TCREUR_Public/120806.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, August 6, 2012, Vol. 13, No. 155

                            Headlines



B U L G A R I A

BDZ HOLDING: At Risk of Bankruptcy; Seeks Urgent Funds


G E R M A N Y

PFLEIDERER AG: Unveils Key Points of Insolvency Plan
SUEDZUCKER AG: Moody's Affirms 'Ba1' Subordinated Rating


G R E E C E

BANK OF GREECE: Fitch Cuts Long-Term Issuer Default Rating to 'D'


I R E L A N D

ALLIED IRISH: Incurs EUR1.1BB Operating Loss in Half-Year 2012
MONEY PARTNERS: Fitch Assigns 'BB' Rating to Tranche B1b Swap


I T A L Y

CARTESIO 2003-1: S&P Cuts Rating on 5 Note Classes to 'BB-'
CASSA DI RISPARMIO: Moody's Withdraws 'D-' BFSR; Outlook Negative
DEIULEMAR SHIPPING: Seeks Liquidation to Avoid Bankruptcy


L U X E M B O U R G

ARCELORMITTAL: S&P Lowers Corporate Credit Ratings to 'BB+/B'


N E T H E R L A N D S

SNS BANK: Moody's Updates on 14 Dutch RMBS Deals


N O R W A Y

EKSPORTFINANS ASA: No Plan to Continue Operations Afer Wind-Down


P O L A N D

PBG SA: Hydrobudowa Unit At Risk of Liquidation Bankruptcy


P O R T U G A L

* PORTUGAL: S&P Affirms 'BB/B' Sovereign Credit Ratings


S L O V E N I A

TELEKOM SLOVENIJE: Completes Liquidation of Dutch Affiliate
* SLOVENIA: Moody's Cuts Government Bond Rating; Outlook Neg.


S P A I N

UNION FENOSA: Fitch Lowers Rating on Subordinated Debt to 'BB'


S W I T Z E R L A N D

LEHMAN BROTHERS: Makes Progress in Settlement With Swiss Unit


U K R A I N E

FORUM BANK: Moody's Cuts Deposit Rating to B3; Outlook Negative


U N I T E D   K I N G D O M

BOWER TERRACE: Marley in Dispute with Receivers Over Properties
DARLINGTON FOOTBALL: Liquidators Warn No Payout for Creditors
ETHEL AUSTIN: Liric Acquires 32 Stores; 198 Jobs Saved
EMS PROMOTIONS: Two Events Cancelled as Organizer Liquidates
LONDON PLEASURES: In Administration After Cash Flow Shortfall

WAD DEVELOPMENTS: In Administration; Owes More Than GBP7-Mil.
WORLDSPREADS PLC: Creditors Take Steps to Recoup Money


X X X X X X X X

* Bingham Comments on Appeals Court Ruling on Piercing Corp. Veil
* Moody's Says EU Recession May Hit Lat-Am Commodity Producers
* Moody's Takes Rating on Actions Various ABCP Programs
* BOND PRICING: For the Week July 30 to August 3, 2012


                            *********


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


BDZ HOLDING: At Risk of Bankruptcy; Seeks Urgent Funds
------------------------------------------------------
Novinite.com reports that Yordan Nedev, CEO of Passenger
Transport of Bulgaria' BDZ Holding, said the passenger trains in
Bulgaria can stop running as early as mid-August.

Speaking Friday for the Bulgarian National Television, BNT,
Mr. Nedev explained that the cash-strapped company urgently needs
the transfer of BGN14 million from the State in order to keep
serving passengers, Novinite.com relates.

The State subsidy for BDZ was halted a month ago over the default
on a World Bank loan in the amount of BGN150 million,
Novinite.com recounts.

BDZ Holding is a State Railways company.



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G E R M A N Y
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PFLEIDERER AG: Unveils Key Points of Insolvency Plan
----------------------------------------------------
The Executive Board of Pfleiderer AG on Aug. 3 decided to present
an insolvency plan for the company to the Duesseldorf Insolvency
Court.  The key points of the insolvency plan, in addition to
substantial debt relief, include capital restructuring measures,
in particular the reduction to zero of the share capital of
Pfleiderer AG and a subsequent capital increase.

According to the insolvency plan, the current shareholders' right
to subscribe to the new shares will be completely excluded.  The
insolvency plan does not call for any payments to be made to the
current shareholders or to sub-ordinate creditors.  No stock-
exchange listing of the new shares is planned.

As reported by the Troubled Company Reporter-Europe on April 19,
2012, the insolvency court in Dusseldorf on April 17 opened
insolvency proceedings for Pfleiderer and ordered personal
management or debtor in possession as expected.  A respective
request was filed by the Executive Board on March 28, 2012.
Lawyer Horst Piepenburg was appointed as the custodian.

                        About Pfleiderer

The Pfleiderer AG -- http://www.pfleiderer.com-- is a producer
of engineered wood.  The company employs approximately 4,900
people and operates 16 locations in North America, Western and
Eastern Europe producing engineered wood, surface finished
products and laminate flooring.


SUEDZUCKER AG: Moody's Affirms 'Ba1' Subordinated Rating
--------------------------------------------------------
Moody's Investors Service has affirmed the Baa1 issuer and senior
unsecured long-term ratings of Suedzucker AG ("Suedzucker" or
"the group") and its wholly owned and guaranteed subsidiary
Suedzucker International Finance B.V as well as Suedzucker's Ba1
subordinated rating and affirmed the Prime-2 (P-2) commercial
paper (domestic currency) ratings of the group and Suedzucker
International Finance B.V. The outlook on all ratings has been
changed to positive from stable.

Ratings Rationale

"The rating action reflects the sustained improvement in
Suedzucker's operating performance, particularly in the Sugar
segment, and the continuance of its conservative financial
policies, enabling credit metrics to further strengthen to levels
now strongly positioned for its Baa1 issuer rating" says Andreas
Rands, a Moody's Vice President -- Senior Analyst and lead
analyst for Suedzucker. "We expect the company to continue
benefiting from a favorable pricing environment for its Sugar
segment based on the current supply/demand dynamics in the EU
sugar market."

The Baa1 rating reflects Suedzucker's scale and leading position
in the production of beet sugar in Europe, as well as the
diversification of its business, given its Special Products,
CropEnergies and Fruit segments (c. 47% of group revenues in FY
2011/12). The rating reflects continued strengthening in
operating performance and the favorable outlook for Suedzucker's
Sugar segment. However, the rating remains constrained by
regulatory uncertainties in the medium- to long-term horizon and
Suedzucker's exposure to commodity-price volatility, particularly
in its non-sugar segments, which can be subject to large
fluctuations in earnings and cash flows.

Whilst the Sugar segment is the key driver of Suedzucker's
growth, all of the group's segments, except Fruit, contributed to
the improvement in its operating performance in FY 2011/12. The
Fruit segment suffered from the challenging economic environment,
as well as rising raw material costs, but since then volumes in
fruit preparations have recovered, with Suedzucker expecting an
improvement in this segment's FY 2012/13 operating profit.
Overall, Suedzucker's positive operating performance has led to a
further improvement in its key credit metrics during FY 2011/12
such that they are now more strongly positioned in the Baa1
rating category and are expected to remain supported by positive
EU sugar market dynamics.

Moody's had previously indicated in its rating guidance that
positive pressure on the ratings or outlook would require
Suedzucker to strengthen its credit metrics, including adjusted
debt/EBITDA to decrease sustainably below 2.25x and adjusted
retained cash flow (RCF)/net debt to increase sustainably above
35% (metrics as adjusted by Moody's), on the back of supportive
industry conditions. Suedzucker's first-quarter FY 2012/13
results confirmed the continued positive trend in the group's
financial performance. Indeed, as a result of the good visibility
of its revenues, the group is forecasting operating profit of
above EUR800 million for FY 2012/13, up from EUR751 million in FY
2011/12. In FY 2012/13, the group will continue to benefit from
relatively high sugar prices and customers locking in volumes
early given the constraints on EU sugar supply.

Moody's estimates that Suedzucker's adjusted leverage as of
FY2011/12 was 2.1x and RCF/net debt 38.9%, vs. 2.5x and
approximately 29.4%, respectively, as of FY 2010/11. In Moody's
view, on the back of Suedzucker's performance in FY 2011/12, and
the expectation for FY 2012/13 and beyond, the group could
sustain these credit metrics over the medium term. However, the
rating remains constrained by the uncertainties of the potential
reform of EU sugar market regulation, given that key sections
expire as of 30 September 2015, as well as its exposure to
commodity price fluctuations, particularly in its Specialty
Products, CropEnergies and Fruit segments. For FY 2012/13, the
group expects to see a decline in the operating profit generated
in the CropEnergies segment as rising raw material costs weighs
on results, partly offset by revenue growth. The group expects
operating profit in Special Products to be in-line with FY
2011/12 and some improvement in Fruit on the back of a recovery
in volumes for fruit preparations.

In addition, the rating incorporates the group's healthy
liquidity profile as of first quarter FY 2012/13, with a cash
balance of EUR342.9 million (EUR384.1 million including short-
term securities) and full availability under its EUR600 million
five-year syndicated revolving credit facility.

The Ba1 subordinated rating remains three notches lower than
Suedzucker's Baa1 issuer rating and continues to reflect the loss
absorption characteristics of the rated instrument (that
continues to receive Basket D treatment), including (i) its
deeply subordinated and perpetual nature, (ii) the presence of a
mandatory non-cumulative coupon suspension linked to a breach of
a strong trigger (consolidated Cash Flow of the company is less
than 5% of the consolidated Sales Revenues) as well as (iii) an
optional cumulative deferral if no dividends are paid.

The positive outlook reflects Moody's view that Suedzucker's
expected deleveraging and improved cash generation will leave it
strongly positioned for the Baa1 rating over the next 12-18
months and that metrics may improve further on the back of
supportive industry conditions. The current rating and outlook
assume the maintenance of conservative financial policies and the
absence of any material debt-financed acquisitions or aggressive
shareholder distributions. Over the coming 12-18 months we expect
the company to build on its cash balances and financial
flexibility to ensure that Suedzucker builds a cushion to sustain
strong "through the sugar cycle" credit metrics.

What Could Change the Rating Up/Down

In Moody's view, positive pressure on the rating is likely to
develop during the next 12-18 months but this is reliant on (1)
the company continuing to maintain adjusted leverage sustainably
below 2.25x and maintain adjusted RCF/net debt sustainably above
35%; (2) there is increased visibility with regard to the
company's financial policies going forward, as well as clarity
concerning the regulatory environment in the context of the
potential reform of EU sugar market regulations, given that key
sections expire as of 30 September 2015; and (3) the company
building on its cash balances and financial flexibility cushion
to ensure that Suedzucker can sustain strong "through the sugar
cycle" credit metrics.

Conversely, although not expected in the short term in view of
the positive outlook, negative rating pressure could develop if
the group's profitability weakens, or financial policies relax,
resulting in adjusted leverage rising significantly above 3.0x
and adjusted RCF/net debt remaining below 25%.

Principal Methodology

The principal methodology used in rating Suedzucker AG and
Suedzucker International Finance B.V. was the Global Food --
Protein and Agriculture Industry Methodology published in
September 2009. Other factors used in these ratings are described
in Revisions to Moody's Hybrid Tool Kit, published in July 2010.

Based in Mannheim, Germany, Suedzucker AG is Europe's largest
sugar producer. It additionally operates in the Special Products,
CropEnergies and Fruit segments and posted EUR7.0 billion in
revenues for the fiscal year ended February 2012 (FY 2011/2012).



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G R E E C E
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BANK OF GREECE: Fitch Cuts Long-Term Issuer Default Rating to 'D'
-----------------------------------------------------------------
Fitch Ratings has downgraded Agricultural Bank of Greece's
(ATEbank) Long-term Issuer Default Rating (IDR) to 'D' from 'CCC'
and revised the Support Rating Floor (SRF) to 'NF' from 'CCC'.
Simultaneously, the agency has withdrawn ATEbank's ratings and
Fitch will no longer provide ratings or analytical coverage of
ATEbank.  At the same time, the agency has affirmed Piraeus Bank
S.A.'s (Piraeus) Long-term IDR at 'CCC'.

Rating Action Rationale

The downgrade and subsequent withdrawal of ATEbank's IDRs and SRF
follow the announcement on 27 July of the Bank of Greece's (BoG)
decision to revoke ATEbank's banking license and put the bank
into liquidation proceedings.

In accordance with domestic legislation (law 4021/2011), the BoG
has conducted a process by which the full amount of ATEbank's
deposits, employees and part of the assets (largely performing
loans and securities) have been transferred to Piraeus, which
will assume the continuation of ATEbank's banking activity.  The
difference between the transferred assets and liabilities will be
covered by the Hellenic Financial Stability Fund (HFSF), which
has also approved the process.

The transaction is still subject to a due diligence process that
will be carried out by an external auditor appointed by the BoG.
Upon closing of the transaction, the Piraeus group will be
Greece's second-largest bank by total assets and will have a
market share of 19% for deposits and 16% for loans.  The group
should ultimately benefit from an enlarged franchise and cost and
revenue synergies.  However, Fitch believes these synergies will
be challenging to obtain over the near term due to Greece's
distressed macroeconomic environment.

RATING DRIVERS AND SENSITIVITIES - VR

Piraeus's VR of 'f' reflects Fitch's view that the bank would
have defaulted had it not received external support.  Together
with all Greek banks, Piraeus has been provided with emergency
liquidity assistance by the BoG and the ECB to absorb deposit
withdrawals.  Moreover, the four major Greek banks, including
Piraeus, have been provided with capital support through the HFSF
to raise their total capital adequacy ratio to the required
minimum 8%.  However, Greek banks need to reach a minimum 9% core
capital ratio by end-September 2012.  If they fail to boost
capital by private means, they will be able to access additional
capital from the HFSF.

Once the recapitalization process and the ATEbank transaction are
completed and further details on these are made available, Fitch
will reassess Piraeus's VR based on its post-supported financial
strength.  Fitch expects the VR to remain deeply sub-investment
grade to reflect materially weak credit fundamentals. T his is
due to Piraeus's still fragile funding and liquidity position and
substantial asset quality and profitability challenges in light
of the currently weak Greek economy.

RATING DRIVERS AND SENSITIVITIES - IDRs and SRF

Piraeus' Long-term IDR has been affirmed and remains at its SRF
based on sovereign support.  The SRF is sensitive to a potential
downgrade of the Greek sovereign rating or to a change in the
agency's assumptions around the propensity of the authorities to
support the bank.  A downgrade of Piraeus' SRF would trigger a
downgrade of its Long-term IDR.

STATE GUARANTEED DEBT

The ratings of the state-guaranteed debt issued by Piraeus and
ATEbank have been affirmed and are in line with the Long-term IDR
of Greece ('CCC'). These debt ratings are thus sensitive to any
change in the sovereign rating.

The rating actions are as follows:

Piraeus Bank S.A.:

  -- Long-term IDR: affirmed at 'CCC'
  -- Short-term IDR: affirmed at 'C'
  -- Viability Rating: affirmed at 'f'
  -- Support Rating: affirmed at '5'
  -- Support Rating Floor: affirmed at 'CCC'
  -- Senior notes: affirmed at 'CC'/'RR5'
  -- Commercial paper: affirmed at 'C'
  -- State-guaranteed issues: affirmed at 'CCC'

ATEbank:

  -- Long-term IDR: downgraded to 'D' from 'CCC'; withdrawn
  -- Short-term IDR: downgraded to 'D' from 'C'; withdrawn
  -- Viability Rating: affirmed at 'f'; withdrawn
  -- Support Rating: affirmed at '5'; withdrawn
  -- Support Rating Floor: revised to 'NF' from 'CCC'; withdrawn
  -- State-guaranteed debt (ISIN XS0641312813, ISIN XS0651719378,
     ISIN 0523214509): affirmed at 'CCC', debt transferred to
     Piraeus



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I R E L A N D
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ALLIED IRISH: Incurs EUR1.1BB Operating Loss in Half-Year 2012
--------------------------------------------------------------
Allied Irish Banks p.l.c. announced preliminary interim results
for the half year ended June 30, 2012.

The Company reported operating loss of EUR1.1 billion for the
half year of 2012, compared with an operating loss of EUR3.0
billion for the half year of 2011.  The performance reflected a
reduction in the credit provision charge, although provisions
still remained at a high level.  Provisions for impairments of
loans and receivables reduced from EUR3.0 billion in the half-
year to June 2011 to EUR0.9 billion in the half-year to June
2012, a level which reflected the continued weak economic
environment.

Net interest income (including ELG costs) was EUR568 million, a
decrease of EUR36 million on the first half of 2011

David Duffy, AIB Chief Executive, said, "The half year results
for the bank are broadly in line with our internal expectations
and we are encouraged by the sharp decline in the levels of
provisions relative to previous periods.

"Ultimately, our plan is to return to sustainable profitability
by 2014.  Achieving this will be key to our ambition to attract
private investment and return value to the taxpayer as principal
shareholder."

"AIB will also continue to have the largest distribution reach in
the country.  Our mutually beneficial agreement with An Post is
designed to minimise disruption to our customers."

A copy of the AIB Group preliminary results can be found at:

             http://bankrupt.com/misc/ALLIEDjune30.pdf

A copy of the press release is available for free at:

                        http://is.gd/eOKIoE

                      About Allied Irish Banks

Allied Irish Banks, p.l.c. -- http://www.aibgroup.com/-- is a
major commercial bank based in Ireland.  It has an extensive
branch network across the country, a head office in Dublin and a
capital markets operation based in the International Financial
Services Centre in Dublin.  AIB also has retail and corporate
businesses in the UK, offices in Europe and a subsidiary company
in the Isle of Man and Jersey (Channel Islands).

Since the onset of the global and Irish financial crisis, AIB's
relationship with the Irish Government has changed significantly.

As at Dec. 31, 2010, the Government, through the National Pension
Reserve Fund Commission ("NPRFC"), held 49.9% of the ordinary
shares of the Company (the share of the voting rights at
shareholders' general meetings), 10,489,899,564 convertible non-
voting ("CNV") shares and 3.5 billion 2009 Preference Shares.  On
April 8, 2011, the NPRFC converted the total outstanding amount
of CNV shares into 10,489,899,564 ordinary shares of AIB, thereby
increasing its holding to 92.8% of the ordinary share capital.

In addition to its shareholders' interests, the Government's
relationship with AIB is reflected through formal and informal
oversight by the Minister and the Department of Finance and the
Central Bank of Ireland, representation on the Board of Directors
(three non-executive directors are Government nominees),
participation in NAMA, and otherwise.

The Company reported a loss of EUR2.29 billion in 2011, a loss of
EUR10.16 billion in 2010, and a loss of EUR2.33 billion in 2009.

Allied Irish's consolidated statement of financial position for
the year ended Dec. 31, 2011, showed EUR136.65 billion in total
assets, EUR122.18 billion in total liabilities and EUR14.46
billion in shareholders' equity.


MONEY PARTNERS: Fitch Assigns 'BB' Rating to Tranche B1b Swap
-------------------------------------------------------------
Fitch Ratings has assigned ratings to the following currency swap
obligations attached to the respective tranches of these
transactions:

  -- Money Partners Securities 2 Plc, Tranche M1b (XS0236413489),
     rated 'AA-sf'; Outlook Stable

  -- Money Partners Securities 3 Plc, Tranche M2b (XS0254131484),
     rated 'BBBsf'; Outlook Stable

  -- Money Partners Securities 3 Plc, Tranche B1b (XS0254132458),
     rated 'BBsf'; Outlook Stable

  -- Money Partners Securities 4 Plc, Tranche M2b (XS0274974111),
     rated 'BBBsf'; Outlook Negative

  -- Money Partners Securities 4 Plc, Tranche B1b (XS0274979185),
     rated 'BBsf'; Outlook Negative

  -- Granite Master Issuer Plc (Series 2005-1), Tranche M2
     (XS0210929757), rated 'Asf'; Outlook Stable

  -- Granite Master Issuer Plc (Series 2006-3), Tranche M3
     (XS0268038451), rated 'Asf'; Outlook Stable

  -- RMAC Securities No1 Plc Series 2006-NS1, Tranche M2c
     (XS0248595687), rated 'Asf'; Outlook Stable

  -- RMAC Securities No1 Plc Series 2006-NS2, Tranche M2c
     (XS0257371137), rated 'Asf'; Outlook Stable

To determine the appropriate rating, Fitch analyzed the swap
agreements and underlying transaction documents in conjunction
with its "Criteria for Rating Currency Swap Obligations of an SPV
in Structured Finance Transactions" dated August 11, 2011,
available at www.fitchratings.com.  The ratings are based on
Fitch's review that the currency swap payment obligations rank
pro rata and equally with the referenced notes.  Consequently,
the credit profiles of the currency swap payment obligations are
consistent with the long-term rating of the referenced note.

The payment obligations to the currency swap counterparty include
the interim and final principal payments required to redeem the
notes and the floating-rate payments necessary to pay ongoing
interest on the notes (issuer's payment obligations).  Fitch's
ratings do not address any swap termination payments that become
due as the result of non-performance by the swap counterparty
itself or a non-credit event.

Fitch notes that the RMAC series allow for interest deferral of
the M2c notes if there are insufficient available revenue funds,
while deferral of the corresponding floating-payments under the
swap agreements would constitute an event of default on the swap.
In order to validate the assumption that the currency swap
payment obligations are consistent with the long-term rating of
the referenced note, Fitch has revised the cash flow models of
the RMAC series and concluded that a scenario of interest
deferral due to insufficient available funds is sufficiently
remote and beyond the current rating stress.



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I T A L Y
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CARTESIO 2003-1: S&P Cuts Rating on 5 Note Classes to 'BB-'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB- (sf)' from
'BBB+ (sf)' its credit ratings on Cartesio S.r.l.'s series 2003-1
class 1, 2, 3, 4, and 5 notes.

"The rating actions follow our downgrade of Dexia Crediop SpA
(BB-/Negative/B)--one of the swap counterparties in this
transaction--and reflect the application of our 2012 counterparty
criteria," S&P said.

"Cartesio is a medium-term note program under which the issuance
of notes finances the purchase of receivables from the originator
SAN.IM SpA (a company owned by the Region of Lazio). The
receivables are generated from lease contracts, which were
entered into between the originator and certain healthcare
entities. The payments due and payable under the lease contracts
are made by the Region of Lazio as primary and joint obligor, as
per the terms of a payment delegation granted by each healthcare
entity and accepted by the Region of Lazio under the relevant
lease contract. While the receivables are denominated in euros,
notes are issued in British pounds sterling, U.S. dollars, and
euros," S&P said

Dexia Crediop is one of the swap counterparties in the
transaction, providing a hedge against two types of exposures:

- Interest rate risk, as the receivables pay on a fixed basis
   while the notes pay a floating rate; and

- Currency risk, as the receivables pay in euros while the
   notes pay in pounds sterling or U.S. dollars.

"The transaction documents relating to the swaps provided by
Dexia Crediop are not consistent with our 2012 counterparty
criteria, and they do not include a replacement framework. Under
our 2012 counterparty criteria, if a swap agreement does not
reflect a replacement framework consistent with any of our
previous counterparty criteria, the counterparty can support note
ratings no higher than our long-term rating on the relevant
counterparty," S&P said.

"After lowering to 'BB-' our long-term rating on Dexia Crediop,
we no longer deem the counterparty suitably rated to support a
'BBB+ (sf)' rating on the notes in this transaction. We have
therefore lowered our ratings on all of Cartesio's notes to the
same level as our rating on the counterparty," S&P said.

           STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com


CASSA DI RISPARMIO: Moody's Withdraws 'D-' BFSR; Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service has withdrawn Cassa di Risparmio Della
Provincia di Chieti's (Carichieti) D- standalone bank financial
strength rating (BFSR), which maps to a ba3 standalone credit
assessment, the Ba3 long-term and Not-Prime short-term deposit
ratings. At the time of the withdrawals, the long-term deposit
ratings and the BFSR had a negative outlook.

Rating Rationale

Moody's has withdrawn the rating for its own business reasons.

Headquartered in Chieti, Italy, Carichieti reported consolidated
total assets of EUR4.0 billion as of December 2011, and is
privately owned.

WITHDRAWN

- Bank Deposits: Ba3/NP

- Bank Financial Strength: D-


DEIULEMAR SHIPPING: Seeks Liquidation to Avoid Bankruptcy
---------------------------------------------------------
Silvia Antonioli and Jonathan Saul at Reuters report that lawyers
for Deiulemar Shipping SpA are seeking to wind up the company to
pre-empt formal bankruptcy after prosecutors seized more than
half of its fleet.

Reuters recalls that Italian prosecutors last month arrested and
charged some members of families who own the group over the
recent bankruptcy of a related company, Deiulemar Compagnia di
Navigazione.

Lawyer Astolfo Di Amato told Reuters that Deiulemar Shipping on
July 24 filed a debt restructuring proposal that would include
the liquidation of the company and the sale of all its assets to
partially satisfy its creditors.

"It's an attempt to save the company from bankruptcy," the news
agency quotes Mr. Di Amato as saying.  "This is the situation:
there are about EUR500 million (US$606 million) in debt and
EUR150 million in credit. The situation has become extremely
precarious after the bankruptcy of Deiulemar Compagnia so we
think this is the best way to safeguard the creditors."

Deiulemar Compagnia di Navigazione, a once thriving company
founded in 1969 by the Della Gatta, Iuliano and Lembo families,
was declared bankrupt in May, owing about EUR860 million, Reuters
notes.

Based in Torre del Greco, Italy, Deiulemar Shipping SpA provides
freight forwarding services.



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L U X E M B O U R G
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ARCELORMITTAL: S&P Lowers Corporate Credit Ratings to 'BB+/B'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long- and short-
term corporate credit ratings on Luxembourg-registered steel
group ArcelorMittal to 'BB+/B' from 'BBB-/A-3'. The outlook is
negative.

"We also lowered the ratings on the debt instruments issued or
guaranteed by ArcelorMittal to 'BB+' and assigned recovery
ratings of '4', indicating our expectation of average recovery
(30%-50%) in the event of a payment default. We assigned a
recovery rating of '3' to the US$500 million bond issued by
operating subsidiary ArcelorMittal USA and guaranteed by
ArcelorMittal, indicating our expectation of meaningful recovery
(50% to 70%) in the event of a payment default. The issue rating
on this bond is also 'BB+'," S&P said.

"The downgrade reflects the weaker steel industry environment and
economic prospects globally, and particularly in Europe, that
have led us to revise downward our forecast for ArcelorMittal's
profits for the rest of 2012 and 2013," S&P said.

"Our rating action follows the recent change in Standard & Poor's
economic forecast for Europe. In addition, purchasing manager
indices for other parts of the world have weakened, which we
believe should translate into lower steel demand in 2012-2013.
Furthermore, the 20% decline in steel and raw material prices
over the past two months indicates that the industry environment
is currently weaker than we previously expected. Finally, the
downgrade also follows ArcelorMittal's second-quarter results,
which were somewhat below our expectations as of May 2012," S&P
said.

"We now expect that the company's adjusted ratio of funds from
operations (FFO) to debt will be below 20% in 2012 and about 20%
in 2013 according to our scenario, compared with our previous
forecast of 25% in 2013. This is in spite of our continued
assumption that management will likely undertake significant
debt reduction over the next six months through disposals and
potentially other significant credit-enhancing measures," S&P
said.

"Our ratings on ArcelorMittal now factor in our expectation that
the company's adjusted EBITDA will be below US$7 billion in 2012,
following a weak US$3.5 billion in the first half and a likely
more challenging second half than we previously assumed. It also
assumes that the company's margins per ton of steel will stay
weak, especially in Europe, and that sales volumes will be
moderately lower due to seasonal factors," S&P said.

"We expect that ArcelorMittal's EBITDA will improve only
moderately in 2013 on the back of a likely increase in iron ore
production, important cost savings, and possibly stronger results
from ArcelorMittal's Americas operations, where we expect GDP
growth to remain at about 2%," S&P said.

"The negative outlook reflects the downside risk that
ArcelorMittal's adjusted FFO to debt ratios could remain below
20% in 2012-2013. This will depend notably on the extent of near-
term debt reductions and some modest recovery, both in the
company's operating performance and in the industry environment
that we anticipate from 2013, following a likely very weak 2012,"
S&P said.

"We could revise the outlook to stable over the next six months
if the company achieves its envisaged material debt reductions
and if we deem it sufficiently likely that the adjusted ratio of
FFO to debt will return to about 20% in 2013. The proceeds of the
disposals on which we understand the company is progressing, will
be an important first step toward reducing debt," S&P said.



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


SNS BANK: Moody's Updates on 14 Dutch RMBS Deals
------------------------------------------------
Moody's Investors Service disclosed that in its opinion, the
intended amendment to the deal documentation relating to the
notification trigger level would, not, in and of itself and as of
this time, result in a reduction or withdrawal of the current
ratings assigned to the notes issued by the following issuers:

- Holland Mortgage Backed Series (Hermes) VIII B.V.

- Holland Mortgage Backed Series (Hermes) IX B.V.

- Holland Mortgage Backed Series (Hermes) X B.V.

- Holland Mortgage Backed Series (Hermes) XI B.V.

- Holland Mortgage Backed Series (Hermes) XII B.V.

- Holland Mortgage Backed Series (Hermes) XIII B.V.

- Holland Mortgage Backed Series (Hermes) XIV B.V.

- Holland Mortgage Backed Series (Hermes) XV B.V.

- Holland Mortgage Backed Series (Hermes) XVI B.V.

- Holland Mortgage Backed Series (Hermes) XVII B.V.

- PEARL Mortgage Backed Securities 1 B.V.

- PEARL Mortgage Backed Securities 2 B.V.

- PEARL Mortgage Backed Securities 4 B.V.

- Lowland Mortgage Backed Securities 1 B.V.

On June 15, 2012, SNS Bank N.V. was downgraded to Baa2/P-2 from
Baa1/P-2. As a result, a notification event under the mortgage
receivables purchase agreement and a replacement trigger event
under the documentation relating to the collection foundation
structure have occurred.

As a result of a notification event, among others, the borrowers
regarding the securitized loans would have to be notified of the
assignment of the loans to the respective issuer. Following a
replacement trigger event, among others, all amounts standing to
the credit of the collection foundation accounts held with SNS
Bank / RegioBank would have to be immediately transferred to a
new collection foundation account with Rabobank (Aa2/P-1).

SNS Bank has informed us that it intends to lower the
notification trigger level linked to SNS Bank's rating to Ba1
from Baa1. Moreover, SNS Bank has informed us that it will
transfer the collection foundation accounts currently held with
SNS Bank/RegioBank to Rabobank by December 2012.

In Moody's view, the lowering of the notification trigger and the
delay in the transfer to Rabobank will not impact the ratings of
the outstanding notes provided that the transfer of the
collection foundation accounts to Rabobank is finalized no later
than December 2012. If the transfer is not finalized until this
point in time this might affect the ratings assigned to the
outstanding notes.

As the Euro area crisis continues, the rating of the structured
finance notes remain exposed to the uncertainties of credit
conditions in the general economy. The deteriorating
creditworthiness of euro area sovereigns as well as the weakening
credit profile of the global banking sector could negatively
impact the ratings of the notes. Furthermore, as discussed in
Moody's special report "Rating Euro Area Governments Through
Extraordinary Times -- An Updated Summary," published in October
2011, Moody's is considering reintroducing individual country
ceilings for some or all euro area members, which could affect
further the maximum structured finance rating achievable in those
countries.

The principal methodology used in these ratings was Moody's
Approach to Rating RMBS in Europe, Middle East, and Africa,
published in June 2012.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes. Moody's ratings only
address the credit risk associated with the transaction. Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

Moody's believed that the amendment did not have an adverse
effect on the credit quality of the securities such that the
Moody's ratings were impacted. Moody's did not express an opinion
as to whether the amendment could have other, non credit-related
effects.

Moody's monitors this transaction on an ongoing basis.



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


EKSPORTFINANS ASA: No Plan to Continue Operations Afer Wind-Down
----------------------------------------------------------------
Stephen Treloar at Bloomberg News reports that Eksportfinans ASA
has no plans to continue operating once it has wound down its
loan book and paid off all outstanding debt following Norway's
decision last year to pull its support.

Bloomberg relates that CEO Gisele Marchand said on Wednesday in a
telephone interview from Oslo that the lender, created half a
century ago to help finance Norwegian exporters, doesn't have a
strategy to continue after it winds down its current debt.

Norway in November decided to cut its support for Eksportfinans
after rejecting the lender's pleas to sidestep European capital
rules limiting large loans to single industries, Bloomberg
recounts.

According to Bloomberg, Eksportfinans' Chief Financial Officer
Geir Ove Olsen said in a March interview that the company was
exploring ways of keeping its business running and that it would
have "strategy discussions" with the board to assess its
"alternatives."

Eksportfinans has rejected speculation it may already be in
default as claimed by one investor last year, and "we haven't
heard anything since then," Marchand, as cited by Bloomberg,
said.

Norway announced in April it would form a fully state-owned
lender to fund export credits to replace Eksportfinans,
supporting the new company with as much as NOK40 billion in
direct loans, Bloomberg recounts.  The government has defended
its move to remove support from Eksportfinans as necessary to
safeguard financing for the country's exporters, Bloomberg notes.

Headquartered in Oslo, Eksportfinans ASA operates as an export
lending institution that provides financing for a range of
exports and for the internationalization of Norwegian industry.



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


PBG SA: Hydrobudowa Unit At Risk of Liquidation Bankruptcy
----------------------------------------------------------
Minda Alicja at Polska Agencja Prasowa reports that Hydrobudowa,
a unit of insolvent PBG, sees the risk of liquidation bankruptcy
and is currently in talks with its main creditor banks on
financing the current activities.

Hydrobudowa's spokesman Jakub Miler told PAP in an interview that
the likelihood that bankruptcy protection for debt restructuring
could be replaced with liquidation bankruptcy exists and is
rising.

"Unfortunately, the talks with creditors on a settlement may
start only after three months from the announcement of the
court's decision, i.e. from September 21," PAP quotes Mr. Miler
as saying.

According to PAP, the spokesman said that Hydrobudowa's current
problem is "the lack of means for the current operating
activities", but the company was positively surprised as the main
creditor banks recently asked to resume talks.

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

PBG SA is Poland's third largest builder.



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


* PORTUGAL: S&P Affirms 'BB/B' Sovereign Credit Ratings
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B' long- and
short-term sovereign credit ratings on the Republic of Portugal.
The outlook remains negative.

"The recovery rating remains at '4', indicating our expectation
of 'average' (30%-50%) recovery for debt holders in the event of
a debt restructuring or payment default. The 'AAA' transfer and
convertibility assessment is unchanged," S&P said.

"The ratings affirmation reflects our view of the significant
structural reforms the Portuguese government has undertaken in
the past 12 months amid rapidly narrowing current account
deficits, mostly reflecting strong export performance. Although
we consider that the transition from a domestically-focused to an
export-oriented economy has increased near-term fiscal
challenges, we expect Portugal will continue to implement the
EU/IMF program--including budgetary consolidation measures--in a
timely and rigorous manner. Despite its gradually improving
economic fundamentals, however, we are of the view that
Portugal's exports-based recovery still faces significant
headwinds from potentially weaker economic and financial
conditions in the eurozone, particularly Spain; as its largest
trade partner and external creditor, Spain buys around a quarter
of Portugal's exports," S&P said.

"The risk of weaker export demand from Portugal's traditional
trade partners could be offset by its increasing export receipts
from markets outside Europe, as well as from increasing market
share in larger eurozone economies such as France and Germany.
Since 2010, Portuguese exports have posted double-digit growth.
We expect the current account deficit (CAD) as a percentage of
current account receipts (CARs) to shrink below 10% in 2012 (just
over 2% of GDP), from peaking at nearly 30% (12% of GDP) in 2008-
2009," S&P said.

"Although the external adjustment has been more rapid, on a flow
basis, than we had expected, we observe that so far the narrowing
of the CAD has not been sufficient to reduce the country's high
external debt stock; we believe external debt net of liquid
assets will remain well above 200% of CARs until 2015. Portugal's
external financing requirement is mainly funded by the
government's borrowing from the official sector, in particular
the EU and IMF, as well as via ECB funding of the redemptions of
Portuguese banks commercial debt, and to a lesser extent the
partial rolling over of maturing private sector external debt. We
also expect increased net foreign direct investment and capital
transfers from the EU structural funds to provide some additional
external financing. It remains our baseline assumption that
Portugal is unlikely to regain full international capital market
access in the next 12 months and we anticipate an extension of
the official funding program, likely mainly from the European
Stability Mechanism (ESM)," S&P said.

"The Portuguese government, elected after the EU/IMF program was
negotiated, has so far aligned its policies closely to the
program requirements and has achieved the key quantitative
targets. Partly using one-off measures of around 3.5% of GDP, it
reduced the headline general government deficit to 4.2% of GDP in
2011, below the program target of 5.9%. Over the last 12 months,
the Portuguese government has enacted numerous reforms to enhance
the competitiveness of its economy and attract foreign
investment. It has amended the labor code to increase working
hours and wage flexibility, reduce the cost of redundancies, and
lessen the legal risk of objective dismissals. The government has
adopted a significant portion of the EU Services Directive and
has passed a new Competition Law. Several professions have been
liberalized, which we expect should reduce business transaction
costs. The government is also reforming the judiciary and is
deregulating the rental market. We believe that, taken together,
these microeconomic reforms should contribute to Portugal's
rebuilding economic flexibility, increasing the probability that
competitiveness improvements occur through rising productivity
rather than declining wages. On this point, we note that at just
over EUR12.10 per hour (Eurostat data), hourly wage costs in
Portugal at end-2011 were already 41% below those in Spain, 55%
below those in Italy, and 64% below those in France," S&P said.

"Factoring in the support the state provides to Portuguese banks
and state-owned entities, we expect general government debt to
peak at around 119% of GDP in 2013 before declining slowly. We
also see the risk that the scope of general government
consolidation will expand to include additional public sector
entities that rely heavily on government transfers, resulting in
an upward revision of general government debt. Public Private
Partnership (PPP) contracts, mostly for infrastructure projects,
could also pose contingent liabilities. When we also include the
potential need for additional banking system support if it comes
under severe stress, we estimate the total contingent liability
to the government could exceed 30% of GDP," S&P said.

"The Portuguese financial system, which recently received a
capital injection of EUR7.2 billion (EUR6.2 billion from the
state), faces continued challenges to its domestic business, in
our view. However, losses are likely to be partly offset by
profits from subsidiaries abroad. Retail deposits are stable but
credit losses are on the rise, a trend we expect to continue.
Portugal's sixth-largest bank, Banif (not rated), is being
restructured and could soon need additional state support to
strengthen its capital base. In our view, Portuguese banks'
enhanced capital and the remaining EUR7 billion available to
the banks from the EU/IMF program are sufficient to absorb
potential losses under our base-case scenario," S&P said.

"We continue to view Portugal, and other eurozone governments
receiving official assistance, as vulnerable to delays or
setbacks in the eurozone's plans to pool sufficient common
resources to support sovereign lending facilities; to create a
banking union with a single regulator and a common resolution
framework by end-2012; and to move toward closer fiscal
integration. We agree with ECB president Mario Draghi, who on
July 26 said that financial fragmentation within the eurozone is
at the heart of the union's broader economic problems. In our
view, if this fragmentation is not reversed, Portugal's economy
could contract sharply, unemployment rise even further, social
cohesion fray, and reforms stall or reverse," S&P said.

"The negative outlook on our rating on Portugal reflects our view
of the risks to the government's progress on implementing fiscal
and structural reforms. The risks we see stem mainly from the
possibility of an even steeper-than-anticipated GDP contraction,
connected to the financial sector deleveraging and weakening
external demand as a result of worsening economic and financial
problems in Spain. This could happen if there were a delay or a
reversal in eurozone fiscal and banking integration. Further
increases in unemployment could undermine the government's
willingness to implement additional reforms. Among other metrics,
we would see significant deviations from Portugal's fiscal
consolidation targets in 2012 and 2013. If a combination of these
risks materializes, we could lower the ratings," S&P said.

"Conversely, the ratings could stabilize at the current level if
the government's budgetary performance and structural reform
measures continue as envisaged in the program, leading to not
only improved economic fundamentals, but also to either renewed
access to commercial markets or an extended program that
sufficiently covers the large external financing needs," S&P
said.



===============
S L O V E N I A
===============


TELEKOM SLOVENIJE: Completes Liquidation of Dutch Affiliate
-----------------------------------------------------------
SeeNews reports that Telekom Slovenije said on Thursday its Dutch
affiliate SIOL B.V. has been struck from the court register in
Amsterdam after the liquidation of the company was completed.

According to SeeNews, the telco said in a bourse filing that
after the liquidation procedure was wrapped up on July 12,
Telekom Slovenije, as SIOL B.V.'s legal successor, took over its
46.01% stake in Macedonian company ONE DOO Skopje and is now its
sole shareholder.

Telekom Slovenije d.d. operates as a telecommunications company
in Slovenia. The company provides local and international fixed-
line telephone, Internet and broadband, and other
telecommunication services.


* SLOVENIA: Moody's Cuts Government Bond Rating; Outlook Neg.
-------------------------------------------------------------
Moody's Investors Service has downgraded Slovenia's government
bond rating to Baa2 from A2, and has maintained the negative
outlook.

The decision to downgrade Slovenia's sovereign rating reflects
the following key factors:

1) The Slovenian banking system's need for further
recapitalization is increasing the risk of further contingent
liabilities crystallizing for the sovereign.

2) The Slovenian government's cost of funding is increasing and
its market access is becoming more constrained, as illustrated by
its increased reliance on shorter-term issuance and its growing
dependence on funds from its domestic banks, which in turn are
increasingly reliant on ECB liquidity support.

3) The Slovenian economy's continued weakness and rising
vulnerability to shocks given its reliance on trade and the
weakness of the corporate sector, which are exacerbating the
government's fiscal challenges and efforts to stabilize its debt
metrics.

The negative outlook reflects Moody's view that the sovereign's
funding challenges and risks from the financial system remain
substantial. The deteriorating macroeconomic environment
amplifies this risk and opens the possibility that external
assistance may be required.

RATIONALE FOR DOWNGRADE

-- First Driver: Banking System's Need For Further
    Recapitalisation

The main driver underlying Moody's decision to downgrade
Slovenia's sovereign rating is the country's challenged banking
system and the consequently increased likelihood of further
contingent liabilities crystallizing for the sovereign.
Specifically, the banking system is likely to face increases in
non-performing loans on its books. Moody's notes that the
government's ability to take on further debt to finance any
further recapitalization is increasingly constrained given the
material deterioration in its debt metrics in recent years, and
the support it has already provided to the banking system. This
includes the capital support provided by the government to the
country's largest lender, Nova Ljubljanka banka (NLB, rated
B2/NP/E negative), of close to 1% of GDP in June 2012 given that
no private-sector solution could be found.

Moody's believes that NLB, Nova Kreditna banka Maribor (NKBM,
B3/NP/E negative) and Abanka Vipa (Caa1/NP/E negative), the
country's three-largest banks, are likely to require capital
support in the range of 2% to 8% of GDP depending on the severity
of their asset-quality deterioration. The likelihood of support
being needed is very high.

Moody's notes that this potential additional debt burden comes at
a time when the government is already facing significant
challenges in its efforts to consolidate its fiscal position. The
general government deficit came in at 6% of GDP in 2010 and
despite consolidation efforts that sought to bring the deficit
close to 5% of GDP in 2011, capital transfers of 1.3% of GDP
pushed the deficit to 6.4% for the year. These transfers were
capital injections into loss-making state-owned enterprises
(SOEs) and guarantees of the obligations of these SOEs, including
an injection of 0.7% of GDP into NLB. For 2012, the government is
targeting a general government deficit of 3.5% of GDP and for
2013 it expects to reduce the imbalance to 2.5% of GDP. However,
continued weakness in the economy could hinder the achievement of
these targets. Finally, additional capital injections into the
banking system could materially affect the country's deficit
trends.

-- Second Driver: Rising Funding Costs and Constrained Market
    Access

The second driver underpinning the decision to downgrade
Slovenia's sovereign rating is the government's rising cost of
funding, and its increasingly constrained financial market
access. As a result of increasingly adverse market conditions
this year, the government has had to shift the composition of its
funding mix towards a greater reliance on shorter-term issuance
and loans, rather than the typical issuance pattern of meeting
most of its borrowing requirements through bond placements.
Moody's believes that weakened demand for Slovenian longer-term
securities are preventing the sovereign from tapping the markets,
with the exception of short-term paper which the domestic market
is more willing to buy. Moreover, the composition of its short-
term funding has also shifted towards shorter maturities as the
amount of securities with a maturity of less than one year has
increased. Moody's notes that the government's liquidity position
benefits from a significant cash balance deposited with the
domestic banks due to its prefunding strategy in 2011. However,
significant drawdown on these deposits to finance its deficit
would likely affect the banks' liquidity position, which would
also cause lending activities to contract and hinder economic
growth.

-- Third Driver: Continued Weak Economic Conditions Exacerbating
    Fiscal Challenges

The third driver of Moody's rating action on Slovenia is the
economy's continued weakness and its limited resilience to
shocks, which are exacerbating the government's weakening
financial strength and debt metrics. While the Slovenian economy
is well-developed, with some specialization in production of
intermediate capital goods, it is relatively small and fairly
concentrated, with a high reliance on exports, over 70% of which
are destined for EU nations. Moreover, the range of product
categories remains undiversified. The economy once again fell
into recession in 2011 when output contracted by 0.2%, and
Moody's expects the situation will worsen in 2012 with a larger
decrease in economic activity of 2%. While in normal conditions
the economy would be strong enough to withstand a temporary
downturn, in the current environment the recession assumes a far
greater significance, as it implies increasing asset impairments
for the already weak banking sector and hinders the government's
efforts to demonstrate its fiscal credentials and retain the
confidence of investors.

Moody's believes that the country is at increasing risk of a
financial shock. A banking system reliant on foreign funding,
over-indebted corporates, a fragile construction sector,
decreased cost-competitiveness and an enlarged deficit in the net
international investment position, all suggest that Slovenia's
adjustment process will be protracted and vulnerable to further
deterioration in external conditions, causing significant
uncertainty over the likely drivers of growth generation in the
coming years.

What Could Move The Rating Up/Down

Slovenia's government debt rating could be downgraded further in
the event there is additional material deterioration in the
country's economic prospects or a further deterioration in
funding conditions as a result of new, substantial domestic
economic and financial shocks from the euro area crisis or the
banking sector. Should Slovenia's access to public debt markets
become more constrained and the country were to require external
assistance, the sovereign rating could transition to
substantially lower rating levels.

Although unlikely in the near future, a substantial improvement
in economic conditions, a more benign funding environment and a
stabilization of the banking system without the need for further
support than what is currently expected by the authorities would
lead to a stable outlook.

Principal Methodology

The principal methodology used in these ratings was "Sovereign
Bond Ratings Methodology", which was published in September 2008.



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


UNION FENOSA: Fitch Lowers Rating on Subordinated Debt to 'BB'
--------------------------------------------------------------
Fitch Ratings has downgraded by one notch the ratings of Spanish
integrated utilities Iberdrola, S.A., Endesa, S.A., Gas Natural
SDG, S.A. and also that of Enel, S.p.A., which has sizeable
exposure to Spain through its ownership of Endesa, and their
related entities.  All ratings are also maintained on Rating
Watch Negative (RWN).

Fitch will shortly publish a separate rating action on EDP-
Energias de Portugal and its Spanish business Hidroelectrica del
Cantabrico.

The rating actions follow Fitch's review of the Spanish utility
sector that is suffering from persisting weak fundamentals, a
more hostile and uncertain regulatory framework, signs of
political intervention and a stressed financial environment
caused by the combined effect of pressure on sovereign debt and
on the domestic banking sector.  All these factors, in Fitch's
view, contribute to an increased overall business risk profile
for the sector, which also translates into weakened earnings
visibility and a possible further deterioration of companies'
financial profiles.

Critically, utility ratings typically permit higher leverage for
a given rating category as a recognition of the greater level of
predictability of utility cash flows.  The erosion of this
predictability, as much as the direct financial impact, therefore
has a negative impact on the rating calculus.  As a result
Fitch's view of the companies affected by this rating action is
no longer commensurate with an 'A-' rating level, where they were
previously placed.

The increasing signs of political interference are partially
driven by the Government's struggle to eliminate the tariff
deficit ahead of its scheduled termination from 2013.  The
actions implemented so far in order to offset the generation of
additional tariff deficits and to repay the outstanding tariff
deficit have only been partially sufficient to address the issue.
Regulatory changes introduced in April 2012 had only a relatively
limited direct financial significance for the companies affected.
However, the rating actions also reflect the uncertainty related
to potential further measures that the government is likely to
announce shortly and which Fitch anticipates to have a more
severe effect on companies' credit profiles.  Ongoing delays in
the formal announcement of such measures add to the climate of
uncertainty.

The rating actions also capture the further delay in the
securitization process of past tariff deficits as the environment
of a spiraling public deficit unbalance and domestic banking
sector crisis seriously challenges any efforts to reduce the
tariff deficit stock.  These delays have led the agency to focus
on leverage calculations that include the tariff deficit as part
of the debt component.  Fitch has incorporated no further
securitizations in the rating horizon. Given this conservative
approach, even the potential for a partial or full write-off of
past deficits -- still viewed as highly unlikely -- would have a
neutral financial impact in view of Fitch's calculation of
leverage, albeit represent a further step change in the
predictability of the regulatory framework more generally.  Based
on our currently revised projections, which also incorporate some
headroom for further adverse regulatory findings in the autumn,
the issuers' financial profiles would allow ratings to remain at
their new level absent any additional challenges.

The RWN is maintained given the prolonged opacity on the type of
additional measures that may be taken in order to solve the
tariff deficit and also reflects the tail risk that a fundamental
challenge to the tariff deficit system arises which may exceed
even these conservative projections.  Once the measures are
announced, Fitch will analyze their implications for each issuer
to resolve the RWNs, in conjunction with possible adjustments
that companies may make to their strategies.

Fitch placed all Spanish utilities on RWN on 3 April 2012
following the announcement of the first set of measures.  Enagas
(A-/Negative) and Red Electrica (A-/Negative) were also placed on
RWN at that time but following Spain's subsequent downgrade by
three notches to 'BBB' with a Negative Outlook their ratings are
constrained at two notches above the sovereign given their
primarily domestic business profile.  Fitch does not expect that
the new measures will affect the current ratings of Enagas and
Red Electrica.

What Could Trigger a Rating Action?

All issuers remain on RWN. As a result, Fitch's sensitivities do
not currently anticipate developments with a material likelihood,
individually or collectively, of leading to a rating upgrade.
Future developments that may nonetheless potentially lead to a
positive rating action include:

POSITIVE:

  -- Limited impact of the future regulatory measures and FFO net
     leverage below 3.5x on a sustained basis and interest
     coverage above 5.0x in the case of Iberdrola and Enel, both
     benefiting from a good degree of geographical
     diversification.  For Gas Natural somewhat stronger ratio
     levels would be required due to its higher exposure to the
     domestic market.

Future developments that may, individually or collectively, lead
to negative pressure on the issuers' ratings include:

NEGATIVE:

  -- Significant impact of the new regulatory measures leading to
     a FFO net leverage above 4.5x on a sustained basis and
     interest coverage below 4.0x in the case of Iberdrola and
     Enel.  For Gas Natural somewhat tighter ratio levels are
     applicable given its higher exposure to Spain.

The rating actions are as follows:

Iberdrola, S.A.

  -- Long-term IDR downgraded to 'BBB+' from 'A-',
     maintained on RWN
  -- Short- term IDR at 'F2', maintained on RWN
  -- Senior unsecured downgraded to 'BBB+' from 'A-',
     maintained on RWN
  -- National Long-term rating at 'AAA (mex)',
     maintained on RWN

Iberdrola International BV

  -- Senior unsecured rating downgraded to 'BBB+',
     maintained on RWN
  -- Commercial Paper rating at 'F2' maintained on RWN

Iberdrola Finanzas, S.A.U.

  -- Senior unsecured downgraded to 'BBB+' from 'A-',
     maintained on RWN
  -- National Long-term rating at 'AAA (mex)', maintained on RWN

Iberdrola Finance Ireland Limited

  -- Senior unsecured downgraded to 'BBB+' from 'A-',
     maintained on RWN

Scottish Power Limited (SPL)

  -- Long-term IDR downgraded to 'BBB+' from 'A-',
     maintained on RWN
  -- Short- term IDR at 'F2', maintained on RWN
  -- Senior unsecured downgraded to 'BBB+' from 'A-',
     maintained on RWN
  -- SPL's ratings are equalized with the ratings of its Spanish
     parent Iberdrola, S.A.

Scottish Power UK (SPUK)

  -- Long-term IDR downgraded to 'BBB+' from 'A-',
     maintained on RWN
  -- Short- term IDR at 'F2', maintained on RWN
  -- Senior unsecured downgraded to 'A-' from 'A',
     maintained on RWN
  -- SPUK's IDRs are capped by the ratings of Iberdrola, S.A.

Gas Natural SDG, S.A.

  -- Long-term IDR downgraded to 'BBB+' from 'A-',
     maintained on RWN
  -- Short- term IDR at 'F2', maintained on RWN

Gas Natural Finance BV

  -- Senior unsecured downgraded to 'BBB+' from 'A-',
     maintained on RWN
  -- Euro commercial Paper programme at 'F2', maintained on RWN

Gas Natural Capital Markets

  -- Senior unsecured downgraded to 'BBB+' from 'A-',
     maintained on RWN

Union Fenosa Finance BV

  -- Commercial Paper at 'F2' maintained on RWN

Union Fenosa Financial Services USA LLC

  -- Subordinated debt downgraded to 'BB+' from 'BBB-',
     maintained on RWN

Union Fenosa Preferentes, S.A.

  -- Subordinated debt downgraded to 'BB' from 'BB+',
     maintained on RWN

Enel, S.p.A.

  -- Long-term IDR downgraded to 'BBB+' from 'A-',
     maintained on RWN
  -- Short-term IDR of 'F2' placed on RWN
  -- Senior unsecured rating downgraded to 'BBB+' from 'A-',
     maintained on RWN

Enel Finance International NV

  -- Senior unsecured rating downgraded to 'BBB+' from 'A-',
     maintained on RWN
  -- Short term IDR of 'F2' placed on RWN

Enel Investment Holding BV

  -- Senior unsecured rating downgraded to 'BBB+' from 'A-',
     maintained on RWN

Endesa, S.A.

  -- Long-term IDR downgraded to 'BBB+' from 'A-',
     maintained on RWN
  -- Short-term IDR of 'F2' placed on RWN
  -- Senior unsecured rating downgraded to 'BBB+' from 'A-',
     maintained on RWN
  -- Preferred Stock downgraded to 'BB+' from 'BBB-',
     maintained on RWN
  -- Endesa's ratings are equalised with the ratings of its
     Italian parent Enel S.p.A.

International Endesa BV

  -- Commercial paper rating of 'F2' placed on RWN



=====================
S W I T Z E R L A N D
=====================


LEHMAN BROTHERS: Makes Progress in Settlement With Swiss Unit
-------------------------------------------------------------
Lehman Brothers Holdings Inc. is making headway on a settlement
with former subsidiary, Swiss-based Lehman Brothers Finance AG,
in their dispute over intercompany loans and guarantees, Dow
Jones reported.

In a status report filed in U.S. Bankruptcy Court, lawyers for LB
Finance said recent discussions with Lehman regarding a "global
resolution" of their claims against each other "have been
fruitful," according to the report.

LB Finance claims Lehman owes it US$15.4 billion.  Lehman, on the
other hand, asserts that the Swiss company owes it US$14.2
billion and that the two claims should be "set off."

The Swiss company also said it "reached an agreement in
principle" with the U.K.-based Lehman Brothers International
(Europe) Ltd. to settle their claims.  Lehman and its affiliates
filed $68 billion in claims against LB Finance, with about half
of that amount sought by Lehman Europe, Dow Jones reported.

While there's no guarantee that either settlement will be
finalized, if the settlement with Lehman Europe is implemented,
the Swiss unit expects to receive "substantial value" from the
deal, according to the report.

A settlement would also signal a break in LB Finance's litigation
tactics, which had threatened to delay recoveries for creditors
who have been waiting nearly four years to be paid following
Lehman's bankruptcy filing.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  Lehman is set to make its first payment to creditors
under its US$65 billion payout plan on April 17, 2012.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16.  Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-700)



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


FORUM BANK: Moody's Cuts Deposit Rating to B3; Outlook Negative
---------------------------------------------------------------
Moody's Investors Service has downgraded Forum Bank's long-term
local-currency deposit rating to B3 from B2. The outlook on the
rating remains negative. Concurrently, the rating agency
downgraded the bank's National Scale Rating (NSR) to Baa3.ua from
A3.ua.

The rating action follows the recent announcement by its parent
bank, Commerzbank (A3/P-2/D+/baa3, negative), that it plans to
sell its stake in Forum Bank to a Ukrainian investment holding
company, Smart Group (unrated). Forum Bank's bank financial
strength rating is unaffected by the rating action.

Ratings Rationale

The rating action follows Commerzbank's announcement that it had
reached an agreement to sell its approximately 96% stake in Forum
Bank to Smart Group. In light of this development, Moody's has
removed the one-notch rating uplift which is factored into Forum
Bank's long-term deposit ratings from the assumption of parental
support. This has led to a downgrade of the bank's local-currency
long-term deposit rating to B3 from B2, which is now in line with
the bank's standalone credit strength of b3.

While information on Forum Bank's new shareholder is currently
limited and the announced transaction is still subject to the
approval of the regulatory authorities, Moody's says that
departure of Commerzbank (Germany's second-largest private
banking group) has negative implications for the bank's risk
profile. Namely, there is a risk that changes in the ownership
structure could lead to weakening corporate governance practices
and increase related-party transactions. In addition, the bank's
capital, liquidity and funding profile could also weaken
following the sale, as Forum Bank had benefited from parental
capital and funding support (albeit decreasing in recent years)
in the past. Over the next several months, Moody's will closely
monitor the implications of the announced transaction on Forum
Bank's financial profile, particularly focusing on the bank's
liquidity and capitalization.

-- Rationale for the Negative Outlook

The negative outlook on the B3 local currency deposit rating is
in line with the negative outlook on Forum Bank's bank financial
strength rating (BFSR) of E+, reflecting the bank's weak and
deteriorating financial and business profile and Moody's concerns
regarding the bank's ability to recover its financial performance
and market standing.

-- Rationale for National Scale Rating

The downgrade of Forum Bank's NSR to Baa3.ua from A3.ua reflects
the rating agency's reassessment of the bank's positioning
amongst Ukrainian peers.

What Could Drive The Ratings Down/Up

Downward pressure could be exerted on Forum Bank's ratings by any
further adverse changes in the bank's risk profile as well as any
failure to improve its financial performance and/or maintain
control over its asset quality.

Given the negative outlook on Forum Bank's global-scale ratings,
there is limited up-side potential for both the standalone BFSR
and the deposit ratings. However, the outlook on the bank's BFSR
and local-currency deposit rating could be changed to stable if
the bank materially improves profitability and asset quality,
reduces provisioning needs and maintains a stable funding
profile.

Principal Methodologies

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

Domiciled in Kyiv City, Ukraine, Forum Bank reported audited IFRS
total assets of UAH10 billion (US$1.3 billion) and a net loss of
UAH815 million (US$102 million) for 2011.

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



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


BOWER TERRACE: Marley in Dispute with Receivers Over Properties
---------------------------------------------------------------
John Mulligan at Irish Independent reports that Irish businessman
Philip Marley has vowed to fight receivers who have been granted
an injunction preventing his company from acting as the manager
of two student accommodation blocks in the UK.

Receivers appointed by National Westminster Bank to Bower Terrace
Student Accommodation and Herbal Hill Studios had sought to
prevent Mr. Marley's Space Student Living (Space) firm from
continuing to act as manager of the two associated properties,
Irish Independent relates.

Receivers were appointed to Bower Terrace and Herbal Hill by
National Westminster Bank in April this year, Irish Independent
recounts.  The bank is owed GBP6.4 million (EUR8.1 million) in
respect of Herbal Hill and GBP5.9 million (EUR7.5 million) in
respect of Bower Terrace, Irish Independent discloses.

According to Irish Independent, Mr. Marley insisted on Thursday
that he had no equity or economic interest in those two
companies, which list Ely Property as a shareholder.

Space Student Living has maintained it has a contract to manage
the two properties, Irish Independent notes.

Since they've been appointed by the bank, the receivers have been
attempting to take over the management of the two properties so
that they can, it was claimed, be marketed on a more attractive
basis to potential buyers, Irish Independent relates.

Space Student Living argued in court that it had a genuine and
enforceable contract to manage the two properties, Irish
Independent recounts.

It also insisted that granting an injunction against it would
affect the work and reputation of the firm, Irish Independent
states.  The judge granted the injunction to the receivers,
however, Irish Independent notes.

According to Irish Independent, speaking from the United States
on Thursday, Mr. Marley claimed the injunction had been "set
aside" until a full case was heard in September or October.

Bower Terrace Student Accommodation and Herbal Hill Studios
include one in London that comprises 45 studio apartments and
another in Maidstone, Kent, with 114 studio apartments.


DARLINGTON FOOTBALL: Liquidators Warn No Payout for Creditors
-------------------------------------------------------------
The Northern Echo reports that creditors owed money by the former
owners of Darlington FC are unlikely to receive a payout,
liquidators have warned.

Darlington FC 2009, which was formed by former chairman Raj
Singh, is in the process of being liquidated by Yarm accountants
Taylor Rowlands, the report says.

According to Northern Echo, liquidator Harvey Madden said the
company's total debts were still being calculated, but it is
believed Mr. Singh is the biggest creditor and is owed about
GBP800,000.

"Ideally, we would have exited administration with a company
voluntary arrangement (CVA) but that was not possible, so the
only available route was to put the company into liquidation,"
the report quotes Mr. Madden as saying.

"We've finalised the administration and we're now in the process
of going through the liquidation.?

As reported in the Troubled Company Reporter-Europe on Jan. 6,
2012, Business Sale said Darlington Football Club was placed into
administration after a consortium of local businessmen was unable
to reach a buyout deal with the owner.  The Blue Square Bet
Premier side had been the subject of a bid by a group calling
themselves the Darlington Football Club Rescue Group (DFCRG),
according to Business Sale.  The report related that current
owner and chairman, Raj Singh, said he had been unable to settle
on a sustainable deal with the group and had called in
administrators.

Darlington Football Club -- http://www.darlington-fc.net/-- is
an English football team.


ETHEL AUSTIN: Liric Acquires 32 Stores; 198 Jobs Saved
------------------------------------------------------
GA Europe(TM), a subsidiary of Great American Group, Inc.(R) has
been notified by administrator Duff & Phelps that Liric, Ltd. has
purchased the Ethel Austin brand and 32 Ethel Austin stores.

GA Europe recently acquired the debt of Ashloch Ltd., which
trades principally as the value retailer Ethel Austin, and has
been operating the Ethel Austin stores until a buyer could be
identified.

"We are delighted that a buyer has been found for the bulk of the
Ethel Austin business, following its restructuring and its short-
term management by GA Europe," said GA Europe Chief Executive
Gavin George.

Mr. George notes that over the last two years, GA Europe has
achieved similar results from other restructurings, including
Suits You (SRG Ltd.), British Booksellers and Stationers (BBS)
and the department store group, TJ.Hughes.

"In each of these situations, our specialized expertise and
hands-on approach have been key to maximizing recoveries for
creditors while preserving the viable elements of retail
businesses -- at the same time achieving obvious benefits to
suppliers, staff and property owners," Mr. George said.

The sale to Liric, Ltd. will secure the employment of about 198
Ethel Austin employees.

Pending the phased transition of the stores to Liric, Ltd., a
company controlled by clothing entrepreneur Mike Basso, GA Europe
will continue to run the chain and will also manage the closure
of those stores for which a buyer cannot be found.

The Ethel Austin chain was founded in 1934 by Ethel Austin in
Liverpool and grew to a chain of 60 stores operating in the
Northern United Kingdom.  Since being bought from the Austin
family in 2002, the company has gone into administration
(receivership) four times in the last four years.

              About Great American Group, LLC (GAMR-G)

Great American Group, LLC -- http://www.greatamerican.com-- is a
provider of asset disposition solutions and valuation and
appraisal services to a wide range of industrial and retail
clients, as well as lenders, capital providers, private equity
investors and professional service firms.  Great American Group
has offices in Atlanta, Boston, Charlotte, Chicago, Dallas,
London, Los Angeles, New York, North Carolina, and San Francisco.

                          About GA Europe

GA Europe is a 100% subsidiary of publicly-listed Great American
Group, operating in partnership with retailers and their
financial stakeholders across Europe to resolve complex or
distressed situations.  Over the last five years, Great American
Group/GA Europe has handled more than $10 billion of retail stock
clearance and has provided nearly 4,000 appraisals.


EMS PROMOTIONS: Two Events Cancelled as Organizer Liquidates
------------------------------------------------------------
Staffordshire Newsletter reports that the plug has been pulled on
two outdoor concerts near Stafford after the organizer, EMS
Promotions, went into liquidation.

Jools Holland's performance on August 18 and the National
Symphony Orchestra's summer proms on August 19 have been
cancelled, the report says.

According to Staffordshire Newsletter, EMS Promotions has
instructed Business Rescue and Insolvency Company, McTear,
Williams and Wood to assist with placing the company into
liquidation.

It is believed almost 4,000 tickets had been sold for this
month's Jool Jolland events through a variety of outlets
including the estate's ticket office and Stafford's Gatehouse
Theatre

"We are obviously bitterly disappointed that these concerts have
been cancelled due to EMS Promotions, which hired the Shugborough
Estate as the venue, going into liquidation," the report quotes
Councillor Pat Corfield from Staffordshire County Council, which
runs Shugborough, as saying.

"Our priority is to assist anyone who purchased tickets either
from Shugborough directly or through the Stafford Gatehouse
Theatre to receive a full refund."


LONDON PLEASURES: In Administration After Cash Flow Shortfall
-------------------------------------------------------------
BBC News reports that London Pleasure Gardens, the operator of an
arts and culture site close to the ExCel Olympics venue, has gone
into administration.

BBC relates that administrators Deloitte said the site on Pontoon
Dock had fewer visitors than expected, attracting fewer than
7,000 visitors per day.

According to BBC, a council spokesman said it would get the money
back and make a success of the site with a different operator.

"Unfortunately, London Pleasure Gardens has underperformed
against its original business plan both in respect of festival
activity and far fewer visitors than originally envisaged passing
through the site and using its facilities," BBC quotes joint
administrator Rob Harding as saying.

"This has manifested itself in a cash flow shortfall in the
business resulting in the directors having no option but to
appoint administrators."

LPG is one of two exits Olympic spectators are directed through
after watching events including boxing, table tennis,
weightlifting, and wrestling at the ExCel center.


WAD DEVELOPMENTS: In Administration; Owes More Than GBP7-Mil.
-------------------------------------------------------------
BBC News reports that WAD Developments (2007) has been placed
into administration.

WAD's last set of accounts, for the year ending August 2010, show
that it owed Bank of Scotland Ireland more than GBP7 million, BBC
discloses.

The firm made a loss of GBP639,000 in that year and its
liabilities exceeded its assets by more than GBP3 million.

A note from the firm's auditors said there were doubts about the
company's ability to continue as a going concern.

WAD Developments (2007) is a property company which converted
Comber Mill into a development of luxury apartments and houses.


WORLDSPREADS PLC: Creditors Take Steps to Recoup Money
------------------------------------------------------
James Quinn at The Sunday Telegraph reports that the creditors of
WorldSpreads are set to pursue the former directors and advisers
to recoup some of the money from the failed company, which was
placed into special administration in March.

WorldSpreads collapsed after informing the Financial Services
Authority that it had only GBP16.6 million of cash to repay
GBP27.9 million of client funds, the Sunday Telegraph recounts.

The Sunday Telegraph understands that administrators at KPMG have
indicated to creditors that they would like permission to gather
evidence and attempt to build a case against former members of
the board.

It is believed that a meeting of the creditors committee
sanctioned the request, with administrators Jane Moriarty and
Samantha Bewick now involved in a fact-finding mission, the
Sunday Telegraph notes.

If it is thought a case can be brought, creditors will then need
to sanction any specific legal action, the Sunday Telegraph says.

KPMG has already begun looking at former wealthy clients, after
it was revealed that debtors owed the company GBP2.5 million, the
Sunday Telegraph discloses.

Worldspreads plc is a financial spread-betting firm.



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


* Bingham Comments on Appeals Court Ruling on Piercing Corp. Veil
-----------------------------------------------------------------
Bingham McCutchen LLP on July 30 disclosed that the Court of
Appeal has recently re-affirmed the circumstances in which the
English Court will pierce the corporate veil.

In doing so, however, it overturned a ground-breaking Commercial
Court decision from 2011, in which the Commercial Court held that
an individual who was the "puppeteer" behind a "puppet" company
could be treated as being simultaneously, contractually liable
for the contracts of the puppet company.

The Court of Appeal decided that the Commercial Court was wrong
to do so for several reasons, but principally because it would be
fundamentally contrary to the "basic principle of law that
contracts are the result of a consensual arrangement between . .
. those intending to be parties to them . . ."

The Court of Appeal refused permission to appeal to the Supreme
Court, although the Supreme Court is still considering whether it
should give permission.

                          In More Detail

In the 2011 decision, Antonio Gramsci Shipping Corporation &
others v Oleg Stepanovs, Burton J delivered a Commercial Court
judgment that promised to extend, significantly, the
circumstances in which claimants could successfully recover
damages from individuals who wrongfully sought to hide behind the
protection of a corporate vehicle.  In that particular case, the
individual wrongdoers were found to have misused a number of
corporate structures to divert profits on certain charterparty
contracts away from the claimants.  One of the key issues before
Burton J was whether, having pierced the corporate veil of the
relevant companies, the Court could find the individual defendant
to be jointly and severally liable with the companies under the
charterparty contracts.

Burton J found there was a good arguable case that the veil of
incorporation should be pierced in order to permit the claimants
to enforce the relevant charterparties as against the individual
defendant (the "puppeteer", as he was referred to), as if he were
a party to those charterparties.  The Court noted that ". . .
there is no authority, binding or otherwise, which prevents such
a conclusion being reached, whereby a victim would be entitled to
enforce a contract entered into by a puppet company against both
puppet company and puppeteer".

In VTB v. Nutritek, essentially the same issue came before the
Court of Appeal.  The Court of Appeal delivered a lengthy
judgment on June 20, 2012, which very helpfully surveys the
principal reported cases on the circumstances in which the
English Court will pierce the corporate veil.  The Court of
Appeal quoted, with approval, the formulation of Sir Andrew
Morritt in the 2001 case Trustor AB v. Smallbone & others:

"In my judgment, the Court is entitled to 'pierce the corporate
veil' and recognize the receipt of the company as that of the
individual(s) in control of it, if the company was used as a
device or fa‡ade to conceal the true facts thereby avoiding or
concealing any liabilities of those individual(s). . ."

However, the Court of Appeal refused to endorse the decision of
Burton J in the Gramsci case referred to above and held that it
was not possible to hold the puppeteer liable for the act of the
puppet company.  It held that to accept that a person could be
held liable in contract in these circumstances would " . . . make
a fundamental inroad into the basic principle of law that
contracts are the result of a consensual arrangement between  . .
. those intending to be parties to them . . ."

                             Comment

As many investors, creditors and financing parties will know to
their cost, the misuse of corporate vehicles as a device to
shield fraudulent individuals from liability is widespread.  The
attempt by Burton J in the Gramsci case to extend the
circumstances in which claimants can hold individuals liable in
these circumstances was therefore welcome.

In that respect, it is perhaps unfortunate that the Court of
Appeal has stopped in its tracks what appeared to be a promising
extension of the doctrine of alter ego.  Bingham notes, however,
that this may not be the end of the story.  The Court of Appeal
did not rule out the possibility of extending the doctrine in the
right factual circumstances; there is still a possibility that
the Supreme Court will decide to entertain an appeal in this
case, although its decision in this may not now be known until
September.


* Moody's Says EU Recession May Hit Lat-Am Commodity Producers
--------------------------------------------------------------
A protracted recession in the eurozone (EU) would have a direct
negative impact on Latin American exporters, particularly
commodity producers, says Moody's Investors Service in a new
special comment, "EU Recession Presents Risk for Commodities
Producers."

Additionally, the recession in Europe would exacerbate the
slowdown in China and have a twofold impact on Latin American
corporates, says Moody's. That's because China is both a major
exporter to the EU and a significant importer from Latin America,
which would face a reduction in demand from both markets.

Those that export more to the EU than to comparatively stronger
China would be more vulnerable, while companies entirely focused
on the Latin American market or that limit most of their trade to
the Americas would be less vulnerable, says Moody's.

Moody's notes that commodities producers would be the most
vulnerable to weakness in the EU, as they are most exposed to
short-term price declines arising from reduced demand. But not
all commodities producers will be affected equally, says Moody's.
However, some commodity producers may benefit from their status
as intrinsically low cost producers compared to their peers. That
competitive advantage may shield them slightly from the downturn,
says Moody's.

Moody's expects that the steel and paper and pulp industries
would be particularly exposed due to their exposure to price
swings, while producers of finished goods would be more
resilient. Companies with the most revenue exposure to Europe
include Fibria Celulose S.A. (Ba1 stable), Magnesita Refratarios
S.A. (B1 stable) and Camposol S.A. (B3 stable). Those with
significant China exposure include Corporacion Nacional del Cobre
de Chile (A1 stable) , Corporacion Pesquera Inca S.A.C. (B2
positive) and Asociaci¢n de Cooperativas Argentinas (B2 stable),
says the report.

Still, in the long-term, Latin American commodities producers are
well-positioned to benefit from their exposure to China, which,
despite the recent slowdown, remains a dynamic and fast-growing
economy, says Moody's.

Moody's research subscribers can access this report at
http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_144442


* Moody's Takes Rating on Actions Various ABCP Programs
-------------------------------------------------------
Moody's Investors Service has reviewed the following ABCP
programs in conjunction with the proposed amendments. The
amendments, in and of themselves and at this time, will not
result in any rating impact on the respective programs. For the
mentioned programs, Moody's believes that the amendments do not
have an adverse effect on the credit quality of the securities
such that the Moody's ratings are impacted. Moody's does not
express an opinion as to whether the amendment could have other,
non-credit-related effects.

BNP PARIBAS'S MATCHPOINT APPOINTS BNP PARIBAS SECURITIES SERVICES
TO PROGRAMME

Matchpoint Finance plc/Matchpoint Master Trust (together,
"Matchpoint"), a fully supported, multiseller, ABCP programme
sponsored by BNP Paribas (A2/Prime-1/C-), has replaced Citibank
N.A. as account bank and custodian by BNP Paribas Securities
Services (A2/Prime-1).

Matchpoint had EUR 3.64 billion of ABCP issued as at 30 June
2011.

HELABA'S OPUSALPHA ADDS PARTICIPATION IN TWO-CURRENCY TRADE
RECEIVABLE TRANSACTION

Opusalpha Funding Limited ("Opusalpha"), a partially supported,
hybrid ABCP program sponsored by Landesbank Hessen-Thringen GZ
("Helaba", rated A2/Prime-1/D+) and administered by Bedell Trust
UK Limited (not rated), has added a EUR 50 million and USD 20
million participation in a co-purchase transaction to its
portfolio. The transaction is backed by trade receivables
originated by European and US subsidiaries of a non-rated German
company in the agricultural machinery industry and replaces a
terminated transaction for the same originator already funded in
part in Opusalpha. The transaction limit will adjust during each
year to account for seasonal funding needs.

This transaction is fully supported through a EUR denominated
liquidity facility provided by Prime-1 rated Helaba. The
liquidity facility is set at 102% of the purchase limit after
conversion into Euro using the USD/EUR exchange rate at closing
and a 5% cushion and will be adjusted going forward based on the
hedges which will be implemented. The liquidity facility will be
available in Euro only for an amount equal to the outstanding
amount of the loan advances made by Opusalpha under the
transaction, after taking into account the relevant hedges, plus
all related funding costs, therefore allowing covering the face
amount of ABCP issued to fund this transaction.

With this transaction, Opusalpha's aggregate purchase limit
equals to EUR 1,896 million. Opusalpha's program-level credit
enhancement, which is provided by Helaba, is at EUR 50 million
and was not increased following this transaction.

INTESA SANPAOLO'S ROMULUS ADDS TWO TRANSACTIONS

Romulus Funding Corp. ("Romulus"), a partially supported, hybrid
ABCP conduit sponsored by Intesa Sanpaolo S.p.A. ("Intesa," rated
Baa2/Prime-2/C-) and administered by Banca IMI Securities Corp.,
a subsidiary of Banca IMI S.p.A. (Baa2/Prime-2/C-), has added a
EUR 48.5 million transaction backed by trade receivables
originated by an engineering company operating in the oil, gas
and energy sector and a EUR 250 million securitization of
consumer loans originated in Italy.

Both transactions are fully supported by liquidity facilities
sized at 102% of the respective purchase limits and provided by
Intesa. As such, Moody's analysis was based on the financial
strength of Intesa, together with the legal structure providing
full support, rather than the credit quality of the assets.

The asset backed commercial paper issued by Romulus is currently
rated Prime-2 (sf).

Romulus has USD 200 million in program-level credit enhancement,
which was not increased with these transactions since the
transactions are both fully supported. As at the close of 30th
June 2012, Romulus had USD 2.4 billion of ABCP outstanding.

TD'S MERIT TRUST AND PRIME TRUST INCREASES INTEREST IN EXISTING
MORTGAGE TRANSACTION

Merit Trust ("Merit") and Prime Trust ("Prime"), two partially
supported, multiseller Canadian ABCP programs sponsored by
Toronto Dominion Bank ("TD," Aaa/Prime-1/B+), have increased
their commitment in an existing co-purchase facility. The
facility, which consists of discrete pools of residential
mortgages loans, was increased from C$850 million to C$955
million after the purchase of a C$104.8 million pool of
residential mortgage loans.

The transaction remains fully supported by a program-level
liquidity facility provided by Prime-1 rated TD. Merit and Prime
do not have any program-level credit enhancement. Merit has
C$2.444 billion in outstanding ABCP, while Prime has C$2.934
billion in outstanding ABCP.

The principal methodology used in these ratings was "Moody's
Approach to Rating Asset-Backed Commercial Paper" published in
May 2012.

Moody's monitors and analyzes ABCP programs on an ongoing basis.
A detailed description of each program is published in the ABCP
Program Review. Some ABCP programs have monthly updated
performance information, which is published in the Performance
Overviews.


* BOND PRICING: For the Week July 30 to August 3, 2012
------------------------------------------------------

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

AUSTRIA
-------
A-TEC INDUSTRIES           5.750    11/2/2010      EUR     26.38
A-TEC INDUSTRIES           2.750    5/10/2014      EUR     26.38
A-TEC INDUSTRIES           8.750   10/27/2014      EUR     26.38
ERSTE BANK                 6.000     2/1/2014      EUR     63.00
ERSTE BANK                 6.000    7/31/2014      EUR     58.00
ERSTE BANK                 5.500    1/23/2015      EUR     57.63
ERSTE BANK                 7.710    2/17/2015      EUR     55.25
ERSTE BANK                 4.500    6/24/2015      EUR     50.13
IMMOFINANZ                 4.250     3/8/2018      EUR      3.94
KOMMUNALKREDIT             4.440   12/20/2030      EUR     62.38
KOMMUNALKREDIT             4.900    6/23/2031      EUR     66.13
OESTER VOLKSBK             4.170    7/29/2015      EUR     52.00
OESTER VOLKSBK             4.350   11/16/2018      EUR     57.50
OESTER VOLKSBK             4.750    4/30/2021      EUR     74.05
OESTER VOLKSBK             4.160    5/20/2025      EUR     71.28
OESTER VOLKSBK             4.810    7/29/2025      EUR     57.88
OESTER VOLKSBK             4.900    8/18/2025      EUR     63.00
OESTER VOLKSBK             5.270     2/8/2027      EUR     73.00
RAIFF CENTROBANK           7.646    1/23/2013      EUR     55.39
RAIFF CENTROBANK           9.558    1/23/2013      EUR     65.97
RAIFF CENTROBANK           9.876    1/23/2013      EUR     47.25
RAIFF CENTROBANK           9.304    1/23/2013      EUR     64.08
RAIFF CENTROBANK           7.965    1/23/2013      EUR     52.11
RAIFF CENTROBANK          12.604    6/26/2013      EUR     73.45
RAIFF ZENTRALBK            4.500    9/28/2035      EUR     62.13

BELGIUM
-------
ECONOCOM GROUP             4.000     6/1/2016      EUR     21.73
IDEAL STANDARD I          11.750     5/1/2018      EUR     70.25
IDEAL STANDARD I          11.750     5/1/2018      EUR     70.25

CYPRUS
------
CYPRUS GOVT BOND           4.500    10/9/2016      EUR     73.63
CYPRUS GOVT BOND           4.500     1/4/2017      EUR     71.88
CYPRUS GOVT BOND           4.500    2/15/2017      EUR     71.00
CYPRUS GOVT BOND           4.500     4/2/2017      EUR     70.00
CYPRUS GOVT BOND           5.600    4/15/2017      EUR     73.63
CYPRUS GOVT BOND           4.500    9/28/2017      EUR     66.38
CYPRUS GOVT BOND           5.100    1/29/2018      EUR     66.63
CYPRUS GOVT BOND           4.600    4/23/2018      EUR     63.13
CYPRUS GOVT BOND           4.600   10/23/2018      EUR     60.00
CYPRUS GOVT BOND           4.600    2/26/2019      EUR     58.00
CYPRUS GOVT BOND           6.100    6/24/2019      EUR     62.88
CYPRUS GOVT BOND           6.100    4/20/2020      EUR     59.38
CYPRUS GOVT BOND           5.350     6/9/2020      EUR     55.25
CYPRUS GOVT BOND           6.000     6/9/2021      EUR     55.00
CYPRUS GOVT BOND           6.500    8/25/2021      EUR     55.63
REP OF CYPRUS              4.375    7/15/2014      EUR     72.77
REP OF CYPRUS              3.750    11/1/2015      EUR     61.38
REP OF CYPRUS              4.625     2/3/2020      EUR     51.86

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

DENMARK
-------
JYSKE BANK A/S             7.000    5/29/2024      EUR     69.50
KALMAR STRUCTRD            7.500    9/30/2013      EUR      0.01
KOMMUNEKREDIT              0.500   12/14/2020      ZAR     59.56
KOMMUNEKREDIT              0.500    7/30/2027      TRY     42.24
KOMMUNEKREDIT              0.500    5/11/2029      CAD     52.97
VESTAS WIND SYST           4.625    3/23/2015      EUR     70.96

FINLAND
-------
MUNI FINANCE PLC           0.500    2/17/2017      BRL     73.89
MUNI FINANCE PLC           0.500    3/16/2017      BRL     73.46
MUNI FINANCE PLC           0.500   11/16/2017      TRY     72.83
MUNI FINANCE PLC           0.500    3/28/2018      BRL     67.71
MUNI FINANCE PLC           0.500    4/27/2018      ZAR     70.85
MUNI FINANCE PLC           0.500   11/21/2018      TRY     67.33
MUNI FINANCE PLC           0.500   11/21/2018      ZAR     67.73
MUNI FINANCE PLC           0.500   12/14/2018      TRY     66.95
MUNI FINANCE PLC           0.500   12/20/2018      ZAR     67.50
MUNI FINANCE PLC           0.500    9/24/2020      CAD     72.75
MUNI FINANCE PLC           0.500   11/25/2020      ZAR     58.44
MUNI FINANCE PLC           0.500   11/10/2021      NZD     69.69
MUNI FINANCE PLC           0.500   12/21/2021      NZD     69.30
MUNI FINANCE PLC           0.500    4/26/2022      ZAR     53.18
MUNI FINANCE PLC           0.500    5/31/2022      ZAR     52.10
MUNI FINANCE PLC           0.500    6/19/2024      ZAR     44.45
MUNI FINANCE PLC           0.500    3/17/2025      CAD     56.43
MUNI FINANCE PLC           0.250    6/28/2040      CAD     21.27
NOKIA CORP                 6.625    5/15/2039      USD     73.13
TALVIVAARA                 4.000   12/16/2015      EUR     74.55

FRANCE
------
AIR FRANCE-KLM             4.970     4/1/2015      EUR     10.95
ALCATEL-LUCENT             5.000     1/1/2015      EUR      2.43
ALTRAN TECHNOLOG           6.720     1/1/2015      EUR      4.99
ASSYSTEM                   4.000     1/1/2017      EUR     22.59
ATOS ORIGIN SA             2.500     1/1/2016      EUR     55.74
BNP PARIBAS                2.890    5/16/2036      JPY     72.00
CAISSE CENT IMMO           7.000    5/16/2014      EUR     22.68
CAISSE CENT IMMO           7.000    5/18/2015      EUR      4.03
CAISSE CENT IMMO           7.000    9/10/2015      EUR     10.61
CALYON                     6.000    6/18/2047      EUR     32.94
CAP GEMINI SOGET           3.500     1/1/2014      EUR     38.54
CGG VERITAS                1.750     1/1/2016      EUR     32.12
CLUB MEDITERRANE           6.110    11/1/2015      EUR     18.08
CMA CGM                    8.500    4/15/2017      USD     58.75
CMA CGM                    8.500    4/15/2017      USD     57.63
CMA CGM                    8.875    4/15/2019      EUR     56.92
CMA CGM                    8.875    4/15/2019      EUR     56.67
CNP ASSURANCES             6.000    9/14/2040      EUR     71.99
CNP ASSURANCES             6.875    9/30/2041      EUR     73.06
CNP ASSURANCES             7.375    9/30/2041      GBP     74.08
CREDIT LOCAL FRA           3.750    5/26/2020      EUR     51.11
DEXIA CRED LOCAL           4.020    3/13/2017      EUR     69.09
DEXIA CRED LOCAL           4.110    9/18/2018      EUR     60.27
DEXIA CRED LOCAL           4.375    2/12/2019      EUR     36.17
DEXIA CRED LOCAL           4.500    2/25/2020      EUR     55.42
DEXIA CRED LOCAL           4.550     4/2/2020      EUR     55.44
DEXIA CRED LOCAL           5.037     8/4/2020      EUR     56.36
DEXIA MUNI AGNCY           1.000   12/23/2024      EUR     72.17
DEXIA MUNI AGNCY           4.680     3/9/2029      CAD     71.08
EURAZEO                    6.250    6/10/2014      EUR     54.93
EUROPCAR GROUPE            9.375    4/15/2018      EUR     70.38
EUROPCAR GROUPE            9.375    4/15/2018      EUR     69.90
FAURECIA                   4.500     1/1/2015      EUR     19.79
GIE PSA TRESORER           6.000    9/19/2033      EUR     71.76
GROUPAMA SA                7.875   10/27/2039      EUR     56.39
GROUPE VIAL                2.500     1/1/2014      EUR      2.43
INGENICO                   2.750     1/1/2017      EUR     51.26
MAUREL ET PROM             7.125    7/31/2014      EUR     19.24
MAUREL ET PROM             7.125    7/31/2015      EUR     17.95
NEXANS SA                  4.000     1/1/2016      EUR     56.39
NEXANS SA                  2.500     1/1/2019      EUR     67.08
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     46.74
PEUGEOT SA                 4.450     1/1/2016      EUR     22.39
PIERRE VACANCES            4.000    10/1/2015      EUR     74.22
PUBLICIS GROUPE            3.125    7/30/2014      EUR     40.84
PUBLICIS GROUPE            1.000    1/18/2018      EUR     52.73
SG OPTION EUROPE           8.000    7/10/2015      USD     71.45
SOC AIR FRANCE             2.750     4/1/2020      EUR     20.90
SOCIETE GENERALE           0.500     9/7/2021      AUD     53.85
SOCIETE GENERALE           0.500    12/6/2021      AUD     52.91
SOCIETE GENERALE           0.500    4/27/2022      AUD     51.14
SOCIETE GENERALE           0.500    4/27/2022      USD     61.07
SOCIETE GENERALE           0.500    7/11/2022      AUD     55.40
SOCIETE GENERALE           0.500    7/11/2022      USD     60.20
SOITEC                     6.250     9/9/2014      EUR      8.16
TEM                        4.250     1/1/2015      EUR     53.65

GERMANY
-------
BAYERISCHE HYPO            5.000   12/21/2029      EUR     74.44
BAYERISCHE LNDBK           5.200    8/17/2012      EUR     70.65
BAYERISCHE LNDBK           4.200    8/24/2012      EUR     74.97
BAYERISCHE LNDBK           4.900    8/31/2012      EUR     73.61
BAYERISCHE LNDBK           3.200    10/1/2012      EUR     23.82
BNP EMIS-U.HANDE           6.000    7/26/2012      EUR     67.32
BNP EMIS-U.HANDE           6.500    7/26/2012      EUR     68.45
BNP EMIS-U.HANDE           7.000    7/26/2012      EUR     39.88
BNP EMIS-U.HANDE           7.000    7/26/2012      EUR     15.69
BNP EMIS-U.HANDE           7.000    7/26/2012      EUR     18.97
BNP EMIS-U.HANDE           7.000    7/26/2012      EUR     49.27
BNP EMIS-U.HANDE           8.000    7/26/2012      EUR     43.44
BNP EMIS-U.HANDE           8.000    7/26/2012      EUR     25.35
BNP EMIS-U.HANDE           8.000    7/26/2012      EUR     62.54
BNP EMIS-U.HANDE           9.000    7/26/2012      EUR     42.66
BNP EMIS-U.HANDE           9.000    7/26/2012      EUR     40.66
BNP EMIS-U.HANDE           9.000    7/26/2012      EUR     69.34
BNP EMIS-U.HANDE           9.000    7/26/2012      EUR     49.39
BNP EMIS-U.HANDE          10.000    7/26/2012      EUR     36.14
BNP EMIS-U.HANDE           6.000    7/26/2012      EUR     27.53
BNP EMIS-U.HANDE           8.000    7/26/2012      EUR     66.26
BNP EMIS-U.HANDE           6.000    7/26/2012      EUR     31.61
BNP EMIS-U.HANDE           6.000    7/26/2012      EUR     70.64
BNP EMIS-U.HANDE           8.500   12/28/2012      EUR     71.79
BNP EMIS-U.HANDE          10.500   12/28/2012      EUR     47.47
BNP EMIS-U.HANDE           9.500   12/31/2012      EUR     65.91
BNP EMIS-U.HANDE           9.500   12/31/2012      EUR     62.79
BNP EMIS-U.HANDE           7.750   12/31/2012      EUR     51.70
COMMERZBANK AG             9.000     8/3/2012      EUR     66.44
COMMERZBANK AG             8.500     8/3/2012      EUR     50.48
COMMERZBANK AG            13.000    9/27/2012      EUR     71.83
COMMERZBANK AG            16.000    9/27/2012      EUR     68.58
COMMERZBANK AG            19.500    9/27/2012      EUR     69.78
COMMERZBANK AG            19.500    9/27/2012      EUR     68.13
COMMERZBANK AG            19.750    9/27/2012      EUR     70.82
COMMERZBANK AG            19.750    9/27/2012      EUR     66.04
COMMERZBANK AG            21.500    9/27/2012      EUR     73.75
COMMERZBANK AG            28.750    9/27/2012      EUR     67.90
COMMERZBANK AG             7.700    9/28/2012      EUR     43.10
COMMERZBANK AG            10.000    10/1/2012      EUR     73.23
COMMERZBANK AG             8.250    10/1/2012      EUR     71.49
COMMERZBANK AG             9.000    10/1/2012      EUR     56.31
COMMERZBANK AG             9.000   10/29/2012      EUR      8.40
COMMERZBANK AG             8.000    11/5/2012      EUR     53.80
COMMERZBANK AG            11.500    11/5/2012      EUR     63.28
COMMERZBANK AG            10.000    11/5/2012      EUR     57.29
COMMERZBANK AG             8.500   12/17/2012      EUR     63.00
COMMERZBANK AG             8.750   12/17/2012      EUR     74.72
COMMERZBANK AG             7.000   12/27/2012      EUR     64.55
COMMERZBANK AG             8.000   12/27/2012      EUR     48.15
COMMERZBANK AG            13.000   12/28/2012      EUR     62.37
COMMERZBANK AG            21.250   12/31/2012      EUR     73.02
COMMERZBANK AG            17.000   12/31/2012      EUR     72.57
COMMERZBANK AG            23.000   12/31/2012      EUR     73.80
COMMERZBANK AG            29.750   12/31/2012      EUR     73.24
COMMERZBANK AG            24.500    3/21/2013      EUR     74.50
COMMERZBANK AG            10.750    3/21/2013      EUR     59.60
COMMERZBANK AG            14.500    3/21/2013      EUR     56.82
COMMERZBANK AG            18.500    3/21/2013      EUR     54.81
COMMERZBANK AG            19.750    3/21/2013      EUR     74.87
COMMERZBANK AG            14.750    3/21/2013      EUR     74.76
COMMERZBANK AG             8.400   12/30/2013      EUR     16.88
DEUTSCHE BANK AG           8.000    7/31/2012      EUR     72.90
DEUTSCHE BANK AG           7.000    7/31/2012      EUR     48.70
DEUTSCHE BANK AG           7.000    7/31/2012      EUR     56.80
DEUTSCHE BANK AG           7.000    7/31/2012      EUR     49.20
DEUTSCHE BANK AG           7.000    7/31/2012      EUR     66.80
DEUTSCHE BANK AG           8.000    7/31/2012      EUR     47.30
DEUTSCHE BANK AG           8.000    7/31/2012      EUR     46.60
DEUTSCHE BANK AG           8.000    7/31/2012      EUR     53.80
DEUTSCHE BANK AG           8.000    7/31/2012      EUR     63.40
DEUTSCHE BANK AG           8.000    7/31/2012      EUR     64.60
DEUTSCHE BANK AG           8.000    7/31/2012      EUR     72.20
DEUTSCHE BANK AG           8.000    7/31/2012      EUR     67.30
DEUTSCHE BANK AG           8.000    7/31/2012      EUR     66.20
DEUTSCHE BANK AG           9.000    7/31/2012      EUR     62.00
DEUTSCHE BANK AG           9.000    7/31/2012      EUR     63.70
DEUTSCHE BANK AG           9.000    7/31/2012      EUR     62.50
DEUTSCHE BANK AG          10.000    7/31/2012      EUR     44.80
DEUTSCHE BANK AG          10.000    7/31/2012      EUR     69.40
DEUTSCHE BANK AG          13.000    7/31/2012      EUR     62.00
DEUTSCHE BANK AG          13.000    7/31/2012      EUR     59.20
DEUTSCHE BANK AG          13.000    7/31/2012      EUR     58.90
DEUTSCHE BANK AG          10.000    7/31/2012      EUR     70.30
DEUTSCHE BANK AG          10.000    7/31/2012      EUR     43.00
DEUTSCHE BANK AG          10.000    7/31/2012      EUR     52.30
DEUTSCHE BANK AG          10.000    7/31/2012      EUR     60.90
DEUTSCHE BANK AG           8.000     8/6/2012      EUR     53.40
DEUTSCHE BANK AG           8.000    8/31/2012      EUR     74.40
DEUTSCHE BANK AG           9.000    8/31/2012      EUR     72.70
DEUTSCHE BANK AG          12.000    8/31/2012      EUR     67.60
DEUTSCHE BANK AG           9.000    8/31/2012      EUR     70.10
DEUTSCHE BANK AG          12.000    8/31/2012      EUR     65.40
DEUTSCHE BANK AG          12.000    8/31/2012      EUR     72.70
DEUTSCHE BANK AG          11.000    9/28/2012      EUR     73.00
DEUTSCHE BANK AG          20.000    9/28/2012      EUR     74.80
DEUTSCHE BANK AG          13.000    9/28/2012      EUR     69.70
DEUTSCHE BANK AG           8.000   10/31/2012      EUR     73.80
DEUTSCHE BANK AG          10.000   10/31/2012      EUR     71.10
DEUTSCHE BANK AG          12.000   10/31/2012      EUR     68.30
DEUTSCHE BANK AG           8.000   11/29/2012      EUR     73.20
DEUTSCHE BANK AG          12.000   11/29/2012      EUR     68.30
DEUTSCHE BANK AG           9.000   11/29/2012      EUR     69.20
DEUTSCHE BANK AG           9.000   12/20/2012      EUR     70.10
DEUTSCHE BANK AG           9.000   12/20/2012      EUR     66.20
DEUTSCHE BANK AG          10.000   12/20/2012      EUR     74.30
DEUTSCHE BANK AG          10.000   12/20/2012      EUR     70.90
DEUTSCHE BANK AG          10.000   12/20/2012      EUR     66.60
DEUTSCHE BANK AG          12.000   12/20/2012      EUR     42.10
DEUTSCHE BANK AG          12.000   12/20/2012      EUR     71.20
DEUTSCHE BANK AG          12.000   12/20/2012      EUR     64.30
DEUTSCHE BANK AG          15.000   12/20/2012      EUR     60.30
DEUTSCHE BANK AG           7.000   12/20/2012      EUR     72.30
DEUTSCHE BANK AG           8.000   12/20/2012      EUR     57.50
DEUTSCHE BANK AG           8.000   12/20/2012      EUR     40.60
DEUTSCHE BANK AG           8.000   12/20/2012      EUR     72.30
DEUTSCHE BANK AG           7.000   12/20/2012      EUR     71.90
DEUTSCHE BANK AG          11.000    1/18/2013      EUR     72.70
DEUTSCHE BANK AG          10.000    1/18/2013      EUR     74.70
DEUTSCHE BANK AG          12.000     4/2/2013      EUR     73.60
DEUTSCHE BANK AG          10.000     4/2/2013      EUR     71.20
DEUTSCHE BANK AG           8.000     4/2/2013      EUR     75.00
DRESDNER BANK AG           5.290    5/31/2021      EUR     73.53
DRESDNER BANK AG           6.180    2/28/2023      EUR     74.28
DRESDNER BANK AG           5.700    7/31/2023      EUR     70.20
DRESDNER BANK AG           5.450    2/22/2029      EUR     20.49
DZ BANK AG                10.750    7/27/2012      EUR     45.23
DZ BANK AG                15.250    7/27/2012      EUR     41.09
DZ BANK AG                15.000    7/27/2012      EUR     34.71
DZ BANK AG                14.750    7/27/2012      EUR     66.95
DZ BANK AG                13.100    7/27/2012      EUR     72.29
DZ BANK AG                13.000    7/27/2012      EUR     71.63
DZ BANK AG                12.700    7/27/2012      EUR     64.12
DZ BANK AG                12.500    7/27/2012      EUR     66.08
DZ BANK AG                12.250    7/27/2012      EUR     74.33
DZ BANK AG                12.000    7/27/2012      EUR     65.08
DZ BANK AG                11.750    7/27/2012      EUR     34.85
DZ BANK AG                11.500    7/27/2012      EUR     38.49
DZ BANK AG                11.250    7/27/2012      EUR     71.12
DZ BANK AG                11.250    7/27/2012      EUR     74.99
DZ BANK AG                11.250    7/27/2012      EUR     45.60
DZ BANK AG                10.500    7/27/2012      EUR     51.35
DZ BANK AG                10.000    7/27/2012      EUR     53.82
DZ BANK AG                 9.800    7/27/2012      EUR     71.53
DZ BANK AG                 9.250    7/27/2012      EUR     72.05
DZ BANK AG                 9.000    7/27/2012      EUR     72.93
DZ BANK AG                 8.700    7/27/2012      EUR     71.70
DZ BANK AG                 8.000    7/27/2012      EUR     55.85
DZ BANK AG                 8.000    7/27/2012      EUR     49.50
DZ BANK AG                 7.500    7/27/2012      EUR     69.22
DZ BANK AG                 6.500    7/27/2012      EUR     60.23
DZ BANK AG                 6.000    7/27/2012      EUR     72.09
DZ BANK AG                12.750    7/31/2012      EUR     62.76
DZ BANK AG                 9.250    7/31/2012      EUR     70.36
DZ BANK AG                12.700     8/3/2012      EUR     67.72
DZ BANK AG                14.500    8/10/2012      EUR     68.22
DZ BANK AG                15.250    8/10/2012      EUR     71.68
DZ BANK AG                16.500    8/10/2012      EUR     71.23
DZ BANK AG                14.750    8/10/2012      EUR     71.35
DZ BANK AG                10.500    8/10/2012      EUR     61.22
DZ BANK AG                21.250    8/10/2012      EUR     40.77
DZ BANK AG                 9.500    8/10/2012      EUR     70.84
DZ BANK AG                 5.000    8/10/2012      EUR     59.52
DZ BANK AG                24.250    8/10/2012      EUR     66.37
DZ BANK AG                17.500    8/24/2012      EUR     61.16
DZ BANK AG                18.000    8/24/2012      EUR     60.56
DZ BANK AG                19.000    8/24/2012      EUR     72.75
DZ BANK AG                18.000    8/24/2012      EUR     63.39
DZ BANK AG                21.250    8/24/2012      EUR     72.00
DZ BANK AG                21.000    8/24/2012      EUR     55.36
DZ BANK AG                12.000    8/24/2012      EUR     70.17
DZ BANK AG                26.000    8/24/2012      EUR     69.65
DZ BANK AG                13.500    8/24/2012      EUR     69.63
DZ BANK AG                14.000    8/24/2012      EUR     66.25
DZ BANK AG                15.000    8/24/2012      EUR     72.82
DZ BANK AG                12.750    8/24/2012      EUR     62.73
DZ BANK AG                17.000    8/24/2012      EUR     67.93
DZ BANK AG                16.500    8/24/2012      EUR     64.15
DZ BANK AG                 5.000    9/14/2012      EUR     53.20
DZ BANK AG                 5.850    9/14/2012      EUR     52.71
DZ BANK AG                 6.000    9/14/2012      EUR     73.85
DZ BANK AG                 6.250    9/14/2012      EUR     49.42
DZ BANK AG                 7.000    9/14/2012      EUR     74.67
DZ BANK AG                 7.250    9/14/2012      EUR     67.93
DZ BANK AG                 7.500    9/14/2012      EUR     66.50
DZ BANK AG                 7.500    9/14/2012      EUR     74.67
DZ BANK AG                 7.750    9/14/2012      EUR     74.70
DZ BANK AG                 8.000    9/14/2012      EUR     45.21
DZ BANK AG                 8.250    9/14/2012      EUR     57.58
DZ BANK AG                 9.250    9/14/2012      EUR     74.95
DZ BANK AG                 9.500    9/14/2012      EUR     60.13
DZ BANK AG                 9.500    9/14/2012      EUR     71.10
DZ BANK AG                10.000    9/14/2012      EUR     50.95
DZ BANK AG                10.000    9/14/2012      EUR     51.80
DZ BANK AG                10.500    9/14/2012      EUR     40.29
DZ BANK AG                10.750    9/14/2012      EUR     65.63
DZ BANK AG                11.500    9/14/2012      EUR     72.33
DZ BANK AG                12.500    9/14/2012      EUR     62.96
DZ BANK AG                19.500    9/14/2012      EUR     46.77
DZ BANK AG                 8.500    9/14/2012      EUR     44.85
DZ BANK AG                17.500    9/28/2012      EUR     72.17
DZ BANK AG                22.500    9/28/2012      EUR     71.30
DZ BANK AG                23.000    9/28/2012      EUR     67.49
DZ BANK AG                16.500    9/28/2012      EUR     73.22
DZ BANK AG                15.500    9/28/2012      EUR     73.99
DZ BANK AG                20.000    9/28/2012      EUR     66.41
DZ BANK AG                21.000    9/28/2012      EUR     74.85
DZ BANK AG                22.000    9/28/2012      EUR     62.46
DZ BANK AG                 7.600    10/5/2012      EUR     74.97
DZ BANK AG                 8.300    10/5/2012      EUR     65.20
DZ BANK AG                 4.500    10/5/2012      EUR     73.35
DZ BANK AG                 5.700    10/5/2012      EUR     70.40
DZ BANK AG                19.250   10/12/2012      EUR     74.98
DZ BANK AG                 8.000   10/12/2012      EUR     41.18
DZ BANK AG                 7.000   10/12/2012      EUR     44.13
DZ BANK AG                 9.500   10/12/2012      EUR     56.65
DZ BANK AG                 7.000   10/12/2012      EUR     69.94
DZ BANK AG                 8.000   10/12/2012      EUR     63.00
DZ BANK AG                 8.000   10/26/2012      EUR     70.94
DZ BANK AG                17.250   10/26/2012      EUR     70.97
DZ BANK AG                16.000   10/26/2012      EUR     66.86
DZ BANK AG                22.000   10/26/2012      EUR     67.43
DZ BANK AG                17.750   10/26/2012      EUR     73.31
DZ BANK AG                18.000   10/26/2012      EUR     73.16
DZ BANK AG                19.000   10/26/2012      EUR     70.17
DZ BANK AG                12.500   10/26/2012      EUR     72.31
DZ BANK AG                11.900    11/1/2012      EUR     70.76
DZ BANK AG                11.500   11/23/2012      EUR     72.32
DZ BANK AG                15.500   11/23/2012      EUR     74.14
DZ BANK AG                20.000   11/23/2012      EUR     71.69
DZ BANK AG                 5.000   12/14/2012      EUR     61.21
DZ BANK AG                 9.750   12/14/2012      EUR     63.96
DZ BANK AG                 5.000   12/21/2012      EUR     60.94
DZ BANK AG                 9.500     1/2/2013      EUR     73.24
DZ BANK AG                12.000     1/2/2013      EUR     68.08
DZ BANK AG                 6.000     1/2/2013      EUR     61.52
DZ BANK AG                14.000    1/11/2013      EUR     43.51
DZ BANK AG                15.500    1/11/2013      EUR     48.08
DZ BANK AG                12.500    1/25/2013      EUR     45.09
DZ BANK AG                19.000    1/25/2013      EUR     73.38
DZ BANK AG                14.000    1/25/2013      EUR     71.89
DZ BANK AG                11.250     2/8/2013      EUR     72.66
DZ BANK AG                13.750     2/8/2013      EUR     73.51
DZ BANK AG                10.250     2/8/2013      EUR     73.77
DZ BANK AG                11.000    2/22/2013      EUR     72.02
DZ BANK AG                14.000    2/22/2013      EUR     69.44
DZ BANK AG                10.750    2/22/2013      EUR     69.19
DZ BANK AG                 9.000     3/8/2013      EUR     69.31
DZ BANK AG                 9.750     3/8/2013      EUR     74.85
DZ BANK AG                10.000     3/8/2013      EUR     56.95
DZ BANK AG                11.000     3/8/2013      EUR     72.58
DZ BANK AG                11.500     3/8/2013      EUR     70.42
DZ BANK AG                13.500     3/8/2013      EUR     74.32
DZ BANK AG                13.750     3/8/2013      EUR     48.21
DZ BANK AG                11.250    3/22/2013      EUR     49.31
DZ BANK AG                12.750    3/22/2013      EUR     72.34
DZ BANK AG                18.500    3/22/2013      EUR     74.51
DZ BANK AG                20.000    3/22/2013      EUR     71.67
DZ BANK AG                 5.000    3/22/2013      EUR     74.74
DZ BANK AG                 9.750     4/2/2013      EUR     68.02
DZ BANK AG                15.750    4/26/2013      EUR     67.28
DZ BANK AG                17.000    4/26/2013      EUR     22.91
DZ BANK AG                 5.000    6/22/2018      EUR     60.83
ESCADA AG                  7.500     4/1/2012      EUR      8.64
ESCADA AG                  7.500     4/1/2012      EUR      8.25
EUROHYPO AG                3.830    9/21/2020      EUR     68.75
GOLDMAN SACHS CO          17.000    9/26/2012      EUR     72.20
GOLDMAN SACHS CO          16.000    9/26/2012      EUR     67.40
GOLDMAN SACHS CO           8.000    9/26/2012      EUR     52.90
GOLDMAN SACHS CO          16.000   12/28/2012      EUR     70.70
GOLDMAN SACHS CO          17.000   12/28/2012      EUR     74.40
GOLDMAN SACHS CO          15.000   12/28/2012      EUR     72.70
GOLDMAN SACHS CO          15.000   12/28/2012      EUR     70.60
GOLDMAN SACHS CO          16.000   12/28/2012      EUR     68.60
GOLDMAN SACHS CO          14.000     1/2/2013      EUR     70.50
GOLDMAN SACHS CO          15.000    3/20/2013      EUR     69.90
GOLDMAN SACHS CO          15.000    6/26/2013      EUR     72.70
GOLDMAN SACHS CO          18.000    6/26/2013      EUR     73.90
GOLDMAN SACHS CO          11.000    6/26/2013      EUR     71.40
GOLDMAN SACHS CO           9.000    6/26/2013      EUR     73.90
GOLDMAN SACHS CO          11.000    6/26/2013      EUR     73.50
GOLDMAN SACHS CO          14.000   12/27/2013      EUR     73.00
HECKLER & KOCH             9.500    5/15/2018      EUR     72.31
HSBC TRINKAUS             19.000    9/28/2012      EUR     71.89
HSBC TRINKAUS             18.500    9/28/2012      EUR     74.98
HSBC TRINKAUS             19.500    9/28/2012      EUR     72.64
HSBC TRINKAUS             20.000    9/28/2012      EUR     65.15
HSBC TRINKAUS             18.000    9/28/2012      EUR     59.66
HSBC TRINKAUS             17.500    9/28/2012      EUR     72.36
HSBC TRINKAUS             15.500    9/28/2012      EUR     49.00
HSBC TRINKAUS             13.000    9/28/2012      EUR     69.64
HSBC TRINKAUS             12.500    9/28/2012      EUR     73.08
HSBC TRINKAUS             11.000    9/28/2012      EUR     71.14
HSBC TRINKAUS              8.000    9/28/2012      EUR     66.94
HSBC TRINKAUS             11.000    9/28/2012      EUR     64.17
HSBC TRINKAUS             20.000    9/28/2012      EUR     61.87
HSBC TRINKAUS             21.000    9/28/2012      EUR     74.69
HSBC TRINKAUS             22.000    9/28/2012      EUR     74.44
HSBC TRINKAUS             24.000    9/28/2012      EUR     65.74
HSBC TRINKAUS             24.000    9/28/2012      EUR     71.28
HSBC TRINKAUS             24.000    9/28/2012      EUR     74.72
HSBC TRINKAUS             25.000    9/28/2012      EUR     69.47
HSBC TRINKAUS             25.000    9/28/2012      EUR     68.56
HSBC TRINKAUS             25.500    9/28/2012      EUR     65.21
HSBC TRINKAUS             27.500    9/28/2012      EUR     61.20
HSBC TRINKAUS             27.500    9/28/2012      EUR     73.25
HSBC TRINKAUS             29.000    9/28/2012      EUR     67.94
HSBC TRINKAUS             29.500    9/28/2012      EUR     65.77
HSBC TRINKAUS             29.500    9/28/2012      EUR     57.44
HSBC TRINKAUS             11.500   10/26/2012      EUR     72.12
HSBC TRINKAUS             17.500   10/26/2012      EUR     66.65
HSBC TRINKAUS             16.000   11/23/2012      EUR     67.54
HSBC TRINKAUS             11.000   11/23/2012      EUR     72.81
HSBC TRINKAUS             24.000    3/22/2013      EUR     69.77
HSBC TRINKAUS             23.500    3/22/2013      EUR     68.68
HSBC TRINKAUS             22.500    3/22/2013      EUR     72.98
HSBC TRINKAUS             22.000    3/22/2013      EUR     63.29
HSBC TRINKAUS             22.000    3/22/2013      EUR     70.25
HSBC TRINKAUS             21.000    3/22/2013      EUR     71.71
HSBC TRINKAUS             21.000    3/22/2013      EUR     51.60
HSBC TRINKAUS             20.000    3/22/2013      EUR     73.08
HSBC TRINKAUS             20.000    3/22/2013      EUR     72.92
HSBC TRINKAUS              8.500    3/22/2013      EUR     70.45
HSBC TRINKAUS             10.500    3/22/2013      EUR     72.00
HSBC TRINKAUS             10.500    3/22/2013      EUR     68.80
HSBC TRINKAUS             13.000    3/22/2013      EUR     53.19
HSBC TRINKAUS              8.000    3/22/2013      EUR     55.73
HSBC TRINKAUS             14.000    3/22/2013      EUR     65.75
HSBC TRINKAUS             15.500    3/22/2013      EUR     67.41
HSBC TRINKAUS             17.500    3/22/2013      EUR     67.97
HSBC TRINKAUS             17.500    3/22/2013      EUR     73.30
HSBC TRINKAUS             13.500    3/22/2013      EUR     70.94
HSBC TRINKAUS             17.500    3/22/2013      EUR     72.56
HSBC TRINKAUS             17.500    3/22/2013      EUR     72.46
HSBC TRINKAUS             18.000    3/22/2013      EUR     74.20
HSBC TRINKAUS             18.000    3/22/2013      EUR     74.61
HSBC TRINKAUS             19.500    3/22/2013      EUR     73.31
HSBC TRINKAUS             19.000    3/22/2013      EUR     69.12
HSBC TRINKAUS             18.500    3/22/2013      EUR     73.88
HSBC TRINKAUS             18.500    3/22/2013      EUR     64.91
HSBC TRINKAUS             19.500    3/22/2013      EUR     65.09
HSBC TRINKAUS             27.500    3/22/2013      EUR     51.62
HSBC TRINKAUS             27.000    3/22/2013      EUR     61.01
HSBC TRINKAUS             26.500    3/22/2013      EUR     66.45
HSBC TRINKAUS             18.000    3/22/2013      EUR     73.92
HSBC TRINKAUS             17.500    6/28/2013      EUR     66.87
HSBC TRINKAUS             21.500    6/28/2013      EUR     71.42
HSBC TRINKAUS             19.500    6/28/2013      EUR     73.85
HSBC TRINKAUS             19.500    6/28/2013      EUR     70.77
HSBC TRINKAUS             19.000    6/28/2013      EUR     65.40
HSBC TRINKAUS             18.500    6/28/2013      EUR     71.12
HSBC TRINKAUS             18.500    6/28/2013      EUR     74.73
HSBC TRINKAUS             18.500    6/28/2013      EUR     74.89
HSBC TRINKAUS             16.500    6/28/2013      EUR     73.33
HSBC TRINKAUS             16.500    6/28/2013      EUR     73.03
HSBC TRINKAUS             16.500    6/28/2013      EUR     66.77
HSBC TRINKAUS             16.000    6/28/2013      EUR     69.87
HSBC TRINKAUS             16.000    6/28/2013      EUR     74.25
HSBC TRINKAUS             15.500    6/28/2013      EUR     74.81
HSBC TRINKAUS             14.000    6/28/2013      EUR     68.62
HSBC TRINKAUS             12.500    6/28/2013      EUR     68.04
HSBC TRINKAUS             10.500    6/28/2013      EUR     72.66
HSBC TRINKAUS             10.000    6/28/2013      EUR     70.77
HSBC TRINKAUS              8.500    6/28/2013      EUR     72.15
HSBC TRINKAUS             30.000    6/28/2013      EUR     53.11
HSBC TRINKAUS             26.000    6/28/2013      EUR     53.25
HSBC TRINKAUS             25.500    6/28/2013      EUR     60.93
HSBC TRINKAUS             23.500    6/28/2013      EUR     69.47
HSBC TRINKAUS             22.500    6/28/2013      EUR     61.93
HSBC TRINKAUS             13.000   12/30/2013      EUR     73.43
IKB DEUT INDUSTR           4.080   12/20/2035      EUR     73.83
KFW                        0.250    10/6/2036      CAD     32.59
L-BANK FOERDERBK           0.500    5/10/2027      CAD     56.06
L-BANK FOERDERBK           0.250   10/13/2037      CAD     28.21
LANDESBK BERLIN            7.250    8/27/2012      EUR     71.16
LB BADEN-WUERTT           10.000    7/27/2012      EUR     12.03
LB BADEN-WUERTT            4.000    7/27/2012      EUR     26.76
LB BADEN-WUERTT            4.000    7/27/2012      EUR     66.84
LB BADEN-WUERTT            4.000    7/27/2012      EUR     43.14
LB BADEN-WUERTT            4.000    7/27/2012      EUR     73.55
LB BADEN-WUERTT            5.000    7/27/2012      EUR     74.63
LB BADEN-WUERTT            5.000    7/27/2012      EUR     15.61
LB BADEN-WUERTT            5.000    7/27/2012      EUR     50.58
LB BADEN-WUERTT            5.000    7/27/2012      EUR     11.66
LB BADEN-WUERTT            5.000    7/27/2012      EUR     68.12
LB BADEN-WUERTT            5.000    7/27/2012      EUR     51.24
LB BADEN-WUERTT            5.000    7/27/2012      EUR     42.44
LB BADEN-WUERTT            5.000    7/27/2012      EUR     56.60
LB BADEN-WUERTT            5.000    7/27/2012      EUR     53.96
LB BADEN-WUERTT            5.000    7/27/2012      EUR     45.56
LB BADEN-WUERTT            5.000    7/27/2012      EUR     73.15
LB BADEN-WUERTT            5.000    7/27/2012      EUR     68.48
LB BADEN-WUERTT            5.000    7/27/2012      EUR     50.47
LB BADEN-WUERTT            5.000    7/27/2012      EUR     64.10
LB BADEN-WUERTT            5.000    7/27/2012      EUR     24.27
LB BADEN-WUERTT            6.000    7/27/2012      EUR     23.31
LB BADEN-WUERTT            6.000    7/27/2012      EUR     23.25
LB BADEN-WUERTT            6.000    7/27/2012      EUR     59.04
LB BADEN-WUERTT            6.000    7/27/2012      EUR     73.77
LB BADEN-WUERTT            6.000    7/27/2012      EUR     72.46
LB BADEN-WUERTT            6.000    7/27/2012      EUR     35.96
LB BADEN-WUERTT            6.000    7/27/2012      EUR     63.32
LB BADEN-WUERTT            7.500    7/27/2012      EUR     50.53
LB BADEN-WUERTT            7.500    7/27/2012      EUR     11.98
LB BADEN-WUERTT            7.500    7/27/2012      EUR     73.21
LB BADEN-WUERTT            7.500    7/27/2012      EUR     64.91
LB BADEN-WUERTT            7.500    7/27/2012      EUR     21.83
LB BADEN-WUERTT            7.500    7/27/2012      EUR     61.66
LB BADEN-WUERTT            7.500    7/27/2012      EUR     60.11
LB BADEN-WUERTT            7.500    7/27/2012      EUR     48.96
LB BADEN-WUERTT            7.500    7/27/2012      EUR     66.50
LB BADEN-WUERTT            7.500    7/27/2012      EUR     67.06
LB BADEN-WUERTT            7.500    7/27/2012      EUR     55.68
LB BADEN-WUERTT            7.500    7/27/2012      EUR     46.05
LB BADEN-WUERTT            7.500    7/27/2012      EUR     14.44
LB BADEN-WUERTT            7.500    7/27/2012      EUR     45.08
LB BADEN-WUERTT            7.500    7/27/2012      EUR     44.89
LB BADEN-WUERTT            7.500    7/27/2012      EUR     68.28
LB BADEN-WUERTT            7.500    7/27/2012      EUR     37.73
LB BADEN-WUERTT            7.500    7/27/2012      EUR     40.39
LB BADEN-WUERTT            8.000    7/27/2012      EUR     57.02
LB BADEN-WUERTT            8.000    7/27/2012      EUR     67.25
LB BADEN-WUERTT            8.000    7/27/2012      EUR     71.06
LB BADEN-WUERTT            8.000    7/27/2012      EUR     67.24
LB BADEN-WUERTT            8.000    7/27/2012      EUR     32.16
LB BADEN-WUERTT            8.000    7/27/2012      EUR     21.05
LB BADEN-WUERTT            8.000    7/27/2012      EUR     53.78
LB BADEN-WUERTT           10.000    7/27/2012      EUR     73.64
LB BADEN-WUERTT           10.000    7/27/2012      EUR     49.99
LB BADEN-WUERTT           10.000    7/27/2012      EUR     40.44
LB BADEN-WUERTT           10.000    7/27/2012      EUR     54.76
LB BADEN-WUERTT           10.000    7/27/2012      EUR     70.73
LB BADEN-WUERTT           10.000    7/27/2012      EUR     60.74
LB BADEN-WUERTT           10.000    7/27/2012      EUR     45.75
LB BADEN-WUERTT           10.000    7/27/2012      EUR     71.52
LB BADEN-WUERTT           10.000    7/27/2012      EUR     40.71
LB BADEN-WUERTT           10.000    7/27/2012      EUR     66.94
LB BADEN-WUERTT           10.000    7/27/2012      EUR     34.27
LB BADEN-WUERTT           10.000    7/27/2012      EUR     46.80
LB BADEN-WUERTT           10.000    7/27/2012      EUR     37.34
LB BADEN-WUERTT           10.000    7/27/2012      EUR     61.94
LB BADEN-WUERTT           10.000    7/27/2012      EUR     61.73
LB BADEN-WUERTT           10.000    7/27/2012      EUR     13.40
LB BADEN-WUERTT           10.000    7/27/2012      EUR     56.37
LB BADEN-WUERTT           10.000    7/27/2012      EUR     69.72
LB BADEN-WUERTT           10.000    7/27/2012      EUR     71.69
LB BADEN-WUERTT           10.000    7/27/2012      EUR     19.85
LB BADEN-WUERTT           10.000    7/27/2012      EUR     69.64
LB BADEN-WUERTT           10.000    7/27/2012      EUR     59.82
LB BADEN-WUERTT           10.000    7/27/2012      EUR     71.41
LB BADEN-WUERTT           10.000    7/27/2012      EUR     42.41
LB BADEN-WUERTT            8.000    8/24/2012      EUR     66.02
LB BADEN-WUERTT            8.000    8/24/2012      EUR     57.50
LB BADEN-WUERTT            8.000    8/24/2012      EUR     51.39
LB BADEN-WUERTT            8.000    8/24/2012      EUR     70.04
LB BADEN-WUERTT            5.000    8/24/2012      EUR     46.75
LB BADEN-WUERTT            5.000    8/24/2012      EUR     68.37
LB BADEN-WUERTT            5.000    8/24/2012      EUR     22.82
LB BADEN-WUERTT            5.000    8/24/2012      EUR     72.46
LB BADEN-WUERTT            5.000    8/24/2012      EUR     58.20
LB BADEN-WUERTT            5.000    8/24/2012      EUR     63.75
LB BADEN-WUERTT            5.000    8/24/2012      EUR     58.73
LB BADEN-WUERTT            5.000    8/24/2012      EUR     72.60
LB BADEN-WUERTT            5.000    8/24/2012      EUR     47.23
LB BADEN-WUERTT            5.000    8/24/2012      EUR     58.91
LB BADEN-WUERTT            5.000    8/24/2012      EUR     71.69
LB BADEN-WUERTT            6.000    8/24/2012      EUR     66.46
LB BADEN-WUERTT            6.000    8/24/2012      EUR     64.47
LB BADEN-WUERTT            6.000    8/24/2012      EUR     35.04
LB BADEN-WUERTT            6.000    8/24/2012      EUR     30.38
LB BADEN-WUERTT            6.000    8/24/2012      EUR     56.51
LB BADEN-WUERTT            6.000    8/24/2012      EUR     65.24
LB BADEN-WUERTT            6.000    8/24/2012      EUR     71.15
LB BADEN-WUERTT            4.000    8/24/2012      EUR     39.41
LB BADEN-WUERTT            4.000    8/24/2012      EUR     65.40
LB BADEN-WUERTT            4.000    8/24/2012      EUR     35.85
LB BADEN-WUERTT            5.000    8/24/2012      EUR     64.54
LB BADEN-WUERTT            6.500    8/24/2012      EUR     74.64
LB BADEN-WUERTT            7.500    8/24/2012      EUR     20.06
LB BADEN-WUERTT            7.500    8/24/2012      EUR     61.24
LB BADEN-WUERTT            7.500    8/24/2012      EUR     41.95
LB BADEN-WUERTT           10.000    8/24/2012      EUR     61.41
LB BADEN-WUERTT           10.000    8/24/2012      EUR     72.50
LB BADEN-WUERTT           10.000    8/24/2012      EUR     46.30
LB BADEN-WUERTT           10.000    8/24/2012      EUR     53.85
LB BADEN-WUERTT            7.500    8/24/2012      EUR     67.22
LB BADEN-WUERTT            7.500    8/24/2012      EUR     62.60
LB BADEN-WUERTT            7.500    8/24/2012      EUR     51.53
LB BADEN-WUERTT            7.500    8/24/2012      EUR     71.66
LB BADEN-WUERTT           10.000    8/24/2012      EUR     70.58
LB BADEN-WUERTT           10.000    8/24/2012      EUR     68.53
LB BADEN-WUERTT           10.000    8/24/2012      EUR     46.02
LB BADEN-WUERTT           10.000    8/24/2012      EUR     73.57
LB BADEN-WUERTT           10.000    8/24/2012      EUR     58.97
LB BADEN-WUERTT           10.000    8/24/2012      EUR     18.48
LB BADEN-WUERTT           10.000    8/24/2012      EUR     48.18
LB BADEN-WUERTT           10.000    8/24/2012      EUR     38.55
LB BADEN-WUERTT           10.000    8/24/2012      EUR     56.62
LB BADEN-WUERTT            7.500    8/24/2012      EUR     63.38
LB BADEN-WUERTT           10.000    8/24/2012      EUR     64.39
LB BADEN-WUERTT           10.000    8/24/2012      EUR     68.77
LB BADEN-WUERTT            7.500    8/24/2012      EUR     58.07
LB BADEN-WUERTT           10.000    8/24/2012      EUR     65.78
LB BADEN-WUERTT            7.500    8/24/2012      EUR     42.54
LB BADEN-WUERTT            7.500    8/24/2012      EUR     52.36
LB BADEN-WUERTT            7.500    8/24/2012      EUR     63.86
LB BADEN-WUERTT            7.500    8/24/2012      EUR     72.18
LB BADEN-WUERTT            7.500    8/24/2012      EUR     51.54
LB BADEN-WUERTT            8.000    8/24/2012      EUR     71.35
LB BADEN-WUERTT           10.000    8/24/2012      EUR     57.53
LB BADEN-WUERTT           10.000    8/24/2012      EUR     56.19
LB BADEN-WUERTT           10.000    8/24/2012      EUR     72.80
LB BADEN-WUERTT           10.000    8/24/2012      EUR     71.01
LB BADEN-WUERTT           10.000    8/24/2012      EUR     72.89
LB BADEN-WUERTT            8.000    8/24/2012      EUR     27.35
LB BADEN-WUERTT            8.000    8/24/2012      EUR     58.43
LB BADEN-WUERTT            8.000    8/24/2012      EUR     56.89
LB BADEN-WUERTT            8.000    8/24/2012      EUR     71.51
LB BADEN-WUERTT            8.000    8/24/2012      EUR     31.75
LB BADEN-WUERTT            8.000    8/24/2012      EUR     74.80
LB BADEN-WUERTT           10.000    8/24/2012      EUR     36.50
LB BADEN-WUERTT            6.000    9/28/2012      EUR     20.90
LB BADEN-WUERTT            6.000    9/28/2012      EUR     42.10
LB BADEN-WUERTT            6.000    9/28/2012      EUR     65.51
LB BADEN-WUERTT            6.000    9/28/2012      EUR     52.05
LB BADEN-WUERTT            6.000    9/28/2012      EUR     47.68
LB BADEN-WUERTT            6.000    9/28/2012      EUR     75.00
LB BADEN-WUERTT            6.000    9/28/2012      EUR     34.17
LB BADEN-WUERTT            5.000    9/28/2012      EUR     71.60
LB BADEN-WUERTT            5.000    9/28/2012      EUR     66.93
LB BADEN-WUERTT            4.000    9/28/2012      EUR     60.21
LB BADEN-WUERTT            4.000    9/28/2012      EUR     48.67
LB BADEN-WUERTT            4.000    9/28/2012      EUR     25.19
LB BADEN-WUERTT            4.000    9/28/2012      EUR     39.84
LB BADEN-WUERTT            4.000    9/28/2012      EUR     56.71
LB BADEN-WUERTT           10.000    9/28/2012      EUR     72.40
LB BADEN-WUERTT           10.000    9/28/2012      EUR     73.90
LB BADEN-WUERTT           10.000    9/28/2012      EUR     55.77
LB BADEN-WUERTT            8.000    9/28/2012      EUR     18.35
LB BADEN-WUERTT            8.000    9/28/2012      EUR     64.71
LB BADEN-WUERTT            8.000    9/28/2012      EUR     31.22
LB BADEN-WUERTT            8.000    9/28/2012      EUR     38.00
LB BADEN-WUERTT            8.000    9/28/2012      EUR     47.19
LB BADEN-WUERTT            8.000    9/28/2012      EUR     42.05
LB BADEN-WUERTT            8.000    9/28/2012      EUR     71.35
LB BADEN-WUERTT            8.000    9/28/2012      EUR     59.05
LB BADEN-WUERTT            7.500    9/28/2012      EUR     72.20
LB BADEN-WUERTT            7.500    9/28/2012      EUR     60.83
LB BADEN-WUERTT            7.250    9/28/2012      EUR     72.56
LB BADEN-WUERTT            7.000    9/28/2012      EUR     58.69
LB BADEN-WUERTT            5.000   10/26/2012      EUR     17.97
LB BADEN-WUERTT            5.000   10/26/2012      EUR     61.81
LB BADEN-WUERTT            5.000   10/26/2012      EUR      6.31
LB BADEN-WUERTT            5.000   10/26/2012      EUR     56.82
LB BADEN-WUERTT            5.000   10/26/2012      EUR     53.99
LB BADEN-WUERTT            5.000   10/26/2012      EUR     45.43
LB BADEN-WUERTT           10.000   10/26/2012      EUR     62.60
LB BADEN-WUERTT           10.000   10/26/2012      EUR     72.32
LB BADEN-WUERTT           10.000   10/26/2012      EUR     73.68
LB BADEN-WUERTT           10.000   10/26/2012      EUR     50.22
LB BADEN-WUERTT           10.000   10/26/2012      EUR     36.33
LB BADEN-WUERTT           10.000   10/26/2012      EUR     40.64
LB BADEN-WUERTT           10.000   10/26/2012      EUR     46.41
LB BADEN-WUERTT           10.000   10/26/2012      EUR     74.17
LB BADEN-WUERTT           10.000   10/26/2012      EUR     15.36
LB BADEN-WUERTT           10.000   10/26/2012      EUR     73.55
LB BADEN-WUERTT           10.000   10/26/2012      EUR     71.47
LB BADEN-WUERTT           10.000   10/26/2012      EUR      6.05
LB BADEN-WUERTT            7.500   10/26/2012      EUR     50.31
LB BADEN-WUERTT            7.500   10/26/2012      EUR     45.53
LB BADEN-WUERTT            7.500   10/26/2012      EUR     39.41
LB BADEN-WUERTT            7.500   10/26/2012      EUR     54.78
LB BADEN-WUERTT            7.500   10/26/2012      EUR      6.22
LB BADEN-WUERTT            7.500   10/26/2012      EUR     69.53
LB BADEN-WUERTT            7.500   10/26/2012      EUR     16.19
LB BADEN-WUERTT            5.000   11/23/2012      EUR     18.33
LB BADEN-WUERTT            5.000   11/23/2012      EUR     61.49
LB BADEN-WUERTT            5.000   11/23/2012      EUR     47.04
LB BADEN-WUERTT            5.000   11/23/2012      EUR     72.03
LB BADEN-WUERTT            7.500   11/23/2012      EUR     37.63
LB BADEN-WUERTT           15.000   11/23/2012      EUR     52.42
LB BADEN-WUERTT           10.000   11/23/2012      EUR     72.49
LB BADEN-WUERTT           10.000   11/23/2012      EUR     49.51
LB BADEN-WUERTT           10.000   11/23/2012      EUR     65.39
LB BADEN-WUERTT           10.000   11/23/2012      EUR     34.59
LB BADEN-WUERTT           10.000   11/23/2012      EUR     70.70
LB BADEN-WUERTT           10.000   11/23/2012      EUR     16.15
LB BADEN-WUERTT           10.000   11/23/2012      EUR     61.91
LB BADEN-WUERTT           10.000   11/23/2012      EUR     63.20
LB BADEN-WUERTT           10.000   11/23/2012      EUR     73.47
LB BADEN-WUERTT           10.000   11/23/2012      EUR     37.23
LB BADEN-WUERTT           10.000   11/23/2012      EUR     49.92
LB BADEN-WUERTT           10.000   11/23/2012      EUR     62.17
LB BADEN-WUERTT           10.000   11/23/2012      EUR     54.71
LB BADEN-WUERTT           10.000   11/23/2012      EUR     61.98
LB BADEN-WUERTT            7.500   11/23/2012      EUR     53.86
LB BADEN-WUERTT            7.500   11/23/2012      EUR     68.62
LB BADEN-WUERTT            7.500   11/23/2012      EUR     16.91
LB BADEN-WUERTT            7.500   11/23/2012      EUR     61.50
LB BADEN-WUERTT            7.500   11/23/2012      EUR     54.29
LB BADEN-WUERTT            7.500   11/23/2012      EUR     67.71
LB BADEN-WUERTT            7.500   11/23/2012      EUR     71.97
LB BADEN-WUERTT            7.500   11/23/2012      EUR     71.74
LB BADEN-WUERTT            7.500   11/23/2012      EUR     68.70
LB BADEN-WUERTT            7.500   11/23/2012      EUR     40.72
LB BADEN-WUERTT            5.000   11/23/2012      EUR     59.30
LB BADEN-WUERTT            5.000   11/23/2012      EUR     42.61
LB BADEN-WUERTT            7.500     1/4/2013      EUR     50.25
LB BADEN-WUERTT            7.500     1/4/2013      EUR     74.17
LB BADEN-WUERTT            7.500     1/4/2013      EUR     50.35
LB BADEN-WUERTT            7.500     1/4/2013      EUR     55.62
LB BADEN-WUERTT            5.000     1/4/2013      EUR     63.81
LB BADEN-WUERTT            5.000     1/4/2013      EUR     47.53
LB BADEN-WUERTT            5.000     1/4/2013      EUR     49.22
LB BADEN-WUERTT            5.000     1/4/2013      EUR     49.28
LB BADEN-WUERTT            5.000     1/4/2013      EUR     59.05
LB BADEN-WUERTT            5.000     1/4/2013      EUR     18.77
LB BADEN-WUERTT           10.000     1/4/2013      EUR     39.12
LB BADEN-WUERTT           10.000     1/4/2013      EUR     66.47
LB BADEN-WUERTT           10.000     1/4/2013      EUR     47.74
LB BADEN-WUERTT           10.000     1/4/2013      EUR     62.74
LB BADEN-WUERTT           10.000     1/4/2013      EUR     17.15
LB BADEN-WUERTT           10.000     1/4/2013      EUR     51.32
LB BADEN-WUERTT           10.000     1/4/2013      EUR     65.36
LB BADEN-WUERTT           10.000     1/4/2013      EUR     51.96
LB BADEN-WUERTT           10.000     1/4/2013      EUR     51.43
LB BADEN-WUERTT            7.500     1/4/2013      EUR     70.86
LB BADEN-WUERTT            7.500     1/4/2013      EUR     41.55
LB BADEN-WUERTT            7.500     1/4/2013      EUR     52.48
LB BADEN-WUERTT            7.500     1/4/2013      EUR     68.13
LB BADEN-WUERTT            7.500     1/4/2013      EUR     17.43
LB BADEN-WUERTT            7.500    1/25/2013      EUR     22.87
LB BADEN-WUERTT            7.500    1/25/2013      EUR     58.92
LB BADEN-WUERTT            7.500    1/25/2013      EUR     68.99
LB BADEN-WUERTT            5.000    1/25/2013      EUR     67.95
LB BADEN-WUERTT            5.000    1/25/2013      EUR     68.96
LB BADEN-WUERTT            5.000    1/25/2013      EUR     24.82
LB BADEN-WUERTT           10.000    1/25/2013      EUR     69.90
LB BADEN-WUERTT           10.000    1/25/2013      EUR     21.96
LB BADEN-WUERTT            7.500    1/25/2013      EUR     69.16
LB BADEN-WUERTT            7.500    1/25/2013      EUR     71.43
LB BADEN-WUERTT           10.000    1/25/2013      EUR     70.37
LB BADEN-WUERTT           10.000    1/25/2013      EUR     72.58
LB BADEN-WUERTT           10.000    1/25/2013      EUR     65.37
LB BADEN-WUERTT           10.000    1/25/2013      EUR     53.74
LB BADEN-WUERTT           10.000    1/25/2013      EUR     74.40
LB BADEN-WUERTT           10.000    1/25/2013      EUR     61.93
LB BADEN-WUERTT           10.000    1/25/2013      EUR     73.29
LB BADEN-WUERTT           20.000    2/22/2013      EUR     74.14
LB BADEN-WUERTT           15.000    2/22/2013      EUR     74.10
LB BADEN-WUERTT           15.000    2/22/2013      EUR     59.71
LB BADEN-WUERTT           10.000    2/22/2013      EUR     68.55
LB BADEN-WUERTT           10.000    3/22/2013      EUR     55.52
LB BADEN-WUERTT           12.000    3/22/2013      EUR     68.49
LB BADEN-WUERTT           12.000    3/22/2013      EUR     74.25
LB BADEN-WUERTT           15.000    3/22/2013      EUR     69.69
LB BADEN-WUERTT           15.000    3/22/2013      EUR     53.24
LB BADEN-WUERTT           10.000    3/22/2013      EUR     74.55
LB BADEN-WUERTT            8.000    3/22/2013      EUR     56.78
LB BADEN-WUERTT            5.000    6/28/2013      EUR     66.35
LB BADEN-WUERTT            5.000    6/28/2013      EUR     66.05
LB BADEN-WUERTT            7.500    6/28/2013      EUR     60.33
LB BADEN-WUERTT           10.000    6/28/2013      EUR     57.41
LB BADEN-WUERTT           10.000    6/28/2013      EUR     66.89
LB BADEN-WUERTT           11.000    6/28/2013      EUR     57.08
LB BADEN-WUERTT            7.000    6/28/2013      EUR     59.87
LB BADEN-WUERTT            9.000    6/28/2013      EUR     57.67
LB BADEN-WUERTT            7.500    6/28/2013      EUR     66.08
LB BADEN-WUERTT            7.500    6/28/2013      EUR     72.91
LB BADEN-WUERTT           10.000    6/28/2013      EUR     70.87
LB BADEN-WUERTT            8.000    7/26/2013      EUR     62.24
LB BADEN-WUERTT            9.000    7/26/2013      EUR     61.79
LB BADEN-WUERTT            7.000    7/26/2013      EUR     64.35
LB BADEN-WUERTT           10.000    8/23/2013      EUR     60.36
LB BADEN-WUERTT           12.000    8/23/2013      EUR     59.00
LB BADEN-WUERTT            9.000    8/23/2013      EUR     72.66
LB BADEN-WUERTT            8.000    8/23/2013      EUR     62.25
LB BADEN-WUERTT            7.000    8/23/2013      EUR     74.94
LB BADEN-WUERTT           11.000    9/27/2013      EUR     59.51
LB BADEN-WUERTT            9.000    9/27/2013      EUR     59.55
LB BADEN-WUERTT            7.000    9/27/2013      EUR     61.15
LB BADEN-WUERTT           10.000   11/22/2013      EUR     74.64
LB BADEN-WUERTT            5.250   10/20/2015      EUR     25.29
MACQUARIE STRUCT           9.250    9/28/2012      EUR     73.80
MACQUARIE STRUCT           9.750    9/28/2012      EUR     44.37
MACQUARIE STRUCT          11.500    9/28/2012      EUR     38.50
MACQUARIE STRUCT          10.000    9/28/2012      EUR     74.99
MACQUARIE STRUCT          12.750    9/28/2012      EUR     70.38
MACQUARIE STRUCT          16.000    9/28/2012      EUR     72.63
MACQUARIE STRUCT          10.000    9/28/2012      EUR     71.24
MACQUARIE STRUCT           9.000    9/28/2012      EUR     47.10
MACQUARIE STRUCT          10.750    9/28/2012      EUR     60.35
MACQUARIE STRUCT          18.000   12/14/2012      EUR     56.76
MACQUARIE STRUCT          13.250     1/2/2013      EUR     68.71
Q-CELLS                    6.750   10/21/2015      EUR      0.53
QIMONDA FINANCE            6.750    3/22/2013      USD      4.50
RENTENBANK                 0.500    3/15/2017      TRY     71.51
RENTENBANK                 0.500    4/19/2017      TRY     71.07
SOLARWATT AG               7.000    11/1/2015      EUR     11.38
SOLARWORLD AG              6.375    7/13/2016      EUR     27.49
SOLARWORLD AG              6.125    1/21/2017      EUR     25.00
SOLON AG SOLAR             1.375    12/6/2012      EUR      0.92
TAG IMMO AG                6.500   12/10/2015      EUR      8.60
TUI AG                     5.500   11/17/2014      EUR     62.71
TUI AG                     2.750    3/24/2016      EUR     49.46
UNICREDIT BANK A           6.000    7/31/2012      EUR     58.02
VONTOBEL FIN PRO          11.564    7/27/2012      EUR     61.20
VONTOBEL FIN PRO          10.559    7/27/2012      EUR     74.20
VONTOBEL FIN PRO          11.850     8/3/2012      EUR     74.50
VONTOBEL FIN PRO          11.564    8/10/2012      EUR     71.40
VONTOBEL FIN PRO          11.061    8/10/2012      EUR     74.10
VONTOBEL FIN PRO           8.550    8/24/2012      EUR     68.36
VONTOBEL FIN PRO          10.900    8/24/2012      EUR     57.54
VONTOBEL FIN PRO          12.200    8/24/2012      EUR     68.50
VONTOBEL FIN PRO          26.950    8/24/2012      EUR     63.54
VONTOBEL FIN PRO           8.700    8/24/2012      EUR     62.58
VONTOBEL FIN PRO          16.800    9/28/2012      EUR     64.64
VONTOBEL FIN PRO          16.850    9/28/2012      EUR     44.28
VONTOBEL FIN PRO          16.850    9/28/2012      EUR     65.24
VONTOBEL FIN PRO          16.900    9/28/2012      EUR     68.42
VONTOBEL FIN PRO          17.100    9/28/2012      EUR     48.72
VONTOBEL FIN PRO          12.050    9/28/2012      EUR     71.76
VONTOBEL FIN PRO          11.900    9/28/2012      EUR     72.48
VONTOBEL FIN PRO          11.900    9/28/2012      EUR     66.34
VONTOBEL FIN PRO          11.750    9/28/2012      EUR     73.16
VONTOBEL FIN PRO          11.650    9/28/2012      EUR     73.28
VONTOBEL FIN PRO          11.550    9/28/2012      EUR     45.98
VONTOBEL FIN PRO          11.250    9/28/2012      EUR     65.52
VONTOBEL FIN PRO          11.200    9/28/2012      EUR     72.20
VONTOBEL FIN PRO          11.100    9/28/2012      EUR     67.46
VONTOBEL FIN PRO          17.150    9/28/2012      EUR     73.76
VONTOBEL FIN PRO          17.450    9/28/2012      EUR     69.12
VONTOBEL FIN PRO          18.100    9/28/2012      EUR     48.22
VONTOBEL FIN PRO          18.800    9/28/2012      EUR     62.86
VONTOBEL FIN PRO          18.900    9/28/2012      EUR     64.74
VONTOBEL FIN PRO          19.000    9/28/2012      EUR     39.32
VONTOBEL FIN PRO          19.250    9/28/2012      EUR     46.20
VONTOBEL FIN PRO          20.000    9/28/2012      EUR     59.98
VONTOBEL FIN PRO          20.400    9/28/2012      EUR     59.10
VONTOBEL FIN PRO          20.750    9/28/2012      EUR     63.46
VONTOBEL FIN PRO          20.950    9/28/2012      EUR     51.92
VONTOBEL FIN PRO          21.350    9/28/2012      EUR     52.68
VONTOBEL FIN PRO          21.500    9/28/2012      EUR     52.06
VONTOBEL FIN PRO          21.550    9/28/2012      EUR     71.20
VONTOBEL FIN PRO          21.550    9/28/2012      EUR     44.00
VONTOBEL FIN PRO          21.900    9/28/2012      EUR     72.06
VONTOBEL FIN PRO          23.100    9/28/2012      EUR     71.76
VONTOBEL FIN PRO          23.300    9/28/2012      EUR     68.52
VONTOBEL FIN PRO          11.050    9/28/2012      EUR     65.82
VONTOBEL FIN PRO          10.850    9/28/2012      EUR     53.48
VONTOBEL FIN PRO          10.600    9/28/2012      EUR     69.10
VONTOBEL FIN PRO          10.650    9/28/2012      EUR     59.12
VONTOBEL FIN PRO          25.050    9/28/2012      EUR     65.78
VONTOBEL FIN PRO          23.450    9/28/2012      EUR     73.64
VONTOBEL FIN PRO          26.050    9/28/2012      EUR     72.22
VONTOBEL FIN PRO          25.700    9/28/2012      EUR     42.40
VONTOBEL FIN PRO          27.550    9/28/2012      EUR     44.94
VONTOBEL FIN PRO          26.650    9/28/2012      EUR     71.26
VONTOBEL FIN PRO          28.700    9/28/2012      EUR     53.22
VONTOBEL FIN PRO          28.350    9/28/2012      EUR     71.52
VONTOBEL FIN PRO           9.700    9/28/2012      EUR     57.06
VONTOBEL FIN PRO          28.900    9/28/2012      EUR     45.18
VONTOBEL FIN PRO           9.700    9/28/2012      EUR     69.20
VONTOBEL FIN PRO           9.350    9/28/2012      EUR     70.66
VONTOBEL FIN PRO           9.300    9/28/2012      EUR     69.78
VONTOBEL FIN PRO           9.050    9/28/2012      EUR     70.48
VONTOBEL FIN PRO           8.300    9/28/2012      EUR     73.20
VONTOBEL FIN PRO          10.600    9/28/2012      EUR     55.22
VONTOBEL FIN PRO          10.400    9/28/2012      EUR     69.04
VONTOBEL FIN PRO          10.250    9/28/2012      EUR     72.72
VONTOBEL FIN PRO           9.950    9/28/2012      EUR     61.94
VONTOBEL FIN PRO           9.900    9/28/2012      EUR     67.78
VONTOBEL FIN PRO           7.350    9/28/2012      EUR     65.84
VONTOBEL FIN PRO           8.200    9/28/2012      EUR     46.62
VONTOBEL FIN PRO           8.200    9/28/2012      EUR     65.28
VONTOBEL FIN PRO           8.250    9/28/2012      EUR     69.08
VONTOBEL FIN PRO           9.400    9/28/2012      EUR     54.54
VONTOBEL FIN PRO          13.800    9/28/2012      EUR     73.64
VONTOBEL FIN PRO          13.950    9/28/2012      EUR     49.54
VONTOBEL FIN PRO          14.000    9/28/2012      EUR     72.84
VONTOBEL FIN PRO          14.150    9/28/2012      EUR     47.06
VONTOBEL FIN PRO          14.150    9/28/2012      EUR     68.52
VONTOBEL FIN PRO          14.200    9/28/2012      EUR     63.28
VONTOBEL FIN PRO          14.450    9/28/2012      EUR     69.96
VONTOBEL FIN PRO          14.500    9/28/2012      EUR     58.92
VONTOBEL FIN PRO          14.550    9/28/2012      EUR     47.72
VONTOBEL FIN PRO          14.600    9/28/2012      EUR     46.78
VONTOBEL FIN PRO          14.650    9/28/2012      EUR     70.42
VONTOBEL FIN PRO          14.900    9/28/2012      EUR     59.78
VONTOBEL FIN PRO          15.000    9/28/2012      EUR     71.56
VONTOBEL FIN PRO          15.000    9/28/2012      EUR     72.80
VONTOBEL FIN PRO          15.150    9/28/2012      EUR     71.22
VONTOBEL FIN PRO          13.100    9/28/2012      EUR     49.66
VONTOBEL FIN PRO          12.800    9/28/2012      EUR     62.28
VONTOBEL FIN PRO          12.600    9/28/2012      EUR     74.96
VONTOBEL FIN PRO          15.150    9/28/2012      EUR     62.74
VONTOBEL FIN PRO          12.350    9/28/2012      EUR     50.90
VONTOBEL FIN PRO          15.250    9/28/2012      EUR     72.84
VONTOBEL FIN PRO          15.550    9/28/2012      EUR     71.04
VONTOBEL FIN PRO          15.700    9/28/2012      EUR     59.60
VONTOBEL FIN PRO          16.000    9/28/2012      EUR     58.48
VONTOBEL FIN PRO          16.050    9/28/2012      EUR     72.44
VONTOBEL FIN PRO          16.200    9/28/2012      EUR     62.28
VONTOBEL FIN PRO          16.400    9/28/2012      EUR     65.84
VONTOBEL FIN PRO          16.400    9/28/2012      EUR     73.22
VONTOBEL FIN PRO           5.006   12/28/2012      EUR     55.30
VONTOBEL FIN PRO           7.047   12/28/2012      EUR     69.90
VONTOBEL FIN PRO          11.450   12/31/2012      EUR     74.48
VONTOBEL FIN PRO           9.400   12/31/2012      EUR     69.54
VONTOBEL FIN PRO           9.600   12/31/2012      EUR     74.38
VONTOBEL FIN PRO           9.650   12/31/2012      EUR     59.38
VONTOBEL FIN PRO           9.800   12/31/2012      EUR     69.46
VONTOBEL FIN PRO           9.850   12/31/2012      EUR     69.46
VONTOBEL FIN PRO          10.050   12/31/2012      EUR     57.34
VONTOBEL FIN PRO          10.150   12/31/2012      EUR     74.52
VONTOBEL FIN PRO          10.500   12/31/2012      EUR     41.02
VONTOBEL FIN PRO          11.000   12/31/2012      EUR     59.96
VONTOBEL FIN PRO          11.000   12/31/2012      EUR     64.48
VONTOBEL FIN PRO          11.150   12/31/2012      EUR     74.78
VONTOBEL FIN PRO          11.400   12/31/2012      EUR     74.88
VONTOBEL FIN PRO          11.400   12/31/2012      EUR     74.62
VONTOBEL FIN PRO          11.400   12/31/2012      EUR     71.58
VONTOBEL FIN PRO          11.450   12/31/2012      EUR     48.24
VONTOBEL FIN PRO          11.550   12/31/2012      EUR     72.26
VONTOBEL FIN PRO          11.600   12/31/2012      EUR     72.04
VONTOBEL FIN PRO          11.700   12/31/2012      EUR     57.76
VONTOBEL FIN PRO          11.750   12/31/2012      EUR     63.58
VONTOBEL FIN PRO          11.800   12/31/2012      EUR     68.68
VONTOBEL FIN PRO          11.850   12/31/2012      EUR     62.82
VONTOBEL FIN PRO          11.950   12/31/2012      EUR     63.48
VONTOBEL FIN PRO          11.950   12/31/2012      EUR     66.38
VONTOBEL FIN PRO          12.000   12/31/2012      EUR     67.36
VONTOBEL FIN PRO          12.250   12/31/2012      EUR     62.48
VONTOBEL FIN PRO          12.550   12/31/2012      EUR     67.20
VONTOBEL FIN PRO          12.550   12/31/2012      EUR     72.96
VONTOBEL FIN PRO          12.650   12/31/2012      EUR     49.94
VONTOBEL FIN PRO          12.650   12/31/2012      EUR     49.92
VONTOBEL FIN PRO          12.650   12/31/2012      EUR     72.50
VONTOBEL FIN PRO          12.800   12/31/2012      EUR     46.78
VONTOBEL FIN PRO          12.900   12/31/2012      EUR     67.48
VONTOBEL FIN PRO          13.050   12/31/2012      EUR     62.44
VONTOBEL FIN PRO          13.150   12/31/2012      EUR     60.86
VONTOBEL FIN PRO          13.250   12/31/2012      EUR     66.66
VONTOBEL FIN PRO          13.500   12/31/2012      EUR     53.90
VONTOBEL FIN PRO          13.550   12/31/2012      EUR     54.76
VONTOBEL FIN PRO          14.000   12/31/2012      EUR     65.40
VONTOBEL FIN PRO          14.100   12/31/2012      EUR     68.24
VONTOBEL FIN PRO          14.300   12/31/2012      EUR     43.94
VONTOBEL FIN PRO          14.300   12/31/2012      EUR     65.82
VONTOBEL FIN PRO          14.450   12/31/2012      EUR     67.96
VONTOBEL FIN PRO          14.500   12/31/2012      EUR     72.94
VONTOBEL FIN PRO          14.500   12/31/2012      EUR     73.24
VONTOBEL FIN PRO          14.550   12/31/2012      EUR     72.20
VONTOBEL FIN PRO          14.550   12/31/2012      EUR     71.46
VONTOBEL FIN PRO          14.750   12/31/2012      EUR     62.32
VONTOBEL FIN PRO          14.950   12/31/2012      EUR     67.88
VONTOBEL FIN PRO          15.250   12/31/2012      EUR     51.62
VONTOBEL FIN PRO          15.250   12/31/2012      EUR     72.16
VONTOBEL FIN PRO          16.150   12/31/2012      EUR     63.10
VONTOBEL FIN PRO          16.350   12/31/2012      EUR     58.68
VONTOBEL FIN PRO          16.450   12/31/2012      EUR     68.40
VONTOBEL FIN PRO          16.700   12/31/2012      EUR     66.14
VONTOBEL FIN PRO          16.850   12/31/2012      EUR     55.64
VONTOBEL FIN PRO          16.950   12/31/2012      EUR     51.08
VONTOBEL FIN PRO          17.050   12/31/2012      EUR     49.68
VONTOBEL FIN PRO          17.100   12/31/2012      EUR     51.04
VONTOBEL FIN PRO          17.300   12/31/2012      EUR     72.92
VONTOBEL FIN PRO          18.200   12/31/2012      EUR     73.74
VONTOBEL FIN PRO          18.850   12/31/2012      EUR     51.86
VONTOBEL FIN PRO          18.900   12/31/2012      EUR     48.04
VONTOBEL FIN PRO          19.850   12/31/2012      EUR     72.88
VONTOBEL FIN PRO          21.200   12/31/2012      EUR     51.42
VONTOBEL FIN PRO          21.200   12/31/2012      EUR     74.68
VONTOBEL FIN PRO          24.700   12/31/2012      EUR     47.08
VONTOBEL FIN PRO          24.900   12/31/2012      EUR     54.46
VONTOBEL FIN PRO          26.050   12/31/2012      EUR     72.02
VONTOBEL FIN PRO          27.600   12/31/2012      EUR     45.34
VONTOBEL FIN PRO           9.400   12/31/2012      EUR     69.66
VONTOBEL FIN PRO           9.250   12/31/2012      EUR     52.18
VONTOBEL FIN PRO          28.250   12/31/2012      EUR     43.32
VONTOBEL FIN PRO           9.200   12/31/2012      EUR     72.62
VONTOBEL FIN PRO           8.950   12/31/2012      EUR     65.78
VONTOBEL FIN PRO           8.800   12/31/2012      EUR     67.74
VONTOBEL FIN PRO           8.400   12/31/2012      EUR     68.52
VONTOBEL FIN PRO           7.900   12/31/2012      EUR     67.16
VONTOBEL FIN PRO           7.850   12/31/2012      EUR     70.74
VONTOBEL FIN PRO           7.400   12/31/2012      EUR     47.44
VONTOBEL FIN PRO           6.850   12/31/2012      EUR     71.90
VONTOBEL FIN PRO          13.650     3/1/2013      EUR     50.30
VONTOBEL FIN PRO          10.100     3/8/2013      EUR     66.60
VONTOBEL FIN PRO          12.200    3/22/2013      EUR     60.80
VONTOBEL FIN PRO          13.150    3/22/2013      EUR     71.50
VONTOBEL FIN PRO          13.700    3/22/2013      EUR     59.04
VONTOBEL FIN PRO          11.700    3/22/2013      EUR     74.00
VONTOBEL FIN PRO          11.150    3/22/2013      EUR     62.26
VONTOBEL FIN PRO          10.750    3/22/2013      EUR     72.98
VONTOBEL FIN PRO          11.850    3/22/2013      EUR     49.32
VONTOBEL FIN PRO          10.750    3/22/2013      EUR     63.20
VONTOBEL FIN PRO          10.300    3/22/2013      EUR     60.10
VONTOBEL FIN PRO          12.000    3/22/2013      EUR     68.02
VONTOBEL FIN PRO          14.000    3/22/2013      EUR     55.98
VONTOBEL FIN PRO          11.750    3/22/2013      EUR     74.80
VONTOBEL FIN PRO           9.950    3/22/2013      EUR     72.22
VONTOBEL FIN PRO           8.850    3/22/2013      EUR     65.90
VONTOBEL FIN PRO          14.250    3/22/2013      EUR     74.96
VONTOBEL FIN PRO           6.750    3/22/2013      EUR     70.42
VONTOBEL FIN PRO          14.500    3/22/2013      EUR     46.68
VONTOBEL FIN PRO          16.850    3/22/2013      EUR     56.04
VONTOBEL FIN PRO          15.250    3/22/2013      EUR     57.38
VONTOBEL FIN PRO           8.550    3/22/2013      EUR     52.50
VONTOBEL FIN PRO          18.350    3/22/2013      EUR     71.24
VONTOBEL FIN PRO          18.500    3/22/2013      EUR     55.04
VONTOBEL FIN PRO          20.900    3/22/2013      EUR     65.92
VONTOBEL FIN PRO          21.750    3/22/2013      EUR     74.42
VONTOBEL FIN PRO          12.936    3/27/2013      EUR     70.20
VONTOBEL FIN PRO          11.000     4/8/2013      EUR     71.30
VONTOBEL FIN PRO           4.000    6/28/2013      EUR     42.00
VONTOBEL FIN PRO           8.000    6/28/2013      EUR     71.94
VONTOBEL FIN PRO           6.000    6/28/2013      EUR     56.22
VONTOBEL FIN PRO           7.389   11/25/2013      EUR     33.20
VONTOBEL FIN PRO           5.100    4/14/2014      EUR     36.30
WESTLB AG                  7.500    7/30/2012      EUR     74.34
WESTLB AG                  6.750    7/30/2012      EUR     54.18
WESTLB AG                 12.000    9/27/2012      EUR     72.25
WESTLB AG                  0.100    9/27/2012      EUR     42.89
WESTLB AG                  0.100    9/27/2012      EUR     57.33
WESTLB AG                  0.075    9/27/2012      EUR     59.36
WESTLB AG                  0.075    9/27/2012      EUR     53.94
WESTLB AG                  0.065    9/27/2012      EUR     64.53
WESTLB AG                  0.100    9/27/2012      EUR     48.45
WESTLB AG                  0.090    9/27/2012      EUR     72.76
WESTLB AG                  0.090   11/22/2012      EUR     74.87
WGZ BANK                   8.000   12/20/2012      EUR     72.59
WGZ BANK                   7.000   12/20/2012      EUR     69.91
WGZ BANK                   6.000   12/20/2012      EUR     71.35
WGZ BANK                   8.000   12/20/2012      EUR     66.87
WGZ BANK                   7.000   12/20/2012      EUR     74.60
WGZ BANK                   8.000   12/28/2012      EUR     52.59
WGZ BANK                   7.000   12/28/2012      EUR     55.65
WGZ BANK                   6.000   12/28/2012      EUR     59.26
WGZ BANK                   4.000   12/28/2012      EUR     68.50
WGZ BANK                   5.000   12/28/2012      EUR     63.52
WGZ BANK                   8.000    2/26/2013      EUR     68.07

GREECE
------
EFG EUROBANK               6.010     1/9/2036      EUR     34.50
HELLENIC REPUB             4.625    6/25/2013      USD     34.50
HELLENIC REPUB             4.625    6/25/2013      EUR     23.75
HELLENIC REPUB             2.125     7/5/2013      CHF     34.00
HELLENIC REPUB             5.800    7/14/2015      JPY     23.75
HELLENIC REPUB             5.800    7/14/2015      JPY     21.38
HELLENIC REPUB             5.250     2/1/2016      JPY     23.75
HELLENIC REPUB             5.250     2/1/2016      JPY     20.38
HELLENIC REPUB             5.000    8/22/2016      JPY     21.88
HELLENIC REPUB             5.000    8/22/2016      JPY     23.75
HELLENIC REPUB             4.500    11/8/2016      JPY     29.38
HELLENIC REPUB             4.500     7/3/2017      JPY     29.63
HELLENIC REPUB             3.800     8/8/2017      JPY     27.75
HELLENIC REPUB             5.000    3/11/2019      EUR     23.75
HELLENIC REPUB             5.000    3/11/2019      EUR     23.75
HELLENIC REPUB             6.140    4/14/2028      EUR     23.75
HELLENIC REPUB             5.200    7/17/2034      EUR     23.75
NATL BK GREECE             3.875    10/7/2016      EUR     66.79
YIOULA GLASSWORK           9.000    12/1/2015      EUR     46.38
YIOULA GLASSWORK           9.000    12/1/2015      EUR     46.50

GUERNSEY
--------
BCV GUERNSEY               8.020     3/1/2013      EUR     54.17
BKB FINANCE                9.050     8/9/2012      CHF     47.76
BKB FINANCE                8.900    9/27/2012      CHF     53.05
BKB FINANCE               11.400    11/8/2012      CHF     67.32
BKB FINANCE                8.350    1/14/2013      CHF     44.25
BKB FINANCE                8.100    4/24/2013      CHF     74.86
EFG FINANCIAL PR          26.520    7/26/2012      EUR     73.16
EFG FINANCIAL PR          15.000    7/31/2012      CHF     65.17
EFG FINANCIAL PR           9.500    7/31/2012      CHF     74.14
EFG FINANCIAL PR          11.750    7/31/2012      CHF     43.72
EFG FINANCIAL PR          10.000    7/31/2012      EUR     57.53
EFG FINANCIAL PR          11.500    7/31/2012      EUR     55.25
EFG FINANCIAL PR          15.500    7/31/2012      GBP     65.51
EFG FINANCIAL PR          11.750    7/31/2012      CHF     43.72
EFG FINANCIAL PR          16.000    7/31/2012      EUR     74.65
EFG FINANCIAL PR          10.000    7/31/2012      CHF     42.89
EFG FINANCIAL PR          10.000    7/31/2012      CHF     74.39
EFG FINANCIAL PR           9.000     8/3/2012      CHF     57.14
EFG FINANCIAL PR           9.000     8/3/2012      CHF     50.61
EFG FINANCIAL PR           9.000     8/3/2012      CHF     69.39
EFG FINANCIAL PR          11.000     8/7/2012      CHF     72.90
EFG FINANCIAL PR          12.000     8/7/2012      CHF     66.61
EFG FINANCIAL PR          11.000     8/7/2012      CHF     27.65
EFG FINANCIAL PR          10.000     8/7/2012      CHF     43.80
EFG FINANCIAL PR          19.000     8/8/2012      USD     39.76
EFG FINANCIAL PR          13.000     8/9/2012      EUR     62.13
EFG FINANCIAL PR          12.600     8/9/2012      USD     62.03
EFG FINANCIAL PR          12.800     8/9/2012      CHF     62.12
EFG FINANCIAL PR           9.200    8/10/2012      CHF     64.82
EFG FINANCIAL PR          10.000    8/10/2012      CHF     65.79
EFG FINANCIAL PR          12.800    8/10/2012      CHF     49.95
EFG FINANCIAL PR          11.700    8/10/2012      USD     26.10
EFG FINANCIAL PR           3.850    8/13/2012      EUR     42.47
EFG FINANCIAL PR          13.000    8/14/2012      EUR     64.20
EFG FINANCIAL PR          12.750    8/14/2012      CHF     44.26
EFG FINANCIAL PR          13.250    8/14/2012      GBP     64.56
EFG FINANCIAL PR          14.000    8/14/2012      EUR     59.22
EFG FINANCIAL PR          12.500    8/14/2012      CHF     63.83
EFG FINANCIAL PR          11.000    8/14/2012      CHF     63.13
EFG FINANCIAL PR           8.500    8/14/2012      CHF     64.23
EFG FINANCIAL PR          15.000    8/14/2012      EUR     64.09
EFG FINANCIAL PR          12.000    8/16/2012      EUR     21.76
EFG FINANCIAL PR          19.600    8/16/2012      EUR     51.42
EFG FINANCIAL PR          11.600    8/17/2012      EUR     57.71
EFG FINANCIAL PR          11.800    8/17/2012      CHF     45.75
EFG FINANCIAL PR          10.250    8/24/2012      CHF     72.73
EFG FINANCIAL PR          11.500    8/24/2012      CHF     42.87
EFG FINANCIAL PR          12.250    8/24/2012      EUR     56.62
EFG FINANCIAL PR          12.500    8/24/2012      CHF     63.65
EFG FINANCIAL PR          13.000    8/24/2012      EUR     63.63
EFG FINANCIAL PR          14.000    8/24/2012      CHF     25.41
EFG FINANCIAL PR          22.000    8/24/2012      USD     19.16
EFG FINANCIAL PR          11.750    8/24/2012      CHF     57.02
EFG FINANCIAL PR          10.000    8/30/2012      EUR     63.04
EFG FINANCIAL PR          12.250    8/30/2012      USD     67.92
EFG FINANCIAL PR          10.260    8/31/2012      EUR     68.06
EFG FINANCIAL PR          12.250     9/3/2012      CHF     64.12
EFG FINANCIAL PR          12.200     9/3/2012      CHF     73.97
EFG FINANCIAL PR          12.000     9/3/2012      EUR     57.88
EFG FINANCIAL PR          10.500     9/3/2012      CHF     43.62
EFG FINANCIAL PR           9.600     9/4/2012      USD     50.60
EFG FINANCIAL PR           9.500     9/4/2012      USD     36.82
EFG FINANCIAL PR           8.500     9/7/2012      USD     29.57
EFG FINANCIAL PR           7.000     9/7/2012      EUR     58.62
EFG FINANCIAL PR           7.000     9/7/2012      CHF     39.39
EFG FINANCIAL PR           7.250     9/7/2012      EUR     55.34
EFG FINANCIAL PR          11.000    9/10/2012      EUR     72.56
EFG FINANCIAL PR          11.000    9/10/2012      EUR     64.17
EFG FINANCIAL PR           9.000    9/10/2012      CHF     43.91
EFG FINANCIAL PR           9.800    9/10/2012      AUD     59.28
EFG FINANCIAL PR          10.000    9/10/2012      EUR     57.51
EFG FINANCIAL PR          11.000    9/17/2012      USD     63.46
EFG FINANCIAL PR          10.000    9/21/2012      USD     48.47
EFG FINANCIAL PR          10.750    9/25/2012      CHF     54.57
EFG FINANCIAL PR          11.000    9/25/2012      USD     65.39
EFG FINANCIAL PR          11.250    9/25/2012      EUR     65.55
EFG FINANCIAL PR          11.250    9/25/2012      CHF     47.52
EFG FINANCIAL PR          12.000    9/25/2012      EUR     62.14
EFG FINANCIAL PR          10.250    9/25/2012      CHF     65.22
EFG FINANCIAL PR          10.000    10/1/2012      CHF     48.05
EFG FINANCIAL PR           9.930    10/3/2012      EUR     23.21
EFG FINANCIAL PR          10.620    10/3/2012      USD     23.40
EFG FINANCIAL PR          10.000    10/4/2012      EUR     69.33
EFG FINANCIAL PR          11.500   10/11/2012      CHF     60.46
EFG FINANCIAL PR          18.000   10/11/2012      EUR     57.60
EFG FINANCIAL PR          20.000   10/11/2012      CHF     18.22
EFG FINANCIAL PR          12.250   10/11/2012      EUR     72.65
EFG FINANCIAL PR          12.000   10/11/2012      USD     61.72
EFG FINANCIAL PR          12.250   10/11/2012      EUR     60.86
EFG FINANCIAL PR          12.500   10/11/2012      GBP     60.88
EFG FINANCIAL PR          12.500   10/11/2012      CHF     48.21
EFG FINANCIAL PR          17.250   10/12/2012      CHF     61.27
EFG FINANCIAL PR          10.000   10/17/2012      EUR     67.79
EFG FINANCIAL PR          12.000   10/19/2012      USD     50.56
EFG FINANCIAL PR          13.750   10/24/2012      USD     59.60
EFG FINANCIAL PR           6.250   10/25/2012      CHF     57.06
EFG FINANCIAL PR          20.500   10/26/2012      EUR     19.61
EFG FINANCIAL PR          13.250   10/26/2012      CHF     49.25
EFG FINANCIAL PR          12.000   10/26/2012      CHF     59.71
EFG FINANCIAL PR          11.250   10/26/2012      CHF     48.55
EFG FINANCIAL PR          21.000   10/26/2012      USD     19.79
EFG FINANCIAL PR          16.750   10/26/2012      CHF     23.30
EFG FINANCIAL PR          20.000   10/26/2012      CHF     19.31
EFG FINANCIAL PR          17.000   10/26/2012      EUR     37.94
EFG FINANCIAL PR          15.000   10/26/2012      CHF     71.15
EFG FINANCIAL PR          13.250   10/26/2012      EUR     59.42
EFG FINANCIAL PR           9.330   10/29/2012      USD     47.91
EFG FINANCIAL PR          13.080    11/5/2012      CHF     70.20
EFG FINANCIAL PR          11.050    11/8/2012      USD     55.33
EFG FINANCIAL PR           6.000   11/12/2012      EUR     46.63
EFG FINANCIAL PR           6.000   11/12/2012      CHF     45.22
EFG FINANCIAL PR          14.750   11/13/2012      CHF     70.38
EFG FINANCIAL PR          14.500   11/13/2012      EUR     62.54
EFG FINANCIAL PR          12.750   11/13/2012      CHF     59.71
EFG FINANCIAL PR          12.750   11/13/2012      CHF     17.94
EFG FINANCIAL PR          10.500   11/13/2012      CHF     49.65
EFG FINANCIAL PR          10.500   11/13/2012      CHF     49.65
EFG FINANCIAL PR          12.500   11/13/2012      EUR     62.25
EFG FINANCIAL PR          13.000   11/13/2012      CHF     62.37
EFG FINANCIAL PR          14.000   11/13/2012      USD     17.99
EFG FINANCIAL PR          17.000   11/13/2012      EUR     47.26
EFG FINANCIAL PR          13.000   11/13/2012      CHF     17.59
EFG FINANCIAL PR          12.830   11/19/2012      CHF     59.92
EFG FINANCIAL PR          14.800   11/20/2012      EUR     49.58
EFG FINANCIAL PR           7.000   11/20/2012      CHF     65.98
EFG FINANCIAL PR           8.000   11/20/2012      CHF     48.32
EFG FINANCIAL PR           8.000   11/20/2012      CHF     73.19
EFG FINANCIAL PR           8.300   11/20/2012      CHF     64.10
EFG FINANCIAL PR           9.300   11/20/2012      CHF     71.74
EFG FINANCIAL PR           9.400   11/20/2012      EUR     60.94
EFG FINANCIAL PR          11.500   11/20/2012      EUR     56.23
EFG FINANCIAL PR          14.500   11/27/2012      EUR     65.42
EFG FINANCIAL PR          16.000   11/27/2012      EUR     38.16
EFG FINANCIAL PR          11.250   11/27/2012      CHF     51.19
EFG FINANCIAL PR          14.500   11/27/2012      CHF     29.71
EFG FINANCIAL PR          10.000   11/27/2012      CHF     74.86
EFG FINANCIAL PR           9.250   11/27/2012      CHF     69.30
EFG FINANCIAL PR          12.250   11/27/2012      EUR     63.98
EFG FINANCIAL PR          12.000   11/27/2012      USD     73.57
EFG FINANCIAL PR          13.250   11/27/2012      CHF     64.88
EFG FINANCIAL PR          14.500   11/27/2012      CHF     71.41
EFG FINANCIAL PR           9.750    12/3/2012      CHF     62.05
EFG FINANCIAL PR           8.500   12/14/2012      CHF     71.99
EFG FINANCIAL PR          10.250   12/14/2012      CHF     72.77
EFG FINANCIAL PR          12.750   12/14/2012      CHF     65.46
EFG FINANCIAL PR          14.250   12/14/2012      GBP     66.02
EFG FINANCIAL PR          14.250   12/14/2012      EUR     62.84
EFG FINANCIAL PR          17.500   12/14/2012      EUR     40.64
EFG FINANCIAL PR          14.000   12/14/2012      EUR     66.82
EFG FINANCIAL PR          10.900   12/21/2012      CHF     52.99
EFG FINANCIAL PR          12.600   12/21/2012      CHF     53.65
EFG FINANCIAL PR           9.300   12/21/2012      CHF     52.38
EFG FINANCIAL PR          12.250   12/27/2012      GBP     66.24
EFG FINANCIAL PR           8.830   12/28/2012      USD     50.84
EFG FINANCIAL PR          10.000     1/9/2013      EUR     52.30
EFG FINANCIAL PR          10.250    1/15/2013      CHF     15.88
EFG FINANCIAL PR          11.250    1/15/2013      GBP     63.38
EFG FINANCIAL PR          12.500    1/15/2013      CHF     41.10
EFG FINANCIAL PR           9.000    1/15/2013      CHF     39.57
EFG FINANCIAL PR          13.000    1/15/2013      CHF     64.72
EFG FINANCIAL PR           5.800    1/23/2013      CHF     64.44
EFG FINANCIAL PR          13.100    2/18/2013      CHF     73.45
EFG FINANCIAL PR          15.000     3/1/2013      CHF     72.71
EFG FINANCIAL PR          10.000     3/6/2013      USD     69.16
EFG FINANCIAL PR           6.750    3/11/2013      EUR     74.93
EFG FINANCIAL PR          11.000    3/13/2013      EUR     74.38
EFG FINANCIAL PR          10.750    3/19/2013      USD     70.09
EFG FINANCIAL PR          10.500    3/21/2013      EUR     66.28
EFG FINANCIAL PR          11.750    3/26/2013      EUR     75.00
EFG FINANCIAL PR          16.000    3/28/2013      CHF     73.38
EFG FINANCIAL PR          11.770     4/2/2013      EUR     73.80
EFG FINANCIAL PR          14.500     4/2/2013      CHF     73.31
EFG FINANCIAL PR          15.370     4/2/2013      USD     71.85
EFG FINANCIAL PR          16.000     4/4/2013      CHF     36.61
EFG FINANCIAL PR          14.000     4/4/2013      CHF     73.61
EFG FINANCIAL PR          12.000     4/4/2013      EUR     71.37
EFG FINANCIAL PR          10.500     4/4/2013      CHF     71.72
EFG FINANCIAL PR           7.530    4/16/2013      EUR     66.04
EFG FINANCIAL PR           7.000    4/19/2013      EUR     56.91
EFG FINANCIAL PR          12.000    4/26/2013      CHF     65.26
EFG FINANCIAL PR           6.500    8/27/2013      CHF     43.03
EFG FINANCIAL PR           8.400    9/30/2013      CHF     51.34
EFG FINANCIAL PR           8.160    4/25/2014      EUR     66.52
EFG FINANCIAL PR           5.850   10/14/2014      CHF     47.73
MARE BALTIC PCC            3.000   11/17/2014      DKK     20.00
MARE BALTIC PCC            3.000   11/17/2014      DKK      1.00
MARE BALTIC PCC            2.000    11/1/2015      DKK      0.01
MARE BALTIC PCC            2.000    11/1/2015      DKK      0.01
SARASIN CI LTD             6.000     6/9/2014      EUR     59.07
ZURCHER KANT FIN           9.250    11/9/2012      CHF     49.85
ZURCHER KANT FIN           9.250    11/9/2012      CHF     73.88
ZURCHER KANT FIN          17.000    2/22/2013      EUR     63.42
ZURCHER KANT FIN          12.500    3/28/2013      EUR     74.46
ZURCHER KANT FIN           7.340    4/16/2013      CHF     59.47

ICELAND
-------
KAUPTHING                  7.000    7/24/2009      ISK     26.63
KAUPTHING                  6.500    10/8/2010      ISK     26.63
KAUPTHING                  0.800    2/15/2011      EUR     26.63
KAUPTHING                  8.000    6/22/2011      ISK      0.13
KAUPTHING                  7.000    4/28/2012      ISK      0.13
KAUPTHING                  5.800     9/7/2012      EUR     26.63
KAUPTHING                  7.500    12/5/2014      ISK     26.63
KAUPTHING                  6.400   12/15/2015      EUR     26.63
KAUPTHING                  7.500     2/1/2045      USD      0.13
KAUPTHING                  6.500     2/3/2045      EUR      0.13
KAUPTHING BANK             5.500     2/2/2009      USD     26.63
KAUPTHING BANK             4.950     5/6/2009      EUR     26.63
KAUPTHING BANK             0.200    7/12/2009      JPY     26.63
KAUPTHING BANK             1.800   10/20/2009      JPY     26.63
KAUPTHING BANK             3.000    2/12/2010      CHF     26.63
KAUPTHING BANK             4.700    2/15/2010      CAD     26.63
KAUPTHING BANK             1.650     7/5/2010      JPY     26.63
KAUPTHING BANK             7.500    10/2/2010      EUR     26.63
KAUPTHING BANK             0.945   10/20/2010      JPY     26.63
KAUPTHING BANK             4.470   10/27/2010      EUR     26.63
KAUPTHING BANK             7.000     1/3/2011      EUR     26.63
KAUPTHING BANK             4.500    1/17/2011      EUR     26.63
KAUPTHING BANK             7.500     4/2/2011      EUR     26.63
KAUPTHING BANK             0.690    5/21/2011      JPY     26.63
KAUPTHING BANK             7.700    10/2/2011      EUR     26.63
KAUPTHING BANK             5.750    10/4/2011      USD     26.63
KAUPTHING BANK             5.750    10/4/2011      USD     26.63
KAUPTHING BANK             4.530    4/24/2012      EUR     26.63
KAUPTHING BANK             1.990     7/5/2012      JPY     26.63
KAUPTHING BANK             4.650    2/19/2013      EUR     26.63
KAUPTHING BANK             5.000    11/8/2013      EUR     26.63
KAUPTHING BANK             5.400    3/22/2014      ISK      0.13
KAUPTHING BANK             7.625    2/28/2015      USD     26.63
KAUPTHING BANK             7.625    2/28/2015      USD     26.63
KAUPTHING BANK             9.750    9/10/2015      USD     26.63
KAUPTHING BANK             7.125    5/19/2016      USD      0.13
KAUPTHING BANK             7.125    5/19/2016      USD      0.13
KAUPTHING BANK             1.750     6/7/2016      EUR     26.63
KAUPTHING BANK             6.125    10/4/2016      USD     26.63
KAUPTHING BANK             6.125    10/4/2016      USD     26.63
KAUPTHING BANK             4.900    5/29/2017      EUR     26.63
KAUPTHING BANK             5.250    7/18/2017      BGN     26.63
KAUPTHING BANK             3.750    2/15/2024      ISK     26.63
KAUPTHING BANK             5.000     1/4/2027      SKK     26.63
KAUPTHING HF               7.900     2/1/2016      EUR     26.63
KAUPTHING HF               7.900    4/28/2016      EUR     26.63
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 ISLAN           7.200    4/27/2026      EUR      0.25
LANDSBANKI ISLAN           4.400   11/30/2035      EUR      0.25
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           5.440     9/3/2018      EUR      0.25
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
LANDSBANKI ISLND           3.450   12/18/2033      JPY      0.25

IRELAND
-------
AIB MORTGAGE BNK           5.580    4/28/2028      EUR     61.04
AIB MORTGAGE BNK           5.000    2/12/2030      EUR     54.11
AIB MORTGAGE BNK           5.000     3/1/2030      EUR     54.05
BANESTO FINANC             5.000     6/1/2024      EUR     67.75
BANESTO FINANC             6.050     7/2/2025      EUR     72.57
BANESTO FINANC             5.000    3/23/2030      EUR     58.87
BANK OF IRELAND            5.600    9/18/2023      EUR     59.00
BK IRELAND MTGE            5.760     9/7/2029      EUR     73.67
BK IRELAND MTGE            5.360   10/12/2029      EUR     69.94
BK IRELAND MTGE            5.400    11/6/2029      EUR     70.19
BK IRELAND MTGE            5.450     3/1/2030      EUR     69.87
DEPFA ACS BANK             0.500     3/3/2025      CAD     40.19
DEPFA ACS BANK             3.250    7/31/2031      CHF     69.02
DEPFA ACS BANK             4.900    8/24/2035      CAD     72.63
DEPFA ACS BANK             5.125    3/16/2037      USD     68.66
DEPFA ACS BANK             5.125    3/16/2037      USD     69.01
KALVEBOD PLC               2.000     5/1/2106      DKK     35.00
ONO FINANCE II            11.125    7/15/2019      EUR     75.17
ONO FINANCE II            10.875    7/15/2019      USD     75.25
ONO FINANCE II            10.875    7/15/2019      USD     73.75

ITALY
-----
ABRUZZO REGION             4.408     5/5/2026      EUR     72.83
ABRUZZO REGION             4.450     3/1/2037      EUR     67.34
ASTICO AL BRENTA           4.088   12/31/2021      EUR     64.89
BANCA 121 SPA              6.370   12/21/2026      EUR     74.55
BANCA MARCHE               4.000     2/1/2022      EUR     74.75
BANCA MARCHE               5.500    9/16/2030      EUR     71.13
BANCA NAZ LAVORO           4.652     2/3/2023      EUR     71.84
BANCA NAZ LAVORO           3.770   11/20/2024      EUR     62.25
BANCA NAZ LAVORO           3.370   11/20/2024      EUR     59.25
BANCA NAZ LAVORO           2.470    5/10/2026      EUR     71.42
BANCA POP EMILIA           4.000    4/12/2020      EUR     74.41
BANCA POP LODI             5.250     4/3/2029      EUR     71.41
BANCA POP VERONA           2.900   10/30/2028      EUR     70.96
BANCA POP VERONA           5.250     4/3/2029      EUR     71.41
BANCA POP VICENT           4.970    4/20/2027      EUR     65.81
BANCO POP VERONA           5.250     4/3/2029      EUR     71.41
BANCO POPOLARE             9.000    3/29/2049      EUR     51.63
BP CIVIDALE                3.180    5/19/2020      EUR     68.13
BTPS                       4.000     2/1/2037      EUR     74.69
BTPS I/L                   2.350    9/15/2035      EUR     60.74
BTPS I/L                   2.550    9/15/2041      EUR     63.70
C TRECATE                  3.674   12/31/2025      EUR     51.23
CASSA DEL TRENT            4.827   12/31/2027      EUR     60.18
CASSA RISP LUCCA           5.250     4/3/2029      EUR     71.41
CIR SPA                    5.750   12/16/2024      EUR     74.38
CIRIO SPA                  8.000   12/21/2005      EUR      0.50
CITY OF NAPLES             4.783   12/31/2037      EUR     68.10
CITY OF TURIN              5.270    6/26/2038      EUR     71.22
CITY OF VENICE             4.265    3/26/2026      EUR     54.72
CITY OF VENICE             4.265    3/26/2026      EUR     54.42
CO ACERRA                  3.490    9/30/2025      EUR     72.09
CO ACQUAFREDDA             3.749   12/31/2025      EUR     51.80
CO AIROLA                  3.780    9/30/2025      EUR     73.03
CO ALBA ADRIATIC           4.469    6/30/2026      EUR     56.39
CO ALBERONA                3.810    6/27/2025      EUR     73.59
CO ALBINO                  3.630    6/27/2025      EUR     71.00
CO ANDRANO                 3.921   12/31/2035      EUR     54.84
CO ARIANO IRPINO           3.588    9/30/2025      EUR     72.17
CO AVIGLIANO               3.675   12/31/2025      EUR     51.24
CO BATTIPAGLIA             3.612   12/31/2025      EUR     72.19
CO BEINASCO                3.760   12/31/2025      EUR     57.80
CO BELLA                   3.675   12/31/2025      EUR     51.24
CO BERLINGO                4.297   12/31/2036      EUR     57.59
CO BOSSICO                 4.219   12/31/2026      EUR     73.11
CO BOVALINO                3.990   12/31/2025      EUR     74.14
CO BRAONE                  4.620    6/30/2036      EUR     60.56
CO BRAONE                  4.567    6/30/2037      EUR     70.70
CO CALCINATO               3.997   12/31/2025      EUR     53.63
CO CALVI RISORTA           4.520    9/30/2026      EUR     74.97
CO CAMPI SALENTI           3.620    9/30/2025      EUR     72.25
CO CANDELA                 3.780    9/30/2025      EUR     73.41
CO CAPACCIO                3.690    9/30/2025      EUR     72.56
CO CARBONERA               3.750   12/31/2025      EUR     72.48
CO CARINOLA                3.760    9/30/2025      EUR     73.08
CO CASARANO                3.750    9/30/2025      EUR     72.91
CO CASTELFRANCO            3.706   12/31/2025      EUR     51.32
CO CASTELLALTO             3.760    9/30/2025      EUR     72.68
CO CASTELMASSA             3.960    3/31/2026      EUR     53.61
CO CASTELVETRO M           4.906   12/31/2028      EUR     74.44
CO CASTROVILLARI           3.608    7/15/2025      EUR     74.71
CO CASTROVILLARI           3.680    9/30/2025      EUR     72.54
CO CAZZAGO SAN M           4.591   12/31/2036      EUR     60.32
CO CAZZAGO SAN M           4.462    6/30/2037      EUR     67.51
CO CELANO                  4.030   12/31/2035      EUR     68.48
CO CERNOBBIO               3.620    6/27/2025      EUR     71.01
CO CERNOBBIO               3.790   12/22/2025      EUR     72.40
CO CHIARAVALLE C           3.800    9/30/2025      EUR     73.13
CO CHIAROMONTE             3.645   12/31/2025      EUR     50.65
CO CHIETI                  3.730   12/31/2025      EUR     72.32
CO CIAMPINO                3.559   12/31/2020      EUR     65.52
CO CIMITILE                3.750    9/30/2025      EUR     73.24
CO CINGIA DE BO            4.508   12/31/2036      EUR     59.66
CO CITTA SANTA             3.710   12/31/2025      EUR     72.20
CO COLLIO                  4.655   12/31/2036      EUR     60.54
CO CORTE DE FRAT           4.372   12/31/2036      EUR     58.58
CO DALMINE                 3.690    3/31/2026      EUR     72.30
CO DELICETO                3.810    9/30/2025      EUR     73.41
CO ESINE                   3.749   12/31/2025      EUR     51.80
CO FORLI                   4.086   12/31/2028      EUR     70.10
CO FORLI                   4.874   12/31/2028      EUR     73.93
CO FORLI                   3.755    6/30/2029      EUR     68.16
CO FRANCOLISE              4.060   12/31/2025      EUR     74.09
CO GALATONE                3.657   12/31/2025      EUR     51.10
CO GAVARDO                 4.767    6/30/2037      EUR     61.66
CO GIANICO                 4.225   12/31/2026      EUR     53.47
CO GIULIANOVA              3.534    7/13/2025      EUR     72.32
CO GRONTARDO               4.097   12/31/2035      EUR     56.29
CO IMPRUNETA               4.650    9/30/2036      EUR     71.94
CO LASTRA A SIGN           3.980    3/31/2026      EUR     73.49
CO LOCRI                   3.910    9/30/2025      EUR     73.88
CO LUMEZZANE               4.357    6/30/2026      EUR     55.53
CO LUMEZZANE               4.116   12/31/2026      EUR     52.94
CO LUMEZZANE               4.527   12/31/2026      EUR     55.94
CO MADDALONI               3.710    9/30/2025      EUR     73.02
CO MANERBA GARDA           4.640    6/30/2024      EUR     61.36
CO MARGHERITA SA           3.690    3/31/2026      EUR     72.19
CO MELENDUGNO              3.675   12/31/2025      EUR     51.24
CO MERCATO SAN S           3.973   12/31/2035      EUR     55.30
CO MONFALCONE              3.700   12/31/2024      EUR     73.86
CO MONTALTO UFFU           3.880   12/31/2025      EUR     72.96
CO MONTALTO UFFU           4.400   12/31/2026      EUR     74.10
CO MONTE PORZIO            4.369   12/31/2026      EUR     54.27
CO MONTECORVINO            1.855     9/1/2025      EUR     63.42
CO MONTORIO AL V           3.760    9/30/2025      EUR     72.90
CO MORBEGNO                3.710   12/31/2025      EUR     72.23
CO OLMENETA                4.555   12/31/2036      EUR     60.03
CO ORSARA PUGLIA           3.800    9/30/2025      EUR     73.17
CO PAOLISI                 3.810    9/30/2025      EUR     73.27
CO PIANICO                 4.425    6/30/2026      EUR     55.81
CO PIETRAMELARA            3.810    9/30/2025      EUR     73.42
CO PIGNOLA                 3.675   12/31/2025      EUR     51.24
CO POGGIARDO               3.675   12/31/2025      EUR     51.24
CO POLIGNANO A M           3.720    9/30/2025      EUR     72.71
CO PONTASSIEVE             3.720    3/31/2026      EUR     72.42
CO PORLEZZA                4.630    6/30/2036      EUR     71.84
CO POTENZA                 3.710    9/30/2025      EUR     73.32
CO PRIVERNO                3.760    9/30/2025      EUR     72.96
CO PROVAGLIO DI            4.687    6/30/2036      EUR     61.10
CO PROVAGLIO DI            4.572    6/30/2037      EUR     68.48
CO QUALIANO                4.490   12/26/2026      EUR     74.50
CO RECALE                  4.040   12/31/2025      EUR     61.22
CO RIARDO                  3.810    9/30/2025      EUR     73.53
CO ROCCA PAPA              4.320   12/20/2026      EUR     74.05
CO ROSSANO                 3.710    6/30/2025      EUR     73.45
CO RUVO PUGLIA             3.830   12/31/2025      EUR     72.63
CO SAMMICHELE BA           3.750    9/30/2025      EUR     72.99
CO SANTA MARIA C           4.164   12/30/2024      EUR     74.79
CO SANTAGATA PU            3.810    9/30/2025      EUR     73.20
CO SAVOIA LUCANI           3.675   12/31/2025      EUR     51.24
CO SERRA SAN BRU           3.800    9/30/2025      EUR     72.74
CO SOMMARIVA BOS           3.800   12/31/2025      EUR     72.61
CO STORNARA                3.840   12/31/2025      EUR     73.17
CO TARVISIO                3.820   12/31/2025      EUR     72.78
CO TAURIANOVA              3.830    9/30/2025      EUR     73.41
CO TEMU                    4.416   12/31/2026      EUR     55.27
CO TERRACINA               3.760   12/31/2025      EUR     72.62
CO TORCHIAROLO             3.800    9/30/2025      EUR     68.61
CO TREPUZZI                3.675   12/31/2025      EUR     51.24
CO TROIA                   3.810    9/30/2025      EUR     73.58
CO TROIA                   3.870    9/30/2025      EUR     73.62
CO UGENTO                  3.675   12/31/2025      EUR     51.24
CO VALDOBBIADENE           3.717   12/31/2024      EUR     65.87
CO VASTO                   3.775   12/31/2025      EUR     72.37
CO VEZZA DOGLIO            4.555   12/31/2036      EUR     60.08
CO VILLASANTA              3.680   12/31/2025      EUR     72.10
CO VOBARNO                 4.572    6/30/2037      EUR     68.68
COM QUARTO S'EL            3.840   12/31/2025      EUR     73.09
COMU MONT LEOGRA           3.685    1/15/2026      EUR     51.20
COMU MONT LEOGRA           4.518    7/31/2026      EUR     56.56
COMU MONT LEOGRA           4.362    1/13/2037      EUR     58.54
COMUNE ARGENTA             4.056    6/30/2029      EUR     69.53
COMUNE BAGNOLO             4.196    6/30/2028      EUR     71.65
COMUNE BAISO               4.931    6/30/2033      EUR     74.96
COMUNE BAISO               3.920   12/31/2034      EUR     61.21
COMUNE CAPUA               4.280    3/31/2027      EUR     74.06
COMUNE CARPINETI           5.151    6/30/2033      EUR     69.82
COMUNE CARPINETI           4.246    6/30/2034      EUR     70.70
COMUNE CASTELNOV           4.601    6/30/2028      EUR     73.67
COMUNE CASTELNOV           3.806    6/30/2029      EUR     68.00
COMUNE CASTELNOV           3.916   12/31/2029      EUR     67.87
COMUNE CATTOLICA           3.871   12/31/2029      EUR     67.61
COMUNE CERVIA              3.956   12/31/2028      EUR     69.77
COMUNE COMACCHIO           4.805    6/30/2028      EUR     58.74
COMUNE COMACCHIO           4.131   12/31/2028      EUR     70.27
COMUNE COMACCHIO           3.886    6/30/2029      EUR     68.41
COMUNE COMACCHIO           3.778   12/31/2029      EUR     67.09
COMUNE COMACCHIO           3.758   12/31/2029      EUR     67.03
COMUNE COMACCHIO           3.751   12/31/2029      EUR     67.08
COMUNE COMACCHIO           3.941   12/31/2029      EUR     67.76
COMUNE DI BIELLA           3.641    6/30/2025      EUR     72.38
COMUNE DI GENOVA           3.728    12/2/2030      EUR     71.27
COMUNE DI GENOVA           3.744    1/30/2031      EUR     70.17
COMUNE DI GENOVA           4.270    1/26/2032      EUR     74.71
COMUNE DI MARANO           4.914    6/30/2028      EUR     59.79
COMUNE DI MILANO           4.019    6/29/2035      EUR     60.64
COMUNE DI PARMA            4.861   12/31/2028      EUR     74.19
COMUNE DI PARMA            3.956   12/31/2028      EUR     69.65
COMUNE DI RIMINI           3.966   12/12/2028      EUR     69.12
COMUNE DI RIMINI           4.645   10/24/2038      EUR     62.07
COMUNE DI RIMINI           4.096   10/20/2039      EUR     58.63
COMUNE DI RIMINI           4.034   12/28/2039      EUR     57.83
COMUNE DI RIVOLI           3.740   12/31/2025      EUR     72.47
COMUNE DI SAREGO           4.307   12/31/2031      EUR     67.73
COMUNE DI TERNI            3.529    6/30/2030      EUR     70.38
COMUNE DI VENOSE           4.190   12/22/2035      EUR     69.39
COMUNE DRIZZONA            4.615    6/30/2036      EUR     69.66
COMUNE FUCECCHIO           3.750   12/31/2025      EUR     72.40
COMUNE GRUGLIASC           3.530    9/30/2025      EUR     71.91
COMUNE GRUGLIASC           3.720    3/31/2026      EUR     72.13
COMUNE LANGHIRAN           3.833    6/30/2029      EUR     68.61
COMUNE MARSCIANO           4.025   12/31/2035      EUR     55.29
COMUNE MARSCIANO           4.123   12/15/2038      EUR     63.02
COMUNE MARSCIANO           5.197   11/19/2039      EUR     69.29
COMUNE MESSINA             4.321   12/29/2036      EUR     69.46
COMUNE NOVELLARA           3.801   12/31/2029      EUR     67.23
COMUNE PAVULLO             4.106   12/31/2028      EUR     70.16
COMUNE PAVULLO             4.076    6/30/2029      EUR     69.58
COMUNE PIADENA             4.047   12/31/2035      EUR     55.76
COMUNE PIADENA             4.675    6/30/2041      EUR     65.01
COMUNE SCANDIANO           3.976   12/31/2028      EUR     69.60
COMUNE SCANDICCI           3.714    7/15/2025      EUR     73.34
COMUNE SESTOLA             4.501   12/31/2028      EUR     72.08
COMUNE SESTOLA             4.076    6/30/2029      EUR     69.72
COMUNE SGVN                3.774    6/30/2029      EUR     67.49
COMUNE SGVN                3.938   12/31/2029      EUR     67.70
COMUNE SOVERE              3.932   12/31/2030      EUR     66.71
COMUNE TERRE CAS           4.066   12/31/2038      EUR     57.87
COMUNE VALDAGNO            4.273   12/31/2026      EUR     73.49
COMUNE VIAREGGIO           4.702   10/24/2028      EUR     74.41
COMUNE VIAREGGIO           3.956   12/29/2028      EUR     70.12
COMUNE VIAREGGIO           4.920   12/30/2029      EUR     73.13
CROTONE                    3.700    9/30/2025      EUR     73.12
CROTONE                    3.590    9/30/2025      EUR     72.22
DEXIA CREDIOP              4.250   10/22/2018      EUR     65.01
ENEL (ENTNZENEL)           5.750    6/22/2037      GBP     74.52
GARDONE RIVIERA            4.552    6/30/2037      EUR     68.58
ICCREA BANCAIMPR           5.220    4/11/2017      EUR     48.00
INTESA SANPAOLO            2.250    1/22/2020      EUR     74.71
INTESA SANPAOLO            2.882    4/20/2020      EUR     70.85
MALEGNO                    4.495    6/30/2036      EUR     66.66
MONTE DEI PASCHI           5.750    9/30/2016      GBP     71.84
MONTE DEI PASCHI           3.750    8/30/2020      EUR     69.69
PERUGIA                    3.695   12/28/2025      EUR     72.86
PESCARA                    3.741   12/21/2030      EUR     68.53
POTENZA                    4.175   11/22/2024      EUR     74.88
PRALBOINO                  4.567    6/30/2037      EUR     60.13
PROV DI VARESE             5.146   12/18/2039      EUR     70.35
PROV DI VARESE             4.913   11/30/2047      EUR     58.18
PROV OF LECCE              4.174   12/31/2026      EUR     72.97
PROV PESAR URBIN           3.735    6/30/2038      EUR     56.47
PROVI DI COSENZA           5.290    3/28/2033      EUR     71.49
PROVINC RAVENNA            3.670    3/31/2026      EUR     72.40
PROVINCE TARANTO           3.680   12/31/2025      EUR     72.15
PROVINCIA FORLI'           4.350   12/31/2028      EUR     71.64
PROVINCIA GENOA            5.070    3/31/2028      EUR     74.80
PROVINCIA MODENA           3.941   12/31/2028      EUR     69.43
PROVINCIA PADOVA           4.156   11/24/2028      EUR     74.30
PROVINCIA PADOVA           3.730   12/31/2028      EUR     68.13
PROVINCIA SALERN           4.500   12/10/2034      EUR     71.73
PROVINCIA SALERN           4.310    1/18/2035      EUR     70.09
PROVINCIA SALERN           3.930   12/22/2035      EUR     67.45
PROVINCIA SALERN           4.330   12/22/2036      EUR     68.66
PROVINCIA VERONA           3.674   12/22/2025      EUR     74.76
PRVASCOLI PICENO           4.077    3/15/2026      EUR     53.13
REGGIO EMILIA              4.426   12/31/2028      EUR     71.70
REGION OF CAMPAN           4.849    6/29/2026      EUR     59.10
REGION OF LAZIO            5.695    6/23/2028      EUR     58.40
REGION OF LAZIO            5.695    6/23/2028      EUR     59.37
REGION OF LIGURI           4.795   11/22/2034      EUR     66.34
REGION OF LOMBAR           5.804   10/25/2032      USD     74.90
REGION OF MARCHE           4.710   12/31/2018      EUR     61.85
REGION OF MARCHE           4.648    6/27/2023      EUR     63.59
REGION OF UMBRIA           5.087    6/15/2037      EUR     59.07
REP OF ITALY               5.250    12/7/2034      GBP     74.34
REP OF ITALY               2.870    5/19/2036      JPY     51.47
REP OF ITALY               1.850    9/15/2057      EUR     42.86
REP OF ITALY               2.200    9/15/2058      EUR     48.74
REP OF ITALY               4.850    6/11/2060      EUR     66.74
REP OF ITALY               2.000    9/15/2062      EUR     44.11
ROMANO LOMBARDIA           4.313   12/31/2026      EUR     73.41
ROMULUS FINANCE            5.441    2/20/2023      GBP     72.98
SARDINIA REGION            4.383   12/20/2034      EUR     68.78
SARDINIA REGION            4.022   11/28/2035      EUR     66.06
SEAT PAGINE               10.500    1/31/2017      EUR     61.50
SEAT PAGINE               10.500    1/31/2017      EUR     62.97
SEAT PAGINE               10.500    1/31/2017      EUR     60.75
SEAT PAGINE               10.500    1/31/2017      EUR     63.00
TELECOM ITALIA             5.250    3/17/2055      EUR     68.44
UNIONE DI BANCHE           6.250   11/18/2018      EUR     33.22
UNIPOL ASSICURAZ           5.660    7/28/2023      EUR     57.69
VALLE D'AOSTA              4.197   12/31/2026      EUR     74.28
VIBO VALENTIA              3.794    6/15/2026      EUR     52.12

LUXEMBOURG
----------
ARCELORMITTAL              7.250     4/1/2014      EUR     22.44
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             9.250    2/15/2019      USD     74.25
CODERE FIN LUX             9.250    2/15/2019      USD     75.33
DEL MONTE FIN SA           6.625    5/24/2006      EUR     12.13
ESFG INTERNATION           6.875   10/21/2019      EUR     64.47
ESPIRITO SANTO F           9.750   12/19/2025      EUR     64.83
FINMEK INTL                7.000    12/3/2004      EUR      0.13
GLOBAL BOND VIII           3.700    9/18/2017      EUR     74.63
HELLAS III                 8.500   10/15/2013      EUR      0.25
HELLAS III                 8.500   10/15/2013      EUR      0.25
IIB LUXEMBOURG            11.000    2/19/2013      USD      1.38
INTL INDUST BANK           9.000     7/6/2011      EUR      1.09
IT HOLDING FIN             9.875   11/15/2012      EUR      0.13
IT HOLDING FIN             9.875   11/15/2012      EUR      0.13
LA VEGGIA FIN              7.125   11/14/2004      EUR      1.38
LIGHTHOUSE INTL            8.000    4/30/2014      EUR     10.75
LIGHTHOUSE INTL            8.000    4/30/2014      EUR     10.75
TEKSID ALUMI LUX          11.375    7/15/2011      EUR      1.38
VIVALDIS                   0.500    6/13/2013      EUR     61.45
VIVALDIS                   0.500    6/13/2028      EUR     61.45
VIVALDIS                   0.500     8/8/2028      EUR     66.04

NETHERLANDS
-----------
APP INTL FINANCE          11.750    10/1/2005      USD      0.00
ASTANA FINANCE             7.875     6/8/2010      EUR      9.79
ASTANA FINANCE             9.000   11/16/2011      USD      4.38
ASTANA FINANCE            14.500     7/2/2013      USD      3.00
ATRADIUS FIN BV            5.875     9/3/2024      EUR     69.22
BK NED GEMEENTEN           0.500     3/3/2021      NZD     68.89
BK NED GEMEENTEN           0.500    3/29/2021      NZD     70.44
BK NED GEMEENTEN           0.500    5/12/2021      ZAR     57.54
BK NED GEMEENTEN           0.500    6/22/2021      ZAR     57.09
BK NED GEMEENTEN           0.500     6/7/2022      ZAR     53.56
BK NED GEMEENTEN           0.500    7/12/2022      ZAR     54.59
BK NED GEMEENTEN           0.500    8/15/2022      ZAR     56.89
BK NED GEMEENTEN           0.500    2/24/2025      CAD     67.84
BLT FINANCE BV             7.500    5/15/2014      USD     13.90
BLT FINANCE BV             7.500    5/15/2014      USD     14.00
BLT FINANCE BV            12.000    2/10/2015      USD     24.88
BRIT INSURANCE             6.625    12/9/2030      GBP     54.96
BULGARIA STEEL            12.000     5/4/2013      EUR      5.38
BULGARIA STEEL            12.000     5/4/2013      EUR      5.38
CIRIO DEL MONTE            7.750    3/14/2005      EUR      2.13
ENEL FIN INTL NV           5.750    9/14/2040      GBP     73.65
GREENWICH AVENUE          10.000    6/30/2013      USD      0.75
ING BANK NV                4.200   12/19/2035      EUR     66.23
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                8.125     6/1/2009      USD      0.13
KPNQWEST BV                7.125     6/1/2009      EUR      0.13
KPNQWEST BV                7.125     6/1/2009      EUR      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      3.88
LEHMAN BROS TSY           23.300    9/16/2008      USD     17.13
LEHMAN BROS TSY            4.050    9/16/2008      EUR      3.88
LEHMAN BROS TSY            7.375    9/20/2008      EUR     17.13
LEHMAN BROS TSY           18.250    10/2/2008      USD     17.13
LEHMAN BROS TSY            7.250    10/6/2008      EUR     17.13
LEHMAN BROS TSY           16.000    10/8/2008      CHF     17.13
LEHMAN BROS TSY           10.000   10/22/2008      USD     17.13
LEHMAN BROS TSY            8.000   10/23/2008      USD     17.13
LEHMAN BROS TSY            6.000   10/24/2008      EUR     17.13
LEHMAN BROS TSY            7.500   10/24/2008      USD     17.13
LEHMAN BROS TSY            5.000   10/24/2008      CHF     17.13
LEHMAN BROS TSY           16.000   10/28/2008      USD     17.13
LEHMAN BROS TSY           13.150   10/30/2008      USD     17.13
LEHMAN BROS TSY           16.000    11/9/2008      USD     17.13
LEHMAN BROS TSY           14.100   11/12/2008      USD     17.13
LEHMAN BROS TSY           10.442   11/22/2008      CHF     17.13
LEHMAN BROS TSY            7.000   11/28/2008      CHF     17.13
LEHMAN BROS TSY           16.000   12/26/2008      USD     17.13
LEHMAN BROS TSY            6.720   12/29/2008      EUR      3.88
LEHMAN BROS TSY           13.432     1/8/2009      ILS     17.13
LEHMAN BROS TSY            7.750    1/30/2009      EUR     17.13
LEHMAN BROS TSY            6.600     2/9/2009      EUR      3.88
LEHMAN BROS TSY           13.000    2/16/2009      CHF     17.13
LEHMAN BROS TSY           11.000    2/16/2009      CHF     17.13
LEHMAN BROS TSY            0.500    2/16/2009      EUR     17.13
LEHMAN BROS TSY           10.000    2/16/2009      CHF     17.13
LEHMAN BROS TSY            5.000    3/13/2009      EUR      3.88
LEHMAN BROS TSY            9.000    3/17/2009      GBP     17.13
LEHMAN BROS TSY           10.000    3/27/2009      USD      3.88
LEHMAN BROS TSY            7.000    4/14/2009      EUR     17.13
LEHMAN BROS TSY            8.000    4/20/2009      EUR      3.88
LEHMAN BROS TSY            4.000    4/24/2009      USD     17.13
LEHMAN BROS TSY            3.850    4/24/2009      USD     17.13
LEHMAN BROS TSY            2.480    5/12/2009      USD      3.88
LEHMAN BROS TSY            2.250    5/12/2009      USD      3.88
LEHMAN BROS TSY           16.200    5/14/2009      USD     17.13
LEHMAN BROS TSY            4.100    5/20/2009      USD     17.13
LEHMAN BROS TSY            8.000    5/22/2009      USD     17.13
LEHMAN BROS TSY            8.000    5/22/2009      USD     17.13
LEHMAN BROS TSY           10.000    5/22/2009      USD     17.13
LEHMAN BROS TSY           17.000     6/2/2009      USD     17.13
LEHMAN BROS TSY           13.500     6/2/2009      USD     17.13
LEHMAN BROS TSY           15.000     6/4/2009      CHF     17.13
LEHMAN BROS TSY            3.700     6/6/2009      EUR      3.88
LEHMAN BROS TSY            9.000    6/13/2009      USD     17.13
LEHMAN BROS TSY            5.750    6/15/2009      CHF     17.13
LEHMAN BROS TSY            5.500    6/15/2009      CHF     17.13
LEHMAN BROS TSY           10.000    6/17/2009      USD     17.13
LEHMAN BROS TSY            3.000    6/23/2009      EUR      3.88
LEHMAN BROS TSY           11.000    6/29/2009      EUR     17.13
LEHMAN BROS TSY            8.500     7/6/2009      CHF     17.13
LEHMAN BROS TSY            4.500     8/2/2009      USD     17.13
LEHMAN BROS TSY            8.000     8/3/2009      USD     17.13
LEHMAN BROS TSY           16.800    8/21/2009      USD     17.13
LEHMAN BROS TSY            7.500    9/13/2009      CHF     17.13
LEHMAN BROS TSY            3.400    9/21/2009      HKD     17.13
LEHMAN BROS TSY            3.820   10/20/2009      USD     17.13
LEHMAN BROS TSY            2.750   10/28/2009      EUR      3.88
LEHMAN BROS TSY            2.000   11/16/2009      EUR      3.88
LEHMAN BROS TSY            5.250   11/21/2009      USD      3.88
LEHMAN BROS TSY            7.585   11/22/2009      MXN     17.13
LEHMAN BROS TSY            8.800   12/27/2009      EUR     17.13
LEHMAN BROS TSY           10.000     1/4/2010      USD      3.88
LEHMAN BROS TSY            1.750     2/7/2010      EUR     17.13
LEHMAN BROS TSY            7.500    2/14/2010      AUD     17.13
LEHMAN BROS TSY            7.000    2/15/2010      CHF     17.13
LEHMAN BROS TSY            4.100    2/19/2010      EUR      3.88
LEHMAN BROS TSY            6.450    2/20/2010      AUD     17.13
LEHMAN BROS TSY            1.000    2/26/2010      USD      3.88
LEHMAN BROS TSY            4.000    2/28/2010      EUR     17.13
LEHMAN BROS TSY           11.750     3/1/2010      EUR     17.13
LEHMAN BROS TSY            7.600     3/4/2010      NZD     17.13
LEHMAN BROS TSY            4.250    5/15/2010      EUR      3.88
LEHMAN BROS TSY            2.000    5/17/2010      EUR     17.13
LEHMAN BROS TSY            4.000    5/17/2010      USD      3.88
LEHMAN BROS TSY            7.500    5/30/2010      AUD     17.13
LEHMAN BROS TSY            4.000    5/30/2010      USD     17.13
LEHMAN BROS TSY            3.000     6/3/2010      EUR      3.88
LEHMAN BROS TSY            3.100     6/4/2010      USD     17.13
LEHMAN BROS TSY            7.250    6/20/2010      USD      3.88
LEHMAN BROS TSY            1.600    6/21/2010      JPY      3.88
LEHMAN BROS TSY            5.500    6/22/2010      USD      3.88
LEHMAN BROS TSY            7.000    7/11/2010      EUR      3.88
LEHMAN BROS TSY            6.000    7/28/2010      EUR     17.13
LEHMAN BROS TSY            6.000    7/28/2010      EUR     17.13
LEHMAN BROS TSY           10.500     8/9/2010      EUR     17.13
LEHMAN BROS TSY            4.000    8/11/2010      USD      3.88
LEHMAN BROS TSY            4.100    8/23/2010      USD     17.13
LEHMAN BROS TSY            3.000    9/13/2010      JPY     17.13
LEHMAN BROS TSY            4.000   10/12/2010      USD     17.13
LEHMAN BROS TSY            1.500   10/12/2010      EUR      3.88
LEHMAN BROS TSY            7.000   10/22/2010      EUR      3.88
LEHMAN BROS TSY            1.280    11/6/2010      JPY     17.13
LEHMAN BROS TSY           14.900   11/16/2010      EUR     17.13
LEHMAN BROS TSY            8.050   12/20/2010      HKD     17.13
LEHMAN BROS TSY            6.000   12/21/2010      USD     17.13
LEHMAN BROS TSY            9.300   12/21/2010      EUR     17.13
LEHMAN BROS TSY            9.300   12/21/2010      EUR     17.13
LEHMAN BROS TSY            4.500   12/30/2010      USD     17.13
LEHMAN BROS TSY            8.000   12/31/2010      USD     17.13
LEHMAN BROS TSY            4.000     1/4/2011      USD     17.13
LEHMAN BROS TSY            8.875    1/28/2011      HKD     17.13
LEHMAN BROS TSY            4.000    3/10/2011      EUR      3.88
LEHMAN BROS TSY            6.000    3/14/2011      EUR      3.88
LEHMAN BROS TSY            6.000    3/17/2011      EUR      3.88
LEHMAN BROS TSY           15.000    3/30/2011      EUR      3.88
LEHMAN BROS TSY            4.000    4/13/2011      CHF      3.88
LEHMAN BROS TSY            6.700    4/21/2011      USD      3.88
LEHMAN BROS TSY            5.000    5/12/2011      CHF      3.88
LEHMAN BROS TSY            4.000     6/5/2011      USD     17.13
LEHMAN BROS TSY            2.400    6/20/2011      JPY      3.88
LEHMAN BROS TSY            3.500    6/20/2011      EUR      3.88
LEHMAN BROS TSY            2.000    6/21/2011      EUR      3.88
LEHMAN BROS TSY            6.000    6/21/2011      EUR      3.88
LEHMAN BROS TSY            2.000    6/28/2011      EUR      3.88
LEHMAN BROS TSY           11.000     7/4/2011      CHF     17.13
LEHMAN BROS TSY           11.000     7/4/2011      USD     17.13
LEHMAN BROS TSY           12.000     7/4/2011      EUR     17.13
LEHMAN BROS TSY            7.625    7/22/2011      HKD     17.13
LEHMAN BROS TSY            4.000    7/27/2011      EUR      3.88
LEHMAN BROS TSY            3.000    8/13/2011      EUR      3.88
LEHMAN BROS TSY            6.650    8/24/2011      AUD     17.13
LEHMAN BROS TSY            5.000     9/1/2011      EUR      3.88
LEHMAN BROS TSY            6.250     9/5/2011      EUR      3.88
LEHMAN BROS TSY            0.010    9/20/2011      USD      3.88
LEHMAN BROS TSY            7.000    9/20/2011      USD      3.88
LEHMAN BROS TSY            6.000    9/20/2011      EUR      3.88
LEHMAN BROS TSY            3.860    9/21/2011      SGD     17.13
LEHMAN BROS TSY            3.500   10/24/2011      USD      3.88
LEHMAN BROS TSY            1.500   10/25/2011      EUR      3.88
LEHMAN BROS TSY            3.500   10/31/2011      USD      3.88
LEHMAN BROS TSY            2.500    11/9/2011      CHF      3.88
LEHMAN BROS TSY            4.600    11/9/2011      EUR      3.88
LEHMAN BROS TSY            5.000    12/6/2011      EUR      3.88
LEHMAN BROS TSY            2.500   12/15/2011      GBP     17.13
LEHMAN BROS TSY           11.000   12/19/2011      USD      3.88
LEHMAN BROS TSY            7.750     1/3/2012      AUD     17.13
LEHMAN BROS TSY           10.000     1/3/2012      BRL      3.88
LEHMAN BROS TSY            1.500     2/8/2012      CHF      3.88
LEHMAN BROS TSY            6.000    2/14/2012      EUR     17.13
LEHMAN BROS TSY            7.000    2/15/2012      EUR     17.13
LEHMAN BROS TSY            1.460    2/19/2012      JPY     17.13
LEHMAN BROS TSY            6.600    2/22/2012      EUR     17.13
LEHMAN BROS TSY            3.630     3/2/2012      EUR     17.13
LEHMAN BROS TSY            8.000    3/19/2012      USD      3.88
LEHMAN BROS TSY            0.750    3/29/2012      EUR      3.88
LEHMAN BROS TSY            6.750     4/5/2012      EUR      3.88
LEHMAN BROS TSY            1.000     5/9/2012      EUR      3.88
LEHMAN BROS TSY            6.600    5/23/2012      AUD     17.13
LEHMAN BROS TSY            4.300     6/4/2012      USD     17.13
LEHMAN BROS TSY            9.250    6/20/2012      USD      3.88
LEHMAN BROS TSY            4.000    7/20/2012      EUR      3.88
LEHMAN BROS TSY           13.000    7/25/2012      EUR     17.13
LEHMAN BROS TSY            2.500    8/15/2012      CHF      3.88
LEHMAN BROS TSY            2.500    8/23/2012      GBP     17.13
LEHMAN BROS TSY            0.250   10/19/2012      CHF      3.88
LEHMAN BROS TSY            4.000   10/24/2012      EUR      3.88
LEHMAN BROS TSY            6.000   10/30/2012      EUR      3.88
LEHMAN BROS TSY            6.000   10/30/2012      USD      3.88
LEHMAN BROS TSY            5.000   11/22/2012      EUR      3.88
LEHMAN BROS TSY            6.250   11/30/2012      EUR      3.88
LEHMAN BROS TSY            5.500   11/30/2012      CZK      3.88
LEHMAN BROS TSY            4.000    12/2/2012      EUR      3.88
LEHMAN BROS TSY            3.000    12/3/2012      EUR      3.88
LEHMAN BROS TSY           13.000   12/14/2012      USD      3.88
LEHMAN BROS TSY            7.600    1/31/2013      AUD     17.13
LEHMAN BROS TSY            4.500     3/6/2013      CHF      3.88
LEHMAN BROS TSY            2.875    3/14/2013      CHF     17.13
LEHMAN BROS TSY            7.150    3/21/2013      USD      3.88
LEHMAN BROS TSY            7.600    5/21/2013      USD      3.88
LEHMAN BROS TSY            3.450    5/23/2013      USD      3.88
LEHMAN BROS TSY            2.300     6/6/2013      USD     17.13
LEHMAN BROS TSY            2.300    6/27/2013      USD     17.13
LEHMAN BROS TSY            2.370    7/15/2013      USD      3.88
LEHMAN BROS TSY            8.600    7/31/2013      GBP      3.88
LEHMAN BROS TSY            8.280    7/31/2013      GBP      3.88
LEHMAN BROS TSY            7.320    7/31/2013      GBP      3.88
LEHMAN BROS TSY            7.500    7/31/2013      GBP      3.88
LEHMAN BROS TSY            4.600     8/1/2013      EUR      3.88
LEHMAN BROS TSY            6.000     8/7/2013      EUR      3.88
LEHMAN BROS TSY            4.870    10/8/2013      USD     17.13
LEHMAN BROS TSY            1.950    11/4/2013      EUR     17.13
LEHMAN BROS TSY            7.000   11/26/2013      EUR      3.88
LEHMAN BROS TSY            5.375     2/4/2014      USD      3.88
LEHMAN BROS TSY            5.000    2/27/2014      EUR      3.88
LEHMAN BROS TSY           10.600    4/22/2014      MXN      3.88
LEHMAN BROS TSY            5.300    4/23/2014      EUR      3.88
LEHMAN BROS TSY            2.300    4/28/2014      JPY      3.88
LEHMAN BROS TSY            4.100    6/10/2014      SGD     17.13
LEHMAN BROS TSY            5.250     7/8/2014      EUR     17.13
LEHMAN BROS TSY            0.250    7/21/2014      EUR      3.88
LEHMAN BROS TSY            4.500    7/24/2014      EUR      3.88
LEHMAN BROS TSY            5.000    9/22/2014      EUR      3.88
LEHMAN BROS TSY            8.000   10/17/2014      EUR      3.88
LEHMAN BROS TSY            3.025    1/31/2015      EUR      3.88
LEHMAN BROS TSY            5.000    2/16/2015      EUR      3.63
LEHMAN BROS TSY            5.000    2/25/2015      EUR      3.88
LEHMAN BROS TSY            5.400     3/4/2015      USD      3.88
LEHMAN BROS TSY            1.680     3/5/2015      EUR      3.88
LEHMAN BROS TSY            4.500     3/7/2015      EUR      3.88
LEHMAN BROS TSY            5.550    3/12/2015      EUR     17.13
LEHMAN BROS TSY            5.400    3/18/2015      USD      3.88
LEHMAN BROS TSY            5.000    3/18/2015      EUR      4.50
LEHMAN BROS TSY            7.050     4/8/2015      USD      3.88
LEHMAN BROS TSY            6.500    5/16/2015      EUR      3.88
LEHMAN BROS TSY            8.250    12/3/2015      EUR      3.88
LEHMAN BROS TSY            8.250     2/3/2016      EUR      3.88
LEHMAN BROS TSY            8.000    2/16/2016      EUR      3.88
LEHMAN BROS TSY            7.750    2/21/2016      EUR      3.88
LEHMAN BROS TSY            4.700    3/23/2016      EUR      3.88
LEHMAN BROS TSY            4.700    3/23/2016      EUR      3.88
LEHMAN BROS TSY            8.500     7/5/2016      EUR      3.88
LEHMAN BROS TSY            4.600     7/6/2016      EUR      3.88
LEHMAN BROS TSY            4.350     8/8/2016      SGD     17.13
LEHMAN BROS TSY            3.350   10/13/2016      EUR      3.88
LEHMAN BROS TSY            4.000   11/24/2016      EUR      3.88
LEHMAN BROS TSY            6.000    12/6/2016      USD      3.88
LEHMAN BROS TSY            0.800   12/30/2016      EUR      3.88
LEHMAN BROS TSY            4.000    2/16/2017      EUR      3.88
LEHMAN BROS TSY            4.690    2/19/2017      EUR     17.13
LEHMAN BROS TSY            5.000    4/24/2017      EUR      3.88
LEHMAN BROS TSY            7.500     5/2/2017      EUR      3.88
LEHMAN BROS TSY            4.500     5/2/2017      EUR      3.88
LEHMAN BROS TSY            7.390     5/4/2017      USD      3.88
LEHMAN BROS TSY            5.100     5/8/2017      HKD     17.13
LEHMAN BROS TSY            6.000    5/12/2017      EUR      3.88
LEHMAN BROS TSY            7.000     6/6/2017      EUR      3.88
LEHMAN BROS TSY            7.500    6/15/2017      USD      3.88
LEHMAN BROS TSY            3.000     8/8/2017      EUR      3.88
LEHMAN BROS TSY            3.000    8/15/2017      EUR      3.88
LEHMAN BROS TSY            5.000    8/16/2017      EUR      3.88
LEHMAN BROS TSY            4.600   10/11/2017      ILS     17.13
LEHMAN BROS TSY           12.220   11/21/2017      USD      3.88
LEHMAN BROS TSY            0.500   12/20/2017      USD      3.88
LEHMAN BROS TSY            9.000   12/20/2017      AUD      3.88
LEHMAN BROS TSY            0.500   12/20/2017      AUD      3.88
LEHMAN BROS TSY            9.000   12/20/2017      AUD      3.88
LEHMAN BROS TSY            9.000   12/20/2017      AUD      3.88
LEHMAN BROS TSY            0.500   12/20/2017      AUD      3.88
LEHMAN BROS TSY            0.500   12/20/2017      AUD      3.88
LEHMAN BROS TSY            0.500   12/20/2017      USD      3.88
LEHMAN BROS TSY            0.500   12/20/2017      USD      3.88
LEHMAN BROS TSY            0.500   12/20/2017      USD      3.88
LEHMAN BROS TSY            0.500   12/20/2017      AUD      3.88
LEHMAN BROS TSY            0.500   12/20/2017      AUD      3.88
LEHMAN BROS TSY            6.000   12/30/2017      EUR      3.88
LEHMAN BROS TSY            5.000    2/15/2018      EUR      3.88
LEHMAN BROS TSY            5.200    3/19/2018      EUR     17.13
LEHMAN BROS TSY            2.600    3/19/2018      JPY     17.13
LEHMAN BROS TSY            8.000    3/21/2018      USD      3.88
LEHMAN BROS TSY            7.800    3/31/2018      USD      3.88
LEHMAN BROS TSY            9.500     4/1/2018      USD      3.88
LEHMAN BROS TSY            6.000    5/23/2018      CZK      3.88
LEHMAN BROS TSY            9.750    6/22/2018      USD      3.88
LEHMAN BROS TSY            6.300   12/21/2018      USD      3.88
LEHMAN BROS TSY           11.000     5/9/2020      USD      3.88
LEHMAN BROS TSY            0.500     6/2/2020      EUR     17.13
LEHMAN BROS TSY            0.500     7/2/2020      EUR     17.13
LEHMAN BROS TSY            4.900    7/28/2020      EUR      3.88
LEHMAN BROS TSY            0.500     8/1/2020      EUR     17.13
LEHMAN BROS TSY            4.150    8/25/2020      EUR     17.13
LEHMAN BROS TSY            4.250    3/13/2021      EUR     17.13
LEHMAN BROS TSY            5.000     5/2/2022      EUR     17.13
LEHMAN BROS TSY            9.000    5/15/2022      USD      3.88
LEHMAN BROS TSY            6.000    2/19/2023      USD      3.88
LEHMAN BROS TSY            5.250     4/1/2023      EUR     17.13
LEHMAN BROS TSY            5.220     3/1/2024      EUR     17.13
LEHMAN BROS TSY            5.000     8/1/2025      EUR      3.88
LEHMAN BROS TSY            5.250    5/26/2026      EUR      3.88
LEHMAN BROS TSY            6.500    7/24/2026      EUR      3.88
LEHMAN BROS TSY            5.120    4/30/2027      EUR     17.13
LEHMAN BROS TSY            3.500   12/20/2027      USD      3.88
LEHMAN BROS TSY            5.000    2/28/2032      EUR      3.88
LEHMAN BROS TSY            6.000    2/15/2035      EUR      3.88
LEHMAN BROS TSY            8.250    3/16/2035      EUR      3.88
LEHMAN BROS TSY            7.000    5/17/2035      EUR      3.88
LEHMAN BROS TSY            7.500     8/1/2035      EUR      3.88
LEHMAN BROS TSY            7.250    10/5/2035      EUR      3.88
LEHMAN BROS TSY            6.000    11/2/2035      EUR      3.88
LEHMAN BROS TSY            3.000    9/12/2036      JPY      3.88
LEHMAN BROS TSY            4.950   10/25/2036      EUR      3.88
LEHMAN BROS TSY            4.820   12/18/2036      EUR     17.13
LEHMAN BROS TSY           10.000     8/2/2037      JPY      3.88
LEHMAN BROS TSY            4.680   12/12/2045      EUR     17.13
LEHMAN BROS TSY            5.103    6/22/2046      EUR     17.13
MAGYAR TELECOM             9.500   12/15/2016      EUR     69.00
MAGYAR TELECOM             9.500   12/15/2016      EUR     68.33
MARFRIG HLDG EUR           8.375     5/9/2018      USD     77.00
NATL INVESTER BK          25.983     5/7/2029      EUR     27.91
NED WATERSCHAPBK           0.500    3/11/2025      CAD     65.79
NIB CAPITAL BANK           4.510   12/16/2035      EUR     69.86
PORTUGAL TEL FIN           4.500    6/16/2025      EUR     73.52
Q-CELLS INTERNAT           1.375    4/30/2012      EUR     13.38
Q-CELLS INTERNAT           5.750    5/26/2014      EUR     13.30
RABOBANK                   0.500   11/26/2021      ZAR     51.89
RBS NV EX-ABN NV           2.910    6/21/2036      JPY     61.13
SNS BANK                   6.250   10/26/2020      EUR     69.04
SNS BANK                   4.650   10/19/2021      EUR     68.58
SNS BANK                   5.300    1/27/2023      EUR     69.15
SNS BANK                   5.250    4/11/2023      EUR     68.00
SNS BANK                   4.580    3/20/2026      EUR     58.16
SNS BANK                   5.215    12/3/2027      EUR     60.40
SRLEV NV                   9.000    4/15/2041      EUR     73.22

NORWAY
------
KOMMUNALBANKEN             0.500     3/7/2017      BRL     73.41
KOMMUNALBANKEN             0.500    3/28/2017      BRL     73.12
KOMMUNALBANKEN             0.500    3/29/2017      BRL     72.70
KOMMUNALBANKEN             0.500    5/10/2017      BRL     72.52
KOMMUNALBANKEN             0.500     6/1/2017      BRL     74.00
KOMMUNALBANKEN             0.500     3/2/2018      BRL     68.52
KOMMUNALBANKEN             0.500    5/25/2018      ZAR     70.93
KOMMUNALBANKEN             0.500    5/27/2022      ZAR     64.60
NORSKE SKOGIND             6.125   10/15/2015      USD     70.00
NORSKE SKOGIND             6.125   10/15/2015      USD     70.00
NORSKE SKOGIND             7.000    6/26/2017      EUR     59.08
NORSKE SKOGIND             7.125   10/15/2033      USD     51.50
NORSKE SKOGIND             7.125   10/15/2033      USD     51.50
PETROMENA                 10.850   11/19/2010      USD      8.00
PETROMENA                  9.750    5/24/2013      NOK      8.00
RENEWABLE CORP             6.500     6/4/2014      EUR     71.05

PORTUGAL
--------
CAIXA GERAL DEPO           4.000    5/13/2019      EUR     75.00
CAIXA GERAL DEPO           5.380    10/1/2038      EUR     60.91
COMBOIOS DE PORT           4.170   10/16/2019      EUR     54.87
METRO DE LISBOA            5.750     2/4/2019      EUR     61.13
METRO DE LISBOA            7.300   12/23/2025      EUR     55.13
METRO DE LISBOA            4.061    12/4/2026      EUR     49.58
METRO DE LISBOA            4.799    12/7/2027      EUR     51.50
MONTEPIO GERAL             5.000     2/8/2017      EUR     63.63
PARPUBLICA                 3.567    9/22/2020      EUR     60.00
PARPUBLICA                 4.200   11/16/2026      EUR     50.88
PORTUGUESE OT'S            4.350   10/16/2017      EUR     74.92
PORTUGUESE OT'S            4.450    6/15/2018      EUR     71.23
PORTUGUESE OT'S            4.750    6/14/2019      EUR     68.71
PORTUGUESE OT'S            4.800    6/15/2020      EUR     66.65
PORTUGUESE OT'S            3.850    4/15/2021      EUR     60.62
PORTUGUESE OT'S            4.950   10/25/2023      EUR     60.59
PORTUGUESE OT'S            4.100    4/15/2037      EUR     48.38
REFER                      4.000    3/16/2015      EUR     62.69
REFER                      5.875    2/18/2019      EUR     65.77
REFER                      4.250   12/13/2021      EUR     44.68
REFER                      4.675   10/16/2024      EUR     54.84
REFER                      4.047   11/16/2026      EUR     53.48

RUSSIA
------
ARIZK                      3.000   12/20/2030      RUB     40.63
DVTG-FINANS                7.750    7/18/2013      RUB     20.29
DVTG-FINANS               17.000    8/29/2013      RUB     55.55
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     51.20
SATURN                     8.000     6/6/2014      RUB      2.02

SPAIN
-----
AUVISA                     4.790   12/15/2027      EUR     59.00
AYT CEDULAS CAJA           4.250   11/18/2019      EUR     73.95
AYT CEDULAS CAJA           4.500    12/2/2019      EUR     73.72
AYT CEDULAS CAJA           4.000    3/31/2020      EUR     70.66
AYT CEDULAS CAJA           4.000    3/24/2021      EUR     68.50
AYT CEDULAS CAJA           3.750   12/14/2022      EUR     58.79
AYT CEDULAS CAJA           4.250   10/25/2023      EUR     59.83
AYT CEDULAS CAJA           3.750    6/30/2025      EUR     51.93
AYT CEDULAS CAJA           4.750    5/25/2027      EUR     57.15
AYUNTAM DE MADRD           4.650    1/10/2017      EUR     74.05
AYUNTAM DE MADRD           5.078    12/2/2018      EUR     63.51
AYUNTAM DE MADRD           4.350    6/16/2021      EUR     59.09
AYUNTAM DE MADRD           4.550    6/16/2036      EUR     40.62
BANCAJA                    3.940    9/18/2015      EUR     66.63
BANCAJA                    4.375    2/14/2017      EUR     63.88
BANCAJA                    1.500    5/22/2018      EUR     46.50
BANCO BILBAO VIZ           4.375   10/20/2019      EUR     69.00
BANCO BILBAO VIZ           4.500    2/16/2022      EUR     59.48
BANCO BILBAO VIZ           6.025     3/3/2033      EUR     39.59
BANCO CASTILLA             1.500    6/23/2021      EUR     62.00
BANCO POP ESPAN            5.702   12/22/2019      EUR     54.67
BANCO POP ESPAN            8.000    7/29/2021      EUR     57.63
BANCO POP ESPAN            8.250   10/19/2021      EUR     58.38
BANCO SABADELL             6.250    4/26/2020      EUR     65.66
BANKINTER SA               4.270    7/22/2016      EUR     73.75
BANKINTER SA               6.375    9/11/2019      EUR     72.50
BANKINTER SA               6.750    12/7/2020      EUR     72.25
BANKINTER SA               6.000   12/18/2028      EUR     63.00
BASQUE GOV'T               4.150   10/28/2019      EUR     72.86
BASQUE GOV'T               4.600     1/7/2025      EUR     61.20
BBVA SUB CAP UNI           5.750    3/11/2018      GBP     74.00
BPE FINANCIACION           6.873   10/22/2020      EUR     57.25
CAIXA TERRASSA             4.700     8/9/2021      EUR     65.38
CAIXA TERRASSA             1.700    3/12/2022      EUR     56.56
CAIXABANK                  4.000     2/9/2022      EUR     74.20
CAJA ESPANA                7.500    8/28/2018      EUR     74.50
CAJA ESPANA                4.150    2/23/2020      EUR     65.13
CAJA ESPANA                3.500    6/29/2020      EUR     62.88
CAJA MADRID                5.116    7/15/2015      EUR     74.00
CAJA MADRID                4.500    4/26/2022      EUR     74.59
CAJA MADRID                4.000     2/3/2025      EUR     63.12
CAJA MADRID                4.125    3/24/2036      EUR     58.22
CAJA MADRID                5.020    2/26/2038      EUR     73.73
CEDULAS TDA 5              4.125   11/29/2019      EUR     74.77
CEDULAS TDA 6 FO           3.875    5/23/2025      EUR     58.01
CEDULAS TDA 6 FO           4.250    4/10/2031      EUR     51.09
CEDULAS TDA A-4            4.125    4/10/2021      EUR     66.44
CEDULAS TDA A-5            4.250    3/28/2027      EUR     53.65
COMUN AUTO CANAR           2.000   11/10/2016      EUR     71.86
COMUN AUTO CANAR           4.450   11/17/2019      EUR     65.87
COMUN AUTO CANAR           4.929     3/9/2020      EUR     74.65
COMUN AUTO CANAR           5.750   10/15/2029      EUR     69.52
COMUN AUTO CANAR           3.900   11/30/2035      EUR     43.81
COMUN AUTO CANAR           4.200   10/25/2036      EUR     44.91
COMUN NAVARRA              4.200    9/30/2019      EUR     74.51
COMUN NAVARRA              4.300    2/17/2020      EUR     73.63
COMUN NAVARRA              4.000   11/23/2021      EUR     67.51
COMUNIDAD ARAGON           5.000    10/4/2020      EUR     58.92
COMUNIDAD ARAGON           5.100    10/4/2020      EUR     58.98
COMUNIDAD ARAGON           5.100   11/15/2020      EUR     58.96
COMUNIDAD ARAGON           4.470    7/12/2021      EUR     55.59
COMUNIDAD ARAGON           4.815   10/10/2022      EUR     54.00
COMUNIDAD ARAGON           6.625    2/21/2023      EUR     62.88
COMUNIDAD ARAGON           7.500     3/1/2027      EUR     62.58
COMUNIDAD ARAGON           4.646    7/11/2036      EUR     37.77
COMUNIDAD BALEAR           4.650    1/26/2017      EUR     74.26
COMUNIDAD BALEAR           4.796     3/4/2020      EUR     61.65
COMUNIDAD BALEAR           3.869   11/23/2020      EUR     55.78
COMUNIDAD BALEAR           4.063   11/23/2035      EUR     38.78
COMUNIDAD MADRID           4.688    3/12/2020      EUR     73.71
COMUNIDAD MADRID           7.550    7/21/2026      EUR     70.93
COMUNIDAD MADRID           4.300    9/15/2026      EUR     56.55
COMUNIDAD MURCIA           4.725    11/5/2018      EUR     63.45
COMUNIDAD MURCIA           4.695    3/30/2020      EUR     55.31
DIPUTACION FOR             4.323   12/29/2023      EUR     53.83
FERIA VALENCIA             6.040    6/10/2027      EUR     49.99
GEN DE CATALUNYA           3.875     4/7/2015      EUR     77.93
GEN DE CATALUNYA           2.315    9/10/2015      CHF     69.53
GEN DE CATALUNYA           3.875    9/15/2015      EUR     74.12
GEN DE CATALUNYA           2.355   11/10/2015      CHF     68.54
GEN DE CATALUNYA          10.900   11/16/2015      EUR     73.50
GEN DE CATALUNYA           2.750    3/24/2016      CHF     67.87
GEN DE CATALUNYA           4.300   11/15/2016      EUR     70.50
GEN DE CATALUNYA           4.750     6/4/2018      EUR     67.27
GEN DE CATALUNYA           4.950    2/11/2020      EUR     60.47
GEN DE CATALUNYA           4.801    7/31/2020      EUR     57.13
GEN DE CATALUNYA           4.900    9/15/2021      EUR     58.00
GEN DE CATALUNYA           5.250    10/5/2023      EUR     58.38
GEN DE CATALUNYA           5.900    5/20/2024      EUR     56.38
GEN DE CATALUNYA           5.325    10/5/2028      EUR     49.00
GEN DE CATALUNYA           5.219    9/10/2029      EUR     47.38
GEN DE CATALUNYA           5.400    5/13/2030      EUR     48.25
GEN DE CATALUNYA           5.900    5/28/2030      EUR     52.25
GEN DE CATALUNYA           5.950    10/1/2030      EUR     51.50
GEN DE CATALUNYA           4.690   10/28/2034      EUR     41.75
GEN DE CATALUNYA           4.220    4/26/2035      EUR     41.72
GEN DE CATALUNYA           2.965     9/8/2039      JPY     38.12
GEN DE CATALUNYA           6.350   11/30/2041      EUR     53.88
GENERAL VALENCIA           3.250     7/6/2015      EUR     71.40
GENERAL VALENCIA           4.375    7/16/2015      EUR     73.08
GENERAL VALENCIA           4.000    11/2/2016      EUR     66.09
GENERAL VALENCIA           4.900    3/17/2020      EUR     57.75
GENERAL VALENCIA           5.900   11/30/2032      EUR     42.25
IM CEDULAS 10              4.500    2/21/2022      EUR     66.11
IM CEDULAS 5               3.500    6/15/2020      EUR     65.47
INSTIT CRDT OFCL           3.000    9/24/2020      USD     59.32
INSTIT CRDT OFCL           2.100    2/23/2021      JPY     62.04
INSTIT CRDT OFCL           2.570   10/22/2021      CHF     68.27
INSTIT CRDT OFCL           3.250    6/28/2024      CHF     68.51
INSTIT CRDT OFCL           5.700   12/30/2024      USD     68.58
INSTITUT CATALA            4.250    6/15/2024      EUR     52.04
JUNTA ANDALUCIA            3.500    2/15/2016      EUR     71.03
JUNTA ANDALUCIA            4.350    1/26/2017      EUR     68.80
JUNTA ANDALUCIA            6.900    6/16/2017      EUR     74.32
JUNTA ANDALUCIA            4.750    1/24/2018      EUR     64.88
JUNTA ANDALUCIA            5.200    7/15/2019      EUR     60.94
JUNTA ANDALUCIA            4.125    1/20/2020      EUR     57.58
JUNTA ANDALUCIA            4.850    3/17/2020      EUR     56.13
JUNTA ANDALUCIA            3.050   12/10/2020      JPY     67.03
JUNTA ANDALUCIA            5.000    7/13/2022      EUR     56.24
JUNTA ANDALUCIA            5.700    7/20/2028      EUR     55.14
JUNTA ANDALUCIA            6.600   11/29/2030      EUR     58.04
JUNTA ANDALUCIA            7.500   11/30/2030      EUR     61.54
JUNTA ANDALUCIA            5.150    5/24/2034      EUR     45.81
JUNTA ANDALUCIA            4.250   10/31/2036      EUR     41.05
JUNTA ANDALUCIA            3.065    7/29/2039      JPY     40.21
JUNTA ANDALUCIA            3.170    7/29/2039      JPY     41.24
JUNTA CASTILLA             5.150    12/5/2017      EUR     74.30
JUNTA CASTILLA             4.650    11/8/2022      EUR     60.81
JUNTA CASTILLA             6.600    2/24/2023      EUR     73.68
JUNTA CASTILLA             7.200   11/11/2026      EUR     61.48
JUNTA LA MANCHA            4.588    9/24/2017      EUR     67.38
JUNTA LA MANCHA            4.875    3/18/2020      EUR     62.88
JUNTA LA MANCHA            6.000    1/15/2021      EUR     63.63
JUNTA LA MANCHA            5.800    1/30/2021      EUR     64.88
JUNTA LA MANCHA            6.000    1/31/2021      EUR     65.00
JUNTA LA MANCHA            2.810   10/14/2022      JPY     54.88
JUNTA LA MANCHA            4.625   11/30/2022      EUR     54.38
JUNTA LA MANCHA            5.950     9/9/2030      EUR     52.13
JUNTA LA MANCHA            7.705    2/15/2033      EUR     55.38
JUNTA LA MANCHA            3.875    1/31/2036      EUR     32.13
MAPFRE SA                  5.921    7/24/2037      EUR     56.33
PITCH1                     5.125    7/20/2022      EUR     71.46
SACYR VALLEHERM            6.500     5/1/2016      EUR     48.16
SANTANDER ISSUAN           5.435   10/24/2017      EUR     71.50
SANTANDER ISSUAN           6.533   10/24/2017      GBP     71.53
SANTANDER ISSUAN           5.750    1/31/2018      GBP     67.29
SANTANDER ISSUAN           4.250    5/30/2018      EUR     68.01
SANTANDER ISSUAN           4.750    5/29/2019      EUR     68.27
SANTANDER ISSUAN           4.500    9/30/2019      EUR     68.01
SPANISH GOV'T              4.200    1/31/2037      EUR     68.37
SPANISH GOV'T              4.900    7/30/2040      EUR     74.63
SPANISH GOV'T              4.700    7/30/2041      EUR     72.47
TELEFONICA EMIS            5.445    10/8/2029      GBP     74.03
UNIV DE ALICANTE           6.500   12/15/2017      EUR     73.25
UNIV DE VALENCIA           6.600   12/15/2022      EUR     59.00
UNIV JAUME I CAS           6.500   12/15/2017      EUR     73.25
UNIV POLI VALENC           6.600   12/15/2022      EUR     59.00
XUNTA DE GALICIA           5.400    7/20/2018      EUR     73.80
XUNTA DE GALICIA           4.205   11/30/2019      EUR     66.63
XUNTA DE GALICIA           4.805    3/26/2020      EUR     67.97
XUNTA DE GALICIA           5.350   11/22/2028      EUR     58.73
XUNTA DE GALICIA           4.025   11/28/2035      EUR     42.48

SWEDEN
------
ASSA ABLOY AB              4.000    2/15/2027      EUR     73.82
PA RESOURCES AB           12.250     4/5/2016      NOK     72.61
Rorvik Timber              6.000    6/30/2016      SEK     69.00
SAS AB                     7.500     4/1/2015      SEK     72.91
SWEDISH EXP CRED           0.500   12/14/2016      BRL     74.56
SWEDISH EXP CRED           0.500   12/21/2016      BRL     74.45
SWEDISH EXP CRED           0.500   12/22/2016      BRL     74.43
SWEDISH EXP CRED           0.500    1/26/2017      BRL     73.90
SWEDISH EXP CRED           0.500     2/3/2017      BRL     73.55
SWEDISH EXP CRED           0.500    3/10/2017      BRL     73.21
SWEDISH EXP CRED           0.500    6/21/2017      BRL     71.64
SWEDISH EXP CRED           0.500    6/30/2017      BRL     71.50
SWEDISH EXP CRED           0.500    7/21/2017      BRL     71.18
SWEDISH EXP CRED           0.500    8/25/2021      ZAR     53.55
SWEDISH EXP CRED           0.500    8/26/2021      AUD     67.08
SWEDISH EXP CRED           1.000   11/15/2021      AUD     72.75
SWEDISH EXP CRED           0.500    1/31/2022      ZAR     51.63
SWEDISH EXP CRED           0.500    2/22/2022      ZAR     51.29
SWEDISH EXP CRED           0.500    3/15/2022      ZAR     51.04
SWEDISH EXP CRED           0.500    6/28/2022      ZAR     49.74
SWEDISH EXP CRED           0.500   12/17/2027      USD     63.16
SWEDISH EXP CRED           0.500    1/25/2028      USD     62.63

SWITZERLAND
-----------
BANK JULIUS BAER           8.750    7/26/2012      EUR     75.00
BANK JULIUS BAER          12.000    7/27/2012      EUR     71.05
BANK JULIUS BAER          11.000    7/27/2012      CHF     71.10
BANK JULIUS BAER           9.300    7/27/2012      EUR     74.00
BANK JULIUS BAER          11.300     8/3/2012      CHF     58.82
BANK JULIUS BAER          22.800     8/3/2012      USD     45.09
BANK JULIUS BAER           7.400     8/3/2012      EUR     73.98
BANK JULIUS BAER           9.000    9/17/2012      CHF     37.10
BANK JULIUS BAER          10.500   12/14/2012      USD     72.90
BANK JULIUS BAER           9.700   12/20/2012      CHF     69.80
BANK JULIUS BAER          11.400    1/28/2013      CHF     74.55
BANK JULIUS BAER          17.300     2/1/2013      EUR     50.30
BANK JULIUS BAER          11.500    2/20/2013      CHF     73.90
BANK JULIUS BAER          10.500    3/28/2013      CHF     69.65
BANK JULIUS BAER          12.000     4/9/2013      CHF     42.00
BANK JULIUS BAER           9.250    4/24/2013      CHF     73.70
BANK JULIUS BAER           8.700     8/5/2013      CHF     74.43
CLARIDEN LEU NAS          10.250     8/2/2012      CHF     52.91
CLARIDEN LEU NAS          10.500     8/2/2012      EUR     44.94
CLARIDEN LEU NAS          11.000     8/2/2012      USD     51.61
CLARIDEN LEU NAS          13.000     8/2/2012      EUR     70.61
CLARIDEN LEU NAS          10.000     8/3/2012      CHF     70.97
CLARIDEN LEU NAS           9.250     8/8/2012      EUR     74.58
CLARIDEN LEU NAS          10.000     8/8/2012      USD     65.04
CLARIDEN LEU NAS          11.750     8/8/2012      EUR     62.78
CLARIDEN LEU NAS          10.000    8/10/2012      EUR     60.56
CLARIDEN LEU NAS          12.000    8/15/2012      USD     63.72
CLARIDEN LEU NAS          14.000    8/16/2012      CHF     69.16
CLARIDEN LEU NAS           7.000    8/16/2012      CHF     52.37
CLARIDEN LEU NAS          11.250    8/22/2012      CHF     68.11
CLARIDEN LEU NAS          10.500     9/4/2012      USD     63.33
CLARIDEN LEU NAS          12.000     9/4/2012      EUR     28.36
CLARIDEN LEU NAS           9.250     9/4/2012      CHF     39.63
CLARIDEN LEU NAS           7.500    9/10/2012      CHF     57.99
CLARIDEN LEU NAS          11.000    9/10/2012      EUR     66.18
CLARIDEN LEU NAS          10.000    9/11/2012      CHF     41.97
CLARIDEN LEU NAS          10.250    9/17/2012      CHF     42.87
CLARIDEN LEU NAS           9.000    9/24/2012      CHF     54.12
CLARIDEN LEU NAS           9.500    9/24/2012      CHF     60.91
CLARIDEN LEU NAS           7.000    10/4/2012      CHF     43.71
CLARIDEN LEU NAS          10.000    10/8/2012      EUR     57.73
CLARIDEN LEU NAS           9.500   10/15/2012      CHF     43.49
CLARIDEN LEU NAS          10.000   10/15/2012      CHF     42.89
CLARIDEN LEU NAS           8.500   10/15/2012      CHF     42.38
CLARIDEN LEU NAS           8.000   10/15/2012      CHF     56.67
CLARIDEN LEU NAS          10.250   10/18/2012      EUR     71.27
CLARIDEN LEU NAS          19.000   10/18/2012      USD     67.37
CLARIDEN LEU NAS           7.500   11/13/2012      CHF     46.62
CLARIDEN LEU NAS           7.250   11/13/2012      CHF     74.99
CLARIDEN LEU NAS           7.250   11/16/2012      CHF     47.27
CLARIDEN LEU NAS           7.125   11/19/2012      CHF     46.60
CLARIDEN LEU NAS           8.000   11/20/2012      CHF     71.54
CLARIDEN LEU NAS          12.000   11/23/2012      CHF     74.92
CLARIDEN LEU NAS          10.500   11/26/2012      EUR     64.26
CLARIDEN LEU NAS          12.500   12/14/2012      EUR     69.99
CLARIDEN LEU NAS           0.000   12/14/2012      CHF     42.65
CLARIDEN LEU NAS           8.250   12/17/2012      CHF     58.70
CLARIDEN LEU NAS           0.000   12/17/2012      EUR     65.92
CLARIDEN LEU NAS          18.000   12/28/2012      USD     70.32
CLARIDEN LEU NAS           8.750    1/15/2013      CHF     61.21
CLARIDEN LEU NAS           0.000    1/24/2013      CHF     58.54
CLARIDEN LEU NAS          11.500    2/13/2013      EUR     50.27
CLARIDEN LEU NAS           9.000    2/14/2013      CHF     58.74
CLARIDEN LEU NAS          20.000    2/27/2013      USD     72.31
CLARIDEN LEU NAS           8.500    2/27/2013      CHF     70.84
CLARIDEN LEU NAS          12.500     3/1/2013      USD     67.26
CLARIDEN LEU NAS          11.500    3/20/2013      CHF     73.35
CLARIDEN LEU NAS           0.000    3/25/2013      CHF     47.80
CLARIDEN LEU NAS           0.000     4/4/2013      CHF     67.62
CLARIDEN LEU NAS          10.000    4/10/2013      CHF     69.83
CLARIDEN LEU NAS           6.500    4/26/2013      CHF     47.02
CLARIDEN LEU NAS           0.000    5/31/2013      CHF     60.03
CLARIDEN LEU NAS          10.000    6/10/2013      CHF     45.83
CLARIDEN LEU NAS          13.000    7/15/2013      CHF     55.64
CLARIDEN LEU NAS           7.000    7/22/2013      CHF     58.38
CLARIDEN LEU NAS           0.000    8/26/2013      EUR     70.12
CLARIDEN LEU NAS           0.000     9/9/2013      EUR     72.45
CLARIDEN LEU NAS           3.250    9/16/2013      CHF     39.01
CLARIDEN LEU NAS           0.000    9/16/2013      USD     73.40
CLARIDEN LEU NAS           0.000    9/23/2013      CHF     40.84
CLARIDEN LEU NAS           0.000    9/30/2013      USD     72.45
CLARIDEN LEU NAS           0.000    11/4/2013      CHF     69.52
CLARIDEN LEU NAS           0.000    11/4/2013      USD     69.26
CLARIDEN LEU NAS           0.000   11/26/2013      CHF     51.97
CLARIDEN LEU NAS           0.000    2/11/2014      CHF     44.23
CLARIDEN LEU NAS           0.000    2/24/2014      CHF     44.70
CLARIDEN LEU NAS           0.000    5/13/2014      CHF     60.03
CLARIDEN LEU NAS           0.000    5/26/2014      CHF     61.30
CLARIDEN LEU NAS           0.000     6/3/2014      CHF     72.39
CLARIDEN LEU NAS           0.000    6/10/2014      CHF     49.71
CLARIDEN LEU NAS           0.000    6/10/2014      CHF     61.08
CLARIDEN LEU NAS           4.500     8/6/2014      EUR     64.05
CLARIDEN LEU NAS           5.250     8/6/2014      CHF     41.89
CLARIDEN LEU NAS           4.500    8/13/2014      CHF     39.08
CLARIDEN LEU NAS           0.000    8/27/2014      CHF     50.00
CLARIDEN LEU NAS           0.000    9/10/2014      CHF     41.19
CLARIDEN LEU NAS           0.000   10/15/2014      CHF     46.84
CRED SUIS NY               8.000     8/3/2012      USD     27.47
CREDIT SUISSE LD           8.250    8/30/2012      USD     69.60
CREDIT SUISSE LD           4.000   12/10/2012      EUR     45.60
CREDIT SUISSE LD           8.900    3/25/2013      EUR     55.49
CREDIT SUISSE LD           1.640     6/1/2042      USD     49.50
MER LYN CAP MRKT           6.600     8/3/2012      EUR     70.47
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     48.78
SARASIN CI LTD             8.000    4/27/2015      CHF     59.61
SARASIN/GUERNSEY          10.000    8/10/2012      EUR     44.61
SARASIN/GUERNSEY          17.000   10/12/2012      EUR     69.52
SARASIN/GUERNSEY          15.200   12/12/2012      EUR     71.17
SARASIN/GUERNSEY          13.200    1/23/2013      EUR     74.52
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     10.38
SWISSAIR                   2.750    7/30/2004      CHF     10.00
SWISSAIR                   6.250    4/12/2005      CHF     10.88
UBS AG                    11.760    7/31/2012      USD     15.93
UBS AG                    12.040    7/31/2012      USD      7.05
UBS AG                     8.460    7/31/2012      USD     26.25
UBS AG                    10.500     8/2/2012      EUR     48.15
UBS AG                    10.200     8/2/2012      CHF     70.70
UBS AG                    10.000     8/2/2012      CHF     46.35
UBS AG                    11.000     8/2/2012      EUR     59.70
UBS AG                    11.500     8/2/2012      CHF     67.00
UBS AG                     9.500    8/10/2012      USD     28.42
UBS AG                    13.250    8/10/2012      USD     14.09
UBS AG                    17.250    8/15/2012      EUR     33.20
UBS AG                    16.000    8/15/2012      CHF     72.00
UBS AG                    14.000    8/27/2012      CHF     66.60
UBS AG                     9.430    8/31/2012      USD     33.37
UBS AG                    11.650    8/31/2012      USD     15.65
UBS AG                    17.730     9/3/2012      EUR     54.40
UBS AG                    18.020     9/3/2012      EUR     67.22
UBS AG                    19.660     9/3/2012      EUR     71.76
UBS AG                    20.830     9/3/2012      EUR     61.24
UBS AG                    13.630     9/3/2012      EUR     55.31
UBS AG                    13.980     9/3/2012      EUR     59.93
UBS AG                    15.150     9/3/2012      EUR     66.48
UBS AG                    15.270     9/3/2012      EUR     74.62
UBS AG                    17.640     9/3/2012      EUR     49.63
UBS AG                     9.070     9/3/2012      EUR     58.58
UBS AG                    10.500     9/3/2012      EUR     66.94
UBS AG                    10.830     9/3/2012      EUR     60.47
UBS AG                    11.600     9/3/2012      EUR     73.38
UBS AG                    12.390    9/11/2012      USD     27.37
UBS AG                    13.000    9/21/2012      EUR     47.40
UBS AG                    22.700    9/21/2012      EUR     43.55
UBS AG                     8.530    9/28/2012      EUR     69.41
UBS AG                     8.670    9/28/2012      EUR     62.48
UBS AG                     8.810    9/28/2012      EUR     63.78
UBS AG                     8.960    9/28/2012      EUR     74.41
UBS AG                     9.540    9/28/2012      EUR     60.71
UBS AG                     9.750    9/28/2012      EUR     66.65
UBS AG                     9.830    9/28/2012      EUR     61.24
UBS AG                    10.020    9/28/2012      EUR     72.16
UBS AG                    10.440    9/28/2012      EUR     58.97
UBS AG                    10.900    9/28/2012      EUR     58.93
UBS AG                    11.040    9/28/2012      EUR     64.15
UBS AG                    11.130    9/28/2012      EUR     70.07
UBS AG                    11.360    9/28/2012      EUR     57.34
UBS AG                    12.020    9/28/2012      EUR     56.83
UBS AG                    12.130    9/28/2012      EUR     74.79
UBS AG                    12.290    9/28/2012      EUR     55.72
UBS AG                    12.300    9/28/2012      EUR     68.13
UBS AG                    12.390    9/28/2012      EUR     61.87
UBS AG                    12.860    9/28/2012      EUR     72.92
UBS AG                    13.180    9/28/2012      EUR     54.90
UBS AG                    13.230    9/28/2012      EUR     54.28
UBS AG                    13.500    9/28/2012      EUR     66.32
UBS AG                    13.590    9/28/2012      EUR     71.14
UBS AG                    13.800    9/28/2012      EUR     59.80
UBS AG                    14.180    9/28/2012      EUR     53.02
UBS AG                    14.320    9/28/2012      EUR     69.45
UBS AG                    14.390    9/28/2012      EUR     53.14
UBS AG                    14.740    9/28/2012      EUR     64.64
UBS AG                    15.050    9/28/2012      EUR     67.83
UBS AG                    15.130    9/28/2012      EUR     51.67
UBS AG                    15.240    9/28/2012      EUR     57.89
UBS AG                    15.290    9/28/2012      EUR     73.32
UBS AG                    15.640    9/28/2012      EUR     51.53
UBS AG                    15.770    9/28/2012      EUR     66.30
UBS AG                    16.000    9/28/2012      EUR     63.06
UBS AG                    16.090    9/28/2012      EUR     50.48
UBS AG                    16.320    9/28/2012      EUR     71.53
UBS AG                    16.490    9/28/2012      EUR     64.85
UBS AG                    16.720    9/28/2012      EUR     56.15
UBS AG                    16.930    9/28/2012      EUR     50.05
UBS AG                    17.050    9/28/2012      EUR     49.44
UBS AG                    17.090    9/28/2012      EUR     73.64
UBS AG                    17.280    9/28/2012      EUR     61.59
UBS AG                    17.370    9/28/2012      EUR     69.84
UBS AG                    17.920    9/28/2012      EUR     62.15
UBS AG                    18.020    9/28/2012      EUR     48.31
UBS AG                    18.220    9/28/2012      EUR     54.55
UBS AG                    18.240    9/28/2012      EUR     48.68
UBS AG                    18.420    9/28/2012      EUR     68.25
UBS AG                    18.580    9/28/2012      EUR     60.21
UBS AG                    19.000    9/28/2012      EUR     47.31
UBS AG                    19.330    9/28/2012      EUR     59.70
UBS AG                    19.490    9/28/2012      EUR     66.75
UBS AG                    19.580    9/28/2012      EUR     47.42
UBS AG                    19.880    9/28/2012      EUR     58.92
UBS AG                    19.910    9/28/2012      EUR     72.98
UBS AG                    20.500    9/28/2012      EUR     74.75
UBS AG                    20.740    9/28/2012      EUR     57.48
UBS AG                    20.920    9/28/2012      EUR     46.25
UBS AG                    21.970    9/28/2012      EUR     44.66
UBS AG                    22.150    9/28/2012      EUR     55.46
UBS AG                    23.000    9/28/2012      EUR     74.28
UBS AG                    23.560    9/28/2012      EUR     53.61
UBS AG                    24.000    9/28/2012      EUR     74.45
UBS AG                    24.960    9/28/2012      EUR     51.92
UBS AG                    19.990    9/28/2012      EUR     46.38
UBS AG                    10.620    10/1/2012      EUR     47.31
UBS AG                    10.640    10/1/2012      EUR     60.84
UBS AG                    10.650    10/1/2012      EUR     23.82
UBS AG                    10.740    10/1/2012      EUR     47.33
UBS AG                    10.840    10/1/2012      EUR     60.88
UBS AG                    10.930    10/1/2012      EUR     23.83
UBS AG                    11.010    10/1/2012      EUR     60.90
UBS AG                    11.150    10/1/2012      EUR     23.86
UBS AG                    11.160    10/1/2012      EUR     60.93
UBS AG                    11.280    10/1/2012      EUR     60.95
UBS AG                    11.330    10/1/2012      EUR     23.89
UBS AG                    11.380    10/1/2012      EUR     60.96
UBS AG                    11.460    10/1/2012      EUR     60.98
UBS AG                    11.460    10/1/2012      EUR     23.95
UBS AG                    11.530    10/1/2012      EUR     60.99
UBS AG                     8.260    10/1/2012      EUR     58.42
UBS AG                     8.310    10/1/2012      EUR     23.45
UBS AG                     8.400    10/1/2012      EUR     58.44
UBS AG                     8.420    10/1/2012      EUR     25.53
UBS AG                     8.500    10/1/2012      EUR     64.74
UBS AG                     8.530    10/1/2012      EUR     58.46
UBS AG                     8.540    10/1/2012      EUR     60.97
UBS AG                     8.660    10/1/2012      EUR     47.00
UBS AG                     8.720    10/1/2012      EUR     64.78
UBS AG                     8.720    10/1/2012      EUR     58.49
UBS AG                     8.730    10/1/2012      EUR     25.58
UBS AG                     8.850    10/1/2012      EUR     61.02
UBS AG                     8.910    10/1/2012      EUR     64.81
UBS AG                     8.910    10/1/2012      EUR     23.55
UBS AG                     9.060    10/1/2012      EUR     64.83
UBS AG                     9.110    10/1/2012      EUR     61.06
UBS AG                     9.160    10/1/2012      EUR     47.08
UBS AG                     9.200    10/1/2012      EUR     25.66
UBS AG                     9.340    10/1/2012      EUR     61.10
UBS AG                     9.360    10/1/2012      EUR     25.68
UBS AG                     9.440    10/1/2012      EUR     23.63
UBS AG                     9.530    10/1/2012      EUR     61.13
UBS AG                     9.540    10/1/2012      EUR     60.67
UBS AG                     9.580    10/1/2012      EUR     47.14
UBS AG                     9.690    10/1/2012      EUR     61.15
UBS AG                     9.820    10/1/2012      EUR     61.17
UBS AG                     9.860    10/1/2012      EUR     60.72
UBS AG                     9.900    10/1/2012      EUR     25.77
UBS AG                     9.910    10/1/2012      EUR     23.71
UBS AG                     9.920    10/1/2012      EUR     61.19
UBS AG                     9.930    10/1/2012      EUR     47.20
UBS AG                    10.150    10/1/2012      EUR     60.77
UBS AG                    10.220    10/1/2012      EUR     47.25
UBS AG                    10.310    10/1/2012      EUR     23.77
UBS AG                    10.410    10/1/2012      EUR     60.81
UBS AG                    10.440    10/1/2012      EUR     47.28
UBS AG                    11.560    10/1/2012      EUR     23.97
UBS AG                    11.580    10/1/2012      EUR     60.99
UBS AG                     7.140    10/1/2012      EUR     25.33
UBS AG                     7.190    10/1/2012      EUR     58.25
UBS AG                     7.240    10/1/2012      EUR     64.54
UBS AG                     7.380    10/1/2012      EUR     25.37
UBS AG                     7.380    10/1/2012      EUR     60.79
UBS AG                     7.450    10/1/2012      EUR     58.29
UBS AG                     7.460    10/1/2012      EUR     46.81
UBS AG                     7.610    10/1/2012      EUR     64.60
UBS AG                     7.620    10/1/2012      EUR     25.41
UBS AG                     7.660    10/1/2012      EUR     23.35
UBS AG                     7.680    10/1/2012      EUR     58.33
UBS AG                     7.810    10/1/2012      EUR     60.86
UBS AG                     7.840    10/1/2012      EUR     25.44
UBS AG                     7.900    10/1/2012      EUR     58.36
UBS AG                     7.940    10/1/2012      EUR     64.65
UBS AG                     8.050    10/1/2012      EUR     25.47
UBS AG                     8.090    10/1/2012      EUR     58.39
UBS AG                     8.090    10/1/2012      EUR     46.91
UBS AG                     8.200    10/1/2012      EUR     60.92
UBS AG                     8.240    10/1/2012      EUR     64.70
UBS AG                     9.310    10/3/2012      USD     16.50
UBS AG                    10.320    10/4/2012      CHF     54.40
UBS AG                     9.920    10/4/2012      CHF     54.40
UBS AG                    10.500   10/15/2012      USD     66.40
UBS AG                    12.240   10/26/2012      EUR     56.38
UBS AG                    13.570   10/26/2012      EUR     55.18
UBS AG                    15.750   10/26/2012      EUR     74.27
UBS AG                    13.100   10/26/2012      EUR     67.78
UBS AG                    19.700   10/26/2012      EUR     63.47
UBS AG                    16.390   10/26/2012      EUR     53.05
UBS AG                    22.220   10/26/2012      EUR     74.13
UBS AG                    12.500    11/1/2012      EUR     68.46
UBS AG                     7.700    11/1/2012      EUR     67.22
UBS AG                    11.260   11/12/2012      EUR     53.68
UBS AG                    10.930   11/12/2012      EUR     49.73
UBS AG                     9.650   11/12/2012      EUR     38.66
UBS AG                     9.470   11/12/2012      EUR     45.56
UBS AG                     9.020   11/12/2012      EUR     37.03
UBS AG                     8.780   11/12/2012      EUR     73.24
UBS AG                     8.590   11/12/2012      EUR     59.82
UBS AG                     8.370   11/12/2012      EUR     52.34
UBS AG                     9.840   11/12/2012      EUR     64.91
UBS AG                     8.280   11/12/2012      EUR     64.50
UBS AG                     7.570   11/12/2012      EUR     71.11
UBS AG                     6.700   11/12/2012      EUR     50.18
UBS AG                     6.070   11/12/2012      EUR     57.25
UBS AG                     8.280   11/12/2012      EUR     64.50
UBS AG                    12.000   11/12/2012      EUR     69.54
UBS AG                    13.120   11/12/2012      EUR     73.31
UBS AG                    13.560   11/12/2012      EUR     32.60
UBS AG                    13.600   11/12/2012      EUR     45.18
UBS AG                    11.660   11/12/2012      EUR     36.05
UBS AG                    13.000   11/23/2012      USD     71.25
UBS AG                     9.440    12/5/2012      USD     13.20
UBS AG                    23.020   12/17/2012      USD      8.87
UBS AG                     8.080   12/21/2012      EUR     70.97
UBS AG                     8.150   12/21/2012      EUR     65.24
UBS AG                     8.250   12/21/2012      EUR     62.03
UBS AG                     8.990   12/21/2012      EUR     60.62
UBS AG                     9.000   12/21/2012      EUR     62.98
UBS AG                     9.100   12/21/2012      EUR     68.51
UBS AG                     9.150   12/21/2012      EUR     73.97
UBS AG                     9.730   12/21/2012      EUR     59.28
UBS AG                     9.890   12/21/2012      EUR     60.92
UBS AG                    10.060   12/21/2012      EUR     72.11
UBS AG                    10.160   12/21/2012      EUR     66.27
UBS AG                    10.490   12/21/2012      EUR     57.95
UBS AG                    10.810   12/21/2012      EUR     59.04
UBS AG                    11.000   12/21/2012      EUR     70.38
UBS AG                    11.260   12/21/2012      EUR     56.77
UBS AG                    11.270   12/21/2012      EUR     64.24
UBS AG                    11.770   12/21/2012      EUR     57.34
UBS AG                    11.970   12/21/2012      EUR     68.78
UBS AG                    12.020   12/21/2012      EUR     55.65
UBS AG                    12.200   12/21/2012      EUR     49.62
UBS AG                    12.400   12/21/2012      EUR     62.40
UBS AG                    12.760   12/21/2012      EUR     55.79
UBS AG                    12.800   12/21/2012      EUR     54.60
UBS AG                    12.970   12/21/2012      EUR     67.30
UBS AG                    13.560   12/21/2012      EUR     60.73
UBS AG                    13.570   12/21/2012      EUR     53.69
UBS AG                    13.770   12/21/2012      EUR     54.38
UBS AG                    13.980   12/21/2012      EUR     65.93
UBS AG                    14.350   12/21/2012      EUR     52.69
UBS AG                    14.740   12/21/2012      EUR     59.22
UBS AG                    14.810   12/21/2012      EUR     53.11
UBS AG                    15.000   12/21/2012      EUR     64.66
UBS AG                    15.130   12/21/2012      EUR     51.89
UBS AG                    15.860   12/21/2012      EUR     51.95
UBS AG                    15.920   12/21/2012      EUR     51.00
UBS AG                    15.930   12/21/2012      EUR     57.85
UBS AG                    16.030   12/21/2012      EUR     63.48
UBS AG                    16.600   12/21/2012      EUR     46.48
UBS AG                    16.710   12/21/2012      EUR     50.23
UBS AG                    16.930   12/21/2012      EUR     50.90
UBS AG                    17.070   12/21/2012      EUR     62.39
UBS AG                    17.500   12/21/2012      EUR     49.51
UBS AG                    18.000   12/21/2012      EUR     49.94
UBS AG                    19.090   12/21/2012      EUR     48.27
UBS AG                    10.740     1/3/2013      USD     32.24
UBS AG                    18.300     1/4/2013      EUR     61.65
UBS AG                    14.820     1/4/2013      EUR     67.84
UBS AG                    15.310     1/4/2013      EUR     73.43
UBS AG                    15.990     1/4/2013      EUR     65.57
UBS AG                    16.160     1/4/2013      EUR     72.09
UBS AG                    17.000     1/4/2013      EUR     70.82
UBS AG                    17.150     1/4/2013      EUR     63.51
UBS AG                    23.750     1/4/2013      EUR     72.44
UBS AG                    19.440     1/4/2013      EUR     59.96
UBS AG                    20.570     1/4/2013      EUR     58.43
UBS AG                    21.700     1/4/2013      EUR     57.05
UBS AG                    11.810     1/4/2013      EUR     74.52
UBS AG                    12.420     1/4/2013      EUR     73.07
UBS AG                    22.000     1/4/2013      EUR     74.65
UBS AG                    24.750     1/4/2013      EUR     73.61
UBS AG                    24.750     1/4/2013      EUR     73.21
UBS AG                    13.030     1/4/2013      EUR     71.68
UBS AG                    13.630     1/4/2013      EUR     70.34
UBS AG                    14.230     1/4/2013      EUR     69.06
UBS AG                    14.470     1/4/2013      EUR     74.85
UBS AG                    10.390    1/18/2013      USD     32.76
UBS AG                    12.010    1/25/2013      EUR     56.54
UBS AG                    16.200    1/25/2013      EUR     64.61
UBS AG                    14.070    1/25/2013      EUR     55.00
UBS AG                    11.700    1/25/2013      EUR     67.42
UBS AG                    11.020    1/25/2013      EUR     57.49
UBS AG                    13.070    2/22/2013      EUR     60.05
UBS AG                    10.590    2/22/2013      EUR     64.27
UBS AG                    13.940    2/22/2013      EUR     71.77
UBS AG                     8.230    2/22/2013      EUR     69.64
UBS AG                     8.980    2/22/2013      EUR     60.91
UBS AG                    10.960    2/22/2013      EUR     57.72
UBS AG                    12.680    2/22/2013      EUR     70.94
UBS AG                    15.800    2/22/2013      EUR     67.28
UBS AG                    13.660    2/22/2013      EUR     54.28
UBS AG                    10.540     3/7/2013      CHF     69.85
UBS AG                    10.000     3/7/2013      USD     57.35
UBS AG                     8.100     3/7/2013      CHF     68.40
UBS AG                     9.650    3/22/2013      USD     18.81
UBS AG                     9.000    3/22/2013      USD     11.45
UBS AG                     9.850    3/22/2013      USD     19.50
UBS AG                    21.250     4/2/2013      EUR     74.93
UBS AG                    23.250     4/2/2013      EUR     74.62
UBS AG                    24.750     4/2/2013      EUR     72.00
UBS AG                    24.250     4/2/2013      EUR     74.63
UBS AG                    24.750     4/2/2013      EUR     71.33
UBS AG                     9.930    4/11/2013      USD     30.83
UBS AG                     8.550    4/11/2013      USD     28.34
UBS AG                    10.170    4/26/2013      EUR     57.91
UBS AG                    10.600    4/26/2013      EUR     66.94
UBS AG                    10.970    4/26/2013      EUR     57.34
UBS AG                    12.610    4/26/2013      EUR     56.16
UBS AG                    14.100    4/26/2013      EUR     65.05
UBS AG                    11.000    4/30/2013      USD     39.25
UBS AG                     8.000    5/24/2013      USD     70.70
UBS AG                    24.500    6/28/2013      EUR     71.28
UBS AG                    24.500    6/28/2013      EUR     72.99
UBS AG                    22.000    6/28/2013      EUR     73.87
UBS AG                    24.000    6/28/2013      EUR     74.61
UBS AG                     8.690     7/2/2013      USD     30.24
UBS AG                    12.900    9/20/2013      EUR     51.60
UBS AG                    10.200    9/20/2013      EUR     52.51
UBS AG                    15.900    9/20/2013      EUR     51.70
UBS AG                    22.000    9/27/2013      EUR     74.10
UBS AG                    24.750    9/27/2013      EUR     74.51
UBS AG                    11.020   10/21/2013      USD     50.31
UBS AG                     5.950   11/14/2013      USD     52.10
UBS AG                     6.980   11/27/2013      USD     32.31
UBS AG                    23.250     1/3/2014      EUR     74.15
UBS AG                     0.500    4/27/2015      CHF     40.85
UBS AG JERSEY              3.220    7/31/2012      EUR     31.30

UNITED KINGDOM
--------------
ALLIANC&LEIC BLD           5.875    8/14/2031      GBP     69.41
BARCLAYS BK PLC            7.000    7/27/2012      USD     10.56
BARCLAYS BK PLC           11.500    7/27/2012      USD      7.48
BARCLAYS BK PLC           10.800    7/31/2012      USD     26.24
BARCLAYS BK PLC            9.000    8/28/2012      USD      8.60
BARCLAYS BK PLC           11.070    8/31/2012      USD     30.29
BARCLAYS BK PLC            8.000    9/11/2012      USD     10.87
BARCLAYS BK PLC            8.000    9/11/2012      USD     10.11
BARCLAYS BK PLC           13.000    9/28/2012      EUR     30.53
BARCLAYS BK PLC           12.000    9/28/2012      EUR     60.41
BARCLAYS BK PLC            8.000    9/28/2012      USD     10.73
BARCLAYS BK PLC            8.000    9/28/2012      EUR     71.07
BARCLAYS BK PLC           14.000    10/1/2012      USD     10.10
BARCLAYS BK PLC            9.000    10/1/2012      USD      9.67
BARCLAYS BK PLC            9.000   10/16/2012      USD     10.82
BARCLAYS BK PLC            8.500   10/16/2012      USD     10.86
BARCLAYS BK PLC            7.500   10/30/2012      EUR     53.00
BARCLAYS BK PLC            8.250   12/14/2012      EUR     71.03
BARCLAYS BK PLC            9.500   12/14/2012      EUR     68.87
BARCLAYS BK PLC           12.500     1/2/2013      EUR     61.58
BARCLAYS BK PLC           11.000     1/2/2013      EUR     73.14
BARCLAYS BK PLC            6.000     1/2/2013      EUR     43.18
BARCLAYS BK PLC           11.000    3/22/2013      EUR     73.13
BARCLAYS BK PLC           10.750    3/22/2013      EUR     37.61
BARCLAYS BK PLC            8.000    3/22/2013      EUR     72.99
BARCLAYS BK PLC           10.000    3/22/2013      EUR     38.37
BARCLAYS BK PLC           16.000    5/23/2013      USD     10.06
BARCLAYS BK PLC           10.500    6/28/2013      EUR     66.57
BARCLAYS BK PLC            8.000    6/28/2013      EUR     73.61
BARCLAYS BK PLC            8.000    6/28/2013      EUR     41.65
BARCLAYS BK PLC            9.000    6/28/2013      EUR     69.82
BARCLAYS BK PLC           11.000    6/28/2013      EUR     39.52
BARCLAYS BK PLC            8.250    1/26/2015      USD      1.09
BARCLAYS BK PLC            6.750   10/16/2015      GBP      1.08
BARCLAYS BK PLC            9.050    6/20/2016      EUR     60.38
BARCLAYS BK PLC            0.500    12/3/2017      AUD     74.22
BARCLAYS BK PLC            0.500    3/22/2019      NZD     74.94
BARCLAYS BK PLC            0.500    9/24/2019      AUD     66.37
BARCLAYS BK PLC            1.262     6/2/2031      USD     74.47
BARCLAYS BK PLC            1.988    12/1/2040      USD     71.01
BARCLAYS BK PLC            2.325     1/2/2041      USD     69.35
BARCLAYS BK PLC            1.645     6/3/2041      USD     63.15
CATTLES PLC                6.875    1/17/2014      GBP      1.88
CATTLES PLC                7.125     7/5/2017      GBP      1.88
CO-OPERATIVE BNK           5.875    3/28/2033      GBP     76.51
DUNFERMLINE BS             6.000    3/31/2015      GBP      1.13
EFG HELLAS PLC             5.400    11/2/2047      EUR     19.13
EMPORIKI GRP FIN           4.350    7/22/2014      EUR     66.00
EMPORIKI GRP FIN           5.000    12/2/2021      EUR     41.25
EMPORIKI GRP FIN           5.100    12/9/2021      EUR     41.63
EMPORIKI GRP FIN           5.000    2/24/2022      EUR     40.75
EMPORIKI GRP FIN           6.000    5/18/2022      EUR     44.63
ENTERPRISE INNS            6.875    2/15/2021      GBP     72.58
ENTERPRISE INNS            6.875     5/9/2025      GBP     66.88
ENTERPRISE INNS            6.375    9/26/2031      GBP     63.92
ESSAR ENERGY               4.250     2/1/2016      USD     58.16
F&C ASSET MNGMT            6.750   12/20/2026      GBP     69.00
GALA ELECTRIC CA          11.500     6/1/2019      GBP     71.46
GALA ELECTRIC CA          11.500     6/1/2019      GBP     71.09
GREENE KING FIN            5.702   12/15/2034      GBP    109.84
GS INTERNATIONAL           8.250   12/17/2012      EUR     55.70
HBOS PLC                   6.305   10/18/2017      GBP     73.00
HBOS PLC                   4.500    3/18/2030      EUR     63.92
HSBC BANK PLC              0.500   11/16/2018      AUD     72.78
HSBC BANK PLC              0.500    6/30/2021      NZD     67.27
HSBC BANK PLC              0.500   11/22/2021      AUD     64.55
HSBC BANK PLC              0.500   11/30/2021      NZD     65.79
HSBC BANK PLC              0.500    12/2/2022      AUD     54.00
HSBC BANK PLC              0.500   12/29/2022      AUD     56.13
HSBC BANK PLC              0.500     2/2/2023      AUD     54.06
HSBC BANK PLC              0.500    2/24/2023      AUD     56.73
HSBC BANK PLC              0.500     4/3/2023      AUD     60.03
HSBC BANK PLC              0.500   10/30/2026      NZD     52.68
HSBC BANK PLC              0.500    12/8/2026      AUD     40.91
HSBC BANK PLC              0.500   12/29/2026      AUD     41.35
HSBC BANK PLC              0.500    1/29/2027      NZD     52.10
HSBC BANK PLC              0.500    2/24/2027      NZD     51.94
HSBC BANK PLC              0.500    4/27/2027      NZD     51.55
HSBC BANK PLC              0.500    7/30/2027      NZD     50.96
MARSTONS ISSUER            5.641    7/15/2035      GBP     70.83
MATALAN                    9.625    3/31/2017      GBP     71.17
MATALAN                    9.625    3/31/2017      GBP     71.00
MAX PETROLEUM              6.750     9/8/2013      USD     39.20
NOMURA BANK INTL           0.800   12/21/2020      EUR     68.23
OTE PLC                    7.250     4/8/2014      EUR     66.96
OTE PLC                    4.625    5/20/2016      EUR     58.09
PRIVATBANK                 5.799     2/9/2016      USD     69.98
PUNCH TAVERNS              5.883   10/15/2026      GBP     61.75
ROYAL BK SCOTLND           6.250   12/20/2012      EUR     51.70
ROYAL BK SCOTLND           4.625    9/22/2021      EUR     74.56
ROYAL BK SCOTLND           4.243    1/12/2046      EUR     49.50
RSL COMM PLC               9.125     3/1/2008      USD      1.25
RSL COMM PLC              10.125     3/1/2008      USD      1.25
RSL COMM PLC              12.000    11/1/2008      USD      1.25
RSL COMM PLC              10.500   11/15/2008      USD      1.22
RSL COMM PLC               9.875   11/15/2009      USD      1.25
SKIPTON BUILDING           5.625    1/18/2018      GBP     67.27
SPIRIT ISSUER              5.472   12/28/2028      GBP     70.50
THOMAS COOK GR             6.750    6/22/2015      EUR     45.56
THOMAS COOK GR             7.750    6/22/2017      GBP     42.93
UNIQUE PUB FIN             7.395    3/28/2024      GBP     63.40
UNIQUE PUB FIN             6.464    3/30/2032      GBP     45.00


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
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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
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                            *********


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
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                 * * * End of Transmission * * *