE CATALUNYA         5.250   10/5/2023      EUR     57.38
GEN DE CATALUNYA         5.900   5/20/2024      EUR     55.13
GEN DE CATALUNYA         5.325   10/5/2028      EUR     46.50
GEN DE CATALUNYA         5.219   9/10/2029      EUR     44.75
GEN DE CATALUNYA         5.400   5/13/2030      EUR     45.63
GEN DE CATALUNYA         5.900   5/28/2030      EUR     48.88
GEN DE CATALUNYA         5.950   10/1/2030      EUR     49.00
GEN DE CATALUNYA         4.690  10/28/2034      EUR     41.75
GEN DE CATALUNYA         4.220   4/26/2035      EUR     35.38
GEN DE CATALUNYA         2.965    9/8/2039      JPY     39.22
GEN DE CATALUNYA         6.350  11/30/2041      EUR     49.50
GENERAL VALENCIA         3.250    7/6/2015      EUR     70.99
GENERAL VALENCIA         4.375   7/16/2015      EUR     73.09
GENERAL VALENCIA         4.000   11/2/2016      EUR     64.34
GENERAL VALENCIA         4.900   3/17/2020      EUR     58.93
GENERAL VALENCIA         5.900  11/30/2032      EUR     45.88
IM CEDULAS 10            4.500   2/21/2022      EUR     69.72
IM CEDULAS 5             3.500   6/15/2020      EUR     68.04
INSTIT CRDT OFCL         5.000   3/31/2020      CAD     75.19
INSTIT CRDT OFCL         3.000   9/24/2020      USD     61.26
INSTIT CRDT OFCL         2.100   2/23/2021      JPY     62.29
INSTIT CRDT OFCL         2.570  10/22/2021      CHF     70.05
INSTIT CRDT OFCL         3.250   6/28/2024      CHF     69.79
INSTIT CRDT OFCL         5.700  12/30/2024      USD     70.63
INSTITUT CATALA          4.250   6/15/2024      EUR     53.87
JUNTA ANDALUCIA          3.500   2/15/2016      EUR     69.69
JUNTA ANDALUCIA          4.350   1/26/2017      EUR     69.72
JUNTA ANDALUCIA          4.750   1/24/2018      EUR     65.14
JUNTA ANDALUCIA          5.200   7/15/2019      EUR     62.99
JUNTA ANDALUCIA          4.125   1/20/2020      EUR     58.25
JUNTA ANDALUCIA          4.850   3/17/2020      EUR     58.19
JUNTA ANDALUCIA          3.050  12/10/2020      JPY     67.44
JUNTA ANDALUCIA          5.000   7/13/2022      EUR     57.51
JUNTA ANDALUCIA          5.700   7/20/2028      EUR     58.28
JUNTA ANDALUCIA          6.600  11/29/2030      EUR     58.27
JUNTA ANDALUCIA          7.500  11/30/2030      EUR     61.27
JUNTA ANDALUCIA          5.150   5/24/2034      EUR     48.25
JUNTA ANDALUCIA          4.250  10/31/2036      EUR     46.16
JUNTA ANDALUCIA          3.170   7/29/2039      JPY     42.30
JUNTA ANDALUCIA          3.065   7/29/2039      JPY     41.26
JUNTA CASTILLA           4.650   11/8/2022      EUR     64.82
JUNTA CASTILLA           7.200  11/11/2026      EUR     60.42
JUNTA LA MANCHA          4.588   9/24/2017      EUR     69.13
JUNTA LA MANCHA          4.875   3/18/2020      EUR     65.88
JUNTA LA MANCHA          6.000   1/15/2021      EUR     67.00
JUNTA LA MANCHA          5.800   1/30/2021      EUR     67.13
JUNTA LA MANCHA          6.000   1/31/2021      EUR     65.13
JUNTA LA MANCHA          2.810  10/14/2022      JPY     55.13
JUNTA LA MANCHA          4.625  11/30/2022      EUR     57.13
JUNTA LA MANCHA          5.950    9/9/2030      EUR     55.75
JUNTA LA MANCHA          7.705   2/15/2033      EUR     57.25
JUNTA LA MANCHA          3.875   1/31/2036      EUR     33.13
MAPFRE SA                5.921   7/24/2037      EUR     57.41
PITCH1                   5.125   7/20/2022      EUR     73.36
SACYR VALLEHERM          6.500    5/1/2016      EUR     49.18
SANTANDER ISSUAN         6.533  10/24/2017      GBP     72.68
SANTANDER ISSUAN         5.435  10/24/2017      EUR     72.00
SANTANDER ISSUAN         5.750   1/31/2018      GBP     69.00
SANTANDER ISSUAN         4.250   5/30/2018      EUR     69.00
SANTANDER ISSUAN         4.750   5/29/2019      EUR     69.00
SANTANDER ISSUAN         4.500   9/30/2019      EUR     67.99
SPANISH GOV'T            4.200   1/31/2037      EUR     65.35
SPANISH GOV'T            4.900   7/30/2040      EUR     71.51
SPANISH GOV'T            4.700   7/30/2041      EUR     69.32
TELEFONICA EMIS          5.445   10/8/2029      GBP     74.66
XUNTA DE GALICIA         4.205  11/30/2019      EUR     63.79
XUNTA DE GALICIA         4.805   3/26/2020      EUR     71.67
XUNTA DE GALICIA         5.350  11/22/2028      EUR     60.69
XUNTA DE GALICIA         4.025  11/28/2035      EUR     45.99

SWEDEN
------
ASSA ABLOY AB            4.000   2/15/2027      EUR     74.56
Rorvik Timber            6.000   6/30/2016      SEK     67.00
SAS AB                   7.500    4/1/2015      SEK     72.99
SWEDISH EXP CRED         0.500   6/29/2016      TRY     74.83
SWEDISH EXP CRED         0.500  12/14/2016      BRL     73.57
SWEDISH EXP CRED         0.500  12/21/2016      BRL     73.46
SWEDISH EXP CRED         0.500  12/22/2016      BRL     73.44
SWEDISH EXP CRED         0.500   1/26/2017      BRL     72.89
SWEDISH EXP CRED         0.500    2/3/2017      BRL     72.64
SWEDISH EXP CRED         0.500   3/10/2017      BRL     72.19
SWEDISH EXP CRED         0.500   6/21/2017      BRL     70.57
SWEDISH EXP CRED         0.500   6/30/2017      BRL     70.42
SWEDISH EXP CRED         0.500   7/21/2017      BRL     70.11
SWEDISH EXP CRED         0.500   8/25/2021      ZAR     51.94
SWEDISH EXP CRED         0.500   8/26/2021      AUD     66.65
SWEDISH EXP CRED         1.000  11/15/2021      AUD     71.85
SWEDISH EXP CRED         0.500   1/31/2022      ZAR     50.18
SWEDISH EXP CRED         0.500   2/22/2022      ZAR     49.84
SWEDISH EXP CRED         0.500   3/15/2022      ZAR     49.60
SWEDISH EXP CRED         0.500   6/28/2022      ZAR     48.41
SWEDISH EXP CRED         0.500  12/17/2027      USD     62.47
SWEDISH EXP CRED         0.500   1/25/2028      USD     62.16

SWITZERLAND
-----------
BANK JULIUS BAER        10.500    7/6/2012      USD     71.20
BANK JULIUS BAER        10.500    7/6/2012      CHF     69.60
BANK JULIUS BAER        11.300    7/6/2012      CHF     39.25
BANK JULIUS BAER         9.000    7/6/2012      EUR     73.55
BANK JULIUS BAER        12.000    7/6/2012      EUR     60.10
BANK JULIUS BAER        11.900    7/6/2012      CHF     61.05
BANK JULIUS BAER        14.800    7/6/2012      EUR     37.25
BANK JULIUS BAER        12.400    7/6/2012      CHF     53.65
BANK JULIUS BAER        10.100    7/6/2012      CHF     38.90
BANK JULIUS BAER        14.300   7/13/2012      CHF     49.55
BANK JULIUS BAER        10.500   7/18/2012      CHF     60.30
BANK JULIUS BAER         5.500   7/20/2012      CHF     56.30
BANK JULIUS BAER        11.700   7/20/2012      EUR     70.60
BANK JULIUS BAER         8.750   7/26/2012      EUR     71.30
BANK JULIUS BAER         9.300   7/27/2012      EUR     70.90
BANK JULIUS BAER        12.000   7/27/2012      EUR     67.10
BANK JULIUS BAER        11.000   7/27/2012      CHF     66.85
BANK JULIUS BAER        22.800    8/3/2012      USD     51.41
BANK JULIUS BAER        11.300    8/3/2012      CHF     61.29
BANK JULIUS BAER         7.400    8/3/2012      EUR     74.80
BANK JULIUS BAER         9.000   9/17/2012      CHF     38.75
BANK JULIUS BAER        10.500  12/14/2012      USD     74.15
BANK JULIUS BAER        10.000   1/28/2013      CHF     71.95
BANK JULIUS BAER        17.300    2/1/2013      EUR     47.00
BANK JULIUS BAER        10.500   3/28/2013      CHF     72.85
BANK JULIUS BAER        12.000    4/9/2013      CHF     43.90
BANK JULIUS BAER         8.700    8/5/2013      CHF     70.44
CLARIDEN LEU NAS        10.000    7/6/2012      CHF     71.53
CLARIDEN LEU NAS        10.000    7/6/2012      EUR     71.31
CLARIDEN LEU NAS        11.250    7/6/2012      GBP     67.30
CLARIDEN LEU NAS        12.500   7/11/2012      EUR     64.92
CLARIDEN LEU NAS        10.500   7/12/2012      CHF     52.32
CLARIDEN LEU NAS        11.750   7/12/2012      USD     57.35
CLARIDEN LEU NAS         9.500   7/13/2012      EUR     65.67
CLARIDEN LEU NAS        11.750   7/13/2012      EUR     66.39
CLARIDEN LEU NAS        11.000   7/18/2012      EUR     67.05
CLARIDEN LEU NAS        10.500   7/18/2012      CHF     54.82
CLARIDEN LEU NAS         7.900   7/18/2012      USD     72.57
CLARIDEN LEU NAS        10.750   7/19/2012      EUR     71.26
CLARIDEN LEU NAS         9.000   7/19/2012      CHF     53.71
CLARIDEN LEU NAS         9.500   7/20/2012      CHF     56.39
CLARIDEN LEU NAS        12.250   7/20/2012      USD     60.08
CLARIDEN LEU NAS         9.250   7/25/2012      CHF     63.17
CLARIDEN LEU NAS        10.250   7/25/2012      EUR     71.49
CLARIDEN LEU NAS        10.250   7/25/2012      USD     68.65
CLARIDEN LEU NAS        11.000   7/25/2012      NOK     66.46
CLARIDEN LEU NAS        10.500   7/26/2012      CHF     61.78
CLARIDEN LEU NAS        12.000   7/26/2012      EUR     71.84
CLARIDEN LEU NAS         8.750   7/26/2012      CHF     57.77
CLARIDEN LEU NAS        10.500    8/2/2012      EUR     42.28
CLARIDEN LEU NAS        13.000    8/2/2012      EUR     73.02
CLARIDEN LEU NAS        10.250    8/2/2012      CHF     57.03
CLARIDEN LEU NAS        11.000    8/2/2012      USD     61.61
CLARIDEN LEU NAS        10.000    8/3/2012      CHF     71.54
CLARIDEN LEU NAS        10.000    8/8/2012      USD     65.26
CLARIDEN LEU NAS        11.750    8/8/2012      EUR     66.23
CLARIDEN LEU NAS         9.250    8/8/2012      EUR     74.21
CLARIDEN LEU NAS        10.000   8/10/2012      EUR     65.40
CLARIDEN LEU NAS        12.000   8/15/2012      USD     67.20
CLARIDEN LEU NAS        14.000   8/16/2012      CHF     72.97
CLARIDEN LEU NAS         7.000   8/16/2012      CHF     52.37
CLARIDEN LEU NAS        11.250   8/22/2012      CHF     69.56
CLARIDEN LEU NAS         9.250    9/4/2012      CHF     41.59
CLARIDEN LEU NAS        12.000    9/4/2012      EUR     25.94
CLARIDEN LEU NAS        10.500    9/4/2012      USD     67.27
CLARIDEN LEU NAS         7.500   9/10/2012      CHF     60.05
CLARIDEN LEU NAS        11.000   9/10/2012      EUR     67.96
CLARIDEN LEU NAS        10.000   9/11/2012      CHF     44.06
CLARIDEN LEU NAS        10.250   9/17/2012      CHF     44.93
CLARIDEN LEU NAS         9.500   9/24/2012      CHF     67.51
CLARIDEN LEU NAS         9.000   9/24/2012      CHF     59.21
CLARIDEN LEU NAS         7.000   10/4/2012      CHF     45.72
CLARIDEN LEU NAS         8.250   10/5/2012      CHF     74.84
CLARIDEN LEU NAS        10.500   10/8/2012      CHF     73.43
CLARIDEN LEU NAS        10.000   10/8/2012      EUR     56.98
CLARIDEN LEU NAS         9.000   10/8/2012      CHF     72.93
CLARIDEN LEU NAS        10.000  10/15/2012      CHF     44.98
CLARIDEN LEU NAS         9.500  10/15/2012      CHF     45.64
CLARIDEN LEU NAS         8.500  10/15/2012      CHF     44.42
CLARIDEN LEU NAS         8.000  10/15/2012      CHF     57.66
CLARIDEN LEU NAS        10.250  10/18/2012      EUR     72.16
CLARIDEN LEU NAS        20.750   11/2/2012      GBP     70.02
CLARIDEN LEU NAS        10.250  11/12/2012      CHF     72.41
CLARIDEN LEU NAS         7.500  11/13/2012      CHF     48.76
CLARIDEN LEU NAS         7.250  11/13/2012      CHF     70.06
CLARIDEN LEU NAS         7.250  11/16/2012      CHF     49.38
CLARIDEN LEU NAS         7.125  11/19/2012      CHF     48.66
CLARIDEN LEU NAS         8.000  11/20/2012      CHF     69.04
CLARIDEN LEU NAS        10.500  11/26/2012      EUR     63.75
CLARIDEN LEU NAS         0.000  12/14/2012      CHF     48.86
CLARIDEN LEU NAS         0.000  12/17/2012      EUR     68.28
CLARIDEN LEU NAS         8.250  12/17/2012      CHF     61.14
CLARIDEN LEU NAS         8.750   1/15/2013      CHF     62.55
CLARIDEN LEU NAS         0.000   1/24/2013      CHF     59.64
CLARIDEN LEU NAS        11.500   2/13/2013      EUR     46.88
CLARIDEN LEU NAS         9.000   2/14/2013      CHF     60.30
CLARIDEN LEU NAS        11.000   2/21/2013      USD     73.62
CLARIDEN LEU NAS        20.000   2/27/2013      USD     73.68
CLARIDEN LEU NAS        12.500    3/1/2013      USD     74.98
CLARIDEN LEU NAS         0.000   3/18/2013      CHF     74.81
CLARIDEN LEU NAS         0.000   3/25/2013      CHF     49.99
CLARIDEN LEU NAS         0.000    4/4/2013      CHF     68.39
CLARIDEN LEU NAS        10.000   4/10/2013      CHF     72.12
CLARIDEN LEU NAS         6.500   4/26/2013      CHF     49.01
CLARIDEN LEU NAS         0.000   5/31/2013      CHF     60.04
CLARIDEN LEU NAS        10.000   6/10/2013      CHF     50.21
CLARIDEN LEU NAS        13.000   7/15/2013      CHF     61.93
CLARIDEN LEU NAS         7.000   7/22/2013      CHF     61.25
CLARIDEN LEU NAS         3.250   9/16/2013      CHF     41.05
CLARIDEN LEU NAS         0.000   9/16/2013      USD     72.25
CLARIDEN LEU NAS         0.000   9/23/2013      CHF     43.73
CLARIDEN LEU NAS         0.000   11/4/2013      USD     68.01
CLARIDEN LEU NAS         0.000   11/4/2013      CHF     67.93
CLARIDEN LEU NAS         0.000  11/26/2013      CHF     54.86
CLARIDEN LEU NAS         0.000   2/11/2014      CHF     46.76
CLARIDEN LEU NAS         0.000   2/24/2014      CHF     47.23
CLARIDEN LEU NAS         0.000   5/13/2014      CHF     58.44
CLARIDEN LEU NAS         0.000   5/26/2014      CHF     58.97
CLARIDEN LEU NAS         0.000    6/3/2014      CHF     71.64
CLARIDEN LEU NAS         0.000   6/10/2014      CHF     52.86
CLARIDEN LEU NAS         0.000   6/10/2014      CHF     58.88
CLARIDEN LEU NAS         4.500    8/6/2014      EUR     71.91
CLARIDEN LEU NAS         5.250    8/6/2014      CHF     44.65
CLARIDEN LEU NAS         4.500   8/13/2014      CHF     41.71
CLARIDEN LEU NAS         0.000   8/27/2014      CHF     48.10
CLARIDEN LEU NAS         0.000   9/10/2014      CHF     43.81
CLARIDEN LEU NAS         0.000  10/15/2014      CHF     49.35
CRED SUIS NY             8.000    8/3/2012      USD     27.47
CREDIT SUISSE LD         4.000  12/10/2012      EUR     42.80
CREDIT SUISSE LD         8.900   3/25/2013      EUR     58.10
CREDIT SUISSE LD         1.640    6/1/2042      USD     44.91
S-AIR GROUP              2.125   11/4/2004      CHF      9.88
S-AIR GROUP              0.125    7/7/2005      CHF     10.63
S-AIR GROUP              4.250    2/2/2007      CHF     10.75
SARASIN CI LTD           8.000    9/3/2012      CHF     56.53
SARASIN CI LTD           8.000   4/27/2015      CHF     62.72
SARASIN/GUERNSEY        12.100   7/12/2012      CHF     51.49
SARASIN/GUERNSEY        15.400   7/12/2012      EUR     68.62
SARASIN/GUERNSEY         7.600   7/13/2012      EUR     63.33
SARASIN/GUERNSEY         7.200   7/16/2012      CHF     49.08
SARASIN/GUERNSEY         7.200   7/19/2012      CHF     71.93
SARASIN/GUERNSEY         8.700    8/3/2012      CHF     71.22
SARASIN/GUERNSEY        10.000   8/10/2012      EUR     49.97
SARASIN/GUERNSEY        17.000  10/12/2012      EUR     71.29
SWISSAIR                 6.250  10/27/2002      CHF      9.88
SWISSAIR                 5.500   7/23/2003      CHF      9.88
SWISSAIR                 2.750   7/30/2004      CHF      9.88
SWISSAIR                 2.750   7/30/2004      CHF     10.25
SWISSAIR                 6.250   4/12/2005      CHF     10.75
UBS AG                   8.000   7/18/2012      CHF     73.10
UBS AG                  10.600   7/20/2012      CHF     58.90
UBS AG                  10.960   7/20/2012      USD     20.35
UBS AG                  12.000   7/25/2012      EUR     57.10
UBS AG                   8.460   7/31/2012      USD     27.66
UBS AG                  11.760   7/31/2012      USD     22.35
UBS AG                  12.040   7/31/2012      USD      9.49
UBS AG                  10.200    8/2/2012      CHF     71.95
UBS AG                  10.500    8/2/2012      EUR     57.90
UBS AG                  11.000    8/2/2012      EUR     59.35
UBS AG                  11.500    8/2/2012      CHF     69.40
UBS AG                  10.000    8/2/2012      CHF     54.70
UBS AG                   9.500   8/10/2012      USD     28.14
UBS AG                  17.250   8/15/2012      EUR     40.50
UBS AG                  14.000   8/27/2012      CHF     71.05
UBS AG                   9.430   8/31/2012      USD     33.20
UBS AG                  11.650   8/31/2012      USD     15.65
UBS AG                  12.570   8/31/2012      EUR     74.32
UBS AG                  17.640    9/3/2012      EUR     45.54
UBS AG                  17.730    9/3/2012      EUR     60.72
UBS AG                  18.020    9/3/2012      EUR     68.54
UBS AG                  19.660    9/3/2012      EUR     69.96
UBS AG                  20.830    9/3/2012      EUR     62.70
UBS AG                  10.500    9/3/2012      EUR     74.00
UBS AG                  10.830    9/3/2012      EUR     54.66
UBS AG                  11.600    9/3/2012      EUR     65.10
UBS AG                  13.630    9/3/2012      EUR     50.22
UBS AG                  13.980    9/3/2012      EUR     66.60
UBS AG                  15.150    9/3/2012      EUR     59.28
UBS AG                   8.500    9/3/2012      EUR     72.54
UBS AG                   9.070    9/3/2012      EUR     57.18
UBS AG                  12.390   9/11/2012      USD     27.37
UBS AG                  13.000   9/21/2012      EUR     43.16
UBS AG                  22.700   9/21/2012      EUR     40.48
UBS AG                   8.530   9/28/2012      EUR     61.44
UBS AG                   8.670   9/28/2012      EUR     56.14
UBS AG                   8.810   9/28/2012      EUR     70.34
UBS AG                   9.540   9/28/2012      EUR     54.58
UBS AG                   9.750   9/28/2012      EUR     59.12
UBS AG                   9.830   9/28/2012      EUR     67.68
UBS AG                  10.020   9/28/2012      EUR     74.84
UBS AG                  10.440   9/28/2012      EUR     53.12
UBS AG                  10.900   9/28/2012      EUR     65.22
UBS AG                  11.040   9/28/2012      EUR     57.02
UBS AG                  11.130   9/28/2012      EUR     72.74
UBS AG                  11.360   9/28/2012      EUR     51.74
UBS AG                  12.020   9/28/2012      EUR     62.98
UBS AG                  12.300   9/28/2012      EUR     70.82
UBS AG                  12.390   9/28/2012      EUR     55.12
UBS AG                  12.860   9/28/2012      EUR     73.88
UBS AG                  12.890   9/28/2012      EUR     74.54
UBS AG                  13.180   9/28/2012      EUR     60.92
UBS AG                  13.230   9/28/2012      EUR     49.28
UBS AG                  13.500   9/28/2012      EUR     69.02
UBS AG                  13.590   9/28/2012      EUR     72.16
UBS AG                  13.700   9/28/2012      EUR     73.34
UBS AG                  13.800   9/28/2012      EUR     53.42
UBS AG                  14.180   9/28/2012      EUR     48.18
UBS AG                  14.320   9/28/2012      EUR     70.52
UBS AG                  14.390   9/28/2012      EUR     59.04
UBS AG                  14.500   9/28/2012      EUR     72.30
UBS AG                  14.740   9/28/2012      EUR     67.34
UBS AG                  15.020   9/28/2012      EUR     74.68
UBS AG                  15.050   9/28/2012      EUR     68.94
UBS AG                  15.130   9/28/2012      EUR     47.14
UBS AG                  15.240   9/28/2012      EUR     51.86
UBS AG                  15.370   9/28/2012      EUR     71.10
UBS AG                  15.640   9/28/2012      EUR     57.32
UBS AG                  15.770   9/28/2012      EUR     67.46
UBS AG                  16.000   9/28/2012      EUR     65.78
UBS AG                  16.090   9/28/2012      EUR     46.16
UBS AG                  16.490   9/28/2012      EUR     66.04
UBS AG                  16.620   9/28/2012      EUR     72.40
UBS AG                  16.720   9/28/2012      EUR     50.44
UBS AG                  16.930   9/28/2012      EUR     55.74
UBS AG                  17.050   9/28/2012      EUR     45.24
UBS AG                  17.090   9/28/2012      EUR     69.04
UBS AG                  17.280   9/28/2012      EUR     64.34
UBS AG                  17.500   9/28/2012      EUR     73.70
UBS AG                  17.500   9/28/2012      EUR     69.56
UBS AG                  17.920   9/28/2012      EUR     63.40
UBS AG                  18.020   9/28/2012      EUR     44.38
UBS AG                  18.220   9/28/2012      EUR     49.16
UBS AG                  18.240   9/28/2012      EUR     54.30
UBS AG                  18.250   9/28/2012      EUR     70.30
UBS AG                  18.580   9/28/2012      EUR     62.98
UBS AG                  19.000   9/28/2012      EUR     43.58
UBS AG                  19.250   9/28/2012      EUR     74.88
UBS AG                  19.330   9/28/2012      EUR     61.02
UBS AG                  19.490   9/28/2012      EUR     74.22
UBS AG                  19.580   9/28/2012      EUR     52.96
UBS AG                  19.610   9/28/2012      EUR     74.88
UBS AG                  19.880   9/28/2012      EUR     61.70
UBS AG                  19.910   9/28/2012      EUR     68.36
UBS AG                  19.990   9/28/2012      EUR     42.84
UBS AG                  20.500   9/28/2012      EUR     67.12
UBS AG                  20.740   9/28/2012      EUR     58.88
UBS AG                  20.920   9/28/2012      EUR     51.72
UBS AG                  21.970   9/28/2012      EUR     41.46
UBS AG                  22.150   9/28/2012      EUR     56.92
UBS AG                  23.000   9/28/2012      EUR     71.36
UBS AG                  23.560   9/28/2012      EUR     55.14
UBS AG                  24.000   9/28/2012      EUR     71.60
UBS AG                  24.960   9/28/2012      EUR     53.52
UBS AG                  12.290   9/28/2012      EUR     50.48
UBS AG                   7.900   10/1/2012      EUR     51.84
UBS AG                   7.840   10/1/2012      EUR     26.04
UBS AG                   7.810   10/1/2012      EUR     67.44
UBS AG                   7.680   10/1/2012      EUR     51.80
UBS AG                   7.660   10/1/2012      EUR     21.48
UBS AG                   7.610   10/1/2012      EUR     66.34
UBS AG                   8.310   10/1/2012      EUR     21.62
UBS AG                   8.400   10/1/2012      EUR     51.96
UBS AG                   8.420   10/1/2012      EUR     26.16
UBS AG                   8.500   10/1/2012      EUR     66.54
UBS AG                   7.140   10/1/2012      EUR     25.90
UBS AG                   7.190   10/1/2012      EUR     51.70
UBS AG                   7.240   10/1/2012      EUR     66.26
UBS AG                   7.380   10/1/2012      EUR     67.34
UBS AG                   7.380   10/1/2012      EUR     25.94
UBS AG                   7.450   10/1/2012      EUR     51.74
UBS AG                   7.460   10/1/2012      EUR     51.94
UBS AG                   8.530   10/1/2012      EUR     51.98
UBS AG                   8.540   10/1/2012      EUR     67.60
UBS AG                   8.660   10/1/2012      EUR     52.20
UBS AG                   8.720   10/1/2012      EUR     52.02
UBS AG                   8.720   10/1/2012      EUR     66.58
UBS AG                   8.730   10/1/2012      EUR     26.24
UBS AG                   8.850   10/1/2012      EUR     67.66
UBS AG                   8.910   10/1/2012      EUR     21.74
UBS AG                   8.910   10/1/2012      EUR     66.62
UBS AG                   9.060   10/1/2012      EUR     66.66
UBS AG                   9.110   10/1/2012      EUR     67.72
UBS AG                   9.160   10/1/2012      EUR     52.30
UBS AG                   9.200   10/1/2012      EUR     26.34
UBS AG                   9.340   10/1/2012      EUR     67.78
UBS AG                   9.360   10/1/2012      EUR     26.38
UBS AG                   9.440   10/1/2012      EUR     21.86
UBS AG                   9.530   10/1/2012      EUR     67.82
UBS AG                   9.540   10/1/2012      EUR     56.92
UBS AG                   9.580   10/1/2012      EUR     52.40
UBS AG                   9.690   10/1/2012      EUR     67.84
UBS AG                   9.820   10/1/2012      EUR     67.88
UBS AG                   9.860   10/1/2012      EUR     57.00
UBS AG                   9.900   10/1/2012      EUR     26.50
UBS AG                   9.910   10/1/2012      EUR     21.96
UBS AG                   9.920   10/1/2012      EUR     67.90
UBS AG                   9.930   10/1/2012      EUR     52.48
UBS AG                  10.150   10/1/2012      EUR     57.06
UBS AG                  10.220   10/1/2012      EUR     52.54
UBS AG                  10.310   10/1/2012      EUR     22.04
UBS AG                  10.410   10/1/2012      EUR     57.12
UBS AG                  10.440   10/1/2012      EUR     52.58
UBS AG                  10.620   10/1/2012      EUR     52.62
UBS AG                  10.640   10/1/2012      EUR     57.16
UBS AG                  10.650   10/1/2012      EUR     22.12
UBS AG                  10.740   10/1/2012      EUR     52.66
UBS AG                  10.840   10/1/2012      EUR     57.20
UBS AG                  10.930   10/1/2012      EUR     22.18
UBS AG                  11.010   10/1/2012      EUR     57.24
UBS AG                  11.150   10/1/2012      EUR     22.22
UBS AG                  11.160   10/1/2012      EUR     57.28
UBS AG                  11.280   10/1/2012      EUR     57.30
UBS AG                  11.330   10/1/2012      EUR     22.26
UBS AG                  11.380   10/1/2012      EUR     57.32
UBS AG                  11.460   10/1/2012      EUR     57.34
UBS AG                  11.460   10/1/2012      EUR     22.30
UBS AG                  11.530   10/1/2012      EUR     57.36
UBS AG                  11.560   10/1/2012      EUR     22.32
UBS AG                  11.580   10/1/2012      EUR     57.36
UBS AG                   8.090   10/1/2012      EUR     51.88
UBS AG                   8.200   10/1/2012      EUR     67.52
UBS AG                   8.240   10/1/2012      EUR     66.48
UBS AG                   7.620   10/1/2012      EUR     26.00
UBS AG                   8.260   10/1/2012      EUR     51.92
UBS AG                   8.050   10/1/2012      EUR     26.08
UBS AG                   7.940   10/1/2012      EUR     66.42
UBS AG                   8.090   10/1/2012      EUR     52.08
UBS AG                   9.310   10/3/2012      USD     16.50
UBS AG                  13.820   10/3/2012      USD     13.36
UBS AG                   9.920   10/4/2012      CHF     56.90
UBS AG                  10.320   10/4/2012      CHF     56.80
UBS AG                  10.500  10/15/2012      USD     66.40
UBS AG                  12.850  10/17/2012      USD     12.32
UBS AG                  12.760  10/18/2012      USD     13.46
UBS AG                  12.080  10/26/2012      EUR     74.02
UBS AG                  12.240  10/26/2012      EUR     51.26
UBS AG                  13.100  10/26/2012      EUR     61.86
UBS AG                  13.570  10/26/2012      EUR     50.30
UBS AG                  19.700  10/26/2012      EUR     58.46
UBS AG                  16.390  10/26/2012      EUR     48.64
UBS AG                  12.000  11/12/2012      EUR     70.94
UBS AG                  13.120  11/12/2012      EUR     70.02
UBS AG                  13.560  11/12/2012      EUR     30.38
UBS AG                  13.600  11/12/2012      EUR     44.32
UBS AG                   8.280  11/12/2012      EUR     60.42
UBS AG                   8.280  11/12/2012      EUR     60.42
UBS AG                   9.470  11/12/2012      EUR     44.66
UBS AG                   9.650  11/12/2012      EUR     42.86
UBS AG                   9.840  11/12/2012      EUR     71.70
UBS AG                  10.020  11/12/2012      EUR     72.78
UBS AG                   6.700  11/12/2012      EUR     49.04
UBS AG                  10.930  11/12/2012      EUR     48.52
UBS AG                  11.260  11/12/2012      EUR     51.92
UBS AG                  11.660  11/12/2012      EUR     40.06
UBS AG                   6.070  11/12/2012      EUR     50.78
UBS AG                   9.020  11/12/2012      EUR     33.96
UBS AG                   8.780  11/12/2012      EUR     72.56
UBS AG                   8.590  11/12/2012      EUR     57.58
UBS AG                   8.370  11/12/2012      EUR     46.68
UBS AG                   9.440   12/5/2012      USD     13.20
UBS AG                  12.800  12/21/2012      EUR     50.16
UBS AG                  12.970  12/21/2012      EUR     69.84
UBS AG                  13.320  12/21/2012      EUR     73.64
UBS AG                  13.560  12/21/2012      EUR     54.58
UBS AG                  13.570  12/21/2012      EUR     49.32
UBS AG                  13.770  12/21/2012      EUR     60.00
UBS AG                  13.980  12/21/2012      EUR     68.48
UBS AG                  14.350  12/21/2012      EUR     48.56
UBS AG                  14.690  12/21/2012      EUR     71.86
UBS AG                  14.740  12/21/2012      EUR     53.38
UBS AG                  14.810  12/21/2012      EUR     58.62
UBS AG                  15.000  12/21/2012      EUR     67.22
UBS AG                  15.130  12/21/2012      EUR     47.84
UBS AG                  15.860  12/21/2012      EUR     57.38
UBS AG                  15.900  12/21/2012      EUR     73.36
UBS AG                  15.920  12/21/2012      EUR     47.18
UBS AG                  15.930  12/21/2012      EUR     52.30
UBS AG                  16.030  12/21/2012      EUR     66.06
UBS AG                  16.600  12/21/2012      EUR     43.12
UBS AG                  16.710  12/21/2012      EUR     46.56
UBS AG                  16.930  12/21/2012      EUR     56.24
UBS AG                  17.070  12/21/2012      EUR     64.98
UBS AG                  17.500  12/21/2012      EUR     45.98
UBS AG                  18.000  12/21/2012      EUR     55.20
UBS AG                  19.090  12/21/2012      EUR     44.96
UBS AG                   8.080  12/21/2012      EUR     63.10
UBS AG                   8.150  12/21/2012      EUR     71.40
UBS AG                   8.250  12/21/2012      EUR     56.56
UBS AG                   8.990  12/21/2012      EUR     55.30
UBS AG                   9.000  12/21/2012      EUR     69.10
UBS AG                   9.100  12/21/2012      EUR     61.00
UBS AG                   9.730  12/21/2012      EUR     54.12
UBS AG                   9.890  12/21/2012      EUR     66.94
UBS AG                  10.060  12/21/2012      EUR     74.62
UBS AG                  10.160  12/21/2012      EUR     59.12
UBS AG                  10.490  12/21/2012      EUR     53.02
UBS AG                  10.810  12/21/2012      EUR     64.98
UBS AG                  11.000  12/21/2012      EUR     72.90
UBS AG                  11.260  12/21/2012      EUR     52.00
UBS AG                  11.270  12/21/2012      EUR     57.44
UBS AG                  11.770  12/21/2012      EUR     63.16
UBS AG                  11.970  12/21/2012      EUR     71.32
UBS AG                  12.020  12/21/2012      EUR     51.04
UBS AG                  12.200  12/21/2012      EUR     45.58
UBS AG                  12.400  12/21/2012      EUR     55.92
UBS AG                  12.760  12/21/2012      EUR     61.50
UBS AG                  17.200  12/21/2012      EUR     71.68
UBS AG                  10.740    1/3/2013      USD     32.24
UBS AG                  12.420    1/4/2013      EUR     74.06
UBS AG                  13.030    1/4/2013      EUR     72.72
UBS AG                  13.630    1/4/2013      EUR     71.44
UBS AG                  14.230    1/4/2013      EUR     70.20
UBS AG                  14.820    1/4/2013      EUR     69.02
UBS AG                  15.250    1/4/2013      EUR     72.88
UBS AG                  15.990    1/4/2013      EUR     66.80
UBS AG                  16.500    1/4/2013      EUR     73.42
UBS AG                  17.150    1/4/2013      EUR     64.80
UBS AG                  17.500    1/4/2013      EUR     71.00
UBS AG                  18.300    1/4/2013      EUR     62.98
UBS AG                  19.440    1/4/2013      EUR     61.34
UBS AG                  20.000    1/4/2013      EUR     69.46
UBS AG                  21.700    1/4/2013      EUR     58.50
UBS AG                  22.000    1/4/2013      EUR     67.90
UBS AG                  23.750    1/4/2013      EUR     74.02
UBS AG                  24.750    1/4/2013      EUR     66.92
UBS AG                  20.570    1/4/2013      EUR     59.84
UBS AG                  10.390   1/18/2013      USD     32.76
UBS AG                  12.010   1/25/2013      EUR     52.08
UBS AG                  16.200   1/25/2013      EUR     60.28
UBS AG                  14.070   1/25/2013      EUR     50.86
UBS AG                  11.700   1/25/2013      EUR     62.68
UBS AG                  11.020   1/25/2013      EUR     52.80
UBS AG                   8.980   2/22/2013      EUR     56.12
UBS AG                  15.800   2/22/2013      EUR     68.46
UBS AG                  10.590   2/22/2013      EUR     70.32
UBS AG                  13.940   2/22/2013      EUR     72.86
UBS AG                  13.660   2/22/2013      EUR     50.26
UBS AG                  13.070   2/22/2013      EUR     65.90
UBS AG                  10.240   2/22/2013      EUR     68.20
UBS AG                  12.680   2/22/2013      EUR     63.72
UBS AG                  10.960   2/22/2013      EUR     53.24
UBS AG                  10.540    3/7/2013      CHF     72.60
UBS AG                  10.000    3/7/2013      USD     68.35
UBS AG                   8.100    3/7/2013      CHF     71.00
UBS AG                   9.650   3/22/2013      USD     18.81
UBS AG                   9.000   3/22/2013      USD     11.45
UBS AG                  19.500    4/2/2013      EUR     70.16
UBS AG                  21.250    4/2/2013      EUR     69.20
UBS AG                  22.250    4/2/2013      EUR     73.92
UBS AG                  23.250    4/2/2013      EUR     68.56
UBS AG                  24.250    4/2/2013      EUR     72.46
UBS AG                  24.750    4/2/2013      EUR     73.02
UBS AG                  14.250    4/2/2013      EUR     74.20
UBS AG                  16.000    4/2/2013      EUR     72.66
UBS AG                  17.750    4/2/2013      EUR     71.32
UBS AG                   8.550   4/11/2013      USD     28.34
UBS AG                   9.930   4/11/2013      USD     30.83
UBS AG                  10.970   4/26/2013      EUR     53.38
UBS AG                  10.600   4/26/2013      EUR     63.26
UBS AG                  12.610   4/26/2013      EUR     52.46
UBS AG                  14.100   4/26/2013      EUR     61.54
UBS AG                  10.170   4/26/2013      EUR     53.94
UBS AG                  11.000   4/30/2013      USD     39.25
UBS AG                  24.000   6/28/2013      EUR     69.34
UBS AG                  24.500   6/28/2013      EUR     73.14
UBS AG                  23.000   6/28/2013      EUR     74.26
UBS AG                  22.500   6/28/2013      EUR     73.78
UBS AG                  21.000   6/28/2013      EUR     74.92
UBS AG                  19.750   6/28/2013      EUR     70.58
UBS AG                  18.250   6/28/2013      EUR     71.16
UBS AG                  17.000   6/28/2013      EUR     72.16
UBS AG                  15.500   6/28/2013      EUR     73.06
UBS AG                  14.250   6/28/2013      EUR     74.36
UBS AG                   8.690    7/2/2013      USD     30.24
UBS AG                  10.200   9/20/2013      EUR     49.78
UBS AG                  12.900   9/20/2013      EUR     49.12
UBS AG                  15.900   9/20/2013      EUR     49.52
UBS AG                  18.250   9/27/2013      EUR     73.16
UBS AG                  15.250   9/27/2013      EUR     73.82
UBS AG                  23.000   9/27/2013      EUR     70.96
UBS AG                  24.750   9/27/2013      EUR     72.94
UBS AG                  20.750   9/27/2013      EUR     71.18
UBS AG                  16.250   9/27/2013      EUR     72.92
UBS AG                  17.500   9/27/2013      EUR     72.46
UBS AG                  14.000   9/27/2013      EUR     74.56
UBS AG                  11.020  10/21/2013      USD     50.31
UBS AG                   5.950  11/14/2013      USD     52.10
UBS AG                   6.980  11/27/2013      USD     32.31
UBS AG                  14.750    1/3/2014      EUR     74.52
UBS AG                  15.750    1/3/2014      EUR     74.08
UBS AG                  18.500    1/3/2014      EUR     73.08
UBS AG                  20.250    1/3/2014      EUR     72.78
UBS AG                  22.000    1/3/2014      EUR     72.80
UBS AG                  24.500    1/3/2014      EUR     73.18
UBS AG                  19.250    1/3/2014      EUR     73.94
UBS AG                   0.500   4/27/2015      CHF     44.90
UBS AG JERSEY            3.220   7/31/2012      EUR     31.44

UNITED KINGDOM
--------------
ALLIANC&LEIC BLD         5.875   8/14/2031      GBP     69.85
ALPHA CREDIT GRP         6.000   6/20/2014      EUR     74.63
AVIVA PLC                6.875   5/20/2058      GBP     73.96
BARCLAYS BK PLC          8.000    7/9/2012      USD      9.92
BARCLAYS BK PLC         10.000   7/20/2012      USD      6.85
BARCLAYS BK PLC         11.500   7/27/2012      USD      7.70
BARCLAYS BK PLC          7.000   7/27/2012      USD     10.23
BARCLAYS BK PLC         10.800   7/31/2012      USD     26.24
BARCLAYS BK PLC          9.000   8/28/2012      USD      9.68
BARCLAYS BK PLC         11.070   8/31/2012      USD     30.29
BARCLAYS BK PLC          8.000   9/11/2012      USD      9.87
BARCLAYS BK PLC          8.000   9/11/2012      USD     10.77
BARCLAYS BK PLC          5.000   9/14/2012      EUR     70.25
BARCLAYS BK PLC          6.000   9/14/2012      EUR     64.70
BARCLAYS BK PLC          7.000   9/14/2012      EUR     62.28
BARCLAYS BK PLC          8.000   9/14/2012      EUR     74.40
BARCLAYS BK PLC          8.000   9/14/2012      EUR     67.72
BARCLAYS BK PLC          8.000   9/14/2012      EUR     53.70
BARCLAYS BK PLC          9.250   9/14/2012      EUR     37.50
BARCLAYS BK PLC         10.250   9/14/2012      EUR     66.80
BARCLAYS BK PLC         10.250   9/14/2012      EUR     68.80
BARCLAYS BK PLC         11.000   9/14/2012      EUR     60.49
BARCLAYS BK PLC         11.500   9/14/2012      EUR     73.32
BARCLAYS BK PLC         12.000   9/14/2012      EUR     34.05
BARCLAYS BK PLC         12.200   9/14/2012      EUR     71.16
BARCLAYS BK PLC         13.750   9/14/2012      EUR     44.05
BARCLAYS BK PLC         13.750   9/14/2012      EUR     69.71
BARCLAYS BK PLC         14.070   9/14/2012      EUR     48.35
BARCLAYS BK PLC         15.000   9/14/2012      EUR     71.71
BARCLAYS BK PLC         17.250   9/14/2012      EUR     67.65
BARCLAYS BK PLC         19.250   9/14/2012      EUR     64.11
BARCLAYS BK PLC          8.500   9/14/2012      EUR     74.66
BARCLAYS BK PLC         11.000   9/19/2012      EUR     71.72
BARCLAYS BK PLC          7.000   9/28/2012      EUR     40.88
BARCLAYS BK PLC          8.000   9/28/2012      EUR     37.63
BARCLAYS BK PLC          8.000   9/28/2012      USD     10.69
BARCLAYS BK PLC          8.000   9/28/2012      EUR     73.04
BARCLAYS BK PLC          8.500   9/28/2012      EUR     73.04
BARCLAYS BK PLC          9.500   9/28/2012      EUR     66.74
BARCLAYS BK PLC         10.000   9/28/2012      EUR     36.40
BARCLAYS BK PLC         10.500   9/28/2012      EUR     70.16
BARCLAYS BK PLC         10.500   9/28/2012      EUR     35.69
BARCLAYS BK PLC         10.500   9/28/2012      EUR     65.89
BARCLAYS BK PLC         11.000   9/28/2012      EUR     71.58
BARCLAYS BK PLC         11.750   9/28/2012      EUR     34.39
BARCLAYS BK PLC         12.000   9/28/2012      EUR     67.01
BARCLAYS BK PLC         12.000   9/28/2012      EUR     70.49
BARCLAYS BK PLC         12.500   9/28/2012      EUR     63.50
BARCLAYS BK PLC         13.000   9/28/2012      EUR     28.38
BARCLAYS BK PLC         13.500   9/28/2012      EUR     59.65
BARCLAYS BK PLC          6.000   9/28/2012      EUR     43.03
BARCLAYS BK PLC         17.000   9/28/2012      EUR     73.94
BARCLAYS BK PLC         14.000   10/1/2012      USD     10.16
BARCLAYS BK PLC          9.000   10/1/2012      USD     10.02
BARCLAYS BK PLC          9.000  10/16/2012      USD     10.70
BARCLAYS BK PLC          8.500  10/16/2012      USD     10.96
BARCLAYS BK PLC          7.000  12/14/2012      EUR     61.99
BARCLAYS BK PLC          8.000  12/14/2012      EUR     69.43
BARCLAYS BK PLC          8.000  12/14/2012      EUR     54.98
BARCLAYS BK PLC          8.750  12/14/2012      EUR     40.14
BARCLAYS BK PLC          9.500  12/14/2012      EUR     66.72
BARCLAYS BK PLC         10.500  12/14/2012      EUR     62.86
BARCLAYS BK PLC         11.000  12/14/2012      EUR     37.19
BARCLAYS BK PLC         10.930  12/14/2012      EUR     73.46
BARCLAYS BK PLC         12.500  12/14/2012      EUR     47.17
BARCLAYS BK PLC         12.250  12/14/2012      EUR     72.29
BARCLAYS BK PLC         13.000  12/14/2012      EUR     74.40
BARCLAYS BK PLC         12.730  12/14/2012      EUR     50.97
BARCLAYS BK PLC         16.000  12/14/2012      EUR     67.61
BARCLAYS BK PLC          5.000  12/14/2012      EUR     69.29
BARCLAYS BK PLC          6.000  12/14/2012      EUR     64.72
BARCLAYS BK PLC         14.750  12/14/2012      EUR     70.68
BARCLAYS BK PLC         12.500    1/2/2013      EUR     59.96
BARCLAYS BK PLC         12.000    1/2/2013      EUR     35.21
BARCLAYS BK PLC         12.000    1/2/2013      EUR     70.68
BARCLAYS BK PLC         11.500    1/2/2013      EUR     66.71
BARCLAYS BK PLC         11.000    1/2/2013      EUR     70.31
BARCLAYS BK PLC         11.000    1/2/2013      EUR     37.26
BARCLAYS BK PLC         11.000    1/2/2013      EUR     72.83
BARCLAYS BK PLC         10.250    1/2/2013      EUR     74.04
BARCLAYS BK PLC         10.000    1/2/2013      EUR     38.31
BARCLAYS BK PLC         10.000    1/2/2013      EUR     68.10
BARCLAYS BK PLC          9.500    1/2/2013      EUR     38.69
BARCLAYS BK PLC          8.750    1/2/2013      EUR     69.48
BARCLAYS BK PLC          8.500    1/2/2013      EUR     73.88
BARCLAYS BK PLC          8.000    1/2/2013      EUR     72.76
BARCLAYS BK PLC          8.000    1/2/2013      EUR     39.60
BARCLAYS BK PLC          7.000    1/2/2013      EUR     42.38
BARCLAYS BK PLC          6.000    1/2/2013      EUR     39.59
BARCLAYS BK PLC          6.000    3/8/2013      EUR     64.36
BARCLAYS BK PLC         12.000    3/8/2013      EUR     72.97
BARCLAYS BK PLC         14.000    3/8/2013      EUR     71.58
BARCLAYS BK PLC         15.000    3/8/2013      EUR     69.16
BARCLAYS BK PLC          8.000   3/22/2013      EUR     40.94
BARCLAYS BK PLC         10.000   3/22/2013      EUR     35.96
BARCLAYS BK PLC         10.500   3/22/2013      EUR     72.05
BARCLAYS BK PLC         11.500   3/22/2013      EUR     37.28
BARCLAYS BK PLC         11.000   3/22/2013      EUR     72.85
BARCLAYS BK PLC         10.750   3/22/2013      EUR     35.34
BARCLAYS BK PLC         16.000   5/23/2013      USD     10.06
BARCLAYS BK PLC          6.000   6/14/2013      EUR     64.79
BARCLAYS BK PLC         11.000   6/14/2013      EUR     74.51
BARCLAYS BK PLC         12.500   6/14/2013      EUR     73.22
BARCLAYS BK PLC         13.500   6/14/2013      EUR     72.72
BARCLAYS BK PLC         11.500   6/28/2013      EUR     39.27
BARCLAYS BK PLC         10.000   6/28/2013      EUR     41.50
BARCLAYS BK PLC         10.500   6/28/2013      EUR     72.45
BARCLAYS BK PLC         11.000   6/28/2013      EUR     36.80
BARCLAYS BK PLC          8.000   6/28/2013      EUR     38.32
BARCLAYS BK PLC         12.250   9/13/2013      EUR     73.13
BARCLAYS BK PLC         11.500   9/13/2013      EUR     74.76
BARCLAYS BK PLC         11.500  12/13/2013      EUR     74.54
BARCLAYS BK PLC          6.750  10/16/2015      GBP      1.07
BARCLAYS BK PLC          0.500   12/3/2017      AUD     74.03
BARCLAYS BK PLC          0.500   3/22/2019      NZD     73.61
BARCLAYS BK PLC          0.500   9/24/2019      AUD     66.00
BARCLAYS BK PLC          0.600   4/12/2027      JPY     70.14
CATTLES PLC              6.875   1/17/2014      GBP      1.88
CATTLES PLC              7.125    7/5/2017      GBP      1.88
CO-OPERATIVE BNK         5.625  11/16/2021      GBP     75.14
CO-OPERATIVE BNK         5.750   12/2/2024      GBP     74.51
CO-OPERATIVE BNK         5.875   3/28/2033      GBP     72.57
DUNFERMLINE BS           6.000   3/31/2015      GBP      1.00
EFG HELLAS PLC           5.400   11/2/2047      EUR     18.88
EMPORIKI GRP FIN         4.350   7/22/2014      EUR     67.38
EMPORIKI GRP FIN         5.000   12/2/2021      EUR     40.88
EMPORIKI GRP FIN         5.100   12/9/2021      EUR     41.38
EMPORIKI GRP FIN         5.000   2/24/2022      EUR     40.38
EMPORIKI GRP FIN         6.000   5/18/2022      EUR     44.25
ENTERPRISE INNS          6.875   2/15/2021      GBP     71.80
ENTERPRISE INNS          6.875    5/9/2025      GBP     67.07
ENTERPRISE INNS          6.375   9/26/2031      GBP     64.63
ESSAR ENERGY             4.250    2/1/2016      USD     60.39
F&C ASSET MNGMT          6.750  12/20/2026      GBP     63.03
GALA ELECTRIC CA        11.500    6/1/2019      GBP     70.92
GALA ELECTRIC CA        11.500    6/1/2019      GBP     70.50
GREENE KING FIN          5.702  12/15/2034      GBP    107.71
GS INTERNATIONAL         8.250  12/17/2012      EUR     69.95
HBOS PLC                 6.305  10/18/2017      GBP     73.75
HBOS PLC                 4.375  10/30/2019      EUR     74.56
HBOS PLC                 4.500   3/18/2030      EUR     63.30
HSBC BANK PLC            0.500  11/16/2018      AUD     72.28
HSBC BANK PLC            0.500   6/30/2021      NZD     65.62
HSBC BANK PLC            0.500  11/22/2021      AUD     63.96
HSBC BANK PLC            0.500  11/30/2021      NZD     64.12
HSBC BANK PLC            0.500   12/2/2022      AUD     53.69
HSBC BANK PLC            0.500  12/29/2022      AUD     56.07
HSBC BANK PLC            0.500    2/2/2023      AUD     53.29
HSBC BANK PLC            0.500   2/24/2023      AUD     56.65
HSBC BANK PLC            0.500    4/3/2023      AUD     59.42
HSBC BANK PLC            0.500  10/30/2026      NZD     51.18
HSBC BANK PLC            0.500   12/8/2026      AUD     40.71
HSBC BANK PLC            0.500  12/29/2026      AUD     41.16
HSBC BANK PLC            0.500   1/29/2027      NZD     50.61
HSBC BANK PLC            0.500   2/24/2027      NZD     50.45
HSBC BANK PLC            0.500   4/27/2027      NZD     50.07
HSBC BANK PLC            0.500   7/30/2027      NZD     50.22
MATALAN                  9.625   3/31/2017      GBP     68.17
MATALAN                  9.625   3/31/2017      GBP     68.00
MAX PETROLEUM            6.750    9/8/2013      USD     35.82
NOMURA BANK INTL         0.800  12/21/2020      EUR     72.89
OTE PLC                  7.250    4/8/2014      EUR     72.84
OTE PLC                  4.625   5/20/2016      EUR     61.47
PRIVATBANK               5.799    2/9/2016      USD     69.69
PUNCH TAVERNS            5.883  10/15/2026      GBP     62.50
ROYAL BK SCOTLND         6.250  12/20/2012      EUR     51.87
ROYAL BK SCOTLND         4.625   9/22/2021      EUR     73.25
ROYAL BK SCOTLND         4.243   1/12/2046      EUR     51.00
ROYAL BK SCOTLND         5.646   6/30/2047      GBP     57.50
RSL COMM PLC             9.125    3/1/2008      USD      1.25
RSL COMM PLC            10.125    3/1/2008      USD      1.25
RSL COMM PLC            12.000   11/1/2008      USD      1.25
RSL COMM PLC            10.500  11/15/2008      USD      1.22
RSL COMM PLC             9.875  11/15/2009      USD      1.25
SKIPTON BUILDING         5.625   1/18/2018      GBP     66.88
SPIRIT ISSUER            5.472  12/28/2028      GBP     70.15
THOMAS COOK GR           6.750   6/22/2015      EUR     46.86
THOMAS COOK GR           7.750   6/22/2017      GBP     44.00
UNIQUE PUB FIN           7.395   3/28/2024      GBP     63.18
UNIQUE PUB FIN           5.659   6/30/2027      GBP     71.48
UNIQUE PUB FIN           6.464   3/30/2032      GBP     45.00


                            *********

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 * * *