TCREUR_Public/120813.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 13, 2012, Vol. 13, No. 160

                            Headlines



B U L G A R I A

VIVACOM AD: Creditors to Meet on Aug. 30 to Finalize Rescue Deal
* BULGARIA: Moody's Says Banking System Outlook Remains Negative


D E N M A R K

* DENMARK: Regional Banks Face Repayment Deadline on Sub. Debt


F I N L A N D

NOKIA CORP: To Sell Remaining Qt Share; Unload Certain Patents


F R A N C E

CEGEDIM SA: S&P Cuts Long-Term Corporate Credit Rating to 'B'


G E R M A N Y

CLAUSIUS MARINE: Files for Insolvency in Hamburg Court
CORNERSTONE TITAN 2007-1: S&P Cuts Rating on Cl. D Notes to CCC-
SCHAEFFLER AG: S&P Raises Long-Term Corp. Credit Rating to 'B+'
TALISMAN-3 FINANCE: S&P Cuts Ratings on 2 Note Classes to 'CCC-'


I R E L A N D

BLUE MOUNTAIN: Moody's Raises Rating on Class E Notes to 'Ba2'
MCEVOY FOODS: High Court Appoints Interim Examiner
VICO CAPITAL: In Administration, Owes EUR100 Million Debt


I T A L Y

UNIPOL BANCA: S&P Keeps 'BB' Counterparty Credit Rating on Watch
UNIPOL GRUPPO: S&P Lowers Counterparty Credit Rating to 'BB+'
WINDJET: On Brink of Bankruptcy; May Lose Operating License
* ITALY: Euro Debt Crisis Fallout Prompts Corporate Insolvencies


N E T H E R L A N D S

FAB CBO 2003-1: S&P Cuts Ratings on Two Note Classes to 'CCC'


P O L A N D

CENTRAL EUROPEAN: Gets Consent to Delay Earnings to Avert Default
PBG SA: Energomontaz-Poludnie Unit to File for Bankruptcy


R U S S I A

ZENIT BANK: Fitch Affirms 'B+' Long-Term IDR; Outlook Stable


S L O V E N I A

NOVA LJUBLJANSKA: Fitch Downgrades Viability Rating to 'b-'


S P A I N

FONDIARIA-SAI SPA: S&P Raises Counterparty Credit Rating to 'B+'


U K R A I N E

LEMMA INSURANCE: A.M. Best Cuts Financial Strength Rating to 'B'


U N I T E D   K I N G D O M

BENTLEY-LEEK: Unlikely to Repay Client Claims, FSCS Says
DAWSON INT'L: In the Brink of Administration, Suspends Shares
DPP CONSULTING: In Administration, Cuts 9 Jobs
GREAT CITY: Enters Administration, Seeks to Additional Income
KITLEY HOUSE: In Administration Due to Economic Climate

LEACH LEWIS: In Administration, May Sell Assets
LIGHTNING AEROSPACE: a2e Venture Buys Firm Out of Administration
PORTSMOUTH FOOTBALL: Striker Dave Kitson Leaves Pompy
STEPHENSON CLARKE: Goes Into Liquidation


X X X X X X X X

* BOND PRICING: For the Week August 6 to August 10, 2012


                            *********


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


VIVACOM AD: Creditors to Meet on Aug. 30 to Finalize Rescue Deal
----------------------------------------------------------------
Novinite.com reports that creditors of Vivacom will meet in the
English High Court on Aug. 30 to hammer out a restructuring deal
for Russian and Bulgarian banks to take over the company.

VTB Capital, a unit of Russia's second biggest lender VTB Bank and
Bulgarian Corporate Commercial Bank agreed to buy Vivacom, the
trade name of Bulgarian Telecommunication Company (BTC), early
last week, Novinite.com relates.

According to Novinite.com, Vivacom said that meetings with the
creditors of the company, whose debts amount to EUR1.7 billion
will take place on Aug. 30, and a hearing of the English court is
expected on Sept. 6 to consider approval of the restructuring
plans.

"The Schemes of Arrangement (if approved) will give effect to a
comprehensive restructuring of BTC and the rest of the Vivacom
group that will see VTB/CCBank acquire a majority equity stake in
the restructured group," Novinite.com quotes the company as
saying.

Under the plans for Vivacom, the two banks will invest EUR130
million which will be used to partially repay the company's debt
in exchange for a 73% stake of the company, Novinite.com
discloses.

Senior creditors, which include RBS, Deutsche Bank, UBS, and
Unicredit, will keep 21% of the company, according to
Novinite.com.  The remaining 6% is to be floated on the Bulgarian
Stock Exchange, the report notes.

The creditors will have to agree to a 65% cut in Vivacom's debt to
EUR588 million, Novinite.com says.  They can also choose to exit
their loan positions in the company and if all creditors choose to
do so the investors will pay them a total of EUR617 million,
Novinite.com notes.  The deal, subject to regulatory and
competition approvals, is expected to be closed by the end of
2012, according to Novinite.com.

Vivacom AD is a Bulgarian phone company.


* BULGARIA: Moody's Says Banking System Outlook Remains Negative
----------------------------------------------------------------
The outlook on Bulgaria's banking system remains negative, says
Moody's Investors Service in a Banking System Outlook published
today. The negative outlook reflects: (i) sluggish domestic
economic growth that remains constrained by the ongoing euro area
crisis; (ii) the rising stock of non-performing loans (NPLs); and
(iii) declining net profits, resulting from high provisioning
needs. These negative considerations are only partly mitigated by
the system's large capital cushion and improved liquidity, owing
to an inflow of customer deposits into the system.

The new report, entitled "Banking System Outlook: Bulgaria", is
now available on www.moodys.com. Moody's subscribers can access
this report via the link provided at the end of this press
release.

Moody's notes that the operating environment in Bulgaria remains
challenging as real GDP growth is expected to decelerate and
domestic consumption remains subdued. This weak economic
environment will continue to suppress credit demand, which will
keep nominal credit growth to between 0%-3% in 2012-13 and reduce
banks' profitability.

Moody's expects that Bulgarian banks' asset quality will weaken
further over the outlook horizon (12-18 months). Although the
formation of NPLs slowed in 2010-11, the system-wide ratio of NPLs
to total loans has increased to 16.2% in March 2012, from 6.4% in
2009 (according to data published by the Bulgarian National Bank).
The rating agency expects NPLs to reach 19%-21% by end-2013. The
construction and real-estate sector is the primary source of
credit risk, and Moody's expects delinquency rates to remain high
as foreign investors have largely withdrawn from the market and
the supply stock remains high.

Nonetheless, Bulgarian banks have solid capital buffers that allow
them to absorb shocks; under Moody's central scenario, which
incorporates lower retained earnings and further asset quality
deterioration, the system's Tier 1 ratio of 15.8% as of end-March
2012, (according to data published by Bulgarian National Bank),
would decline to still high 14.2%.

Over the past two years, Bulgarian banks have improved their
funding structures by replacing volatile wholesale and parental
funding with stable customer deposits. Over the next 12-18 months,
Moody's expects the system's liquidity to continue to be supported
by restricted credit growth and the increased propensity of
households to save. The sector maintains sound liquidity buffers,
with liquid assets amounting to 22% of assets at end-2011
(according to data published by Bulgarian National Bank).

Moody's forecasts that banks' profitability will decline during
2012-13, owing to subdued loan growth and reduced interest-rate
margins. The pressure on margins will stem from (i) a shift in
asset mix towards lower-yielding assets (primarily investments,
which are held as liquid assets); and (ii) increased competition
for deposits, which will raise funding costs. The rating agency
also expects that banks' provisioning needs will remain high and
impair bottom-line profits.

As at March 2012, Greek-owned banks in Bulgaria controlled around
23% of banking system assets and 20% of deposits through
subsidiaries or branch operations (according to Bulgarian National
Bank). This channel of risk could cause disruptions in the
Bulgarian banking sector if operating conditions in Greece
deteriorate, and particularly if Greece were to exit the euro
area. According to the rating agency, however, this risk is
partially mitigated by: (i) the high likelihood that any potential
deposit withdrawals from the Greek-owned banks, resulting from
declining confidence, would likely be re-deposited with other
banks in the Bulgarian system; and (ii) by the prudential measures
taken by the local regulator to constrain the up-streaming of
capital and funding from the local subsidiaries to the Greek
parents.



=============
D E N M A R K
=============


* DENMARK: Regional Banks Face Repayment Deadline on Sub. Debt
--------------------------------------------------------------
Frances Schwartzkopff at Bloomberg News reports that Denmark's
regional banks face a repayment deadline on subordinated debt sold
before the financial crisis that now threatens to leave them
insolvent unless they deleverage or divest.

"The central bank can't give them capital," Bloomberg quotes
Torben Jensen, chief dealer at debt capital markets at Nykredit
A/S in Copenhagen, as saying in an interview.  "They have three
options: reduce their balance sheets, merge or make more money.
But that's probably the hardest option."

According to Bloomberg, banks need to refinance about NOK400
billion (US$66 billion), with maturities concentrated in 2012 and
2013, the financial regulator estimates.  About 12% of that is
subordinated debt, Bloomberg says.  Kristian Vie Madsen, deputy
director general at the Copenhagen-based Financial Supervisory
Authority, said that refinancing is unlikely to be an option for a
number of banks as capital markets roll over only the safest
credit, Bloomberg relates.

"The market is not very friendly to issuing new subordinated
debt," Bloomberg quotes Ms. Vie Madsen as saying in an interview.
"At the same time, it's also not the right way to go ahead, in
light of new regulations."

Denmark's regional banks are still struggling to emerge from a
funding crisis spawned by Europe's toughest resolution laws, which
require senior creditors to share losses in the event of
insolvency, Bloomberg discloses.  The central bank data show that
the industry is also fighting to recover from a burst housing
bubble and a recession that caused two thirds of the country's
medium-sized banks to lose money last year, Bloomberg notes.



=============
F I N L A N D
=============


NOKIA CORP: To Sell Remaining Qt Share; Unload Certain Patents
--------------------------------------------------------------
Gustav Sandstrom at Dow Jones Newswires reports that Nokia Corp.
Thursday said it has agreed to sell its remaining share of
software development kit Qt to information-technology firm Digia
Oyj for an undisclosed sum and divest a number of patents to U.S.-
based Vringo Inc., as the ailing company continues to divest
assets in a bid to return to profitability.

According to Dow Jones, company spokesman Mark Durrant said that
as a result of its decision to focus on smartphones based on
Microsoft Corp.'s Windows Phone software and more basic handsets
built around its own Series 40 platform, Nokia will no longer use
Qt as a development framework for its products.

Once the world's largest handset maker, Nokia has long been losing
market share as consumers have abandoned smartphones running its
old Symbian operating system for newer devices such as Apple's
Inc.'s iPhone and handsets based on Google Inc.'s open-source
Android platform, Dow Jones notes.

To raise cash, the company earlier this summer sold most of its
luxury handset business Vertu to Swedish private-equity firm EQT
for an undisclosed sum, Dow Jones relates.  It has also announced
massive restructuring plans, including 10,000 new job cuts to trim
costs, and said it hopes to make Nokia Siemens Networks, its
telecom gear joint venture with Siemens AG, more independent, Dow
Jones recounts.

Finland-based Digia, which acquired the Qt commercial licensing
and services business from Nokia in March last year, said it
expects by the third quarter to take over the remaining business,
including technologies, copyright and trademarks, as well as up to
125 employees in Norway, Germany, Finland and the U.S, Dow Jones
discloses.

Nokia Oyj is a Finland-based company engaged in telecommunications
sector.  It has three operating segments: Devices & Services;
Location & Commerce, and Nokia Siemens Networks.  Devices &
Services is responsible for developing and managing the Company's
portfolio of mobile products, as well as designing and developing
services, including applications and content.  It is divided into
two sub-segments: Smart Devices, focusing on smartphones, and
Mobile Phones, focusing on mass market feature phones.  Location &
Commerce focuses on the development of location-based services and
local commerce and providing such applications as mobile maps, car
navigations systems, and public transport facilities, among
others.  Nokia Siemens Networks provides a portfolio of mobile
fixed and converged network technology, as well as managed
services, consultancy and systems integration, deployment and
maintenance to operators and service providers.  The Company
operates a number of subsidiaries worldwide.

                           *     *     *

As reported by the Troubled Company Reporter on July 25, 2012
Moody's Investors Service downgraded the long-term senior
unsecured ratings, the corporate family rating (CFR) and the
probability of default rating (PDR) of Nokia Oyj to Ba3 from Ba1.
The short-term senior unsecured ratings of Not-Prime were
affirmed.  The outlook on all ratings remains negative.

"The rating action reflects our view that Nokia's transition in
the smartphone business will cause deeper operating losses and
consequently cash consumption in the coming quarters than we had
previously assumed," says Wolfgang Draack, a Moody's Senior Vice
President and lead analyst for Nokia.  "A return to profitability
in the Devices & Services (D&S) segment on the back of
smartphones with the Windows Phone 8 mobile operating systems is
by no means assured," Mr. Draack continues.



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


CEGEDIM SA: S&P Cuts Long-Term Corporate Credit Rating to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B' from 'B+' its
long-term corporate rating on French healthcare software and
services provider Cegedim S.A. "We also placed the rating on
CreditWatch with negative implications," S&P said.

"At the same time, we lowered the issue rating on Cegedim's EUR280
million unsecured notes due in 2015 to 'B' from 'B+', in line with
the corporate credit rating. The recovery rating on the notes is
'3', reflecting our expectation of meaningful (50%-70%) recovery
for creditors in the event of a payment default," S&P said.

"The downgrade and CreditWatch reflect our anticipation that a
persistent difficult economic environment in 2012 could lead to
further deterioration in Cegedim's profitability and cash flow
generation. If not meaningfully addressed, this would put
additional pressure on the group's liquidity position, given the
current capital structure which notably includes a less than 3.0x
leverage covenant, EUR40 million annual debt amortization, and
bonds maturing in 2015," S&P said.

"The downgrade also reflects our view that under current economic
conditions and after its first-half 2012 performance, Cegedim is
unlikely to restore covenant headroom to above 15% by the end of
2012. The downgrade also factors in our view that pharmaceutical
groups are likely to continue cutting costs because of the
persistent challenging conditions. According to our estimates,
Cegedim's free operating cash flow (FOCF) will not be in line with
the EUR40 million annual debt amortization by the end of 2012, and
is likely to be lower than in 2011," S&P said.

"The rating action also reflects our lowering of Cegedim's
business risk score to 'weak' from 'fair.' Our assessment reflects
that Cegedim has been more volatile and sensitive to the economic
environment than we had anticipated, and we expect conditions to
remain challenging in coming months. Cegedim's business score was
already at the lower-end of the 'fair' category because of its
large 80% fixed cost base, high capital intensity, modest organic
growth prospects, exposure to execution risk, and declining
profitability," S&P said.

"We aim to resolve the CreditWatch within the next three months,
after meeting with management and receiving more in-depth
information, notably first half 2012 results and information on
current trading," S&P said.

"We might take a negative rating action if Cegedim failed to
strengthen its liquidity position. As a consequence, we could
lower the group's liquidity qualifier to 'weak' from 'less than
adequate.' Under our criteria, a weak liquidity status would
translate into a corporate credit rating of 'B-' or lower," S&P
said.



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


CLAUSIUS MARINE: Files for Insolvency in Hamburg Court
------------------------------------------------------
Niklas Magnusson at Bloomberg News, citing a statement on the
Internet portal of the justice authorities of the federal and
state governments of Germany, reports that Clausius Marine
Versicherungsmakler GmbH has filed for insolvency at the district
court in the city of Hamburg.

Clausius Marine Versicherungsmakler GmbH is a German shipping
insurer founded in 1969.


CORNERSTONE TITAN 2007-1: S&P Cuts Rating on Cl. D Notes to CCC-
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB (sf)' from 'A+
(sf)' and removed from CreditWatch negative its credit rating on
Cornerstone Titan 2007-1 PLC's class A2 notes, and lowered its
ratings on the class B, C, and D notes. "At the same time, we have
affirmed and removed from CreditWatch negative our 'A+ (sf)'
rating on the class A1 notes and affirmed our 'D (sf)' rating on
the class E notes," S&P said.

"On Jan. 31, 2012, we placed on CreditWatch negative our ratings
on the class A1 and A2 notes following rating actions we took on
various banks on Nov. 29, 2011, due to the application of
our revised bank criteria," S&P said.

Cornerstone Titan 2007-1 is a European commercial mortgage-backed
securities (CMBS) transaction that closed in March 2007, and is
currently secured on 21 pan-European commercial real estate loans.

"The rating actions follow our review of the credit quality of the
21 remaining underlying loans in the pool under various rating
stress scenarios as well as our assessment of the issuer's
counterparty risks," S&P said.

"In light of the current market lending conditions and declines in
the market value of commercial real estate, we consider that the
refinancing risks and our expectation of principal losses
associated with the remaining loans have increased. Our analysis
indicates significant concentration of losses in three loans
backing the transaction: Hugo, Xanadu, and German Retail Portfolio
III," S&P said.

"Although our overall loss expectation has increased, in our
opinion the amount of credit enhancement available to the class A1
notes remains adequate to absorb the amount of losses that the
underlying assets would suffer under highly stressed scenarios.
However, our rating remains constrained at 'A+ (sf)' because of
counterparty risks. Consequently, we have affirmed and removed
from CreditWatch negative our 'A+ (sf)' rating on the class A1
notes," S&P said.

"We believe that the credit enhancement available to the class A2,
B, C, and D notes is no longer sufficient to cover asset credit
risk at the current rating levels. As a consequence, we have
lowered to 'BB (sf)' from 'A+ (sf)' and removed from CreditWatch
negative our rating on the class A2 notes. We also lowered our
ratings on the class B and C notes to 'B- (sf)', and our rating on
the class D notes to 'CCC- (sf)'. The downgrades of the class A2,
B, and C notes were mainly due to the deteriorating performance of
the Hugo, Xanadu, and German Retail Portfolio III loans," S&P
said.

"We have also affirmed our 'D (sf)' rating on the class E notes.
We believe that these notes are highly exposed to principal
losses, and they failed to receive full interest payment on the
July 2012 payment date," S&P said.

"We do not rate the class F and G notes," S&P said.

                          CREDIT REVIEW

Cornerstone Titan 2007-1 closed in March 2007 with a note balance
of EUR1,321.9 million. The underlying pool initially held 33 loans
secured on real estate assets in Germany, the Netherlands,
Switzerland, France, and Poland. On the most recent note interest
payment date, in July 2012, 21 loans remained outstanding and the
outstanding note balance was EUR929.7 million," S&P said.

"Out of the 12 loans that repaid, four did it at a loss,
determined at EUR38.9 million. In this transaction, losses
materialize through net accrued interest (NAI) and are applied
against the classes of notes reverse sequentially when they occur.
However NAI remains due until the transaction is wound up," S&P
said.

"The 21 loans left in the transaction are secured by 108 assets in
Germany (78% by loan amount), France (19%), Switzerland (2%), and
Poland (1%). The sector breakdown shows a high concentration in
mixed-use assets (54% by loan amount) followed by retail (22%),
and office (20% by loan amount). Most of the 108 are assets of
average quality, in our opinion," S&P said.

"Twelve of the 21 loans left in the transaction are specially
serviced loans. These 12 loans represent 75% of the aggregated
loan amounts. Although the nine remaining loans are performing
loans, we believe they are at risk of being transferred to special
servicing, given their upcoming maturities and our view that
difficulty in refinancing them has increased," S&P said.

"Most of the assets backing the remaining loans have been revalued
since closing. Twelve loans, which contribute 83% of the remaining
loan pool, now feature reported securitized loan-to-value ratios
equal to, or above, 90%. These loans are likely to experience
losses, in our opinion. Additionally, we consider the overall
properties' cash flow to be exposed to disruptions, in light of
the overall lease profile. We understand that approximately 20% of
the current rental income could fall away by the end of 2013 and
100% by the end of 2016. We generally believe that secondary
assets exposed to cash flow disruptions will be more complicated
to refinance in the foreseeable future, given the persistent
difficulties in the lending industry, and could ultimately result
in further losses," S&P said.

"Taking into account our review of the deteriorating performance
of the remaining 21 loans, we consider that the risk of losses has
significantly increased. We believe that some of the reported
property values may constrain the potential level of recoveries.
Our analysis indicates that the class C notes and other junior
classes are becoming more vulnerable to losses in 's difficult
market lending conditions. Consequently, we consider that the
notes' creditworthiness has deteriorated, with the exception of
the class A1 notes, which, in our view, benefit from adequate
levels of subordination, given the rating level," S&P said.

The four largest loans together account for 66% of the total loan
pool balance.

           THE XANADU LOAN (28% OF THE POOL BY LOAN BALANCE)

The loan, which includes a B-note outside the transaction, is
secured by a portfolio of seven German office properties.

"The portfolio is fully let to an affiliate of one of the world's
largest integrated telecommunications operators (rated
BBB+/Positive/A-2) for at least seven years. The assets were
revalued in August 2011 at EUR189.9 million (against EUR350.0
million at closing). This reflects a 46% decline in their market
value against the original value. None of the assets are trophy
assets, in our opinion," S&P said.

"The loan matured in January 2012 and failed to refinance. As a
result, the loan is now in special servicing. We understand that
the borrower filed for insolvency proceedings and that the special
servicer has held initial discussions with the insolvency
administrator to outline its intention for an orderly sale of the
underlying assets, rather than a forced auction process," S&P
said.

"The loan is no longer hedged against interest-rate variations and
we understand that the special servicer is sweeping the excess
cash to amortize the securitized loan," S&P said.

"Taking into account our review of the loan, we consider that the
loan is exposed to losses. In our view, the October 2011 valuation
may affect the marketability of the properties in any potential
disposal scenario," S&P said.

             THE HUGO LOAN (19% OF THE POOL BY LOAN BALANCE)

The loan is secured by four office properties situated in Paris
Ile de France (France).

"The properties are currently fully occupied by eight tenants.
However, we understand that one of the main tenants has decided to
vacate the space it occupies. The assets are of average quality
and capital expenditure would most likely be required should any
of the assets fall vacant, in our opinion. It may be difficult to
re-let the properties, in our view," S&P said.

"The assets were revalued in January 2012 at EUR119.7 million
(against EUR231.8 million at closing). This reflects a 48% decline
in their market value against the original value. We believe that
this decline has mainly been driven by an expected deterioration
in future cash flows," S&P said.

"The loan matured in January 2012 and failed to refinance. As a
consequence, the loan is now in special servicing. Following the
payment default, the special servicer entered into a standstill
agreement to evaluate the options for maximizing loan recoveries,"
S&P said.

"The loan is no longer hedged against interest rate variations and
we understand that the special servicer is sweeping the excess
cash to amortize the loan," S&P said.

"Taking into account our review of the loan, we consider that the
risk of principal losses has increased given the declining value
of the portfolio and the portfolio's exposure to leases that are
coming to an end. This may result in additional declines in the
market value of the portfolio," S&P said.

      THE WOLFSBURG LOAN (10% OF THE POOL BY LOAN BALANCE)

The loan is secured by three mixed-use properties (industrial
assets with office space) in western Germany. Two of the
properties are in Wolfsburg and one in Oberhausen.

"Although the assets are multi-tenanted, the incomes are exposed
to deterioration, given the high tenant concentration and short
remaining lease term. The largest tenant accounts for more than
80% of the properties' income and this lease ends in less than two
years. The assets were revalued in June 2011 at EUR100.7 million
(against EUR138.5 million at closing). This reflects a 27% decline
in market value against the original value. The assets are of
average quality, in our opinion," S&P said.

"The loan maturity is in July 2013. We believe the loan may fail
to refinance, given the exposure of the portfolio to leases that
are coming to an end, which may result in additional declines in
market value," S&P said.

             THE GERMAN RETAIL PORTFOLIO III LOAN
               (9% of the pool by loan balance)

The loan, which includes a B-note outside the securitization, is
secured by a portfolio of 37 small German retail centers.

"The portfolio is almost fully occupied and the income is
granular. However, the leases have a weighted-average lease term
(to break) of about four years, which is relatively short, in our
view. The assets were revalued in July 2011 at EUR59.9 million
(against EUR125.1 million at closing). This reflects a 52% decline
in market value against the original value. The assets are of
average quality, in our opinion," S&P said.

"The loan matured in October 2011 and failed to refinance. It was
transferred to special servicing in May 2011 because of a term
payment default. Since then, the borrower has been declared
bankrupt and a German court appointed a receiver in October 2011.
We understand that the special servicer and the receiver agreed to
sell properties through an open-market sales process rather than a
forced auction process," S&P said.

"The loan is no longer hedged against interest rate variations and
we understand that the special servicer is sweeping the excess
cash to amortize the securitized loan," S&P said.

"Taking into account our review of the loan, we consider that the
risk of principal losses has increased. In our view, the July 2011
valuation may affect the marketability of the properties in any
potential disposal scenario," S&P said.

                       CASH FLOW REVIEW

"As reflected in the July 2012 cash manager report, the class E,
F, and G notes have deferred unpaid interest. We understand that
the excess spread, which is distributed to the class X notes, is
not available in this transaction to mitigate interest shortfalls
for the other classes of notes. In this transaction, the issuer
relies on servicer advances to address timely payment of interest
on the notes. However, under the transaction documents, the back-
up advance provider is not allowed to make servicing advances to
cover nterest shortfalls under the notes, if such shortfalls have
resulted from extraordinary expenses payable to the transaction
parties (e.g., special servicing fees) or the reduction of
servicing advances (no drawings, if any required, are allowed on
the portion of the securitized loans that represents more than 90%
of the securitized loan)," S&P said.

"Given that we believe it might be difficult to refinance
individual loans, the number of loans in special servicing will
likely increase within the next 18 months, in our view. This,
combined with impending lease rollovers, may, in our view,
exacerbate the size of existing interest shortfalls on future
payment dates. Our analysis indicates that the class D notes (and
potentially the class C notes to a lesser extent) may be at risk
of interest shortfalls," S&P said.

                      COUNTERPARTY RISK

"The highest rating that the transaction can obtain, based on our
2012 counterparty criteria is 'A+ (sf)', as the ratings in this
transaction cannot be higher than the rating on the back-up
advance provider," S&P said.

          POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES

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

"As highlighted in the Nov. 8 Advance Notice Of Proposed Criteria
Change, our review may result in changes to the methodology and
assumptions we use when rating European CMBS, and consequently, it
may affect both new and outstanding ratings on European CMBS
transactions," S&P said.

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

"However, because of its global scope, the proposed CMBS Global
Property Evaluation Methodology does not include certain market-
specific adjustments. An application of these criteria to European
Transactions will therefore be published when we release our
updated rating criteria," S&P said.

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

            STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

        http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class                      Rating        Rating
                           To            From

Cornerstone Titan 2007-1 PLC
EUR1.322 Billion Commercial Mortgage-Backed Floating-Rate Notes

Rating Lowered and Removed From CreditWatch Negative

A2                         BB (sf)        A+ (sf) Watch Neg

Ratings Lowered

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

Rating Affirmed and Removed From CreditWatch Negative

A1                         A+ (sf)        A+ (sf) Watch Neg

Rating Affirmed

E                          D (sf)


SCHAEFFLER AG: S&P Raises Long-Term Corp. Credit Rating to 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Germany-based automotive component and systems
and industrial bearings manufacturer Schaeffler AG to 'B+' from
'B'. The outlook is stable.

"We also raised our issue ratings on Schaeffler's senior secured
debt instruments to 'B+' from 'B', in line with the corporate
credit rating. The recovery ratings on these instruments remain
unchanged at '3', indicating our expectation of meaningful (50%-
70%) recovery in the event of a payment default," S&P said.

"The upgrade reflects the successful refinancing of Schaeffler's
EUR7.7 billion senior bank loan in the first half of 2012. The
refinancing transactions include the signing of a new bank
facility in January 2012 to an extended group of banks, followed
by a maiden EUR2 billion bond issuance, a EUR1.4 billion
institutional loan issuance, and finally a EUR0.3 billion retail
bond issuance in June 2012. These actions have significantly
strengthened Schaeffler's liquidity profile, lengthened its debt
maturity profile (the next upcoming debt maturity is January
2015), and diversified its funding sources," S&P said.

"The upgrade also reflects our view that, despite a challenging
macroeconomic outlook, Schaeffler's operating performance will
continue to be robust, including an adjusted EBITDA margin of
close to 20%, in line with pre-crisis levels. We also anticipate
slightly positive free operating cash flow (FOCF) in 2012 and
2013, despite a low EBITDA cash conversion owing to continuing
high capital expenditures (capex) and large cash interest
payments. These remained high despite a slight decrease following
the refinancing of the senior debt facilities and the
restructuring of the interest rate hedge portfolio," S&P said.

"The stable outlook reflects our opinion that Schaeffler will be
able to maintain a strong operating performance in 2012-2013,
including an adjusted EBITDA margin close to 20% and slightly
positive FOCF. We view a ratio of FFO to adjusted debt of around
10% and a ratio of adjusted debt to EBITDA of around 6x as
commensurate with the 'B+' rating," S&P said.

"Schaeffler has limited headroom under the current 'B+' rating
level in our view, given its very high level of debt and limited
FOCF generation under its capital structure and therefore very
limited deleveraging prospects in the foreseeable future. We would
likely lower the rating if Schaeffler meaningfully underperforms
our base-case expectations," S&P said.

"We see limited upside at the current rating level, absent a
change in the capital structure leading to a material
deleveraging, which we don't currently assume in our base case,"
S&P said.


TALISMAN-3 FINANCE: S&P Cuts Ratings on 2 Note Classes to 'CCC-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Talisman-3 Finance PLC's class B, D, and E notes, and removed from
CreditWatch negative its ratings on the class B notes. "At the
same time, we affirmed our ratings on the class C and F notes,"
S&P said.

"Talisman-3 Finance is a commercial mortgage-backed securities
(CMBS) transaction that closed in 2006. It was initially secured
against 13 loans, 10 of which have since repaid. The remaining
loans in the pool are secured by two offices (the Berlin and
Dresden loans) and multifamily housing (the Waterloo loan) in
Germany. The outstanding note balance has reduced to EUR91.04
million from EUR689.9 million at the transaction's closing date.
The class A notes have fully repaid since closing. The remaining
notes mature in January 2015," S&P said.

"We previously took rating actions in this transaction on July 2,
2010. At that time, we reported on increasing risks for certain
loans, some of which have since repaid," S&P said.

"In light of the current market lending conditions and declines in
commercial real estate market values, our recovery expectations
for all of the loans have further decreased. The downgrades
reflect these expectations," S&P said.

                        COUNTERPARTY RISK

"On Jan. 31, 2012, we placed on CreditWatch negative for
counterparty reasons our ratings on the class B notes following
our Nov. 29, 2012 downgrade of The Royal Bank of Scotland PLC
(A/Stable/A-1)--this transaction's liquidity facility provider.
The rating actions resolve this CreditWatch negative placement,"
S&P said.

"Under our 2012 counterparty criteria, our ratings in this
transaction cannot be higher than our long-term rating on the
liquidity facility provider. Therefore, the maximum potential
rating in this transaction is 'A (sf)'," S&P said.

                  BERLIN AND DRESDEN LOANS

"The Berlin and Dresden loans (70.12% of the pool)--secured by two
offices in Berlin and Dresden, Germany--have been in special
servicing with Hatfield Philips International Ltd. since January
2012, when the loan extension period expired (the loans were
extended at the original loan maturity date in 2010). Since they
failed to repay at maturity the loans have been in standstill and
a borrower-led sale has been executed. A potential purchaser has
since been identified for both office buildings and is progressing
to acquire at an agreed purchase price of EUR44 million. However
this sale is not yet legally binding," S&P said.

"The Berlin asset is an eight-story office building constructed in
2005. It is located in the Kreuzberg district of Berlin and is
fully let to Verwaltungs-Berufsgenossenschaftv (VBG) on a long-
term lease (expiring on Dec. 31, 2022). The Dresden office is a
six-story office building that was constructed in 2004. It is
located in the district of Seevorstadt Ost. At last reporting,
there were six tenants in the property, the main tenant being VBG
with a lease that expires in 2024," S&P said.

"The most recent portfolio revaluation was in November 2009 by BNP
Paribas Real Estate, for EUR47.2 million, down from EUR85.74
million at issuance, reflecting a securitized loan-to-value (LTV)
ratio of 136%. This compares with an LTV ratio of 85% at closing.
Taking into account our review of recoveries on these loans
and the anticipated sale scenario, our loss expectations have
increased," S&P said.

                           WATERLOO LOAN

The Waterloo loan (29.88% of the pool)--secured by 10 multifamily
housing buildings in Mannheim and Muenster, Germany is due to
mature in January 2013.

"The loan has a current reported interest cover ratio of 1.44x and
a LTV of 74.92%. The most recent portfolio revaluation was in
December 2009 by Cushman and Wakefield for EUR36.3 million,
marginally down from EUR36.7 million at issuance. Although we
believe that a whole-loan refinancing by 2013 may be difficult to
achieve if market conditions persist, we do not currently
anticipate principal losses on the loan," S&P said.

                      CASH FLOW REVIEW

"As reflected in the July 2012 cash manager report, the class F
notes have unpaid interests. The class E and F notes are subject
to an available funds cap (AFC). Any shortfall in interest due to
loan prepayment is not paid, does not accrue, and is effectively
written off. In line with our practice and criteria, as the class
F shortfalls are due to the loan prepayment since closing, we have
not lowered our rating on those notes to 'D (sf)' because of the
interest shortfalls. However, we have affirmed our rating on the
class F notes at 'CCC- (sf)', as we anticipate principal losses,"
S&P said.

"If the Berlin and Dresden loans were to repay, the anticipated
mismatch between the loans and the note margins may exacerbate the
size of the existing interest shortfalls on future payment dates.
Our analysis indicates that the class D notes may be at risk of
interest shortfall. The class D notes are not subject to an AFC
and, therefore, in such a scenario we would lower our rating on
those notes 'D (sf)'. As we believe this scenario could
materialize shortly and we anticipate principal losses, we have
lowered our rating on the class D notes to 'CCC- (sf)'," S&P said.

                        RATING ACTIONS

"Based on our view of potential losses on the Berlin and Dresden
loans, coupled with the likelihood of future interest shortfalls
as a result of prepaid loans, we have  lowered our ratings on the
class D and E notes to 'CCC- (sf)' and affirmed our rating on the
class F notes at 'CCC-(sf)'," S&P said.

"The class B and C notes, in our opinion, remain adequately
protected from a credit perspective to support our previous
ratings. However, our ratings are now constrained by counterparty
risks. We have therefore lowered our rating on the class B notes
to 'A (sf) and affirmed our rating on the class C notes at 'A
(sf)', in line with our long-term rating on the liquidity facility
Provider," S&P said.

            POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES

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

"As highlighted in the Advance Notice Of Proposed Criteria Change,
our review may result in changes to the methodology and
assumptions we use when rating European CMBS, and consequently, it
may affect both new and outstanding ratings on European CMBS
transactions," S&P said.

"On June 4, we published a Request For Comment outlining our
proposed criteria changes for CMBS Global Property Evaluation
Methodology. The proposed criteria do not significantly change our
longstanding approach to deriving property net cash flow and
value. We therefore anticipate limited impact for European
outstanding ratings when the updated CMBS Global Property
Evaluation Methodology criteria are finalized," S&P said.

"However, because of its global scope, the proposed CMBS Global
Property Evaluation Methodology does not include certain market-
specific adjustments. An application of these criteria to European
transactions will therefore be published when we release our
updated rating criteria," S&P said.

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

            STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

        http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class         Rating
       To              From

Talisman-3 Finance PLC
EUR689.9 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered and Removed From CreditWatch Negative

B      A (sf)          A+ (sf)/Watch Neg

Ratings Lowered

D      CCC- (sf)       BB+ (sf)
E      CCC- (sf)       CCC (sf)

Ratings Affirmed

C      A (sf)
F      CCC- (sf)



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


BLUE MOUNTAIN: Moody's Raises Rating on Class E Notes to 'Ba2'
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of the
following notes issued by Blue Mountain CLO II Ltd.:

  US$215,000,000 Class A Senior Floating Rate Notes Due 2018
  (current balance: $212,859,665), Upgraded to Aaa (sf);
  previously on August 23, 2011 Upgraded to Aa1 (sf);

  US$80,000,000 Class A-2 Senior Delayed Draw Floating Rate Notes
  Due 2018 (current balance: $79,203,596), Upgraded to Aaa (sf);
  previously on August 23, 2011 Upgraded to Aa1 (sf);

  US$23,000,000 Class B Senior Floating Rate Notes Due 2018
  Upgraded to Aa1 (sf); previously on August 23, 2011 Upgraded to
  A1 (sf);

  US$24,000,000 Class C Deferrable Mezzanine Floating Rate Notes
  Due 2018 Upgraded to A3 (sf); previously on August 23, 2011
  Upgraded to Baa2 (sf);

  US$11,500,000 Class E Deferrable Junior Floating Rate Notes Due
  2018 Upgraded to Ba2 (sf); previously on August 23, 2011
  Upgraded to Ba3 (sf).

Rating Rationale

According to Moody's, the rating actions taken on the notes
reflect the benefit of the short period of time remaining before
the end of the deal's reinvestment period in September 2012. In
consideration of the reinvestment restrictions applicable during
the amortization period, and therefore limited ability to effect
significant changes to the current collateral pool, Moody's
analyzed the deal assuming a higher likelihood that the collateral
pool characteristics will continue to maintain a positive
"cushion" relative to certain covenant requirements. In
particular, the deal is assumed to benefit from lower WARF and
higher spread and diversity levels compared to the levels assumed
at the last rating action in August 2011. Moody's modeled a WARF
of 2775 compared to 3000 at the time of the last rating action.
Moody's also notes that the transaction's reported collateral
quality and overcollateralization ratios are stable since the last
rating action.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as par, weighted average rating
factor, diversity score, and weighted average recovery rate, may
be different from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of US$384 million,
defaulted par of US$10.0 million, a weighted average default
probability of 20.16% (implying a WARF of 2775), a weighted
average recovery rate upon default of 50.85%, and a diversity
score of 59. The default and recovery properties of the collateral
pool are incorporated in cash flow model analysis where they are
subject to stresses as a function of the target rating of each CLO
liability being reviewed. The default probability is derived from
the credit quality of the collateral pool and Moody's expectation
of the remaining life of the collateral pool. The average recovery
rate to be realized on future defaults is based primarily on the
seniority of the assets in the collateral pool. In each case,
historical and market performance trends and collateral manager
latitude for trading the collateral are also factors.

Blue Mountain CLO II Ltd. issued in July 2006, is a collateralized
loan obligation backed primarily by a portfolio of senior secured
loans.

The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011. Please see the Credit Policy page on www.moodys.com for
a copy of this methodology.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Approach to Rating Collateralized Loan Obligations"
rating methodology published in June 2011.

In addition to the base case analysis described above, Moody's
also performed sensitivity analyses to test the impact on all
rated notes of various default probabilities. Below is a summary
of the impact of different default probabilities (expressed in
terms of WARF levels) on all rated notes (shown in terms of the
number of notches' difference versus the current model output,
where a positive difference corresponds to lower expected loss),
assuming that all other factors are held equal:

Moody's Adjusted WARF -- 20% (2220)

Class A: 0
Class A-2: 0
Class B: +1
Class C: +2
Class D: +1
Class E: +1

Moody's Adjusted WARF + 20% (3330)

Class A: 0
Class A-2: 0
Class B: -2
Class C: -2
Class D: -1
Class E: 0

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy and 2) the large
concentration of speculative-grade debt maturing between 2014 and
2016 which may create challenges for issuers to refinance. CLO
notes' performance may also be impacted by 1) the manager's
investment strategy and behavior and 2) divergence in legal
interpretation of CLO documentation by different transactional
parties due to embedded ambiguities.

Sources of additional performance uncertainties are described
below:

1) Deleveraging: The main source of uncertainty in this
transaction is whether deleveraging from unscheduled principal
proceeds will commence and at what pace. Deleveraging may
accelerate due to high prepayment levels in the loan market and/or
collateral sales by the manager, which may have significant impact
on the notes' ratings.

2) Recovery of defaulted assets: Market value fluctuations in
defaulted assets reported by the trustee and those assumed to be
defaulted by Moody's may create volatility in the deal's
overcollateralization levels. Further, the timing of recoveries
and the manager's decision to work out versus sell defaulted
assets create additional uncertainties. Moody's analyzed defaulted
recoveries assuming the lower of the market price and the recovery
rate in order to account for potential volatility in market
prices.


MCEVOY FOODS: High Court Appoints Interim Examiner
--------------------------------------------------
InsolvencyJournal.ie reports that McEvoy Foods confirmed on
Aug. 4 that an interim examiner would be appointed to the company.

The company states it is in financial difficulties due to high
start up costs, lack of bank funding and bad debts,
InsolvencyJournal.ie discloses.  Neil Hughes of Hughes Blake was
appointed Interim Examiner after the court heard that the company
is insolvent and unable to pay its debts as they fall due,
InsolvencyJournal.ie relates.  However, an independent accountants
report showed that the company has a prospect of survival should a
number of conditions, including securing investment, be met,
according to InsolvencyJournal.ie.

The company has already received interest from investors and they
will return to court in early September, InsolvencyJournal.ie
notes.

McEvoy Foods is a food manufacturing firm.  The company supplies
produce to Supervalu and Lidl.  It employs 18 people.


VICO CAPITAL: In Administration, Owes EUR100 Million Debt
---------------------------------------------------------
The Irish Times reports that Vico Capital was placed into
receivership.

The company was taken over by Morgan Stanley last April because a
EUR100 million debt could not be repaid by the now-bankrupt
O'Donnell, according to The Irish Times.

The Irish Times notes that Vico bought 15 Westferry Circus for
GBP134.75 million in 2006 near the height of the property boom.
The report relates that it was part of a EUR1 billion property
empire built up by Mr. O'Donnell in Ireland, Britain and
elsewhere.

The property was placed into so-called special servicing -- where
loans in danger of going into default are given particular
attention -- by Morgan Stanley in April, The Irish Times says.

The report discloses that the receivers intend to revalue the
building -- estimated to be worth GBP145 million by Savills in
2006 -- before putting it up for sale later this year.



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


UNIPOL BANCA: S&P Keeps 'BB' Counterparty Credit Rating on Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services kept its 'BB' long-term
counterparty credit ratings on Unipol Banca SpA on CreditWatch
with negative implications. "We originally placed Unipol Banca's
ratings on CreditWatch negative on Dec. 7, 2011," S&P said.

"We have affirmed our 'B' short-term counterparty credit rating on
Unipol Banca," S&P said.

"The CreditWatch negative status follows that on Unipol Banca's
parent company Unipol Gruppo Finanziario SpA (UGF; BB+/Watch Neg/-
-), and its 'core' operating subsidiary Unipol Assicurazioni SpA
(BBB/Watch Neg/--). The downgrade of Unipol Assicurazioni and UGF
by one notch reflected our view of the negative impact on the
financial risk profile of its investment in Premafin, the holding
company of Fondiaria-SAI SpA (B+/Watch Pos/--). At the same time,
a downward revision of our assessment of the economic risks for
banks in Italy has not affected Unipol Banca's rating," S&P said.

Standard & Poor's intends to resolve the CreditWatch on Unipol
Banca after resolving the CreditWatch placements on UGF and Unipol
Assicurazioni.

"We could lower our long-term rating on Unipol Banca if we were to
take a similar action on UGF," S&P said.

"We could also lower the ratings on Unipol Banca if we perceived
deterioration of UGF's financial strength and its ability to
support its subsidiary. As a result, we could reduce the number of
notches we factor into Unipol Banca's long-term rating for
parental support. A deterioration of Unipol Banca's
capitalization, currently not expected, could also put negative
pressure on the ratings," S&P said.

"Conversely, if we were to conclude that the integration of
Fondiaria-SAI does not significantly reduce the merged group's
potential capacity to support Unipol Banca, we could affirm our
ratings on the latter," S&P said.


UNIPOL GRUPPO: S&P Lowers Counterparty Credit Rating to 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BBB' from 'BBB+'
its long-term counterparty credit and financial strength ratings
on Italy-based composite insurer Unipol Assicurazioni SpA. "We
also lowered to 'BB+' from 'BBB-' the long-term counterparty
credit rating on the Unipol group's holding company, Unipol
Gruppo Finanziario SpA (UGF).

All ratings remain on CreditWatch with negative implications where
they were originally placed on Dec. 9, 2011.

"The downgrade reflects our view of Unipol's weakening financial
risk profile following its increased financial and management
commitment to the Premafin group, inclusive of its EUR339.5
million investment in Premafin HP capital and potential EUR140
million investment in Fondiaria-SAI SpA (B+/Watch Pos/--) savings
shares. In our opinion, the benefits of the EUR725.8 million
received so far on the EUR1.1 billion capital increase are more
than offset by its financial commitments and resulting weaker
investment profile, weakened financial flexibility, and increasing
weight of the Premafin group business and financial risk profiles
on Unipol's financial strength. We have also revised our opinion
of Unipol's management and corporate strategy to marginally
negative from marginally positive to reflect the scale of the
financial and operational challenge in embarking on such a
transaction in very difficult market conditions," S&P said.

"Under Standard & Poor's capital model, were the merger of Unipol
Assicurazioni with Premafin HP, Fondiaria-SAI SpA, and Milano
Assicurazioni SpA completed, we believe the merged group would
have little excess of capital at the 'BBB' rating level. We also
believe it would have a low quality of capital owing to the higher
reliance on unrealized gains on properties and other soft capital
elements. While the level of financial leverage would remain
relatively high at 30%, it would still be within tolerances at its
current rating level. Given the combined entities' capital
adequacy and very constrained financial flexibility, the merged
group would, in our view, have little flexibility to absorb
potential nonrecurring costs resulting from a challenging
integration in a difficult macroeconomic and financial
environment," S&P said.

S&P said that in its view, the merger involves significant
execution risk.  The ratings agency said the pro forma
profitability of the merged group could be undermined by:

-- Further loss reserves strengthening;

-- Further asset impairments; and/or

-- Other nonrecurring costs related to the integration, and to
    legal, claw-back, and compensatory actions from shareholders,
    listing authorities, and creditors.

"The ratings on Unipol reflect our view of its leading position in
the Italian insurance market, good and improving underlying
earnings, and good liquidity. These positives are, in our view,
offset by marginal financial flexibility, and our marginally
negative management and corporate strategy assessment," S&P said.

Standard & Poor's aims to resolve or update the CreditWatch
placement within the next three months, when the merger with the
Premafin group is effectively completed (or otherwise).

"The CreditWatch status reflects the increasing probability of
Unipol Assicurazioni's merger with Premafin, Fondiaria-SAI, and
Milano Assicurazioni. We believe this merger could weaken Unipol
group's currently good financial risk profile since the Fondiaria-
SAI group's operating companies have a 'B+' credit profile," S&P
said.

"We could lower the ratings on Unipol Assicurazioni up to one
notch on the completion of the merger, depending on the final
group structure, level of capital, and potential materialization
of nonrecurring costs at both the Fondiaria-SAI and Unipol group
levels. We estimate that the pro forma capitalization for the
group would be in the 'BBB' range. Were the actual capital
position to be materially weaker than this assumption, the
downside to the rating could be greater than one notch," S&P said.

"Conversely, we could affirm the ratings if the merger is aborted
or if Unipol group's financial risk profile remained good post-
merger, if management established conservative financial targets,
and capital was resilient to nonrecurring costs and was expected
to remain in the 'BBB' range," S&P said.


WINDJET: On Brink of Bankruptcy; May Lose Operating License
-----------------------------------------------------------
Agence France-Presse reports that Italy's civil aviation authority
on Saturday took emergency action to help passengers facing the
prospect of being stranded by the feared bankruptcy of Windjet.

According to AFP, aviation authority ENAC said that Windjet is
threatened with the loss of its operating license as early as
Monday, affecting at least 300,000 people who have booked flights
with the company up to October.

The authority said on Saturday, it had set up a crisis center to
enable other airlines, including Alitalia, Meridiana and Blu
Panorama, to take over Windjet's services, at a small extra cost
for passengers, AFP relates.

Since Friday, Windjet flights have suffered cancellations and
delays as the company has struggled to keep afloat after takeover
talks with flag-carrier Alitalia broke down, AFP notes.

Alitalia walked out of the negotiations begun several months ago
after Windjet boss Stefano Rantuccio accused it of trying to
impose damaging conditions on his company, AFP recounts.

Alitalia charged that Windjet clearly had no intention of
respecting provisional agreements aimed at saving the budget
operator, AFP discloses.

Windjet is a Sicilian-based low-cost airline.


* ITALY: Euro Debt Crisis Fallout Prompts Corporate Insolvencies
----------------------------------------------------------------
Andrew Davis at Bloomberg News reports that the European Central
Bank said in its monthly report, fallout from the euro region's
debt crisis has led to more corporate insolvencies in Italy than
in countries in northern Europe.

According to Bloomberg, the Frankfurt-based ECB said in an article
on risk to private companies from the debt crisis published in
Thursday's monthly bulletin that corporate defaults increased
"substantially" in the second half of 2011 as the crisis
intensified, compounding the effects of weakening economic growth.

"Across the larger euro-area countries, this rise was particularly
pronounced for Italian firms, while it was rather subdued for
Dutch and German firms," Bloomberg quotes the report as saying.



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


FAB CBO 2003-1: S&P Cuts Ratings on Two Note Classes to 'CCC'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on all classes of notes
issued by FAB CBO 2003-1 B.V.

FAB CBO 2003-1 is a cash flow collateralized debt obligation (CDO)
of asset-backed securities (ABS) transaction that closed in March
2003.

"The rating actions follow our assessment of the transaction's
performance since our previous review on Feb. 9, 2011, and the
application of our CDO of structured finance securities (CDO of
SF) criteria, which became effective on March 19, 2012. We
performed a credit and cash flow analysis using data from the
April 2012 trustee report. We have also applied our 2012
counterparty criteria," S&P said.

"On March 19, 2012, we placed on CreditWatch negative our ratings
on all classes of notes in this transaction following our update
to the criteria and assumptions we use to rate CDOs of structured
finance assets," S&P said.

"From our analysis, we have observed that after the end of the
reinvestment period in 2008, scheduled principal proceeds have
been used to pay principal on the notes (in order of priority
based on the transaction documents). This has resulted in an
increase in credit enhancement compared with what we observed in
our last analysis. The weighted-average spread earned on the pool
is now at 188 basis points (higher than our last analysis). We
have also observed a decrease in the proportion of assets (in
notional terms) that we consider to be rated in the 'CCC' category
('CCC+', 'CCC', and 'CCC-') and an increase (both in notional and
percentage terms) in the defaulted assets (rated 'CC', 'C', 'SD'
[selective default], or 'D') in the collateral pool since our last
review. The portfolio is now concentrated in four industries with
assets in eight countries. We have also observed a small degree of
negative rating migration in the collateral pool," S&P said.

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

"We also determined the scenario default rate (SDR) for each rated
class of notes, which uses our CDO Evaluator model (version 6.0)
to determine the default rate expected on a defined portfolio at
each rating level. This is based on reclassification of asset
types (under our CDO of ABS criteria) to address the apparent lack
of performance diversity in each structured finance asset type,
amendments to asset-specific maturities, and updated asset
correlation parameters, which have resulted in higher SDRs since
our last analysis. We then compared these results with the
respective BDRs," S&P said.

"None of our ratings on the notes was constrained by the
application of our largest obligor default test. This is a
supplemental stress test we introduced in our CDO of ABS criteria,
which assesses whether a CDO has sufficient credit enhancement to
pass the applicable thresholds at each liability rating level. We
have used the same obligor or structured finance asset ratings
used in our CDO Evaluator model for the supplemental tests," S&P
said.

"Taking into account our credit and cash flow analysis, we
consider the credit enhancement available to the class A-1E, A-1F,
A-2aE, A-2bE, A-2F, A3E, and A-3F notes in this transaction to be
commensurate with lower ratings then we previously assigned. We
have therefore lowered and removed from CreditWatch negative our
ratings on these classes of notes," S&P said.

"We have analyzed the derivative counterparties' exposure to the
transaction, and concluded that the counterparty exposure is
currently sufficiently limited, so as not to affect the ratings
that we have assigned," 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 property-backed security as defined
in the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

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

        http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class              Rating
            To               From

FAB CBO 2003-1 B.V.
EUR308.8 Million Asset-Backed Floating, Fixed and Zero Coupon
Notes

Ratings Lowered and Removed From CreditWatch Negative

A-1E        A- (sf)          AA+ (sf)/Watch Neg
A-1F        A- (sf)          AA+ (sf)/Watch Neg
A-2aE       BB+ (sf)         A- (sf)/Watch Neg
A-2bE       BB+ (sf)         A- (sf)/Watch Neg
A-2F        BB+ (sf)         A- (sf)/Watch Neg
A-3E        CCC (sf)         B+ (sf)/Watch Neg
A-3F        CCC (sf)         B+ (sf)/Watch Neg



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


CENTRAL EUROPEAN: Gets Consent to Delay Earnings to Avert Default
-----------------------------------------------------------------
Dorota Bartyzel at Bloomberg News reports that Central European
Distribution Corp. bondholders agreed late on Friday to the
company's request to delay release of second-quarter earnings
until as late as Nov. 12.

The company had to secure consent from a majority of bondholders
or publish the results in 30 days to avoid a default and early
payment of EUR430 million (US$528 million) of debt due in 2016.

Central European Distribution Corp. is Poland's second-biggest
vodka producer.


PBG SA: Energomontaz-Poludnie Unit to File for Bankruptcy
---------------------------------------------------------
Bokszczanin Marcin at Polska Agencja Prasowa reports that PBG SA's
Energomontaz-Poludnie unit will file for bankruptcy and seek a 39%
haircut on debts of over PLN100,000.

According to PAP, the firm said in a market filing it hopes to
secure a deal with creditors leading to 100% payment of debt of up
to PLN10,000, 80% of debt of up to PLN100,000 and only 61% of debt
of over PLN100,000.

Management blames the current situation of the company above all
on "aggressive debt collection measures launched by financial
institutions", referring to the cancellation of credit and leasing
agreements by some financing institutions after its parent PBG
went defunct, PAP relates.

Moreover, Energomontaz-Poludnie's management claims in the filing
that engineering giant Alstom, one of Energomontaz-Poludnie's main
customers, has begun to take "hostile" actions to stop works on
joint projects and shift blame and financial responsibility for
the stoppages onto Energomontaz-Poludnie, PAP notes.

Energomontaz-Poludnie, as cited by PAP, said the company has
"launched the legal steps needed" to recover the amounts due, but
those measures are "time-consuming and allow for hope for
improving the firm's liquidity only in the long term."

According to PAP, the filing said that Energomontaz-Poludnie
management calls move to put the firm in bankruptcy as "actions
aimed at restructuring the firm's financial debt, including the
ability to sell non-core assets on market conditions."

At the end of the first quarter, Energomontaz balance sheet showed
PLN69 million in short-term financial debt, PLN145 million in
other short-term debt, while long-term financial debt was null,
and long-term leasing debt was at PLN44.2 million, PAP discloses.

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 aimed at arrangement
with creditors.

PBG SA is Poland's third largest builder.



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


ZENIT BANK: Fitch Affirms 'B+' Long-Term IDR; Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Russia-based Zenit Bank's Long-term
Issuer Default Rating (IDR) at 'B+' with a Stable Outlook.

RATING ACTION RATIONALE AND DRIVERS: IDRS, NATIONAL RATING,
VIABILITY RATING, DEBT RATING

The affirmation reflects eased pressure on Zenit Bank's asset
quality in the post-crisis environment and moderate benefits for
funding stability, profitability and capital flexibility resulting
from the bank's close connections with its minority shareholder,
Tatneft ('BB+'/Stable).  At the same time, the ratings continue to
reflect the bank's limited franchise, still weak asset quality
with significant, although slightly reduced, exposure to
construction/real estate (13% of the loan portfolio), and moderate
capitalization and profitability.

Credit quality, judging by the top 20 exposures (31% of loans) at
end-2011, is moderate.  About half of these are borrowers of
reasonable quality, although not particularly well known
companies, while the other half is more risky, in Fitch's view.
Specifically, eight are construction and real estate exposures,
some of which are loans to greenfield projects or to borrowers
with poor financials or that the agency believes may be related
parties.  Several of these exposures are also weakly
collateralized. All of them are performing, although many have
bullet repayments, and none is reserved by more than 12%.

Overall, non-performing loans (90+ overdue, NPLs) were 4.1% of
end-2011 loans, almost unchanged in absolute terms compared to
last year, and with adequate reserve coverage of about 150%.
Accrued interest decreased to 5% of total interest income in 2011
from 15% in 2010, suggesting some improvement in underlying loan
performance.  The absolute volume of restructured loans remained
broadly flat at end-2011, but decreased to 10.3% from 12.6% of
gross loans due to growth.  Another area of concern for Fitch is
foreclosed assets and property investments equaling RUB6.5 billion
or 28% of Fitch core capital (FCC).

Capitalization is tight.  The FCC ratio was a moderate 9.5% at
end-2011, and the bank could have created additional reserves
equal to only about 6% of the loan book before the Basel I total
capital ratio would have reached the 8% level.  Regulatory capital
flexibility is also limited, with a ratio of 12.9% at end-1H12,
negatively affected by deductions of subsidiary investments from
capital.  Considering the volume of restructured loans and other
high-risky exposures, fresh capital injections might be needed in
adverse market conditions.  However, none are planned until at
least end-2012, after which they might be needed to support
growth.

The liquidity buffer was adequate at end-H112, with cash and
interbank placements and unpledged securities eligible for Central
Bank refinancing on Zenit's regulatory standalone balance sheet
equal to 38% of customer deposits.  However, RUB24bn of local
bonds maturing or with put options by end-H113 are equal to 57% of
the end-H112 liquidity cushion.

RATING SENSITIVITIES: IDRS, NATIONAL RATING, VIABILITY RATING,
DEBT RATING

Upward pressure on the ratings would be possible if Fitch is able
to gain greater comfort on the quality of Zenit's loan exposures
and the extent of its related party business, and more clarity on
the bank's ownership structure and the influence of different
shareholders on governance and management.  Downward pressure
could result if there were greater signs of impairment in the loan
book or a marked deterioration in the operating environment.

RATING DRIVERS AND SENSITIVITIES: SUPPORT RATINGS AND SUPPORT
RATING FLOORS

The '5' Support Rating and 'No Floor' Support Rating Floor reflect
Zenit's limited franchise, making government support uncertain.
An upgrade of these ratings is unlikely in the foreseeable future,
although acquisition by a stronger owner could lead to an upgrade
of the Support Rating.

The rating actions are as follows:

  -- Long-term foreign currency IDR: affirmed at 'B+', Outlook
     Stable
  -- Short-term IDR: affirmed at 'B'
  -- Long-term local currency IDR: affirmed at 'B+', Outlook
     Stable
  -- Viability Rating: affirmed at 'b+'
  -- Support Rating: affirmed at '5'
  -- Support Rating Floor: affirmed at 'No Floor'
  -- National Long-term rating: affirmed at 'A-(rus)'
  -- Senior unsecured local currency debt: affirmed at 'B+'/'A-
     (rus)'; Recovery Rating 'RR4'



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


NOVA LJUBLJANSKA: Fitch Downgrades Viability Rating to 'b-'
-----------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default Ratings
(IDRs) of Nova Ljubljanska Banka d.d. (NLB), Nova Kreditna Banka
Maribor d.d. (NKBM), Abanka Vipa d.d., Gorenjska Banka (GB), Banka
Celje d.d. (BC) and Probanka d.d..  The agency has also downgraded
their Viability Ratings (VRs) and lowered the Support Rating
Floors (SRFs).  At the same time, the agency has affirmed Banka
Koper's (BK) IDRs and downgraded its VR.  The Outlooks on the
Long-term IDRs of all the banks are Negative.

RATING ACTION RATIONALE, DRIVERS AND SENSITIVITIES: NLB AND NKBM'S
IDRS AND SRFS

The downgrades of the Long-term IDRs of NLB and NKBM to 'BBB-'
from 'BBB', and revisions of the SRFs, reflect the weakening of
the Slovenian government's credit profile, and hence its ability
to provide support to the banks.  The three-notch difference
between the sovereign's ratings and the state-owned banks' ratings
reflects the current lack of an articulated and credible plan to
strengthen NKBM and NLB's solvency, and previous delays with
capital injections into both banks.

At the same time, the ratings continue to be driven by the banks'
majority state ownership, high systemic importance, the track
record of capital support (albeit after significant delays) in
H111 (NKBM and NLB) and in Q212 (NLB), the potential availability
of EU support mechanisms for bank recapitalization, in case of
need, and Fitch's base case expectation that the recapitalization
needs of the two banks (about EUR1.5 billion under the base
scenario) should be affordable for the sovereign.  Fitch's view of
probable support also takes into account the government's stated
intention to maintain a blocking minority (25% stake plus one
share) in both banks and potential reputational damage for the
authorities should NKBM or NLB default.

The Negative Outlooks on NKBM's and NLB's ratings reflect the
Negative Outlook on the sovereign rating.  The ratings could be
downgraded again if there was a further sovereign downgrade, a
prolonged failure to articulate and implement a bank
recapitalization plan, or if the banks' recapitalization needs are
substantially greater than currently anticipated.

RATING ACTION RATIONALE, DRIVERS AND SENSITIVITIES: VRS; ABANKA,
GB, BC AND PROBANKA'S LONG-TERM IDRS

The downgrades of the seven banks' VRs reflect varying degrees of
further deterioration in their standalone profiles, in light of
growing impaired loans, tighter capitalization and the weaker than
expected performance of the Slovenian economy, which Fitch now
forecasts to contract by 1.1% in 2012.

The VRs also continue to reflect high levels of credit risk in the
banks' corporate loan portfolios, particularly exposures to the
highly leveraged real estate/construction sector and holding
companies, and low levels of reserve coverage of impaired loans.
They also reflect the banks' generally weak pre-impairment
performance, driven by moderate interest rate spreads and high
levels of non-cash generating assets.

However, the VRs also consider the present generally comfortable
liquidity positions of the banks, which are sufficient to service
market funding.  Loan/deposit ratios remain high, but wholesale
funding providers have to a large degree been shifted from
international financial markets to the fully-state owned Slovene
Export and Development Bank and the ECB.  Fitch notes that
deposits have generally been stable to date, which is also
underpinned by material long-term deposits sourced from the
central government.

In total, Fitch estimates that a further EUR3.5 billion (about 10%
of forecast 2012 GDP) of fresh capital will be needed to restore
the sector's viability, assuming a rise in NPLs to 25% (end-May:
about 18%, based on Fitch's estimations), prudent NPL provisioning
at 80% and a system Tier 1 ratio of 10%.  However,
recapitalization needs may reach EUR5.5 billion (about 15.5% of
GDP) should NPLs rise to 33%.

The downgrades of Abanka, GB, BC and Probanka's VRs have also
driven the downgrades of their Long-term IDRs.  The revision of
the SRFs also contributed to the downgrades of Abanka, BC and
Probanka's Long-term IDRs.

Each of the seven banks' VRs could be downgraded again if there is
a further marked deterioration in asset quality, capitalization or
liquidity (for example due to significant deposit outflows).  If a
downgrade of Abanka, GB, BC or Probanka's VR is not offset by
provision of external support, the Long-term IDRs of these banks
would also be likely downgraded.  A stabilization of the inflow of
bad debts, strengthening of capitalization (capital increases are
currently planned at some banks) and improved performance of the
Slovenian economy would reduce negative pressure on the ratings.

RATING ACTION RATIONALE, DRIVERS AND SENSITIVITIES: SRFS OF
ABANKA, GB, BC AND PROBANKA

The downgrades of Abanka, GB, BC and Probanka's SRFs reflects
Fitch's revised opinion on the potential for state support to be
made available to domestic, privately-owned banks.  In Fitch's
view, support from the Slovenian authorities for these banks is
uncertain and cannot be relied upon given their private ownership,
the reluctance of the authorities to inject capital into state-
owned banks, and the banks' smaller market shares, relative to NLB
and NKBM. Abanka's SRF of 'B-' reflects its higher domestic
systemic importance compared with other private banks in Slovenia.

The SRFs of the privately-owned domestic banks could be upgraded
if the authorities articulate and implement a plan to recapitalize
the banking sector as a whole.

RATING ACTION RATIONALE, DRIVERS AND SENSITIVITIES: BK's IDRS
BK's IDRs are driven by potential support from its 97.56% owner,
Intesa Sanpaolo ('A-'/Negative).  The ratings could be downgraded
if ISP's Long-term IDR, which currently has a Negative Outlook,
was downgraded.

The rating actions are as follows:

NLB

  -- Long-term foreign currency IDR: downgraded to 'BBB-' from
     'BBB', removed from Rating Watch Negative (RWN), assigned
     Negative Outlook
  -- Short-term foreign currency IDR: affirmed at 'F3 ', removed
     from RWN
  -- Support Rating: affirmed at '2', removed from RWN
  -- Support Rating Floor: revised to 'BBB-' from 'BBB', removed
     from RWN
  -- Viability Rating: downgraded to 'b-' from 'b'

NKBM

  -- Long-term foreign currency IDR: downgraded to 'BBB-' from
     'BBB', removed from RWN, assigned Negative Outlook
  -- Short-term foreign currency IDR: affirmed at 'F3 ', removed
     from RWN
  -- Support Rating: affirmed at '2', removed from RWN
  -- Support Rating Floor: revised to 'BBB-' from 'BBB', removed
     from RWN
  -- Viability Rating: downgraded to 'b-' from 'bb'
  -- Hybrid capital instrument: downgraded to 'CC' from 'B+'

Abanka

  -- Long-term foreign currency IDR: downgraded to 'B-' from
     'BB-', removed from RWN, assigned Negative Outlook
  -- Short-term foreign currency IDR: affirmed at 'B'
  -- Support Rating: downgraded to '5' from '3', removed from RWN
  -- Support Rating Floor: revised to 'B-' from 'BB-', removed
     from RWN
  -- Viability Rating: downgraded to 'b-' from 'b'
  -- Hybrid capital instrument: downgraded to 'CC' from 'CCC'
  -- Guaranteed notes: downgraded to 'A-' from 'A'

Probanka

  -- Long-term foreign currency IDR: downgraded to ' CCC' from
     'B', removed from RWN
  -- Short-term foreign currency IDR: downgraded to 'C' from 'B'
  -- Support Rating: downgraded to '5' from '4', removed from RWN
  -- Support Rating Floor: revised to 'NF' from 'B', removed from
     RWN
  -- Viability Rating: downgraded to 'ccc' from 'b-'

Banka Celje

  -- Long-term foreign currency IDR: downgraded to 'B+' from 'BB',
     Negative Outlook
  -- Short-term foreign currency IDR: affirmed at 'B'
  -- Support Rating: downgraded to '5' from '3', removed from RWN
  -- Support Rating Floor: revised to 'NF' from 'BB-', removed
     from RWN
  -- Viability Rating: downgraded to 'b+' from 'BB'

Gorenjska Banka

  -- Long-term foreign currency IDR: downgraded to 'BB- from 'BB',
     Negative Outlook
  -- Short-term foreign currency IDR: affirmed at 'B'
  -- Support Rating: downgraded to '5' from '3', removed from RWN
  -- Support Rating Floor: revised to 'NF' from 'BB-', removed
     from RWN
  -- Viability Rating: downgraded to 'bb-' from 'bb'

Koper

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



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


FONDIARIA-SAI SPA: S&P Raises Counterparty Credit Rating to 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'B+' from 'B' its
long-term counterparty credit and financial strength ratings on
Italy-based composite insurer Fondiaria-SAI SpA, its core
subsidiary Milano Assicurazioni SpA, and its 'nonstrategically
important' subsidiary SIAT-Societa Italiana Assicurazioni e
Riassicurazioni SpA (SIAT).

"At the same time, we revised the CreditWatch placement on the
ratings to positive from developing, where they were originally
placed on Dec. 29, 2011," S&P said.

"The upgrade reflects our view of Fondiaria-SAI's improved capital
position following the EUR666.3 million capital increase it
concluded on Aug. 1, 2012. We estimate Fondiaria-SAI has restored
its capital adequacy to a level close to its minimum regulatory
requirements. We believe, however, that capital adequacy remains
weak and volatile, while its already-weak financial flexibility
has been further impaired as result of the rights issue. We also
believe Fondiaria-SAI remains exposed to a significant, although
reduced, risk of regulatory intervention over the next 12 months,"
S&P said.

"At the closing of the EUR1.1 billion rights offer period on Aug.
1, 2012, there were exercised share option rights corresponding to
61.9% of the newly issued ordinary and saving shares offered by
the company. The nonexercised share option rights will be offered
on the market by Fondiaria-SAI at new dates that have not yet been
communicated. The potential remaining ordinary shares will be
subscribed by a pool of banks, which agreed on July 13, 2012, to
jointly and severally guarantee the subscription of the remaining
ordinary shares. Unipol Gruppo Finanziario SpA (UGF) had
guaranteed the subscription of the savings shares," S&P said.

"We note, however, that the contract signed by Fondiaria-SAI with
the banks contains specific clauses which allow them to withdraw
on the occurrence of a series of events. The negative consequences
of the unsuccessful completion of the capital increase for
Fondiaria-SAI would be exacerbated by the fact that it would also
jeopardize Premafin's own debt restructuring plan," S&P said.

"According to our estimates, Fondiaria-SAI's capital adequacy
would exceed its consolidated regulatory solvency margin
requirement by over 20%, when taking into consideration regulatory
forbearance measures in Italy, the full execution of the capital
increase, and yields on Italian government bonds at close to year-
end 2011 levels. However, we believe this level of capital,
although above the minimum levels required by the regulator, would
still not be sufficient to significantly reduce the risk of
regulatory intervention in the medium term. In our view,
Fondiaria-SAI remains exposed to a significant risk of additional
nonrecurring costs such as further reserve strengthening, asset
write-downs, and other costs that could result from legal, claw-
back, and compensatory actions from shareholders, listing
authorities, and creditors. Under Standard & Poor's capital model,
even when taking into account the proceeds of a fully subscribed
EUR1.1 billion shareholders' rights issue, Fondiaria-SAI's capital
would remain below requirements at the 'BBB' level," S&P said.

"The ratings on Fondiaria-SAI remain supported by what we view as
its good competitive position and good liquidity. In our view,
relative weaknesses to Fondiaria-SAI's credit profile are its weak
capital adequacy and financial flexibility. Our views on its weak
enterprise risk management and negative management and corporate
strategy are also rating constraints," S&P said.

Standard & Poor's aims to resolve or update the CreditWatch
placement within the next three months, when the merger with the
Unipol group is effectively completed (or otherwise).

"The positive CreditWatch status reflects the increasing
likelihood that the merger of Unipol Assicurazioni (BBB/Watch
Neg/--), Premafin, Fondiaria-SAI, and Milano Assicurazioni will be
successfully completed. We believe this merger would strengthen
Fondiaria-SAI's current weak capital adequacy and financial
flexibility," S&P said.

"We could raise the ratings, possibly by a maximum of five
notches, if the merger is successfully completed, depending on the
final group structure, level of capital, and actual and potential
nonrecurring costs at both the Fondiaria-SAI and Unipol levels,"
S&P said.

"Conversely, we could remove the ratings from CreditWatch positive
if the capital increase is not successfully completed or the
merger is not executed, as this would again increase the risk of
regulatory intervention," S&P said.



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


LEMMA INSURANCE: A.M. Best Cuts Financial Strength Rating to 'B'
----------------------------------------------------------------
A.M. Best Europe - Rating Services Limited has downgraded the
financial strength rating to B (Fair) from B+ (Good) and issuer
credit rating to "bb+" from "bbb-" of Lemma Insurance Company
(Lemma) (Ukraine).  The outlook for both ratings has been revised
to stable from negative.

The rating actions reflect A.M. Best's concerns regarding the
continuing deterioration of the Ukrainian economy as well as
ongoing political uncertainty.  A.M. Best also notes that Lemma's
financial risk business has increased, which deepens the company's
exposure to the domestic economy.

Lemma's profile and investment portfolio remain concentrated
within the Ukraine, which has suffered in recent years as a result
of the global financial crisis and political instability.  A.M.
Best believes that the risks pertaining to operating within the
Ukrainian market have increased and consequently could have a
negative impact on the company's business profile and investments.
Overall business continues to be volatile; in 2011, gross written
premiums increased by 53% to UAH598 million (US$76 million)
following two years of declining premiums.  This increase included
a 60% increase in financial risk business to UAH94 million (US$11
million), representing 7% of capital and surplus (2010: 5%).
Although the performance of this business has improved since the
financial crisis, it further exposes the company to the Ukrainian
economy.

During 2011, Lemma's profit before tax increased to UAH272 million
(US$33 million); the result was driven by an improved technical
performance as well as an increase in the retention ratio.  A.M.
Best expects that the combined effect of an increase in business
and a reduction in reinsurance coverage will expose Lemma to
higher underwriting risk going forward.

In A.M. Best's view, Lemma's risk-adjusted capitalization is
expected to slightly decline in 2012, as a result of increased net
premium risk as the company expands its business.  Although the
impact of the loss of Zemelnyi Bank has been factored into A.M.
Best's analysis, risk-adjusted capitalization for 2011 remains in
line with Lemma's current ratings.

Negative rating actions could result from a further deterioration
in Ukraine's economy as well as a deterioration in underwriting
performance and risk-adjusted capitalization.

Positive rating actions could result from an improvement in
Lemma's country risk profile as well as an improvement in risk-
adjusted capitalization.



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


BENTLEY-LEEK: Unlikely to Repay Client Claims, FSCS Says
--------------------------------------------------------
inAudit reports that the Financial Services Compensation Scheme
said collapsed Bentley-Leek Financial Management Limited is likely
unable to pay client claims.

inAudit notes that Bentley-Leek was placed into creditor's
voluntary liquidation in November 2011.  Last March, inAudit
recalls, the FSCS received claims from investors in the failed
GBP47 million property vehicle, with help from Surrey-based IFA
Harding Financial, which has taken on the majority of Bentley-Leek
clients.

According to inAudit, Bentley-Leek administrators said there is at
least one eligible claim against the firm before it can declare it
in default.

inAudit relates that FSCS is considering whether there may be
valid claims against Bentley-Leek for advice it gave in relation
to various property-backed ventures, and whether the Scheme may be
able to pay compensation in relation to those claims.


DAWSON INT'L: In the Brink of Administration, Suspends Shares
-------------------------------------------------------------

Hanna Sharpe at Sale Business Report News says that Dawson
International could soon be placed into administration and has had
its shares suspended.

The firm's shares fell last month after it announced that the
pensions regulator and Pension Protection Fund had rejected its
efforts to place its pension plans into a protection fund,
according to Sale Business Report News.  The report relates that a
large deficit in the pension funds had been building up.

Sale Business Report News notes that administrators could be
called in if an arrangement cannot be made to deal with the
pensions situation.

John Lamont, Ettrick, Roxburgh and Berwickshire MSP, told the BBC,
"The priority in this situation must be to secure the 200 jobs
that Dawson International provides to Hawick . . . . They are a
key employer and it would be disastrous to see so many families
lose their livelihoods. The pension deal offered by Dawson
International was a better one than insolvency would provide and
it seems ludicrous that this was rejected when administration is
now a real possibility," Sale Business Report News notes.

itv.com relates that 200 people employed are facing the
uncertainty of their jobs' future.

Dawson International is a Scottish cashmere manufacturer.


DPP CONSULTING: In Administration, Cuts 9 Jobs
----------------------------------------------
Greg Pitcher at Architect Journal reports that DPP Consulting has
gone into administration with the loss of nine jobs

The firm transferred 36 employees into a new business that will
trade as DPP, according to Architect Journal.  The report relates
that nine support staff were made redundant, while teams in
London, Cardiff, Leeds, Manchester and Newcastle have moved to new
offices in those cities

Architect Journal notes that six employees have left to form a new
consultancy.

"The company trading as DPP Consulting Ltd has been put into
administration . . . .  The business and all its assets will now
be trading as a new company retaining the title of DPP . . . .
Moving forward, the directors and professional staff of the former
business along with the existing income stream will move across to
this new company," DPP said in a statement obtained by the news
agency.

The report notes that two senior members of staff from DPP's
former Bedford office -- executive director Geoff Armstrong and
planning director Lynsey Rigg -- have left to form Armstrong Rigg
Planning.  Three other chartered town planners and a member of
support staff from DPP has moved to Armstrong Rigg, the report
relates.

Meanwhile, the report notes that former Belfast planning director
Eammon Loughrey has also left DPP to start his own consultancy.

DPP Consulting is a planning and design advisory firm.


GREAT CITY: Enters Administration, Seeks to Additional Income
-------------------------------------------------------------
Insider Media Limited reports that Great City Attractions Global
Ltd has gone into administration.

Jason Groocock from G2 Insolvency was appointed as administrator
on July 20, 2012.

The collapse comes just 18 months after Great City Attractions
bought the assets of WTA Global Holdings, which traded as World
Tourist Attractions, out of administration, according to Insider
Media Limited.

The report notes that G2 Insolvency said efforts were being made
by the management of Great City Attractions to source additional
investment in order to save the core business.

However, the firm added that it had become "ultimately apparent"
that these opportunities would not come to fruition in the limited
time available without "substantial investment" to fund ongoing
trading, the report relates.

The report says that trading has therefore ceased and the
administrator said he would now review the company's affairs in
order to maximize the return to creditors.

Insider Media Limited recalls that WTA Global Holdings entered
administration in late 2010 and a pre-pack deal was struck with
Great City Attractions in early 2011.  In February 2011, Insider
revealed that the company collapsed owing unsecured creditors
GBP8.9 million, the report relates.

That Great City Attractions Global Ltd operated several giant
observation wheels across the UK, including one in York,
Liverpool, Plymouth, Edinburgh, York and Brisbane.  It previously
operated wheels in Birmingham, Weston-super-Mare, Dublin and
Manchester.


KITLEY HOUSE: In Administration Due to Economic Climate
-------------------------------------------------------
Janet Harmer at CatererandHotelkeeper reports that Kitley House
hotel has gone into administration.

Administrator Ian Walker of Begbies Traynor said the hotel, which
had been a victim of the economic climate and increased
competition in the area, is open for business and will continue to
honor all bookings while a new owner is found, according to
CatererandHotelkeeper.

CatererandHotelkeeper notes that Property agent Christie + Co is
handling the sale of Kitley House hotel.

Kitley House hotel is a 19-bedroom situated in a Grade I listed
property in Devon.


LEACH LEWIS: In Administration, May Sell Assets
-----------------------------------------------
The Construction Index reports that Leach Lewis has gone into
administration.

"On 7 August 2012, Leach Lewis Plant Limited entered
administration and Angela Swarbrick and Maurice Moses from Ernst &
Young were appointed as Joint Administrators.  LLPL is continuing
to trade with a view to selling the business as a going concern,"
administrators Ernst & Young said in statement obtained by the
news agency.

UK plant sales have certainly been running at a low level for the
past few years, and Leach Lewis has gone through some changes in
recent months, switched from Bomag to Ammann for compaction
equipment this year and from Snorkel to Chinese manufacturer
Dingli for access platforms, according to The Construction Index.

Leading plant sales company Leach Lewis has dealerships for a wide
range of equipment manufacturers.

Leach Lewis Plant started as the plant department of Hubert C
Leach, run by Hubert's brother, Peter.  It was incorporated in
1967 as H.C Leach (Contractors Plant) Limited and floated off as
an autonomous organisation.


LIGHTNING AEROSPACE: a2e Venture Buys Firm Out of Administration
----------------------------------------------------------------
Duncan Gibbons at Coventry Telegraph reports that a2e Venture
Catalysts Ltd acquired Lightning Aerospace Ltd out of bankruptcy
for an undisclosed fee.

Administrators said the deal secured the future for the "remaining
employees" of the business, according to Coventry Telegraph.

The report notes that the new business will be known as Lightning
Precision Engineering Ltd and will continue to manufacture
existing products while exploring growth opportunities.

Coventry Telegraph says that the former business got into cash
flow difficulties amid falling orders and rising costs, and was
placed in administration on July 4.

"I am delighted to be able to confirm the conclusion of this
process, which secures the future for the remaining employees of
the business . . . .  We had a number of parties that expressed an
interest in the business which is testament to the reputation that
the company has in its industry. . . . I wish the new owners,
together with the employees who have been so supportive over the
last few weeks, every success," the report quoted Matt Ingram, of
administrators Duff & Phelps, as saying.

As reported in the Troubled Company Reporter-Europe on July 19,
2012, Cillian OBrien at Birmingham Post said that Lightning
Aerospace has fallen into administration with the loss of 14 jobs.
Matt Ingram and John Whitfield, partners at financial advisory
firm Duff & Phelps, were appointed joint administrators of
Coventry based Lightning Aerospace.  The company continues to
trade as a buyer is sought and 19 staff have been kept on,
according to BBC News.

Lightning Aerospace Ltd has three sites in Coventry and supplies
specialist fabrication and harnesses to the Ministry of Defence.


PORTSMOUTH FOOTBALL: Striker Dave Kitson Leaves Pompy
------------------------------------------------------
Daily Mail reports that Portsmouth Football Club has confirmed
striker Dave Kitson has agreed to terminate his contract, leaving
only midfielder Liam Lawrence and defender Tal Ben Haim as the
only professionals left on the books as the club seek to avoid
liquidation.

Daily Mail relates that administrator Trevor Birch warned on
July 24 that the npower League One club would go out of business
on August 10 unless an agreement could be reached over the wages
of their senior players.

Three were left after Kanu effectively walked away at the end of
last month, and the south-coast outfit announced Aug. 4 that
Mr. Kitson was also on his way out.

Mr. Kitson scored 12 goals in 72 appearances for Pompey after
arriving from Stoke in August 2010.

                     About Portsmouth Football

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

In 2010, the club entered administration as a Premiership club
with UHY Hacker Young partners Andrew Andronikou, Peter Kubik and
Michael Kiely appointed administrators, Accountancy Age noted.
In March 2011, Geoff Carton-Kelly and David Hudson, partners at
Baker Tilly, were appointed liquidators, Accountancy Age related.


STEPHENSON CLARKE: Goes Into Liquidation
----------------------------------------
Ruth Lognonne at The Journal reports that Stephenson Clarke
Shipping Ltd has gone into liquidation with the loss of nine jobs.

The company has gone into liquidation after seeing sales sink by
more than GBP8 million despite the sale of its last vessel in
July, the report says.

According to the report, the bulk cargo ship operator said the
economic downturn had a major effect on business and the market
was one of the worst experienced for many years.

Over the last two years, the company has tried to reduce its costs
and sold its fleet of vessels in a desperate bid for much-needed
revenue.  But with no improvement in sight, a decision was made to
wind up the firm and Tait Walker, of Newcastle, were appointed as
liquidators.

Newcastle-based Stephenson Clarke Shipping Ltd, which was founded
in 1730, is Britain's oldest shipping company.



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


* BOND PRICING: For the Week August 6 to August 10, 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
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, Frauline S. Abangan and Peter
A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 240/629-3300.


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