TCREUR_Public/120820.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 20, 2012, Vol. 13, No. 165

                            Headlines



F R A N C E

LISA AIRPLANES: Goes Into Receivership
XILOFRANCE SAS: Court Orders Judicial Liquidation Process


G E R M A N Y

CENTROTHERM PHOTOVOLTAICS: Obtains EUR50-Mil. Loan From Banks
PFLEIDERER AG: Unveils Details of Insolvency Plan
Q-CELLS SE: In Acquisition Talks with Hanwha Chemical


G R E E C E

OMEGA NAVIGATION: Hearing on Cash Access Continued Until Sept. 17
OMEGA NAVIGATION: Has Plan Filing Exclusivity Extended to Oct. 18


I R E L A N D

MANAGH INT'L: Dispute Over Liquidator's Appointment in High Court
QUINN GROUP: Liquidator Appointed for Holding Company
TAURUS CMBS: Fitch Downgrades Rating on Class D Notes to 'CCsf'


L U X E M B O U R G

MAGIC NEWCO 2: S&P Assigns 'B' Long-Term Corporate Credit Rating


N E T H E R L A N D S

NORTH WESTERLY I: S&P Affirms 'CCC-' Ratings on Two Note Classes
NORTHERN LIGHTS: Moody's Assigns 'Ba3' Rating to US$1-Bil. Notes


P O L A N D

CENTRAL EUROPEAN: Receives Non-Compliance Notice from NASDAQ
PBG SA: Energomontaz-Poludnie Unit Obtains Bankruptcy Protection


R U S S I A

ELEMENT LEASING: S&P Raises Counterparty Credit Rating to 'B'
LOCKO-BANK: Fitch Assigns 'B+' Rating to RUB3 Billion Bond Issue
TRANSOIL LLC: Tank Car Purchase Won't Affect Moody's 'Ba3' CFR
* VOLGOGARD REGION: Fitch Assigns 'BB-' LT Currency Ratings


S P A I N

BBVA-5 FTPYME: Fitch Upgrades Rating on Class B Notes From 'BBsf'


U N I T E D   K I N G D O M

AQUILA PLC: S&P Withdraws 'D' Rating on Class E Notes
BENTLY MOTORHOMES: Goes Into Administration With 26 Job Losses
GAFOOR POULTRY: Sold in Pre-Pack Administration Sale
HAWKSLEY ENGINEERING: In Administration, Seeks Buyer
NDS GROUP: Moody's Withdraws 'Ba2' Corporate Family Rating

PORTSMOUTH FOOTBALL: Former Owner Withdraws Takeover Offer
PREMIERTEL PLC: S&P Affirms 'BB' Rating on Class B Bonds
SEAN DEVINE LTD: Building Firm Goes In Administration
TOTAL GLOBAL: Ordered to Pay German Bank EUR4.2 Million
TRAVELODGE: Lenders Agree to Write Off Almost GBP720-Mil. Debt

* UK: Invoice Finance Firms 'Profit' From Company Failures


X X X X X X X X

* BOND PRICING: For the Week August 13 to August 17, 2012


                            *********


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F R A N C E
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LISA AIRPLANES: Goes Into Receivership
--------------------------------------
Janice Wood at General Aviation News reports that Lisa Airplanes
has voluntarily asked the Commercial Court of Chambery to place
the company in receivership.

The company has been primarily financed by private funds from
business angels and other investors, according to General
Aviation News.  However, the report relates, the latest round of
fundraising to take the company to the next step fell through,
according to officials with the company, who said that the
"historical shareholders could not secure Lisa Airplanes'
financial plan" so "the founders decided to place the company
into receivership on July 30 in order to protect its future."

General Aviation News notes that the company officials note "this
situation has no impact on our clients' deposits, all of them
being under a bank warranty."

The report notes that the receivership basically buys time for
the company, protecting its assets while officials scramble to
find new financing.  The courts have granted it a "six-month
phase of observation" to find those new investors or some other
form of financing, General Aviation News says.

                       About Lisa Airplanes

Lisa Airplanes is a French based airplane maker.  Lisa Airplanes
was founded on year 2004 the company has been primarily financed
by private funds from business angels and other investors.


XILOFRANCE SAS: Court Orders Judicial Liquidation Process
---------------------------------------------------------
EUWID reports that the competent commercial court in Agen, on
July 31, 2012, decided on a judicial liquidation process for
Xilofrance.

EUWID relates that after the court had commenced the rescue
process on June 12, 2012, and placed the company under
administration until July 10, 2012, the next step in the
proceedings is to take place from Sept. 1, 2012.

The court has not yet appointed an administrator for winding up
the company, the report says.

France-based Xilofrance SAS is a poplar and maritime pine plywood
producer. The company is a subsidiary of Montanari SpA.



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G E R M A N Y
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CENTROTHERM PHOTOVOLTAICS: Obtains EUR50-Mil. Loan From Banks
-------------------------------------------------------------
Mark Osborne at PV-Tech reports that Centrotherm Photovoltaics AG
has received loans from an unidentified number of banks amounting
to approximately EUR50 million.

Currently in insolvency proceedings, PV-Tech relates, the cash
injection was said to result in the company having around EUR90
million of liquidity, supporting ongoing operations such as
equipment shipments, spare parts deliveries and general services.

According to PV-Tech, the company also announced that it had
received orders from Taiwan-based c-Si solar cell manufacturers.
Although the customers were not identified, Centrotherm said that
one customer was new to the company, having placed a multiple
equipment order that included diffusion and anti-reflective
coating tools, the report says.

A long-standing Taiwanese customer was said to have placed an
order for Centrotherm's fast-firing furnace, c.FIRE.

"The seamless continuation of operations and the loyalty of our
customers and suppliers, are supporting our reorganization
process and form an important foundation for centrotherm's
future," the report quotes Robert Hartung, CEO of Centrotherm
Photovoltaics, as saying.  "Our aim is to further strengthen our
excellent market position and competitiveness."

However, the company will still have to restructure its
operations and provide acceptable business plans via the
bankruptcy courts to ensure future survival, PV-Tech notes.

As reported in the Troubled Company Reporter-Europe on July 12,
2012, Bloomberg News reported that Centrotherm Photovoltaics AG
sought bankruptcy protection, at least the 14th U.S. and European
company to founder amid a global oversupply of photovoltaic
modules.  According to Bloomberg, Centrotherm said the
Blaubeuren-based company filed for Chapter 11-type protection in
Ulm's district court to start insolvency proceedings.  The
company, as cited by Bloomberg, said that for three months, it
will be shielded from creditors while its management tries to
restructure.

Centrotherm Photovoltaics AG is a German solar manufacturing
equipment-maker.  The company sells production lines used to make
polysilicon, ingots, wafers, cells and panels.


PFLEIDERER AG: Unveils Details of Insolvency Plan
-------------------------------------------------
The insolvency plan of Pfleiderer AG was disclosed on Aug. 16
following its successful examination by the responsible
Duesseldorf District Court.  It is thus now accessible for the
parties involved in the proceedings.  The court has set the date
of September 12, 2012, for a discussion-and-voting meeting at
which the insolvency plan will be voted upon.

The implementation of the plan will essentially lead to the
company's comprehensive debt relief and release from financial
liabilities, as well as to the creation of a sound capital base.
As previously announced on August 3, 2012, the insolvency plan
calls for the share capital of Pfleiderer to be reduced to zero
in order to eliminate the excessive indebtedness in the balance
sheet.  The share capital will subsequently be increased by means
of cash and non-cash contributions.  The new shares will
be subscribed to exclusively by Atlantik S.A., a holding company
specialized incorporate restructuring and domiciled in
Luxembourg, which will then be the sole shareholder of
Pfleiderer.  The new shares will not be traded on a stock
exchange; in fact, Pfleiderer aims to have its shares
delisted.  As subordinate creditors, the current shareholders and
the holders of the hybrid bond will no longer hold a stake in the
company.

In the context of the insolvency plan, Atlantik has undertaken to
take over most of the financial liabilities of Pfleiderer from
its financial creditors and subsequently to relieve the company
of most of its debt.

Following the implementation of all these measures, Pfleiderer
would have a sound capital and financing base that would be
capable of success in the market.  This would create the right
conditions to continue and strengthen the upward development in
the business operations of the Pfleiderer Group.

                         About Pfleiderer

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


Q-CELLS SE: In Acquisition Talks with Hanwha Chemical
-----------------------------------------------------
Stefan Nicola and Sangim Han at Bloomberg News report that Hanwha
Chemical Corp. is in acquisition talks with Germany's Q-Cells SE.

Bloomberg relates that Hanwha Chemical in a regulatory filing on
Thursday said it is in talks with Q-Cells's creditors over
acquisitions of assets.  The company's board set the maximum
offer price at EUR40 million (US$49 million), and the maximum
guarantee of debt owed by Q-Cells Malaysia at MYR850 million
(US$272 million).

"Negotiations with interested parties are ongoing," Bloomberg
quotes Christoph Moeller, a spokesman for Q-Cells's insolvency
administrator Henning Schorisch, as saying on Thursday.

Q-Cells, once the biggest solar-cell maker, along with Solon SE,
Solar Millennium AG and Solarhybrid AG all filed for protection
from creditors since December, Bloomberg recounts.  Q-Cells, once
the biggest solar-cell maker, along with Solon SE, Solar
Millennium AG and Solarhybrid AG all filed for protection from
creditors since December, Bloomberg notes.

Q-Cells is a German solar-panel maker.



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G R E E C E
===========


OMEGA NAVIGATION: Hearing on Cash Access Continued Until Sept. 17
-----------------------------------------------------------------
The Hon. Karen K. Brown of the U.S. Bankruptcy Court for the
Southern District of Texas continued until Sept. 17, 2012, at
2 p.m., the hearing to consider Baytown Navigation Inc., et al.'s
motion to continue access to cash collateral.

The Debtor has obtained interim access to cash collateral.  As
adequate protection from diminution in value of the lenders'
collateral, the Debtors will:

   -- make adequate protection payments;

   -- grant the lenders adequate protection liens in all of their
      rights, title and interest in their property, and a
      superpriority administrative expense claim status, subject
      to carve out.

   -- provide continued maintenance of, and insurance on, the
      ships and all of their other assets and property,
      consistent with the Debtors' prepetition practices.

As reported in the Troubled Company Reporter on July 19, 2012,
HSH Nordbank AG, as agent, asserts that pursuant to the senior
facilities agreement and the other senior facilities documents,
the Debtors are indebted to the senior facilities lenders in the
principal amount of US$242,720,000, plus accrued and accruing
interest and all other amounts.   The junior lenders assert a
lien on inter alia, the ships, all cash collateral and all
prepetition collateral pursuant to a $42,500,000 loan dated March
27, 2008.

                      About Omega Navigation

Athens, Greece-based Omega Navigation Enterprises Inc. and
affiliates, owner and operator of tankers carrying refined
petroleum products, filed for Chapter 11 protection (Bankr. S.D.
Tex. Lead Case No. 11-35926) on July 8, 2011, in Houston, Texas
in the United States.

Omega is an international provider of marine transportation
services focusing on seaborne transportation of refined petroleum
products.  The Debtors disclosed assets of US$527.6 million and
debt totaling US$359.5 million.  Together, the Debtors wholly own
a fleet of eight high-specification product tankers, with each
vessel owned by a separate debtor entity.

Judge Karen K. Brown presides over the case.  Bracewell &
Giuliani LLP serves as counsel to the Debtors.  Jefferies &
Company, Inc., is the financial advisor and investment banker.

The Official Committee of Unsecured Creditors has tapped Winston
& Strawn as local counsel; Jager Smith as lead counsel; and First
International as financial advisor.


OMEGA NAVIGATION: Has Plan Filing Exclusivity Extended to Oct. 18
-----------------------------------------------------------------
Baytown Navigation Inc., et al., entered into a sixth amended
agreed scheduling order on order to show cause and agreed order
extending the exclusive period.

Upon the order to show cause entered by the Court on Dec. 19,
2011, and agreement of the parties:

   1. HSH Nordbank, AG, as senior facilities agent, the senior
      lenders, White & Case LLP, the junior lenders, and the
      Official Committee of Unsecured Creditors will file their
      respective responses and briefs to the show cause order by
      Sept. 17, 2012.

   2. The Debtors may file a response to the briefs on the
      responding parties by Sept. 24.

   3. The responding parties may file any briefs responding to
      the brief of the Debtors by Oct. 1.

   4. The Court will set a hearing on the order to show cause by
      separate order.

   5. The exclusive period of the Debtors to file a plan of
      reorganization is extended until Oct. 18.  If the debtors
      file plans of reorganization by Oct. 18, the Debtors'
      solicitation period is extended until Dec. 18.

                             The Plan

As reported in the Troubled Company Reporter on Aug. 9, 2012,
Bill Rochelle, the bankruptcy columnist at Bloomberg News,
related that the Debtors filed a proposed reorganization plan
where the current owner will make a new investment and share
ownership with junior secured lenders, if they too make new
contributions.  A Sept. 4 hearing has been set in the U.S.
Bankruptcy Court in Houston for approval of the disclosure
statement explaining the Chapter 11 plan.  Omega is tentatively
scheduling an Oct. 15 confirmation hearing for approval of the
plan.

The report relates the plan will be funded in part with a new
investment of about US$2.5 million by an entity related to George
Kassiotis, the company's chief executive.  In return, his company
will receive all the new stock.  Junior secured lenders, owed
some US$36.2 million, may participate in a rights offering to buy
one-third of the new stock at the same cost per share as Mr.
Kassiotis.  The US$242.7 million owed to senior secured lenders
will be rolled over into new secured debt maturing in October
2017.  The lenders must also agree to provide US$7.5 million in a
new working capital facility.  General unsecured creditors will
receive 10% in three installments over one year.  Unsecured
creditors must vote in favor of the plan as a class and
individually to receive the payment.  Existing stock will be
extinguished.

A copy of the Disclosure Statement is available for free at:

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

                      About Omega Navigation

Athens, Greece-based Omega Navigation Enterprises Inc. and
affiliates, owner and operator of tankers carrying refined
petroleum products, filed for Chapter 11 protection (Bankr. S.D.
Tex. Lead Case No. 11-35926) on July 8, 2011, in Houston, Texas
in the United States.

Omega is an international provider of marine transportation
services focusing on seaborne transportation of refined petroleum
products.  The Debtors disclosed assets of US$527.6 million and
debt totaling US$359.5 million.  Together, the Debtors wholly own
a fleet of eight high-specification product tankers, with each
vessel owned by a separate debtor entity.

Judge Karen K. Brown presides over the case.  Bracewell &
Giuliani LLP serves as counsel to the Debtors.  Jefferies &
Company, Inc., is the financial advisor and investment banker.

The Official Committee of Unsecured Creditors has tapped Winston
& Strawn as local counsel; Jager Smith as lead counsel; and First
International as financial advisor.



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I R E L A N D
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MANAGH INT'L: Dispute Over Liquidator's Appointment in High Court
-----------------------------------------------------------------
Aodhan O Faolain and Ray Managh at Irish Examiner report that a
dispute between two accountants over which of them has been
validly appointed as liquidator to Managh International Transport
Ltd. has come before the High Court.

Mr. Justice Paul McDermott said on Thursday he was satisfied to
grant chartered accountant and insolvency practitioner John
O'Connell a temporary injunction preventing Peter Russell, also a
chartered accountant and insolvency practitioner of Russell & Co.
from acting as liquidator of the company, Irish Examiner relates.

The injunction was granted after the judge was informed by
lawyers for Mr. O'Connell who claims that he and not Mr. Russell
is the liquidator of the company, Irish Examiner notes.

The company went into voluntary liquidation earlier this month.

The court heard that Mr. Russell was nominated to act as
liquidator by the members of the company on Aug. 2, Irish
Examiner relates.

The following day, at a meeting of the company's creditors at a
Co Cork hotel, a majority of creditors voted in favor of
Mr. O'Connell being appointed as liquidator, Irish Examiner
recounts.

According to Irish Examiner, Mr. Russell, it is claimed, has
asserted that Mr. O'Connell's appointment as liquidator is
invalid and that Mr. Russell has effectively staged a sit-in as
liquidator.

The judge made the matter returnable before the High Court this
week, Irish Examiner discloses.

Managh International is an Irish transport company.


QUINN GROUP: Liquidator Appointed for Holding Company
-----------------------------------------------------
Simon Carswell and Carolin Madden at The Irish Times report that
a liquidator has been appointed to the former holding company
behind the Quinn group of businesses previously owned by the five
adult children of businessman Sean Quinn.

Quinn Group (ROI) Ltd. was wound up last month by the share
receiver, Kieran Wallace of KPMG, appointed to the company by the
former Anglo Irish Bank, which is owed EUR2.88 billion by Mr.
Quinn and his family, the Irish Times recounts.

According to the Irish Times, a spokesman for Quinn Group
described the liquidation as a move to "tidy things up".  A new
holding company, Quinn Group Holdco, has been set up to take
control of the group and its ultimate beneficial owners are the
syndicate of banks and financial investors which were owed EUR1.3
billion by the Quinn Group and Irish Bank Resolution Corporation,
the new name for Anglo, the Irish Times discloses.

The lenders to the Quinn Group and IBRC seized control of the
Quinn Group from the Quinn family on April 14, 2011, the Irish
Times relates.  Mr. Quinn's five adult children and his wife have
issued legal proceedings over the appointment of the share
receiver to Quinn Group (ROI) and claim that EUR2.34 billion of
the loans provided by the former Anglo Irish Bank are invalid as
they were advanced to prop up the bank's share price, the Irish
Times notes.

According to the Irish Times, the Quinn Group spokesman said this
company was no longer connected to Quinn Manufacturing Group
Holdco, the firm behind Mr. Quinn's former manufacturing
businesses, which was restructured on December 2, 2011.

The Quinn Group spokesman said its former holding company in
Northern Ireland, which is also called Quinn Group Ltd. and was
previously owned by the Quinn family, has also been wound up as a
members' voluntary liquidation, the Irish Times notes.

Quinn Group (ROI) Ltd. was the ultimate holding company of 95
firms which comprise the Quinn Group which was involved in a
diverse range of businesses, from the manufacture of cement and
concrete products, glass and radiators and plastics, to
insurance, hotels, property and financial services.


TAURUS CMBS: Fitch Downgrades Rating on Class D Notes to 'CCsf'
---------------------------------------------------------------
Fitch Ratings has downgraded Taurus CMBS (Pan-Europe) 2007-1
Limited as follows:

  -- EUR194.6m class A1 (XS0305732181): downgraded to 'BBB-sf'
     from 'AAsf'; Outlook Negative

  -- EUR11.9m class A2 (XS0309194248): downgraded to 'BBsf' from
     'Asf'; Outlook Negative

  -- EUR17.5m class B (XS0305744608): downgraded to 'Bsf' from
     'BBBsf'; Outlook Negative

  -- EUR25.5m class C (XS0305745597): downgraded to 'CCCsf' from
     'Bsf'; assigned Recovery Estimate (RE) 80%

  -- EUR20.2m class D (XS0305746215): downgraded to 'CCsf' from
     'CCCsf'; assigned Recovery Estimate (RE) 0%

  -- EUR2.8m class E (XS0309195567): affirmed at 'CCsf'; assigned
     RE0%

  -- EUR2.1m class F (XS0309195997): affirmed at 'CCsf'; assigned
     RE0%

The rating downgrades were triggered by the safeguard protection
granted to the Fishman IBC, which failed to repay its EUR23.5
million loan at its maturity in July 2012.  As a result of this
court decision, all cash flow stemming from the collateral is
being held in an escrow account, prompting drawdowns under the
liquidity facility to enable the issuer to meet its expenses in
full.  The loan has been transferred to special servicing, where
discussions continue surrounding possible restructuring options.
However, safeguard protection implies lower creditor flexibility
for a period of time.

The Fishman IBC loan is quite small at 6.9% of the pool balance.
However, the court decision has negative implications for the
largest loan, the EUR134 million Fishman JEC loan (almost 50% by
pool balance).  Besides also being backed by French collateral,
both borrowers are controlled by the same sponsor.  While the
larger loan does not mature until July 2014, the agency believes
it is more risky; the sponsor may well file for safeguard
protection as it has already done on the smaller loan.  This
prospect is reflected by the scale of the downgrades, as well as
in the assignment of Negative Outlooks.

The Hutley loan (14.7% by pool balance) was extended for two
years in 2011, ahead of its original maturity date of July 2012.
Barring extensions, failure of a borrower to repay at maturity
would ordinarily constitute a loan event of default, which is
picked up by note sequential pay triggers.  Should the servicer
continue to grant loan extensions, this may therefore prolong pro
rata note distributions of principal from the stronger loans, and
threaten to weaken credit enhancement for senior bonds.  The risk
of this is also accounted for in the rating action.



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L U X E M B O U R G
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MAGIC NEWCO 2: S&P Assigns 'B' Long-Term Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Magic Newco 2 S.a.r.l, the holding
company of U.K.-based software company Misys Ltd. The outlook is
negative.

"At the same time, we assigned our 'B+' issue rating to the $1.07
billion-equivalent first-lien bank facilities and US$100 million
revolving credit facility (RCF) issued by subsidiaries of Magic
Newco 2. The recovery rating on these debt instruments is '2',
reflecting our expectation of substantial (70%-90%) recovery
prospects in the event of a payment default," S&P said.

"In addition, we assigned our 'CCC+' issue rating to the $625
million second-lien loan issued by subsidiaries of Magic Newco 2.
The recovery rating on the loan is '6', indicating our
expectation of negligible (0%-10%) recovery prospects in the
event of a payment default," S&P said.

"The assignment of ratings follows Magic Newco 2's completion of
its acquisition and subsequent delisting of U.K.-based software
company Misys Ltd., which is in the process of merging with
software company Turaz Global S.a.r.l. (Turaz)," S&P said.

"The ratings on Magic Newco 2 reflect our assessment of its
business risk profile as 'fair' and its financial risk profile as
'highly leveraged,'" S&P said.

"There is limited headroom at the current rating level because of
Magic Newco 2's high interest burden following the final pricing
of the US$1.07 billion first-lien bank facilities and US$625
million second-lien facility, as well as weaker operating
performance than we previously forecast in financial 2012 (ended
May 30, 2012). We now forecast that Magic Newco 2's Standard &
Poor's-adjusted EBITDA cash interest coverage will drop to 1.5x-
1.6x in financial 2013, which equates to 1.8x-1.9x pro forma for
the full realization of synergies, compared with our previous
forecast of 2.0x and 2.2x," S&P said.

"We see scope for significant EBITDA growth over the next two
years, mainly on the back of synergies between Misys and Turaz
and a scale-down of new product investment after the completion
of new product releases and technology refreshes of existing
products," S&P said.

"We also anticipate an improvement in Magic Newco 2's EBITDA
margin thanks to greater operating efficiencies and merger-
related synergies. We forecast that the EBITDA margin will
increase toward the high 20% area in financial 2013 (equating to
the low 30% area pro forma for the full realization of
synergies), from about 16% pro forma for financial 2012," S&P
said.

"However, we see risks associated with the achievement of planned
operating efficiencies, as well as near-term integration risk,
which could lead to underperformance versus our base-case
scenario. This, in turn, could lead to adjusted cash EBITDA
interest coverage remaining at about, or dipping to less than,
1.5x, which we consider to be the minimum commensurate with the
current rating," S&P said.

"A decline in covenant headroom to less than 15% would put
pressure on liquidity and therefore could also trigger a
downgrade," S&P said.

"We could revise the outlook to stable if Magic Newco 2's
operating performance was significantly better than our base-case
scenario over the next 12 months. This would include the EBITDA
margin approaching 30%, with EBITDA cash interest coverage
trending up toward 2x," S&P said.



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


NORTH WESTERLY I: S&P Affirms 'CCC-' Ratings on Two Note Classes
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
North Westerly CLO I B.V.'s class I-A, I-B, II, III-A, III-B, and
III-C notes. "At the same time, we have affirmed our 'CCC- (sf)'
ratings on the class IV-A and IV-B notes," S&P said.

"The rating actions follow our assessment of the transaction's
performance, using data from the trustee report dated June 29,
2012, in addition to our credit and cash flow analysis, and the
application of our relevant criteria for transactions of this
type. We have taken into account recent transaction developments,
and we have applied our 2012 counterparty criteria and our cash
flow collateralized debt obligation (CDO) criteria," S&P said.

"The transaction has been amortizing since the end of its
reinvestment period in June 2008. Principal proceeds have been
used to pay down the class I-A and the class I-B notes. The
outstanding balance of these notes has decreased by EUR80 million
(equivalent to a 58% decrease) since we previously reviewed the
transaction. This has in turn increased the level of available
credit enhancement for all of the classes of notes. We have also
observed an increase in the weighted-average spread earned on the
collateral portfolio," S&P said.

"The class I senior, class II mezzanine and class III mezzanine
par value tests continue to perform above the required trigger
under the transaction documents. However, the class IV mezzanine
par value test continues to perform below the required triggers.
Interest proceeds have been used to make principal payments on
the class IV notes to cure the class IV mezzanine par value
tests, which have been failing since our previous review," S&P
said.

"We have subjected the capital structure to a cash flow analysis
to determine the break-even default rate. In our analysis, we
used the reported portfolio balance that we consider to be
performing, the principal cash balance, the current weighted-
average spread, and the weighted-average recovery rates that we
consider 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.

"In our opinion, the transaction documents for the cross currency
swaps do not fully comply with our 2012 counterparty criteria.
Therefore, in our cash flow analysis, we also considered
potential scenarios where the cross currency swap counterparties
fail to perform, and scenarios where the transaction is exposed
to greater currency risk as a result," S&P said.

"Taking into account our credit and cash flow analysis and our
2012 counterparty criteria, we consider the level of credit
enhancement available to the class I-A, I-B, II, III-A, III-B,
and III-C notes in this transaction to be commensurate with
higher ratings than we previously assigned. We have therefore
raised our ratings on these classes of notes," S&P said.

"We consider the level of credit enhancement available to the
class IV-A and IV-B notes to be commensurate with our current
ratings. We have therefore affirmed our 'CCC-(sf)' ratings on
these classes of notes," S&P said.

"The application of our largest obligor default test constrained
our ratings on the class III-A, III-B, and III-C notes. This test
is a supplemental stress test that we introduced in our 2009
criteria update for corporate collateralized debt obligations,"
S&P said.

North Westerly CLO I B.V. is a cash flow collateralized loan
obligation (CLO) transaction backed by senior loans and mezzanine
obligations.

            STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

           http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class          Rating
         To               From

North Westerly CLO I B.V.
EUR363 Million, US$5.27 Million Senior Deferrable Interest and
Subordinated
Notes

Ratings Raised

I-A      AAA (sf)         AA (sf)
I-B      AAA (sf)         AA (sf)
II       BBB+ (sf)        BB+(sf)
III-A    B+ (sf)          B (sf)
III-B    B+ (sf)          B (sf)
III-C    B+ (sf)          B (sf)


Ratings Affirmed

IV-A      CCC- (sf)
IV-B      CCC- (sf)


NORTHERN LIGHTS: Moody's Assigns 'Ba3' Rating to US$1-Bil. Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following rating to
notes issued by Northern Lights III B.V.:

Issuer: Northern Lights III B.V.

    USD1,000,000,000 Loan Participation Notes due August 2019
    Series 2012-1, Assigned Ba3

Ratings Rationale

This definitive rating of the Notes addresses the expected loss
posed to investors by the legal final maturity, and is based on
the long term senior unsecured rating of the Government of
Angola.

The issue proceeds from the Notes will be used to fund a loan
facility agreement made between the Issuer as lender and Angola
through its Ministry of Finance as borrower. Payments received by
the Issuer under the Loan Agreement will be used to make payments
due under the Notes. Given this pass through nature of the
transaction, Moody's has analyzed this transaction as if it were
a senior unsecured obligation of Angola.

The principal methodology used in this rating was Moody's
Approach to Rating Repackaged Securities published in April 2010.

No cash flow analysis or stress scenarios have been conducted as
the rating was directly derived from the rating of the loan
borrower.



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


CENTRAL EUROPEAN: Receives Non-Compliance Notice from NASDAQ
------------------------------------------------------------
Central European Distribution Corporation received a notification
letter from a representative of the Listing Qualifications
Department of The NASDAQ OMX Group stating that due to CEDC's
inability to timely file its Form 10-Q for the period ended
June 30, 2012, CEDC was not in compliance with NASDAQ Listing
Rule 5250(c)(1).  This notification was issued in accordance with
standard NASDAQ procedures, in connection with CEDC's
announcement on Aug. 10, 2012, on Form 12b-25 that CEDC would not
be able to timely file its 2nd Quarter Form 10-Q.

The NASDAQ notification letter noted that CEDC has until Oct. 9,
2012, to submit a plan to regain compliance with the applicable
listing rule to NASDAQ.  Upon acceptance of CEDC's compliance
plan, NASDAQ may grant CEDC an exception of up to 180 calendar
days from the 2nd Quarter Form 10-Q's initial due date, or until
Feb. 5, 2013, for CEDC to regain compliance with NASDAQ's filing
requirements for continued listing.

The NASDAQ notice has no immediate effect on the listing or
trading of CEDC's common stock on the NASDAQ Global Select
Market. CEDC intends to file its 2nd Quarter Form 10-Q as soon as
practicable and to fully regain compliance with the NASDAQ
continued listing requirements upon that filing of its 2nd
Quarter Form 10-Q.  If necessary, CEDC will submit a plan to
regain compliance with NASDAQ's filing requirements within the 60
day deadline.

                             About CEDC

Mt. Laurel, New Jersey-based Central European Distribution
Corporation is one of the world's largest vodka producers and
Central and Eastern Europe's largest integrated spirit beverages
business with its primary operations in Poland, Russia and
Hungary.

The Company's balance sheet at March 31, 2012, showed
US$2.033 billion in total assets, US$1.674 billion in total
liabilities, and stockholders' equity of US$358.45 million.

According to the regulatory filing, "[C]ertain credit and
factoring facilities are coming due in 2012, which the Company
expects to renew.  Furthermore, our Convertible Senior Notes are
due on March 15, 2013.  Our current cash on hand, estimated cash
from operations and available credit facilities will not be
sufficient to make the repayment on Convertible Notes and, unless
the transaction with Russian Standard Corporation is completed as
scheduled, the Company may default on them.  The Company's cash
flow forecasts include the assumption that certain credit and
factoring facilities that are coming due in 2012 will be renewed
to manage working capital needs.  Moreover, the Company had a net
loss and significant impairment charges in 2011 and current
liabilities exceed current assets at March 31, 2012.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern unless the transaction with Russian
Standard is completed as scheduled."

Ernst & Young Audit sp. z o.o., in Warsaw, Poland, expressed
substantial doubt about Central European's ability to continue as
a going concern, following the Company's results for the fiscal
year ended Dec. 31, 2011.  The independent auditors noted that
certain of the Company's credit and factoring facilities are
coming due in 2012 and will need to be renewed to manage its
working capital needs.

                           *    *     *

As reported by the TCR on Aug. 10, 2012, Standard & Poor's
Ratings Services kept on CreditWatch with negative implications
its 'CCC+' long-term corporate credit rating on U.S.-based
Central European Distribution Corp. (CEDC), the parent company of
Poland-based vodka manufacturer CEDC International sp. z o.o.
S&P said the CreditWatch status reflects its view that
uncertainties remain related to CEDC's ongoing accounting review
and that CEDC's liquidity could further and substantially weaken
if there was a breach of covenants which could lead to the
acceleration of the payment of the 2016 notes, upon receipt of a
written notice of 25% or more of the noteholders.


PBG SA: Energomontaz-Poludnie Unit Obtains Bankruptcy Protection
----------------------------------------------------------------
Polska Agencja Prasowa reports that Energomontaz-Poludnie, a unit
of PBG SA, said in a market filing Friday the company was granted
bankruptcy protection for debt restructuring from the court in
Katowice.

As reported by the Troubled Company Reporter-Europe on Aug. 13,
2012, PAP related that Energomontaz-Poludnie unit is seeking a
39% haircut on debts of over PLN100,000.  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, PAP noted.
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, according to PAP.  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 disclosed.

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
===========


ELEMENT LEASING: S&P Raises Counterparty Credit Rating to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating and Russia national scale rating on
Russia-based Element Leasing LLC to 'B/ruBBB+' from 'B-/ruBBB-'.
The short-term rating was affirmed at 'C'. The outlook is stable.

"The upgrade reflects our view that Element Leasing will continue
the increasing profitability trend that it has shown in 2011 and
the first half of 2012. Moreover, the company has been able to
expand its business portfolio, and available funding suggests it
will continue, although sources remain somewhat undiversified,"
S&P said.

"Related parties Ingosstrakh Insurance Co. (BBB-/Stable/--;
Russia national scale 'ruAA+') and Bank Soyuz (B/Stable/C; Russia
national scale 'ruA-') continue to support Element Leasing's
funding needs. Although the share of related-party funding is
decreasing with the growth of market funds, it still represents
about one-fifth of total liabilities. Element Leasing currently
does not have significant asset-liability mismatches or any
large-scale bullet redemptions," S&P said.

"The stable outlook reflects our view that Element Leasing will
continue to expand its business over the next two years, on the
back of moderate growth in the Russian economy, while showing
consistent profits. We expect the asset quality measures either
to remain at least at the current levels or to improve. We
believe that the company will maintain its wholesale funding
profile," S&P said.

"The possibility of positive rating actions remains low in the
medium term, given the relatively small size of Element Leasing
and its funding profile," S&P said.

"We could consider negative rating actions if Element Leasing's
funding sources were to become more concentrated, leading to
significant funding pressures, or if the company were to grow at
a rate that resulted in a material deterioration of
capitalization levels below the current 15% adjusted capital-to-
adjusted assets ratio," S&P said.


LOCKO-BANK: Fitch Assigns 'B+' Rating to RUB3 Billion Bond Issue
----------------------------------------------------------------
Fitch Ratings has assigned Locko-bank's (Locko; 'B+'/Stable) RUB3
billion bond issue BO-3, due August 11, 2015 a final Long-term
rating of 'B+' and National Long-term rating of 'A-(rus)' with a
Recovery Rating of 'RR4'.

First and second coupons were priced at 10.75%. The bonds have a
put option after one year.  Locko's obligations under the notes
will rank equally with the claims on existing senior unsecured
debt. The proceeds will be used to fund Locko's core business.

Locko is a mid-sized Moscow-based bank, ranked 77th by total
assets at end-H112.  The bank is owned by International Finance
Corporation (15%) and East Capital Fund AB (11%) and various
individuals (74%).


TRANSOIL LLC: Tank Car Purchase Won't Affect Moody's 'Ba3' CFR
--------------------------------------------------------------
Moody's Investors Service has said that Transoil LLC's Ba3
corporate family rating (CFR) and stable outlook are unaffected
by its announced acquisition of 10,000 tank cars from Freight One
JSC (not rated). At the same time, Moody's views the acquisition
as beneficial for Transoil's business and financial profile in
the longer term given the expected increase in the company's
EBITDA generation, although in the short term it is likely to
result in an increase in leverage.

"Although we expect that the acquisition will be financed largely
with debt, the negative impact on Transoil's credit profile is
likely to be moderate and temporary, while the positive effect
from the expansion of the company's own tank car fleet and
anticipated increase in its EBITDA generation will in the longer
term offset the near-term increase in leverage," says Artem
Frolov, an Assistant Vice President -- Analyst and lead analyst
for Transoil. "In addition, Transoil has accumulated a
substantial cash balance, which the company is likely to use to
finance part of the transaction, thereby lowering pressure on its
leverage."

As of end-2011, Transoil's leverage, measured by adjusted
debt/EBITDA, was 2.2x. Although this was commensurate with the
company's Ba3 rating, there was only limited headroom remaining
within the guidance for this rating for a sustained increase in
leverage. Of that ratio, 1.9x related to Moody's adjustment for
operating leases of tank cars, which historically have formed
more than a half of Transoil's total tank car fleet in operation,
comprising 29,015 units as of end-2011. However, while the
details of the announced transaction, including its price, are
not disclosed, Moody's does not expect Transoil's leverage to
increase far beyond 2.5x-3.0x adjusted debt/EBITDA as of year-end
2012, as the company has substantial own cash reserves to fund a
material part of the acquisition.

The rating agency notes that on a pro-forma basis, Transoil's
leverage as of year-end 2012 would have been much lower, given
that the company will recognize EBITDA generated by the acquired
assets in full only from 2013. As a result, Moody's expects that
in 2013 Transoil's leverage will return to below 2.5x adjusted
debt/EBITDA, which the rating agency views as a threshold for the
company's current rating.

In addition, Transoil may replace the part of the fleet that it
currently leases under operating lease agreements, with the
acquired tank cars, which would reduce its operating lease
expenses, increase its EBITDA margin and reduce its adjusted
debt.

Transoil continues to consider investment opportunities that
would strengthen its competitive position, including
diversification into other rail transportation segments. As a
result, Moody's will continue to monitor Transoil's investment
activity, including mergers-and-acquisitions transactions, and
will assess the impact of new investments, if any, on the
company's credit profile.

Headquartered in St. Petersburg, Transoil is a major tank car
operator in Russia, with a fleet of around 28,800 units in
operation as of June 2012. In 2011, Transoil transported 53
million tonnes of oil and oil products and generated revenue of
RUB60 billion (US$1.7 billion). Some 66% of this revenue was
received from three Russian oil companies: Rosneft (Baa1 stable),
Gazprom Neft (Baa3 stable) and Surgutneftegaz (not rated).
Transoil is majority-owned by a group of companies controlled by
Mr. Gennady Timchenko.


* VOLGOGARD REGION: Fitch Assigns 'BB-' LT Currency Ratings
-----------------------------------------------------------
Fitch Ratings has assigned Russia's Volgograd Region Long-term
foreign and local currency ratings of 'BB-', a Short-term foreign
currency rating of 'B' and a National Long-term rating of
'A+(rus)'.  The Outlooks for the Long-term ratings are Stable.
The agency has also assigned the region's three outstanding
domestic bond issues totaling RUB9.4 billion a Long-term local
currency rating of 'BB-' and a National Long-term rating of
'A+(rus)'.

The ratings reflect the developed local economy, moderate debt
burden with low immediate refinancing risk and the likely
improvement in operating performance in 2012.  However, the
ratings also factor in the region's relatively weak and volatile
operating performance and continuous budget deficit recorded
during the past three years.

An improvement in the region's budgetary performance with an
operating margin of about 10% coupled with the stabilization of
direct risk below 50% of current revenue would lead to an
upgrade.  Conversely, increasing refinancing risk due to the
growth of short term borrowing coupled with weak, close to zero,
operating balance and growing direct risk would lead to a
downgrade.

Fitch expects an improvement in the region's operating
performance in 2012 due to a tax revenue rebound driven by
continuous economic growth and beneficiary changes in the
national tax regime.  However, the operating balance will remain
weak at about 3.5% of operating revenue and Fitch expects the
region's margins to gradually improve to about 5% during 2013-
2014.

The region has a strong, but volatile and highly concentrated tax
base as the 10 largest taxpayers contributed about 70% of total
tax revenue in 2011.  Volatility of income taxes negatively
affected the budget in 2011 when corporate income tax proceeds
fell by 6%.  A deterioration of tax proceeds coupled with a
growing operating expenditure in the pre-election cycle resulted
in the deterioration of the operating margin into negative
territory (-4.5%) in 2011 after a moderate positive result in
2010.

The region recorded a notable deficit before debt variation in
2009-2011, which peaked at 11.5% of total revenue in 2011.  Fitch
expects a minor narrowing of the deficit to 8.6% in 2012, however
the region's direct risk is expected to increase by about 40% yoy
to RUB20 billion in 2012 (2011: RUB14.5 billion).  Debt is likely
to moderately increase in 2013 and 2014 to RUB23 billion and
RUB24 billion respectively.  Nevertheless, it will stay moderate
in relative terms below 35% of current revenue.

Despite growing direct risk, the debt maturity profile remains
relatively long-term in the national context expanding until
2017.  The region is not exposed to immediate refinancing risk as
a significant proportion of the region's debt is long term
domestic bonds and bank loans due in 2013-2015.  However a weak
payback ratio (direct risk/current balance) makes the region
significantly dependent on access to the market for refinancing
of maturing debt and capex financing in the medium term.

The Volgograd region is a part of the South Federal District,
which lies in the south-eastern part of European Russia.  Its
economy rests on a strong industrial base which causes high tax
concentration. The region contributed 1.2% of the Russian
Federation's GDP in 2010 and accounted for 1.8% of the country's
population.  The local economy recovered relatively fast in 2010-
2011 after the economic downturn severely affected the region in
2009.  According to preliminary estimates, gross regional product
(GRP) increased by 5.1% in 2011, exceeding the growth of national
GDP.  The administration forecasts the continuation of economic
growth at that level in 2012.



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


BBVA-5 FTPYME: Fitch Upgrades Rating on Class B Notes From 'BBsf'
-----------------------------------------------------------------
Fitch Ratings has taken various rating actions on BBVA-5 FTPYME
as follows:

  -- Class A1: affirmed at 'Asf', removed from Rating Watch
     Negative (RWN), assigned Stable Outlook
  -- Class A2: affirmed at 'Asf', removed from RWN, assigned
     Stable Outlook
  -- Class A3(G): affirmed 'Asf', removed from RWN, assigned
     Stable Outlook
  -- Class B: upgraded to 'BBBsf' from 'BBsf', assigned Stable
     Outlook
  -- Class C: affirmed at 'AAAsf'; removed from RWN, assigned
     Stable Outlook

The resolution of the RWN on class A1, A2 and A3(G) notes
reflects implementation of the remedial actions as the gestora,
Europea de Titulizacion, SGFT, SA (Edt), has introduced Societe
Generale ('A+'/'F1+'/Negative) as guarantor of Banco Bilbao
Vizcaya Argentaria (BBVA, 'BBB+'/'F2'/Negative) as account bank.
The guarantee has a limit of EUR9m and is valid for one year.  If
the amount deposited in treasury account exceeds EUR9m, the
excess will be transferred to the additional treasury account
held in Societe Generale.  Although the guarantor has only been
contracted for one year, the gestora has demonstrated a
willingness to comply with transaction documentation and to seek
remedial action for the account bank. Fitch expects to see
further actions when the guarantee expires.

Fitch notes that no remedial actions have taken place so far with
regards to BBVA acting as a hedging agent; however, the agency
expects the implementation of the remedies in the near term.

The upgrade of the class B notes and affirmation of the class A1,
A2 and A3(G) notes is based on their ability to withstand Fitch's
stresses and increased level of the credit enhancement as a
result of the transaction's deleveraging.

The affirmation of class C notes reflects its link to the rating
of the guarantor, the European Investment Fund
('AAA'/'F1+'/Stable).

The transaction has amortized down to 11% of its original balance
with the top one and top 10 obligors accounting for 2.4% and
11.6% of the outstanding pool respectively.  The pool exposure to
real estate and construction sectors has also increased to 35%
from 30% over the past year.

There has been some deterioration in the transaction performance
with the principal deficiency ledger increasing by EUR8.5m over
the past year to EUR10.3m.  However, arrears have declined from
last year's high but were volatile over the period; delinquencies
over 90 days declined to EUR3.7m from EUR13.5m in May 2011.  In
Fitch's view, the current levels of the notes credit enhancement
are sufficient to mitigate increasing concentration at the
obligor and industry levels as well as the fully depleted reserve
fund.



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


AQUILA PLC: S&P Withdraws 'D' Rating on Class E Notes
-----------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its credit
ratings on AQUILA (ECLIPSE 2005-1) PLC's class A, B, C, D and E
notes.

The withdrawals follow confirmation from the issuer that all of
the notes in the transaction (scheduled to mature in October
2016) prepaid in full on the July 2012 interest payment date.

AQUILA (ECLIPSE 2005-1) is a commercial mortgage-backed
securities (CMBS) transaction that closed in March 2005. The
underlying loan was secured on 44 properties throughout the U.K.

            STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

           http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class             Rating
            To            From

Ratings Withdrawn

AQUILA (ECLIPSE 2005-1) PLC
GBP440.65 Million Commercial Mortgage-Backed Floating-Rate Notes

A           NR             AA+ (sf)/Watch Neg
B           NR             AA+ (sf)/Watch Neg
C           NR             AA (sf)
D           NR             BBB- (sf)
E           NR             D (sf)


NR-Not rated.


BENTLY MOTORHOMES: Goes Into Administration With 26 Job Losses
--------------------------------------------------------------
Doncaster Free Press reports that Bentley Motorhomes Limited went
into administration with 26 job terminated.

Bentley Motorhomes went into liquidation on Aug. 17, the
company's administrators said, according to Doncaster Free Press.

The report notes that Andrew Cordon -- andrew.cordon@begbies-
traynor.com  -- and Richard Saville -- richard.saville@begbies-
traynor.com -- of Begbies Traynor, were appointed as joint
administrators of Bentley Motorhomes after a 'significant
reduction in sales'.

"It is particularly disappointing to be appointed to such a well
run company and one that has an excellent reputation for the
quality of its products . . . .   The market in which the company
trades is extremely competitive and the recent poor weather has
done little for sales," the report quoted Mr. Cordon, as saying.

The report says that the company directors and 110 creditors who
were owed money by the company were at the meeting on Friday in
Nottingham.   The company had already ceased trading, mothballed
and locked up, the report notes.

The report discloses that Mr. Cordon said the deficit on the
statement of affairs stood at GBP1.04 million.  The report says
that GBP440,000 million relating to loans taken out by the
directors and not repaid.  Assets were minimal, with everything
sold off beforehand.  No vehicles were left on the premises.

                      About Bently Motorhomes

Bently Motorhomes Limited is located in Unit 3 Swinton Meadows
Industrial Estate, Meadow Way, Swinton, Mexborough.  Bentley
Motorhomes won three major awards in the Caravan Club Design and
Drive Awards 2011.  The firm was well known for building custom-
designed camper vans.


GAFOOR POULTRY: Sold in Pre-Pack Administration Sale
----------------------------------------------------
Nicholas Robinson at meatinfo.co.uk reports that Gafoor Poultry
Products has been sold in a pre-pack administration sale,
safeguarding around 150 jobs.

Administrator Gerald Irwin of Irwin Insolvency was appointed to
handle Gafoor at the High Court in Birmingham on July 31, 2012,
says meatinfo.co.uk.

According to the report, Mr. Irwin said the company's assets were
sold to a new company, Gafoor Pure Halal, which is owned by a
family member who also controlled the original company.

"The business encountered some trading difficulties and also some
bad debts. Sales had reduced in the last year as a consequence.
The good news is that we have been able to preserve all 150 jobs
on the site," the report quotes Mr. Irwin as saying.

Citing recent accounts filed by Gafoor in January for the year
ending October 2010, meatinfo.co.uk discloses that the company
has profits of GBP1.4 million and a turnover of more than
GBP52.4 million.

Preston-based Gafoor Poultry Products is one of UK's largest
halal meat suppliers.  The poultry processor handles around
450,000 birds each week and supplies both the wholesale and
retail sectors throughout the UK.


HAWKSLEY ENGINEERING: In Administration, Seeks Buyer
----------------------------------------------------
Business Credit Management News reports that Hawksley Engineering
has been placed into administration after experiencing difficult
trading conditions.

Joint administrators Andrew MacKenzie and Robert Maxwell, who
have been appointed by the court, are seeking a buyer for the
business, according to Business Credit Management News.

"Unfortunately, Hawksley Engineering has suffered from the
devastating effects of the economic downturn and the loss of a
major customer, which has resulted in the business being put into
administration.   We are hopeful that the company can be sold as
a going concern, safeguarding as many jobs as possible," the
report quoted Mr. MacKenzie as saying.

"We are currently talking to a number of interested parties and
hope to secure a buyer for the business and its assets, which
include plant and machinery as well as 3.5 acres of land and
buildings in Scunthorpe," Mr. MacKenzie added, the report notes.

The report notes that Hawksley Engineering's nine staff at its
Gunness plant are facing redundancy if a buyer cannot be found.

                   About Hawksley Engineering

Based in Scunthorpe, Hawksley Engineering Ltd provides structural
and mechanical engineering projects for a range of clients in the
farming, marine and civil engineering industries.  It was placed
in administration after experiencing difficult trading
conditions.


NDS GROUP: Moody's Withdraws 'Ba2' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has withdrawn the Ba2 corporate family
rating and Ba3 probability default rating of NDS Group Ltd.

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

Founded in 1988 and headquartered in the UK, NDS is a leading
provider of Pay-TV content security and delivery services. NDS
has over 5,000 employees in 20 locations. In FY 2011, the company
reported revenues of US$957 million and adjusted EBITDA of US$252
million.


PORTSMOUTH FOOTBALL: Former Owner Withdraws Takeover Offer
----------------------------------------------------------
BBC News reports that Portsmouth Football Club is again facing
the prospect of liquidation after potential owner Balram Chainrai
announced he had withdrawn his offer to buy the club.

According to BBC, administrator Trevor Birch had cleared the
club's wage bill by August 10, in accordance with Mr. Chainrai's
stipulation, but the former owner's company, Portpin Ltd., has
pulled out of the purchase, leaving the Pompey Supporters' Trust
(PST) as the only hope.

Portpin and the PST have been vying for control of the club for
several months.

According to the report, Mr. Birch related in a statement that
the club is urgently seeking a meeting with Portpin and PST to
determine if the Trust's bid can be brought to a successful
conclusion.

Pompey went into administration in February for the second time
in three years after their parent company, Convers Sports
Initiatives, entered administration in November, BBC recounts.
The club is said to be GBP58 million in debt.

In a separate report, Eurosport relates that Mr. Chainrai has
accused administrator Trevor Birch of failing to co-operate fully
during takeover talks and said he has withdrawn his bid.  Mr.
Chainrai noted that his efforts to efforts to save the club once
more from extinction have hit a wall of rejection and lacking co-
operation from the administrator and other interested parties,
Eurosport relays.  Nevertheless, the news source notes, Mr.
Chainrai said he welcomes and is willing to assist anyone to try
and save the club in the coming days.

                    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.


PREMIERTEL PLC: S&P Affirms 'BB' Rating on Class B Bonds
--------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'A (sf)' from 'A+
(sf)' and removed from CreditWatch negative its credit rating on
Premiertel PLC's class A commercial mortgage-backed fixed-rate
bonds. "At the same time, we affirmed our 'BB (sf)' rating on the
class B bonds," S&P said.

"The rating actions follow our review of the transaction's loan
and structural features," S&P said.

"On Jan. 31, 2012, we placed on CreditWatch negative our rating
on the class A bonds, following our lowering to 'A' from 'A+' of
our long-term rating on The Royal Bank of Scotland PLC
(A/Stable/A-1), the liquidity facility provider. The rating
actions resolve this CreditWatch placement," S&P said.

"Premiertel is a single loan transaction that closed in November
2003. Since closing, the loan has been secured on five office
buildings. Two are located in England, two in Scotland, and the
remaining property in Northern Ireland. The properties were all
built between 1998 and 2001 and are of good quality, in our view.
All five properties are currently let to British
Telecommunications PLC (BT; BBB/Stable/A-2) on full repairing and
insuring leases, all expiring in 2032," S&P said.

"The transaction is structured as a pass-through whereby rental
payments from BT as tenant in the underlying properties are used
to repay a secured loan from the issuer. The maturity date of
this loan falls in 2032, as does the expiry date of the various
leases to BT," S&P said.

"The rating on the class A bonds reflects their priority in the
order of payments over the class B bonds, the underlying quality
of the real estate backing the transaction, and the rating being
delinked from the rating on the tenant of the five properties
securing the loan that backs this transaction. Our analysis also
assumes that, if the tenant defaults, liquidity available to this
class would be sufficient to meet debt service until the office
properties securing the loan were re-let or sold," S&P said.

"The transaction is exposed to the default risk of certain
counterparties--including the liquidity facility provider Royal
Bank of Scotland PLC (A/Stable/A-1). The liquidity facility
agreement does not provide an obligation for any party to take
action upon loss of the required rating, which is in this case
'A-1'. According to our 2012 counterparty criteria, this
replacement structure does not allow us to rate the bonds in this
transaction higher than our long-term rating on the Royal Bank of
Scotland, which is currently 'A'," S&P said.

"Absent counterparty risk, the class A bonds would likely achieve
a higher rating. We have however, lowered to 'A (sf)' from 'A+
(sf)' and removed from CreditWatch negative our rating on the
class A bonds as they are constrained by the 'A' rating on the
liquidity facility provider," S&P said.

"The class B bonds are fully amortizing from rents paid by
tenants of the properties. The rating on the class B bonds is
credit capped at the rating on the tenant, currently British
Telecommunications PLC (BT; BBB/Stable/A-2). The class B bonds
are scheduled to amortize by 2032, soon after the loan maturity
date," S&P said.

"Scheduled principal payments have been made on the class A bonds
since closing. At the February 2010 interest payment date,
scheduled principal was deferred on the class B bonds. In July
2010, we lowered our rating to 'BB (sf)' from 'BBB- (sf)' as a
direct result of this principal deferment. Principal deferments
on the class B bonds are still continuing," S&P said.

"We have affirmed our 'BB (sf)' rating on the class B bonds as
the same issues are occurring as in 2010. Any potential increase
in the rating on these bonds will ultimately be capped at the
rating on the tenant," S&P said.

            POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES

"We have taken the rating actions based on our criteria for
rating European commercial mortgage-backed securities (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, 2012, we published a Request For Comment 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 asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

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

           http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class            Rating
            To           From

Premiertel PLC
GBP286.207 Million Fixed-Rate Bonds

Rating Lowered and Removed From CreditWatch Negative

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

Rating Affirmed

B           BB (sf)


SEAN DEVINE LTD: Building Firm Goes In Administration
-----------------------------------------------------
BBC News reports that Sean Devine Ltd has been placed into
administration.  The firm is owned by Sean Dean.

The firm last filed accounts for 2008 which showed a GBP5 million
annual loss, with bankers owed around GBP50 million, according to
BBC news.

The report relates that the firm's main banker is understood to
be Ulster Bank, though Northern Bank has also registered
mortgages against some of its properties.

Earlier this year, Ulster Bank appointed receivers to three sites
owned by two other companies in which Mr. Devine had an interest,
BBC News notes.   The report relates that the Northern Ireland
housing market is in a deep recession - prices are still falling
and demand is far below its peak.

Banks are continuing to work through their loan books and are
regularly placing building and development firms into
administration, the report adds.

                       About Sean Devine

Sean Devine Limited is a firm that had been a major house-builder
in Ireland.  Sean Devine was based in Strabane and had built
houses there, as well as in Derry and further afield.


TOTAL GLOBAL: Ordered to Pay German Bank EUR4.2 Million
-------------------------------------------------------
Reuters Point Carbon reports that Total Global Steel has been
forced into liquidation by creditors after a UK court ruled in
May that the London-based trading house must pay Deutsche Bank
EUR4.2 million (US$5.1 million) in damages for selling the German
bank recycled carbon credits.

Total Global Steel (TGS) entered creditors' voluntary liquidation
in June after running out of money, and a committee of creditors
will now oversee the sale of what's left of the shuttered trading
firm's assets, Reuters Point Carbon relates citing a spokesman
from Begbies Traynor, the appointed liquidators.

Reuters Point Carbon notes that the spokesman said he could not
elaborate further on the matter nor name any of the creditors.

Efforts by Reuters Point Carbon to contact TGS, its managing
director and majority shareholder Martin Lonergan, the firms'
other listed directors or former employees were unsuccessful, as
were requests for comment from the company's solicitors.

A source working in the shabby grey building in central London
that used to house TGS' metals, power and carbon trading
operations told Reuters Point Carbon that the company had vacated
in March after "packing up and leaving in the middle of the
night".

The source said TGS laid off most of its London staff earlier
this year, a claim supported by the LinkedIn profiles of several
former employees showing they all parted ways with the company in
January, Reuters Point Carbon adds.

"They owe a lot of people a lot of money," Reuters Point Carbon's
source said, adding that UK tax collectors were among those on
the list.

Reuters Point Carbon relates that two sources familiar with the
liquidation proceedings said they believed Deutsche Bank remained
a creditor, seeking the EUR4.2 million in damages awarded by the
London High Court in May, the report adds.

Total Global Steel specialized in physical metal trading, futures
and hedging, energy, gas & emissions trading and are an LME
brokerage.


TRAVELODGE: Lenders Agree to Write Off Almost GBP720-Mil. Debt
--------------------------------------------------------------
Nathalie Thomas at The Telegraph reports that Travelodge will
shed one in ten of its hotels under a major overhaul announced on
Friday, as its lenders agree to write off almost GBP720 million
of debt.

Goldman Sachs and two New York hedge funds have taken control of
the budget hotel chain from Dubai International Capital (DIC)
through a debt for equity swap, the Telegraph discloses.

According to the Telegraph, Travelodge's new owners will inject
GBP75 million of cash into the business as part of the financial
restructuring, GBP55 million of which will be used to refurbish
175 of its older hotels.

Prior to Friday's restructuring, Travelodge's bank debt stretched
to GBP635 million while it was also weighed down by a GBP482
million bond, the Telegraph notes.  The chain's interest payments
had surged to an unsustainable GBP100 million a year, forcing
lenders to agree to a haircut to allow the company to move
forward, the Telegraph discloses.

About GBP235 million of bank debt will also be written off and
GBP71 million repaid, reducing Travelodge's debt burden to less
than GBP329 million, the Telegraph says.

The business will have until 2017 to repay off its remaining
debts, the Telegraph states.

DIC, which bought the chain from Permira in 2006 in a highly
leveraged GBP675 million deal, has been forced to walk away from
its investment, losing GBP400 million, the Telegraph notes.

                 Company Voluntary Arrangement

Travelodge, Britain's second biggest budget hotel chain behind
Premier Inn, has also announced details of a company voluntary
arrangement (CVA), the Telegraph relates.

The new owners -- Avenue Capital, GoldenTree Asset Management,
and Goldman Sachs -- appointed KPMG to negotiate with landlords,
the Telegraph discloses.

Travelodge, which doesn't own any of its hotels, is hoping to
transfer 49 of its 500 properties to other operators, the
Telegraph says.

KPMG has been in discussions with the landlords of a further 109
hotels, whose leases were negotiated before the financial crash
of 2008, to agree a rent reduction, the Telegraph notes.

Travelodge stressed the CVA won't involve any job losses as staff
working for those hotels identified for disposal will be
transferred to the new operators, according to the Telegraph.
The group currently employs about 6,000 people.

Travelodge is a British budget hotelier.


* UK: Invoice Finance Firms 'Profit' From Company Failures
----------------------------------------------------------
James Hurley at The Telegraph report that Brian Moore, who leads
a group calling for the regulation of asset-based lending, said
he is preparing a submission to the Parliamentary Commission on
Banking Standards.  The report relates that Mr. Moore claimed
that the submission revealed the 'unacceptable behavior' of some
invoice finance providers and brokers.

The group argues that the so-called 'termination' and
'collection' fees that invoice finance providers can charge when
a company goes into administration, combined with their preferred
creditor status, are being abused by some providers and are
allowing 'lenders to profit from a business going to the wall,'
according to the Telegraph

The report notes that Mr. Moore said that in some cases, 'viable'
companies have been unnecessarily forced into administration,
costing jobs and leaving Her Majesty's Revenue & Customs and
other unsecured creditors out of pocket while invoice finance
providers profit.

The group, renamed as the Campaign for Regulation of Asset Based
Finance, alleges that this creates instances where there is a
'revolving door' of administrations of the same company, the
report notes.

The report says that the unregulated industry, which is made up
of banks and independent providers, justifies collection fees as
the administration costs of collecting the outstanding secure
debt in a failed company.  However, the fee can be around 20pc of
the entire ledger value rather than the outstanding balance, and
such fees have been applied even when there is no outstanding
balance, the report discloses.

The Telegraph notes that asset-based lending, which allows
companies to advance cash against their sales ledger, for
example, is growing while conventional bank debt continues to
contract.

The report notes that the total advances provided by the industry
grew by 7pc last year.

Banks are increasingly trying to turn customers away from
unsecured overdrafts and towards asset-based lending, which is
more profitable for the lender, and, crucially, provides them
with security over the debtor book, The Telegraph says.

Ian Johnston, an independent invoice finance broker at Factoring
Solutions, is not part of Mr. Moore's campaign but said there was
an "unhealthy relationship between certain [invoice finance]
companies and the insolvency profession."

"Putting a client into administration can be highly lucrative for
the [provider] involved. The boss of one [invoice finance]
company recently told me that one quarter of their profits come
from termination fees," the report quoted Mr. Johnston as saying.

The Telegraph relays that Mr. Johnston added that the "industry
is badly in need of regulation as currently the [lenders] wield
far too much power and on the occasions when they abuse that
power the client has no one to complain to. Most industry
insiders are aware that not everything in the industry is rosy
and privately they agree that regulation is long overdue and
necessary to cut down on . . . the excesses."



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


* BOND PRICING: For the Week August 13 to August 17, 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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