TCREUR_Public/120723.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 23, 2012, Vol. 13, No. 145

                            Headlines



A U S T R I A

HYPO ALPE-ADRIA: Liquidation Most Expensive Scenario for Taxpayer


F R A N C E

CASION GUICHARD: Fitch Affirms 'BB' Rating on EUR600MM Securities


G E R M A N Y

ESSENTIAL PUBLIC: Fitch Lowers Rating on Class E Notes to 'B-'
NECKERMANN: Deutsche Post Mum on Insolvency EBIT Impact


H U N G A R Y

* CITY OF BUDAPEST: S&P Affirms 'BB+/B' Issuer Credit Ratings


I R E L A N D

FLY LEASING: Moody's Assigns 'B2' Corporate Family Rating
PEATS WORLD: Set to Exit Examinership; 25 Jobs Saved
PERMANENT TSB: S&P Lowers Counterparty Credit Rating to 'B+'
PILOT TRAINING: High Court Grants Examinership


K A Z A K H S T A N

BTA BANK: Chapter 15 Case Summary


L U X E M B O U R G

SLS CAPITAL: July 24 Hearing on Chapter 15 Recognition


N E T H E R L A N D S

ACCESS FINANCE: Fitch Assigns 'B' Issuer Default Ratings


R O M A N I A

BANCA TRANSILVANIA: Fitch Affirms 'BB-' Long-Foreign Currency IDR


R U S S I A

LSR GROUP: Fitch Affirms Long-Term Issuer Default Rating at 'B'


S P A I N

* SPAIN: Plan to Aid Ailing Regions Won't Hit Borrowing Plans


T U R K E Y

SEKERBANK TAS: Fitch Affirms LT Issuer Default Ratings at 'BB-'
TURKIYE HALK: Fitch Assigns BB+ Rating to US$750MM Eurobond Issue


U K R A I N E

FERREXPO PLC: S&P Affirms 'B+/B' Credit Ratings; Outlook Negative
UKRSIBBANK: Fitch Affirms Long-Term Issuer Default Rating at 'B'
* UKRAINE: Fitch Assigns 'B' Rating to US$2-Billion Eurobond


U N I T E D   K I N G D O M

BRITISH AIRWAYS: S&P Raises Long-Term Corp. Credit Rating to 'BB'
DAWSON INT'L: May Face Administration After Pension Talks Fail
ELLI INVESTMENTS: Moody's Assigns Definitive Instrument Ratings
EQUINOX PLC: Fitch Downgrades Rating on Two Note Classes to 'Csf'
FULTONS FINE: Enters Into Administration

HERCULES PLC: Fitch Downgrades Rating on Class E Notes to 'CCsf'
PORTSMOUTH FOOTBALL: To Fight Penalties; Appeals to Creditors
* UK: Moody's Says RIIO-GD1 & RIIO-T1 Proposals Ratings Neutral


X X X X X X X X

* Moody's Says Debt Maturities Loom for EMEA Spec-Grade Companies
* BOND PRICING: For the Week July 16 to July 20, 2012


                            *********


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A U S T R I A
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HYPO ALPE-ADRIA: Liquidation Most Expensive Scenario for Taxpayer
-----------------------------------------------------------------
Boris Groendahl at Bloomberg News reports that Hypo Alpe-Adria-
Bank International AG, the nationalized Austrian lender loaded
with bad debt, said it will continue to sell and wind down assets
gradually because this will keep the burden for taxpayers as low
as possible.

According to Bloomberg, risks for taxpayers may materialize if
the bank is liquidated immediately, Hypo Alpe Chief Executive
Officer Gottwald Kranebitter said late on Thursday, when asked
about a report in Format magazine that the bank would need more
than EUR5 billion (US$6.1 billion) if it was dissolved.

Mr. Kranebitter, as cited by Bloomberg, said he rejects this
strategy and that Hypo Alpe only calculated the costs of
liquidation and of accelerated asset sales on request of the
European Commission's probe into state aid the lender received.
He declined to comment on specific numbers, Bloomberg notes.

Mr. Kranebitter declined to say precisely how much less his plan
for the bank would cost taxpayers, Bloomberg relates.  Hypo Alpe
has received EUR1.35 billion in state capital and a EUR200
million guarantee so far, and the government wrote off EUR700
million of that in last year's budget, Bloomberg discloses.
About EUR17.5 billion of its funding is also guaranteed by
Austria and the Province of Carinthia, Hypo Alpe's former owner,
Bloomberg says.

"I always said, and I still say [Fri}day, that liquidation is the
most expensive scenario for the taxpayer," Bloomberg quotes
Mr. Kranebitter as saying.  "The European Union, as in every
state aid probe, requires us to calculate a liquidation
scenario."

Hypo Alpe-Adria International AG is a subsidiary of BayernLB.  It
is active in banking and leasing.  In banking, HGAA serves both
corporate and retail customers and offers services ranging from
traditional lending through savings and deposits to complex
investment products and asset management services.



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


CASION GUICHARD: Fitch Affirms 'BB' Rating on EUR600MM Securities
-----------------------------------------------------------------
Fitch Ratings has affirmed Casino Guichard-Perrachon SA's
(Casino) Long-term Issuer Default Rating (IDR) and senior
unsecured rating at 'BBB-' and Short-term IDR at 'F3'.  Fitch has
also affirmed Casino's EUR600 million perpetual preferred
constant maturity swap securities at 'BB'.  The Outlook on the
Long-term IDR is Stable.

The affirmation reflects Fitch's expectations that Casino will
maintain its financial flexibility by pursuing asset disposals to
compensate the potential acquisition of the 50% stake in Monoprix
(expected to be completed in 2013).  Fitch also gets comfort from
the group's cleaner structure as a result of controlling its
Brazilian retail subsidiary Grupo Pao de Acucar (GPA).  Fitch
expects Casino's credit metrics to slightly improve in 2012 but
remain steady in 2013 despite Fitch's expectations of modest free
cash flow generation.

"A successful execution of Casino's assets disposal plan in a
timely manner that would improve the group's credit metrics in
2012 is key to maintaining the investment grade rating and Stable
Outlook," says Johnny Da Silva, a Director in Fitch's European
Retail Leisure Consumer Products team.  The ratings headroom is
low at 'BBB-' as its net debt/FFO ratio of 4.3x as at FYE11 (3.9x
based on EBITDAR) is weak for the rating when adjusted by
operating leases, hybrids, existing total returns swaps, put
options and proportional consolidation of GPA.

In addition to the EUR1.5 billion of planned asset disposals for
2012, Fitch believes that Casino will need to make further
divestments in France because of anti-trust issues associated
with the acquisition of the 50% stake on Monoprix from Galerie
Lafayette for EUR1.2 billion by October 2013 due to Casino's
strong market share in some cities in France.

Fitch expects Casino's overall trading performance to improve in
2012, driven by the good performance of its international
operations and effect from changes in consolidation scope
(including GPA).  However, Fitch believes that Casino's operating
performance will remain under pressure in France, notably from
its non-food activities at Geant Casino.  This is due to weak
consumer demand and tough competition from other food and non-
food retailers, specialist retail chains and the internet.

Currently there is low rating headroom. Fitch computes and
monitors Casino's leverage ratio encompassing all of its debt-
like obligations (hybrid, Total Return Swaps (TRS) on 3% of GPA's
capital, operating leases and various put options) on an FFO and
EBITDAR basis.  Fitch also notes that Casino will fully
consolidate GPA in its 2012 accounts even though it will have an
economic exposure of 51.1% of GPA's capital (through all put
options and the TRS).  However, Fitch will only include GPA's
accounts proportionally in its leverage ratios.

Casino's liquidity remains adequate. Fitch estimates that the
group had EUR2.2 billion of undrawn available committed bank
lines as of June 2012. Such available source of external
financing along with existing net cash balances of EUR3.3 billion
(net of overdrafts as at FYE11) are sufficient to cover about
EUR0.2 billion and EUR0.7 billion of bonds maturing in 2012 and
2013 respectively.

Casino's parent company, Rallye, presently also has got
sufficient liquidity.  Despite the level of debt at its parent,
the agency does not expect Rallye to significantly constrain
Casino's de-leveraging financial policy in the near-term, for
example by demanding a higher dividend cash pay-out.

WHAT COULD TRIGGER A RATING ACTION

Positive: Future developments that may, individually or
collectively, lead to positive rating action include a
simplification of the group's structure derived from a successful
execution of the transactions recently agreed along with an
increase in like-for-like sales growth and sustained group's
operating margin of at least 4%, de-leveraging through an
adjusted net debt/FFO ratio (including GPA proportionally)
falling permanently below 3.5x and adjusted FFO fixed charge
above 2.7x.

Negative: Future developments that may, individually or
collectively, lead to negative rating action include evidence of
negative like-for-like sales growth for the group and significant
EBIT margin erosion combined with FFO adjusted net leverage
remaining above 4.2x (4x on EBITDAR based).



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G E R M A N Y
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ESSENTIAL PUBLIC: Fitch Lowers Rating on Class E Notes to 'B-'
--------------------------------------------------------------
Fitch Ratings has downgraded Essential Public Infrastructure
Capital II GmbH's (EPIC II's) notes, as follows:

  -- EUR168,405 class A+: downgraded to 'A+sf' from 'AAsf';
     Outlook Negative

  -- EUR45,000,000 class A: downgraded to 'BBB-sf' from 'A+sf';
     Outlook Negative

  -- EUR9,000,000 class B: downgraded to 'BB+sf' from 'BBB+sf';
     Outlook Negative

  -- EUR9,000,000 class C: downgraded to 'BBsf' from 'BBBsf';
     Outlook Negative

  -- EUR9,000,000 class D: downgraded to 'B+sf' from 'BBsf';
     Outlook Negative

  -- EUR6,750,000 class E: downgraded to 'B-sf' from 'B+sf';
     Outlook Negative

The downgrades reflect the reference portfolio's large exposure
to the peripheral eurozone countries and the significant obligor
concentration. As a result, the notes' credit enhancement (CE)
levels were deemed insufficient to withstand Fitch's stresses as
of the notes' previous ratings.

The Negative Outlook on all the notes further reflects Fitch's
view on the weak prospects of the periphery eurozone countries'
infrastructure sector, and specifically the EMEA transportation
and energy sectors (see 'Fitch: Prolonged Economic Stress Weakens
EMEA Infrastructure Outlook', dated July 2, 2012 at
www.fitchratings.com). As of the March 2012 investor report, the
reference portfolio's exposure to Italy, Spain, Ireland, Portugal
and Hungary stood at 33% of the pool.

The CE levels have increased for all notes since last year's
surveillance review as the balance of the super senior swap has
reduced to 67.4% of its initial size.

The current portfolio comprises 39 loans from 32 obligors with
only one loan in the construction phase rated 'BB+*'/Stable.
Fitch notes that the loan still in the construction phase has a
higher default risk and lower recovery rates compared to loans in
the operation phase. The largest obligor accounts for 10% whereas
the top five largest obligors account for 38% of the reference
pool. The weighted average rating of the portfolio is 'BBB-
*'/'BB+*', with 50% of the pool rated below investment grade. The
weighted average recovery rate has not changed significantly
since the last surveillance review. However, it has been tiered
according to Fitch's Global Rating Criteria for Project Finance
CDOs.

The notes' ratings are linked to the credit quality of the
certificates of indebtedness (Schuldscheine) issued by KfW
('AAA'/Stable/'F1+'). Therefore, if KfW was downgraded below
'AAA'/'F1+', any note rated higher would be downgraded
accordingly.

Fitch notes that as part of the stabilisation measures in
relation to Hypo Real Estate Holding AG, Depfa Bank plc has
transferred all but one assets of the reference portfolio to FMS
Wertmanagement. Depfa Bank plc still holds the role of servicer
of the reference obligations.


NECKERMANN: Deutsche Post Mum on Insolvency EBIT Impact
--------------------------------------------------------
Alex Webb at Bloomberg News reports that Deutsche Post AG
spokesman Sebastian Steffen said it's too early to comment on the
effect of the Neckermann bankruptcy on Deutsche Post's Ebit.

Mr. Steffen, as cited by Bloomberg, said it's "speculation" that
Neckermann insolvency will reduce Deutsche Post's EBIT.

As reported by the Troubled Company Reporter-Europe on July 20,
2012, The Associated Press related that Neckermann said it was
applying for bankruptcy protection from creditors after failing
to satisfy its owner that cost-cutting plans would produce a
viable business.

Neckermann is a German mail-order company.



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


* CITY OF BUDAPEST: S&P Affirms 'BB+/B' Issuer Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+/B' issuer
credit ratings on the City of Budapest, capital of Hungary, and
withdrew the ratings at the city's request. The outlook was
negative at the time of withdrawal.

"At the time of withdrawal, the long-term rating on the City of
Budapest was capped at the sovereign level. Although our criteria
provide for some local and regional governments (LRGs) to be
rated above the sovereign, Budapest does not display all the
characteristics required under the criteria," S&P said.

"Our methodology, however, enables us to assign an indicative
credit level (ICL) to an LRG. An ICL is not a rating, it is a
means of assessing the intrinsic creditworthiness on an LRG
assuming that there is no sovereign rating cap. The ICL is
determined by combining our assessment of an LRG's individual
credit profile and the features of the institutional framework in
which it operates. At the time of the withdrawal, the city's ICL
was 'bbb'," S&P said.

"The ICL was supported by our base-case scenario, which assumed
that the city's strong, if contracting, economy and cautious
financial management would enable it to continue to demonstrate
solid budgetary performance and maintain a strong cash position.
Our view of its liquidity was therefore positive. The ICL was
constrained by the city's high indebtedness, especially its
exposure to interest and foreign currency exchange risk and the
weak financial performance of its transport company. Rising
uncertainty in the institutional framework under which Hungarian
local governments operate also constrain the city's flexibility,"
S&P said.



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I R E L A N D
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FLY LEASING: Moody's Assigns 'B2' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service assigned a first-time Corporate Family
Rating ("CFR") of B2 to FLY Leasing Limited and a rating of B1 to
the $395 million Senior Secured Term Loan issued by FLY's
Luxemburg wholly-owned subsidiary, Fly Funding II S.a.r.l. The
outlook for both ratings is stable.

FLY's CFR of B2 reflects the company's global operations, long
lived assets and experienced management team. The rating also
reflects FLY's weaker-than-average franchise positioning within
the aircraft leasing sector given its limited scale, focus on
mid-aged aircraft, significant percentage of "less in demand"
aircraft models, and notable lessee concentration. Furthermore,
FLY's high leverage, wholesale funding structure with significant
dependence on bank facilities, as well as exclusive reliance on
secured debt funding represent notable credit weaknesses.

The company's mid-aged aircraft portfolio includes a significant
percentage of "less in favor" aircraft such as A319s, which
increases FLY's vulnerability to demand fluctuations. This
exposes the firm to profitability declines, via both lower-than-
expected revenues and asset impairments. Moreover, FLY's asset
base is characterized by both low granularity and high lessee
concentration, each of which exacerbates the effects of potential
revenue and asset value pressures on the company.

FLY's pro forma Debt to Equity ratio of 4.8x is high and
represents a significant credit weakness for the company. FLY
intends to reduce its leverage, but pressures on profitability
and capital may prevent FLY from reaching its 18-24 month
deleveraging goals.

The company's strong dependence on bank facilities to fund its
operations is another notable credit weakness. The reliability of
bank funding has been called into question during the recent
capital retrenchment of many traditional aircraft lenders.
Furthermore, the prevalence of secured debt funding in the
company's capital structure and associated asset encumbrance
limit FLY's financial and operating flexibility in the event of
liquidity-related pressures.

BBAM L.P. manages the aircraft owned by FLY. FLY benefits from
BBAM's scale, long-standing lessee relationships, access to
capital markets and technical expertise. However, BBAM maintains
management relationships with other participants in aircraft
leasing, which Moody's believes could lead to potential conflicts
between client interests. With that said, Moody's notes that
FLY's status as a public company with significant independent
board representation and BBAM's own ownership stake in FLY
partially offset this concern. FLY's limited history of
operations as an independent public company is an additional
credit consideration.

The Senior Secured Term Loan rating of B1 is one notch higher
than the CFR due to better initial collateral coverage and loan
terms that enhance asset coverage protection for lenders compared
with FLY's other secured debt.

The principal methodology used in this rating was Finance Company
Global Rating Methodology published March 2012.

Fly Leasing Ltd is an aircraft lessor headquartered in Dublin,
Ireland, and had $2.8 billion in flight equipment held for lease
as of March 31, 2012.


PEATS WORLD: Set to Exit Examinership; 25 Jobs Saved
----------------------------------------------------
RTE News reports that Peats "World of Electronics" is set to
immediately exit examinership with up to 25 jobs saved.

Peats announced in April that they were closing their 11 stores
with immediate effect, RTE recounts.

It cited rising costs and rents and reduced spending power of
their customers, RTE notes.

Peats World of Electronics is a Dublin-based electronics
retailer.


PERMANENT TSB: S&P Lowers Counterparty Credit Rating to 'B+'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit rating on Permanent TSB PLC (PTSB) to 'B+'
from 'BB-'. "We affirmed the 'B' short-term rating. The long-term
rating was removed from CreditWatch, where it had been placed
with negative implications on March 6, 2012. The outlook is
negative," S&P said.

"The rating action follows our review of the bank's strategy and
future profile following the April 26, 2012, announcement by the
Irish government that a viable retail bank will be carved out of
PTSB's existing banking businesses. Following our review, we have
revised our assessment of PTSB's systemic importance to
'moderate', from 'high', as defined by our criteria. We have
left our assessment of PTSB's stand-alone credit profile (SACP)
unchanged at 'b'," S&P said.

"We recognize that PTSB has recently received significant
government support, and we expect that the Irish government will
remain very supportive. Our reassessment of PTSB's systemic
importance, consistent with our criteria and peer analysis, takes
a forward-looking view of PTSB's role in the Irish banking
system," S&P said.

"PTSB is the renamed Irish Life & Permanent PLC (IL&P) following
the sale of its subsidiary Irish Life to the Irish government on
June 29, 2012. This was the final element of the bank's
recapitalization, which the regulator had identified as part of
an industry-wide review in March 2011 (the Financial Measures
Programme)," S&P said.

"We define systemic importance as the degree to which a bank's
failure affects all, or parts of, the financial system and the
real economy of the country in which it operates. A bank
classified as having 'moderate' systemic importance is likely to
have a material or manageable effect--not the highly adverse
impact of a bank with "high" systemic importance," S&P said.

"We do not view PTSB as having a leading position in Irish
banking. Its strategy is to provide competition in retail banking
to the two largest banks in Ireland, Allied Irish Banks PLC (AIB;
BB/Negative/B) and Bank of Ireland (BOI; BB+/Negative/B).
However, with a core loan and deposit base of less than EUR15
billion, PTSB lags AIB and BOI's market positions. Both have
domestic loan books of more than EUR60 billion, leading market
shares in Ireland, the largest branch networks, and were named as
the two pillars of the Irish banking system by the government in
2011. We consider both AIB and BOI to be of 'high' systemic
importance and in both cases we add one notch of government
support to the long-term counterparty credit ratings on them.
PTSB is the only other Irish bank to which we add a notch of
support to reflect systemic importance," S&P said.

"We also note that, for a while, new lending by PTSB has been
very limited relative to AIB and BOI. We expect PTSB to continue
this approach until it has made progress in its planned
restructuring and deleveraging. We believe PTSB should eventually
prove an effective competitive alternative, leveraging off its
good position in the Irish mortgage market and useful share of
stock of retail deposits. Given its current relative absence from
the lending market, its planned deleveraging, and the scale of
changes to the Irish banking system over the past few years, we
now believe that another institution could assume PTSB's market
role, or acquire some of its assets and liabilities, in the
unlikely event that this became necessary," S&P said.

"Our 'moderate' assessment also reflects PTSB being one of the
main recipients of Irish government capital support. We do not
view PTSB as a government-related entity, even though it has been
more than 99% owned by the government since mid-2011, because the
government has said that it intends to eventually return the bank
to private ownership," S&P said.

"On April 26, the government announced that PTSB intends to carve
a viable retail bank out of its existing banking businesses. This
follows an extended review to determine the bank's best way
forward. It examined several strategic alternatives; winding down
the bank was one, but the government decided against this. Within
the existing PTSB legal entity, it has been reported that PTSB's
loan book will be split into three components," S&P said:

    "The core bank to comprise a EUR14.2 billion loan book, which
    we understand will be mainly Irish residential mortgages and
    PTSB's existing EUR14.7 billion of customer deposits (as
    reported at Dec. 31, 2011)," S&P said.

    "A separately managed noncore, asset-management unit (AMU) to
    have a loan book of EUR12.5 billion. We understand this will
    mainly comprise Irish residential mortgages, in particular
    low-yielding tracker mortgages, and PTSB's legacy commercial
    investment property loans. For now, the AMU will remain with
    PTSB, but the aim is to eventually remove it from the bank,"
    S&P said.

    Capital Home Loans (CHL) to be the third business unit and to
    comprise PTSB's U.K. loan book of EUR7.1 billion, which is
    mainly made up of buy-to-let mortgages. CHL has been closed
    to new business since 2008.

"As part of the Financial Measures Programme, plans were outlined
to reduce the Irish banking system to a manageable size and to
stabilize its funding base. Like peers, the program requires PTSB
to achieve a target loan-to-deposit ratio of 122.5% by end-2013,
and its recapitalization plans have been sized to take account of
losses on deleveraging. This ratio was 227% at Dec. 31, 2011, and
we assume this will slightly improve during first-half 2012,
reflecting limited new lending and the completed acquisition of a
EUR500 million deposit book in January 2012," S&P said.

"We believe that considerable challenges still remain for PTSB's
new management team," S&P said.

"In the near term, PTSB is seeking to make new appointments to
its executive team and has yet to fully implement more-effective
collections and arrears management. In addition, the recently
submitted restructuring plan remains subject to European
Commission approval," S&P said.

"We believe deleveraging remains difficult given the nature of
the AMU assets. Other than curbing new lending, PTSB has made
less headway relative to AIB and BOI in deleveraging. An easy
exit from its AMU appears limited without broader industry
developments," S&P said.

The longer term challenge is to grow revenues, adjust the cost
base to better reflect the smaller business, and carve out a
distinct retail offering that can generate sustainable returns.

"Systemic importance aside, our ratings on PTSB continue to
reflect our view of its 'bb' anchor, 'moderate' business
position, 'moderate' capital and earnings, 'adequate' risk
position, 'below average' funding, and "weak" liquidity, as our
criteria define these terms," S&P said.

"The long-term counterparty credit rating is one notch higher
than the SACP, reflecting our view of PTSB's 'moderate' systemic
importance in Ireland, and our assessment of the Irish government
as 'supportive'," S&P said.

"The negative outlook reflects our opinion that the new
management team faces numerous challenges in deleveraging and
returning the core business to preprovision profitability. In
particular, we expect that net interest margins will remain low
and we assume that the cost base has to be adapted to reflect the
smaller size of the continuing business and low new business
volumes," S&P said.

"We could lower the ratings on PTSB if we observe significant
setbacks in its restructuring. We would reflect this in a
revision of the business position assessment to 'weak' from
'moderate'. Further, if loan impairment charges or losses on
deleveraging are greater than we currently expect, such that our
projected risk-adjusted capital (RAC) falls below the 5%
threshold for a 'moderate' capital and earnings assessment, we
could revise that assessment to 'weak'. However, there would need
to be a significant decline in the sovereign credit ratings on
Ireland for PTSB's ratings to be directly affected through the
loss of the one notch for sovereign support that we assign to the
bank's rating at present," S&P said.

A revision of the outlook to stable would require substantial
progress on restructuring and deleveraging, and confidence that
Irish mortgage loan impairment charges have both peaked and are
on a steadily declining trend.


PILOT TRAINING: High Court Grants Examinership
----------------------------------------------
Charlie Taylor at The Irish Times reports that Pilot Training
College was granted examinership by the High Court.

The appointment of Michael McAteer of Grant Thornton as examiner
is a first step in restructuring the firm, the Irish Times notes.

According to the Irish Times, the High Court was told by an
independent accountant that the company has a "reasonable
prospect of survival".

A number of parties have indicated an interest in investing in
the restructured enterprise and Mr. McAteer will meet with the
parties and with the Irish Aviation Authority to discuss the
restoration of the company's license, the Irish Times relates.

Mr. Justice Brian McGovern set a further hearing date for
Thursday, July 26, the Irish Times discloses.

Pilot Training College is based in Waterford.



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K A Z A K H S T A N
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BTA BANK: Chapter 15 Case Summary
---------------------------------
Foreign representative: Askhat Niyazbekovich Beisenbayev

Chapter 15 Debtor: BTA Bank JSC
                   fka Bank TuranAlem JSC
                   aka JSC BTA Bank
                   97 Zholdasbekov Street
                   "Samal 2" microdistrict
                   Almaty 050051
                   Republic of Kazakhstan

Chapter 15 Case No.: 12-13081

Chapter 15 Petition Date: July 16, 2012

Court: U.S. Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: James M. Peck

About the Debtor: As of May 1, 2012, BTA Bank was the third
                  largest bank in the Republic of Kazakhstan by
                  total assets with a market share of 10.9%,
                  serving approximately 710,218 retail customers,
                  73,200 small and middle business customers and
                  1,397 corporate customers, most of which reside
                  or are registered, or maintain their
                  operations, inside Kazakhstan.  As of May 1,
                  2012 the Bank employed 5,290 people inside and
                  2 people outside Kazakhstan.

                  In October 2009, the Bank applied to the
                  Kazakhstan Financial Court for an order to
                  commence a restructuring.  The foreign
                  representative filed a petition (Bankr.
                  S.D.N.Y. Case No. 10-10638) in Manhattan and
                  the judge granted a petition for recognition of
                  the Kazakhstan proceeding as "foreign main
                  proceeding.  The Kazakhstan proceedings were
                  closed in August 2010 after all distributions
                  were made.  The U.S. case was closed in January
                  2011.

                  Due to the bank's deteriorating financial
                  situation that began in 2011, the company was
                  forced to seek a second restructuring before
                  the Kazakhstan financial court.   The Bank made
                  an application for restructuring under the
                  Banking Law, the Civil Procedural Code and the
                  Amending Law on May 2, 2012.

Debtor's Counsel: Evan C. Hollander, Esq.
                  WHITE & CASE LLP
                  1155 Avenue of the Americas
                  New York, NY 10036
                  Tel: (212) 819-8660
                  Fax: (212) 354-8113
                  E-mail: ehollander@whitecase.com

Estimated Assets: More than $1 billion

Estimated Debts: More than $1 billion

The Company did not file a list of creditors together with its
petition.



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


SLS CAPITAL: July 24 Hearing on Chapter 15 Recognition
------------------------------------------------------
Judge Shelley C. Chapman will convene a hearing on July 24 at
10:00 a.m. at Courtroom 610 to consider the petition filed under
Chapter 15 of the U.S. Bankruptcy Code seeking recognition of the
Luxembourg liquidation proceedings commenced by SLS Capital S.A.

The liquidator of Luxembourg-based SLS Capital S.A. filed in
Manhattan a petition under Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 12-12707) on June 25, 2012, to seek
recognition of proceedings in Luxembourg as "foreign main
proceeding".

Maitre Yann Baden, the liquidator and foreign representative,
estimated SLS Capital to have assets and debts of US$100 million
to US$500 million.  The liquidator is represented in the U.S.
case by Carollynn H.G. Callari, Esq., at Venable LLP as counsel.

SLS was a financial services company whose primary business was
the issuance of bonds to persons residing outside the United
States.  In the operation of its business SLS had counterparties
and advisors in the United States and had significant assets held
in custodial asset and cash accounts in New York City. The assets
held in the United States were the primary collateral for the
bonds that SLS issued.

On June 4, 2009, the State Prosecutor in Luxembourg filed an
application in the District Court of and in Luxembourg (Case
Number L-6258/09), to wind up and order the liquidation of SLS, a
Luxembourg joint stock company, pursuant to Article 203 of the
law of 10 August 1915 of Luxembourg, as subsequently amended.

On Oct. 1, 2009, the Luxembourg Court ordered the dissolution of
SLS and placed SLS into liquidation "declar[ing] applicable those
legal provisions pertaining to the liquidation of a bankruptcy"
and "appoint[ing] as magistrate in bankruptcy [Supervising Judge]
Mrs. Carole BESCH, judge with the Luxembourg Court, and
designat[ing] as liquidator Maitre Yann BADEN, lawyer residing in
Luxembourg. . . ."

The liquidator says that there is need for U.S. recognition of
the Luxembourg proceeding.  As part of the process of marshaling
SLS's assets and paying SLS's debts, the SLS Liquidator seeks to
investigate the disappearance of SLS's assets including assets
held in custodial accounts and to pursue such actions as are
appropriate in order to recover SLS's assets and/or seek damages
from culpable third parties.



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


ACCESS FINANCE: Fitch Assigns 'B' Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has assigned Netherlands-based Access Finance BV's
guaranteed unsecured unsubordinated notes a Long-term expected
rating of 'B(EXP)' and an expected Recovery Rating of 'RR4(EXP)'.
The Recovery Rating for the issue is in accordance with Fitch's
soft cap for Nigeria.  The final rating is contingent on the
final documentation conforming to information already received.

The notes' expected rating is aligned with the Long-term Issuer
Default Rating (IDR) of its 100%-parent, Access Bank Plc (Access,
'B'/Stable) based on Fitch's belief that Access will support debt
issued by Access Finance BV, if required.

Access Finance BV was incorporated to raise funds in the
international capital markets for Access and its subsidiaries.
The notes are expressed to be unconditionally and irrevocably
guaranteed.  The notes' ratings would be sensitive and directly-
linked to any change in Access's Long-term IDR.  The bond will
have a term to maturity of five years.

Access is rated as follows:

  -- Long-term foreign currency IDR: 'B'. Stable Outlook
  -- Short-term foreign currency IDR: 'B'
  -- National Long-term rating: 'A-(nga)'
  -- National Short-term rating: 'F2(nga)'
  -- Viability Rating: 'b-'
  -- Support Rating: '4'
  -- Support Rating Floor: 'B'



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


BANCA TRANSILVANIA: Fitch Affirms 'BB-' Long-Foreign Currency IDR
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings
(IDR) of three Romanian banks: UniCredit Tiriac Bank S.A. (UCTB)
at 'BBB+', Negative Outlook; Banca Transilvania S.A. (BT) at 'BB-
', Stable Outlook and ProCredit Bank Romania (PCBR) at 'BB+',
Stable Outlook.

RATING DRIVERS AND SENSITIVITIES: UCTB'S IDR AND SUPPORT RATING

The affirmation of UCTB's IDRs and Support Rating reflects
Fitch's continued view that the bank's ultimate parent, UniCredit
S.p.A. (UC; 'A-'/Negative), would be likely to have a strong
propensity to support UCTB through UC's fully owned subsidiary,
UniCredit Bank Austria AG ('A'/Stable).  This view takes into
account the continued high strategic importance of the Central
and Eastern Europe region for UC. The Negative Outlook on UCTB's
Long-term IDR reflects that on the parent.

The IDRs could be downgraded if UC was downgraded, or if Romania
('BBB-'/Stable) was downgraded and hence the Romanian Country
Ceiling ('BBB+').  However, the latter is not currently expected,
as reflected by the Stable Outlook on the rating.

RATING DRIVERS AND SENSITIVITIES: UCTB'S VIABILITY RATING

UCTB's 'bb-' Viability Rating (VR) reflects the pressure on its
profitability from rising loan impairment charges (LICs), rising
NPL ratios, lending concentrations in fragile sectors including
real estate and construction, and reliance on its parent for
funding and its moderate capital levels.  The rating also takes
into account UCTB's good efficiency, limited market risk and
comfortable liquidity.

An upgrade of the VR is unlikely in the short term. A downgrade
could result from continued deterioration in asset quality,
leading to further weakness in profitability and capitalization.

RATING DRIVERS AND SENSITIVITIES: BT'S IDR, VIABILITY RATING AND
SUPPORT RATING FLOOR

BT's Long-Term IDR is driven by its individual strength,
reflected in its VR of 'bb-'.  The VR reflects the bank's strong
deposit funding base, improving profitability and lower share of
foreign-currency lending.  Capitalization is adequate and
internal capital generation is sound.

BT's Support Rating of '3' and Support Rating Floor of 'BB-'
reflect the bank's systemic importance as the largest
domestically-owned private bank with a nationwide franchise in
Romania, as a result of which Fitch believes there to be a
moderate likelihood that the Romanian authorities would provide
support if necessary.

BT's VR and Long-term IDR could be upgraded if there were
sustained improvements in asset quality supported by a recovery
in the macroeconomic environment, and continued sound
performance.  Downside risk to the VR could come primarily from a
major deterioration in asset quality, leading to a substantial
worsening of capitalization, which is not likely, in Fitch's
view.

The Long-term IDR would come under downward pressure only if
there was both a downgrade of the VR and a downward revision of
Fitch's expectation of sovereign support for the bank, for
example should timely support not be made available if required.

RATING DRIVERS AND SENSITIVITIES: PCBR's LONG-TERM IDRS AND
SUPPORT RATING

PCBR's Long-Term IDRs and Support Rating reflect Fitch's opinion
of potential support from its main shareholder, ProCredit Holding
AG & Co KGaA (PCH, 'BBB-'/Stable), given PCH's history of support
for its bank subsidiaries and PCBR's advanced integration into
the group.  The ratings could be upgraded or downgraded if PCH's
ratings changed.

RATING DRIVERS AND SENSITIVITIES: PCBR's VR

PCBR's 'b' VR considers the bank's small market size in Romania
and increasing market competition, improving but weak
profitability mainly due to its low operating efficiency and only
acceptable capitalization given the low internal capital
generation.  The bank's VR also reflects good asset quality (with
90 day overdue loans equaling 4.2% of gross loans at end-Q112, 3%
at end-2010) and conservative provisioning of impaired loans
which reflects the risk management culture of the group.  Fitch
still expects some asset quality deterioration due to the modest
growth prospects for the Romanian economy and migration of
restructured loans (14.2% of gross loans at end-Q112, of which
69% were not included in the doubtful and loss regulatory
categories).

The VR could be downgraded if any negative performance was not
balanced by a material increase in capitalization.  A significant
and sustainable improvement in core profitability and asset
quality in addition to improved franchise could lead to an
upgrade of the VR.

The Romanian banking system continues to suffer from weak
economic activity at home and in the region.  Following two
consecutive years of sharp contraction, GDP grew by 2.5% in 2011
(2012 forecast for GDP growth: 1.3%).  However loan demand,
especially from individuals, is still weak.  Exposure to turmoil
in Greece and structural weaknesses remain potential risks.
Despite the loose monetary policy of the Central Bank, funding
costs are increasing because of still significant external
borrowings, although the sector loan to deposit ratio has fallen
to 118% at end-Q112 from 131% at end-2008, and increasing
competition for local customer deposits.

GDP contraction negatively affected asset quality and resulted in
a steep increase in NPLs (loans overdue by 90 days or more) which
are yet to peak.  The NPL ratio was 15.9% at end-Q112 compared to
11.9% at end-2010, and the banking system reported net losses in
2011, mainly due to loan impairment.  The high level of foreign
currency lending, often to un-hedged borrowers, coupled with long
maturities of retail loans, are sources of potential asset-
quality risk.  However, the capitalization of the Romanian
banking sector is adequate and the liquidity position remained
sound even at the bottom of the economic cycle.  In Fitch's view,
a stabilization of the banking system performance is likely in
2012-2013 as NPLs should start to plateau in a slightly more
benign operating environment, but a marked recovery is not
expected.

The rating actions are as follows:

UniCredit Tiriac Bank S.A.:

  -- Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
     Negative
  -- Short-term foreign currency IDR: affirmed at 'F2'
  -- Support Rating: affirmed at '2'
  -- Viability Rating: affirmed at 'bb-'

Banca Transilvania S.A.:

  -- Long-term foreign currency IDR: affirmed at 'BB-'; Outlook
     Stable
  -- Short-term foreign currency IDR: affirmed at 'B'
  -- Support Rating: affirmed at '3'
  -- Viability Rating: affirmed at 'bb-'
  -- Support Rating Floor: affirmed at 'BB-'

ProCredit Bank (Romania):

  -- Long-term foreign currency IDR: affirmed at 'BB+'; Outlook
     Stable
  -- Short-term foreign currency IDR: affirmed at 'B'
  -- Long-term local currency IDR: affirmed at 'BB+'; Outlook
     Stable
  -- Short-term local currency IDR: affirmed at 'B'
  -- Support Rating: affirmed at '3'
  -- Viability Rating: affirmed at 'b'



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


LSR GROUP: Fitch Affirms Long-Term Issuer Default Rating at 'B'
---------------------------------------------------------------
Fitch Ratings has affirmed OJSC LSR Group's (LSR) Long-term
foreign currency Issuer Default Rating (IDR) at 'B' with a Stable
Outlook and the senior unsecured rating of the outstanding bond
issues at 'B'.

The affirmations reflect LSR's sustainably strong position as a
developer and construction materials producer in its core region
of St. Petersburg and Leningrad region.  LSR continues to
diversify geographically towards the highly concentrated Moscow
and Moscow region residential housing where it has become one of
the top-five developers.  LSR is also expanding in Urals although
this represents less than 5% of its real estate portfolio.  LSR's
real estate portfolio value is balanced with 45% accounting for
the mass-market segment, 30% for the elite and business class
segment, 16% held for future development and 9% for offices.

LSR's core business remains in St. Petersburg and the adjacent
Leningrad region, which account for 85% of its real estate
portfolio, 70%-80% of concrete and bricks capacities, and 100% of
cement capacities.  Nevertheless, LSR's strategy to diversify
towards the Moscow region and Urals is on track with new contract
sales in the regions tripling in 2011.  In July 2012, LSR signed
a new 350,000 sq. m. residential housing project in Moscow
resulting in increase of LSR's real estate portfolio in Moscow
beyond one million sq. m.

With the launch of sales of a new low-cost cement plant in H211,
the company has fully covered its cement needs for 2012 and
beyond, and become vertically integrated in all construction
materials.  Following the completion of vertical integration,
LSR's investment program has refocused on optimization issues.
In 2011, LSR reorganized its construction materials business
units which led to lower administrative expenses, and is
developing its greenfield brick plant project which will replace
three outdated low-efficient brick plants.  LSR also continues
growth through small-sized selective acquisitions of construction
materials businesses and land plots.

Fitch retains its positive medium-term outlook for construction
and building materials in Russia, supported by growing real
income and salaries and strong mortgage lending growth potential.
Large-scale nation-wide infrastructure projects and its financing
support from Federal Targeted Investment Programme also support
the positive outlook for building materials and aggregates.
Recent market dynamics are also positive and supported by the 7%
growth in residential housing in 2011 (3.3% growth in January-May
2012).  However, the industry is inherently capital intensive and
is exposed to liquidity shocks.

New contract sales growth was 2.1x in 2011. This has not yet
translated in revenues growth, which was 7.4%, mostly stemming
from double-digit sales growth in construction materials.  In
H112, new contract sales increased by 68% and Fitch expects this
to contribute to 2012 sales growth, which should exceed 20%.  The
agency expects the 2012 EBITDA margin to improve to over 20% due
to the recognition of better-priced development projects launched
in 2010-2011 and the contribution of the new cement plant.

LSR's liquidity position is acceptable with cash and cash
equivalents as of FYE11 roughly twice the amount of short-term
outstanding debt.  Nevertheless, Fitch will closely monitor LSR's
new funding requirements for 2012 expansion plans as well as bond
repayments totalling RUB5 billion in 2013.  Fitch expects LSR to
deleverage from 2013 if free cash flow is positive following more
moderate cash outflows for working capital and capex needs.

WHAT COULD TRIGGER A RATING ACTION?
Positive: Future developments that may, individually or
collectively, lead to positive rating action include

  -- Sustainable improvement in financial metrics leading to an
     EBITDAR margin above 25%, or deleveraging with FFO adjusted
     leverage below 3.0x
  -- Positive free cash flow generation

Negative: Future developments that may, individually or
collectively, lead to negative rating action include

  -- Market deterioration leading to an EBITDAR margin below 15%
     and/or worsened liquidity position
  -- Leverage with FFO adjusted leverage sustainably above 4.0x



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


* SPAIN: Plan to Aid Ailing Regions Won't Hit Borrowing Plans
-------------------------------------------------------------
Ben Sills and Emma Ross-Thomas at Bloomberg News report that
Spain's plan to offer cash-strapped regional administrations
emergency loans leaves the Treasury with EUR12 billion (US$15
billion) of additional funding needs that the government says
won't affect its borrowing plans.

The central government will tap the lottery for part of the EUR18
billion fund for regions, leaving EUR12 billion for the Treasury
to finance, Bloomberg discloses.

Bloomberg notes that while Economy Minister Luis de Guindos said
on Thursday that the plan won't affect the nation's borrowing
program, economists including Jose Carlos Diez at Intermoney SA
say it will be hard to sustain without selling more debt.

Spain's Cabinet approved the creation of the fund on July 13 to
help regions that have lost access to markets meet debt
redemptions and finance deficits, Bloomberg relates.

Mr. De Guindos, Bloomberg says, is already pushing for the
government to privatize publicly-owned real estate, and a July 11
austerity plan included measures to sell off air, rail and
maritime transport services.

According to Bloomberg, an official at the ministry, who asked
not to be named in line with policy, said the borrowing program
hadn't changed and the EUR12 billion would come from the
Treasury's cash.



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


SEKERBANK TAS: Fitch Affirms LT Issuer Default Ratings at 'BB-'
---------------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings
(IDRs) of Sekerbank T.A.S at 'BB-'; Anadolubank A.S. at 'BB',
Alternatifbank A.S. at 'BB' and Tekstil Bankasi A.S (Tekstilbank)
at 'B+'.  The Outlooks are Stable.  The agency also upgraded
Sekerbank and Tekstilbank's National Long-term Ratings to
'A+(tur)' from 'A(tur)' and to 'A(tur)' from 'A-(tur)',
respectively, both with Stable Outlooks.

The upgrade of Sekerbank and Tekstilbank's National Ratings
reflect the relative improvements in the banks' credit strength
within their Long-term IDR categories, highlighted by key sound
financial indicators.  Sekerbank's upgrade also takes into
account the bank's ability to expand its franchise in its target
market segments, and improvements in underwriting practices
supported by automated credit approval systems.  Tekstilbank's
upgrade also reflects its conservative approach to risk and
prudent overall policies contributing to preserve a sound credit
profile.

All four banks' IDRs and National Ratings are driven by their
Viability Ratings (VR), reflecting limited franchises and
sensitivities associated with the strength of the operating
environment against a backdrop of sluggish global economic
outlook and the sharp slowdown in domestic growth in 2012.  The
VRs also reflect the banks' ability to adapt to market changes,
healthy funding and liquidity profiles with generally good (in
some cases holding up) asset quality.

The ratings could be upgraded if there were meaningful
improvements in the operating environment and in the banks'
franchises, supporting sustained future earnings capacity and
internal capital generation, coupled with sound risk profiles.

The ratings could be downgraded in case of a prolonged
deterioration in the operating environment (not Fitch's base
case) leading to much weaker asset quality putting downward
pressure on profitability and capital measures.

Customer deposits are the main source of funding for the banks,
representing in excess of 60% of non-equity liabilities.
Stressed liquidity scenarios imposed by the Turkish regulators
for the purpose of complying with prudential regulations are
tough.  All four banks comfortably meet prudential liquidity
adequacy requirements and internal statistical data highlights
the stable nature of core deposits at the banks.

Sekerbank's credit profile benefits from the bank's continued
ability to carve out a niche for itself in the smaller end of the
SME segment, and to build strong customer relationships in the
region of Anatolia.  The bank's customer base is potentially more
vulnerable to an economic slowdown but, to date, write offs have
been minimal and asset quality appears to be holding up.  Key
financial indicators are sound and the bank continues to make
progress with automating credit approval systems.  Fitch
considers capital (Fitch core capital (FCC) ratio of 12.39% at
end- March 2012) as only acceptable given the bank's risk profile
and growth plans.  However, Basel II, being introduced in Turkey
as of July 2012, will be moderately positive for Sekerbank's
regulatory capital adequacy ratio, given the composition of the
loan book and well managed FX exposure.

Anadolubank's ratings benefit from its consistent track record of
strong asset quality and capitalization, with a FCC/weighted
risks ratio of 16.1% at end-March 2012, and good performance.
After declining in 2011, profitability is set to improve in 2012
supported by higher margins and securities income.  The bank's
limited size, which has enabled it to remain highly responsive to
changes in the operating environment in the past, may become an
increasingly constraining factor for maintaining sustainable
profitability.

Alternatifbank's ratings reflect the bank's well-established
focus on SMEs and good track record in developing this franchise.
Its majority (96%) shareholder, the Anadolu Group, provides many
synergies and provides a large portion of stable deposits.  This
relationship is beneficial to the VR and is viewed as a major
strength, supporting growth where required.  However, the agency
considers the FCC ratio of 8.32% to be moderate.

Tekstilbank's key financial indicators are sound, with low
leverage, reasonable asset quality and an adequate funding
profile.  Management is conservative, continuing to prioritize
liquidity and capital retention at the expense of growth.  Sound
credit metrics support the upgrade of the National Rating,
although Tekstilbank's ability to develop its franchise in
Turkey's banking sector is limited.  The bank's conservative
approach to risk and prudent overall policies will inevitably
limit profitability but help preserve a sound balance sheet.
Tekstilbank's FCC ratio of 17.4% underpins the bank's adequate
credit profile.

Anadolubank's '4' Support Rating reflects its 70% ownership by
Habas Sinai ve Tibbi Gazlar Istihsal Endustri A.S. (Habas,
'B+'/Stable).  Fitch believes that Habas has a high propensity to
support the bank, but that its ability to do so would be limited,
given its 'B+' Long-Term foreign currency IDR.

The other three banks' Support Ratings of '5' and Support Rating
Floors of 'No Floor' reflect their limited market shares and
Fitch's view on the considerable uncertainty as to whether they
would be supported by the Turkish authorities or their
shareholders in case of need.

The Support Ratings could be upgraded if any of the banks were
sold to a strong, highly rated new owner, although Fitch views
this as relatively unlikely at present given the banks' limited
franchises.  Alternatifbank, already part of a major Turkish
group, is somewhat differentiated from the other banks on this
front.  Anadolubank's Support Rating could be downgraded if
Habas's rating was downgraded.

The rating actions are as follows:

Sekerbank:

  -- Long-term foreign currency and local currency IDR: affirmed
     at 'BB-'; Outlook Stable
  -- Short-term foreign currency and local currency IDR: affirmed
     at 'B'
  -- Viability Rating: affirmed at 'bb-'
  -- Support Rating: affirmed at '5'
  -- Support Rating Floor: affirmed at 'No Floor'
  -- National Long-term rating: upgraded to 'A+(tur)' from
     'A(tur)'; Outlook Stable

Anadolubank:

  -- Long-term foreign currency and local currency IDR: affirmed
     at 'BB'; Outlook Stable
  -- Short-term foreign currency and local currency IDR: affirmed
     at 'B'
  -- Viability Rating: affirmed at 'bb'
  -- Support Rating: affirmed at '4'
  -- National Long-term Rating: affirmed at 'AA(tur)'; Outlook
     Stable

Alternatifbank:

  -- Long-term foreign currency and local currency IDR: affirmed
     at 'BB'; Outlook Stable
  -- Short-term foreign currency and local currency IDRs:
affirmed
     at 'B'
  -- Viability Rating: affirmed at 'bb'
  -- Support Rating: affirmed at '5'
  -- Support Rating Floor: affirmed at 'No Floor'
  -- National Long-term rating: affirmed at 'AA(tur)', Outlook
     Stable

Tekstil Bank:

  -- Long-term foreign currency and local currency IDR: affirmed
     at 'B+'; Outlook Stable
  -- Short-term foreign currency and local currency IDR: affirmed
     at 'B'
  -- Viability Rating: affirmed at 'b+'
  -- Support Rating: affirmed at '5'
  -- Support Rating Floor: affirmed at 'No Floor'
  -- National Long-term rating: upgraded to 'A(tur)' from 'A-
     (tur)'; Outlook Stable


TURKIYE HALK: Fitch Assigns BB+ Rating to US$750MM Eurobond Issue
-----------------------------------------------------------------
Fitch Ratings has assigned Turkiye Halk Bankasi A.S.'s (Halkbank)
five-year US$750 million Eurobond issue a final rating of 'BB+'.
The rating reflects the completion of the issuance and receipt of
documents conforming to the information previously received by
Fitch.

The issue will mature in July 2017 and the proceeds will be used
for general corporate purposes.  The notes are senior unsecured
and will rank equally with all of Halkbank's other senior
unsecured obligations.

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

Halkbank ratings are as follows:

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



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


FERREXPO PLC: S&P Affirms 'B+/B' Credit Ratings; Outlook Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Ukraine-based iron ore pellet producer Ferrexpo PLC to negative
from stable. "At the same time, we affirmed our 'B+/B' long- and
short-term corporate credit ratings on Ferrexpo and our 'B+'
issue rating on the senior unsecured notes. The recovery rating
on the notes remains unchanged at '3', indicating our expectation
of meaningful (50%-70%) recovery in the event of a payment
default," S&P said.

"The outlook revision reflects the negative outlook on, and our
perception of increasing country risk in Ukraine (B+/Negative/B).
These risks include value-added tax (VAT) refund arrears and
rampant inflation, notably in gas and electricity, which we think
could weigh on Ferrexpo's operating performance," S&P said.

"The ratings continue to reflect our assessment of the group's
'weak' business risk profile and 'aggressive' financial risk
profile, as our criteria define the terms," S&P said.

"We believe that the sovereign rating and transfer and
convertibility (T&C) assessment on Ukraine will remain a cap for
Ferrexpo's rating, because all its major assets are located in
Ukraine. We note these key risks of operating in Ukraine," S&P
said:

    Restrictions that could be imposed on the transfer of funds
    outside Ukraine, as shown by S&P's current T&C assessment of
    'B+';

    "Double-digit increases in electricity and gas tariffs, which
    accounted for 26% and 13% of Ferrexpo's cash costs in 2011,
    and are squeezing the group's margins. We note that some
    relief from high inflation could come from local currency
    devaluation and lower commodities prices, as happened in
    2008, although the likelihood of this occurring is unclear,"
    S&P said.

    Delays to VAT refunds from the Ukrainian government that have
    led to working capital outlays and additional debt; and

    Weakening sovereign credit quality and political instability
    in Ukraine that could constrain access to financial markets
    for Ukrainian issuers.

"The negative outlook reflects the likelihood that we will lower
the rating on Ferrexpo if the sovereign rating or T&C assessment
on Ukraine are lowered, as the group remains exposed to Ukrainian
country risk," S&P said.

"We could also lower the rating if the group's liquidity weakened
or its leverage increased to the extent that its FFO to debt fell
below 30% as a result of aggressive investment in a weak market
environment. That said, we don't currently anticipate this
scenario," S&P said.

Iron ore prices falling below $120/ton for a prolonged period of
time would also be negative for the metrics and might lead to a
downgrade.

"We could revise the outlook to stable if the rating on the
sovereign stabilized and the company kept its moderate leverage,"
S&P said.


UKRSIBBANK: Fitch Affirms Long-Term Issuer Default Rating at 'B'
----------------------------------------------------------------
Fitch Ratings has affirmed the Long-term foreign currency Issuer
Default Ratings (IDRs) of Public Joint Stock Company UkrSibbank,
Ukrsotsbank (Ukrsots) and PJSC VTB Bank (Ukraine) (VTBU) at 'B'
with Stable Outlooks, and their Viability Ratings at 'ccc'.

The three banks' IDRs, Support and National Ratings are driven by
the likelihood of support they may receive from their majority
shareholders. UkrSibbank is 85%-owned by France's BNP Paribas
('A+'/Stable); Ukrsotsbank is 95%-owned by Italy-based UniCredit
S.p.A. ('A-'/Negative) through its Vienna subsidiary UniCredit
Bank Austria AG ('A'/Stable); and VTB Ukraine is more than 99%-
owned by Russia's JSC Bank VTB ('BBB'/Stable).  The Country
Ceiling of Ukraine ('B'), which reflects Fitch's view of transfer
and convertibility risks, constrains the banks' Long-term foreign
currency IDRs as it limits the extent to which support from their
majority foreign shareholders of these banks can be factored into
the ratings.  Their 'B+' Long-term local currency IDRs also take
into account Ukrainian country risks.

The banks' Long-term IDRs could be upgraded or downgraded if
Ukraine's sovereign ratings and Country Ceiling were upgraded or
downgraded.  In addition, for each bank, Fitch will take into
account the propensity of the shareholders to continue operations
in Ukraine, which could affect the probability of support that is
factored into the ratings.

The VRs of all three banks continue to reflect their weak
standalone profiles and high dependence on timely capital support
and funding (Ukrsots and VTBU) from their respective parents.
While asset quality has stabilized for each of the banks, a large
volume of restructured exposures remain, whose recoverability is
likely to be a lengthy process, and will probably require
recognition of additional impairment charges.  At the same time,
the potential for balance sheet growth and earnings generation is
constrained by the still weak macroeconomic picture and periodic
shortages of local currency liquidity.

Liquid assets are predominantly kept in foreign currencies and
government securities, while access to local currency could be
expensive or dependent on the propensity of the National Bank
of Ukraine (NBU) to provide secured refinancing.  Currency
devaluation risks also constrain the standalone credit strength
of the banks in light of still significant proportion of foreign
currency lending (50%-70%) for all three banks, and to a varying
degree to short economic open currency positions.

The VRs could be upgraded if there were significant improvements
in asset quality, a return to sustainable profit generation and
building up of stronger capital buffers.  The VRs could be
downgraded if there was additional loan impairment recognition
which further undermines capital positions.

Ukrsots' NPLs (loans overdue by 90 days or more) accounted for a
large 45% of the loan book at end-2011 and restructured exposures
for an additional 20%.  The latter included a high portion of
loans from construction/real estate sector, while the bank's
total exposure to this segment was a high 72% of Fitch core
capital at end-2011, heightening the bank's risk profile.
Reserve coverage of NPLs remained low at only 40% at end-2011 and
only 24% for total NPLs and restructured exposures.  The
regulatory capital adequacy ratio was 12.6% at end-Q112, meaning
that the bank could increase impairment reserves up to 25% only
of the loan portfolio before breaching the 10% required minimum
CAR.  This is a modest degree of loss absorption given the extent
of loan impairment, while the quality of pre-impairment profit
(4% of average gross loans in 2011) and consequently the bank's
capital, was also undermined by the large share of unpaid
interest accruals (23% of interest income or 15% of Fitch core
capital in 2011).  However, Ukrsots is currently in the process
of a capital increase which should have a minor positive effect
on its capital buffer.

UkrSibbank has progressed with its balance sheet clean-up during
the past year, including the sale of problem assets to third
parties and to parent-funded special purpose entities.  Remaining
NPLs (around 18% of portfolio in local accounts) are prudently
covered by impairment reserves (by 90%).  However, the
restructured loans (almost 30% of the portfolio) additionally
accounted for 1.3x-1.6x of its regulatory capital.  The quality
of capital was also constrained by significant deferred tax
assets (40% and 55% of the bank's regulatory and Basel Tier 1
capital respectively), which could be partly or fully
derecognized if there were adverse changes in profitability
forecasts or regulatory treatment.  Internal capital generation
was undermined by weak operating efficiency, with the bank's
cost/income ratio hovering above 90%. The open economic foreign
currency position was equal to almost 50% of UkrSibbank's equity,
exposing the bank to risks in case of UAH devaluation.

VTBU's regulatory capital adequacy ratio is tight (11.5% at end-
H112), although impairment reserves covered recognized NPLs by
1.8x.  However, the reserves were still insufficient to cover
potential problems in the restructured portfolio, with the net
unreserved exposure accounting for 2.6x regulatory Tier 1
capital.  The vulnerability of the capital position is
exacerbated by significant concentrations in VTBU's corporate
loan book, the majority of the top 20 exposures (equivalent of
4.5x equity) being in the restructured portfolio.  Significant
risks also arise from VTBU's short economic open currency
position (equal to 1.1x its equity at end-H112), although the
bank plans to reduce this through available market instruments.
Reliance on parent funding remains significant, accounting for
about half of total liabilities.

The rating actions are as follows:

  -- Public Joint Stock Company UkrSibbank:
  -- Long-term foreign currency IDR: affirmed at 'B'; Outlook
     Stable
  -- Long-term local currency IDR: affirmed at 'B+'; Outlook
     Stable
  -- Short-term foreign currency IDR: affirmed at 'B'
  -- Support Rating: affirmed at '4'
  -- Viability Rating: affirmed at 'ccc'
  -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
     Stable
  -- Senior unsecured local currency debt: affirmed at
     'B+'/'AAA(ukr); Recovery Rating 'RR4'

Ukrsotsbank:

  -- Long-term foreign currency IDR: affirmed at 'B'; Outlook
     Stable
  -- Long-term local currency IDR: affirmed at 'B+'; Outlook
     Stable
  -- Short-term foreign currency IDR: affirmed at 'B'
  -- Support Rating: affirmed at '4'
  -- Viability Rating: affirmed at 'ccc'
  -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
     Stable

PJSC VTB Bank (Ukraine):

   -- Long-term foreign currency IDR: affirmed at 'B'; Outlook
      Stable
   -- Long-term local currency IDR: affirmed at 'B+'; Outlook
      Stable
   -- Short-term foreign currency IDR: affirmed at 'B'
   -- Support Rating: affirmed at '4'
   -- Viability Rating: affirmed at 'ccc'
   -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
      Stable
   -- Senior unsecured local currency debt: affirmed at
      'B+'/'AAA(ukr); Recovery Rating 'RR4'


* UKRAINE: Fitch Assigns 'B' Rating to US$2-Billion Eurobond
------------------------------------------------------------
Fitch Ratings has assigned Ukraine's US$2 billion eurobond, due
24 July 2017, a 'B' rating. The eurobond has a coupon rate of
9.25%.  The rating is in line with Ukraine's Long-term foreign
currency Issuer Default Rating (IDR), which has a Stable Outlook.

Fitch affirmed Ukraine's ratings on July 10, 2012.



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


BRITISH AIRWAYS: S&P Raises Long-Term Corp. Credit Rating to 'BB'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on U.K. airline British Airways PLC to 'BB' from
'BB-'. The outlook is stable.

"At the same time, we raised to 'BB' from 'BB-' our issue ratings
on the GBP250 million senior unsecured notes and GBP350 million
convertible notes issued by British Airways. The recovery rating
on these notes is unchanged at '3', indicating our expectation of
meaningful (50%-70%) recovery in the event of a payment default,"
S&P said.

"In addition, we raised to 'B' from 'B-' our issue rating on the
preferred stock issued by British Airways Finance (Jersey) L.P.
We also assigned a recovery rating of '6' to these notes,
indicating our expectation of negligible (0%-10%) recovery in the
event of a payment default," S&P said.

"The upgrades reflect British Airways' performance in the first
half of 2012, which was better than our forecast. This was mainly
due to higher growth of revenue passenger kilometers (RPKs) than
we anticipated, and higher average ticket prices. We now
anticipate that as long as there are no material events affecting
air travel or British Airways in the remainder of 2012, the
company will be able to maintain Standard & Poor's-adjusted funds
from operations (FFO) to debt of more than 20%. In our view, FFO
to debt of more than 20% is commensurate with a 'significant'
financial risk profile," S&P said.

"In our revised base-case operating scenario, we forecast that
British Airways' actual seat kilometers (excluding British
Midland [BMI]) will increase by about 4% in 2012. We forecast
that RPKs will increase by about 6%, which is slightly lower than
reported RPK growth of 7.4% in first six months of 2012. We
anticipate that yield will be up by about 0.3% in 2012, driven by
slightly lower demand for premium travel in the second half of
2012. Overall revenues increase by about 5% in 2012 in our base-
case scenario. Overall, using our forecast of West Texas
Intermediate oil of about $90 per barrel on average, British
Airways' fuel costs will increase by about 15% to 20% in 2012,"
S&P said.

"We continue to believe that the above factors will lead British
Airways to report lower operating profits for full-year 2012 than
in 2011. However, our base-case financial ratios for British
Airways are likely to remain commensurate with a 'significant'
financial risk profile because the company's performance in 2011
resulted in significant headroom under our guidelines for the
rating," S&P said.

"We could take a negative rating action if British Airways'
adjusted FFO to debt falls to less 20%. For this to be the case,
we believe that revenues would have to decline by as much as 10%,
and that the turnaround of BMI would cost more than we currently
anticipate. A dramatic increase in the oil price by more than 20%
or an increase in the pensions deficit could also lead FFO to
debt to drop to less than 20%," S&P said.

"We could take a positive rating action should British Airways
achieve and in our view be able to maintain adjusted FFO to debt
of more than 30%. We believe this is unlikely at present, as it
would in our view require revenues to increase by more than 20%,
with fuel prices remaining at current levels. We could also take
a positive rating action if we saw an improvement in British
Airway's business risk profile, for example due to higher
benefits than we anticipate from the incorporation of BMI into
British Airways," S&P said.


DAWSON INT'L: May Face Administration After Pension Talks Fail
--------------------------------------------------------------
Erikka Askeland at The Scotsman reports that Dawson International
has warned 200 jobs are at risk after long-running negotiations
with a government-backed pension rescue scheme have failed.

According to the Scotsman, the firm said it now has to negotiate
a deal with the company's estimated 4,000 pensioners, but warned
that if no agreement is reached it "would have no alternative but
to consider appointing administrators for all or part of the
group".

Investor Jan Holmstrom has left board of Dawson with immediate
effect following outcome of "disappointing" negotiations with the
Pension Protection Fund (PPF) and the Pensions Regulator over the
group's estimated GBP50 million pension fund shortfall, the
Scotsman discloses.

In May, the group's board applied to have the fund entered into
the PPF scheme in return for a cash payment, loan note and equity
stake in the company, the Scotsman recounts.

But the PPF and the regulator rejected the deal and told the
board that the compensation offered was "insufficient in
comparison to the size of the deficit", the Scotsman notes.

The Scotsman relates that the board claims the terms were
"significantly better" than would be the case if the company was
made insolvent, adding that Hawick-based Dawson "simply has no
more to offer".

Dawson International is a cashmere knitwear firm.


ELLI INVESTMENTS: Moody's Assigns Definitive Instrument Ratings
---------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to Elli
Investments' (Four Seasons Health Care) issuance of GBP350
million worth of senior secured notes (rated B1) due in 2019 and
GBP175 million worth of senior unsecured notes (rated Caa1) due
in 2020. In addition, the rating agency has assigned a definitive
Ba2 instrument rating to the company's GBP40 million secured
super senior revolving credit facility maturing in 2018. The
outlook on the ratings is stable.

Ratings Rationale

The B2 corporate family rating (CFR) reflects the high initial
proforma leverage of debt/EBITDA ratio of approximately 5.5x
(based on pro-forma EBITDA of GBP102 million as per March 2012,
and adjusted by capitalizing estimated annual operating leases of
approximately GBP52 million at 6x). "While the relatively weak
initial credit metrics and large share of leasehold properties in
the portfolio are a constraining factor on Elli's rating, Moody's
also notes the company's attractive business profile, with
market-leading positions and a stable and recurring revenue
base," says Alex Verbov, Vice President and Moody's lead analyst
for Elli's.

Following the acquisition of parts of Southern Cross's portfolio
in 2011, Elli has become the largest UK operator of elderly care,
with pro-forma revenues of around GBP685 million. Although the
Company also runs Specialist hospitals and care centers with some
1,200 beds, elderly care accounts for over 85% of both revenues
and EBITDA contribution.

Increased funding constraints on the public healthcare system and
regulatory compliance costs are likely to continue having a
negative impact both on the UK healthcare industry and Elli. In
the past, changing customer mix and the gap between fee increases
and cost inflation led to gradual EBITDA margin declines. Going
forward, Moody's expects Elli to at least maintain its absolute
profitability levels and benefit from longer-term growth
potential due to favorable demographics as well as a gradual
increase in occupancy following the integration of recent
portfolio additions via Southern Cross and the Care Principles
transactions.

Estimated pro-forma EBITDA margins of around 15% reflect a
significant share of leasehold properties (EBITDA margins
adjusted for leases are 7% higher at c. 22%), and highlight
Elli's higher operational leverage than seen for largely freehold
operators. This is being partly mitigated by the variable terms
agreed on a large portion of leases from the Southern Cross
acquisition, which reduces both the downside and the upside
impact for the company. Moody's expects a relatively slow
deleveraging profile going forward and the large leasehold
portfolio has a constraining impact on the leverage metric.

The stable outlook reflects Moody's expectation that no
significant changes in leverage are likely in the next 12-18
months, partly attributable to the stabilizing impact of lease
capitalization on the leverage metric volatility.

Negative pressure could be exerted on the rating in the event of
increasing margin pressure and gross leverage exceeding 5.75x
(pro forma per 12/2011: 5.5x) and/or EBITA/Interest Cover falling
below 1.4x (pro forma per 12/2011:1.4x). Aggressive acquisition,
development and dividend policies could also be triggers for a
downgrade.

An upgrade would require a sustained period of maintaining
profitability and cash flow generation at a high level, with a
subsequent reduction in leverage, with for example debt/EBITDA
improving materially below 5.0x and/or EBITA interest cover
increasing over 1.8x.

The principal methodology used in rating Elli was the Global
Healthcare Service Providers Industry Methodology published in
December 2011. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

FSHC is the largest independent provider of elderly care in the
UK with estimated pro-forma revenues of around GBP685 million.


EQUINOX PLC: Fitch Downgrades Rating on Two Note Classes to 'Csf'
-----------------------------------------------------------------
Fitch Ratings has downgraded Equinox (Eclipse 2006-1) plc, as
follows:

  -- GBP183.7m class A (XS0259279585) downgraded to 'Bsf from
     'Asf'; Outlook Stable
  -- GBP17.2m class B (XS0259280088) downgraded to 'CCsf' from
     'BBBsf'; Recovery Estimate (RE) 20%
  -- GBP18.1m class C (XS0259280161 downgraded to 'Csf' from
     'BBsf'; RE0%
  -- GBP20.9m class D (XS0259280591) affirmed at 'Csf'; RE0%
  -- GBP7.7m class E (XS0259280674) affirmed at 'Dsf'; RE0%

The scale of the downgrade echoes the substantial fall in the
value of the office property securing the Royal Mint Court loan
(29% of the pool).  This is compounded by continued
underperformance and uncertainty for the Ashbourne Portfolio
loan, which along with Royal Mint Court accounts for
approximately 60% of the pool.  In addition, the loan secured on
the distressed Macallan portfolio will suffer losses estimated to
be in excess of GBP14 million once liquidation is complete.
Another two loans are expected to suffer limited losses, which in
total are expected to lead to notes up to and including the class
B being written down, leaving the class A notes with only a
limited margin of safety, as reflected in its rating.

The Royal Mint Court office, located on the fringe of London's
financial district (opposite the Tower of London), was recently
revalued for the first time since December 2005, revealing a
decline of approximately 70%.  Besides the run-off of long, over-
rented occupational leases, which now have under two years left
on average, the principal driver of the precipitous value decline
appears to be the irrecoverable capital expenditure needed to
upgrade the office complex and make it attractive to prospective
tenants in the submarket.  The tenure of the property, with the
freeholder absorbing 50% of net operating income, makes such an
outlay far less palatable for the leaseholder, since it stands to
lose half of any upside in income.  Unless a benign settlement is
reached with the freeholder (Delancey, which also stands to lose
if new tenants cannot be found), the leasehold value, on which
loan recoveries depend, will be constrained.

The Ashbourne Portfolio loan remains in special servicing
following Southern Cross's administration in July 2011, exposing
the property portfolio's inherent operational risk.  The
portfolio requires significant reinvestment to improve the
quality of the nursing homes, which will be challenging against
the backdrop of public sector cutbacks.  The result is that
future rents agreed with the new operators will be tightly
constrained, a risk that is reflected in the steady declines in
value.

The GBP72.6 million securitized portion of the loan is 50% of a
senior piece of a much larger whole loan (GBP328.0 million).
Despite its subordination, the considerable additional leverage
has meant that equity has eroded quickly as value has fallen: a
September 2011 valuation (released December 2011) reports a 43%
decline in addition to the 21% fall revealed in November 2010 (on
a valuation dating back to 2008).  The reported securitized loan-
to-value ratio (LTV) is 96%, compared to Fitch's estimate of
118%.

The borrower continues to discuss strategy with the operators
that took over following Southern Cross's bankruptcy, with the
intention of renegotiating loan terms (although the status of
this remains unclear to Fitch).  Any new leases are likely to be
at a significant discount to the over-rented amounts owed (but
not paid) by Southern Cross.  Irrespective of the terms of any
new proposal, Fitch expects this loan to make a loss.


FULTONS FINE: Enters Into Administration
----------------------------------------
John Campbell at BBC News reports that Fultons Fine Furnishings
has been placed into administration.

Administrators were appointed at the owners' request, BBC
relates.  The company's shops are open and continuing to trade,
BBC notes.

Stephen Cave and Paul Rooney, from financial consultancy PwC, are
acting as administrators, BBC discloses.

Fultons Fine Furnishing Ltd., which holds the property interests,
last filed accounts for the year ending February 2010, BBC
recounts.

Those abbreviated accounts suggest it made a small profit that
year, BBC states.

At that time, it owed the bank about GBP7 million but had net
assets of more than GBP8 million, according to BBC.

Fultons Fine Furnishings is a furniture retailer based in Lurgan.
The various Fulton activities also include a number of commercial
and residential property interests and collectively employ a
total of 57 people.


HERCULES PLC: Fitch Downgrades Rating on Class E Notes to 'CCsf'
----------------------------------------------------------------
Fitch Ratings has downgraded Hercules (Eclipse 2006-4) plc's CMBS
notes due October 2018 as follows:

  -- GBP636.3 million class A (XS0276410080) to 'BBBsf' from
     'Asf'; Outlook Negative
  -- GBP43.9 million class B (XS0276410833) to 'BBsf' from
     'BBBsf'; Outlook Negative
  -- GBP25.0 million class C (XS0276412375) to 'Bsf' from 'BBsf';
     Outlook Negative
  -- GBP50.9 million class D (XS0276413183) to 'CCCsf' from
     'Bsf'; Recovery Estimate (RE) 'RE70%'
  -- GBP29.0 million class E (XS0276413340) to 'CCsf' from
     'CCCsf'; 'RE0%'

The downgrade is driven primarily by the continued uncertainty
surrounding the Ashbourne Portfolio loan.  The loan remains in
special servicing following Southern Cross' administration in
July 2011, exposing the property portfolio's inherent operational
risk.  The portfolio requires significant reinvestment to improve
the quality of the nursing homes, which will be challenging
against the backdrop of public sector cutbacks.  The result is
that future rents agreed with the new operators will be tightly
constrained, a risk that is reflected in the steady declines in
value.

The GBP72.6 million securitized portion is 50% of a senior piece
of a much larger whole loan (GBP328.0 million).  Despite its
subordination, the considerable additional leverage has meant
that equity has eroded quickly as value has slid: a September
2011 valuation (released Dec 2011) reports a 43% decline in
addition to the 21% fall revealed in November 2010 (on a
valuation dating back to 2008).  The reported securitized loan-
to-value ratio (LTV) is 96%, compared to Fitch's estimate of
118%.

The borrower continues to discuss strategy with the operators
that took over following Southern Cross' bankruptcy, with the
intention of renegotiating loan terms (although the status of
this remains unclear to Fitch).  Any new leases are likely to be
at a significant discount to the over-rented amounts owed (but
not paid) by Southern Cross.  Irrespective of the terms of any
new proposal, Fitch expects this loan to make a loss.

All other loans are materially unchanged since the last rating
action in July 2011.  The GBP180 million Cannonbridge whole loan
remains significantly over-leveraged, with a reported securitized
LTV of 134%.  In spite of an unusually lengthy four-year
extension granted to the borrower in 2010, Cannonbridge is the
first of Hercules' seven loans to mature, falling due in January
2015.  During this time whole loan leverage is likely to increase
further, owing to a payment-in-kind provision entered into the
loan in 2010.  Therefore the chances of orderly repayment are
slim, despite an improvement in occupancy and scheduled increases
in passing rent as rent-free periods elapse.  The last loan to
mature is due 21 months after Cannonbridge, and two years before
legal final maturity in October 2018.


PORTSMOUTH FOOTBALL: To Fight Penalties; Appeals to Creditors
-------------------------------------------------------------
BBC News reports that Portsmouth have issued an "urgent plea" for
creditors from the previous time they were in administration to
contact them as they try to fight penalties imposed on them by
the Football League.

The League have docked Pompey 10 points and imposed financial
restrictions, BBC discloses.  This is because the way Pompey
wanted to exit their current administration via a Company
Voluntary Arrangement did not have the 2010 creditors' approval,
BBC notes.

The Pompey Supporters' Trust and Balram Chainrai both want to buy
the club, BBC says.  According to BBC, former owner Mr. Chanrai
had looked set to regain ownership of the League One club.

Pompey's current creditors accepted a CVA offer from Mr. Chainrai
worth two pence in the pound on June 25 and he had 28 days to
make good on his proposal buy the club, BBC recounts.

However, administrator Trevor Birch revealed on July 13 that
Mr. Chainrai had been left "reeling" by the Football League
penalties imposed the previous day and that the former owner
could now pull out of the deal, BBC discloses.

On top of starting the new season on minus 10 points, whoever
buys Pompey must agree that only a limited proportion of the
secured debt can be carried forward into the new company, BBC
says.

They must also agree to pay all football creditors in full,
unless an alternative agreement is reached, BBC notes.

And they must agree to restrictions on playing budgets, future
borrowing and loan repayments for the next five seasons,
according to BBC.

Mr. Birch, as cited by BBC, said they would attempt to fight the
punishment and would meet with the Football League to try and
reverse the decision -- coming to an agreement with previous
creditors would be one way of trying to do this.

                    About Portsmouth Football

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


* UK: Moody's Says RIIO-GD1 & RIIO-T1 Proposals Ratings Neutral
---------------------------------------------------------------
Provisional analysis suggests that rated UK networks should be
able to absorb the changes in price limits under RIIO-GD1 and
RIIO-T1 at the current ratings level, albeit with less headroom,
says Moody's Investors Service in a Special Comment published on
July 19.

The new report is entitled "Initial Proposals for RIIO-GD1 and
RIIO-T1 likely to be ratings neutral".

On July 16, 2012, the UK energy regulator, Ofgem, released the
headlines of its initial proposals for the next gas distribution
price controls (RIIO-GD1) and the next transmission price
controls (RIIO-T1), including the allowed revenue for the eight-
year period from 2013-2021. Firm conclusions on the proposals may
only be drawn once the full details are available and some
aspects may be refined by Final Proposals. However, Moody's
provisional analysis suggests that the rated Gas Distribution
Networks as well as National Grid Electricity Transmission (NGET)
and National Grid Gas (NGG) should be able to absorb the changes
in price limits at the current ratings level, albeit with less
headroom.

Moody's does note that the reduction in allowed returns will
increase pressure on companies to efficiently manage their
treasury operations and it may be necessary for some -- including
NGET -- to increase the proportion of debt in index-linked form
if they are to meet the rating agency's adjusted interest cover
ratio guidance. Moody's also notes that it is common practice for
the owners of regulated networks to review their dividend policy
following the publication of the final regulatory settlement.

For those network companies owned by larger parent groups -- SSE
plc (A3 stable) and National Grid plc (Baa1 stable) -- a less
than desirable outcome from the price-control process would need
to be considered in the context of the performance of the overall
group.


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


* Moody's Says Debt Maturities Loom for EMEA Spec-Grade Companies
-----------------------------------------------------------------
Debt maturing in 2013-14 for rated speculative-grade non-
financial companies in the Europe, Middle East & Africa (EMEA)
region remains substantial with half the debt concentrated in
just 27 companies, says Moody's Investors Service in a Special
Comment published on July 19.

The new report, entitled "European Non-Financial Speculative-
Grade Corporates - Substantial Debt Maturities In Weakening
Environment", is now available on www.moodys.com. Moody's
subscribers can access this report via the link provided at the
end of this press release.

"About US$180 billion of debt matures in 2013-14, which is
concerning against a backdrop of ongoing bank deleveraging and
weakening operating environment," says Douglas Crawford, a Vice
President - Senior Analyst in Moody's Corporate Finance Group and
author of the report.

The rating agency notes that speculative-grade companies'
refinancing needs for 2013 stand at US$84 billion, compared to
the US$66 billion of maturities in 2012 at the time of the
previous study in 2011. A total of US$96 billion also matures in
2014 with another similarly sized refinancing peak in 2016, when
USD 97 billion is due.

Although 2013 maturities remain dominated by Ba-rated companies,
maturities among companies rated below Ba increased to 39% from
30% in 2012. Such issuers represent a higher proportion of
maturities in the next four years - up to 58% from 52% in 2012.

Downgrades of several companies in the Eurozone periphery,
including government-related issuers (GRIs) have led to fallen
angels further dominating near-term maturities, with most new
names at the higher end of Ba-ratings range.

While higher ratings among speculative-grade companies normally
indicate a greater ability to refinance debt, Moody's cautions
that this premise may be tested by the fallen angels with
linkages to sovereign creditworthiness that remains under stress.

Portugal has seen the most significant increase, to 9% of the
refinancing requirements in the period 2013-16, driven by fallen
angels from the utilities sector.

In contrast to unrated LBOs that still face considerable
refinancing pressure in the coming years, rated LBOs have largely
pushed their aggregate maturities to 2016 onwards.


* BOND PRICING: For the Week July 16 to July 20, 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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