TCREUR_Public/120716.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 16, 2012, Vol. 13, No. 140

                            Headlines



G E R M A N Y

ARTEGA: Files for Bankruptcy
NEU DROSSBACH: Gloomy Economy Prompts Parent to Halt Operation
SRI HOLDING: Files for Insolvency in Germany


H U N G A R Y

* HUNGARY: Company Bankruptcies Hit Record High, D&B Report Shows


I R E L A N D

MERRILL LYNCH: Moody's Downgrade No Impact on Clear PLC Ratings
RIVOLI - PAN-EUROPE: Fitch Cuts Rating on Class C Notes to 'Bsf'
TALISMAN 1: Fitch Affirms 'Dsf' Rating on EUR1.1MM Class G Notes
TREASURY HOLDINGS: Awaits Judgment on NAMA Receivership Action
* IRELAND: Passes Bailout Program Review; Seeks Debt Refinancing


K A Z A K H S T A N

BTA BANK: Restructuring Proceedings Recognized in United Kingdom
CHIMPHARM JSC: S&P Assigns 'kzBB' National Scale Rating


L I T H U A N I A

BANKAS SNORAS: Former Owner Asks Judge to Halt Civil Lawsuit


L U X E M B O U R G

DEUTSCHE BANK: S&P Lowers Rating on Class A4 Notes to 'B (sf)'


N E T H E R L A N D S

AMSTERDAN MOLECULAR: To Hold Annual General Meeting on Sept. 12
E-MAC NL: S&P Lowers Rating on Class E Notes to 'CCC (sf)'
SLIBVERWERKING NOORD: In Derivative Talks with Deutsche Bank


P O L A N D

ALBA TOUR: Polish Taxpayers to Cover Costs of Stranded Clients
POLIMEX-MOSTOSTAL SA: In Talks to Extend Debt Repayment Deadlines


R O M A N I A

ASTRA VAGOANE: German Investors Acquire Group for EUR30 Million


R U S S I A

NET ELEMENT: Unit Borrows US$4.6 Million from Sat-Moscow
RED & BLACK: Fitch Affirms Rating on Class C Notes at 'BB+sf'


S P A I N

TDA 27: S&P Lowers Rating on Class C Notes to 'B- (sf)'
VITRO CRISTALGLASS: Court Grants Voluntary Bankruptcy Protection


U K R A I N E

STATE EXPORT-IMPORT: Fitch Affirms 'B' Issuer Default Rating


U N I T E D   K I N G D O M

ALBERMARLE HOTELS: Owners Put New Bath Hotel Up for Sale
ALPHA MOBILE: Parent Company Placed in Liquidation; Owes GBP3.5MM
BRADFORD BULLS: Liquidation Deadline Extended to July 27
D&D WINES: Creditors Appoint PKF as Liquidator
GEMINI PLC: S&P Lowers Rating on Class A Notes to 'B(sf)'

JML DOLMAN: Goes Into Liquidation; 300 Jobs at Risk
SILVERS MARINE: Tax Department Seeks to Wind Up Firm
TUMPHER LTD: Philip Johnston-Linked Firms Declared Insolvent


U Z B E K I S T A N

UZPROMSTROYBANK: S&P Affirms 'B+/B' Counterparty Credit Ratings


X X X X X X X X

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


                            *********


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


ARTEGA: Files for Bankruptcy
----------------------------
MotorAuthority reports that German firm Artega, manufacturer of
the Henrik Fisker-designed GT sports car, has filed for
bankruptcy.

According to the report, the small scale manufacturer, based in
Delbruck, stated that it has become insolvent and that it is
seeking to find new roles for its 34 employees.

MotorAuthority relates that 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.

Court-approved administrators are currently examining Artega's
remaining assets while management looks for new investment
possibilities, the report adds.


NEU DROSSBACH: Gloomy Economy Prompts Parent to Halt Operation
--------------------------------------------------------------
https://research.zecco.com/research/quotes/stock-
news/story.asp?key=100-195u3454-1
(Joy)

Zecco reports that Dalian Sunlight Machinery Co., Ltd. announced
on July 12 that it decided to end operation of a subsidiary in
Germany because of gloomy international economic situation and
high operating cost of the overseas company.

The subsidiary, Neu Drossbach GmbH, invested EUR2.28 million in
buying some of assets in Drossbach GmbH & Co. KG this March,
Zecco discloses.  It operated less than 4 months after finishing
the acquisition, Neu Drossbach GmbH notes.

The subsidiary's bankruptcy filing will impose impacts on Dalian
Sunlight Machinery, which is less than acquisition price; the
exact value can be confirmed after liquidation, Zecco says.


SRI HOLDING: Files for Insolvency in Germany
--------------------------------------------
Mike Buetow at Circuits Assembly reports that SRI Holding, which
includes SRI Radio Systems, filed for insolvency on July 5 in
Kempton, Germany.  The insolvency filing also includes a third
unit, SRI Logistics.

A German court appointed Thomas Karg as interim solicitor for the
three business units, says Circuits Assembly.

Circuits Assembly discloses that SRI Radio Systems was ranked
46th in last year's CIRCUITS ASSEMBLY Top 50.  It has estimated
2011 sales of US$283 million and nearly 600 full and part-time
employees.  It operates out of a facility in Durach, in Southern
Germany.

Siemens founded what eventually became SRI Holding in 1962. SRI
Radio Systems spun out in 1997.



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


* HUNGARY: Company Bankruptcies Hit Record High, D&B Report Shows
-----------------------------------------------------------------
According to MTI-Econews, a report by international business
evaluation company Dun and Bradstreet Hungaria, showed that the
number of Hungarian companies going bust due to a shortage of
cash has never been as high as at present.

D&B said in a statement on Friday that the proportion of bankrupt
companies reached 4.1% in 2012, compared to 3.3% last year, MIT
relates.

The number of liquidations in the first six months of this year
rose by 30% compared to the same period in 2011, MTI discloses.
The report said that the final accounting procedures have nearly
doubled since last year, which also suggests that more and more
companies are winding up, MTI notes.



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


MERRILL LYNCH: Moody's Downgrade No Impact on Clear PLC Ratings
---------------------------------------------------------------
Moody's Investors Service stated that the ratings of notes issued
by Credit-Linked Enhanced Asset Repackagings PLC (the "Issuer")
will not be affected by the recent downgrade of Merrill Lynch &
Co., Inc,.

Following the downgrade on June 21, 2012 of its long term senior
unsecured rating to Baa2, Merrill Lynch International ("MLI"), as
the Counterparty is required to take certain remedial actions
pursuant to the terms of the related transaction documentations.
However, Merrill Lynch has proposed not to take any remedial
action in response to its recent downgrade (the "Proposal").

In light of the current ratings of the transaction, Moody's
Investors Service 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 the Proposal 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
the Proposal could have other, non credit-related effects.

The principal methodology used in these ratings was "Moody's
Approach to Rating Corporate Collateralized Synthetic
Obligations" published in September 2009.

Other methodologies and factors that may have been considered in
the process of providing this opinion can also be found at
www.moodys.com in the Credit Policy & Methodologies directory, 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.

Tranches Covered:

Series 18: EUR 113,000,000 Limited Recourse Secured Floating Rate
CLN due 2017, Rated Caa3(sf)

Series 24: USD 13,000,000 Limited Recourse Secured Floating Rate
Credit-Linked Notes due 2017, Rated Ca(sf)

Series 28: USD 7,000,000 Limited Recourse Secured Floating Rate
Credit-Linked Notes due 2017, Rated C(sf)

Series 29: USD 40,000,000 Limited Recourse Secured Floating Rate
Credit-Linked Notes due 2017, Rated C(sf)

Series 30: USD 30,000,000 Limited Recourse Secured Floating Rate
Credit Linked Notes due 2017, Rated Ca(sf)

Series 45: USD 10,000,000 Limited Recourse Secured Floating Rate
Credit Linked Notes due 2017, Rated Caa3(sf)


RIVOLI - PAN-EUROPE: Fitch Cuts Rating on Class C Notes to 'Bsf'
----------------------------------------------------------------
Fitch Ratings has downgraded Rivoli - Pan-Europe 1 plc's
commercial mortgage-backed securities notes as follows:

  -- EUR299.3m Class A (XS0278734644) downgraded to 'AA-sf' from
     'AAAsf'; off Rating Watch Negative (RWN), Outlook Negative

  -- EUR42.8m Class B (XS0278739874) downgraded to 'BBBsf' from
     'Asf'; Outlook Stable

  -- EUR23.6m Class C (XS0278741771) downgraded to 'Bsf' from
     'BBsf'; Outlook Stable

The downgrade of the class A notes is the result of a rating cap
applied by Fitch to structured finance transactions with
significant exposure to Spanish collateral.  In June 2012, this
class was put on RWN pending further assessment of the Spanish
loans, which account for 59% by portfolio balance.  The rating
actions on the class B and C notes reflect the upcoming
maturities of three of the four remaining loans (approximately
80% of the transaction by balance) and the uncertainty regarding
their exit strategies.

The collateral, located in Spain, France and The Netherlands,
continues to perform well.  All loans exhibit stable occupancy
and solid coverage ratios.  However, two loans are hedged via
interest rate caps and therefore benefit from the current low
interest rate environment.  Based on valuations performed in 2009
and 2010, the loan-to-value (LTV) ratios are all reported to be
below 70%, as at the last interest payment date (IPD) in May
2012.  The Blue Yonder loan, secured on seven airport buildings
located at Amsterdam's Schiphol Airport, displays the lowest
reported leverage at 44.6%, while the Parque Pricipado, exhibits
the highest, at 69.5%. Fitch estimates the LTV in each case to be
well above that of the reported level.

Although mitigated by moderate loan leverage, there continues to
be uncertainty around the availability of refinancing options for
mid-to-large sized facilities backed by Spanish collateral.
While the final legal maturity of the transaction in 2018
provides sufficient time for refinancing or sale, any loan
extension brings loan maturity closer to the expiry dates of the
underlying leases.  This is a particular concern for the Santa
Hortensia and Blue Yonder loans, both secured on single-tenanted
assets whose leases expire in circa three and six years,
respectively.

While the tenants include rated entities such as IBM ('A+') for
the Santa Hortensia loan, and SFR/Vivendi ('BBB') for the Rive
Defense loan, the value of the collateral could be adversely
affected if the tenants decide not to renew the existing leases,
expiring in 2015 and 2018, respectively.  Parque Principado is
secured by a shopping centre located near Oviedo, Spain.  Its
granular income (none of the 120 tenants accounts for more than
7.5% of the total rent) has remained relatively stable since
closing, as has the occupancy rate, reported at 88%, as at the
last IPD.


TALISMAN 1: Fitch Affirms 'Dsf' Rating on EUR1.1MM Class G Notes
----------------------------------------------------------------
Fitch Ratings has affirmed Talisman 1 Finance plc Class G
commercial mortgage-backed floating-rate notes, as follows:

  -- EUR1.1m Class G (XS0220380363): affirmed at 'Dsf'; Recovery
     Estimate RE0% assigned

The affirmation and assignment of the RE0% Recovery Estimate
reflect the uncertainty over final recoveries caused by the claim
for reimbursement of work-out costs put forward by the Prime loan
B note lenders.  The EUR0.5 million claim, together with legal
costs and senior fees to be paid ahead of the notes' redemption,
would likely consume most of the available funds from the
repayment of the last loan securing the transaction, which was
reported in January 2012.  Fitch took a conservative assumption
in assigning a 'RE0%' due to lack of detailed information and
uncertain outcome of the claim.

Once final proceeds, if any, have been distributed to the
remaining bonds, the rating on the Class G notes will be
withdrawn.


TREASURY HOLDINGS: Awaits Judgment on NAMA Receivership Action
--------------------------------------------------------------
Ann O'Loughlin at Irish Examiner reports that a High Court judge
has reserved judgment on the challenge by Treasury Holdings to
the National Asset Management Agency's decision calling in more
than EUR1 billion of its loans and appointing receivers over its
properties here.

The seven-day hearing concluded on Thursday before Ms. Justice
Mary Finlay Geoghegan who reserved her decision, Irish Examiner
relates.  The judge indicated she will give judgment by the end
of this law term on July 31, Irish Examiner discloses.

Treasury, which is insolvent with total debt of more than
EUR2.7 billion, has argued the decision calling in its loans was
made without notice to it and without giving it a proper
opportunity to be heard, Irish Examiner notes.

NAMA denied those and other claims and also contended it could
not be expected to engage in "endless debate" with Treasury
before calling in the EUR1 billion loans when Treasury was unable
to continue trading without money from NAMA, Irish Examiner
recounts.

The agency also argued the terms of a "stand still agreement"
between the sides, under which NAMA agreed to consider proposals
by other parties to acquire the loans before proceeding to
enforcement, are such as to prohibit Treasury succeeding in the
legal action, Irish Examiner discloses.

Treasury Holdings is an Irish property developer.  The company
owns the Westin Hotel in Dublin and the Irish headquarters of
accounting firm PricewaterhouseCoopers.


* IRELAND: Passes Bailout Program Review; Seeks Debt Refinancing  
----------------------------------------------------------------
Eamon Quinn and Jason Douglas at The Wall Street Journal report
that Irish Finance Minister Michael Noonan said Thursday Ireland
passed the latest review of its bailout program, and is now
looking to secure a deal to refinance its huge banking debts to
help it regain access to markets.

Under the terms of the 2010 bailout, the European Union,
International Monetary Fund and European Central Bank, regularly
scrutinize Ireland for its adherence to a program of fiscal and
banking targets, the Journal discloses.

"All measures have been implemented and the program remains on
track," the Journal quotes Mr. Noonan as saying.  However,
"dealing with the burden of banking-related debt" is one of the
significant challenges facing the country.

The government wants to fund itself totally from long-term debt
again from 2014 when the EUR67.5 billion Ireland borrowed from
the EU and the IMF will have expired, the Journal discloses.

But it says it first needs the euro zone to help it refinance a
large part of the huge sums it pumped into banks that otherwise
would have collapsed during the country's deep debt crisis, the
Journal notes.

According to the Journal, without a banking deal, Ireland's
sovereign debt could soon reach 120% of annual gross domestic
product, a level of debt that will likely exclude the country
accessing long-term bond markets any time soon.

The Irish government wants to "retro-finance" as much as possible
of the EUR64 billion pumped into Irish banks since the onset of
the crisis in 2008, the Journal says.

Mr. Noonan declined to reveal how much of the bank debt he hoped
to have refinanced, but talks with the EU, IMF and ECB on
securing a deal by October were ongoing, according to the
Journal.  That deal, which could include relieving some Irish
banks of loss-making home loans, will help Ireland re-engage
permanently with debt markets, the Journal notes.



===================
K A Z A K H S T A N
===================


BTA BANK: Restructuring Proceedings Recognized in United Kingdom
----------------------------------------------------------------
BTA Bank JSC on July 12 disclosed that the restructuring
proceedings that have been commenced in respect of the Bank
before the Specialised Financial Court in Almaty have been
recognized in the United Kingdom as a foreign main proceeding.
This recognition was granted by order of the High Court of
Justice of England and Wales on July 11, 2012 pursuant to the
UNCITRAL Model Law on cross-border insolvency as set out in the
Cross Border Insolvency Regulations 2006.

This recognition is a part of the Bank's current restructuring
process and allows it to move forward without any possible delay
from proceedings against the Bank or its assets since, subject to
certain qualifications contained in the order, the Bank will be
protected in the United Kingdom from:

(i) commencement or continuation of individual actions or
individual proceedings concerning the Bank's assets, rights,
obligations or liabilities; and

(ii) xecution against the Bank's assets.

                         About BTA Bank

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO --
http://bta.kz/-- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.


CHIMPHARM JSC: S&P Assigns 'kzBB' National Scale Rating
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'kzBB' Kazakhstan
national scale rating to Kazakh generic pharmaceuticals
manufacturer Chimpharm JSC.

"At the same time, we assigned 'kzBB' issue ratings to
Chimpharm's proposed KZT10 billion unsecured notes. The recovery
rating on this debt is '4', indicating our expectation of average
(30%-50%) recovery for creditors in the event of a payment
default.  The ratings reflect our assessment of Chimpharm's
business risk profile as "vulnerable", mainly due to its
relatively small size and political risk in  the Republic of
Kazakhstan (BBB+/Stable/A-2), its main market," S&P said.

Other business risks are Chimpharm's lack of geographic diversity
and reliance on public funds and distribution capabilities in an
evolving domestic health care system.

Positive factors are Chimpharm's position in the Kazakh
pharmaceutical market as the leading domestic producer, by
volume, of mainly generic drugs and medicines.

"Our view of Chimpharm's credit metrics is another support for
the ratings. Leverage was very low at the end of 2011, with the
company's debt totaling KZT1.2 billion (about US$8 million).
Chimpharm's operating margin (EBITDA) was relatively high at 33%
in 2011," S&P said.

"We project margins to decline over the next few years, since
selling and marketing expenses will likely outpace the expected
strong improvement in the gross margin following the company's
planned expansion. However, the increase in selling and marketing
expenses is unlikely to be material and mainly reflects the need
to adapt to new business conditions under a recently signed
exclusive supply contract between Chimpharm and the domestic
market regulator," S&P said.

To cope with the contract's specifications for production and
delivery of guaranteed volumes, Chimpharm has initiated a US$65
million facility expansion and modernization program in
compliance with the U.S. regulator's Good Manufacturing Practice
standards. The resulting need for additional resources will push
up expenses from 2012.

"We believe this will offset the projected significant rise in
the gross margin on the back of likely sizable price increases
and a more profitable product mix after Polpharma took control of
Chimpharm in 2011. Consequently, we expect EBITDA margins in our
base-case scenario for 2012 and 2013 to temporarily fall to 27%
and recover to about 30% thereafter, although still comparing
favorably with peers'. We assess Chimpharm's financial risk
profile as "aggressive" under our criteria," S&P said.

"This mainly reflects our view of the company's "less-than-
adequate" liquidity profile, reflecting uncertainties about the
successful placement of the proposed notes," S&P said.

The company's credit metrics are a rating support, in view of
relatively high operating margins and satisfactory free cash flow
generation. "We expect leverage in our base-case scenario to rise
to more than 2.5x in 2012 and 2013, due to sizable capital
spending to construct new facilities and funding for the related
working capital requirements," S&P said.

"We view leverage signified by a ratio of net debt to EBITDA of
about 3x as commensurate with the ratings. Any significant
prolonged increase in leverage could lead to a negative rating
action," S&P said.

Chimpharm is privately owned by two large shareholders: Poland-
based Polpharma (50% plus one vote) and Visor Growth Fund B.V.,
which is owned by Kazakhstani investors (the remainder).

"We don't believe there are significant corporate governance
issues. Polpharma exercises operating control as stipulated in
the shareholders' agreement, with the support of former majority
owner Visor Growth Fund B.V., which saw the need for a strong
industrial partner for  Chimpharm," S&P said.

"We believe Chimpharm's management has a generally measured risk
appetite. We understand Chimpharm is to start paying dividends to
its shareholders after the notes are repaid. We note that,
according to the shareholders' agreement, no dividends are paid
if cash flows are negative. In our view, Chimpharm's liquidity
profile is "less than adequate," reflecting the pending notes
issuance given concerns about execution risk and successful
placement amid current capital-market conditions," S&P said.

In addition, should the company be unable to place the notes,
alternative funding might involve predominantly short-term,
potentially uncommitted bank loans, which would impair the
liquidity profile according to our criteria.

"We therefore reflect this uncertainty by classifying liquidity
as "less than adequate," S&P said.

"In our view, Chimpharm's liquidity will likely improve if it
successfully places the proposed notes, enabling it to carry out
its expansion plans. This should result in satisfactory cash flow
generation if there are no significant delays in the construction
program.  An upgrade would depend on the company's ability to
achieve and maintain an adequate liquidity profile after placing
the notes and demonstrate projected sales growth rates over
subsequent quarters. We believe the main constraints to the
ratings currently relate to business risks because the company is
still very small," S&P said.



=================
L I T H U A N I A
=================


BANKAS SNORAS: Former Owner Asks Judge to Halt Civil Lawsuit
------------------------------------------------------------
Erik Larson at Bloomberg News reports that Vladimir Antonov,
Bankas Snoras AB's former owner, asked a U.K. judge to put the
collapsed Lithuanian lender's civil lawsuit against him on hold
while he fights extradition to the Baltic country where he faces
fraud allegations.

Mr. Antonov's lawyer, Ian Mill, said on Friday that the bank
should also be denied its request that Mr. Antonov list his
worldwide assets to comply with a freezing order issued by the
court in May, Bloomberg relates.  Mr. Mill, as cited by
Bloomberg, said that such a list could incriminate Mr. Antonov in
Lithuania and help his extradition there.

Mr. Antonov, a Russian, and his Lithuanian business partner
Raimondas Baranauskas were detained in London in November after
Lithuanian authorities issued a European arrest warrant on claims
they forged documents and fixed accounts to siphon at least
LTL1.7 billion (US$602 million) from the country's third-biggest
bank by deposits, causing its collapse, Bloomberg recounts.

Both men deny the claims and are fighting the fraud allegations
in Lithuania, Bloomberg notes.

Snoras, based in Vilnius, filed a civil lawsuit in Britain on
May 18 against the men for GBP395.5 million (US$615 million),
Bloomberg discloses.  The judge scheduled an October hearing on
Mr. Antonov's requests on Friday and denied the bank's bid for a
temporary list of his assets to be placed with the court while
awaiting the autumn hearing, according to Bloomberg.

Bankas Snoras AB is Lithuania's fifth biggest lender.



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


DEUTSCHE BANK: S&P Lowers Rating on Class A4 Notes to 'B (sf)'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Deutsche Bank Luxembourg S.A.'s series 50 class A1, A2, A3, and
A4 notes.

DBL's series 50 is a resecuritization of GEMINI (ECLIPSE 2006-3)
PLC's class A notes.  At closing, the seller -- Deutsche Bank AG
(A+/Negative/A-1) -- sold to DBL a portion of the class A
commercial mortgage-backed floating-rate notes issued by GEMINI
(ECLIPSE 2006-3).

The issuance of DBL's series 50 notes funded the purchase of the
portion of the notes.

"Our ratings on DBL's series 50 notes reflect our opinion on the
expected performance of the underlying collateral, and on the
transaction structure and payment priorities," S&P said.

The rating actions in DBL's series 50 follow our downgrade
earlier of GEMINI (ECLIPSE 2006-3)'s class A notes.

"Our rating action in GEMINI (ECLIPSE 2006-3) followed our
regular surveillance review of the recovery value of the
remaining properties backing the single loan in the transaction,
the cash flows from those properties, the likelihood that the
liquidity facility will be available to service the ongoing swaps
in the transaction, and the potential swap breakage costs," S&P
said.

"Based on our assessment of these factors in the GEMINI (ECLIPSE
2006-3) transaction, and our subsequent rating action on its
class A notes, we have lowered all of our ratings in DBL's series
50, to reflect our view that the likelihood of principal losses
has increased," S&P said.

Potential Effects of Proposed Criteria Changes

"We have taken rating actions based on our criteria for rating
European CMBS," S&P said.

However, these criteria are under review. "As highlighted in the
Nov. 8 Advance Notice of Proposed Criteria Change, we expect to
publish a request for comment (RFC) outlining our proposed
criteria changes for rating European CMBS transactions," S&P
said.

"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 surveil these
transactions using our existing criteria," S&P said.

Ratings List

Class                   Rating
               To                  From

Deutsche Bank Luxembourg S.A.
GBP175.84 Million Resecuritization Fiduciary Notes Series 50

Ratings Lowered

A1             A (sf)              A+ (sf)
A2             BBB (sf)            A (sf)
A3             BB (sf)             BBB (sf)
A4             B (sf)              BB+ (sf)



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


AMSTERDAN MOLECULAR: To Hold Annual General Meeting on Sept. 12
---------------------------------------------------------------
Amsterdam Molecular Therapeutics Holding NV published its Annual
Report and Accounts for the year ended December 31, 2011 and
announced that it will host its Annual General Meeting at its
headquarters (Meibergdreef 61, 1105 BA Amsterdam Zuidoost, the
Netherlands) at 14.00 hrs on September 12, 2012.  Shareholders of
the dissolved company are invited to attend.

In March 30, 2012, an extraordinary general meeting of
shareholders approved a major corporate restructuring and
financing transaction involving the disposal of AMT's entire
business and operations to uniQure B.V. and the subsequent
dissolution, liquidation and delisting of AMT.  On April 5, the
disposal completed and AMT's dissolution as resolved by the
extraordinary general meeting of shareholders became effective,
with Mr. Jorn Aldag and Mr. Piers Morgan being appointed as the
liquidators charged with the liquidation of the company's
dissolved property.  On April 26, 2012, the liquidators made an
advance distribution -- consisting of depositary receipts for
ordinary class B in uniQure B.V. -- to AMT's shareholders.  There
will not be any further (final) distributions made to AMT
shareholders.

AMT and the AMT shares will continue to exist until the
liquidation is finalized, which is expected to occur before the
end of 2012.  AMT and its shares ceasing to exist upon the ending
of the liquidation shall effectively also result in the delisting
of AMT, to the extent the delisting cannot be achieved at an
earlier date in consultation with Euronext Amsterdam and subject
to such conditions as Euronext Amsterdam may propose.

Amsterdam Molecular Therapeutics Holding NV is a Netherlands-
based company engaged in human gene therapy.


E-MAC NL: S&P Lowers Rating on Class E Notes to 'CCC (sf)'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the class E notes in E-MAC NL 2004-II B.V., E-MAC NL 2005-I B.V.,
E-MAC NL 2005-III B.V., E-MAC NL 2006-II B.V., E-MAC Program B.V.
Compartment NL 2006-III, E-MAC Program B.V. Compartment NL 2007-
I,  and E-MAC Program B.V. Compartment NL 2007-III.

E-MAC NL 2004-II, 2005-I, 2005-III, 2006-II, and E-MAC Program's
Compartments NL 2006-III, NL 2007-I, and NL 2007-III are Dutch
residential mortgage-backed securities (RMBS) transactions
originated by GMAC RFC Nederland, Quion 20 B.V., and Atlas
Funding B.V. All three originators are wholly owned subsidiaries
of GMAC RFC Investments B.V.

All seven transactions feature put options, which the class A, B,
C, and D noteholders have the right to exercise on the first put
date and each interest payment date (IPD) thereafter. If the
noteholders exercise the put option on any class of notes, those
notes are fully redeemed provided the issuer has sufficient funds
available to redeem the put option notes.

"Our ratings on the notes in these transactions do not address
repayment of the notes at a put date or the payment of
subordinated extension interest after the put date. The principal
payments on the class E notes are subordinate to the subordinated
extension interest. The class E notes' principal can be paid down
in three ways:  Once the put option notes (classes A, B, C, and
D) have been redeemed in full, the class E note balance will be
redeemed using the balance of the reserve fund, S&P said.

After the first put date, the class E note can be paid down using
excess spread. This payment is subordinate to the subordinated
swap payments and subordinated interest payments.

To date, none of the class E notes in these transactions have had
any principal repayments where the first put date has passed.

To the extent that the balance of the reserve account on a put
date exceeds the reserve account target level and there are
sufficient funds to cover items senior to the reserve fund in the
payment waterfall, such excess will be drawn from the reserve
account and applied toward the redemption of the class E notes.

The first put date has recently passed for E-MAC NL 2004-II B.V.
and E-MAC NL 2005-I B.V. The put option notes were not redeemed
in either of these transactions, as GMAC RFC Nederland did not
have the financial means to grant the required servicing advance
to redeem the notes.

"We understand that there have been three other E-MAC NL
transactions that have also recently passed their first put dates
and that none of them had its put option notes redeemed, for the
same reason," S&P said.

"In our opinion, it is therefore highly unlikely that the class E
notes in the other E-MAC NL transactions will be paid down on the
first put dates. It is also highly unlikely in our opinion that
any of the class E notes will be paid down via excess spread, due
to the following: The amount of excess spread the swap
counterparty guarantees reduces after the first put date to 0.20%
from 0.35%; and In the transactions that have recently passed
their first put dates, the excess spread has been insufficient to
cover the subordinated interest," S&P said.

Therefore, the subordinated interest will continue to accrue and
it is highly unlikely that enough excess spread will be generated
to pay down the class E notes.

Therefore, the only way that the class E notes will be repaid is
via the release of the reserve fund on the date that the class A,
B, C, and D notes are fully redeemed. As a result, the class E
notes will only be paid in full if there is a fully funded
reserve fund at the time of redemption.

"In our opinion, the likelihood of ultimate repayment of the
class E notes is therefore low, and we believe there is a one-in-
two chance of default on the class E notes," S&P said.

"Therefore, we have lowered to 'CCC (sf)' our ratings on the
class E notes in these seven transactions," S&P said.

Ratings List

Class                 Rating
               To                 From

RATINGS LOWERED

E-MAC NL 2004-II B.V.
EUR613.05 Million Mortgage-Backed Floating-Rate Notes

E              CCC (sf)           CCC+ (sf)

E-MAC NL 2005-I B.V.
EUR502.5 Million Mortgage-Backed Floating-Rate Notes

E              CCC (sf)           CCC+ (sf)

E-MAC NL 2005-III B.V.
EUR645.276 Million Mortgage-Backed Floating-Rate Notes

E              CCC (sf)           CCC+ (sf)

E-MAC NL 2006-II B.V.
EUR456.131 Million Mortgage-Backed Floating-Rate Notes

E              CCC (sf)           BB- (sf)

E-MAC Program B.V. Compartment NL 2006-III
EUR803.2 Million Mortgage-Backed Floating-Rate Notes

E              CCC (sf)           B (sf)

E-MAC Program B.V. Compartment NL 2007-I
EUR602.7 Million Residential Mortgage-Backed Floating-Rate and
Excess-Spread
Backed Floating-Rate Notes

E              CCC (sf)           B (sf)

E-MAC Program B.V. Compartment NL 2007-III
EUR243 Million, US$415.6 Million Residential Mortgage-Backed
Floating-Rate Notes
And Excess-Spread Backed Floating-Rate Notes

E              CCC (sf)           B (sf)


SLIBVERWERKING NOORD: In Derivative Talks with Deutsche Bank
------------------------------------------------------------
Gilbert Kreijger at Reuters reports that Slibverwerking Noord-
Brabant said it was in talks with Deutsche Bank and others about
a EUR270 million (US$331 million) derivatives deal, in which it
effectively guaranteed loans the German bank made to other firms.

SNB owned by Dutch public water management bodies, is now sitting
on a loss on the deal which it agreed in 2007, before the global
credit crisis, Reuters discloses.

Chief Financial Officer Silvester Bombeeck told Reuters that SNB
is talking to Deutsche Bank, its shareholders and other
stakeholders about changing the terms of the loan guarantees.

The current terms are that it will pay up to EUR270 million to
Deutsche Bank if there are bankruptcies in a loan portfolio of
about 115 companies, Reuters notes.

Mr. Bombeeck, as cited by Reuters, said that due to a change in
Dutch accounting rules, SNB will also be forced to take a charge
for the negative market value for the current book year, which
would push SNB's solvency below 75% giving Deutsche Bank the
right to dissolve the deal.

Reuters relates that Mr. Bombeeck said the negotiations center on
a different agreement on the solvency requirement or calculation.

"If such a claim existed and if Deutsche Bank would demand the
claim (close the contract), it would mean the bankruptcy of SNB,"
Reuters quotes Mr. Bombeeck as saying said, adding that he did
not expect this to happen.

"It would be very strange that you'd go bankrupt due to
accountancy rules.  If you look at the underlying risk of the
transaction then we have a positive view.  We expect, when the
transaction matures in 2017, to have no risks."

Slibverwerking Noord-Brabant is a Dutch sludge-processing firm.



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


ALBA TOUR: Polish Taxpayers to Cover Costs of Stranded Clients
--------------------------------------------------------------
Izabela Depczyk at Warsaw Business Journal reports that Polish
tax payers will have to cover the costs of returning stranded
clients of Alba Tour, which recently declared insolvency.

Marek Wozniak, the marshal of the Wielkopolskie voivodship, whose
capital is Poznan, told a press conference on Friday that the
voivodship will pay over PLN600,000 for the return of 411
holidaymakers from Egypt, WBJ relates.

"The company will not pay for the return of the vacationers
because their insurance amounts only to PLN209,000 . . . We will
cover the costs ourselves because we want to ensure that the
clients return home safely," WBJ quotes Mr. Wozniak as saying.

Alba Tour's Web site has now been shut down, although on Thursday
the company was still offering flights from Warsaw and Katowice
to Egypt, Izabela Depczyk discloses.

Alba Tour is a Poznan-based holiday agency.


POLIMEX-MOSTOSTAL SA: In Talks to Extend Debt Repayment Deadlines
-----------------------------------------------------------------
Karolina Slowikowska at Reuters reports that Polimex-Mostostal SA
is in talks with creditors to extend debt deadlines and,
possibly, issue bonds.

According to Reuters, Polimex said on Thursday it wanted a four-
month delay in repaying some liabilities and would use the time
to improve the conditions and terms of its financing.

Polimex also said on Thursday it signed a PLN379 million
(US$111 million) construction deal with PKN Orlen, the country's
top oil refiner, Reuters relates.  It will set up an installation
for denitrating and removing dust from flue gas produced by PKN's
combined heat and power unit, Reuters discloses.

Polimex is a Polish construction company.



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


ASTRA VAGOANE: German Investors Acquire Group for EUR30 Million
---------------------------------------------------------------
The Diplomat reports that insolvency company Casa de Insolventa
Transilvania and the judicial administrator of Astra Vagoane and
Meva companies, said a German investor has bought the IRS group
of companies -- Astra Vagoane Arad, Meva SA and  Romvag Caracal
-- for over EUR30 million.

The transaction has been established earlier in July and it is
part of the reoganization and redressing process of the insolvent
companies.

"This transaction becomes a reference for the future judicial
reorganizations of companies in Romania," The Diplomat quotes
Rudolf Vizental, managing partner CITR, as saying.

As reported in the Troubled Company Reporter-Europe on Nov. 26,
2010, Ziarul Financiar said Astra Vagoane has gone insolvent.
Cristian Burci, Astra Vagoane's owner, decided that having the
company file for insolvency was the only way to go in a bid to
overcome the current crisis.

Headquartered in Arad, Romania, Astra Vagoane manufactures long-
distance passenger coaches, passenger saloon coaches, rail dining
cars and sleeping cars for the railway industry. The company
employed about 5,000 workers.



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


NET ELEMENT: Unit Borrows US$4.6 Million from Sat-Moscow
--------------------------------------------------------
OOO Net Element Russia, a subsidiary of Net Element, Inc.,
entered into a Loan Agreement, dated July 4, 2012, with OOO Sat-
Moscow. Pursuant to the Loan Agreement, Sat-Moscow agreed to loan
to Net Element Russia 150 million Russian rubles (or
approximately US$4,636,928 based on the currency exchange rate as
of the close of business on June 4, 2012).

The loan is unsecured and must be funded within five business
days from July 4, 2012.  The loan is intended to be used by Net
Element Russia for working capital and the development of the
business of OOO TOT Money, which is a subsidiary of Net Element,
Inc., that was recently formed to adapt the existing revenue
sharing platform used in Openfilm.com to a mobile commerce
payment processing platform.  The interest rate under the Loan
Agreement is 8.15% per annum and outstanding principal and
interest is due on or before Nov. 1, 2012.  The loan may be pre-
paid at any time without penalty or charge.

Under the Loan Agreement, the required repayment date of the loan
may be accelerated if an event of default occurs under the terms
of the Loan Agreement, including if certain bankruptcy, receiver,
insolvency or dissolution events occur with respect to Net
Element Russia or if Net Element Russia fails to timely pay
principal or interest under the Loan Agreement and such failure
continues for 60 business days from the date of receipt of
written notice of such failure from Sat-Moscow.  Sat-Moscow is
indirectly controlled by Kenges Rakishev, a director of Net
Element, Inc.

                         About Net Element

Miami, Fla.-based Net Element, Inc. (formerly TOT Energy, Inc.)
currently operates several online media websites in the film,
auto racing and emerging music talent markets.

Following the 2011 results, Daszkal Bolton LLP, in Fort
Lauderdale, Florida, expressed substantial doubt about the
Company's ability to continue as a going concern.  The
independent auditors noted that the Company has experienced
recurring losses and has an accumulated deficit and stockholders'
deficiency at Dec. 31, 2011.

The Company reported a net loss of US$24.85 million in 2011,
compared with a net loss of US$3.10 million in 2010.

The Company's balance sheet at March 31, 2012, showed
US$2.34 million in total assets, US$6.83 million in total
liabilities, and a US$4.49 million total stockholders' deficit.


RED & BLACK: Fitch Affirms Rating on Class C Notes at 'BB+sf'
-------------------------------------------------------------
Fitch Ratings has taken rating actions on three Russian RMBS
deals, as follows:

Red & Black Prime Russia MBS No.1 Limited

  -- Class A (ISIN: XS0294882823): affirmed at 'A-sf'; Outlook
     Stable
  -- Class B (ISIN: XS0294883987): affirmed at 'BBB+sf'; Outlook
     Stable
  -- Class C (ISIN: XS0294884282): affirmed at 'BB+sf'; Outlook
     Stable

Russian Mortgage Backed Securities 2006-1 S.A

  -- Class A (ISIN: XS0254447872): affirmed at 'A-sf'; Outlook
     Stable
  -- Class B (ISIN: XS0254451395): affirmed at 'BBBsf'; Outlook
     Stable
  -- Class C (ISIN: XS0254451551): upgraded to 'BBB-sf' from 'BB-
     sf'; Outlook Stable

Moscow Stars B.V.

  -- Class A (ISIN: XS0307297225): affirmed at 'BBB-sf'; Outlook
     Stable
  -- Class B (ISIN: XS0307297811): affirmed at 'BBsf'; Outlook
     Stable

Due to the off-shore liquidity facilities that mitigate transfer
and convertibility risk, the senior tranches of Red & Black Prime
Russia MBS and Russian Mortgage Backed Securities may maintain
ratings up to one notch above the Russian Federation's Country
Ceiling which was affirmed at 'BBB+' in January 2012.  The
structure of Moscow Stars does not include a mitigant to transfer
and convertibility risk and therefore the ratings of the notes
are capped at Russia's Country Ceiling.

Red & Black Prime Russia MBS No.1 Limited

The affirmation reflects the stable performance of the collateral
pool as well as structural note protection through substantial
credit enhancement (CE) and the provisioning mechanism whereby
excess spread is directed as principal distribution in respect of
principal defaults and losses.

The transaction is a securitization of USD-denominated mortgage
loans originated by DeltaCredit Bank which is owned by Rosbank
('BBB+'/Stable/'F2') which is in turn controlled by Societe
Generale ('A+'/Negative/'F1+').

The notes funding the portfolio currently redeem pro rata and
have already amortized to 26.4% of their initial balance.  The
transaction envisages a reserve fund that provides CE to the
notes that was originally funded at 2.7% of the initial balance
and then built to 4.2% of initial pool balance.  In September
2011, the reserve fund stepped down to 1.5% of original balance
in accordance with triggers in the documentation.  This reduced
the CE available to the notes, which nonetheless currently stands
at 33.4% for the class A notes, 21.2% for the class B notes and
5.7% for the class C notes.

As of May 2012, cumulative gross defaulted assets stood at 1.5%.
Recoveries commenced in July 2009 resulting in a cumulative loss
ratio of 1.0%. Loans in arrears by less than 90 days represent
1.4% of the current pool balance and 1.7% of the loans are in
arrears by more than 90 days.

Russian Mortgage Backed Securities 2006-1 S.A.

The affirmations reflect the high credit enhancement available to
the notes and the stable performance of the collateral pool which
remains within Fitch's initial expectations.  The deal is a
securitization of USD-denominated mortgage loans originated by
Bank VTB (JSC) (VTB, 'BBB'/Stable/'F3').

Since July 2008, the notes have paid pro-rata and have been
redeemed to 17.6% of the original balance.  As of May 2012, CE
has more than doubled for all of the tranches and currently
stands at 42.5%, 21.2% and 14.2% for class A, B and C notes,
respectively.  The amortization of the notes will revert to
sequential once the outstanding balance of the notes is below 10%
of the initial balance, leading the class A notes to redeem at a
faster pace.  The current level of CE available to the class C
notes and the stable performance warrant the upgrade to 'BBB-sf'
from 'BB-sf'.

Defaults are defined as losses on the mortgage portfolio
following the completion of enforcement proceedings and as there
have not been any reported defaults, the deal has not realized
any losses on foreclosed properties.  However, as of May 2012,
six loans with a total balance of USD472,866 or 1.34% of the
outstanding balance are currently in arrears by more than 60
days.

Moscow Stars B.V.

The affirmation reflects the substantial credit enhancement
available to the notes and the stable performance of the
collateral pool.

The transaction is a securitization of USD-denominated mortgage
loans originated by CB Moskommertsbank (MKB) ('B-'/Stable) which
is owned by Kazakh Kazkommertsbank ('B'/Stable).

The rating of the class A notes is constrained by a maximum six-
notch uplift above the servicer's Long-term Issuer Default Rating
(i.e. to 'BBB-') according to Fitch's criteria addressing legal
risks in emerging market securitizations.

The notes have redeemed on a sequential basis since closing and
as of May 2012 have amortized to 33.2% of their initial balance.
The CE available to the tranches stands at 55.3% and 26.3% for
class A and B, respectively.  As of May 2012, there was an
outstanding class C principal deficiency ledger (PDL) of USD4m.
According to the structure of the waterfall, the reserve fund is
senior to the class C PDL and therefore the defaults are debited
on the PDL of class C before being offset by the available excess
spread.  However, since February 2009, the reserve fund target
stepped up to US$9.9 million, double the original balance, and is
therefore capturing all the available excess spread, leaving the
class C PDL to increase.  Once the outstanding PDL is greater
than the current amount of notes, defaults will be recorded on
the class B PDL that will be in turn reduced by the available
excess spread, which represents 4.4% (annualized) of outstanding
note balance.  Although the outstanding PDL reduces the credit
enhancement available to the notes, Fitch considers the ongoing
replenishment of the reserve fund providing a sufficient credit
enhancement buffer and would be available as extra liquidity.

The performance has recently stabilized although as of May 2012
the loans in arrears by less than 90 days was 6.0% of the pool
balance and 11.9% of loans are in arrears by more than 90 days.



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


TDA 27: S&P Lowers Rating on Class C Notes to 'B- (sf)'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered and kept on
CreditWatch negative its credit ratings on TDA 27, Fondo de
Titulizacion de Activos' class B and C notes.

"At the same time, we affirmed our 'D (sf)' ratings on the class
D, E, and F notes. Our ratings on the class A2 and A3 notes are
unaffected by rating actions. On Dec. 15, 2011, we placed on
CreditWatch negative our ratings on TDA 27's class A2, A3, B, and
C notes. This followed the findings of an audit of TDA 28, Fondo
de Titulizacion de Activos' assets originated by Credifimo,
according to which Credifimo had not originated the loans in
accordance with its internal policies," S&P said.

"We later withdrew our ratings in TDA 28. The rating actions
follow what we consider to be continued deteriorating performance
of the residential mortgage pool backing this transaction. They
also follow a lack of information about whether Credifimo's
noncompliance with some of its representations as originator in
TDA 28, as identified by an audit of TDA 28's assets originated
by Credifimo, could have also occurred in TDA 27. In TDA 27, the
loans originated by Credifimo have, on average, shown weaker
performance than the rest of the loans in the portfolio.
Credifimo originated 85.93% of the defaulted loans in the
pool. We consider delinquency levels in TDA 27's underlying
mortgage portfolio to be high. At the end of June 2012, the
outstanding balance of defaulted loans," S&P said.

"Due to the high level of defaults in the securitized pool, our
ratings on the class B and C notes depend substantially on the
amount of actual and expected recoveries on the defaulted assets
mentioned above. The level of recoveries on defaulted loans in
the transaction is significantly low; of the 72 repossessed
properties on the issuer's behalf that are in process of being
disposed, only a single property has been sold," S&P said.

Due to the deterioration of the credit quality of the portfolio
and the low level of recoveries experienced by the underlying
collateral, the level of performing collateral available to the
transaction to service the amounts due under the notes has
continued to reduce.

Based on the amount of the performing portfolio balance available
to the issuer, as of the June 2012 interest payment date, the
transaction was undercollateralized by EUR32.7 million and the
class C notes were undercollateralized by 49.28% of their current
balance.

The interest-deferral trigger levels for the class B, C, D, and E
notes are cumulative defaults of 11.40%, 8.60%, 5.50%, and 4.20%
of the closing portfolio balance, respectively. As of June 2012,
the ratio of cumulative defaults over the closing balance was
6.79%, triggering a diversion of cash flows from classes D and E
toward the most senior outstanding class.

"Based on the most recent transaction data available, our cash
flow analysis indicates that lower ratings are commensurate with
the credit enhancement available to the class B and C
notes. Taking all of the above factors into consideration, we
have lowered to 'BB (sf)' from 'A (sf)' and kept on CreditWatch
negative our rating on TDA 27's  class B notes, to reflect our
opinion that adverse business, financial, or economic conditions
could lead to the issuer's inability to meet its financial
commitments," S&P said.

"Our cash flow analysis also indicates that a 'BB (sf)' rating is
no longer commensurate with the credit enhancement available to
the class C notes, as the transaction experiences interest and
principal shortfalls under all of our cash flow scenarios. The
class C notes are undercollateralized by 49.28% of their current
balance. We have lowered to 'B- (sf)' from 'BB (sf)' and kept on
CreditWatch negative our rating on the class C notes," S&P said.

"We are seeking further information about whether Credifimo's
noncompliance with some of its representations as originator in
TDA 28, as identified by an audit of TDA 28's assets originated
by Credifimo, could have also occurred in TDA's other three rated
residential mortgage-backed securities (RMBS) transactions
partially backed by loans originated by Credifimo, including TDA
27. In July 2009, following a failure to meet due interest
payment at the June 2009 interest payment date, we lowered to 'D
(sf)' our rating on the class F notes, which were issued at
closing to fund the cash reserve. In September 2009, due to
insufficient excess spread to cover defaults, the issuer fully
drew the reserve fund, which has remained at zero since then.
Furthermore, TDA 27 breached the interest-deferral triggers on
the class D notes in September 2011, and on the class E notes in
September 2010. As a result, we lowered our ratings to 'D (sf)'
on the class D and E notes in October 2011 and October 2010,
respectively," S&P said.

"We have affirmed our 'D (sf)' ratings on the class D, E, and F
notes.  On April 30, 2012, we lowered our long- and short-term
ratings on Banco Santander S.A. to 'A-/A-2' from 'A+/A-1'," S&P
said.

"Since our downgrade of Banco Santander to below 'A-1', Banco
Santander is no longer eligible as bank account provider for this
transaction, and it is therefore looking for a guarantor or a
replacement in accordance with our counterparty criteria," S&P
said.

"More than 60 days have elapsed since we lowered our short-term
rating on Banco Santander to below the level required by the
transaction documents, which reflect our (superseded) 2010
counterparty criteria. As we have received a remedy proposal from
the transaction parties, we are not taking rating actions on TDA
27 for counterparty reasons as of now," S&P said.

However, if Banco Santander does not replace itself with an
eligible counterparty in accordance with our 2012 counterparty
criteria in the coming weeks, the maximum rating achievable would
be equal to the issuer credit rating on Banco Santander ('A-'),
which as of now is lower than the actual rating on TDA 27's most
senior notes ('AA-').

TDA 27 securitizes a portfolio of Spanish residential mortgages
originated by Caixa d'Estalvis de Terrassa (currently 30.51% of
the total pool, versus 29.05% at closing); Caja General de
Ahorros de Granada (currently 25.70% of the total pool, versus
27.55% at closing); Caja Vital Kutxa (currently 21.31% of the
total pool, versus 25.98% at closing); and Credifimo, which was
acquired at the beginning of 2010 by Banca Cívica S.A. (BB/Watch
Pos/B) -- currently 22.48% of the total pool, versus 17.42% at
closing. The transaction closed in December 2006 with a weighted-
average seasoning of 26.2 months.

Ratings List

Class                  Rating
             To                       From

TDA 27, Fondo de Titulizacion de Activos
EUR930.6 Million Mortgage-Backed Floating-Rate Notes

Ratings Lowered and Remaining on CreditWatch Negative

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

Ratings Affirmed

D            D (sf)
E            D (sf)
F            D (sf)

Ratings Unaffected

A2           AA- (sf)/Watch Neg
A3           AA- (sf)/Watch Neg


VITRO CRISTALGLASS: Court Grants Voluntary Bankruptcy Protection
----------------------------------------------------------------
Brendan Case at Bloomberg News reports that Vitro SAB, Mexico's
largest glassmaker, said its Spanish unit Vitro Cristalglass SL
was granted voluntary bankruptcy protection by a Madrid court on
July 6 and a case administrator was named July 9.

According to Bloomberg, Vitro said in a statement that the
bankruptcy will generate an estimated US$10 million to US$15
million annual increase in its earnings before interest, taxes,
depreciation and amortization because its Spanish subsidiary has
operated at a loss since 2009.

Vitro said June 5 that the Spanish unit, which accounted for 4%
of the company's consolidated sales in 2011, would seek
bankruptcy protection due to "unfavorable dynamics" in the
European market, Bloomberg relates.

                         About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flat
glass in Mexico, with consolidated net sales in 2009 of MXN23,991
million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in
debt from bondholders.  The tender offer would be consummated
with a bankruptcy filing in Mexico and Chapter 15 filing in the
United States.  Vitro said noteholders would recover as much as
73% by exchanging existing debt for cash, new debt or convertible
bonds.

            Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for
Civil and Labor Matters for the State of Nuevo Leon, commencing
its voluntary concurso mercantil proceedings -- the Mexican
equivalent of a prepackaged Chapter 11 reorganization.  Vitro SAB
also commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  But an appellate court in Mexico
reinstated the reorganization in April 2011.  Following the
reinstatement, Vitro SAB on April 14, 2011, re-filed a petition
for recognition of its Mexican reorganization in U.S. Bankruptcy
Court in Manhattan (Bankr. S.D.N.Y. Case No. 11- 11754).

The Vitro parent received sufficient acceptances of its
reorganization by using the US$1.9 billion in debt owing to
subsidiaries to vote down opposition by bondholders.  The holders
of US$1.2 billion in defaulted bonds opposed the Mexican
reorganization plan because shareholders could retain ownership
while bondholders aren't being paid in full.

Vitro announced in March 2012 that it has implemented the
reorganization plan approved by a judge in Monterrey, Mexico.

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

                      Chapter 11 Proceedings

A group of noteholders opposed the exchange -- namely Knighthead
Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc.,
Davidson Kempner Distressed Opportunities Fund LP, and Brookville
Horizons Fund, L.P.  Together, they held US$75 million, or
approximately 6% of the outstanding bond debt.  The Noteholder
group commenced involuntary bankruptcy cases under Chapter 11 of
the U.S. Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D.
Tex. Case No. 10-47470) and 15 other affiliates on Nov. 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise
in the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has
expressed concerns over the exchange offer.  The group says the
exchange offer exposes Noteholders who consent to potential
adverse consequences that have not been disclosed by Vitro.  The
group is represented by John Cunningham, Esq., and Richard
Kebrdle, Esq. at White & Case LLP.

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were
subject to the involuntary petitions into voluntary Chapter 11.
The Texas Court on April 21 denied involuntary petitions against
the eight U.S. subsidiaries that didn't consent to being in
Chapter 11.

Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al.  Alvarez & Marsal North America LLC, is the
Debtors' operations and financial advisor.

The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah
Link Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
Dallas, Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq.,
and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP,
in New York, as counsel.  Blackstone Advisory Partners L.P.
serves as financial advisor to the Committee.

The U.S. Vitro companies sold their assets to American Glass
Enterprises LLC, an affiliate of Sun Capital Partners Inc., for
US$55 million.

U.S. subsidiaries of Vitro SAB are having their cases converted
to liquidations in Chapter 7, court records in January 2012 show.
In December, the U.S. Trustee in Dallas filed a motion to convert
the subsidiaries' cases to liquidations in Chapter 7.  The
Justice Department's bankruptcy watchdog said US$5.1 million in
bills were run up in bankruptcy and hadn't been paid.

On June 13, 2012, U.S. Bankruptcy Judge Harlin "Cooter" Hale in
Dallas entered a ruling that precluded Vitro from enforcing
its Mexican reorganization plan in the U.S.  The judge ruled that
the Mexican reorganization was "manifestly contrary" to U.S.
public policy because it bars the bondholders from holding Vitro
operating subsidiaries liable to pay on their guarantees of the
bonds.  The Mexican plan reduced the debt of subsidiaries on $1.2
billion in defaulted bonds even though they weren't in bankruptcy
in any country.


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


STATE EXPORT-IMPORT: Fitch Affirms 'B' Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed Ukraine-based JSC The State Export-
Import Bank of Ukraine's (Ukreximbank) and JSC State Savings Bank
of Ukraine's (Oschadbank) Long-term Issuer Default Ratings (IDRs)
at 'B' with Stable Outlooks.

Ukreximbank's and Oschadbank's Long-term IDRs are underpinned by
potential support from the Ukrainian authorities, if needed.  In
assessing the probability of support, Fitch views as positive
factors the banks' 100%-state ownership, their policy roles,
their high systemic importance, and the track record of capital
support for the banks under different governments.  At the same
time, the ratings also take into consideration the ability of the
Ukrainian authorities to provide support, as indicated by the
sovereign's 'B' Long-term IDR.  The Stable Outlooks on the banks'
Long-term IDRs reflect the Outlook on the sovereign's Long-term
IDR.  Improvement or deterioration in Ukraine's sovereign risk
profile would generate upward or downward pressure, respectively,
on Ukreximbank's and Oschadbank's ratings.

The affirmation of Oschadbank's Viability Rating (VR) reflects
the bank's large deposit taking franchise, comfortable liquidity
position and a sizeable capital buffer.  It also takes into
account its improved performance, but the agency cautions that
there is a continued degree of volatility given the high
concentration of revenues.  The rating also takes into account
the corporate governance weaknesses driven by directed lending
and significant concentration risk in the bank's loan book,
notably its exposure to the weak NJSC Naftogaz of Ukraine
(Naftogaz; 'CCC') and dependence on financial support from the
National Bank of Ukraine associated with this exposure.

Growth in lending coupled with lower loan impairment charges
(LICs) boosted Oschadbank's operating profit in 2011.  The bank
plans to diversify its net interest income-weighted revenue base
by expanding its service offering and targeting new segments.
Fitch expects, however, growth potential to be only modest in the
medium-term given a challenging operating environment which
limits the pool of attractive quality borrowers.  Oschadbank
reduced its exposure to Naftogaz during 2011, mainly through the
settlement by Naftogaz of reverse repos on Ukrainian government
debt securities.  Despite this, Naftogaz loans, restructured up
until 2015, still accounted for a high 34.6% of total loan
portfolio at end-2011.  The success of the planned continued
reduction will depend on whether Naftogaz can generate sufficient
cash flows to service its obligations.

Oschadbank's non-Naftogaz portfolio grew significantly in 2011
(60% yoy at end-2011), outgrowing the market substantially.
Given such aggressive growth, Fitch cautions that problem loans
could rise in light of high loan book concentration.  Excluding
the bank's exposure to Naftogaz, the 19 largest borrowers
accounted for 156% of Fitch core capital or 79% of the remaining
corporate portfolio at end-2011.  The bank's large capital base,
however, creates a sizable buffer against single event losses
arising from the highly concentrated loan book.  Oshadbank's non-
performing loans (NPLs; loans past due by 90 days) grew by 29.7%
in 2011 and accounted for 11% of non-Naftogaz portfolio.  NPLs
were fully covered by reserves.

Oschadbank's large network and the explicit retail deposit
guarantee provides it with stable access to customer funding.
Funding for the Naftogaz loan is provided by the authorities.
The liquidity cushion is strong, covering 44% of customer
deposits at end-Q112.

Upside potential for Oschadbank's VR is limited given the bank's
close correlation with the performance of Naftogaz.  Downward
pressures on the VR would arise from material asset quality
deterioration, which could potentially stem from the aggressively
expanded corporate loan book.

The affirmation of Ukreximbank's 'b' VR reflects the bank's
sizable capital buffer and solid pre-impairment profitability
available to absorb losses, comfortable liquidity and solid
corporate franchise.  However, Ukreximbank's VR also considers
its high loan impairment (albeit lower than for the sector as a
whole), high loan concentrations, the large share of FX lending
and currently weak profitability, driven by LICs.

Ukreximbank's loan growth remained subdued in 2011-Q112,
reflecting the bank's modest risk appetite in the still difficult
operating environment in Ukraine.  Borrower concentrations remain
high with the major 20 exposures/total loans ratio at 49% at end-
Q112 (137% of equity), reflecting the bank's focus on the larger
corporate segment.  The large share of FX lending (50% of end-
Q112 net loans), though partly mitigated by the FX revenues of
the exporting borrowers, remains a significant source of credit
risk, as does the sizeable exposure to the troubled real estate
sector (50% of Fitch core capital).  Public sector companies
accounted for 20% of loans, although this is targeted to
decrease.

Ukreximbank's NPLs continued to grow in Q112 to 15% of loans
(end-2011: 12.7%).  This is below the average of 18% estimated
for Fitch-rated Ukrainian banks at end-2011.  NPLs were fully
covered by reserves.  Write-offs were modest during the crisis,
while recoveries on defaulted exposures improved through
collateral foreclosures.

Similarly to its peers', Ukreximbank's restructured and extended
loans were high at 24.5% of end-Q112 loans.  Review of these
exposures suggests most of them have continued to perform
according to revised schedules, which, in a few cases, included
grace periods on principal payments, meaning that the efficiency
of restructuring is yet to be tested.  However, Fitch estimates
that Ukreximbank could increase its loan impairment reserves to a
high 48% of loans from the current 20% (under local GAAP) before
its regulatory capital adequacy ratio (of 32% at end-Q112) would
fall to the regulatory minimum of 10%.  Fitch views this as a
reassuring factor in view of remaining concerns over the asset
quality.

Growth in client deposits during 2009-2011 underpins
Ukreximbank's liquidity position.  The cushion of highly liquid
assets (both cash and Ukrainian state bonds) remains large, in
the absence of material loan growth, but the gross loans-to-
deposit ratio at 173% at end-2011 (net loans/deposits: 141%),
indicates Ukreximbank's still high reliance on capital markets.
Refinancing requirements for external debt are moderate in H212
(equal to 6% of total liabilities) and negligible in 2013-2014,
although the large US$750 million eurobond due in April 2015
represents a significant 11% of current liabilities.

Ukreximbank's VR could be downgraded if large loan losses cause a
sharp deterioration in the bank's capital position.  A
significant improvement in the operating environment and upgrade
of the sovereign rating could create scope for an upgrade of the
VR.

The rating actions are as follows:

Oschadbank:

  -- Long-term foreign and local currency IDRs: affirmed at 'B';
     Outlook Stable
  -- Senior unsecured debt: affirmed at 'B'; Recovery Rating at
     'RR4'
  -- Senior unsecured debt in local currency: affirmed at 'AA-
     (ukr)
  -- Short-term foreign currency IDR: affirmed at 'B'
  -- Support Rating: affirmed at '4'
  -- Support Rating Floor: affirmed at 'B'
  -- VR: affirmed at 'b-'
  -- National Long-term rating: affirmed at 'AA-(ukr)'; Outlook
     Stable

Ukreximbank:

  -- Long-term IDR: affirmed at 'B'; Outlook Stable
  -- Senior unsecured debt: affirmed at 'B'; Recovery Rating at
     'RR4'
  -- Subordinated debt: affirmed at 'CCC'; Recovery Rating at
     'RR6'
  -- Short-term IDR: affirmed at 'B'
  -- Support Rating: affirmed at '4'
  -- Support Rating Floor: affirmed at 'B'
  -- VR: affirmed at 'b'
  -- National Long-term rating: affirmed at 'AA-(ukr)'; Outlook
     Stable



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


ALBERMARLE HOTELS: Owners Put New Bath Hotel Up for Sale
--------------------------------------------------------
Matlock Mercury reports that the New Bath Hotel unexpectedly
closed last week leaving its employees and potential guests with
an uncertain future.

On July 9, a repossession order was placed on the property after
its owners, Albermarle Hotels (No.2) Limited, went into
liquidation, the report relates.

According to the report, the 18th Century hotel -- set within
five acres of gardens -- is now up for sale at GBP2,500,000.

"We hadn't heard anything about the hotel closing until Monday
[July 90] morning when the bailiffs turned up. When they arrived
they got everyone out of the hotel and began the process of
clearing it out," an employee, who wishes to remain nameless,
told the Mercury.

The Mercury relates that with no explanations and no assurances
for the future, staff left the site and continue to wait for
information on whether they will be paid up to date.


ALPHA MOBILE: Parent Company Placed in Liquidation; Owes GBP3.5MM
-----------------------------------------------------------------
Mobiletoday reports that Onyx Innovation, the parent company
behind Alpha Telecom and Alpha Mobile has been put into
liquidation after it amassed debts of almost GBP3.5 million.
Onyx ceased trading earlier this year, the report says.

Mobiletoday relates that Jeffrey Brenner at insolvency
practitioners B&C Associates is currently leading the liquidation
process.  Administrator Rachel Brewster told Mobiletoday that the
business went into liquidation because it was insolvent and
unable to pay back its debts of GBP3,467,663.

According to the report, Mr. Brenner is realising any assets of
the business, which will then be used to pay off any creditors.
Hundreds of customers could have been left out of pocket by the
collapse of Alpha Mobile and it is unlikely they will get any of
their money back.  As unsecured creditors, they are at the bottom
of the list of those whose debts will be repaid, the report
notes.

Mobiletoday says customers accused staff at Onyx's MVNO Alpha
Mobile of trying to sell them credit for the service in the weeks
before it stopped trading.  It also initially blamed 'technical
difficulties' for problems with the business before announcing it
would be placed in liquidation.  The company's CEO Zafar Mirza
has repeatedly declined to speak to Mobiletoday.

Onyx Innovation launched its MVNO Alpha Mobile last summer, in a
bid to target the fast-growing ethnic MVNO market, Mobiletoday
discloses.  The business acquired fixed-line provider Alpha
Telecom in 2010, which had been trading since 1996.


BRADFORD BULLS: Liquidation Deadline Extended to July 27
--------------------------------------------------------
BBC News reports that Bradford Bulls' administrators have
extended the deadline for when the club needs to have a new owner
to July 27.

A cut-off of July 17 was set when the Bulls announced they had
just 10 working days to find a buyer upon entering administration
on June 26, according to the report.

"We have extended the deadline while the potential buyers have a
thorough look at the club," administrator Brendan Guilfoyle told
BBC Look North.  "No offer has been made but they are intent on
buying the club."

BBC News notes the extension on the deadline is dependent on the
Rugby Football League agreeing to pay the players' wages for the
month.

Mr. Guilfoyle said the club do not have enough money in the bank
to foot the bill themselves, the report relays.

BBC News adds that despite the positive news about a potential
buyer for the four-time Super League winners, Mr. Guilfoyle
warned that the deal would be dependent on the RFL and the 13
other Super League clubs consenting to allow the club to remain
in the top division and permitting the new owners to buy back
their ground.

Bradford Bulls -- http://www.bradfordbulls.co.uk/-- is a
professional rugby league club based in the city of Bradford,
England.


D&D WINES: Creditors Appoint PKF as Liquidator
----------------------------------------------
Accountancy Age reports the majority of creditors at D & D Wines
International have rejected RSM Tenon administrator proposals, in
favor of appointing PKF liquidators.

RSM Tenon administrators Christopher Ratten and Jeremy Woodwide
were appointed to the Cheshire-based wine distributor D & D Wines
International on April 27, 2012.

According to the report, the majority of creditors, GBP7 million
in value out of GBP10 million, rejected the administrators'
proposals which included selling stock and liquidating the
company.

Accountancy Age says the creditors instead decided that they
wanted an independent review of the company and that it should
proceed into liquidation with PKF partners Kerry Bailey and
Trevor Birch.

D&D Wines sells around 600 wines in the UK and Ireland, sourced
from 25 wineries in ten different countries and supplying
supermarkets and retailers such as Tesco, Sainsbury's, O'Brien's
and Morrisons.


GEMINI PLC: S&P Lowers Rating on Class A Notes to 'B(sf)'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
GEMINI (ECLIPSE 2006-3) PLC's class A, B, and C notes.

"At the same time, we have affirmed our ratings on the class D
and E notes," S&P said.

"GEMINI (ECLIPSE 2006-3) is a single-borrower secured-loan
transaction backed by a portfolio of what we consider average-
quality retail, office, warehouse and industrial, and leisure
properties in England and Scotland," S&P said.

"The rating actions follow our regular surveillance review of the
recovery value of the remaining properties backing the loan, the
cash flows from these properties, the likelihood that the
liquidity facility will be available to indirectly service the
ongoing swaps in the transaction, and the potential swap breakage
costs.  As a result of tenant lease breaks and insolvencies, the
portfolio's cash flows have continued to decline," S&P said.

The vacancy rate has increased to about 18% in April 2012 from
about 5% in January 2009. This has caused a further drag on
portfolio cash flows, which were already suppressed by weakened
rental markets.

"In our opinion, susceptibility to vacancies is likely to
continue, due to the properties' secondary nature and exposure to
the retail and industrial sectors, which in the current economic
environment are facing declining demand amid lower consumer and
business expenditures," S&P said.

The recoveries in this transaction are increasingly tied to the
swap breakage costs. These, in turn, are tied to the low interest
rate forward curves, due to the current macroeconomic environment
and the long duration of the senior hedge (maturing in 2026).

While interest rates may rise and thus lower swap breakage costs
in the next four to seven years (the loan and the junior swap
matures in four years, while the notes mature in seven years),
the declining cash flows at the borrower level are making it more
difficult to meet regular swap payments (which, if not met, could
cause swap breakage costs).

"We understand that it is increasingly possible that the
liquidity facility will become fully drawn, as outlined by CBRE
Loan Servicing Ltd. (CBRE) in its latest report as special
servicer," S&P said.

"At current levels of rental income, we do not expect the
transaction will exhaust the liquidity facility by loan maturity
when the junior swap payments end. Nonetheless, large balances of
already-drawn liquidity will eventually have to be repaid or
deducted from recoverable proceeds. The liquidity facility has
been regularly drawn to meet certain nonrecoverable costs and
senior loan interest payments," S&P said.

"We do not expect these to increase in the near term unless
interest rates or liquidity costs rise. If the swap payments are
met through rental income and indirectly through liquidity draws,
we currently consider that enough liquidity would be available to
meet swap payments and therefore avoid any breakage costs during
the loan term. While interest rates could rise and therefore
accelerate the use of the liquidity facility in such a scenario,
the potential swap breakage costs should decrease," S&P said.

As the liquidity facility can be drawn for nonrecoverable costs
and senior loan interest, decreased rental income would not be an
immediate concern, as the cash from the facility can indirectly
be used to meet swap payments. The structure therefore relies on
the borrower's ability to re-let vacant properties, and to reduce
the use of liquidity over time so the facility does not become
fully drawn. However, other factors -- including tenants going
into administration and legal costs -- may further increase
pressure on the structure.

"We consider it possible that the issuer will fully draw the
liquidity facility in the coming years, potentially between 2015
and 2017, depending on the income decline scenario used in our
analysis. The continuing weakness in the global economy has meant
that interest rates have remained low, and thus swap costs have
not decreased in the past year," S&P said.

The most recent reported GBP250 million mark-to-market value of
the swap would result in a loan-to-value (LTV) ratio of 240%,
based on the April 2012 valuation and taking into account current
liquidity facility drawings.

"Currently, based on the latest property valuation of ť437.5
million (from April 2012) and the reported mark-to-market value,
we consider it likely that all classes of notes could suffer a
loss," S&P said.

"As a result, we consider recovery of full principal for any
class of notes increasingly challenging. We understand CBRE in
its role as special servicer continues to implement an asset
management strategy. It aims to improve portfolio cash flow
generation over the medium term, and avoid a near-term default
and enforcement that would crystallize the significant swap
breakage costs," S&P said.

"While we note that the four years until loan maturity provide
some time to implement a sustainable strategy for the portfolio,
in our opinion, the prospects of full recovery at or before legal
final maturity are very limited," S&P said.

The recovery prospects are constrained by the costs associated
with breaking the long-dated swap, the ongoing shift in investor
sentiment away from secondary U.K. assets, and the structural
vacancy rates that the portfolio will likely continue to exhibit.

"In view of our assessment of the recoverable proceeds of the
properties, the swap breakage costs, and the liquidity facility,
we have lowered to 'B (sf)' our ratings on the class A and to 'B-
(sf)' our ratings on the class B and C notes," S&P said.

"We consider the class A notes at risk of suffering principal
losses, and the class B and C notes likely to suffer losses," S&P
said.

"Additionally, we have affirmed our 'B- (sf)' and 'D (sf)'
ratings on the class D and E notes, respectively, to reflect our
view that they will likely suffer principal losses," S&P said.

Potential Effects of Proposed Criteria Changes

"We have taken rating actions based on our criteria for rating
European CMBS.  However, these criteria are under review," S&P
said.

"As highlighted in the Nov. 8 Advance Notice of Proposed Criteria
Change, we expect to publish a request for comment (RFC)
outlining our proposed criteria changes for rating European CMBS
transactions," S&P said.

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

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 surveil these
transactions using our existing criteria.

Ratings List

Class       Rating
        To           From

GEMINI (ECLIPSE 2006-3) PLC
GBP918.862 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered

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

Ratings Affirmed

D       B- (sf)
E       D (sf)


JML DOLMAN: Goes Into Liquidation; 300 Jobs at Risk
---------------------------------------------------
expressandstar.com reports that JML Dolman is going into
liquidation and throwing the future of 300 jobs and hundreds of
apprenticeships into jeopardy.

Apprentices were turning up at JML Dolman's base in Waterloo Road
last week only to find it closed.

It comes just months after the company was accused of malpractice
on BBC documentary show Panorama, a claim which bosses denied.

JML's liquidation is being handled by the Birmingham office of
Leonard Curtis Business Solutions, the report discloses.

"We have received instructions to help put JML Dolman into
liquidation. We are in discussions to transfer the apprentices to
a different company so they don't lose out on their training,"
the report quotes spokesman Jonathan Black as saying.

Mr. Black said around 300 jobs would be lost in the region.

JML Doman runs a number of apprenticeships across the Midlands,
including South Nottingham College.


SILVERS MARINE: Tax Department Seeks to Wind Up Firm
----------------------------------------------------
forargyll.com reports that on June 28, 2012, a petition was
presented to Glasgow Sheriff Court by the Advocate General for
Scotland for and on behalf of the Commissioners for Her Majesty's
Revenue and Customs craving the Court inter alia to order that
Silvers Marine (UK) Ltd be wound up by the Court and to appoint a
liquidator.

All parties claiming an interest must lodge Answers with Glasgow
Sheriff Court, 1 Carlton Place, Glasgow within 8 days of
intimation, service and advertisement.

Silvers Marine owns the well known boatyard on the west of the
Gareloch and various other commercial maritime interests,
including passenger carrying craft.


TUMPHER LTD: Philip Johnston-Linked Firms Declared Insolvent
------------------------------------------------------------
BBC News reports that more property companies partially
controlled by the east Belfast estate agent Philip Johnston have
been declared insolvent.

BBC News says Tumpher Ltd and Claymore Properties have been
placed into administration.  Receivers have also been appointed
to assets of Asgarth Properties and Lighthouse Property
Consultants.

Among the assets placed into receivership is a property at the K
Club in Straffan, County Kildare.  It was in the control of
Asgarth Properties and the receiver was appointed by Bank of
Ireland, BBC News notes.

According to the report, the bank has also appointed receivers to
houses in the Woodvale area of Belfast and flats in Manchester.

Earlier this year, another of Mr. Johnston's firms, East
Development Company, and two subsidiaries were placed into
receivership.

Collectively, they managed a portfolio of 37 residential
properties in Northern Ireland as well as property in Northern
Ireland, Scotland and England.  They owed First Trust Bank almost
GBP4 million; the bank is unlikely to recover all that money from
the sale of the properties, BBC News notes.

Mr. Johnston's estate agency business is not affected, the report
adds.



===================
U Z B E K I S T A N
===================


UZPROMSTROYBANK: S&P Affirms 'B+/B' Counterparty Credit Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services had affirmed its 'B+' long-
term and 'B' short-term counterparty credit ratings on
Uzbekistan-based Uzpromstroybank. The outlook is stable.

In 2011, Uzpromstroybank's share capital was increased by 20%.
Uzbekistan's government, which is the main stakeholder, intends
to further increase Uzpromstroybank's Tier 1 capital base by
Uzbek sum 152 billion (almost twice  the current level) over
2012-2013. This is in addition to the capital that the bank can
generate internally through retained earnings.

"In our view, retained earnings and the capital increase together
will be sufficient to absorb the bank's planned annual 30% asset
growth for the same period, and is likely to improve the bank's
capital ratios," S&P said.

"We have therefore revised our assessment of Uzpromstroybank's
capital and earnings to "moderate" from "weak", as our criteria
define these terms. We now forecast that the bank's risk-adjusted
capital (RAC) ratio, before adjustments for diversification, will
be between 6%-7% over the next 12-24 months. However, this
positive revision of the bank's capital and earnings assessment
is neutral for the rating of a bank with a 'b+' anchor," S&P
said.

"Standard & Poor's bases its ratings on Uzpromstroybank on its
'b+' anchor, its "adequate" business position, "moderate" capital
and earnings, "adequate" risk position, "average" funding, and
"adequate" liquidity, as our criteria define those terms. The
stand-alone credit profile is 'b+'," S&P said.

"Although we do not rate the Republic of Uzbekistan, the ratings
on Uzpromstroybank are constrained by our assessment of the
sovereign's creditworthiness. We consider Uzpromstroybank to be a
bank of "high" systemic importance and also a government-related
entity (GRE) with a "high" likelihood of government support,
reflecting its "important" role for and "very strong" link with
the sovereign. However, given our assessment of the sovereign's
creditworthiness, which is based on publicly available
information, we include no notches of uplift in the ratings," S&P
said.

"Our view of the likelihood of government support is based on
Uzpromstroybank's position as one of the largest Uzbek banks
involved in developing key domestic industries and its government
ownership. The stable outlook balances high economic and industry
risks for banks operating in Uzbekistan against our expectation
of continued state ownership and ongoing government support. We
think that Uzpromstroybank's financial and business profiles will
remain stable, at least for the next 12-24 months," S&P said.

"We consider the creditworthiness of Uzbek banks, including
Uzpromstroybank, to be closely linked to that of the sovereign.
We currently consider the sovereign's creditworthiness to be a
rating constraint. Therefore, we are unlikely to raise the
ratings on Uzpromstroybank before we considered that the
sovereign's creditworthiness had improved. Such a scenario would
indicate more supportive operating conditions for banks. In our
view, the likelihood of an upgrade triggered by improvements in
some bank-specific factors appears limited over the next two
years.  We might lower the ratings on Uzpromstroybank if
operating conditions deteriorated for the banking sector, notably
if the sovereign's credit quality worsened. A deterioration of
the bank's asset quality represents the main risk for the bank's
financial profile. It could stem from weakening underwriting
standards, uncontrolled credit expansion, or the government's
inability to continue supporting key economic and industrial
sectors. Although such risks appear remote at present, they could
potentially put pressure on the ratings," S&P said.

"We could also consider lowering the ratings if Uzpromstroybank's
capitalization deteriorated to the point where its RAC ratio fell
below 3.0%," S&P said.



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


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

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

AUSTRIA
-------
A-TEC INDUSTRIES        5.750    11/2/2010      EUR     29.38
A-TEC INDUSTRIES        2.750    5/10/2014      EUR     29.38
A-TEC INDUSTRIES        8.750   10/27/2014      EUR     29.38
ERSTE BANK              6.000     2/1/2014      EUR     63.38
ERSTE BANK              6.000    7/31/2014      EUR     58.38
ERSTE BANK              5.500    1/23/2015      EUR     57.38
ERSTE BANK              7.710    2/17/2015      EUR     56.38
ERSTE BANK              4.500    6/24/2015      EUR     50.75
IMMOFINANZ              4.250     3/8/2018      EUR      3.78
KOMMUNALKREDIT          4.440   12/20/2030      EUR     62.75
KOMMUNALKREDIT          4.900    6/23/2031      EUR     66.63
OESTER VOLKSBK          4.170    7/29/2015      EUR     54.13
OESTER VOLKSBK          4.350   11/16/2018      EUR     55.13
OESTER VOLKSBK          4.160    5/20/2025      EUR     71.02
OESTER VOLKSBK          4.810    7/29/2025      EUR     60.25
OESTER VOLKSBK          4.900    8/18/2025      EUR     60.25
OESTER VOLKSBK          5.270     2/8/2027      EUR     73.38
RAIFF CENTROBANK        6.835    7/20/2012      EUR     70.10
RAIFF CENTROBANK       10.416    7/20/2012      EUR     44.20
RAIFF CENTROBANK        7.812    7/20/2012      EUR     53.95
RAIFF CENTROBANK        7.161    7/20/2012      EUR     65.94
RAIFF CENTROBANK        7.812    7/25/2012      EUR     64.24
RAIFF CENTROBANK        7.161    7/25/2012      EUR     62.72
RAIFF CENTROBANK       11.718    7/25/2012      EUR     19.81
RAIFF CENTROBANK        8.463    7/25/2012      EUR     71.38
RAIFF CENTROBANK        9.114    7/25/2012      EUR     72.38
RAIFF CENTROBANK        5.208    7/25/2012      EUR     66.34
RAIFF CENTROBANK        5.208    7/25/2012      EUR     67.84
RAIFF CENTROBANK        5.208    7/25/2012      EUR     75.95
RAIFF CENTROBANK        9.114    7/25/2012      EUR     37.26
RAIFF CENTROBANK       10.090    7/25/2012      EUR     58.09
RAIFF CENTROBANK       10.090    7/25/2012      EUR     61.74
RAIFF CENTROBANK       11.718    7/25/2012      EUR     61.43
RAIFF CENTROBANK        7.812    7/25/2012      EUR     49.88
RAIFF CENTROBANK        9.876    1/23/2013      EUR     47.75
RAIFF CENTROBANK        9.558    1/23/2013      EUR     62.64
RAIFF CENTROBANK        9.304    1/23/2013      EUR     65.33
RAIFF CENTROBANK        7.965    1/23/2013      EUR     60.97
RAIFF CENTROBANK        7.965    1/23/2013      EUR     76.28
RAIFF CENTROBANK        7.646    1/23/2013      EUR     62.28
RAIFF CENTROBANK        8.283    1/23/2013      EUR     77.05
RAIFF CENTROBANK       10.000    7/24/2013      EUR     77.72
RAIFF ZENTRALBK         4.500    9/28/2035      EUR     62.49

BELGIUM
-------
ECONOCOM GROUP          4.000     6/1/2016      EUR     21.42
IDEAL STANDARD I       11.750     5/1/2018      EUR     67.38
IDEAL STANDARD I       11.750     5/1/2018      EUR     67.38

CYPRUS
------
CYPRUS GOVT BOND        5.250     6/9/2015      EUR     72.88
CYPRUS GOVT BOND        4.750    9/30/2015      EUR     69.38
CYPRUS GOVT BOND        3.750    11/1/2015      EUR     61.93
CYPRUS GOVT BOND        4.750    12/2/2015      EUR     68.25
CYPRUS GOVT BOND        4.500     1/2/2016      EUR     67.13
CYPRUS GOVT BOND        4.500    3/30/2016      EUR     65.50
CYPRUS GOVT BOND        4.500     6/2/2016      EUR     64.38
CYPRUS GOVT BOND        5.000     6/9/2016      EUR     67.38
CYPRUS GOVT BOND        4.500    7/11/2016      EUR     63.75
CYPRUS GOVT BOND        4.500    10/9/2016      EUR     62.50
CYPRUS GOVT BOND        6.600   10/26/2016      EUR     68.38
CYPRUS GOVT BOND        4.500     1/4/2017      EUR     61.38
CYPRUS GOVT BOND        4.500    2/15/2017      EUR     61.00
CYPRUS GOVT BOND        4.500     4/2/2017      EUR     60.38
CYPRUS GOVT BOND        5.600    4/15/2017      EUR     63.75
CYPRUS GOVT BOND        4.500    9/28/2017      EUR     58.50
CYPRUS GOVT BOND        5.100    1/29/2018      EUR     59.63
CYPRUS GOVT BOND        4.600    4/23/2018      EUR     57.25
CYPRUS GOVT BOND        4.600   10/23/2018      EUR     56.00
CYPRUS GOVT BOND        4.600    2/26/2019      EUR     55.25
CYPRUS GOVT BOND        6.100    6/24/2019      EUR     60.63
CYPRUS GOVT BOND        4.625     2/3/2020      EUR     51.72
CYPRUS GOVT BOND        6.100    4/20/2020      EUR     58.50
CYPRUS GOVT BOND        5.350     6/9/2020      EUR     54.88
CYPRUS GOVT BOND        6.000     6/9/2021      EUR     54.63
CYPRUS GOVT BOND        6.500    8/25/2021      EUR     55.13
REP OF CYPRUS           4.375    7/15/2014      EUR     73.06
REP OF CYPRUS           4.750    2/25/2016      EUR     68.00

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

DENMARK
-------
JYSKE BANK A/S          7.000    5/29/2024      EUR     67.00
KALMAR STRUCTRD         7.500    9/30/2013      EUR      0.01
KOMMUNEKREDIT           0.500   12/14/2020      ZAR     57.09
KOMMUNEKREDIT           0.500    5/11/2029      CAD     52.62
VESTAS WIND SYST        4.625    3/23/2015      EUR     67.00

FINLAND
-------
MUNI FINANCE PLC        0.500    4/26/2016      ZAR     78.93
MUNI FINANCE PLC        0.500   10/27/2016      BRL     73.89
MUNI FINANCE PLC        0.500   11/17/2016      BRL     73.99
MUNI FINANCE PLC        0.500   11/30/2016      BRL     73.79
MUNI FINANCE PLC        0.500   12/21/2016      TRY     75.02
MUNI FINANCE PLC        0.500    2/16/2017      TRY     74.48
MUNI FINANCE PLC        0.500    2/17/2017      BRL     72.63
MUNI FINANCE PLC        0.500    3/16/2017      BRL     72.20
MUNI FINANCE PLC        0.500    4/26/2017      ZAR     74.56
MUNI FINANCE PLC        1.000    6/30/2017      ZAR     74.83
MUNI FINANCE PLC        0.500   11/16/2017      TRY     70.87
MUNI FINANCE PLC        0.500    3/28/2018      BRL     66.49
MUNI FINANCE PLC        0.500    4/27/2018      ZAR     69.89
MUNI FINANCE PLC        0.500   11/21/2018      TRY     66.17
MUNI FINANCE PLC        0.500   11/21/2018      ZAR     67.26
MUNI FINANCE PLC        0.500   12/14/2018      TRY     65.87
MUNI FINANCE PLC        0.500   12/20/2018      ZAR     66.89
MUNI FINANCE PLC        0.500    9/24/2020      CAD     72.48
MUNI FINANCE PLC        0.500   11/25/2020      ZAR     59.43
MUNI FINANCE PLC        0.500   11/10/2021      NZD     68.42
MUNI FINANCE PLC        0.500   12/21/2021      NZD     68.06
MUNI FINANCE PLC        0.500    4/26/2022      ZAR     57.20
MUNI FINANCE PLC        0.500    5/31/2022      ZAR     54.86
MUNI FINANCE PLC        0.500    6/19/2024      ZAR     50.21
MUNI FINANCE PLC        0.500    3/17/2025      CAD     56.27
MUNI FINANCE PLC        0.250    6/28/2040      CAD     21.43

FRANCE
------
AIR FRANCE-KLM          4.970     4/1/2015      EUR     10.78
ALCATEL-LUCENT          5.000     1/1/2015      EUR      2.76
ALTRAN TECHNOLOG        6.720     1/1/2015      EUR      4.74
ASSYSTEM                4.000     1/1/2017      EUR     21.86
ATOS ORIGIN SA          2.500     1/1/2016      EUR     56.12
BNP PARIBAS             2.890    5/16/2036      JPY     74.47
CAISSE CENT IMMO        7.000    5/16/2014      EUR     24.21
CAISSE CENT IMMO        7.000    5/18/2015      EUR      4.67
CAISSE CENT IMMO        7.000    9/10/2015      EUR     11.91
CALYON                  6.000    6/18/2047      EUR     21.75
CAP GEMINI SOGET        3.500     1/1/2014      EUR     38.20
CGG VERITAS             1.750     1/1/2016      EUR     30.08
CLUB MEDITERRANE        6.110    11/1/2015      EUR     18.15
CMA CGM                 8.500    4/15/2017      USD     51.50
CMA CGM                 8.500    4/15/2017      USD     54.67
CMA CGM                 8.875    4/15/2019      EUR     54.83
CMA CGM                 8.875    4/15/2019      EUR     54.88
CNP ASSURANCES          6.000    9/14/2040      EUR     69.94
CNP ASSURANCES          7.375    9/30/2041      GBP     71.91
CNP ASSURANCES          6.875    9/30/2041      EUR     71.58
CREDIT LOCAL FRA        3.750    5/26/2020      EUR     50.89
DEXIA CRED LOCAL        3.400    3/26/2015      EUR     77.08
DEXIA CRED LOCAL        4.020    3/13/2017      EUR     68.88
DEXIA CRED LOCAL        4.110    9/18/2018      EUR     60.37
DEXIA CRED LOCAL        4.375    2/12/2019      EUR     38.00
DEXIA CRED LOCAL        4.500    2/25/2020      EUR     55.04
DEXIA CRED LOCAL        4.550     4/2/2020      EUR     56.11
DEXIA CRED LOCAL        5.037     8/4/2020      EUR     57.25
DEXIA MUNI AGNCY        1.000   12/23/2024      EUR     70.79
EURAZEO                 6.250    6/10/2014      EUR     54.32
EUROPCAR GROUPE         9.375    4/15/2018      EUR     68.82
EUROPCAR GROUPE         9.375    4/15/2018      EUR     69.13
FAURECIA                4.500     1/1/2015      EUR     19.79
GROUPAMA SA             7.875   10/27/2039      EUR     54.00
GROUPE VIAL             2.500     1/1/2014      EUR      2.12
INGENICO                2.750     1/1/2017      EUR     47.91
MAUREL ET PROM          7.125    7/31/2014      EUR     18.68
MAUREL ET PROM          7.125    7/31/2015      EUR     16.77
NEXANS SA               4.000     1/1/2016      EUR     54.49
NEXANS SA               2.500     1/1/2019      EUR     64.38
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     45.08
PEUGEOT SA              4.450     1/1/2016      EUR     23.94
PIERRE VACANCES         4.000    10/1/2015      EUR     73.54
PUBLICIS GROUPE         3.125    7/30/2014      EUR     36.06
PUBLICIS GROUPE         1.000    1/18/2018      EUR     51.36
SOC AIR FRANCE          2.750     4/1/2020      EUR     20.84
SOCIETE GENERALE        0.500     9/7/2021      AUD     50.98
SOCIETE GENERALE        0.500    12/6/2021      AUD     50.01
SOCIETE GENERALE        0.500    4/27/2022      AUD     48.09
SOCIETE GENERALE        0.500    4/27/2022      USD     55.74
SOITEC                  6.250     9/9/2014      EUR      8.33
TEM                     4.250     1/1/2015      EUR     54.91

GERMANY
-------
BAYERISCHE LNDBK        5.100    6/29/2012      EUR     53.81
BAYERISCHE LNDBK        5.500    6/29/2012      EUR     55.44
BAYERISCHE LNDBK        5.800    7/13/2012      EUR     53.84
BAYERISCHE LNDBK        4.200    8/24/2012      EUR     65.30
BNP EMIS-U.HANDE        8.000    7/26/2012      EUR     74.76
BNP EMIS-U.HANDE       10.000    7/26/2012      EUR     46.40
BNP EMIS-U.HANDE       10.000    7/26/2012      EUR     41.29
BNP EMIS-U.HANDE       10.000    7/26/2012      EUR     40.12
BNP EMIS-U.HANDE        9.000    7/26/2012      EUR     46.89
BNP EMIS-U.HANDE        9.000    7/26/2012      EUR     30.76
BNP EMIS-U.HANDE        9.000    7/26/2012      EUR     63.42
BNP EMIS-U.HANDE        9.000    7/26/2012      EUR     71.75
BNP EMIS-U.HANDE        9.000    7/26/2012      EUR     42.40
BNP EMIS-U.HANDE        9.000    7/26/2012      EUR     28.25
BNP EMIS-U.HANDE        9.000    7/26/2012      EUR     74.92
BNP EMIS-U.HANDE        9.000    7/26/2012      EUR     45.02
BNP EMIS-U.HANDE        8.500    7/26/2012      EUR     67.05
BNP EMIS-U.HANDE        8.000    7/26/2012      EUR     44.37
BNP EMIS-U.HANDE        8.000    7/26/2012      EUR     67.50
BNP EMIS-U.HANDE        8.000    7/26/2012      EUR     74.34
BNP EMIS-U.HANDE        8.000    7/26/2012      EUR     60.99
BNP EMIS-U.HANDE        8.000    7/26/2012      EUR     31.87
BNP EMIS-U.HANDE        7.000    7/26/2012      EUR     19.83
BNP EMIS-U.HANDE        7.000    7/26/2012      EUR     44.09
BNP EMIS-U.HANDE        7.000    7/26/2012      EUR     52.62
BNP EMIS-U.HANDE        7.000    7/26/2012      EUR     23.91
BNP EMIS-U.HANDE        6.500    7/26/2012      EUR     49.83
BNP EMIS-U.HANDE        6.500    7/26/2012      EUR     71.53
BNP EMIS-U.HANDE        6.000    7/26/2012      EUR     65.53
BNP EMIS-U.HANDE        6.000    7/26/2012      EUR     46.80
BNP EMIS-U.HANDE        6.000    7/26/2012      EUR     34.96
BNP EMIS-U.HANDE        6.000    7/26/2012      EUR     71.85
BNP EMIS-U.HANDE        6.000    7/26/2012      EUR     32.31
BNP EMIS-U.HANDE        6.000    7/26/2012      EUR     71.11
BNP EMIS-U.HANDE        6.000    7/26/2012      EUR     34.50
BNP EMIS-U.HANDE        9.750   12/28/2012      EUR     72.49
BNP EMIS-U.HANDE        8.500   12/28/2012      EUR     65.55
BNP EMIS-U.HANDE       10.500   12/28/2012      EUR     51.41
BNP EMIS-U.HANDE        9.500   12/31/2012      EUR     75.24
BNP EMIS-U.HANDE        9.500   12/31/2012      EUR     68.04
BNP EMIS-U.HANDE        7.750   12/31/2012      EUR     56.53
COMMERZBANK AG         11.500     7/6/2012      EUR      3.66
COMMERZBANK AG         10.500     7/6/2012      EUR     54.34
COMMERZBANK AG         24.250    7/26/2012      EUR     72.37
COMMERZBANK AG         13.250    7/26/2012      EUR     73.61
COMMERZBANK AG         23.000    7/26/2012      EUR     66.82
COMMERZBANK AG          8.500     8/3/2012      EUR     55.28
COMMERZBANK AG          9.000     8/3/2012      EUR     70.06
COMMERZBANK AG         28.750    9/27/2012      EUR     74.89
COMMERZBANK AG         18.250    9/27/2012      EUR     67.67
COMMERZBANK AG         17.250    9/27/2012      EUR     70.37
COMMERZBANK AG         11.250    9/27/2012      EUR     72.93
COMMERZBANK AG          7.700    9/28/2012      EUR     47.04
COMMERZBANK AG          9.000    10/1/2012      EUR     55.03
COMMERZBANK AG         10.000    10/1/2012      EUR     75.68
COMMERZBANK AG          9.000   10/29/2012      EUR      6.31
COMMERZBANK AG          8.500   10/29/2012      EUR     75.96
COMMERZBANK AG         10.000   10/29/2012      EUR     76.14
COMMERZBANK AG         11.500    11/5/2012      EUR     65.41
COMMERZBANK AG         10.000    11/5/2012      EUR     55.92
COMMERZBANK AG          8.000    11/5/2012      EUR     55.85
COMMERZBANK AG          8.500   12/17/2012      EUR     64.21
COMMERZBANK AG          8.750   12/17/2012      EUR     76.23
COMMERZBANK AG          8.000   12/27/2012      EUR     47.02
COMMERZBANK AG          7.000   12/27/2012      EUR     68.96
COMMERZBANK AG         15.250   12/31/2012      EUR     74.63
COMMERZBANK AG         16.500     1/3/2013      EUR     73.41
COMMERZBANK AG         10.750    3/21/2013      EUR     57.86
COMMERZBANK AG         14.500    3/21/2013      EUR     55.63
COMMERZBANK AG         18.500    3/21/2013      EUR     54.36
COMMERZBANK AG         15.250    3/21/2013      EUR     74.86
COMMERZBANK AG          8.400   12/30/2013      EUR     15.44
DEUTSCHE BANK AG        7.000    6/29/2012      EUR     73.60
DEUTSCHE BANK AG        7.000    6/29/2012      EUR     38.40
DEUTSCHE BANK AG        7.000    6/29/2012      EUR     60.50
DEUTSCHE BANK AG        7.000    6/29/2012      EUR     52.20
DEUTSCHE BANK AG        7.000    6/29/2012      EUR     63.50
DEUTSCHE BANK AG        7.000    6/29/2012      EUR     73.20
DEUTSCHE BANK AG        7.000    6/29/2012      EUR     62.50
DEUTSCHE BANK AG        8.000    6/29/2012      EUR     71.90
DEUTSCHE BANK AG        8.000    6/29/2012      EUR     57.40
DEUTSCHE BANK AG        8.000    6/29/2012      EUR     68.90
DEUTSCHE BANK AG        8.000    6/29/2012      EUR     71.00
DEUTSCHE BANK AG        8.000    6/29/2012      EUR     36.80
DEUTSCHE BANK AG        8.000    6/29/2012      EUR     48.40
DEUTSCHE BANK AG        8.000    6/29/2012      EUR     60.80
DEUTSCHE BANK AG        8.000    6/29/2012      EUR     66.00
DEUTSCHE BANK AG        8.000    6/29/2012      EUR     59.90
DEUTSCHE BANK AG        9.000    6/29/2012      EUR     62.30
DEUTSCHE BANK AG       10.000    6/29/2012      EUR     55.70
DEUTSCHE BANK AG       10.000    6/29/2012      EUR     58.40
DEUTSCHE BANK AG       10.000    6/29/2012      EUR     57.20
DEUTSCHE BANK AG       10.000    6/29/2012      EUR     69.00
DEUTSCHE BANK AG       10.000    6/29/2012      EUR     65.40
DEUTSCHE BANK AG       10.000    6/29/2012      EUR     45.20
DEUTSCHE BANK AG       10.000    6/29/2012      EUR     35.00
DEUTSCHE BANK AG       10.000    6/29/2012      EUR     67.40
DEUTSCHE BANK AG       13.000    6/29/2012      EUR     72.50
DEUTSCHE BANK AG       13.000    6/29/2012      EUR     59.30
DEUTSCHE BANK AG       10.000    7/31/2012      EUR     75.70
DEUTSCHE BANK AG        7.000    7/31/2012      EUR     65.50
DEUTSCHE BANK AG        8.000    7/31/2012      EUR     75.70
DEUTSCHE BANK AG        8.000    7/31/2012      EUR     60.50
DEUTSCHE BANK AG        8.000    7/31/2012      EUR     44.40
DEUTSCHE BANK AG        8.000    7/31/2012      EUR     68.70
DEUTSCHE BANK AG        8.000    7/31/2012      EUR     55.80
DEUTSCHE BANK AG        8.000    7/31/2012      EUR     62.10
DEUTSCHE BANK AG        9.000    7/31/2012      EUR     74.40
DEUTSCHE BANK AG        9.000    7/31/2012      EUR     58.10
DEUTSCHE BANK AG        9.000    7/31/2012      EUR     73.50
DEUTSCHE BANK AG       10.000    7/31/2012      EUR     66.40
DEUTSCHE BANK AG       10.000    7/31/2012      EUR     60.50
DEUTSCHE BANK AG       10.000    7/31/2012      EUR     65.10
DEUTSCHE BANK AG       10.000    7/31/2012      EUR     51.70
DEUTSCHE BANK AG       13.000    7/31/2012      EUR     71.80
DEUTSCHE BANK AG        7.000    7/31/2012      EUR     58.10
DEUTSCHE BANK AG       13.000    7/31/2012      EUR     70.90
DEUTSCHE BANK AG       13.000    7/31/2012      EUR     55.60
DEUTSCHE BANK AG       10.000    7/31/2012      EUR     72.10
DEUTSCHE BANK AG       10.000    7/31/2012      EUR     42.30
DEUTSCHE BANK AG        7.000    7/31/2012      EUR     71.80
DEUTSCHE BANK AG        7.000    7/31/2012      EUR     70.30
DEUTSCHE BANK AG        7.000    7/31/2012      EUR     46.20
DEUTSCHE BANK AG        8.000    7/31/2012      EUR     67.60
DEUTSCHE BANK AG        8.000     8/6/2012      EUR     63.10
DEUTSCHE BANK AG        8.000    8/27/2012      EUR     70.20
DEUTSCHE BANK AG        8.000    8/31/2012      EUR     64.60
DEUTSCHE BANK AG       12.000    8/31/2012      EUR     71.50
DEUTSCHE BANK AG        9.000    8/31/2012      EUR     61.00
DEUTSCHE BANK AG       12.000    8/31/2012      EUR     59.10
DEUTSCHE BANK AG        9.000    9/28/2012      EUR     76.60
DEUTSCHE BANK AG       11.000    9/28/2012      EUR     73.20
DEUTSCHE BANK AG       12.000    9/28/2012      EUR     75.00
DEUTSCHE BANK AG       13.000    9/28/2012      EUR     70.10
DEUTSCHE BANK AG       12.000   10/31/2012      EUR     74.50
DEUTSCHE BANK AG       12.000   10/31/2012      EUR     73.20
DEUTSCHE BANK AG       10.000   10/31/2012      EUR     76.30
DEUTSCHE BANK AG        9.000   11/29/2012      EUR     75.20
DEUTSCHE BANK AG       12.000   11/29/2012      EUR     74.30
DEUTSCHE BANK AG       10.000   12/20/2012      EUR     67.20
DEUTSCHE BANK AG       11.000   12/20/2012      EUR     75.90
DEUTSCHE BANK AG       12.000   12/20/2012      EUR     45.30
DEUTSCHE BANK AG       12.000   12/20/2012      EUR     69.00
DEUTSCHE BANK AG       15.000   12/20/2012      EUR     64.90
DEUTSCHE BANK AG        8.000   12/20/2012      EUR     71.00
DEUTSCHE BANK AG        8.000   12/20/2012      EUR     44.30
DEUTSCHE BANK AG        6.000   12/20/2012      EUR     75.30
DEUTSCHE BANK AG        8.000   12/20/2012      EUR     61.40
DEUTSCHE BANK AG       11.000    1/18/2013      EUR     64.30
DEUTSCHE BANK AG        7.000    1/18/2013      EUR     74.30
DEUTSCHE BANK AG        9.000    1/18/2013      EUR     68.90
DEUTSCHE BANK AG       15.000    2/20/2013      EUR     74.50
DEUTSCHE BANK AG       15.000    2/20/2013      EUR     72.20
DEUTSCHE BANK AG       15.000    2/20/2013      EUR     75.80
DEUTSCHE BANK AG       15.000    2/20/2013      EUR     74.70
DEUTSCHE BANK AG       12.000    2/28/2013      EUR     70.40
DEUTSCHE BANK AG       10.000    2/28/2013      EUR     73.70
DEUTSCHE BANK AG        8.000    2/28/2013      EUR     75.80
DEUTSCHE BANK AG       11.000     4/2/2013      EUR     76.10
DEUTSCHE BANK AG       10.000     4/2/2013      EUR     73.30
DEUTSCHE HYP HAN        5.300   11/20/2023      EUR     74.25
DRESDNER BANK AG        5.290    5/31/2021      EUR     74.03
DRESDNER BANK AG        6.180    2/28/2023      EUR     74.89
DRESDNER BANK AG        5.700    7/31/2023      EUR     70.74
DRESDNER BANK AG        7.350    6/13/2028      EUR     76.12
DRESDNER BANK AG        5.450    2/22/2029      EUR     18.75
DZ BANK AG              5.100     7/6/2012      EUR     73.27
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              7.100     7/6/2012      EUR     73.29
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             12.300    7/11/2012      EUR     68.28
DZ BANK AG              7.000    7/11/2012      EUR     67.40
DZ BANK AG              7.000    7/11/2012      EUR     52.41
DZ BANK AG              7.000    7/13/2012      EUR     72.44
DZ BANK AG              7.000    7/13/2012      EUR     67.35
DZ BANK AG              6.750    7/13/2012      EUR     68.13
DZ BANK AG              6.200    7/13/2012      EUR     72.75
DZ BANK AG              6.000    7/13/2012      EUR     65.35
DZ BANK AG              5.000    7/13/2012      EUR     71.01
DZ BANK AG              5.000    7/13/2012      EUR     68.98
DZ BANK AG             10.250    7/13/2012      EUR     59.50
DZ BANK AG             10.000    7/13/2012      EUR     71.14
DZ BANK AG              9.750    7/13/2012      EUR     70.56
DZ BANK AG              9.500    7/13/2012      EUR     74.08
DZ BANK AG              9.500    7/13/2012      EUR     65.45
DZ BANK AG              9.250    7/13/2012      EUR     59.76
DZ BANK AG              8.500    7/13/2012      EUR     38.26
DZ BANK AG              8.500    7/13/2012      EUR     71.10
DZ BANK AG              8.500    7/13/2012      EUR     40.80
DZ BANK AG              8.300    7/13/2012      EUR     74.85
DZ BANK AG              8.250    7/13/2012      EUR     64.08
DZ BANK AG              7.750    7/13/2012      EUR     72.46
DZ BANK AG              7.500    7/13/2012      EUR     36.96
DZ BANK AG              7.500    7/13/2012      EUR     72.46
DZ BANK AG              7.250    7/13/2012      EUR     60.45
DZ BANK AG              7.250    7/13/2012      EUR     70.88
DZ BANK AG              7.250    7/13/2012      EUR     70.88
DZ BANK AG             12.500    7/13/2012      EUR     47.40
DZ BANK AG             15.500    7/27/2012      EUR     73.68
DZ BANK AG             15.250    7/27/2012      EUR     45.50
DZ BANK AG             15.000    7/27/2012      EUR     38.55
DZ BANK AG             14.750    7/27/2012      EUR     69.67
DZ BANK AG             13.100    7/27/2012      EUR     67.75
DZ BANK AG             13.000    7/27/2012      EUR     67.54
DZ BANK AG             12.700    7/27/2012      EUR     72.08
DZ BANK AG             12.500    7/27/2012      EUR     61.26
DZ BANK AG             12.250    7/27/2012      EUR     71.21
DZ BANK AG             12.000    7/27/2012      EUR     60.32
DZ BANK AG             12.000    7/27/2012      EUR     72.40
DZ BANK AG             11.750    7/27/2012      EUR     39.18
DZ BANK AG             11.500    7/27/2012      EUR     42.48
DZ BANK AG             11.250    7/27/2012      EUR     66.79
DZ BANK AG             11.250    7/27/2012      EUR     50.19
DZ BANK AG             10.750    7/27/2012      EUR     48.86
DZ BANK AG             10.500    7/27/2012      EUR     43.98
DZ BANK AG             10.000    7/27/2012      EUR     58.00
DZ BANK AG              9.800    7/27/2012      EUR     65.31
DZ BANK AG              9.300    7/27/2012      EUR     74.55
DZ BANK AG              9.250    7/27/2012      EUR     71.29
DZ BANK AG              9.250    7/27/2012      EUR     70.07
DZ BANK AG              9.000    7/27/2012      EUR     74.69
DZ BANK AG              9.000    7/27/2012      EUR     67.35
DZ BANK AG              8.750    7/27/2012      EUR     73.05
DZ BANK AG              8.000    7/27/2012      EUR     53.27
DZ BANK AG              8.000    7/27/2012      EUR     47.64
DZ BANK AG              7.500    7/27/2012      EUR     66.16
DZ BANK AG              6.500    7/27/2012      EUR     64.66
DZ BANK AG              6.000    7/27/2012      EUR     72.25
DZ BANK AG             12.750    7/31/2012      EUR     70.44
DZ BANK AG             12.700     8/3/2012      EUR     68.72
DZ BANK AG              5.000    8/10/2012      EUR     51.41
DZ BANK AG             21.250    8/10/2012      EUR     40.41
DZ BANK AG             17.250    8/10/2012      EUR     75.65
DZ BANK AG             16.500    8/10/2012      EUR     62.61
DZ BANK AG             14.500    8/10/2012      EUR     59.86
DZ BANK AG             10.500    8/10/2012      EUR     66.80
DZ BANK AG              9.500    8/10/2012      EUR     64.23
DZ BANK AG              7.000    8/10/2012      EUR     73.28
DZ BANK AG              7.000    8/10/2012      EUR     69.46
DZ BANK AG             21.250    8/24/2012      EUR     73.39
DZ BANK AG             21.000    8/24/2012      EUR     61.19
DZ BANK AG             19.000    8/24/2012      EUR     74.76
DZ BANK AG             18.000    8/24/2012      EUR     70.33
DZ BANK AG             18.000    8/24/2012      EUR     53.44
DZ BANK AG             17.500    8/24/2012      EUR     67.19
DZ BANK AG             17.000    8/24/2012      EUR     59.68
DZ BANK AG             16.500    8/24/2012      EUR     71.11
DZ BANK AG             15.500    8/24/2012      EUR     73.59
DZ BANK AG             12.750    8/24/2012      EUR     69.29
DZ BANK AG             14.000    8/24/2012      EUR     57.98
DZ BANK AG             14.500    8/24/2012      EUR     73.33
DZ BANK AG              7.500    9/14/2012      EUR     73.72
DZ BANK AG              5.000    9/14/2012      EUR     58.33
DZ BANK AG              5.850    9/14/2012      EUR     45.73
DZ BANK AG              6.000    9/14/2012      EUR     70.65
DZ BANK AG              6.000    9/14/2012      EUR     74.61
DZ BANK AG              6.250    9/14/2012      EUR     43.06
DZ BANK AG              7.250    9/14/2012      EUR     67.09
DZ BANK AG              7.500    9/14/2012      EUR     60.82
DZ BANK AG              7.750    9/14/2012      EUR     73.77
DZ BANK AG              8.000    9/14/2012      EUR     39.60
DZ BANK AG              8.250    9/14/2012      EUR     66.80
DZ BANK AG              8.500    9/14/2012      EUR     48.92
DZ BANK AG              9.000    9/14/2012      EUR     71.77
DZ BANK AG              9.500    9/14/2012      EUR     72.10
DZ BANK AG              9.500    9/14/2012      EUR     69.88
DZ BANK AG             10.000    9/14/2012      EUR     49.67
DZ BANK AG             10.000    9/14/2012      EUR     48.90
DZ BANK AG             10.250    9/14/2012      EUR     72.29
DZ BANK AG             10.500    9/14/2012      EUR     44.13
DZ BANK AG             12.500    9/14/2012      EUR     73.41
DZ BANK AG             19.500    9/14/2012      EUR     46.04
DZ BANK AG             17.500    9/28/2012      EUR     66.52
DZ BANK AG             22.500    9/28/2012      EUR     75.51
DZ BANK AG             23.000    9/28/2012      EUR     74.15
DZ BANK AG             22.000    9/28/2012      EUR     69.89
DZ BANK AG             16.000    9/28/2012      EUR     74.73
DZ BANK AG             17.000    9/28/2012      EUR     73.79
DZ BANK AG             20.000    9/28/2012      EUR     74.09
DZ BANK AG              4.500    10/5/2012      EUR     69.38
DZ BANK AG              7.600    10/5/2012      EUR     76.66
DZ BANK AG              8.300    10/5/2012      EUR     62.22
DZ BANK AG              5.700    10/5/2012      EUR     66.80
DZ BANK AG              7.000   10/12/2012      EUR     74.15
DZ BANK AG              7.000   10/12/2012      EUR     38.66
DZ BANK AG              8.000   10/12/2012      EUR     72.93
DZ BANK AG             16.000   10/12/2012      EUR     75.22
DZ BANK AG              8.000   10/12/2012      EUR     44.89
DZ BANK AG              9.500   10/12/2012      EUR     61.62
DZ BANK AG              8.000   10/12/2012      EUR     75.84
DZ BANK AG              5.900   10/12/2012      EUR     75.47
DZ BANK AG              7.000   10/12/2012      EUR     63.96
DZ BANK AG             11.000   10/26/2012      EUR     74.73
DZ BANK AG             22.000   10/26/2012      EUR     73.67
DZ BANK AG             19.000   10/26/2012      EUR     76.39
DZ BANK AG             18.000   10/26/2012      EUR     71.77
DZ BANK AG             16.250   10/26/2012      EUR     73.73
DZ BANK AG             16.000   10/26/2012      EUR     73.70
DZ BANK AG             15.000   10/26/2012      EUR     74.35
DZ BANK AG             13.750   10/26/2012      EUR     56.45
DZ BANK AG             11.900    11/1/2012      EUR     71.57
DZ BANK AG             14.500    11/9/2012      EUR     71.19
DZ BANK AG             13.000   11/23/2012      EUR     74.01
DZ BANK AG             20.000   11/23/2012      EUR     74.08
DZ BANK AG              9.750   12/14/2012      EUR     68.96
DZ BANK AG              7.250   12/14/2012      EUR     74.66
DZ BANK AG              5.000   12/14/2012      EUR     53.12
DZ BANK AG              5.000   12/21/2012      EUR     70.06
DZ BANK AG              6.000     1/2/2013      EUR     67.18
DZ BANK AG             12.000     1/2/2013      EUR     74.52
DZ BANK AG             14.000    1/11/2013      EUR     42.88
DZ BANK AG             15.500    1/11/2013      EUR     47.48
DZ BANK AG             10.750    1/11/2013      EUR     68.60
DZ BANK AG             12.500    1/25/2013      EUR     44.37
DZ BANK AG             14.000    1/25/2013      EUR     77.97
DZ BANK AG             12.750    1/25/2013      EUR     73.72
DZ BANK AG             11.250     2/8/2013      EUR     63.15
DZ BANK AG              9.000     2/8/2013      EUR     71.74
DZ BANK AG              9.000     2/8/2013      EUR     76.14
DZ BANK AG             10.250     2/8/2013      EUR     73.72
DZ BANK AG             11.000    2/22/2013      EUR     63.81
DZ BANK AG             15.000    2/22/2013      EUR     75.94
DZ BANK AG             15.000    2/22/2013      EUR     73.61
DZ BANK AG             15.000    2/22/2013      EUR     74.76
DZ BANK AG             10.750    2/22/2013      EUR     60.88
DZ BANK AG             10.000     3/7/2013      EUR     75.16
DZ BANK AG             12.000     3/7/2013      EUR     72.06
DZ BANK AG             11.140     3/8/2013      EUR     72.99
DZ BANK AG             13.750     3/8/2013      EUR     47.79
DZ BANK AG             10.750     3/8/2013      EUR     72.20
DZ BANK AG             10.500     3/8/2013      EUR     72.04
DZ BANK AG             10.000     3/8/2013      EUR     55.59
DZ BANK AG             14.000    3/22/2013      EUR     69.29
DZ BANK AG             14.000    3/22/2013      EUR     70.48
DZ BANK AG             17.000    3/22/2013      EUR     50.60
DZ BANK AG              8.500    3/22/2013      EUR     74.70
DZ BANK AG             11.250    3/22/2013      EUR     48.77
DZ BANK AG             11.000    3/22/2013      EUR     72.96
DZ BANK AG             10.500    3/22/2013      EUR     73.72
DZ BANK AG             12.000     4/2/2013      EUR     71.49
DZ BANK AG             16.000    4/12/2013      EUR     66.98
DZ BANK AG              8.500    4/26/2013      EUR     71.86
DZ BANK AG             17.000    4/26/2013      EUR     39.15
DZ BANK AG             15.750    4/26/2013      EUR     63.41
DZ BANK AG             15.500    5/24/2013      EUR     69.66
DZ BANK AG              5.000    6/22/2018      EUR     60.17
ESCADA AG               7.500     4/1/2012      EUR      8.38
ESCADA AG               7.500     4/1/2012      EUR      8.38
EUROHYPO AG             3.830    9/21/2020      EUR     68.63
GOLDMAN SACHS CO       11.000    9/26/2012      EUR     74.70
GOLDMAN SACHS CO       12.000    9/26/2012      EUR     67.80
GOLDMAN SACHS CO       10.000    9/26/2012      EUR     75.40
GOLDMAN SACHS CO       17.000    9/26/2012      EUR     74.00
GOLDMAN SACHS CO       16.000    9/26/2012      EUR     73.00
GOLDMAN SACHS CO       13.000    9/26/2012      EUR     72.60
GOLDMAN SACHS CO       14.000   12/28/2012      EUR     76.60
GOLDMAN SACHS CO       10.000   12/28/2012      EUR     72.10
GOLDMAN SACHS CO        7.000   12/28/2012      EUR     75.50
GOLDMAN SACHS CO       15.000   12/28/2012      EUR     76.40
GOLDMAN SACHS CO       16.000     1/2/2013      EUR     74.90
GOLDMAN SACHS CO       18.000    3/20/2013      EUR     72.00
GOLDMAN SACHS CO       15.000    3/20/2013      EUR     71.00
GOLDMAN SACHS CO       12.000    3/20/2013      EUR     74.70
GOLDMAN SACHS CO       18.000    3/20/2013      EUR     74.60
GOLDMAN SACHS CO       15.000    6/26/2013      EUR     69.10
GOLDMAN SACHS CO       11.000    6/26/2013      EUR     71.60
GOLDMAN SACHS CO       16.000   12/27/2013      EUR     72.50
GOLDMAN SACHS CO       13.000   12/27/2013      EUR     74.80
GOLDMAN SACHS CO       12.000   12/27/2013      EUR     75.00
GOLDMAN SACHS CO       10.000   12/27/2013      EUR     73.30
GOLDMAN SACHS CO       10.000   12/27/2013      EUR     76.00
GOTHAER ALLG VER        5.527    9/29/2026      EUR     76.53
HECKLER & KOCH          9.500    5/15/2018      EUR     73.25
HECKLER & KOCH          9.500    5/15/2018      EUR     73.93
HEIDELBERG DRUCK        9.250    4/15/2018      EUR     70.01
HEIDELBERG DRUCK        9.250    4/15/2018      EUR     69.50
HSBC TRINKAUS          29.500    9/28/2012      EUR     73.43
HSBC TRINKAUS          29.000    9/28/2012      EUR     75.56
HSBC TRINKAUS          27.500    9/28/2012      EUR     71.41
HSBC TRINKAUS          19.500    9/28/2012      EUR     71.15
HSBC TRINKAUS          25.000    9/28/2012      EUR     75.97
HSBC TRINKAUS          20.000    9/28/2012      EUR     65.22
HSBC TRINKAUS          19.000    9/28/2012      EUR     68.32
HSBC TRINKAUS          15.500    9/28/2012      EUR     47.76
HSBC TRINKAUS          29.500    9/28/2012      EUR     69.01
HSBC TRINKAUS          25.000    9/28/2012      EUR     66.55
HSBC TRINKAUS          12.000    9/28/2012      EUR     72.99
HSBC TRINKAUS          20.000    9/28/2012      EUR     72.37
HSBC TRINKAUS          24.000    9/28/2012      EUR     71.92
HSBC TRINKAUS          10.000   10/26/2012      EUR     70.38
HSBC TRINKAUS          12.500   10/26/2012      EUR     67.87
HSBC TRINKAUS           9.000   10/26/2012      EUR     73.65
HSBC TRINKAUS          11.000   11/16/2012      EUR     72.29
HSBC TRINKAUS          11.500   11/23/2012      EUR     68.36
HSBC TRINKAUS           9.500   11/23/2012      EUR     70.82
HSBC TRINKAUS           9.000   11/23/2012      EUR     74.13
HSBC TRINKAUS           8.000    3/22/2013      EUR     54.69
HSBC TRINKAUS          10.500    3/22/2013      EUR     74.13
HSBC TRINKAUS          21.000    3/22/2013      EUR     71.10
HSBC TRINKAUS          12.000    3/22/2013      EUR     74.98
HSBC TRINKAUS          13.000    3/22/2013      EUR     52.52
HSBC TRINKAUS          15.000    3/22/2013      EUR     71.41
HSBC TRINKAUS          15.500    3/22/2013      EUR     70.10
HSBC TRINKAUS          17.500    3/22/2013      EUR     73.35
HSBC TRINKAUS          16.000    3/22/2013      EUR     75.95
HSBC TRINKAUS          27.500    3/22/2013      EUR     56.80
HSBC TRINKAUS          18.000    3/22/2013      EUR     71.53
HSBC TRINKAUS          27.000    3/22/2013      EUR     66.74
HSBC TRINKAUS          26.500    3/22/2013      EUR     65.21
HSBC TRINKAUS          24.000    3/22/2013      EUR     75.14
HSBC TRINKAUS          23.500    3/22/2013      EUR     67.01
HSBC TRINKAUS          22.000    3/22/2013      EUR     66.47
HSBC TRINKAUS          18.500    3/22/2013      EUR     67.85
HSBC TRINKAUS          22.000    3/22/2013      EUR     72.28
HSBC TRINKAUS          21.000    3/22/2013      EUR     69.70
HSBC TRINKAUS          21.000    3/22/2013      EUR     51.60
HSBC TRINKAUS          20.000    3/22/2013      EUR     70.91
HSBC TRINKAUS          18.000    6/28/2013      EUR     73.34
HSBC TRINKAUS          17.500    6/28/2013      EUR     73.79
HSBC TRINKAUS          16.500    6/28/2013      EUR     69.59
HSBC TRINKAUS          15.500    6/28/2013      EUR     75.38
HSBC TRINKAUS          14.000    6/28/2013      EUR     71.24
HSBC TRINKAUS          13.000    6/28/2013      EUR     73.41
HSBC TRINKAUS          30.000    6/28/2013      EUR     58.03
HSBC TRINKAUS          19.500    6/28/2013      EUR     72.09
HSBC TRINKAUS          19.000    6/28/2013      EUR     68.40
HSBC TRINKAUS          18.500    6/28/2013      EUR     72.89
HSBC TRINKAUS          26.000    6/28/2013      EUR     58.28
HSBC TRINKAUS          25.500    6/28/2013      EUR     66.66
HSBC TRINKAUS          23.500    6/28/2013      EUR     68.25
HSBC TRINKAUS          22.500    6/28/2013      EUR     67.71
HSBC TRINKAUS          21.500    6/28/2013      EUR     69.92
HSBC TRINKAUS          11.500   12/30/2013      EUR     72.88
HSBC TRINKAUS           9.500   12/30/2013      EUR     74.56
KFW                     0.250    10/6/2036      CAD     32.57
L-BANK FOERDERBK        0.500    5/10/2027      CAD     56.01
L-BANK FOERDERBK        0.250   10/13/2037      CAD     28.37
LANDBK HESSEN-TH        5.000    6/28/2012      EUR     74.80
LANDBK HESSEN-TH        5.750    7/13/2012      EUR     73.20
LANDESBK BERLIN         5.500   12/23/2013      EUR     75.35
LB BADEN-WUERTT         4.000    7/27/2012      EUR     63.01
LB BADEN-WUERTT         4.000    7/27/2012      EUR     72.70
LB BADEN-WUERTT         4.000    7/27/2012      EUR     31.83
LB BADEN-WUERTT         4.000    7/27/2012      EUR     47.60
LB BADEN-WUERTT         5.000    7/27/2012      EUR     51.71
LB BADEN-WUERTT         5.000    7/27/2012      EUR     13.89
LB BADEN-WUERTT         5.000    7/27/2012      EUR     19.98
LB BADEN-WUERTT         5.000    7/27/2012      EUR     55.72
LB BADEN-WUERTT         5.000    7/27/2012      EUR     59.13
LB BADEN-WUERTT         5.000    7/27/2012      EUR     53.79
LB BADEN-WUERTT         5.000    7/27/2012      EUR     50.55
LB BADEN-WUERTT         5.000    7/27/2012      EUR     77.09
LB BADEN-WUERTT         5.000    7/27/2012      EUR     46.64
LB BADEN-WUERTT         5.000    7/27/2012      EUR     67.86
LB BADEN-WUERTT         5.000    7/27/2012      EUR     69.61
LB BADEN-WUERTT         5.000    7/27/2012      EUR     30.72
LB BADEN-WUERTT         5.000    7/27/2012      EUR     48.57
LB BADEN-WUERTT         5.000    7/27/2012      EUR     70.02
LB BADEN-WUERTT         5.000    7/27/2012      EUR     58.07
LB BADEN-WUERTT         5.000    7/27/2012      EUR     65.48
LB BADEN-WUERTT         6.000    7/27/2012      EUR     26.02
LB BADEN-WUERTT         6.000    7/27/2012      EUR     74.37
LB BADEN-WUERTT         6.000    7/27/2012      EUR     68.44
LB BADEN-WUERTT         6.000    7/27/2012      EUR     39.80
LB BADEN-WUERTT         6.000    7/27/2012      EUR     54.38
LB BADEN-WUERTT         6.000    7/27/2012      EUR     27.90
LB BADEN-WUERTT         6.000    7/27/2012      EUR     64.32
LB BADEN-WUERTT         7.500    7/27/2012      EUR     67.67
LB BADEN-WUERTT         7.500    7/27/2012      EUR     63.07
LB BADEN-WUERTT         7.500    7/27/2012      EUR     59.00
LB BADEN-WUERTT         7.500    7/27/2012      EUR     27.76
LB BADEN-WUERTT         7.500    7/27/2012      EUR     41.50
LB BADEN-WUERTT         7.500    7/27/2012      EUR     72.05
LB BADEN-WUERTT         7.500    7/27/2012      EUR     45.09
LB BADEN-WUERTT         7.500    7/27/2012      EUR     71.61
LB BADEN-WUERTT         7.500    7/27/2012      EUR     66.79
LB BADEN-WUERTT         7.500    7/27/2012      EUR     49.71
LB BADEN-WUERTT         7.500    7/27/2012      EUR     48.99
LB BADEN-WUERTT         7.500    7/27/2012      EUR     43.52
LB BADEN-WUERTT         7.500    7/27/2012      EUR     73.53
LB BADEN-WUERTT         7.500    7/27/2012      EUR     51.23
LB BADEN-WUERTT         7.500    7/27/2012      EUR     18.48
LB BADEN-WUERTT         7.500    7/27/2012      EUR     57.92
LB BADEN-WUERTT         7.500    7/27/2012      EUR     53.80
LB BADEN-WUERTT         7.500    7/27/2012      EUR     65.21
LB BADEN-WUERTT         7.500    7/27/2012      EUR     73.34
LB BADEN-WUERTT         7.500    7/27/2012      EUR     14.28
LB BADEN-WUERTT         8.000    7/27/2012      EUR     63.55
LB BADEN-WUERTT         8.000    7/27/2012      EUR     76.04
LB BADEN-WUERTT         8.000    7/27/2012      EUR     74.91
LB BADEN-WUERTT         8.000    7/27/2012      EUR     58.80
LB BADEN-WUERTT         8.000    7/27/2012      EUR     49.04
LB BADEN-WUERTT         8.000    7/27/2012      EUR     66.44
LB BADEN-WUERTT         8.000    7/27/2012      EUR     25.25
LB BADEN-WUERTT         8.000    7/27/2012      EUR     73.06
LB BADEN-WUERTT         8.000    7/27/2012      EUR     35.72
LB BADEN-WUERTT        10.000    7/27/2012      EUR     67.65
LB BADEN-WUERTT        10.000    7/27/2012      EUR     60.61
LB BADEN-WUERTT        10.000    7/27/2012      EUR     38.44
LB BADEN-WUERTT        10.000    7/27/2012      EUR     40.41
LB BADEN-WUERTT        10.000    7/27/2012      EUR     40.96
LB BADEN-WUERTT        10.000    7/27/2012      EUR     74.66
LB BADEN-WUERTT        10.000    7/27/2012      EUR     45.26
LB BADEN-WUERTT        10.000    7/27/2012      EUR     17.28
LB BADEN-WUERTT        10.000    7/27/2012      EUR     57.91
LB BADEN-WUERTT        10.000    7/27/2012      EUR     59.97
LB BADEN-WUERTT        10.000    7/27/2012      EUR     75.45
LB BADEN-WUERTT        10.000    7/27/2012      EUR     25.38
LB BADEN-WUERTT        10.000    7/27/2012      EUR     67.76
LB BADEN-WUERTT        10.000    7/27/2012      EUR     66.16
LB BADEN-WUERTT        10.000    7/27/2012      EUR     46.41
LB BADEN-WUERTT        10.000    7/27/2012      EUR     70.72
LB BADEN-WUERTT        10.000    7/27/2012      EUR     53.09
LB BADEN-WUERTT        10.000    7/27/2012      EUR     50.32
LB BADEN-WUERTT        10.000    7/27/2012      EUR     75.33
LB BADEN-WUERTT        10.000    7/27/2012      EUR     67.09
LB BADEN-WUERTT        10.000    7/27/2012      EUR     44.89
LB BADEN-WUERTT         5.000    7/27/2012      EUR     73.51
LB BADEN-WUERTT        10.000    7/27/2012      EUR     52.92
LB BADEN-WUERTT        10.000    7/27/2012      EUR     73.92
LB BADEN-WUERTT        10.000    7/27/2012      EUR     61.94
LB BADEN-WUERTT        10.000    7/27/2012      EUR     14.65
LB BADEN-WUERTT         4.000    8/24/2012      EUR     57.01
LB BADEN-WUERTT         4.000    8/24/2012      EUR     37.14
LB BADEN-WUERTT         4.000    8/24/2012      EUR     76.34
LB BADEN-WUERTT         4.000    8/24/2012      EUR     39.14
LB BADEN-WUERTT         4.000    8/24/2012      EUR     75.89
LB BADEN-WUERTT         5.000    8/24/2012      EUR     24.74
LB BADEN-WUERTT         5.000    8/24/2012      EUR     64.03
LB BADEN-WUERTT         5.000    8/24/2012      EUR     71.00
LB BADEN-WUERTT         5.000    8/24/2012      EUR     50.80
LB BADEN-WUERTT         5.000    8/24/2012      EUR     77.47
LB BADEN-WUERTT         5.000    8/24/2012      EUR     54.29
LB BADEN-WUERTT         5.000    8/24/2012      EUR     74.31
LB BADEN-WUERTT         5.000    8/24/2012      EUR     70.46
LB BADEN-WUERTT         5.000    8/24/2012      EUR     51.54
LB BADEN-WUERTT         5.000    8/24/2012      EUR     47.19
LB BADEN-WUERTT         6.000    8/24/2012      EUR     33.06
LB BADEN-WUERTT         6.000    8/24/2012      EUR     64.35
LB BADEN-WUERTT         6.000    8/24/2012      EUR     74.60
LB BADEN-WUERTT         6.000    8/24/2012      EUR     75.04
LB BADEN-WUERTT         6.000    8/24/2012      EUR     71.13
LB BADEN-WUERTT         6.000    8/24/2012      EUR     63.37
LB BADEN-WUERTT         6.000    8/24/2012      EUR     33.35
LB BADEN-WUERTT         6.000    8/24/2012      EUR     71.98
LB BADEN-WUERTT         6.000    8/24/2012      EUR     49.55
LB BADEN-WUERTT         6.000    8/24/2012      EUR     72.30
LB BADEN-WUERTT         6.500    8/24/2012      EUR     74.28
LB BADEN-WUERTT         7.500    8/24/2012      EUR     48.46
LB BADEN-WUERTT         7.500    8/24/2012      EUR     64.60
LB BADEN-WUERTT         7.500    8/24/2012      EUR     74.49
LB BADEN-WUERTT         7.500    8/24/2012      EUR     76.70
LB BADEN-WUERTT         7.500    8/24/2012      EUR     76.98
LB BADEN-WUERTT         7.500    8/24/2012      EUR     64.00
LB BADEN-WUERTT         7.500    8/24/2012      EUR     61.67
LB BADEN-WUERTT         7.500    8/24/2012      EUR     42.40
LB BADEN-WUERTT         7.500    8/24/2012      EUR     45.97
LB BADEN-WUERTT         7.500    8/24/2012      EUR     69.32
LB BADEN-WUERTT         7.500    8/24/2012      EUR     68.30
LB BADEN-WUERTT         7.500    8/24/2012      EUR     46.00
LB BADEN-WUERTT         7.500    8/24/2012      EUR     67.91
LB BADEN-WUERTT         7.500    8/24/2012      EUR     21.89
LB BADEN-WUERTT         7.500    8/24/2012      EUR     71.35
LB BADEN-WUERTT         7.500    8/24/2012      EUR     69.02
LB BADEN-WUERTT         7.500    8/24/2012      EUR     56.48
LB BADEN-WUERTT         8.000    8/24/2012      EUR     30.34
LB BADEN-WUERTT         8.000    8/24/2012      EUR     74.08
LB BADEN-WUERTT         8.000    8/24/2012      EUR     45.29
LB BADEN-WUERTT         8.000    8/24/2012      EUR     56.42
LB BADEN-WUERTT         8.000    8/24/2012      EUR     67.89
LB BADEN-WUERTT         8.000    8/24/2012      EUR     71.66
LB BADEN-WUERTT         8.000    8/24/2012      EUR     69.39
LB BADEN-WUERTT         8.000    8/24/2012      EUR     68.88
LB BADEN-WUERTT         8.000    8/24/2012      EUR     30.20
LB BADEN-WUERTT         8.000    8/24/2012      EUR     66.50
LB BADEN-WUERTT         8.000    8/24/2012      EUR     67.29
LB BADEN-WUERTT         8.000    8/24/2012      EUR     55.47
LB BADEN-WUERTT         8.000    8/24/2012      EUR     65.26
LB BADEN-WUERTT        10.000    8/24/2012      EUR     68.60
LB BADEN-WUERTT        10.000    8/24/2012      EUR     73.09
LB BADEN-WUERTT        10.000    8/24/2012      EUR     73.61
LB BADEN-WUERTT        10.000    8/24/2012      EUR     63.01
LB BADEN-WUERTT        10.000    8/24/2012      EUR     39.70
LB BADEN-WUERTT        10.000    8/24/2012      EUR     62.62
LB BADEN-WUERTT        10.000    8/24/2012      EUR     58.25
LB BADEN-WUERTT        10.000    8/24/2012      EUR     56.25
LB BADEN-WUERTT        10.000    8/24/2012      EUR     75.12
LB BADEN-WUERTT        10.000    8/24/2012      EUR     69.86
LB BADEN-WUERTT        10.000    8/24/2012      EUR     63.11
LB BADEN-WUERTT        10.000    8/24/2012      EUR     50.70
LB BADEN-WUERTT        10.000    8/24/2012      EUR     39.17
LB BADEN-WUERTT        10.000    8/24/2012      EUR     76.34
LB BADEN-WUERTT        10.000    8/24/2012      EUR     76.27
LB BADEN-WUERTT        10.000    8/24/2012      EUR     70.42
LB BADEN-WUERTT        10.000    8/24/2012      EUR     42.59
LB BADEN-WUERTT        10.000    8/24/2012      EUR     20.46
LB BADEN-WUERTT        10.000    8/24/2012      EUR     64.63
LB BADEN-WUERTT        10.000    8/24/2012      EUR     59.55
LB BADEN-WUERTT        10.000    8/24/2012      EUR     43.84
LB BADEN-WUERTT        10.000    8/24/2012      EUR     66.94
LB BADEN-WUERTT        10.000    8/24/2012      EUR     73.26
LB BADEN-WUERTT         8.000    9/28/2012      EUR     20.39
LB BADEN-WUERTT        10.000    9/28/2012      EUR     52.40
LB BADEN-WUERTT         8.000    9/28/2012      EUR     50.52
LB BADEN-WUERTT         8.000    9/28/2012      EUR     52.21
LB BADEN-WUERTT         8.000    9/28/2012      EUR     63.13
LB BADEN-WUERTT         8.000    9/28/2012      EUR     51.97
LB BADEN-WUERTT         8.000    9/28/2012      EUR     36.22
LB BADEN-WUERTT         8.000    9/28/2012      EUR     34.47
LB BADEN-WUERTT         7.500    9/28/2012      EUR     56.66
LB BADEN-WUERTT         7.250    9/28/2012      EUR     73.73
LB BADEN-WUERTT         7.000    9/28/2012      EUR     73.54
LB BADEN-WUERTT         6.000    9/28/2012      EUR     57.46
LB BADEN-WUERTT         6.000    9/28/2012      EUR     37.55
LB BADEN-WUERTT         6.000    9/28/2012      EUR     39.82
LB BADEN-WUERTT         6.000    9/28/2012      EUR     57.10
LB BADEN-WUERTT         6.000    9/28/2012      EUR     22.77
LB BADEN-WUERTT         6.000    9/28/2012      EUR     57.38
LB BADEN-WUERTT         6.000    9/28/2012      EUR     72.73
LB BADEN-WUERTT         5.000    9/28/2012      EUR     61.79
LB BADEN-WUERTT         4.000    9/28/2012      EUR     45.66
LB BADEN-WUERTT         4.000    9/28/2012      EUR     27.23
LB BADEN-WUERTT         4.000    9/28/2012      EUR     66.04
LB BADEN-WUERTT         4.000    9/28/2012      EUR     66.08
LB BADEN-WUERTT         4.000    9/28/2012      EUR     43.58
LB BADEN-WUERTT         4.000    9/28/2012      EUR     67.39
LB BADEN-WUERTT         5.000   10/26/2012      EUR     62.41
LB BADEN-WUERTT         5.000   10/26/2012      EUR     19.65
LB BADEN-WUERTT         5.000   10/26/2012      EUR     58.73
LB BADEN-WUERTT         5.000   10/26/2012      EUR      8.08
LB BADEN-WUERTT         5.000   10/26/2012      EUR     54.15
LB BADEN-WUERTT         7.500   10/26/2012      EUR     72.43
LB BADEN-WUERTT         7.500   10/26/2012      EUR      8.03
LB BADEN-WUERTT         7.500   10/26/2012      EUR     55.43
LB BADEN-WUERTT         7.500   10/26/2012      EUR     48.28
LB BADEN-WUERTT         7.500   10/26/2012      EUR     37.33
LB BADEN-WUERTT        10.000   10/26/2012      EUR     75.26
LB BADEN-WUERTT         5.000   10/26/2012      EUR     42.78
LB BADEN-WUERTT        10.000   10/26/2012      EUR     17.06
LB BADEN-WUERTT        10.000   10/26/2012      EUR      7.88
LB BADEN-WUERTT        10.000   10/26/2012      EUR     73.47
LB BADEN-WUERTT        10.000   10/26/2012      EUR     68.18
LB BADEN-WUERTT        10.000   10/26/2012      EUR     74.95
LB BADEN-WUERTT        10.000   10/26/2012      EUR     44.59
LB BADEN-WUERTT        10.000   10/26/2012      EUR     66.42
LB BADEN-WUERTT        10.000   10/26/2012      EUR     34.69
LB BADEN-WUERTT        10.000   10/26/2012      EUR     44.64
LB BADEN-WUERTT        10.000   10/26/2012      EUR     71.74
LB BADEN-WUERTT        10.000   10/26/2012      EUR     51.26
LB BADEN-WUERTT         7.500   10/26/2012      EUR     49.78
LB BADEN-WUERTT         7.500   10/26/2012      EUR     73.82
LB BADEN-WUERTT         7.500   10/26/2012      EUR     17.88
LB BADEN-WUERTT        10.000   11/23/2012      EUR     64.96
LB BADEN-WUERTT        10.000   11/23/2012      EUR     63.26
LB BADEN-WUERTT        10.000   11/23/2012      EUR     56.68
LB BADEN-WUERTT        10.000   11/23/2012      EUR     47.08
LB BADEN-WUERTT        15.000   11/23/2012      EUR     51.65
LB BADEN-WUERTT         7.500   11/23/2012      EUR     63.39
LB BADEN-WUERTT         5.000   11/23/2012      EUR     51.20
LB BADEN-WUERTT         5.000   11/23/2012      EUR     74.97
LB BADEN-WUERTT         5.000   11/23/2012      EUR     40.13
LB BADEN-WUERTT         5.000   11/23/2012      EUR     53.88
LB BADEN-WUERTT         5.000   11/23/2012      EUR     19.93
LB BADEN-WUERTT         5.000   11/23/2012      EUR     73.47
LB BADEN-WUERTT         5.000   11/23/2012      EUR     55.92
LB BADEN-WUERTT         7.500   11/23/2012      EUR     44.51
LB BADEN-WUERTT         7.500   11/23/2012      EUR     69.61
LB BADEN-WUERTT         7.500   11/23/2012      EUR     35.73
LB BADEN-WUERTT         7.500   11/23/2012      EUR     66.27
LB BADEN-WUERTT         7.500   11/23/2012      EUR     69.57
LB BADEN-WUERTT         7.500   11/23/2012      EUR     70.36
LB BADEN-WUERTT         7.500   11/23/2012      EUR     74.67
LB BADEN-WUERTT         7.500   11/23/2012      EUR     47.91
LB BADEN-WUERTT         7.500   11/23/2012      EUR     50.96
LB BADEN-WUERTT        10.000   11/23/2012      EUR     60.24
LB BADEN-WUERTT        10.000   11/23/2012      EUR     61.73
LB BADEN-WUERTT        10.000   11/23/2012      EUR     74.88
LB BADEN-WUERTT        10.000   11/23/2012      EUR     44.42
LB BADEN-WUERTT        10.000   11/23/2012      EUR     68.72
LB BADEN-WUERTT        10.000   11/23/2012      EUR     72.37
LB BADEN-WUERTT        10.000   11/23/2012      EUR     40.85
LB BADEN-WUERTT        10.000   11/23/2012      EUR     17.86
LB BADEN-WUERTT        10.000   11/23/2012      EUR     33.13
LB BADEN-WUERTT         7.500   11/23/2012      EUR     18.54
LB BADEN-WUERTT         5.000     1/4/2013      EUR     69.77
LB BADEN-WUERTT         5.000     1/4/2013      EUR     48.85
LB BADEN-WUERTT         5.000     1/4/2013      EUR     51.81
LB BADEN-WUERTT         5.000     1/4/2013      EUR     53.54
LB BADEN-WUERTT         5.000     1/4/2013      EUR     20.40
LB BADEN-WUERTT         5.000     1/4/2013      EUR     46.52
LB BADEN-WUERTT         7.500     1/4/2013      EUR     42.94
LB BADEN-WUERTT         7.500     1/4/2013      EUR     46.45
LB BADEN-WUERTT         7.500     1/4/2013      EUR     74.75
LB BADEN-WUERTT         7.500     1/4/2013      EUR     19.07
LB BADEN-WUERTT         7.500     1/4/2013      EUR     47.74
LB BADEN-WUERTT         7.500     1/4/2013      EUR     61.02
LB BADEN-WUERTT         7.500     1/4/2013      EUR     54.79
LB BADEN-WUERTT         7.500     1/4/2013      EUR     68.77
LB BADEN-WUERTT        10.000     1/4/2013      EUR     56.05
LB BADEN-WUERTT        10.000     1/4/2013      EUR     75.38
LB BADEN-WUERTT        10.000     1/4/2013      EUR     57.12
LB BADEN-WUERTT        10.000     1/4/2013      EUR     40.60
LB BADEN-WUERTT        10.000     1/4/2013      EUR     63.78
LB BADEN-WUERTT        10.000     1/4/2013      EUR     48.99
LB BADEN-WUERTT        10.000     1/4/2013      EUR     42.67
LB BADEN-WUERTT        10.000     1/4/2013      EUR     69.38
LB BADEN-WUERTT        10.000     1/4/2013      EUR     71.49
LB BADEN-WUERTT        10.000     1/4/2013      EUR     18.87
LB BADEN-WUERTT        10.000    1/25/2013      EUR     24.04
LB BADEN-WUERTT        10.000    1/25/2013      EUR     67.47
LB BADEN-WUERTT        10.000    1/25/2013      EUR     71.89
LB BADEN-WUERTT         7.500    1/25/2013      EUR     71.83
LB BADEN-WUERTT        10.000    1/25/2013      EUR     60.50
LB BADEN-WUERTT         7.500    1/25/2013      EUR     74.32
LB BADEN-WUERTT        10.000    1/25/2013      EUR     67.38
LB BADEN-WUERTT         7.500    1/25/2013      EUR     63.82
LB BADEN-WUERTT        10.000    1/25/2013      EUR     58.48
LB BADEN-WUERTT         7.500    1/25/2013      EUR     24.93
LB BADEN-WUERTT        10.000    1/25/2013      EUR     75.19
LB BADEN-WUERTT         5.000    1/25/2013      EUR     73.64
LB BADEN-WUERTT         7.500    1/25/2013      EUR     72.93
LB BADEN-WUERTT         5.000    1/25/2013      EUR     26.94
LB BADEN-WUERTT         7.500    1/25/2013      EUR     66.97
LB BADEN-WUERTT         5.000    1/25/2013      EUR     72.92
LB BADEN-WUERTT         7.500    1/25/2013      EUR     77.20
LB BADEN-WUERTT        10.000    1/25/2013      EUR     75.86
LB BADEN-WUERTT        10.000    1/25/2013      EUR     76.42
LB BADEN-WUERTT        15.000    2/22/2013      EUR     66.42
LB BADEN-WUERTT        15.000    2/22/2013      EUR     61.87
LB BADEN-WUERTT        11.000    2/22/2013      EUR     72.49
LB BADEN-WUERTT        10.000    2/22/2013      EUR     73.80
LB BADEN-WUERTT        10.000    2/22/2013      EUR     76.52
LB BADEN-WUERTT         8.000    2/22/2013      EUR     75.18
LB BADEN-WUERTT        10.000    2/22/2013      EUR     70.30
LB BADEN-WUERTT        15.000    3/22/2013      EUR     52.03
LB BADEN-WUERTT        12.000    3/22/2013      EUR     72.77
LB BADEN-WUERTT        12.000    3/22/2013      EUR     74.73
LB BADEN-WUERTT         8.000    3/22/2013      EUR     55.03
LB BADEN-WUERTT        10.000    3/22/2013      EUR     53.90
LB BADEN-WUERTT         5.000    6/28/2013      EUR     64.74
LB BADEN-WUERTT        11.000    6/28/2013      EUR     55.71
LB BADEN-WUERTT        10.000    6/28/2013      EUR     55.99
LB BADEN-WUERTT        10.000    6/28/2013      EUR     72.66
LB BADEN-WUERTT         9.000    6/28/2013      EUR     56.20
LB BADEN-WUERTT         7.500    6/28/2013      EUR     70.67
LB BADEN-WUERTT         7.500    6/28/2013      EUR     58.88
LB BADEN-WUERTT         7.000    6/28/2013      EUR     58.38
LB BADEN-WUERTT         5.000    6/28/2013      EUR     70.67
LB BADEN-WUERTT         9.000    7/26/2013      EUR     60.75
LB BADEN-WUERTT         7.000    7/26/2013      EUR     63.38
LB BADEN-WUERTT         8.000    7/26/2013      EUR     61.18
LB BADEN-WUERTT         5.000    8/23/2013      EUR     75.31
LB BADEN-WUERTT         9.000    8/23/2013      EUR     69.94
LB BADEN-WUERTT         9.000    8/23/2013      EUR     73.97
LB BADEN-WUERTT        12.000    8/23/2013      EUR     58.18
LB BADEN-WUERTT         8.000    8/23/2013      EUR     61.50
LB BADEN-WUERTT         7.000    8/23/2013      EUR     71.81
LB BADEN-WUERTT        10.000    8/23/2013      EUR     59.55
LB BADEN-WUERTT        11.000    9/27/2013      EUR     58.96
LB BADEN-WUERTT         7.000    9/27/2013      EUR     60.67
LB BADEN-WUERTT         9.000    9/27/2013      EUR     58.98
LB BADEN-WUERTT         5.250   10/20/2015      EUR     25.46
LB BADEN-WUERTT         2.800    2/23/2037      JPY     55.89
MACQUARIE STRUCT        8.500     7/6/2012      EUR     69.22
MACQUARIE STRUCT       10.000    9/28/2012      EUR     75.61
MACQUARIE STRUCT        9.000    9/28/2012      EUR     53.07
MACQUARIE STRUCT        9.250    9/28/2012      EUR     68.13
MACQUARIE STRUCT        9.750    9/28/2012      EUR     40.37
MACQUARIE STRUCT       10.000    9/28/2012      EUR     66.35
MACQUARIE STRUCT       10.750    9/28/2012      EUR     73.87
MACQUARIE STRUCT       11.500    9/28/2012      EUR     43.73
MACQUARIE STRUCT       12.750    9/28/2012      EUR     70.37
MACQUARIE STRUCT       16.000    9/28/2012      EUR     66.07
MACQUARIE STRUCT       13.000   11/13/2012      EUR     75.76
MACQUARIE STRUCT       18.000   12/14/2012      EUR     63.90
MACQUARIE STRUCT       16.500     1/2/2013      EUR     72.71
Q-CELLS                 6.750   10/21/2015      EUR      0.45
RENTENBANK              0.500    3/15/2017      TRY     69.78
RENTENBANK              0.500    4/19/2017      TRY     69.45
SOLARWORLD AG           6.375    7/13/2016      EUR     33.01
SOLON AG SOLAR          1.375    12/6/2012      EUR      1.25
TAG IMMO AG             6.500   12/10/2015      EUR      8.32
TUI AG                  5.500   11/17/2014      EUR     60.57
TUI AG                  2.750    3/24/2016      EUR     48.19
UNICREDIT BANK A        7.000     7/2/2012      EUR     65.81
UNICREDIT BANK A        7.500     7/5/2012      EUR     65.76
VONTOBEL FIN PRO       12.067    6/29/2012      EUR     58.90
VONTOBEL FIN PRO       12.067    6/29/2012      EUR     36.40
VONTOBEL FIN PRO       10.559    6/29/2012      EUR     72.30
VONTOBEL FIN PRO       10.860     7/6/2012      EUR     67.00
VONTOBEL FIN PRO       11.514     7/6/2012      EUR     51.80
VONTOBEL FIN PRO       10.860    7/13/2012      EUR     68.60
VONTOBEL FIN PRO       11.061    7/13/2012      EUR     60.10
VONTOBEL FIN PRO       11.061    7/20/2012      EUR     62.60
VONTOBEL FIN PRO       10.860    7/20/2012      EUR     39.90
VONTOBEL FIN PRO       11.665    7/20/2012      EUR     69.40
VONTOBEL FIN PRO       11.073    7/27/2012      EUR     73.20
VONTOBEL FIN PRO       10.559    7/27/2012      EUR     71.50
VONTOBEL FIN PRO       11.564    7/27/2012      EUR     62.70
VONTOBEL FIN PRO       11.850     8/3/2012      EUR     70.40
VONTOBEL FIN PRO       11.564    8/10/2012      EUR     68.50
VONTOBEL FIN PRO       12.200    8/24/2012      EUR     59.82
VONTOBEL FIN PRO       10.900    8/24/2012      EUR     68.58
VONTOBEL FIN PRO        8.550    8/24/2012      EUR     59.40
VONTOBEL FIN PRO       26.950    8/24/2012      EUR     70.46
VONTOBEL FIN PRO        8.700    8/24/2012      EUR     74.28
VONTOBEL FIN PRO       21.500    9/28/2012      EUR     56.64
VONTOBEL FIN PRO       21.550    9/28/2012      EUR     43.78
VONTOBEL FIN PRO       21.550    9/28/2012      EUR     63.18
VONTOBEL FIN PRO       23.300    9/28/2012      EUR     61.06
VONTOBEL FIN PRO       25.050    9/28/2012      EUR     72.56
VONTOBEL FIN PRO       25.700    9/28/2012      EUR     42.62
VONTOBEL FIN PRO       26.650    9/28/2012      EUR     75.30
VONTOBEL FIN PRO       27.550    9/28/2012      EUR     49.48
VONTOBEL FIN PRO       28.350    9/28/2012      EUR     75.68
VONTOBEL FIN PRO       28.700    9/28/2012      EUR     58.34
VONTOBEL FIN PRO       28.900    9/28/2012      EUR     49.86
VONTOBEL FIN PRO        7.350    9/28/2012      EUR     63.92
VONTOBEL FIN PRO        7.900    9/28/2012      EUR     72.42
VONTOBEL FIN PRO        7.950    9/28/2012      EUR     70.92
VONTOBEL FIN PRO        8.200    9/28/2012      EUR     45.14
VONTOBEL FIN PRO        8.250    9/28/2012      EUR     60.10
VONTOBEL FIN PRO        9.030    9/28/2012      EUR     75.04
VONTOBEL FIN PRO        9.300    9/28/2012      EUR     66.02
VONTOBEL FIN PRO        9.350    9/28/2012      EUR     68.68
VONTOBEL FIN PRO        9.400    9/28/2012      EUR     54.47
VONTOBEL FIN PRO        9.700    9/28/2012      EUR     69.28
VONTOBEL FIN PRO        9.900    9/28/2012      EUR     74.16
VONTOBEL FIN PRO       10.400    9/28/2012      EUR     75.82
VONTOBEL FIN PRO       10.600    9/28/2012      EUR     48.34
VONTOBEL FIN PRO       10.600    9/28/2012      EUR     60.32
VONTOBEL FIN PRO       10.650    9/28/2012      EUR     56.80
VONTOBEL FIN PRO       10.850    9/28/2012      EUR     53.78
VONTOBEL FIN PRO       10.900    9/28/2012      EUR     76.64
VONTOBEL FIN PRO       11.050    9/28/2012      EUR     72.44
VONTOBEL FIN PRO       11.100    9/28/2012      EUR     65.78
VONTOBEL FIN PRO       11.250    9/28/2012      EUR     65.76
VONTOBEL FIN PRO       11.550    9/28/2012      EUR     44.82
VONTOBEL FIN PRO       11.900    9/28/2012      EUR     73.02
VONTOBEL FIN PRO       11.900    9/28/2012      EUR     73.32
VONTOBEL FIN PRO       12.350    9/28/2012      EUR     51.32
VONTOBEL FIN PRO       12.450    9/28/2012      EUR     73.92
VONTOBEL FIN PRO       12.600    9/28/2012      EUR     73.08
VONTOBEL FIN PRO       12.800    9/28/2012      EUR     62.66
VONTOBEL FIN PRO       13.950    9/28/2012      EUR     50.12
VONTOBEL FIN PRO       14.150    9/28/2012      EUR     49.56
VONTOBEL FIN PRO       14.150    9/28/2012      EUR     75.16
VONTOBEL FIN PRO       14.200    9/28/2012      EUR     66.40
VONTOBEL FIN PRO       14.450    9/28/2012      EUR     70.40
VONTOBEL FIN PRO       14.500    9/28/2012      EUR     59.46
VONTOBEL FIN PRO       14.600    9/28/2012      EUR     55.86
VONTOBEL FIN PRO       14.900    9/28/2012      EUR     57.78
VONTOBEL FIN PRO       15.000    9/28/2012      EUR     70.00
VONTOBEL FIN PRO       15.150    9/28/2012      EUR     74.40
VONTOBEL FIN PRO       15.550    9/28/2012      EUR     77.30
VONTOBEL FIN PRO       15.650    9/28/2012      EUR     67.64
VONTOBEL FIN PRO       15.700    9/28/2012      EUR     58.60
VONTOBEL FIN PRO       16.000    9/28/2012      EUR     61.58
VONTOBEL FIN PRO       16.200    9/28/2012      EUR     61.22
VONTOBEL FIN PRO       16.350    9/28/2012      EUR     77.18
VONTOBEL FIN PRO       16.400    9/28/2012      EUR     66.48
VONTOBEL FIN PRO       16.850    9/28/2012      EUR     67.74
VONTOBEL FIN PRO       16.850    9/28/2012      EUR     64.10
VONTOBEL FIN PRO       16.900    9/28/2012      EUR     67.12
VONTOBEL FIN PRO       17.100    9/28/2012      EUR     47.86
VONTOBEL FIN PRO       17.150    9/28/2012      EUR     64.94
VONTOBEL FIN PRO       17.600    9/28/2012      EUR     71.44
VONTOBEL FIN PRO       18.100    9/28/2012      EUR     47.46
VONTOBEL FIN PRO       14.550    9/28/2012      EUR     46.70
VONTOBEL FIN PRO       18.800    9/28/2012      EUR     69.46
VONTOBEL FIN PRO       18.900    9/28/2012      EUR     70.98
VONTOBEL FIN PRO       19.000    9/28/2012      EUR     39.12
VONTOBEL FIN PRO       19.250    9/28/2012      EUR     45.66
VONTOBEL FIN PRO       19.600    9/28/2012      EUR     68.56
VONTOBEL FIN PRO       19.900    9/28/2012      EUR     71.96
VONTOBEL FIN PRO       20.000    9/28/2012      EUR     71.54
VONTOBEL FIN PRO       20.400    9/28/2012      EUR     65.60
VONTOBEL FIN PRO       20.750    9/28/2012      EUR     68.40
VONTOBEL FIN PRO       20.750    9/28/2012      EUR     75.84
VONTOBEL FIN PRO       20.950    9/28/2012      EUR     56.46
VONTOBEL FIN PRO       21.200    9/28/2012      EUR     68.92
VONTOBEL FIN PRO       21.350    9/28/2012      EUR     51.90
VONTOBEL FIN PRO       18.200    9/28/2012      EUR     75.26
VONTOBEL FIN PRO        6.300    9/28/2012      EUR     65.46
VONTOBEL FIN PRO        5.006   12/28/2012      EUR     52.50
VONTOBEL FIN PRO        6.150   12/31/2012      EUR     66.64
VONTOBEL FIN PRO        7.100   12/31/2012      EUR     67.82
VONTOBEL FIN PRO        7.400   12/31/2012      EUR     45.66
VONTOBEL FIN PRO        7.700   12/31/2012      EUR     74.02
VONTOBEL FIN PRO        7.850   12/31/2012      EUR     61.80
VONTOBEL FIN PRO        8.050   12/31/2012      EUR     76.04
VONTOBEL FIN PRO        8.650   12/31/2012      EUR     72.76
VONTOBEL FIN PRO        8.800   12/31/2012      EUR     64.58
VONTOBEL FIN PRO        8.950   12/31/2012      EUR     66.64
VONTOBEL FIN PRO        9.250   12/31/2012      EUR     49.78
VONTOBEL FIN PRO        9.350   12/31/2012      EUR     74.04
VONTOBEL FIN PRO        9.400   12/31/2012      EUR     75.76
VONTOBEL FIN PRO        9.400   12/31/2012      EUR     69.38
VONTOBEL FIN PRO        9.650   12/31/2012      EUR     56.70
VONTOBEL FIN PRO        9.800   12/31/2012      EUR     67.72
VONTOBEL FIN PRO        9.850   12/31/2012      EUR     67.74
VONTOBEL FIN PRO        9.900   12/31/2012      EUR     74.34
VONTOBEL FIN PRO       10.050   12/31/2012      EUR     50.36
VONTOBEL FIN PRO       10.200   12/31/2012      EUR     73.52
VONTOBEL FIN PRO       10.350   12/31/2012      EUR     68.72
VONTOBEL FIN PRO       10.500   12/31/2012      EUR     45.20
VONTOBEL FIN PRO       11.000   12/31/2012      EUR     57.36
VONTOBEL FIN PRO       11.400   12/31/2012      EUR     75.78
VONTOBEL FIN PRO       11.400   12/31/2012      EUR     62.92
VONTOBEL FIN PRO       11.450   12/31/2012      EUR     46.66
VONTOBEL FIN PRO       11.700   12/31/2012      EUR     67.96
VONTOBEL FIN PRO       11.750   12/31/2012      EUR     66.46
VONTOBEL FIN PRO       11.800   12/31/2012      EUR     74.92
VONTOBEL FIN PRO       11.850   12/31/2012      EUR     55.52
VONTOBEL FIN PRO       11.900   12/31/2012      EUR     75.30
VONTOBEL FIN PRO       11.950   12/31/2012      EUR     64.50
VONTOBEL FIN PRO       12.000   12/31/2012      EUR     64.72
VONTOBEL FIN PRO       12.250   12/31/2012      EUR     61.10
VONTOBEL FIN PRO       12.550   12/31/2012      EUR     59.28
VONTOBEL FIN PRO       12.550   12/31/2012      EUR     71.12
VONTOBEL FIN PRO       12.650   12/31/2012      EUR     48.34
VONTOBEL FIN PRO       12.650   12/31/2012      EUR     52.18
VONTOBEL FIN PRO       12.800   12/31/2012      EUR     68.78
VONTOBEL FIN PRO       12.900   12/31/2012      EUR     68.58
VONTOBEL FIN PRO       13.050   12/31/2012      EUR     61.18
VONTOBEL FIN PRO       13.050   12/31/2012      EUR     76.66
VONTOBEL FIN PRO       13.150   12/31/2012      EUR     58.42
VONTOBEL FIN PRO       13.250   12/31/2012      EUR     69.38
VONTOBEL FIN PRO       13.500   12/31/2012      EUR     52.08
VONTOBEL FIN PRO       13.550   12/31/2012      EUR     64.56
VONTOBEL FIN PRO       13.600   12/31/2012      EUR     70.28
VONTOBEL FIN PRO       14.000   12/31/2012      EUR     64.12
VONTOBEL FIN PRO       14.100   12/31/2012      EUR     66.88
VONTOBEL FIN PRO       14.300   12/31/2012      EUR     43.00
VONTOBEL FIN PRO       14.450   12/31/2012      EUR     69.18
VONTOBEL FIN PRO       14.550   12/31/2012      EUR     70.02
VONTOBEL FIN PRO       14.750   12/31/2012      EUR     65.14
VONTOBEL FIN PRO       14.950   12/31/2012      EUR     74.30
VONTOBEL FIN PRO       15.250   12/31/2012      EUR     50.18
VONTOBEL FIN PRO       15.250   12/31/2012      EUR     76.80
VONTOBEL FIN PRO       15.650   12/31/2012      EUR     71.30
VONTOBEL FIN PRO       16.150   12/31/2012      EUR     68.44
VONTOBEL FIN PRO       16.350   12/31/2012      EUR     61.54
VONTOBEL FIN PRO       16.700   12/31/2012      EUR     72.56
VONTOBEL FIN PRO       16.850   12/31/2012      EUR     60.78
VONTOBEL FIN PRO       16.950   12/31/2012      EUR     49.82
VONTOBEL FIN PRO       17.050   12/31/2012      EUR     48.60
VONTOBEL FIN PRO       17.250   12/31/2012      EUR     75.26
VONTOBEL FIN PRO       18.450   12/31/2012      EUR     66.98
VONTOBEL FIN PRO       18.850   12/31/2012      EUR     57.34
VONTOBEL FIN PRO       18.900   12/31/2012      EUR     47.26
VONTOBEL FIN PRO       19.850   12/31/2012      EUR     65.16
VONTOBEL FIN PRO       21.200   12/31/2012      EUR     50.64
VONTOBEL FIN PRO       24.700   12/31/2012      EUR     51.92
VONTOBEL FIN PRO       24.900   12/31/2012      EUR     60.40
VONTOBEL FIN PRO       27.600   12/31/2012      EUR     50.34
VONTOBEL FIN PRO       28.250   12/31/2012      EUR     47.98
VONTOBEL FIN PRO       17.100   12/31/2012      EUR     56.36
VONTOBEL FIN PRO       13.650     3/1/2013      EUR     73.50
VONTOBEL FIN PRO       10.100     3/8/2013      EUR     64.30
VONTOBEL FIN PRO       13.150    3/22/2013      EUR     70.06
VONTOBEL FIN PRO       13.700    3/22/2013      EUR     72.92
VONTOBEL FIN PRO       14.000    3/22/2013      EUR     54.64
VONTOBEL FIN PRO       11.850    3/22/2013      EUR     48.10
VONTOBEL FIN PRO       11.150    3/22/2013      EUR     60.84
VONTOBEL FIN PRO       10.950    3/22/2013      EUR     75.72
VONTOBEL FIN PRO       14.050    3/22/2013      EUR     71.74
VONTOBEL FIN PRO       14.500    3/22/2013      EUR     45.90
VONTOBEL FIN PRO       14.550    3/22/2013      EUR     72.06
VONTOBEL FIN PRO       16.300    3/22/2013      EUR     73.34
VONTOBEL FIN PRO       16.850    3/22/2013      EUR     68.32
VONTOBEL FIN PRO       15.250    3/22/2013      EUR     70.98
VONTOBEL FIN PRO       18.350    3/22/2013      EUR     76.44
VONTOBEL FIN PRO       18.500    3/22/2013      EUR     68.08
VONTOBEL FIN PRO       16.850    3/22/2013      EUR     69.34
VONTOBEL FIN PRO       10.350    3/22/2013      EUR     75.10
VONTOBEL FIN PRO       10.700    3/22/2013      EUR     74.48
VONTOBEL FIN PRO       12.400    3/22/2013      EUR     73.56
VONTOBEL FIN PRO       20.900    3/22/2013      EUR     71.32
VONTOBEL FIN PRO       12.000    3/22/2013      EUR     73.78
VONTOBEL FIN PRO        6.750    3/22/2013      EUR     68.46
VONTOBEL FIN PRO        8.550    3/22/2013      EUR     50.76
VONTOBEL FIN PRO        8.600    3/22/2013      EUR     68.32
VONTOBEL FIN PRO        8.850    3/22/2013      EUR     64.16
VONTOBEL FIN PRO        9.350    3/22/2013      EUR     73.54
VONTOBEL FIN PRO       10.300    3/22/2013      EUR     58.18
VONTOBEL FIN PRO       12.200    3/22/2013      EUR     74.94
VONTOBEL FIN PRO       10.750    3/22/2013      EUR     71.36
VONTOBEL FIN PRO        6.000    6/28/2013      EUR     48.68
VONTOBEL FIN PRO        8.000    6/28/2013      EUR     72.32
VONTOBEL FIN PRO        4.000    6/28/2013      EUR     44.72
VONTOBEL FIN PRO        7.389   11/25/2013      EUR     33.40
VONTOBEL FIN PRO        5.474    3/17/2014      EUR     71.50
VONTOBEL FIN PRO        5.100    4/14/2014      EUR     37.90
WESTLB AG               6.750    7/30/2012      EUR     47.60
WESTLB AG               6.500    8/27/2012      EUR     76.26
WESTLB AG               0.065    9/27/2012      EUR     69.26
WESTLB AG               0.075    9/27/2012      EUR     70.89
WESTLB AG               0.100    9/27/2012      EUR     42.69
WESTLB AG               0.075    9/27/2012      EUR     71.91
WESTLB AG              12.000    9/27/2012      EUR     63.91
WESTLB AG               0.075    9/27/2012      EUR     67.79
WESTLB AG               0.075    9/27/2012      EUR     65.49
WESTLB AG               0.075    9/27/2012      EUR     47.60
WESTLB AG               0.100    9/27/2012      EUR     54.01
WESTLB AG               0.100    9/27/2012      EUR     62.91
WESTLB AG              10.000    2/21/2013      EUR     72.68
WESTLB AG               9.500    2/21/2013      EUR     70.82
WGZ BANK                6.250     7/6/2012      EUR     66.17
WGZ BANK                6.000   12/20/2012      EUR     72.68
WGZ BANK                7.000   12/20/2012      EUR     68.33
WGZ BANK                8.000   12/20/2012      EUR     66.60
WGZ BANK                7.000   12/21/2012      EUR     72.30
WGZ BANK                8.000   12/21/2012      EUR     70.29
WGZ BANK                6.000   12/28/2012      EUR     52.26
WGZ BANK                8.000   12/28/2012      EUR     46.70
WGZ BANK                7.000   12/28/2012      EUR     49.23
WGZ BANK                5.000   12/28/2012      EUR     55.88
WGZ BANK                4.000   12/28/2012      EUR     60.13
WGZ BANK                7.000    2/26/2013      EUR     69.30

GREECE
------
EFG EUROBANK            6.010     1/9/2036      EUR     34.00
HELLENIC REPUB          4.625    6/25/2013      USD     25.13
HELLENIC REPUB          4.625    6/25/2013      EUR     24.88
HELLENIC REPUB          2.125     7/5/2013      CHF     26.88
HELLENIC REPUB          5.800    7/14/2015      JPY     24.75
HELLENIC REPUB          5.800    7/14/2015      JPY     24.88
HELLENIC REPUB          5.250     2/1/2016      JPY     24.88
HELLENIC REPUB          5.250     2/1/2016      JPY     22.25
HELLENIC REPUB          5.000    8/22/2016      JPY     24.88
HELLENIC REPUB          5.000    8/22/2016      JPY     24.88
HELLENIC REPUB          4.500    11/8/2016      JPY     28.50
HELLENIC REPUB          4.500     7/3/2017      JPY     25.13
HELLENIC REPUB          3.800     8/8/2017      JPY     27.38
HELLENIC REPUB          5.000    3/11/2019      EUR     24.88
HELLENIC REPUB          5.000    3/11/2019      EUR     25.00
HELLENIC REPUB          6.140    4/14/2028      EUR     24.88
HELLENIC REPUB          5.200    7/17/2034      EUR     24.88
NATL BK GREECE          3.875    10/7/2016      EUR     65.45
YIOULA GLASSWORK        9.000    12/1/2015      EUR     43.83
YIOULA GLASSWORK        9.000    12/1/2015      EUR     44.00

GUERNSEY
--------
AMDOCS LIMITED          0.500    3/15/2024      USD     75.00
BCV GUERNSEY           10.530    6/29/2012      CHF     65.15
BCV GUERNSEY            9.030    7/13/2012      EUR     67.32
BCV GUERNSEY            8.020     3/1/2013      EUR     53.11
BKB FINANCE             7.400    6/28/2012      CHF     52.90
BKB FINANCE             6.520     7/6/2012      EUR     69.39
BKB FINANCE             6.250    7/12/2012      CHF     69.72
BKB FINANCE             6.300    7/12/2012      CHF     62.38
BKB FINANCE             9.050     8/9/2012      CHF     53.80
BKB FINANCE             8.900    9/27/2012      CHF     59.24
BKB FINANCE             8.350    1/14/2013      CHF     46.00
EFG FINANCIAL PR        8.200    6/28/2012      GBP     67.68
EFG FINANCIAL PR        8.100    6/28/2012      USD     67.65
EFG FINANCIAL PR        8.200    6/28/2012      EUR     67.86
EFG FINANCIAL PR       12.000    6/28/2012      USD     63.94
EFG FINANCIAL PR       13.200    6/28/2012      EUR     57.91
EFG FINANCIAL PR       11.300    6/28/2012      EUR     58.53
EFG FINANCIAL PR       15.130    6/29/2012      EUR     72.21
EFG FINANCIAL PR       11.500     7/4/2012      EUR     68.04
EFG FINANCIAL PR       13.250     7/4/2012      EUR     67.10
EFG FINANCIAL PR       12.100     7/4/2012      CHF     66.90
EFG FINANCIAL PR       12.500     7/4/2012      USD     66.99
EFG FINANCIAL PR        8.250     7/4/2012      EUR     66.40
EFG FINANCIAL PR        6.600     7/4/2012      CHF     66.38
EFG FINANCIAL PR       10.500     7/5/2012      CHF     42.25
EFG FINANCIAL PR        8.250     7/5/2012      CHF     67.94
EFG FINANCIAL PR       19.570     7/5/2012      EUR     72.52
EFG FINANCIAL PR        9.300     7/6/2012      CHF     53.99
EFG FINANCIAL PR       12.750    7/12/2012      EUR     72.84
EFG FINANCIAL PR        6.000    7/13/2012      EUR     69.73
EFG FINANCIAL PR       10.830    7/20/2012      CHF     67.52
EFG FINANCIAL PR        9.770    7/23/2012      EUR     58.47
EFG FINANCIAL PR       11.000    7/25/2012      CHF     12.57
EFG FINANCIAL PR       12.000    7/25/2012      GBP     58.81
EFG FINANCIAL PR        8.500    7/25/2012      CHF     71.58
EFG FINANCIAL PR       10.000    7/25/2012      CHF     56.32
EFG FINANCIAL PR       11.000    7/25/2012      EUR     66.73
EFG FINANCIAL PR       11.750    7/25/2012      EUR     66.65
EFG FINANCIAL PR       11.000    7/25/2012      CHF     58.52
EFG FINANCIAL PR       11.300    7/25/2012      CHF     57.84
EFG FINANCIAL PR       10.250    7/25/2012      CHF     41.95
EFG FINANCIAL PR       15.000    7/31/2012      CHF     64.42
EFG FINANCIAL PR       15.500    7/31/2012      GBP     64.76
EFG FINANCIAL PR       16.000    7/31/2012      EUR     72.17
EFG FINANCIAL PR       11.750    7/31/2012      CHF     45.18
EFG FINANCIAL PR       11.750    7/31/2012      CHF     44.94
EFG FINANCIAL PR       11.500    7/31/2012      EUR     59.88
EFG FINANCIAL PR       10.000    7/31/2012      CHF     73.26
EFG FINANCIAL PR       10.000    7/31/2012      CHF     44.53
EFG FINANCIAL PR        9.500    7/31/2012      CHF     72.94
EFG FINANCIAL PR        9.000     8/3/2012      CHF     55.24
EFG FINANCIAL PR        9.000     8/3/2012      CHF     55.04
EFG FINANCIAL PR        9.000     8/3/2012      CHF     68.27
EFG FINANCIAL PR       12.000     8/7/2012      CHF     65.34
EFG FINANCIAL PR       11.000     8/7/2012      CHF     26.00
EFG FINANCIAL PR        7.250     8/7/2012      CHF     71.50
EFG FINANCIAL PR       10.000     8/7/2012      CHF     44.82
EFG FINANCIAL PR       19.000     8/8/2012      USD     43.38
EFG FINANCIAL PR       13.000     8/9/2012      EUR     63.29
EFG FINANCIAL PR       12.600     8/9/2012      USD     63.51
EFG FINANCIAL PR       12.800     8/9/2012      CHF     63.24
EFG FINANCIAL PR        9.200    8/10/2012      CHF     66.63
EFG FINANCIAL PR       12.800    8/10/2012      CHF     55.15
EFG FINANCIAL PR       12.000    8/10/2012      EUR     72.33
EFG FINANCIAL PR       10.000    8/10/2012      CHF     64.56
EFG FINANCIAL PR       11.700    8/10/2012      USD     28.29
EFG FINANCIAL PR        3.850    8/13/2012      EUR     43.76
EFG FINANCIAL PR        8.500    8/14/2012      CHF     67.04
EFG FINANCIAL PR       10.000    8/14/2012      CHF     73.33
EFG FINANCIAL PR       11.000    8/14/2012      CHF     56.24
EFG FINANCIAL PR       12.500    8/14/2012      CHF     62.71
EFG FINANCIAL PR       12.750    8/14/2012      CHF     45.22
EFG FINANCIAL PR       13.000    8/14/2012      EUR     63.00
EFG FINANCIAL PR       13.250    8/14/2012      GBP     63.31
EFG FINANCIAL PR       14.000    8/14/2012      EUR     67.85
EFG FINANCIAL PR       15.000    8/14/2012      EUR     74.46
EFG FINANCIAL PR       13.750    8/14/2012      EUR     72.03
EFG FINANCIAL PR       19.600    8/16/2012      EUR     61.64
EFG FINANCIAL PR       12.000    8/16/2012      EUR     22.56
EFG FINANCIAL PR       11.600    8/17/2012      EUR     63.81
EFG FINANCIAL PR       11.800    8/17/2012      CHF     46.75
EFG FINANCIAL PR       11.500    8/24/2012      CHF     43.77
EFG FINANCIAL PR       11.750    8/24/2012      CHF     54.07
EFG FINANCIAL PR        9.000    8/24/2012      CHF     71.94
EFG FINANCIAL PR       10.250    8/24/2012      CHF     70.65
EFG FINANCIAL PR       13.000    8/24/2012      EUR     62.43
EFG FINANCIAL PR       12.500    8/24/2012      CHF     62.47
EFG FINANCIAL PR       14.000    8/24/2012      CHF     27.17
EFG FINANCIAL PR       12.250    8/24/2012      EUR     64.93
EFG FINANCIAL PR       22.000    8/24/2012      USD     19.28
EFG FINANCIAL PR       14.750    8/24/2012      EUR     74.04
EFG FINANCIAL PR       10.000    8/30/2012      EUR     55.37
EFG FINANCIAL PR       12.250    8/30/2012      USD     71.48
EFG FINANCIAL PR       10.260    8/31/2012      EUR     67.57
EFG FINANCIAL PR       12.250     9/3/2012      CHF     62.94
EFG FINANCIAL PR       12.000     9/3/2012      EUR     66.30
EFG FINANCIAL PR       10.500     9/3/2012      CHF     44.65
EFG FINANCIAL PR       12.200     9/3/2012      CHF     72.08
EFG FINANCIAL PR        9.500     9/4/2012      USD     36.85
EFG FINANCIAL PR        9.600     9/4/2012      USD     51.54
EFG FINANCIAL PR        7.000     9/7/2012      EUR     54.02
EFG FINANCIAL PR        7.250     9/7/2012      EUR     64.14
EFG FINANCIAL PR        7.000     9/7/2012      CHF     40.28
EFG FINANCIAL PR        8.500     9/7/2012      USD     27.15
EFG FINANCIAL PR       10.000    9/10/2012      EUR     66.24
EFG FINANCIAL PR       11.000    9/10/2012      EUR     63.00
EFG FINANCIAL PR        9.800    9/10/2012      AUD     67.49
EFG FINANCIAL PR        7.500    9/10/2012      CHF     71.76
EFG FINANCIAL PR        9.000    9/10/2012      CHF     45.02
EFG FINANCIAL PR       11.000    9/17/2012      USD     62.37
EFG FINANCIAL PR       10.000    9/21/2012      USD     52.17
EFG FINANCIAL PR       10.250    9/25/2012      CHF     63.96
EFG FINANCIAL PR       10.750    9/25/2012      CHF     51.17
EFG FINANCIAL PR       11.250    9/25/2012      EUR     64.40
EFG FINANCIAL PR       11.250    9/25/2012      CHF     48.65
EFG FINANCIAL PR       11.750    9/25/2012      EUR     74.95
EFG FINANCIAL PR       12.000    9/25/2012      EUR     70.70
EFG FINANCIAL PR       11.000    9/25/2012      USD     64.20
EFG FINANCIAL PR        8.500    10/1/2012      CHF     74.95
EFG FINANCIAL PR       10.000    10/1/2012      CHF     49.19
EFG FINANCIAL PR       10.000    10/2/2012      EUR     75.32
EFG FINANCIAL PR       10.620    10/3/2012      USD     25.41
EFG FINANCIAL PR        9.930    10/3/2012      EUR     25.28
EFG FINANCIAL PR       13.000   10/11/2012      EUR     74.04
EFG FINANCIAL PR       18.000   10/11/2012      EUR     56.53
EFG FINANCIAL PR       20.000   10/11/2012      CHF     18.20
EFG FINANCIAL PR       11.500   10/11/2012      CHF     59.39
EFG FINANCIAL PR        9.750   10/11/2012      CHF     71.57
EFG FINANCIAL PR       12.000   10/11/2012      USD     59.45
EFG FINANCIAL PR       12.250   10/11/2012      EUR     71.98
EFG FINANCIAL PR       12.500   10/11/2012      CHF     49.35
EFG FINANCIAL PR       12.500   10/11/2012      GBP     59.69
EFG FINANCIAL PR       12.250   10/11/2012      EUR     59.71
EFG FINANCIAL PR       17.250   10/12/2012      CHF     67.59
EFG FINANCIAL PR       12.000   10/19/2012      USD     52.59
EFG FINANCIAL PR       13.750   10/24/2012      USD     58.89
EFG FINANCIAL PR        6.250   10/25/2012      CHF     63.61
EFG FINANCIAL PR       10.500   10/26/2012      CHF     71.96
EFG FINANCIAL PR       20.000   10/26/2012      CHF     19.46
EFG FINANCIAL PR       17.000   10/26/2012      EUR     38.76
EFG FINANCIAL PR       16.750   10/26/2012      CHF     22.70
EFG FINANCIAL PR       15.000   10/26/2012      CHF     74.74
EFG FINANCIAL PR       13.250   10/26/2012      CHF     50.43
EFG FINANCIAL PR       13.250   10/26/2012      EUR     59.60
EFG FINANCIAL PR       11.250   10/26/2012      CHF     49.61
EFG FINANCIAL PR       11.500   10/26/2012      CHF     75.02
EFG FINANCIAL PR       12.000   10/26/2012      CHF     55.97
EFG FINANCIAL PR       21.000   10/26/2012      USD     19.81
EFG FINANCIAL PR       20.500   10/26/2012      EUR     19.78
EFG FINANCIAL PR        9.330   10/29/2012      USD     52.75
EFG FINANCIAL PR       13.080    11/5/2012      CHF     70.05
EFG FINANCIAL PR       11.050    11/8/2012      USD     59.95
EFG FINANCIAL PR        6.000   11/12/2012      CHF     46.25
EFG FINANCIAL PR        6.000   11/12/2012      EUR     47.67
EFG FINANCIAL PR       17.000   11/13/2012      EUR     47.71
EFG FINANCIAL PR       14.750   11/13/2012      CHF     70.18
EFG FINANCIAL PR       14.500   11/13/2012      EUR     63.20
EFG FINANCIAL PR       14.000   11/13/2012      USD     18.31
EFG FINANCIAL PR       13.250   11/13/2012      CHF     74.58
EFG FINANCIAL PR       13.000   11/13/2012      CHF     61.23
EFG FINANCIAL PR       13.000   11/13/2012      CHF     17.95
EFG FINANCIAL PR       12.750   11/13/2012      CHF     18.27
EFG FINANCIAL PR       12.500   11/13/2012      EUR     68.75
EFG FINANCIAL PR       12.250   11/13/2012      CHF     72.68
EFG FINANCIAL PR       12.000   11/13/2012      CHF     70.14
EFG FINANCIAL PR       11.500   11/13/2012      USD     76.24
EFG FINANCIAL PR       10.750   11/13/2012      CHF     75.47
EFG FINANCIAL PR       10.500   11/13/2012      CHF     50.78
EFG FINANCIAL PR       10.500   11/13/2012      CHF     50.77
EFG FINANCIAL PR       12.750   11/13/2012      CHF     58.68
EFG FINANCIAL PR       12.830   11/19/2012      CHF     58.87
EFG FINANCIAL PR       11.600   11/19/2012      CHF     69.97
EFG FINANCIAL PR       11.500   11/20/2012      EUR     54.21
EFG FINANCIAL PR       14.800   11/20/2012      EUR     50.42
EFG FINANCIAL PR        8.000   11/20/2012      CHF     49.50
EFG FINANCIAL PR        9.500   11/20/2012      EUR     73.44
EFG FINANCIAL PR        8.300   11/20/2012      CHF     69.32
EFG FINANCIAL PR        7.000   11/20/2012      CHF     68.93
EFG FINANCIAL PR        8.400   11/20/2012      CHF     69.86
EFG FINANCIAL PR        9.300   11/20/2012      CHF     71.77
EFG FINANCIAL PR        9.400   11/20/2012      EUR     70.33
EFG FINANCIAL PR       14.500   11/27/2012      CHF     31.81
EFG FINANCIAL PR       14.500   11/27/2012      EUR     64.26
EFG FINANCIAL PR       14.500   11/27/2012      CHF     71.28
EFG FINANCIAL PR       16.000   11/27/2012      EUR     39.18
EFG FINANCIAL PR       10.000   11/27/2012      CHF     73.48
EFG FINANCIAL PR       10.500   11/27/2012      CHF     70.88
EFG FINANCIAL PR        9.250   11/27/2012      CHF     72.17
EFG FINANCIAL PR       13.250   11/27/2012      CHF     63.73
EFG FINANCIAL PR       11.250   11/27/2012      CHF     52.23
EFG FINANCIAL PR       12.250   11/27/2012      EUR     70.89
EFG FINANCIAL PR        9.750    12/3/2012      CHF     60.85
EFG FINANCIAL PR       13.000   12/14/2012      EUR     75.16
EFG FINANCIAL PR       14.250   12/14/2012      GBP     64.80
EFG FINANCIAL PR       14.250   12/14/2012      EUR     63.64
EFG FINANCIAL PR       17.500   12/14/2012      EUR     41.50
EFG FINANCIAL PR       12.750   12/14/2012      CHF     64.40
EFG FINANCIAL PR        8.000   12/14/2012      CHF     73.49
EFG FINANCIAL PR        8.500   12/14/2012      CHF     67.62
EFG FINANCIAL PR       10.250   12/14/2012      CHF     73.54
EFG FINANCIAL PR       10.250   12/14/2012      CHF     71.59
EFG FINANCIAL PR       11.000   12/14/2012      CHF     71.45
EFG FINANCIAL PR        7.000   12/19/2012      USD     76.50
EFG FINANCIAL PR       12.600   12/21/2012      CHF     55.79
EFG FINANCIAL PR       10.900   12/21/2012      CHF     55.04
EFG FINANCIAL PR       10.300   12/21/2012      CHF     74.88
EFG FINANCIAL PR        9.400   12/21/2012      CHF     73.67
EFG FINANCIAL PR        9.300   12/21/2012      CHF     54.27
EFG FINANCIAL PR       10.800   12/21/2012      CHF     75.18
EFG FINANCIAL PR       11.000   12/27/2012      CHF     72.41
EFG FINANCIAL PR        8.830   12/28/2012      USD     51.95
EFG FINANCIAL PR       12.500    1/15/2013      CHF     51.18
EFG FINANCIAL PR        9.000    1/15/2013      CHF     47.92
EFG FINANCIAL PR       10.250    1/15/2013      CHF     21.64
EFG FINANCIAL PR       11.250    1/15/2013      GBP     68.31
EFG FINANCIAL PR       13.000    1/15/2013      CHF     70.45
EFG FINANCIAL PR       16.500    1/18/2013      CHF     74.07
EFG FINANCIAL PR        5.800    1/23/2013      CHF     62.58
EFG FINANCIAL PR       11.400    1/25/2013      EUR     75.04
EFG FINANCIAL PR        9.500    2/15/2013      EUR     76.72
EFG FINANCIAL PR       13.100    2/18/2013      CHF     73.26
EFG FINANCIAL PR       10.750    2/19/2013      CHF     72.31
EFG FINANCIAL PR       20.000     3/5/2013      USD     72.93
EFG FINANCIAL PR       10.000     3/6/2013      USD     65.33
EFG FINANCIAL PR        6.750    3/11/2013      EUR     70.00
EFG FINANCIAL PR        7.500    3/18/2013      CHF     72.21
EFG FINANCIAL PR       10.750    3/19/2013      USD     66.83
EFG FINANCIAL PR       16.000    3/28/2013      CHF     74.00
EFG FINANCIAL PR       15.370     4/2/2013      USD     72.10
EFG FINANCIAL PR       10.500     4/4/2013      CHF     74.11
EFG FINANCIAL PR       16.000     4/4/2013      CHF     53.08
EFG FINANCIAL PR        7.000    4/19/2013      EUR     61.75
EFG FINANCIAL PR       12.000    4/26/2013      CHF     66.49
EFG FINANCIAL PR        6.500    8/27/2013      CHF     43.63
EFG FINANCIAL PR        8.400    9/30/2013      CHF     52.97
EFG FINANCIAL PR       19.000    10/3/2013      GBP     65.53
EFG FINANCIAL PR        8.160    4/25/2014      EUR     65.42
EFG FINANCIAL PR        5.850   10/14/2014      CHF     48.87
MARE BALTIC PCC         3.000   11/17/2014      DKK      1.00
MARE BALTIC PCC         3.000   11/17/2014      DKK     20.50
MARE BALTIC PCC         2.000    11/1/2015      DKK      0.01
MARE BALTIC PCC         2.000    11/1/2015      DKK      0.01
SARASIN CI LTD          6.000     6/9/2014      EUR     67.56
ZURCHER KANT FIN        9.050    6/29/2012      CHF     65.44
ZURCHER KANT FIN        8.548     7/6/2012      EUR     71.49
ZURCHER KANT FIN        9.754    7/13/2012      EUR     71.87
ZURCHER KANT FIN       12.067    7/13/2012      CHF     66.17
ZURCHER KANT FIN       11.000    7/13/2012      CHF     66.49
ZURCHER KANT FIN        8.000    7/13/2012      CHF     60.92
ZURCHER KANT FIN       14.078    7/13/2012      EUR     74.04
ZURCHER KANT FIN       10.250    7/19/2012      CHF     67.21
ZURCHER KANT FIN        9.250    11/9/2012      CHF     50.97
ZURCHER KANT FIN        7.340    4/16/2013      CHF     58.50

HUNGARY
-------
FHB MORTGAGE BAN        4.500    3/22/2022      EUR     62.13

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     63.43
AIB MORTGAGE BNK        5.000    2/12/2030      EUR     57.31
AIB MORTGAGE BNK        5.000     3/1/2030      EUR     57.28
BANESTO FINANC          5.000    3/23/2030      EUR     70.69
BANK OF IRELAND         4.473   11/30/2016      EUR     74.25
BANK OF IRELAND         5.600    9/18/2023      EUR     55.88
BK IRELAND MTGE         5.760     9/7/2029      EUR     72.32
BK IRELAND MTGE         5.360   10/12/2029      EUR     68.77
BK IRELAND MTGE         5.400    11/6/2029      EUR     69.06
BK IRELAND MTGE         5.450     3/1/2030      EUR     68.62
DEPFA ACS BANK          0.500     3/3/2025      CAD     40.49
DEPFA ACS BANK          3.250    7/31/2031      CHF     67.25
DEPFA ACS BANK          4.900    8/24/2035      CAD     72.79
DEPFA ACS BANK          5.125    3/16/2037      USD     68.53
DEPFA ACS BANK          5.125    3/16/2037      USD     68.53
KALVEBOD PLC            2.000     5/1/2106      DKK     35.00

ITALY
-----
BANCA POP MILANO        4.500    4/18/2018      EUR     75.00
BANCA POP VICENT        4.970    4/20/2027      EUR     69.26
BANCO POPOLARE          9.000    3/29/2049      EUR     51.38
BP CIVIDALE             3.180    5/19/2020      EUR     73.49
BTPS I/L                2.350    9/15/2035      EUR     65.26
BTPS I/L                2.550    9/15/2041      EUR     64.87
CIR SPA                 5.750   12/16/2024      EUR     74.00
CIRIO SPA               8.000   12/21/2005      EUR      0.50
CITY OF ROME            5.345    1/27/2048      EUR     73.43
CITY OF VENICE          4.265    3/26/2026      EUR     73.21
CITY OF VENICE          4.265    3/26/2026      EUR     72.77
CO BRAONE               4.567    6/30/2037      EUR     73.65
CO CASTELMASSA          3.960    3/31/2026      EUR     70.22
COMUNE DI MILANO        4.019    6/29/2035      EUR     65.16
DEXIA CREDIOP           4.250   10/22/2018      EUR     72.95
ENEL (ENTNZENEL)        5.584    11/7/2033      GBP     73.78
ENEL (ENTNZENEL)        5.750    6/22/2037      GBP     72.99
ICCREA BANCAIMPR        5.220    4/11/2017      EUR     47.38
INTESA SANPAOLO         3.750     3/2/2020      EUR     74.01
INTESA SANPAOLO         2.882    4/20/2020      EUR     74.26
MONTE DEI PASCHI        5.750    9/30/2016      GBP     73.91
REGION OF LIGURI        4.795   11/22/2034      EUR     73.48
REGION OF LOMBAR        5.804   10/25/2032      USD     72.27
REP OF ITALY            5.250    12/7/2034      GBP     72.94
REP OF ITALY            2.870    5/19/2036      JPY     49.32
REP OF ITALY            1.850    9/15/2057      EUR     42.40
REP OF ITALY            2.200    9/15/2058      EUR     48.24
REP OF ITALY            4.850    6/11/2060      EUR     69.88
REP OF ITALY            2.000    9/15/2062      EUR     43.65
ROMULUS FINANCE         5.441    2/20/2023      GBP     66.49
SANPAOLO IMI            5.625    3/18/2024      GBP     71.89
SEAT PAGINE            10.500    1/31/2017      EUR     63.00
TELECOM ITALIA          5.250    3/17/2055      EUR     66.02
UNIONE DI BANCHE        6.250   11/18/2018      EUR     32.96
UNIPOL ASSICURAZ        5.660    7/28/2023      EUR     58.73

LUXEMBOURG
----------
ARCELORMITTAL           7.250     4/1/2014      EUR     22.21
CERRUTI FINANCE         6.500    7/26/2004      EUR      1.50
CIRIO FINANCE           7.500    11/3/2002      EUR      1.00
CIRIO HOLDING           6.250    2/16/2004      EUR      0.13
CODERE FIN LUX          8.250    6/15/2015      EUR     73.30
CODERE FIN LUX          8.250    6/15/2015      EUR     73.70
CODERE FIN LUX          8.250    6/15/2015      EUR     74.12
CODERE FIN LUX          8.250    6/15/2015      EUR     73.38
CODERE FIN LUX          9.250    2/15/2019      USD     70.00
CODERE FIN LUX          9.250    2/15/2019      USD     69.00
DEL MONTE FIN SA        6.625    5/24/2006      EUR     12.25
DEXIA BQ INT LUX        6.000     7/2/2018      EUR     74.10
ESFG INTERNATION        6.875   10/21/2019      EUR     64.25
ESPIRITO SANTO F        9.750   12/19/2025      EUR     63.98
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      1.63
IT HOLDING FIN          9.875   11/15/2012      EUR      0.38
IT HOLDING FIN          9.875   11/15/2012      EUR      0.38
LA VEGGIA FIN           7.125   11/14/2004      EUR      0.63
LIGHTHOUSE INTL         8.000    4/30/2014      EUR     11.13
LIGHTHOUSE INTL         8.000    4/30/2014      EUR     11.13
ORCO PROPERTY GR        1.000    4/30/2020      EUR     46.01
TEKSID ALUMI LUX       11.375    7/15/2011      EUR      0.38
VIVALDIS                0.500    6/13/2013      EUR     60.23
VIVALDIS                0.500    6/13/2028      EUR     60.23
VIVALDIS                0.500     8/8/2028      EUR     64.66

NETHERLANDS
-----------
APP INTL FINANCE       11.750    10/1/2005      USD      0.01
ASTANA FINANCE          7.875     6/8/2010      EUR     10.00
ASTANA FINANCE          9.000   11/16/2011      USD      5.88
ASTANA FINANCE         14.500     7/2/2013      USD      3.13
ATRADIUS FIN BV         5.875     9/3/2024      EUR     66.22
BK NED GEMEENTEN        0.500    5/10/2017      TRY     73.89
BK NED GEMEENTEN        0.500    5/22/2017      ZAR     74.06
BK NED GEMEENTEN        0.500    6/12/2017      TRY     73.89
BK NED GEMEENTEN        0.500    7/12/2017      TRY     74.49
BK NED GEMEENTEN        0.500     3/3/2021      NZD     67.79
BK NED GEMEENTEN        0.500    3/29/2021      NZD     69.08
BK NED GEMEENTEN        0.500    5/12/2021      ZAR     54.83
BK NED GEMEENTEN        0.500    6/22/2021      ZAR     54.37
BK NED GEMEENTEN        0.500     6/7/2022      ZAR     51.24
BK NED GEMEENTEN        0.500    7/12/2022      ZAR     53.73
BK NED GEMEENTEN        0.500    2/24/2025      CAD     67.30
BLT FINANCE BV          7.500    5/15/2014      USD     21.50
BLT FINANCE BV          7.500    5/15/2014      USD     21.75
BLT FINANCE BV         12.000    2/10/2015      USD     24.88
BNP PARIBAS ARB         5.000    12/3/2012      EUR     67.87
BULGARIA STEEL         12.000     5/4/2013      EUR      5.38
BULGARIA STEEL         12.000     5/4/2013      EUR      5.25
CIRIO DEL MONTE         7.750    3/14/2005      EUR      2.13
ENEL FIN INTL NV        5.750    9/14/2040      GBP     71.81
GREENWICH AVENUE       10.000    6/30/2013      USD      0.50
IBERDROLA INTL          4.100     4/4/2022      EUR     74.63
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         4.050    9/16/2008      EUR      3.25
LEHMAN BROS TSY        23.300    9/16/2008      USD     19.00
LEHMAN BROS TSY         7.375    9/20/2008      EUR     19.00
LEHMAN BROS TSY        18.250    10/2/2008      USD     19.00
LEHMAN BROS TSY         7.250    10/6/2008      EUR     19.00
LEHMAN BROS TSY        16.000    10/8/2008      CHF     19.00
LEHMAN BROS TSY        10.000   10/22/2008      USD     19.00
LEHMAN BROS TSY         8.000   10/23/2008      USD     19.00
LEHMAN BROS TSY         7.500   10/24/2008      USD     19.00
LEHMAN BROS TSY         5.000   10/24/2008      CHF     19.00
LEHMAN BROS TSY         6.000   10/24/2008      EUR     19.00
LEHMAN BROS TSY        16.000   10/28/2008      USD     19.00
LEHMAN BROS TSY        13.150   10/30/2008      USD     19.00
LEHMAN BROS TSY        16.000    11/9/2008      USD     19.00
LEHMAN BROS TSY        14.100   11/12/2008      USD     19.00
LEHMAN BROS TSY        10.442   11/22/2008      CHF     19.00
LEHMAN BROS TSY         7.000   11/28/2008      CHF     19.00
LEHMAN BROS TSY        16.000   12/26/2008      USD     19.00
LEHMAN BROS TSY         6.720   12/29/2008      EUR      3.25
LEHMAN BROS TSY        13.432     1/8/2009      ILS     19.00
LEHMAN BROS TSY         7.750    1/30/2009      EUR     19.00
LEHMAN BROS TSY         6.600     2/9/2009      EUR      3.25
LEHMAN BROS TSY         0.500    2/16/2009      EUR     19.00
LEHMAN BROS TSY        11.000    2/16/2009      CHF     19.00
LEHMAN BROS TSY        13.000    2/16/2009      CHF     19.00
LEHMAN BROS TSY        10.000    2/16/2009      CHF     19.00
LEHMAN BROS TSY         5.000    3/13/2009      EUR      3.25
LEHMAN BROS TSY         9.000    3/17/2009      GBP     19.00
LEHMAN BROS TSY        10.000    3/27/2009      USD      3.25
LEHMAN BROS TSY         7.000    4/14/2009      EUR     19.00
LEHMAN BROS TSY         8.000    4/20/2009      EUR      3.25
LEHMAN BROS TSY         3.850    4/24/2009      USD     19.00
LEHMAN BROS TSY         4.000    4/24/2009      USD     19.00
LEHMAN BROS TSY         2.480    5/12/2009      USD      3.25
LEHMAN BROS TSY         2.250    5/12/2009      USD      3.25
LEHMAN BROS TSY        16.200    5/14/2009      USD     19.00
LEHMAN BROS TSY         4.100    5/20/2009      USD     19.00
LEHMAN BROS TSY        10.000    5/22/2009      USD     19.00
LEHMAN BROS TSY         8.000    5/22/2009      USD     19.00
LEHMAN BROS TSY         8.000    5/22/2009      USD     19.00
LEHMAN BROS TSY        13.500     6/2/2009      USD     19.00
LEHMAN BROS TSY        17.000     6/2/2009      USD     19.00
LEHMAN BROS TSY        15.000     6/4/2009      CHF     19.00
LEHMAN BROS TSY         3.700     6/6/2009      EUR      3.25
LEHMAN BROS TSY         9.000    6/13/2009      USD     19.00
LEHMAN BROS TSY         5.500    6/15/2009      CHF     19.00
LEHMAN BROS TSY         5.750    6/15/2009      CHF     19.00
LEHMAN BROS TSY        10.000    6/17/2009      USD     19.00
LEHMAN BROS TSY         3.000    6/23/2009      EUR      3.25
LEHMAN BROS TSY        11.000    6/29/2009      EUR     19.00
LEHMAN BROS TSY         8.500     7/6/2009      CHF     19.00
LEHMAN BROS TSY         4.500     8/2/2009      USD     19.00
LEHMAN BROS TSY         8.000     8/3/2009      USD     19.00
LEHMAN BROS TSY        16.800    8/21/2009      USD     19.00
LEHMAN BROS TSY         7.500    9/13/2009      CHF     19.00
LEHMAN BROS TSY         3.400    9/21/2009      HKD     19.00
LEHMAN BROS TSY         3.820   10/20/2009      USD     19.00
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     19.00
LEHMAN BROS TSY         8.800   12/27/2009      EUR     19.00
LEHMAN BROS TSY        10.000     1/4/2010      USD      3.25
LEHMAN BROS TSY         1.750     2/7/2010      EUR     19.00
LEHMAN BROS TSY         7.500    2/14/2010      AUD     19.00
LEHMAN BROS TSY         7.000    2/15/2010      CHF     19.00
LEHMAN BROS TSY         4.100    2/19/2010      EUR      3.25
LEHMAN BROS TSY         6.450    2/20/2010      AUD     19.00
LEHMAN BROS TSY         1.000    2/26/2010      USD      3.25
LEHMAN BROS TSY         4.000    2/28/2010      EUR     19.00
LEHMAN BROS TSY        11.750     3/1/2010      EUR     19.00
LEHMAN BROS TSY         7.600     3/4/2010      NZD     19.00
LEHMAN BROS TSY         4.250    5/15/2010      EUR      3.25
LEHMAN BROS TSY         2.000    5/17/2010      EUR     19.00
LEHMAN BROS TSY         4.000    5/17/2010      USD      3.25
LEHMAN BROS TSY         4.000    5/30/2010      USD     19.00
LEHMAN BROS TSY         7.500    5/30/2010      AUD     19.00
LEHMAN BROS TSY         3.000     6/3/2010      EUR      3.25
LEHMAN BROS TSY         3.100     6/4/2010      USD     19.00
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     19.00
LEHMAN BROS TSY         6.000    7/28/2010      EUR     19.00
LEHMAN BROS TSY        10.500     8/9/2010      EUR     19.00
LEHMAN BROS TSY         4.000    8/11/2010      USD      3.25
LEHMAN BROS TSY         4.100    8/23/2010      USD     19.00
LEHMAN BROS TSY         3.000    9/13/2010      JPY     19.00
LEHMAN BROS TSY         4.000   10/12/2010      USD     19.00
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     19.00
LEHMAN BROS TSY        14.900   11/16/2010      EUR     19.00
LEHMAN BROS TSY         8.050   12/20/2010      HKD     19.00
LEHMAN BROS TSY         9.300   12/21/2010      EUR     19.00
LEHMAN BROS TSY         9.300   12/21/2010      EUR     19.00
LEHMAN BROS TSY         6.000   12/21/2010      USD     19.00
LEHMAN BROS TSY         4.500   12/30/2010      USD     19.00
LEHMAN BROS TSY         8.000   12/31/2010      USD     19.00
LEHMAN BROS TSY         4.000     1/4/2011      USD     19.00
LEHMAN BROS TSY         8.875    1/28/2011      HKD     19.00
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     19.00
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         2.000    6/21/2011      EUR      3.25
LEHMAN BROS TSY         6.000    6/21/2011      EUR      3.25
LEHMAN BROS TSY         2.000    6/28/2011      EUR      3.25
LEHMAN BROS TSY        11.000     7/4/2011      CHF     19.00
LEHMAN BROS TSY        12.000     7/4/2011      EUR     19.00
LEHMAN BROS TSY        11.000     7/4/2011      USD     19.00
LEHMAN BROS TSY         7.625    7/22/2011      HKD     19.00
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     19.25
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         0.010    9/20/2011      USD      3.25
LEHMAN BROS TSY         6.000    9/20/2011      EUR      3.25
LEHMAN BROS TSY         7.000    9/20/2011      USD      3.25
LEHMAN BROS TSY         3.860    9/21/2011      SGD     19.00
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     19.00
LEHMAN BROS TSY        11.000   12/19/2011      USD      3.25
LEHMAN BROS TSY        10.000     1/3/2012      BRL      3.25
LEHMAN BROS TSY         7.750     1/3/2012      AUD     19.00
LEHMAN BROS TSY         1.500     2/8/2012      CHF      3.25
LEHMAN BROS TSY         6.000    2/14/2012      EUR     19.00
LEHMAN BROS TSY         7.000    2/15/2012      EUR     19.00
LEHMAN BROS TSY         1.460    2/19/2012      JPY     19.00
LEHMAN BROS TSY         6.600    2/22/2012      EUR     19.00
LEHMAN BROS TSY         3.630     3/2/2012      EUR     19.00
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     19.00
LEHMAN BROS TSY         4.300     6/4/2012      USD     19.00
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     19.00
LEHMAN BROS TSY         2.500    8/15/2012      CHF      3.25
LEHMAN BROS TSY         2.500    8/23/2012      GBP     19.00
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      USD      3.25
LEHMAN BROS TSY         6.000   10/30/2012      EUR      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     19.00
LEHMAN BROS TSY         4.500     3/6/2013      CHF      3.25
LEHMAN BROS TSY         2.875    3/14/2013      CHF     18.25
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     19.00
LEHMAN BROS TSY         2.300    6/27/2013      USD     19.00
LEHMAN BROS TSY         2.370    7/15/2013      USD      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         7.320    7/31/2013      GBP      3.25
LEHMAN BROS TSY         7.500    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     19.00
LEHMAN BROS TSY         1.950    11/4/2013      EUR     19.00
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     19.00
LEHMAN BROS TSY         5.250     7/8/2014      EUR     19.00
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      3.25
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     19.00
LEHMAN BROS TSY         5.000    3/18/2015      EUR      3.63
LEHMAN BROS TSY         5.400    3/18/2015      USD      3.25
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     19.00
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     19.00
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     19.00
LEHMAN BROS TSY         6.000    5/12/2017      EUR      3.25
LEHMAN BROS TSY         7.000     6/6/2017      EUR     14.00
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     19.00
LEHMAN BROS TSY        12.220   11/21/2017      USD      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      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         0.500   12/20/2017      USD      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         9.000   12/20/2017      AUD      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         5.200    3/19/2018      EUR     19.00
LEHMAN BROS TSY         2.600    3/19/2018      JPY     19.00
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     19.00
LEHMAN BROS TSY         0.500     7/2/2020      EUR     19.00
LEHMAN BROS TSY         4.900    7/28/2020      EUR      3.25
LEHMAN BROS TSY         0.500     8/1/2020      EUR     19.00
LEHMAN BROS TSY         4.150    8/25/2020      EUR     19.00
LEHMAN BROS TSY         4.250    3/13/2021      EUR     19.00
LEHMAN BROS TSY         5.000     5/2/2022      EUR     19.00
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     19.00
LEHMAN BROS TSY         5.220     3/1/2024      EUR     19.00
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     19.00
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     19.00
LEHMAN BROS TSY        10.000     8/2/2037      JPY      3.25
LEHMAN BROS TSY         4.680   12/12/2045      EUR     19.00
LEHMAN BROS TSY         5.103    6/22/2046      EUR     19.00
MAGYAR TELECOM          9.500   12/15/2016      EUR     75.75
NATL INVESTER BK       25.983     5/7/2029      EUR     32.66
NED WATERSCHAPBK        0.500    3/11/2025      CAD     65.75
NIB CAPITAL BANK        4.510   12/16/2035      EUR     74.31
PORTUGAL TEL FIN        4.500    6/16/2025      EUR     70.47
Q-CELLS INTERNAT        1.375    4/30/2012      EUR     12.18
Q-CELLS INTERNAT        5.750    5/26/2014      EUR     12.62
RABOBANK                0.500   11/26/2021      ZAR     47.72
RBS NV EX-ABN NV        2.910    6/21/2036      JPY     59.90
SNS BANK                6.250   10/26/2020      EUR     70.54
SNS BANK                4.580    3/20/2026      EUR     70.89
SNS BANK                5.215    12/3/2027      EUR     73.14
SRLEV NV                9.000    4/15/2041      EUR     72.51

NORWAY
------
KOMMUNALBANKEN          0.500    7/28/2016      BRL     75.06
KOMMUNALBANKEN          0.500    7/29/2016      TRY     74.68
KOMMUNALBANKEN          0.500    8/16/2016      BRL     74.79
KOMMUNALBANKEN          0.500     3/7/2017      BRL     72.22
KOMMUNALBANKEN          0.500    3/28/2017      BRL     71.92
KOMMUNALBANKEN          0.500    3/29/2017      BRL     71.47
KOMMUNALBANKEN          0.500    5/10/2017      BRL     71.31
KOMMUNALBANKEN          0.500     6/1/2017      BRL     74.39
KOMMUNALBANKEN          0.500     3/2/2018      BRL     67.25
KOMMUNALBANKEN          0.500    5/25/2018      ZAR     68.79
NORSKE SKOGIND          6.125   10/15/2015      USD     70.13
NORSKE SKOGIND          6.125   10/15/2015      USD     70.13
NORSKE SKOGIND         11.750    6/15/2016      EUR     75.00
NORSKE SKOGIND         11.750    6/15/2016      EUR     74.48
NORSKE SKOGIND          7.000    6/26/2017      EUR     60.39
NORSKE SKOGIND          7.125   10/15/2033      USD     51.38
NORSKE SKOGIND          7.125   10/15/2033      USD     51.38
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     72.60

POLAND
------
POLAND GOVT BOND        5.000    4/25/2037      PLN     67.50

PORTUGAL
--------
ANAM                    5.340    7/29/2014      EUR     70.17
CAIXA GERAL DEPO        4.000    5/13/2019      EUR     74.00
CAIXA GERAL DEPO        5.380    10/1/2038      EUR     62.48
COMBOIOS DE PORT        4.170   10/16/2019      EUR     53.68
METRO DE LISBOA         5.750     2/4/2019      EUR     57.13
METRO DE LISBOA         7.300   12/23/2025      EUR     52.88
METRO DE LISBOA         4.061    12/4/2026      EUR     47.50
METRO DE LISBOA         4.799    12/7/2027      EUR     49.63
MONTEPIO GERAL          5.000     2/8/2017      EUR     63.00
PARPUBLICA              3.567    9/22/2020      EUR     59.36
PARPUBLICA              4.200   11/16/2026      EUR     51.38
PORTUGUESE OT'S         4.450    6/15/2018      EUR     73.79
PORTUGUESE OT'S         4.750    6/14/2019      EUR     71.33
PORTUGUESE OT'S         4.800    6/15/2020      EUR     69.29
PORTUGUESE OT'S         3.850    4/15/2021      EUR     64.41
PORTUGUESE OT'S         4.950   10/25/2023      EUR     64.54
PORTUGUESE OT'S         4.100    4/15/2037      EUR     48.89
REFER                   4.000    3/16/2015      EUR     61.06
REFER                   5.875    2/18/2019      EUR     63.03
REFER                   4.250   12/13/2021      EUR     41.44
REFER                   4.675   10/16/2024      EUR     54.62
REFER                   4.047   11/16/2026      EUR     51.93

RUSSIA
------
ARIZK                   3.000   12/20/2030      RUB     49.76
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     11.00
NOK                    12.500    8/26/2014      RUB      5.00
PROMPEREOSNASTKA        1.000   12/17/2012      RUB      0.01
RBC OJSC                3.270    4/19/2018      RUB     51.00
SATURN                  8.000     6/6/2014      RUB      2.00

SPAIN
-----
AYT CEDULAS CAJA        4.000    3/31/2020      EUR     69.97
AYT CEDULAS CAJA        4.000    3/24/2021      EUR     69.17
AYT CEDULAS CAJA        3.750   12/14/2022      EUR     60.17
AYT CEDULAS CAJA        4.250   10/25/2023      EUR     62.21
AYT CEDULAS CAJA        3.750    6/30/2025      EUR     53.80
AYT CEDULAS CAJA        4.750    5/25/2027      EUR     57.48
AYUNTAM DE MADRD        4.650    1/10/2017      EUR     65.42
AYUNTAM DE MADRD        5.078    12/2/2018      EUR     63.01
AYUNTAM DE MADRD        4.350    6/16/2021      EUR     58.38
AYUNTAM DE MADRD        4.550    6/16/2036      EUR     44.38
BANCAJA                 4.375    2/14/2017      EUR     71.72
BANCAJA                 1.500    5/22/2018      EUR     58.13
BANCO BILBAO VIZ        4.375   10/20/2019      EUR     67.52
BANCO BILBAO VIZ        4.500    2/16/2022      EUR     60.00
BANCO BILBAO VIZ        6.025     3/3/2033      EUR     39.11
BANCO CASTILLA          1.500    6/23/2021      EUR     68.38
BANCO POP ESPAN         5.702   12/22/2019      EUR     61.25
BANCO POP ESPAN         8.000    7/29/2021      EUR     67.63
BANCO POP ESPAN         8.250   10/19/2021      EUR     68.50
BANCO SABADELL          6.250    4/26/2020      EUR     67.67
BANKINTER SA            6.000   12/18/2028      EUR     70.50
BASQUE GOV'T            4.150   10/28/2019      EUR     71.35
BASQUE GOV'T            4.600     1/7/2025      EUR     61.28
BBVA SUB CAP UNI        5.750    3/11/2018      GBP     72.00
BBVA SUB CAP UNI        2.750   10/22/2035      JPY     57.83
BPE FINANCIACION        6.873   10/22/2020      EUR     65.00
CAIXA TERRASSA          4.700     8/9/2021      EUR     67.13
CAIXA TERRASSA          1.700    3/12/2022      EUR     60.53
CAIXABANK               4.000     2/9/2022      EUR     74.83
CAJA ESPANA             4.150    2/23/2020      EUR     68.63
CAJA ESPANA             3.500    6/29/2020      EUR     65.88
CAJA MADRID             5.116    7/15/2015      EUR     44.38
CAJA MADRID             4.000     2/3/2025      EUR     66.02
CAJA MADRID             4.125    3/24/2036      EUR     61.33
CAJA MADRID             5.020    2/26/2038      EUR     73.61
CEDULAS TDA 6 FO        3.875    5/23/2025      EUR     54.82
CEDULAS TDA 6 FO        4.250    4/10/2031      EUR     51.29
CEDULAS TDA A-4         4.125    4/10/2021      EUR     69.96
CEDULAS TDA A-5         4.250    3/28/2027      EUR     56.87
COMUN AUTO CANAR        4.450   11/17/2019      EUR     69.78
COMUN AUTO CANAR        4.929     3/9/2020      EUR     65.84
COMUN AUTO CANAR        5.750   10/15/2029      EUR     71.21
COMUN AUTO CANAR        3.900   11/30/2035      EUR     48.33
COMUN AUTO CANAR        4.200   10/25/2036      EUR     49.24
COMUN NAVARRA           4.000   11/23/2021      EUR     72.13
COMUNIDAD ARAGON        5.100    10/4/2020      EUR     55.73
COMUNIDAD ARAGON        5.000    10/4/2020      EUR     55.73
COMUNIDAD ARAGON        5.100   11/15/2020      EUR     55.73
COMUNIDAD ARAGON        4.470    7/12/2021      EUR     62.75
COMUNIDAD ARAGON        4.815   10/10/2022      EUR     62.40
COMUNIDAD ARAGON        6.625    2/21/2023      EUR     72.40
COMUNIDAD ARAGON        4.646    7/11/2036      EUR     47.46
COMUNIDAD BALEAR        4.796     3/4/2020      EUR     66.63
COMUNIDAD BALEAR        3.869   11/23/2020      EUR     58.88
COMUNIDAD BALEAR        4.063   11/23/2035      EUR     43.27
COMUNIDAD MADRID        7.550    7/21/2026      EUR     73.63
COMUNIDAD MADRID        4.300    9/15/2026      EUR     66.19
COMUNIDAD MURCIA        4.725    11/5/2018      EUR     73.64
COMUNIDAD MURCIA        4.695    3/30/2020      EUR     71.89
DIPUTACION FOR          4.323   12/29/2023      EUR     56.04
FADE                    5.000    6/17/2026      EUR     75.60
FERIA VALENCIA          6.040    6/10/2027      EUR     49.97
GEN DE CATALUNYA        2.315    9/10/2015      CHF     71.16
GEN DE CATALUNYA        3.875    9/15/2015      EUR     73.75
GEN DE CATALUNYA        2.355   11/10/2015      CHF     70.01
GEN DE CATALUNYA       10.900   11/16/2015      EUR     74.13
GEN DE CATALUNYA        2.750    3/24/2016      CHF     68.36
GEN DE CATALUNYA        4.300   11/15/2016      EUR     71.75
GEN DE CATALUNYA        4.750     6/4/2018      EUR     64.88
GEN DE CATALUNYA        4.950    2/11/2020      EUR     59.07
GEN DE CATALUNYA        4.801    7/31/2020      EUR     55.38
GEN DE CATALUNYA        4.900    9/15/2021      EUR     57.38
GEN DE CATALUNYA        5.250    10/5/2023      EUR     57.38
GEN DE CATALUNYA        5.900    5/20/2024      EUR     55.38
GEN DE CATALUNYA        5.325    10/5/2028      EUR     45.25
GEN DE CATALUNYA        5.219    9/10/2029      EUR     43.00
GEN DE CATALUNYA        5.400    5/13/2030      EUR     43.38
GEN DE CATALUNYA        5.900    5/28/2030      EUR     47.00
GEN DE CATALUNYA        5.950    10/1/2030      EUR     46.38
GEN DE CATALUNYA        4.690   10/28/2034      EUR     35.38
GEN DE CATALUNYA        4.220    4/26/2035      EUR     32.13
GEN DE CATALUNYA        2.965     9/8/2039      JPY     38.54
GEN DE CATALUNYA        6.350   11/30/2041      EUR     46.00
GENERAL VALENCIA        3.250     7/6/2015      EUR     72.99
GENERAL VALENCIA        4.375    7/16/2015      EUR     72.83
GENERAL VALENCIA        4.000    11/2/2016      EUR     69.97
GENERAL VALENCIA        4.900    3/17/2020      EUR     59.09
GENERAL VALENCIA        5.900   11/30/2032      EUR     47.13
IM CEDULAS 10           4.500    2/21/2022      EUR     73.76
IM CEDULAS 5            3.500    6/15/2020      EUR     69.13
IM CEDULAS 7            4.000    3/31/2021      EUR     74.24
INSTIT CRDT OFCL        5.000    3/31/2020      CAD     73.55
INSTIT CRDT OFCL        3.000    9/24/2020      USD     62.08
INSTIT CRDT OFCL        2.100    2/23/2021      JPY     61.52
INSTIT CRDT OFCL        2.570   10/22/2021      CHF     68.05
INSTIT CRDT OFCL        3.250    6/28/2024      CHF     68.35
INSTIT CRDT OFCL        5.700   12/30/2024      USD     72.34
INSTITUT CATALA         4.250    6/15/2024      EUR     54.11
JUNTA ANDALUCIA         3.500    2/15/2016      EUR     69.59
JUNTA ANDALUCIA         4.350    1/26/2017      EUR     64.10
JUNTA ANDALUCIA         4.750    1/24/2018      EUR     65.64
JUNTA ANDALUCIA         5.200    7/15/2019      EUR     62.98
JUNTA ANDALUCIA         4.125    1/20/2020      EUR     58.21
JUNTA ANDALUCIA         4.850    3/17/2020      EUR     58.67
JUNTA ANDALUCIA         3.050   12/10/2020      JPY     66.66
JUNTA ANDALUCIA         5.000    7/13/2022      EUR     57.95
JUNTA ANDALUCIA         5.700    7/20/2028      EUR     58.02
JUNTA ANDALUCIA         6.600   11/29/2030      EUR     58.21
JUNTA ANDALUCIA         7.500   11/30/2030      EUR     61.21
JUNTA ANDALUCIA         5.150    5/24/2034      EUR     47.82
JUNTA ANDALUCIA         4.250   10/31/2036      EUR     39.10
JUNTA ANDALUCIA         3.065    7/29/2039      JPY     40.55
JUNTA ANDALUCIA         3.170    7/29/2039      JPY     41.57
JUNTA CASTILLA          4.650    11/8/2022      EUR     64.89
JUNTA CASTILLA          7.200   11/11/2026      EUR     60.36
JUNTA LA MANCHA         4.588    9/24/2017      EUR     69.13
JUNTA LA MANCHA         4.875    3/18/2020      EUR     66.38
JUNTA LA MANCHA         6.000    1/15/2021      EUR     66.88
JUNTA LA MANCHA         5.800    1/30/2021      EUR     67.13
JUNTA LA MANCHA         6.000    1/31/2021      EUR     69.13
JUNTA LA MANCHA         2.810   10/14/2022      JPY     54.38
JUNTA LA MANCHA         4.625   11/30/2022      EUR     57.13
JUNTA LA MANCHA         5.950     9/9/2030      EUR     55.13
JUNTA LA MANCHA         7.705    2/15/2033      EUR     57.13
JUNTA LA MANCHA         3.875    1/31/2036      EUR     31.88
MAPFRE SA               5.921    7/24/2037      EUR     57.14
PITCH1                  5.125    7/20/2022      EUR     73.28
SACYR VALLEHERM         6.500     5/1/2016      EUR     50.25
SANTANDER ISSUAN        5.435   10/24/2017      EUR     69.00
SANTANDER ISSUAN        6.533   10/24/2017      GBP     71.23
SANTANDER ISSUAN        5.750    1/31/2018      GBP     66.00
SANTANDER ISSUAN        4.250    5/30/2018      EUR     67.52
SANTANDER ISSUAN        4.750    5/29/2019      EUR     67.01
SANTANDER ISSUAN        4.500    9/30/2019      EUR     67.01
SPANISH GOV'T           4.200    1/31/2037      EUR     69.08
SPANISH GOV'T           4.900    7/30/2040      EUR     75.63
SPANISH GOV'T           4.700    7/30/2041      EUR     73.46
TELEFONICA EMIS         5.445    10/8/2029      GBP     72.49
XUNTA DE GALICIA        4.205   11/30/2019      EUR     71.23
XUNTA DE GALICIA        4.805    3/26/2020      EUR     72.29
XUNTA DE GALICIA        5.350   11/22/2028      EUR     60.64
XUNTA DE GALICIA        4.025   11/28/2035      EUR     46.04

SWEDEN
------
ASSA ABLOY AB           4.000    2/15/2027      EUR     73.52
RORVIK TIMBER           6.000    6/30/2016      SEK     70.50
SAS AB                  7.500     4/1/2015      SEK     71.84
SWEDISH EXP CRED        0.500    6/29/2016      TRY     73.70
SWEDISH EXP CRED        0.500    9/14/2016      BRL     74.82
SWEDISH EXP CRED        0.500   12/14/2016      BRL     73.34
SWEDISH EXP CRED        0.500   12/21/2016      BRL     73.23
SWEDISH EXP CRED        0.500   12/22/2016      BRL     73.21
SWEDISH EXP CRED        0.500    1/26/2017      BRL     72.65
SWEDISH EXP CRED        0.500     2/3/2017      BRL     72.35
SWEDISH EXP CRED        0.500    3/10/2017      BRL     71.94
SWEDISH EXP CRED        0.500    6/21/2017      BRL     70.31
SWEDISH EXP CRED        0.500    6/30/2017      BRL     70.16
SWEDISH EXP CRED        0.500    7/21/2017      BRL     69.85
SWEDISH EXP CRED        0.500    8/25/2021      ZAR     51.47
SWEDISH EXP CRED        0.500    8/26/2021      AUD     66.03
SWEDISH EXP CRED        1.000   11/15/2021      AUD     70.95
SWEDISH EXP CRED        0.500    1/31/2022      ZAR     49.70
SWEDISH EXP CRED        0.500    2/22/2022      ZAR     49.33
SWEDISH EXP CRED        0.500    3/15/2022      ZAR     49.09
SWEDISH EXP CRED        0.500    6/28/2022      ZAR     47.87
SWEDISH EXP CRED        0.500   12/17/2027      USD     61.70
SWEDISH EXP CRED        0.500    1/25/2028      USD     61.38

SWITZERLAND
-----------
BANK JULIUS BAER       14.000    6/28/2012      EUR     58.90
BANK JULIUS BAER       11.900    6/29/2012      EUR     60.80
BANK JULIUS BAER       11.500    6/29/2012      EUR     71.10
BANK JULIUS BAER        8.000    6/29/2012      EUR     70.25
BANK JULIUS BAER        9.000     7/6/2012      EUR     73.55
BANK JULIUS BAER       10.100     7/6/2012      CHF     38.90
BANK JULIUS BAER       10.500     7/6/2012      CHF     69.60
BANK JULIUS BAER       10.500     7/6/2012      USD     71.20
BANK JULIUS BAER       10.700     7/6/2012      CHF     75.60
BANK JULIUS BAER       11.300     7/6/2012      CHF     39.25
BANK JULIUS BAER       11.900     7/6/2012      CHF     61.05
BANK JULIUS BAER       12.000     7/6/2012      EUR     60.10
BANK JULIUS BAER       12.400     7/6/2012      CHF     53.65
BANK JULIUS BAER       14.800     7/6/2012      EUR     37.25
BANK JULIUS BAER       14.300    7/13/2012      CHF     48.10
BANK JULIUS BAER       10.500    7/18/2012      CHF     58.20
BANK JULIUS BAER        5.500    7/20/2012      CHF     56.10
BANK JULIUS BAER       11.700    7/20/2012      EUR     69.85
BANK JULIUS BAER        8.750    7/26/2012      EUR     70.50
BANK JULIUS BAER       12.000    7/27/2012      EUR     66.80
BANK JULIUS BAER       11.000    7/27/2012      CHF     66.75
BANK JULIUS BAER        9.300    7/27/2012      EUR     71.70
BANK JULIUS BAER        7.400     8/3/2012      EUR     73.90
BANK JULIUS BAER       22.800     8/3/2012      USD     50.77
BANK JULIUS BAER       11.300     8/3/2012      CHF     60.85
BANK JULIUS BAER        9.000    9/17/2012      CHF     38.50
BANK JULIUS BAER       10.500   12/14/2012      USD     71.15
BANK JULIUS BAER       10.000    1/28/2013      CHF     69.65
BANK JULIUS BAER       17.300     2/1/2013      EUR     48.65
BANK JULIUS BAER       10.500    3/28/2013      CHF     72.30
BANK JULIUS BAER       12.000     4/5/2013      USD     77.55
BANK JULIUS BAER       12.000     4/9/2013      CHF     43.40
BANK JULIUS BAER        8.700     8/5/2013      CHF     71.14
CLARIDEN LEU NAS       15.500    6/29/2012      EUR     41.62
CLARIDEN LEU NAS       14.000    6/29/2012      CHF     63.14
CLARIDEN LEU NAS        6.250     7/4/2012      CHF     71.81
CLARIDEN LEU NAS        8.750     7/4/2012      CHF     64.44
CLARIDEN LEU NAS       10.500     7/4/2012      EUR     60.31
CLARIDEN LEU NAS       10.250     7/4/2012      EUR     39.39
CLARIDEN LEU NAS       13.000     7/4/2012      EUR     74.40
CLARIDEN LEU NAS       10.000     7/4/2012      CHF     51.29
CLARIDEN LEU NAS        9.500     7/4/2012      CHF     62.19
CLARIDEN LEU NAS        9.250     7/4/2012      EUR     68.94
CLARIDEN LEU NAS        8.000     7/4/2012      CHF     73.23
CLARIDEN LEU NAS       11.000     7/5/2012      CHF     53.96
CLARIDEN LEU NAS       10.000     7/6/2012      CHF     70.33
CLARIDEN LEU NAS       10.000     7/6/2012      EUR     69.43
CLARIDEN LEU NAS       11.250     7/6/2012      GBP     64.78
CLARIDEN LEU NAS       12.500    7/11/2012      EUR     64.50
CLARIDEN LEU NAS       10.500    7/12/2012      CHF     52.02
CLARIDEN LEU NAS       11.750    7/12/2012      USD     55.00
CLARIDEN LEU NAS       11.750    7/13/2012      EUR     66.40
CLARIDEN LEU NAS        9.500    7/13/2012      EUR     60.32
CLARIDEN LEU NAS        7.900    7/18/2012      USD     75.04
CLARIDEN LEU NAS       10.500    7/18/2012      CHF     54.49
CLARIDEN LEU NAS       11.000    7/18/2012      EUR     66.50
CLARIDEN LEU NAS        9.000    7/19/2012      CHF     53.39
CLARIDEN LEU NAS       10.750    7/19/2012      EUR     74.15
CLARIDEN LEU NAS        9.500    7/20/2012      CHF     56.06
CLARIDEN LEU NAS       12.250    7/20/2012      USD     57.59
CLARIDEN LEU NAS       10.250    7/25/2012      USD     67.71
CLARIDEN LEU NAS       10.250    7/25/2012      EUR     70.69
CLARIDEN LEU NAS       11.000    7/25/2012      NOK     69.31
CLARIDEN LEU NAS        9.250    7/25/2012      CHF     66.37
CLARIDEN LEU NAS        8.750    7/26/2012      CHF     60.67
CLARIDEN LEU NAS       10.500    7/26/2012      CHF     60.26
CLARIDEN LEU NAS       12.000    7/26/2012      EUR     71.09
CLARIDEN LEU NAS       11.000     8/2/2012      USD     60.78
CLARIDEN LEU NAS       10.500     8/2/2012      EUR     41.36
CLARIDEN LEU NAS       10.250     8/2/2012      CHF     56.71
CLARIDEN LEU NAS       10.000     8/3/2012      CHF     70.72
CLARIDEN LEU NAS       10.000     8/8/2012      USD     65.68
CLARIDEN LEU NAS        9.250     8/8/2012      EUR     72.92
CLARIDEN LEU NAS       11.750     8/8/2012      EUR     65.18
CLARIDEN LEU NAS       10.000    8/10/2012      EUR     68.49
CLARIDEN LEU NAS       12.000    8/15/2012      USD     67.28
CLARIDEN LEU NAS        7.000    8/16/2012      CHF     50.97
CLARIDEN LEU NAS       11.250    8/22/2012      CHF     66.65
CLARIDEN LEU NAS       10.500     9/4/2012      USD     64.29
CLARIDEN LEU NAS        9.250     9/4/2012      CHF     41.33
CLARIDEN LEU NAS       12.000     9/4/2012      EUR     27.11
CLARIDEN LEU NAS        7.500    9/10/2012      CHF     61.09
CLARIDEN LEU NAS       11.000    9/10/2012      EUR     70.56
CLARIDEN LEU NAS       10.000    9/11/2012      CHF     43.79
CLARIDEN LEU NAS       10.250    9/17/2012      CHF     44.73
CLARIDEN LEU NAS        9.000    9/24/2012      CHF     62.01
CLARIDEN LEU NAS        9.500    9/24/2012      CHF     66.42
CLARIDEN LEU NAS       10.000    9/25/2012      CHF     75.12
CLARIDEN LEU NAS        7.000    10/4/2012      CHF     45.37
CLARIDEN LEU NAS        8.250    10/5/2012      CHF     72.25
CLARIDEN LEU NAS       10.000    10/8/2012      EUR     58.48
CLARIDEN LEU NAS        9.000    10/8/2012      CHF     71.65
CLARIDEN LEU NAS       10.500    10/8/2012      CHF     72.12
CLARIDEN LEU NAS        9.500   10/15/2012      CHF     45.40
CLARIDEN LEU NAS        8.500   10/15/2012      CHF     44.15
CLARIDEN LEU NAS        8.000   10/15/2012      CHF     56.18
CLARIDEN LEU NAS       10.000   10/15/2012      CHF     44.68
CLARIDEN LEU NAS       10.250   10/18/2012      EUR     71.44
CLARIDEN LEU NAS       20.750    11/2/2012      GBP     70.73
CLARIDEN LEU NAS       10.250   11/12/2012      CHF     72.38
CLARIDEN LEU NAS        7.500   11/13/2012      CHF     48.38
CLARIDEN LEU NAS        7.250   11/13/2012      CHF     68.85
CLARIDEN LEU NAS        7.250   11/16/2012      CHF     49.02
CLARIDEN LEU NAS        7.125   11/19/2012      CHF     48.37
CLARIDEN LEU NAS        8.000   11/20/2012      CHF     67.92
CLARIDEN LEU NAS       10.500   11/26/2012      EUR     65.56
CLARIDEN LEU NAS        0.000   12/14/2012      CHF     50.08
CLARIDEN LEU NAS        0.000   12/17/2012      EUR     66.86
CLARIDEN LEU NAS        8.250   12/17/2012      CHF     64.10
CLARIDEN LEU NAS       10.000   12/17/2012      EUR     75.52
CLARIDEN LEU NAS       18.000   12/28/2012      USD     76.93
CLARIDEN LEU NAS        8.750    1/15/2013      CHF     61.21
CLARIDEN LEU NAS        0.000    1/24/2013      CHF     58.23
CLARIDEN LEU NAS       11.500    2/13/2013      EUR     49.09
CLARIDEN LEU NAS        9.000    2/14/2013      CHF     58.97
CLARIDEN LEU NAS       13.500    2/15/2013      EUR     76.27
CLARIDEN LEU NAS       12.000    2/15/2013      EUR     75.97
CLARIDEN LEU NAS       11.000    2/21/2013      USD     70.22
CLARIDEN LEU NAS       20.000    2/27/2013      USD     70.98
CLARIDEN LEU NAS       12.500     3/1/2013      USD     74.31
CLARIDEN LEU NAS       12.000     3/8/2013      USD     71.77
CLARIDEN LEU NAS        0.000    3/18/2013      CHF     74.70
CLARIDEN LEU NAS       11.500    3/20/2013      CHF     74.59
CLARIDEN LEU NAS        0.000    3/25/2013      CHF     49.71
CLARIDEN LEU NAS       10.750    3/27/2013      USD     73.13
CLARIDEN LEU NAS        0.000     4/4/2013      CHF     65.34
CLARIDEN LEU NAS       10.000    4/10/2013      CHF     71.40
CLARIDEN LEU NAS        6.500    4/26/2013      CHF     48.62
CLARIDEN LEU NAS        0.000    5/31/2013      CHF     62.13
CLARIDEN LEU NAS       10.000    6/10/2013      CHF     46.36
CLARIDEN LEU NAS       13.000    7/15/2013      CHF     56.88
CLARIDEN LEU NAS        7.000    7/22/2013      CHF     60.94
CLARIDEN LEU NAS        0.000    9/16/2013      USD     68.00
CLARIDEN LEU NAS        3.250    9/16/2013      CHF     40.91
CLARIDEN LEU NAS        0.000    9/23/2013      CHF     43.53
CLARIDEN LEU NAS        0.000    11/4/2013      CHF     68.84
CLARIDEN LEU NAS        0.000    11/4/2013      USD     69.01
CLARIDEN LEU NAS        0.000   11/26/2013      CHF     54.66
CLARIDEN LEU NAS        0.000    2/11/2014      CHF     46.65
CLARIDEN LEU NAS        0.000    2/24/2014      CHF     47.03
CLARIDEN LEU NAS        0.000    5/13/2014      CHF     60.96
CLARIDEN LEU NAS        0.000    5/26/2014      CHF     61.31
CLARIDEN LEU NAS        0.000     6/3/2014      CHF     71.50
CLARIDEN LEU NAS        0.000    6/10/2014      CHF     52.64
CLARIDEN LEU NAS        0.000    6/10/2014      CHF     56.47
CLARIDEN LEU NAS        5.250     8/6/2014      CHF     44.63
CLARIDEN LEU NAS        4.500     8/6/2014      EUR     73.16
CLARIDEN LEU NAS        4.500    8/13/2014      CHF     41.71
CLARIDEN LEU NAS        0.000    8/27/2014      CHF     48.00
CLARIDEN LEU NAS        0.000    9/10/2014      CHF     43.75
CLARIDEN LEU NAS        0.000   10/15/2014      CHF     49.23
CRED SUIS NY            8.000     8/3/2012      USD     27.47
CREDIT SUISSE LD        8.250    8/30/2012      USD     76.22
CREDIT SUISSE LD        4.000   12/10/2012      EUR     42.80
CREDIT SUISSE LD        8.900    3/25/2013      EUR     60.31
CREDIT SUISSE LD        1.640     6/1/2042      USD     43.35
S-AIR GROUP             2.125    11/4/2004      CHF     10.00
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     57.63
SARASIN CI LTD          8.000    4/27/2015      CHF     61.81
SARASIN/GUERNSEY       15.400    7/12/2012      EUR     66.04
SARASIN/GUERNSEY       12.100    7/12/2012      CHF     51.49
SARASIN/GUERNSEY        7.600    7/13/2012      EUR     64.95
SARASIN/GUERNSEY        7.200    7/16/2012      CHF     52.34
SARASIN/GUERNSEY        7.200    7/19/2012      CHF     70.64
SARASIN/GUERNSEY        8.700     8/3/2012      CHF     68.01
SARASIN/GUERNSEY       10.000    8/10/2012      EUR     53.15
SARASIN/GUERNSEY       17.000   10/12/2012      EUR     74.98
SWISSAIR                6.250   10/27/2002      CHF     10.00
SWISSAIR                5.500    7/23/2003      CHF     10.00
SWISSAIR                2.750    7/30/2004      CHF     10.00
SWISSAIR                2.750    7/30/2004      CHF     10.25
SWISSAIR                6.250    4/12/2005      CHF     10.75
UBS AG                 14.400    6/29/2012      CHF     46.80
UBS AG                 13.700    6/29/2012      EUR     70.85
UBS AG                 12.000    6/29/2012      EUR     60.10
UBS AG                 12.100    6/29/2012      CHF     63.85
UBS AG                 10.200    6/29/2012      CHF     73.80
UBS AG                  8.000    7/18/2012      CHF     71.75
UBS AG                 10.960    7/20/2012      USD     20.35
UBS AG                 10.600    7/20/2012      CHF     56.15
UBS AG                 12.000    7/25/2012      EUR     60.10
UBS AG                 12.040    7/31/2012      USD      9.49
UBS AG                  8.460    7/31/2012      USD     30.68
UBS AG                 10.500     8/2/2012      EUR     59.75
UBS AG                 10.200     8/2/2012      CHF     71.70
UBS AG                 11.500     8/2/2012      CHF     68.90
UBS AG                 10.000     8/2/2012      CHF     55.40
UBS AG                 11.000     8/2/2012      EUR     61.25
UBS AG                  9.500    8/10/2012      USD     28.14
UBS AG                 17.250    8/15/2012      EUR     44.65
UBS AG                 14.000    8/27/2012      CHF     69.65
UBS AG                 12.570    8/31/2012      EUR     75.64
UBS AG                  9.430    8/31/2012      USD     33.12
UBS AG                  8.500     9/3/2012      EUR     70.84
UBS AG                 17.730     9/3/2012      EUR     64.66
UBS AG                 18.020     9/3/2012      EUR     73.12
UBS AG                 19.660     9/3/2012      EUR     74.30
UBS AG                 20.830     9/3/2012      EUR     66.98
UBS AG                  9.070     9/3/2012      EUR     59.12
UBS AG                 10.830     9/3/2012      EUR     57.36
UBS AG                 11.600     9/3/2012      EUR     63.66
UBS AG                 13.630     9/3/2012      EUR     52.88
UBS AG                 13.980     9/3/2012      EUR     70.82
UBS AG                 15.150     9/3/2012      EUR     58.08
UBS AG                 17.640     9/3/2012      EUR     48.08
UBS AG                 12.390    9/11/2012      USD     27.37
UBS AG                 27.600    9/21/2012      EUR     75.56
UBS AG                 22.700    9/21/2012      EUR     42.78
UBS AG                 13.000    9/21/2012      EUR     45.50
UBS AG                 18.220    9/28/2012      EUR     48.34
UBS AG                 18.020    9/28/2012      EUR     46.84
UBS AG                 17.920    9/28/2012      EUR     67.60
UBS AG                 16.490    9/28/2012      EUR     70.34
UBS AG                 17.500    9/28/2012      EUR     68.20
UBS AG                 17.500    9/28/2012      EUR     74.88
UBS AG                 17.280    9/28/2012      EUR     67.86
UBS AG                 17.090    9/28/2012      EUR     68.24
UBS AG                 17.050    9/28/2012      EUR     47.74
UBS AG                 16.930    9/28/2012      EUR     59.30
UBS AG                 16.620    9/28/2012      EUR     70.98
UBS AG                 16.720    9/28/2012      EUR     49.54
UBS AG                 22.150    9/28/2012      EUR     60.76
UBS AG                  8.670    9/28/2012      EUR     58.92
UBS AG                  8.810    9/28/2012      EUR     74.56
UBS AG                  9.540    9/28/2012      EUR     57.30
UBS AG                  9.750    9/28/2012      EUR     57.82
UBS AG                  9.830    9/28/2012      EUR     71.82
UBS AG                 10.440    9/28/2012      EUR     55.82
UBS AG                 10.900    9/28/2012      EUR     69.26
UBS AG                 11.040    9/28/2012      EUR     55.80
UBS AG                 11.360    9/28/2012      EUR     54.42
UBS AG                 12.000    9/28/2012      EUR     73.84
UBS AG                 12.020    9/28/2012      EUR     66.92
UBS AG                 12.100    9/28/2012      EUR     74.76
UBS AG                 12.290    9/28/2012      EUR     53.12
UBS AG                 12.300    9/28/2012      EUR     74.64
UBS AG                 12.390    9/28/2012      EUR     54.00
UBS AG                 12.890    9/28/2012      EUR     73.54
UBS AG                 13.180    9/28/2012      EUR     64.76
UBS AG                 13.230    9/28/2012      EUR     51.90
UBS AG                 13.500    9/28/2012      EUR     72.76
UBS AG                  8.530    9/28/2012      EUR     60.06
UBS AG                 13.700    9/28/2012      EUR     72.36
UBS AG                 13.800    9/28/2012      EUR     52.36
UBS AG                 14.180    9/28/2012      EUR     50.76
UBS AG                 14.320    9/28/2012      EUR     74.96
UBS AG                 14.390    9/28/2012      EUR     62.78
UBS AG                 14.500    9/28/2012      EUR     70.80
UBS AG                 14.740    9/28/2012      EUR     71.02
UBS AG                 15.020    9/28/2012      EUR     73.18
UBS AG                 15.050    9/28/2012      EUR     73.36
UBS AG                 15.130    9/28/2012      EUR     49.68
UBS AG                 15.240    9/28/2012      EUR     50.88
UBS AG                 15.370    9/28/2012      EUR     70.20
UBS AG                 15.640    9/28/2012      EUR     60.96
UBS AG                 15.770    9/28/2012      EUR     71.82
UBS AG                 16.000    9/28/2012      EUR     69.38
UBS AG                 16.090    9/28/2012      EUR     48.68
UBS AG                 23.000    9/28/2012      EUR     72.66
UBS AG                 23.560    9/28/2012      EUR     58.88
UBS AG                 21.970    9/28/2012      EUR     43.82
UBS AG                 24.000    9/28/2012      EUR     72.90
UBS AG                 20.920    9/28/2012      EUR     55.06
UBS AG                 24.960    9/28/2012      EUR     57.16
UBS AG                 20.740    9/28/2012      EUR     62.82
UBS AG                 20.500    9/28/2012      EUR     65.90
UBS AG                 19.990    9/28/2012      EUR     45.24
UBS AG                 19.910    9/28/2012      EUR     67.14
UBS AG                 19.880    9/28/2012      EUR     65.14
UBS AG                 19.610    9/28/2012      EUR     75.18
UBS AG                 19.580    9/28/2012      EUR     56.36
UBS AG                 19.330    9/28/2012      EUR     65.10
UBS AG                 19.250    9/28/2012      EUR     76.10
UBS AG                 19.000    9/28/2012      EUR     46.02
UBS AG                 18.580    9/28/2012      EUR     66.46
UBS AG                 18.250    9/28/2012      EUR     68.98
UBS AG                 18.240    9/28/2012      EUR     57.78
UBS AG                 13.590    9/28/2012      EUR     76.62
UBS AG                  7.210    10/1/2012      EUR     74.58
UBS AG                  7.030    10/1/2012      EUR     74.54
UBS AG                  7.140    10/1/2012      EUR     27.64
UBS AG                  7.190    10/1/2012      EUR     50.52
UBS AG                  7.240    10/1/2012      EUR     65.08
UBS AG                  7.380    10/1/2012      EUR     27.68
UBS AG                  7.380    10/1/2012      EUR     70.26
UBS AG                  7.380    10/1/2012      EUR     74.62
UBS AG                  7.450    10/1/2012      EUR     50.58
UBS AG                  7.460    10/1/2012      EUR     55.20
UBS AG                  7.610    10/1/2012      EUR     65.16
UBS AG                  7.620    10/1/2012      EUR     27.74
UBS AG                  7.660    10/1/2012      EUR     22.66
UBS AG                  7.680    10/1/2012      EUR     50.64
UBS AG                  7.810    10/1/2012      EUR     70.36
UBS AG                  7.840    10/1/2012      EUR     27.80
UBS AG                  7.900    10/1/2012      EUR     50.70
UBS AG                  7.940    10/1/2012      EUR     65.24
UBS AG                  8.050    10/1/2012      EUR     27.84
UBS AG                  8.090    10/1/2012      EUR     55.36
UBS AG                  8.090    10/1/2012      EUR     50.74
UBS AG                  8.200    10/1/2012      EUR     70.46
UBS AG                  8.240    10/1/2012      EUR     65.30
UBS AG                  8.260    10/1/2012      EUR     50.78
UBS AG                  8.310    10/1/2012      EUR     22.82
UBS AG                  8.400    10/1/2012      EUR     50.80
UBS AG                  8.420    10/1/2012      EUR     27.94
UBS AG                  8.500    10/1/2012      EUR     65.36
UBS AG                  8.530    10/1/2012      EUR     50.84
UBS AG                  8.540    10/1/2012      EUR     70.54
UBS AG                  8.660    10/1/2012      EUR     55.50
UBS AG                  8.720    10/1/2012      EUR     65.42
UBS AG                  8.720    10/1/2012      EUR     50.88
UBS AG                  8.730    10/1/2012      EUR     28.00
UBS AG                  8.850    10/1/2012      EUR     70.60
UBS AG                  8.910    10/1/2012      EUR     65.46
UBS AG                  8.910    10/1/2012      EUR     22.96
UBS AG                  9.060    10/1/2012      EUR     65.50
UBS AG                  9.110    10/1/2012      EUR     70.66
UBS AG                  9.160    10/1/2012      EUR     55.60
UBS AG                  9.200    10/1/2012      EUR     28.12
UBS AG                  9.340    10/1/2012      EUR     70.72
UBS AG                  9.360    10/1/2012      EUR     28.16
UBS AG                  9.440    10/1/2012      EUR     23.08
UBS AG                  9.530    10/1/2012      EUR     70.76
UBS AG                  9.540    10/1/2012      EUR     58.22
UBS AG                  9.580    10/1/2012      EUR     55.70
UBS AG                  9.690    10/1/2012      EUR     70.80
UBS AG                  9.820    10/1/2012      EUR     70.84
UBS AG                  9.860    10/1/2012      EUR     58.30
UBS AG                  9.900    10/1/2012      EUR     28.28
UBS AG                  9.910    10/1/2012      EUR     23.20
UBS AG                  9.920    10/1/2012      EUR     70.86
UBS AG                  9.930    10/1/2012      EUR     55.80
UBS AG                 10.150    10/1/2012      EUR     58.36
UBS AG                 10.220    10/1/2012      EUR     55.86
UBS AG                 10.310    10/1/2012      EUR     23.30
UBS AG                 10.410    10/1/2012      EUR     58.42
UBS AG                 10.440    10/1/2012      EUR     55.92
UBS AG                 10.620    10/1/2012      EUR     55.96
UBS AG                 10.640    10/1/2012      EUR     58.48
UBS AG                 10.650    10/1/2012      EUR     23.36
UBS AG                 10.740    10/1/2012      EUR     55.98
UBS AG                 10.840    10/1/2012      EUR     58.52
UBS AG                 10.930    10/1/2012      EUR     23.44
UBS AG                 11.010    10/1/2012      EUR     58.56
UBS AG                 11.150    10/1/2012      EUR     23.50
UBS AG                 11.160    10/1/2012      EUR     58.60
UBS AG                 11.280    10/1/2012      EUR     58.64
UBS AG                 11.330    10/1/2012      EUR     23.52
UBS AG                 11.380    10/1/2012      EUR     58.66
UBS AG                 11.460    10/1/2012      EUR     58.68
UBS AG                 11.460    10/1/2012      EUR     23.56
UBS AG                 11.530    10/1/2012      EUR     58.68
UBS AG                 11.560    10/1/2012      EUR     23.60
UBS AG                 11.580    10/1/2012      EUR     58.70
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     56.55
UBS AG                 10.320    10/4/2012      CHF     56.45
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                 19.700   10/26/2012      EUR     61.40
UBS AG                 16.390   10/26/2012      EUR     51.14
UBS AG                 13.570   10/26/2012      EUR     52.80
UBS AG                 13.100   10/26/2012      EUR     64.72
UBS AG                 12.240   10/26/2012      EUR     53.78
UBS AG                  9.700   10/26/2012      EUR     75.78
UBS AG                 12.080   10/26/2012      EUR     72.44
UBS AG                  8.370   11/12/2012      EUR     45.68
UBS AG                  8.280   11/12/2012      EUR     61.74
UBS AG                  8.280   11/12/2012      EUR     61.74
UBS AG                  6.070   11/12/2012      EUR     49.62
UBS AG                 13.600   11/12/2012      EUR     46.96
UBS AG                 13.560   11/12/2012      EUR     31.98
UBS AG                 13.120   11/12/2012      EUR     71.06
UBS AG                 12.000   11/12/2012      EUR     74.92
UBS AG                 11.660   11/12/2012      EUR     42.52
UBS AG                 11.260   11/12/2012      EUR     51.98
UBS AG                 10.930   11/12/2012      EUR     51.42
UBS AG                 10.020   11/12/2012      EUR     72.90
UBS AG                  9.840   11/12/2012      EUR     74.70
UBS AG                  9.650   11/12/2012      EUR     45.50
UBS AG                  9.470   11/12/2012      EUR     46.16
UBS AG                  9.020   11/12/2012      EUR     35.74
UBS AG                  8.780   11/12/2012      EUR     72.12
UBS AG                  8.590   11/12/2012      EUR     57.56
UBS AG                  6.700   11/12/2012      EUR     50.66
UBS AG                  9.000   12/21/2012      EUR     72.92
UBS AG                 10.490   12/21/2012      EUR     55.20
UBS AG                 10.810   12/21/2012      EUR     68.72
UBS AG                 12.400   12/21/2012      EUR     54.84
UBS AG                 11.270   12/21/2012      EUR     56.28
UBS AG                 11.770   12/21/2012      EUR     66.84
UBS AG                 11.970   12/21/2012      EUR     74.92
UBS AG                 11.980   12/21/2012      EUR     74.60
UBS AG                 12.020   12/21/2012      EUR     53.20
UBS AG                 12.200   12/21/2012      EUR     47.64
UBS AG                 12.760   12/21/2012      EUR     65.12
UBS AG                 12.800   12/21/2012      EUR     52.32
UBS AG                 12.970   12/21/2012      EUR     73.40
UBS AG                 13.320   12/21/2012      EUR     72.70
UBS AG                 13.560   12/21/2012      EUR     53.56
UBS AG                 13.570   12/21/2012      EUR     51.48
UBS AG                 13.770   12/21/2012      EUR     63.54
UBS AG                 13.980   12/21/2012      EUR     71.98
UBS AG                 14.350   12/21/2012      EUR     50.70
UBS AG                 14.610   12/21/2012      EUR     73.74
UBS AG                 14.690   12/21/2012      EUR     70.98
UBS AG                 14.740   12/21/2012      EUR     52.42
UBS AG                 14.810   12/21/2012      EUR     62.10
UBS AG                 15.000   12/21/2012      EUR     70.66
UBS AG                 15.130   12/21/2012      EUR     49.96
UBS AG                 15.860   12/21/2012      EUR     60.76
UBS AG                 15.900   12/21/2012      EUR     71.98
UBS AG                 15.920   12/21/2012      EUR     49.30
UBS AG                 15.930   12/21/2012      EUR     51.42
UBS AG                 16.030   12/21/2012      EUR     69.44
UBS AG                 16.400   12/21/2012      EUR     76.64
UBS AG                 16.600   12/21/2012      EUR     45.14
UBS AG                 16.710   12/21/2012      EUR     48.66
UBS AG                 16.930   12/21/2012      EUR     59.56
UBS AG                 17.070   12/21/2012      EUR     68.30
UBS AG                 17.200   12/21/2012      EUR     70.38
UBS AG                 17.500   12/21/2012      EUR     48.08
UBS AG                 18.000   12/21/2012      EUR     58.46
UBS AG                 19.090   12/21/2012      EUR     47.02
UBS AG                  8.080   12/21/2012      EUR     61.70
UBS AG                  8.150   12/21/2012      EUR     75.24
UBS AG                  8.250   12/21/2012      EUR     58.70
UBS AG                  8.990   12/21/2012      EUR     57.46
UBS AG                 11.260   12/21/2012      EUR     54.16
UBS AG                  9.100   12/21/2012      EUR     59.68
UBS AG                  9.730   12/21/2012      EUR     56.28
UBS AG                  9.890   12/21/2012      EUR     70.76
UBS AG                 10.160   12/21/2012      EUR     57.88
UBS AG                 16.500     1/4/2013      EUR     72.06
UBS AG                 17.150     1/4/2013      EUR     68.64
UBS AG                 17.500     1/4/2013      EUR     69.72
UBS AG                 18.300     1/4/2013      EUR     66.74
UBS AG                 19.440     1/4/2013      EUR     65.00
UBS AG                 20.000     1/4/2013      EUR     68.30
UBS AG                 20.570     1/4/2013      EUR     63.42
UBS AG                 21.700     1/4/2013      EUR     62.00
UBS AG                 22.000     1/4/2013      EUR     66.84
UBS AG                 23.750     1/4/2013      EUR     75.26
UBS AG                 24.750     1/4/2013      EUR     65.96
UBS AG                 14.230     1/4/2013      EUR     74.20
UBS AG                 14.820     1/4/2013      EUR     73.00
UBS AG                 15.250     1/4/2013      EUR     71.48
UBS AG                 11.500     1/4/2013      EUR     76.12
UBS AG                 15.990     1/4/2013      EUR     70.72
UBS AG                 13.500     1/4/2013      EUR     73.76
UBS AG                 13.630     1/4/2013      EUR     75.44
UBS AG                 10.390    1/18/2013      USD     32.76
UBS AG                 14.070    1/25/2013      EUR     53.02
UBS AG                 11.700    1/25/2013      EUR     65.12
UBS AG                 12.010    1/25/2013      EUR     54.26
UBS AG                 16.200    1/25/2013      EUR     62.88
UBS AG                 11.020    1/25/2013      EUR     55.00
UBS AG                 10.240    2/22/2013      EUR     66.78
UBS AG                 10.590    2/22/2013      EUR     74.00
UBS AG                 10.960    2/22/2013      EUR     55.42
UBS AG                 12.680    2/22/2013      EUR     62.48
UBS AG                 13.070    2/22/2013      EUR     69.52
UBS AG                 13.660    2/22/2013      EUR     52.42
UBS AG                 15.800    2/22/2013      EUR     72.42
UBS AG                  8.980    2/22/2013      EUR     58.32
UBS AG                 10.000     3/7/2013      USD     70.70
UBS AG                 10.540     3/7/2013      CHF     72.10
UBS AG                  8.100     3/7/2013      CHF     70.45
UBS AG                  8.000    3/21/2013      EUR     76.50
UBS AG                  9.000    3/22/2013      USD     11.45
UBS AG                  9.650    3/22/2013      USD     18.81
UBS AG                 16.000     4/2/2013      EUR     71.40
UBS AG                 12.750     4/2/2013      EUR     74.70
UBS AG                 14.250     4/2/2013      EUR     72.86
UBS AG                 17.750     4/2/2013      EUR     70.16
UBS AG                 19.500     4/2/2013      EUR     69.08
UBS AG                 21.250     4/2/2013      EUR     68.20
UBS AG                 22.250     4/2/2013      EUR     75.06
UBS AG                 23.250     4/2/2013      EUR     67.66
UBS AG                 24.250     4/2/2013      EUR     73.62
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     55.52
UBS AG                 10.600    4/26/2013      EUR     74.80
UBS AG                 10.600    4/26/2013      EUR     65.86
UBS AG                 10.170    4/26/2013      EUR     56.08
UBS AG                 14.100    4/26/2013      EUR     64.22
UBS AG                 12.610    4/26/2013      EUR     54.58
UBS AG                 11.000    4/30/2013      USD     39.25
UBS AG                 24.000    6/28/2013      EUR     68.56
UBS AG                 23.000    6/28/2013      EUR     75.34
UBS AG                 12.750    6/28/2013      EUR     74.26
UBS AG                 11.500    6/28/2013      EUR     75.84
UBS AG                 22.500    6/28/2013      EUR     74.82
UBS AG                 19.750    6/28/2013      EUR     69.58
UBS AG                 18.250    6/28/2013      EUR     70.10
UBS AG                 17.000    6/28/2013      EUR     71.02
UBS AG                 15.500    6/28/2013      EUR     71.86
UBS AG                 14.250    6/28/2013      EUR     73.10
UBS AG                 10.200    9/20/2013      EUR     51.48
UBS AG                 12.900    9/20/2013      EUR     50.74
UBS AG                 15.900    9/20/2013      EUR     51.10
UBS AG                 13.000    9/27/2013      EUR     74.48
UBS AG                 12.000    9/27/2013      EUR     75.76
UBS AG                 14.000    9/27/2013      EUR     73.36
UBS AG                 15.250    9/27/2013      EUR     72.68
UBS AG                 16.250    9/27/2013      EUR     71.84
UBS AG                 17.500    9/27/2013      EUR     71.44
UBS AG                 18.250    9/27/2013      EUR     72.16
UBS AG                 20.750    9/27/2013      EUR     70.34
UBS AG                 23.000    9/27/2013      EUR     70.22
UBS AG                 24.750    9/27/2013      EUR     73.88
UBS AG                  5.950   11/14/2013      USD     52.10
UBS AG                  6.980   11/27/2013      USD     32.31
UBS AG                 12.000     1/3/2014      EUR     75.74
UBS AG                 13.000     1/3/2014      EUR     74.98
UBS AG                 14.000     1/3/2014      EUR     74.36
UBS AG                 14.750     1/3/2014      EUR     73.48
UBS AG                 15.750     1/3/2014      EUR     73.10
UBS AG                 18.500     1/3/2014      EUR     72.24
UBS AG                 19.250     1/3/2014      EUR     73.10
UBS AG                 20.250     1/3/2014      EUR     72.02
UBS AG                 24.500     1/3/2014      EUR     72.62
UBS AG                 22.000     1/3/2014      EUR     72.14
UBS AG                  0.500    4/27/2015      CHF     44.75
UBS AG JERSEY           3.220    7/31/2012      EUR     33.94

UKRAINE
-------
PROCREDIT BANK         13.500    5/11/2015      UAH     62.66

UNITED KINGDOM
--------------
ALLIANC&LEIC BLD        5.875    8/14/2031      GBP     69.65
ALPHA CREDIT GRP        6.000    6/20/2014      EUR     72.13
AVIVA PLC               6.875    5/20/2058      GBP     72.04
BARCLAYS BK PLC         8.000    6/28/2012      EUR     47.90
BARCLAYS BK PLC         8.000     7/9/2012      USD      9.92
BARCLAYS BK PLC        10.000    7/20/2012      USD      6.97
BARCLAYS BK PLC         7.000    7/27/2012      USD     10.49
BARCLAYS BK PLC        11.500    7/27/2012      USD      7.70
BARCLAYS BK PLC        10.800    7/31/2012      USD     26.24
BARCLAYS BK PLC         9.000    8/28/2012      USD      9.59
BARCLAYS BK PLC        11.070    8/31/2012      USD     30.29
BARCLAYS BK PLC         8.000    9/11/2012      USD     10.77
BARCLAYS BK PLC         8.000    9/11/2012      USD      9.77
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        10.250    9/14/2012      EUR     71.82
BARCLAYS BK PLC         9.500    9/14/2012      EUR     76.74
BARCLAYS BK PLC         9.250    9/14/2012      EUR     37.50
BARCLAYS BK PLC         8.750    9/14/2012      EUR     75.91
BARCLAYS BK PLC         8.500    9/14/2012      EUR     79.25
BARCLAYS BK PLC         8.500    9/14/2012      EUR     77.82
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         7.000    9/14/2012      EUR     62.28
BARCLAYS BK PLC         7.500    9/14/2012      EUR     76.77
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        10.750    9/14/2012      EUR     73.24
BARCLAYS BK PLC        10.910    9/14/2012      EUR     73.93
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        10.250    9/14/2012      EUR     66.80
BARCLAYS BK PLC        11.000    9/19/2012      EUR     71.36
BARCLAYS BK PLC         7.000    9/28/2012      EUR     75.17
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      EUR     73.04
BARCLAYS BK PLC         8.000    9/28/2012      USD     10.75
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        10.000    9/28/2012      EUR     76.70
BARCLAYS BK PLC        10.250    9/28/2012      EUR     75.12
BARCLAYS BK PLC        10.500    9/28/2012      EUR     35.69
BARCLAYS BK PLC        10.500    9/28/2012      EUR     73.20
BARCLAYS BK PLC        10.500    9/28/2012      EUR     65.89
BARCLAYS BK PLC        11.000    9/28/2012      EUR     74.67
BARCLAYS BK PLC        11.750    9/28/2012      EUR     34.39
BARCLAYS BK PLC        12.000    9/28/2012      EUR     70.49
BARCLAYS BK PLC        12.000    9/28/2012      EUR     70.07
BARCLAYS BK PLC        12.500    9/28/2012      EUR     63.50
BARCLAYS BK PLC        12.600    9/28/2012      EUR     72.37
BARCLAYS BK PLC        13.000    9/28/2012      EUR     30.07
BARCLAYS BK PLC        13.500    9/28/2012      EUR     59.65
BARCLAYS BK PLC         6.000    9/28/2012      EUR     79.85
BARCLAYS BK PLC        17.000    9/28/2012      EUR     73.94
BARCLAYS BK PLC         6.000    9/28/2012      EUR     43.03
BARCLAYS BK PLC         9.000    10/1/2012      USD      9.90
BARCLAYS BK PLC        14.000    10/1/2012      USD     10.50
BARCLAYS BK PLC         8.500   10/16/2012      USD     10.96
BARCLAYS BK PLC         9.000   10/16/2012      USD     10.64
BARCLAYS BK PLC        10.750   12/14/2012      EUR     75.14
BARCLAYS BK PLC        16.000   12/14/2012      EUR     67.61
BARCLAYS BK PLC        14.750   12/14/2012      EUR     70.68
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        12.500   12/14/2012      EUR     47.17
BARCLAYS BK PLC        12.250   12/14/2012      EUR     72.29
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        10.500   12/14/2012      EUR     62.86
BARCLAYS BK PLC         9.990   12/14/2012      EUR     76.01
BARCLAYS BK PLC         9.500   12/14/2012      EUR     69.58
BARCLAYS BK PLC         8.750   12/14/2012      EUR     40.14
BARCLAYS BK PLC         8.250   12/14/2012      EUR     77.67
BARCLAYS BK PLC         8.000   12/14/2012      EUR     54.98
BARCLAYS BK PLC         8.000   12/14/2012      EUR     69.43
BARCLAYS BK PLC         7.000   12/14/2012      EUR     61.99
BARCLAYS BK PLC         6.000   12/14/2012      EUR     64.72
BARCLAYS BK PLC         5.000   12/14/2012      EUR     69.29
BARCLAYS BK PLC         9.500     1/2/2013      EUR     74.99
BARCLAYS BK PLC        10.000     1/2/2013      EUR     68.10
BARCLAYS BK PLC        10.000     1/2/2013      EUR     38.31
BARCLAYS BK PLC         6.000     1/2/2013      EUR     41.40
BARCLAYS BK PLC         7.000     1/2/2013      EUR     42.38
BARCLAYS BK PLC         7.000     1/2/2013      EUR     75.55
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        11.000     1/2/2013      EUR     72.31
BARCLAYS BK PLC        11.000     1/2/2013      EUR     37.26
BARCLAYS BK PLC        11.500     1/2/2013      EUR     66.71
BARCLAYS BK PLC        12.000     1/2/2013      EUR     74.24
BARCLAYS BK PLC        12.000     1/2/2013      EUR     35.21
BARCLAYS BK PLC        12.000     1/2/2013      EUR     68.90
BARCLAYS BK PLC        12.500     1/2/2013      EUR     62.54
BARCLAYS BK PLC         8.500     1/2/2013      EUR     73.88
BARCLAYS BK PLC         8.750     1/2/2013      EUR     69.48
BARCLAYS BK PLC         9.000     1/2/2013      EUR     77.95
BARCLAYS BK PLC         9.500     1/2/2013      EUR     38.69
BARCLAYS BK PLC        10.250     1/2/2013      EUR     76.93
BARCLAYS BK PLC        11.000     1/2/2013      EUR     73.16
BARCLAYS BK PLC         6.000     1/2/2013      EUR     79.86
BARCLAYS BK PLC        10.750     3/8/2013      EUR     75.44
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        12.750     3/8/2013      EUR     75.58
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        10.750    3/22/2013      EUR     36.98
BARCLAYS BK PLC         9.000    3/22/2013      EUR     78.11
BARCLAYS BK PLC        11.500    3/22/2013      EUR     37.28
BARCLAYS BK PLC         9.500    3/22/2013      EUR     76.98
BARCLAYS BK PLC         8.000    3/22/2013      EUR     40.94
BARCLAYS BK PLC        10.500    3/22/2013      EUR     74.71
BARCLAYS BK PLC        11.000    3/22/2013      EUR     72.30
BARCLAYS BK PLC        11.000    3/22/2013      EUR     76.90
BARCLAYS BK PLC        10.000    3/22/2013      EUR     37.64
BARCLAYS BK PLC        16.000    5/23/2013      USD     10.06
BARCLAYS BK PLC        11.000    6/14/2013      EUR     74.51
BARCLAYS BK PLC        10.000    6/14/2013      EUR     76.45
BARCLAYS BK PLC         6.000    6/14/2013      EUR     64.79
BARCLAYS BK PLC        12.500    6/14/2013      EUR     73.22
BARCLAYS BK PLC        11.750    6/14/2013      EUR     77.36
BARCLAYS BK PLC        13.500    6/14/2013      EUR     71.06
BARCLAYS BK PLC        11.500    6/28/2013      EUR     39.27
BARCLAYS BK PLC        11.000    6/28/2013      EUR     76.23
BARCLAYS BK PLC        11.000    6/28/2013      EUR     38.21
BARCLAYS BK PLC        10.000    6/28/2013      EUR     41.50
BARCLAYS BK PLC         9.750    6/28/2013      EUR     78.46
BARCLAYS BK PLC         9.000    6/28/2013      EUR     78.11
BARCLAYS BK PLC         8.000    6/28/2013      EUR     39.84
BARCLAYS BK PLC        10.500    6/28/2013      EUR     75.00
BARCLAYS BK PLC         9.500    9/13/2013      EUR     77.49
BARCLAYS BK PLC        10.250    9/13/2013      EUR     76.16
BARCLAYS BK PLC        11.500    9/13/2013      EUR     74.76
BARCLAYS BK PLC        12.250    9/13/2013      EUR     73.13
BARCLAYS BK PLC        10.750   12/13/2013      EUR     76.04
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     73.45
BARCLAYS BK PLC         0.500    3/22/2019      NZD     73.59
BARCLAYS BK PLC         0.500    9/24/2019      AUD     65.28
BARCLAYS BK PLC         0.600    4/12/2027      JPY     68.81
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     74.88
CO-OPERATIVE BNK        5.750    12/2/2024      GBP     73.67
CO-OPERATIVE BNK        5.875    3/28/2033      GBP     72.20
DUNFERMLINE BS          6.000    3/31/2015      GBP      1.00
EFG HELLAS PLC          5.400    11/2/2047      EUR     10.75
EMPORIKI GRP FIN        4.350    7/22/2014      EUR     57.50
EMPORIKI GRP FIN        5.000    12/2/2021      EUR     34.88
EMPORIKI GRP FIN        5.100    12/9/2021      EUR     35.25
EMPORIKI GRP FIN        5.000    2/24/2022      EUR     34.38
EMPORIKI GRP FIN        6.000    5/18/2022      EUR     37.88
ENTERPRISE INNS         6.875    2/15/2021      GBP     72.08
ENTERPRISE INNS         6.875     5/9/2025      GBP     66.84
ENTERPRISE INNS         6.375    9/26/2031      GBP     64.33
ESSAR ENERGY            4.250     2/1/2016      USD     59.17
EX-IM BK OF UKRA        5.793     2/9/2016      USD     75.63
F&C ASSET MNGMT         6.750   12/20/2026      GBP     62.74
GALA ELECTRIC CA       11.500     6/1/2019      GBP     69.25
GALA ELECTRIC CA       11.500     6/1/2019      GBP     69.14
GREENE KING FIN         5.702   12/15/2034      GBP    106.40
GS INTERNATIONAL       13.000    6/28/2012      CHF     52.80
GS INTERNATIONAL        8.250   12/17/2012      EUR     75.85
HBOS PLC                6.305   10/18/2017      GBP     75.38
HBOS PLC                4.375   10/30/2019      EUR     73.63
HBOS PLC                4.500    3/18/2030      EUR     62.56
HBOS PLC                6.000    11/1/2033      USD     74.73
HBOS PLC                6.000    11/1/2033      USD     74.73
HSBC BANK PLC           0.500    9/28/2018      AUD     74.81
HSBC BANK PLC           0.500   11/16/2018      AUD     71.96
HSBC BANK PLC           0.500    6/30/2021      NZD     65.63
HSBC BANK PLC           0.500   11/22/2021      AUD     62.77
HSBC BANK PLC           0.500   11/30/2021      NZD     64.13
HSBC BANK PLC           0.500    12/2/2022      AUD     53.41
HSBC BANK PLC           0.500   12/29/2022      AUD     55.77
HSBC BANK PLC           0.500     2/2/2023      AUD     53.02
HSBC BANK PLC           0.500    2/24/2023      AUD     56.36
HSBC BANK PLC           0.500     4/3/2023      AUD     58.20
HSBC BANK PLC           0.500   10/30/2026      NZD     51.11
HSBC BANK PLC           0.500    12/8/2026      AUD     40.73
HSBC BANK PLC           0.500   12/29/2026      AUD     41.19
HSBC BANK PLC           0.500    1/29/2027      NZD     50.53
HSBC BANK PLC           0.500    2/24/2027      NZD     50.37
HSBC BANK PLC           0.500    4/27/2027      NZD     49.99
MATALAN                 9.625    3/31/2017      GBP     65.25
MATALAN                 9.625    3/31/2017      GBP     63.39
MAX PETROLEUM           6.750     9/8/2013      USD     35.47
NOMURA BANK INTL        0.800   12/21/2020      EUR     72.24
OTE PLC                 7.250     4/8/2014      EUR     70.14
OTE PLC                 4.625    5/20/2016      EUR     60.10
PRIVATBANK              5.799     2/9/2016      USD     67.80
PUNCH TAVERNS           5.883   10/15/2026      GBP     62.50
ROYAL BK SCOTLND        6.250   12/20/2012      EUR     51.95
ROYAL BK SCOTLND        4.625    9/22/2021      EUR     72.37
ROYAL BK SCOTLND        4.243    1/12/2046      EUR     48.88
ROYAL BK SCOTLND        5.646    6/30/2047      GBP     44.63
RSL COMM PLC           10.125     3/1/2008      USD      1.25
RSL COMM PLC            9.125     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     67.52
SPIRIT ISSUER           5.472   12/28/2028      GBP     70.13
THOMAS COOK GR          6.750    6/22/2015      EUR     47.55
THOMAS COOK GR          7.750    6/22/2017      GBP     43.75
UNIQUE PUB FIN          7.395    3/28/2024      GBP     61.54
UNIQUE PUB FIN          5.659    6/30/2027      GBP     72.26
UNIQUE PUB FIN          6.464    3/30/2032      GBP     43.20


                            *********

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.


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