TCREUR_Public/120827.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 27, 2012, Vol. 13, No. 170

                            Headlines



A R M E N I A

* ARMENIA: Fitch Affirms 'BB-' Long-Term Issuer Default Ratings


B E L G I U M

IDEAL STANDARD: Fitch Revises Ratings of Corporate Issues to CCC+


F R A N C E

DOUX: Barclays Set to Take 80% Stake
TECHNICOLOR SA: S&P Raises Long-Term Corp. Credit Rating to 'B'


G E R M A N Y

LANTIQ BETEILIGUNGS: S&P Puts 'CCC+' Corp. Rating on Watch Neg.


G R E E C E

FAGE DAIRY: S&P Keeps 'B' Corporate Credit Rating on Watch Neg


I R E L A N D

ANTHRACITE EURO 2006-1: Fitch Affirms C Ratings on 3 Note Classes
BRINKHALL LTD: Exits Examinership; 71 Jobs Saved
CAPPOQUIN POULTRY: Examiner Seeks Executive Powers
WINDERMERE XIV: Balloon Risk Cues Fitch to Downgrade Ratings


N E T H E R L A N D S

GREEN APPLE: Moody's Assigns 'Ba1' Rating on Class C RMBS Notes


S P A I N

TREE INVERSIONES: Moody's Cuts Rating on Mezzanine Loan to 'B1'
* SPAIN: In Talks with Eurozone Partners Over Bailout Terms


T U R K E Y

* TURKEY: Fitch Sees Solid Progress in Economy


U N I T E D   K I N G D O M

DAWSON INTERNATIONAL: Gets Interest From 35 Potential Buyers
EUROPEAN PRIME NO. 1: S&P Withdraws 'D' Rating on Class D Notes
GREENSTAR: In Receivership on EUR80 Million Bank Loan Default
LONMIN PLC: Asks Lenders to Waive Banking Covenant Test
MEDIA SHOP: Goes Into Administration, Leaves 20 Clients in Limbo

MOUCHEL GROUP: Set to Enter Into Pre-Pack Administration
UNITED CARPETS: Shares Suspended From Trading
* Fitch Cuts 2 Tranches & Affirms 25 Tranches of 9 SF CDO Deals


X X X X X X X X

* S&P 2012 Corporate Default Tally of 53 Matches Last Year's
* BOND PRICING: For the Week August 20 to August 24, 2012


                            *********


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A R M E N I A
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* ARMENIA: Fitch Affirms 'BB-' Long-Term Issuer Default Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed Armenia's Long-term foreign and local
currency Issuer Default Ratings (IDR) at 'BB-'.  The Outlook on
the Long-term IDRs is Stable.  At the same time, Fitch has
affirmed the Short-term foreign currency IDR at 'B' and Country
Ceiling at 'BB'.

The rating affirmation reflects the fact that Armenia is
gradually reducing its fiscal and external imbalances.  The
government narrowed the fiscal deficit to 2.8% of GDP in 2011,
from 5% of GDP in 2010, through tax collection improvements,
revenue surprises and spending restraint.  The fiscal deficit is
converging on the medium term target of 2% of GDP, although not
all supporting measures have been spelled out.  This would allow
public debt to stabilize at around 45% of GDP.  However, this
ratio is unusually sensitive to exchange rate movements, given
that 84% of public debt is in foreign currency, mainly from
multilateral lenders.  External and fiscal sustainability are
therefore closely linked.

Real GDP grew 4.6% in 2011, driven by consumption and exports,
and a rebound in agriculture.  Fitch expects growth of around 4%
in 2012-14, with risks to the upside in 2012.  Mining production
could outperform, but exposure to metals prices and the Russian
economy are sources of vulnerability.  Improvements in the
investment climate would lead to more rapid growth in the medium-
term.

External finances are a weakness relative to peers.  The current
account deficit (CAD) narrowed to 11% of GDP in 2011, but was
still the second largest in Emerging Europe and the third widest
among 'BB' rated sovereigns.  It is well above its pre-crisis
level. Slowing growth in export earnings, linked to falling
metals prices, will limit further progress in 2012.  With only
half of the CAD financed by foreign direct investment, the
remainder is financed by external borrowing, pushing up net
external indebtedness.

The Central Bank of Armenia (CBA) allowed greater exchange rate
flexibility in H112 during a lull in foreign exchange earnings.
The size of its interventions has declined although it has been a
net seller of foreign exchange in 2011-2012.

Armenia will start to make net repayments to the IMF in 2013. CBA
and government repayments to the IMF are to peak in 2013 at
US$279 million (2.6% of forecast GDP or one-sixth of CBA
reserves).  Reserves will therefore stay flat or decline.  Fitch
expects the government to seek a successor agreement to the
Extended Fund Facility/Extended Credit Facility expiring in June
2013.  The government expects to refinance its direct obligations
to the Fund from multilateral sources.

Armenia's ability to absorb further external shocks is weaker
than in 2008, as government and external debt have multiplied.
Pressure on reserves or the dram -- following an external shock
-- would lead to negative rating action. Any shortfall in capital
inflows would increase risks of currency devaluation.  A lower
CAD, lower dollarization and more buoyant reserves would be
positive for the ratings.

Further progress in reducing the fiscal deficit, preferably via
tax collection improvements rather than spending restraint, would
help bolster creditworthiness.  While government debt service
ratios are still low, funding costs will rise over the medium-
term, increasing the importance of stabilizing or reducing public
debt.  Pension reform in 2014, though a net fiscal cost in the
short term, could help develop local capital markets and reduce
reliance on external and bank borrowing.

Fitch has previously highlighted the relative strengths of
Armenia's banking system.  However, real bank lending growth was
the fastest in Emerging Europe in 2011 at 25%, and the second
fastest among 'BB' rated sovereigns, raising some macro-
prudential concerns.  Rapid growth has continued in 2012, with
lending to corporates and in foreign currency the main growth
areas.  Risks to sovereign creditworthiness are mitigated by
banks' loss absorption capacity, in the shape of high capital
adequacy ratios, and the relatively small size of the banking
system.

Policy continuity is the most likely outcome of presidential
elections in February 2013.  Fitch believes President Serzh
Sargsyan is likely to win a second term, assuming he stands
again.  The improved conduct of parliamentary elections in May
2012, which gave the ruling Republican Party an enhanced
majority, suggests that the result will be broadly accepted,
averting the risk of a disputed result and violence, as seen in
2008.

Political unrest, triggered by a disputed presidential election in
February 2012, or worsening tensions with Azerbaijan surrounding
Nagorno-Karabakh -- neither of which are part of Fitch's core
forecast -- could lead to negative rating action.



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B E L G I U M
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IDEAL STANDARD: Fitch Revises Ratings of Corporate Issues to CCC+
-----------------------------------------------------------------
Fitch Ratings has revised the ratings of corporate issues by
Ideal Standard International SA, Gala Electric Casinos plc and
ONO Finance II plc following the addition of 'CCC+' and 'CCC-'
debt instrument ratings to the agency's rating scale.

These revisions reflect the insertion of additional notches into
Fitch's master rating scale for instrument ratings, and do not
reflect any change in Fitch's view of the creditworthiness of the
issuers or instruments changed in this rating action.

The rating revisions are as follows:

Ideal Standard International SA:

  -- Senior secured notes due 2018 Long-term rating revised to
     'CCC+'/'RR3' from 'B-'/'RR3'.

Gala Electric Casinos plc:

  -- Senior notes due 2019 Long-term rating revised to
     'CCC+'/'RR6' from 'CCC'/'RR6'.

ONO Finance II plc:

  -- Unsecured notes due 2019 and 2020 Long-term rating revised
     to 'CCC+'/'RR6' from 'CCC'/'RR6'.



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F R A N C E
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DOUX: Barclays Set to Take 80% Stake
------------------------------------
Reuters reports that a union said on Thursday Barclays is set to
assume control of debt-burdened Doux next month, enabling the UK
bank to pursue a turnaround plan for the business supported by the
family that controls the company.

According to Reuters, Barclays is expected to take an 80% stake in
Doux, which went into court administration in early June, in
exchange for forgiving debt of EUR140 million (US$175 million).

The plan received implicit backing from a French court on Aug. 1,
Reuters notes.

"The transformation of Doux's Barclays debt into 80 percent of its
capital should be implemented on Sept. 10," Raymond Gouiffes of
the CGT union told Reuters following a meeting of the company's
works council.

A French commercial court has ordered the liquidation of Doux's
money-losing fresh poultry operations, which have attracted five
bids, Reuters relates.  The court is due to review the offers on
Sept. 5, Reuters discloses.

Doux is a French poultry group.


TECHNICOLOR SA: S&P Raises Long-Term Corp. Credit Rating to 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating and senior debt rating on French technology company
Technicolor S.A. (formerly Thomson S.A.) to 'B' from 'B-'. "We
also affirmed our short-term corporate credit rating at 'B'. The
outlook is stable," S&P said.

"We have revised the recovery rating on Technicolor's credit
facilities and notes to '3' from '4', reflecting our expectation
of meaningful (50%-70%) recovery prospects in an event of
default," S&P said.

"The upgrade follows Technicolor's prepayment of about EUR164
million of its debt -- about 11% of total -- in the third quarter
of 2012, using cash proceeds from recently completed capital
increases and disposal of its broadcast business," S&P said.

"The action reflects our base-case scenario expectations of sound
operating performance in 2012 and 2013, with both revenues and
EBITDA growing in the low single digits, sustained positive free
operating cash flow (FOCF), and the maintenance of adequate
liquidity, including covenant headroom," S&P said.

"Importantly, we believe the debt prepayment has to some extent
improved the company's ability to comply with its financial
covenants over the next two years. Still, we expect Technicolor's
liquidity to remain an important factor for its rating in the
coming years. We view the company's liquidity as 'adequate,'
according to our criteria as of June 30, 2012, and pro forma for
the debt prepayment," S&P said.

"The stable outlook reflects our expectation that Technicolor
will be able to gradually increase its EBITDA before
restructuring costs and its free cash flow generation over the
next two years, enabling it to meet growing annual debt
amortization without affecting its cash balance. The outlook also
takes into account our view that the company will likely maintain
adequate liquidity in the form of cash balances of at least
EUR150 million, and covenant headroom at a minimum of 20%," S&P
said.

"We could consider a negative rating action over the next 12
months if trading conditions deteriorated, as a result of a major
economic downturn or increasing competition, and led to a
weakening of Technicolor's free cash flow generation or its cash
position, or a prolonged reduction in covenant headroom to less
than 20%," S&P said.

"Ratings upside, although unlikely in the next 12 months in our
opinion, could arise if Technicolor were able to post sustained
and accelerated earnings growth, with annual FOCF reaching EUR150
million or more, while maintaining adequate liquidity prospects,"
S&P said.



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G E R M A N Y
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LANTIQ BETEILIGUNGS: S&P Puts 'CCC+' Corp. Rating on Watch Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'CCC+' long-term
corporate credit rating on Germany-based semiconductor company
Lantiq Beteiligungs-GmbH & Co. KG on CreditWatch with negative
implications, along with its 'B-' issue rating on Lantiq's debt.

"We placed the ratings on CreditWatch to reflect our opinion that
Lantiq's weaker-than-expected operating results in the third
quarter of fiscal 2012 will persist over the next few quarters,
due to the currently subdued industry demand, lower-than-expected
revenues from new product launches, and continued competitive
pressure on margins," S&P said.

"We revised our assessment of Lantiq's liquidity to 'weak' from
'less than adequate' to reflect the continued negative free cash
flow generation and likely covenant breach on Sept. 30, 2012,"
S&P said.

"We expect to resolve the CreditWatch within the next three
months, after discussing with Lantiq's management how the company
is planning to address the currently weaker-than-expected
operating performance, its high debt load and amortization
schedule, and the expected covenant breaches," S&P said.

"We could lower the ratings if we perceive that Lantiq will be
unable to avoid a payment default over the next 12 months, for
example, as a result of insufficient support from GGC, or if it
is unable to obtain an amendment to its covenant schedule within
the next three months. In addition, continued top-line pressures
amidst subdued industry demand and weak revenue prospects from
new products, as well as expectations of continued negative FOCF
generation, could put pressure on the ratings. Furthermore, we
could lower the ratings if we perceive an increased likelihood
that Lantiq and its owner might consider capital transactions
that would qualify as a distressed debt-exchange offer under our
criteria," S&P said.

"We could affirm the ratings if Lantiq is able to amend its
covenant schedule and restore adequate covenant headroom of at
least 15% in fiscal 2013," S&P said.

"In light of the overall weak operating performance, we see
limited rating upside at this stage," S&P said.



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FAGE DAIRY: S&P Keeps 'B' Corporate Credit Rating on Watch Neg
--------------------------------------------------------------
Standard & Poor's Ratings Services said it has kept on
CreditWatch with negative implications its 'B' long-term
corporate credit rating on Greece-based dairy processor Fage
Dairy Industry S.A.  The 'B' issue rating on Fage's senior
unsecured notes also remains on CreditWatch negative.

All ratings were originally placed on CreditWatch negative on
June 8, 2012.

"The CreditWatch reflects our view that Fage could be negatively
affected by the potential withdrawal of the Hellenic Republic
(Greece; CCC/Negative/C) from the European Economic and Monetary
Union (eurozone), which could occur over the next couple of
months as Greece's liquidity squeeze intensifies," S&P said.

"Sales outside Greece represented more than 68% of Fage's total
sales in the first half of 2012. We anticipate that this
percentage will continue to increase, primarily due to the
company's U.S. operations, which will likely continue to deliver
solid growth and more than offset the decline in the group's
domestic sales, as consumer sentiment further decreases in
Greece. In the first half of 2012, Fage's sales were up 11%,
including a 40% growth outside Greece (of which a 46% increase in
U.S. volumes) and a 23% decline in domestic sales. At the same
time, profitability improved, with the company's adjusted EBITDA
margin up to 15%, thanks to a decrease in milk prices,
transportation costs, and advertising and promotion (A&P)
expenses primarily due to a reduction in marketing expenditures in
Greece," S&P said.

"Still, about 30% of Fage's sales are domestic and about 50% of
its assets are located in Greece (serving Greece and other
European markets). As a result, a meaningful deterioration in the
Greek economy following an exit from the eurozone would cause
demand for Fage's products to further fall in Greece and could
disrupt the company's Greek operations through a meaningful
increase in customer nonpayment and potential supply chain
disruptions," S&P said.

"That said, these risks are mitigated by Fage's Greek customer
base, which primarily includes large non-Greek European retailers
as the group continues to reduce its exposure to small and local
players. We also note that Fage's European operations obtain some
raw materials--including cow's milk--from non-Greek sources. We
believe, though, that finding alternate suppliers could be
expensive for Fage if Greece leaves the eurozone and adopts a
new, weak currency," S&P said.

"Fage had about EUR236 million total debt outstanding as of June
30, 2012, consisting primarily of a EUR101.5 million bond due
2015, EUR119 million (euro equivalent) bond due 2020, and drawing
under the $50 million five-year revolving credit facility (RCF).
We view Fage's liquidity as 'adequate.' We believe the company
does not need to access the debt market in the coming years, due
to the lack of material upcoming maturities, its cash balances
(mostly located in the U.S.), undrawn committed lines, and our
expectation of flat-to-positive free cash flow generation going
forward. However, we think there is a risk that further
meaningful decline in domestic demand could weaken Fage's
financial profile following a eurozone exit, potentially placing
pressure on the company's 'adequate' liquidity," S&P said.

"The CreditWatch negative placement reflects our view that we
could lower our ratings on Fage if a Greek exit from the eurozone
threatened the company's 'adequate' liquidity and its financial
profile," S&P said.

"We could affirm our ratings on Fage and remove them from
CreditWatch if we believed that the company could minimize the
negative effects of a Greek exit from the eurozone on its
liquidity, financial profile, and operations. Supporting this
outcome are Fage's existing access to non-Greek raw materials,
its substantial U.S. operations, and its 'adequate' liquidity,"
S&P said.

"We will resolve the CreditWatch negative placement once we have
obtained more clarity on events in Greece, including developments
regarding the country's liquidity situation and whether it will
remain in the eurozone," S&P said.



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ANTHRACITE EURO 2006-1: Fitch Affirms C Ratings on 3 Note Classes
-----------------------------------------------------------------
Fitch Ratings has affirmed Anthracite Euro CRE CDO 2006-1
p.l.c.'s notes, as follows:

  -- EUR84.3m Class A (ISIN XS0276697272): affirmed at 'CCsf'
  -- EUR29.0m Class B (ISIN XS0276697512): affirmed at 'CCsf'
  -- EUR51.4m Class C (ISIN XS0276698163): affirmed at 'Csf'
  -- EUR33.7m Class D (ISIN XS0276698833): affirmed at 'Csf'
  -- EUR28.4m Class E (ISIN XS0276699302): affirmed at 'Csf'

The affirmation reflects the distressed portfolio credit quality
and limited credit enhancement available to the notes.  The share
of assets rated 'CCC' or below in the portfolio has decreased to
27% from 46% in September 2011 due to defaults in the portfolio.

The class C, D, and E notes are currently undercollateralized.
Fitch views the default of these tranches as unavoidable.  The
agency does not believe excess spread from the portfolio will be
sufficient to cure the undercollateralization given the ongoing
breach of all overcollateralization tests as well as the minimum
weighted average spread test.

Anthracite Euro CRE CDO 2006-1 p.l.c. is a managed cash arbitrage
securitization of real estate assets, primarily commercial
mortgage-backed securities, commercial mortgage B-notes and
mezzanine mortgage loans.  At closing, a total note issuance of
EUR343 million was used to invest in a target portfolio of
EUR335 million.  The portfolio is managed by BlackRock Financial
Management Inc.  The reinvestment period ended in February 2012.


BRINKHALL LTD: Exits Examinership; 71 Jobs Saved
------------------------------------------------
InsolvencyJournal.ie, citing RTE, reports that Brinkhall (Athy)
Limited and associated companies emerged from the examinership
process last week saving 71 jobs.

The company entered into examinership in May of this year,
InsolvencyJournal.ie recounts.  A survival plan was presented to
the High Court which put together a scheme of arrangement that had
been accepted by all of the company's creditors including the
Revenue Commissioners, InsolvencyJournal.ie discloses.  The Court
heard that the companies secured significant new investment from
Ard Services Ltd, a subsidiary of Topaz and has put agreements in
place with Musgraves,InsolvencyJournal.ie relates.

Mr. Justice John Cooke approved the scheme on Aug. 20 and allowed
the company to exit examinership as going concern,
InsolvencyJournal.ie notes.

Brinkhall (Athy) Limited who owns a group of service stations and
convenience stores in Kildare and Meath.


CAPPOQUIN POULTRY: Examiner Seeks Executive Powers
-------------------------------------------------
InsolvencyJournal.ie, citing Irish Examiner and Sunday Business
Post, reports that Cappoquin Poultry's appointed examiner last
week asked the High Court to grant him executive powers over the
company.  This request came after growing unrest from the
company's suppliers, InsolvencyJournal.ie notes.

According to InsolvencyJournal.ie, it was reported in the Sunday
Business Post on Aug. 19 that some growers have threatened to cut
supplies to the company unless the current management gives up
control.  This highly unusual request by the examiner will allow
him to take full control of all management decisions and in effect
grant him the same functions as the directors,
InsolvencyJournal.ie states.

The petitioner, Henry Good, the largest creditor of EUR4 million,
accused Perwaiz Latif (the Director) of asset stripping, writing
bounced checks and failing to collect millions of euro from Mr.
Latif's brothers company in the UK., InsolvencyJournal.ie
discloses.  The company who employs 136 people and dozens of
outside contractors is believed to have debt of EUR6 million,
InsolvencyJournal.ie states.

The Petitioner also informed the court that the company has a
reasonable prospect of survival as a going concern, and therefore
could be saved by the process of examinership,
InsolvencyJournal.ie notes.

The presiding Judge, Mr. Justice John D. Cooke transferred all
boardroom powers to the examiner, subject to the examiner not
altering the production process and techniques without
consultation with the director, InsolvencyJournal.ie relates.  The
court heard on Aug. 23 that Mr. Latif will still play a role in
the examination process, InsolvencyJournal.ie recounts.

Cappoquin Poultry is a Co Waterford chicken processing company.


WINDERMERE XIV: Balloon Risk Cues Fitch to Downgrade Ratings
------------------------------------------------------------
Fitch Ratings has downgraded Windermere XIV CMBS Ltd's class A to
D notes and affirmed the others, as follows:

  -- EUR508.4m class A (XS0330752436) downgraded to 'BBBsf' from
     'Asf'; Outlook Negative
  -- EUR79.0m class B (XS0330752782) downgraded to 'BBsf' from
     'BBBsf'; Outlook Negative
  -- EUR64.3m class C (XS0330752949) downgraded to 'Bsf' from
     'BBsf'; Outlook Negative
  -- EUR27.2m class D (XS0330753244) downgraded to 'CCCsf' from
     'Bsf'; assigned Recovery Estimate (RE) RE80%
  -- EUR36.0m class E (XS0330753590) affirmed at 'CCCsf';
     assigned RE0%
  -- EUR17.6m class F (XS0330753673) affirmed at 'CCCsf';
     assigned RE0%

The downgrades reflect increased concerns about balloon risk,
exacerbated by re-letting risk on two circa EUR250m loans
maturing in January 2014.  While there are mitigants -- the
property quality for the Haussmann loan and a solid track record
of re-letting vacated space for Fortezza II -- they are not
sufficient to allay Fitch's concerns, as indicated by the
Negative Outlooks.

The Haussmann property is the sole collateral for the largest
loan in the transaction (35.2% of the outstanding balance).
While it is a prime central Paris office property, re-letting
vacant space in the property is subject to the completion of
refurbishment works.  Vacancy arose upon one of two leases
expiring in January 2011, since when the office has remained
approximately half-vacant.  Fitch understands that refurbishment
works are financed with sponsor equity, and its objective of
maintaining a high standard is a positive signal about its
commitment to the asset.

Nevertheless, the works expose noteholders to completion and
prolong exposure to the occupational markets.  Moreover, the
remaining lease will mature close to loan maturity.  While rent
from this tenant is sufficient for current debt service payments
(which are however not hedged against interest rate movements),
failure to re-let the entire building may postpone refinancing,
especially given the loan's weak debt yield.

The similarly sized Fortezza II loan also matures in January
2014, and also has a significant exposure to lease rollover risk
around this date.  The collateral, a portfolio of Italian
secondary offices buildings (with all but one in the metropolitan
region of Rome), was originally occupied by public sector
tenants.  As leases have broken, there has been some success in
re-letting the space at similar rents, which is a positive sign.
However, the occupational market in Italy is likely to remain
fragile in light of on-going economic difficulties, and the
investment market is particularly depressed.  Fitch expects the
loan to be extended.

Three loans (Queen Mary, Baywatch and Sisu), originally scheduled
to mature in 2012, have been extended by 12 months.  As a result,
the sequential paydown trigger was not breached and principal
continues to be distributed 50% pro rata and 50% sequentially.
Accordingly, credit enhancement on the higher tranches has not
increased significantly despite partial repayments, which is a
further drag on credit quality.



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GREEN APPLE: Moody's Assigns 'Ba1' Rating on Class C RMBS Notes
---------------------------------------------------------------
Moody's Investors Service has assigned definitive credit ratings
to the following classes of notes issued by Green Apple B.V.
(2008-I NHG Portfolio):

    EUR1925.6M Senior Class A Mortgage-Backed Notes 2008 due
    2041, Assigned Aa3 (sf)

    EUR29.65M Mezzanine Class B Mortgage-Backed Notes 2008 due
    2041, Assigned Baa2 (sf)

    EUR19.75M Junior Class C Mortgage-Backed Notes 2008 due 2041,
    Assigned Ba1 (sf)

The transaction represents the second compartment out of the
Green Apple issuer. All notes are backed by a pool of prime Dutch
residential mortgage loans which all have the benefit of an NHG-
guarantee. The mortgage loans have been originated by Argenta
Spaarbank N.V. (Argenta, not rated). The portfolio is serviced by
Argenta and the sub delegated servicer is Stater Nederland B.V.
(Stater, not rated) . The transaction closed in December 2008 and
was initially not rated by Moody's.

Ratings Rationale

The ratings of the notes take into account the credit quality of
the underlying mortgage loan pool, from which Moody's determined
the MILAN Credit Enhancement and the portfolio expected loss.

The expected portfolio loss of 0.20% and the MILAN required
Credit Enhancement of 4.4% served as input parameters for Moody's
cash flow model, which is based on a probabilistic lognormal
distribution as described in the report "The Lognormal Method
Applied to ABS Analysis", published in July 2000.

The MILAN Credit Enhancement is slightly lower than in other
prime Dutch RMBS transactions that are fully backed by mortgage
loans with an NHG guarantee. The key drivers for the MILAN Credit
Enhancement are (i) the proportion of loans benefitting from an
NHG guarantee (100%), (ii) the static nature of the pool, (iii)
the weighted average loan-to-foreclosure-value (LTFV) of 106.4%,
(iv) the proportion of interest-only loans parts (41%) and (v)
the weighted average seasoning of the pool of 7.25 years.

Since this pool consists of NHG-guaranteed loans, the historic
NHG pay-out ratios were considered for stressed scenarios in
which the seller may no longer be in a position to honor their
buy-back obligation for loans that do not meet the NHG criteria.
Moody's assumed a rescission rate of 35% in the MILAN analysis.

The key drivers for the portfolio expected loss are (i) the fact
that all mortgage loans have the benefit of an NHG guarantee,
(ii) the buy-back obligation of the sellers in case the mortgage
loan is no longer eligible for the NHG guarantee (pre and post
foreclosure), (iii) the current performance of the transaction
and (iv) benchmarking with comparable transactions in the Dutch
market.

Some borrowers may have savings deposits with Argenta, which
introduces the risk of set-off in case Argenta would go
insolvent. Moody's were provided with data on the amount of
deposits held by borrowers with Argenta and this has been
included in the cash flow modelling. Should the actual deposits
as a percentage of the total portfolio increase over time as a
result of an increase of the amounts held by borrowers at
Argenta, Moody's would have to revise Moody's assumption on the
set-off of deposits in the cash flow modelling, which may lead to
a review of the ratings. Furthermore, collections are received in
an account in the name of Argenta, which introduces the risk of
commingling losses in the scenario Argenta would go insolvent.
The potential commingling loss has also been incorporated in the
cash flow analysis.

Furthermore, approximately 46.1% of the portfolio is linked to
life insurance policies (life mortgage loans), which are exposed
to set-off risk in case an insurance company goes bankrupt. The
seller has provided loan-by-loan insurance company counterparty
data, which Moody's used in the analysis of the set-off risk.

The transaction benefits from a non-amortising reserve fund of
EUR 20 million which currently represents 1.44% of the total
notes outstanding. Apart from the reserve fund, the transaction
benefits from an excess margin of 25 bps provided through the
swap agreement. The swap counterparty is Royal Bank of Scotland
Plc (A3/P-2).

Operational Risk Analysis: Moody's has analyzed the potential
operational risks associated with the servicing and cash
management functions in the transaction. The named servicer in
the transaction is Argenta (not rated). Argenta has sub delegated
the loan administration to one sub servicer (Stater). There is no
back-up servicer in place, nor will a back-up servicer be
appointed upon a certain event. However, the issuer and security
trustee will use best efforts to appoint a substitute servicer if
the main servicer is no longer able to service the mortgage loan
pool. Moody's views this undertaking to be similar to a back-up
servicer facilitator function.

The role of cash manager in this transaction is performed by ATC
Financial Services B.V. (not rated). The cash management
agreement enables the cash manager to continue to make payments
under the notes in a situation when the cash manager receives no
mortgage reports from the servicer. In this situation the cash
manager can use the most recent available mortgage reports to
make payment estimates.

The available liquidity provided by the reserve fund in this
transaction is sufficient to cover 4.5 months of interest
payment, provided that the reserve fund is not drawn to cover
credit losses. Furthermore, under the swap agreement, the issuer
pays interest received by the issuer from the mortgage loans
(minus expenses and the excess margin) and receives the interest
payable on the notes. Should the issuer receive no interest at
all from the mortgage loans, the swap would still pay the
interest due on the notes. This feature provides additional
liquidity following a servicer disruption.

Moody's Parameter Sensitivities: If the MILAN CE was increased
from 4.4% to 7.0% and the portfolio expected loss was increased
from 0.2% to 0.6%, the model output indicates that the class A
note would still achieve Aa3, assuming that all other factors
remain equal.

Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged and is not intended
to measure how the rating of the security might migrate over
time, but rather how the initial rating of the security might
have differed if key rating input parameters were varied.
Parameter Sensitivities for the typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.

The V-Score for this transaction is Low/Medium, which is in line
with the Low/Medium V-Score assigned for the Dutch prime RMBS
sector. The primary source of uncertainty surrounding Moody's
assumptions is the performance of the loans and the rescission
rate for which there is limited historical performance data
available. Operational risks relating to the servicing
arrangement given that the contractual servicer (Argenta) is not
rated by Moody's are another source of uncertainty.

V-Scores are a relative assessment of the quality of available
credit information and of the degree of dependence on various
assumptions used in determining the rating. High variability in
key assumptions could expose a rating to more likelihood of
rating changes. The V-Score has been assigned accordingly to the
report "V-Scores and Parameter Sensitivities in the Major EMEA
RMBS Sectors" published in April 2009.

The principal methodology used in this rating were Moody's
Approach to Rating RMBS in Europe, Middle East, and Africa
published in June 2012.

Moody's noted that on July 2, 2012, it released a Request for
Comment, in which the rating agency has requested market feedback
on potential changes to its rating implementation guidance for
its "Approach to Assessing Linkage to Swap Counterparties in
Structured Finance Cashflow Transactions". If the revised rating
implementation guidance is implemented as proposed, the rating on
the Notes should not be negatively affected.

In rating this transaction, Moody's used ABSROM to model the cash
flows and determine the loss for each tranche. The cash flow
model evaluates all default scenarios that are then weighted
considering the probabilities of the lognormal distribution
assumed for the portfolio default rate. In each default scenario,
the corresponding loss for each class of notes is calculated
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the
expected loss or EL for each tranche is the sum product of (i)
the probability of occurrence of each default scenario; and (ii)
the loss derived from the cash flow model in each default
scenario for each tranche.

As such, Moody's analysis encompasses the assessment of stressed
scenarios.

The rating addresses the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and principal
with respect to the notes by the legal final maturity. Moody's
ratings only address the credit risk associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors.

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



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


TREE INVERSIONES: Moody's Cuts Rating on Mezzanine Loan to 'B1'
---------------------------------------------------------------
Moody's Investors Service has downgraded and maintained on review
for possible downgrade the following commercial real estate loans
advanced to Tree Inversiones Inmobiliarias, S.A. (the
"Borrower"):

Issuer: BBVA EUR 1,251 million Secured Loans

    EUR1,139.0 million Senior Loan maturing in September 2017,
    Downgraded to Ba2 and Remains On Review for Possible
    Downgrade; previously on Mar 13, 2012 A3 Placed Under Review
    for Possible Downgrade

    EUR112.2 million Mezzanine Loan maturing in May 2017,
    Downgraded to B1 and Remains On Review for Possible
    Downgrade; previously on Mar 13, 2012 Baa2 Placed Under
    Review for Possible Downgrade

Ratings Rationale

The downgrade reflects Moody's increased loss expectation for the
loans since its last review in March 2012. This is primarily due
to a sharp increase in term risk resulting from the six-notch
downgrade of the sole tenant Banco Bilbao Vizcaya Argentaria,
S.A. ("BBVA") to Baa3 from Aa3 since the last review.

The term risk of both loans is linked to the credit strength of
BBVA due to its role as lease guarantor under the leases. However
further stress was applied because (i) no SPV structure in place
whereby the borrower is bankruptcy remote and (ii) given the
complex legal/tax structure, any adverse credit events occurring
beyond Moody's current expectations.

BBVA's rating is still on review for further possible downgrade.
Upon a downgrade of BBVA to Ba2 or lower, an LTV test will be
triggered with a breach resulting in a partial prepayment or
deposit made by the borrower in the rectification account (by
selling properties and repaying the senior loan or by sponsors
injecting equity). A failure to prepay or deposit will result in
a loan event of default. No cash flow analysis have been
conducted for the Mezzanine Loan as the rating is linked to its
recovery expectations given its ranking and the credit strength
of BBVA (but stressed because of the factors previously
mentioned). The Mezzanine Loan is expected to fully amortize by
its maturity date in May 2017, assuming funds are not switched
off due to a Senior Loan non-payment.

Moody's will conclude its review of the loans following the
conclusion of BBVA's rating review as well as clarification of
the impact of the above trigger on the Mezzanine loan.

The key parameters in Moody's analysis are the default
probability of the loans (both during the term and at maturity)
as well as Moody's value assessment for the properties securing
these loans. Moody's derives from those parameters a loss
expectation.

In general, Moody's analysis reflects a forward-looking view of
the likely range of commercial real estate collateral performance
over the medium term. From time to time, Moody's may, if
warranted, change these expectations. Performance that falls
outside an acceptable range of the key parameters such as
property value or loan refinancing probability for instance, may
indicate that the collateral's credit quality is stronger or
weaker than Moody's had anticipated when the related securities
ratings were issued. Even so, a deviation from the expected range
will not necessarily result in a rating action nor does
performance within expectations preclude such actions. There may
be mitigating or offsetting factors to an improvement or decline
in collateral performance, such as increased subordination levels
due to amortization and loan re- prepayments or a decline in
subordination due to realized losses.

Primary sources of assumption uncertainty are the current
stressed macro-economic environment and continued weakness in the
occupational and lending markets. Moody's anticipates (i) delayed
recovery in the lending market persisting through 2013, while
remaining subject to strict underwriting criteria and heavily
dependent on the underlying property quality, (ii) strong
differentiation between prime and secondary properties, with
further value declines expected for non-prime properties, and
(iii) occupational markets will remain under pressure in the
short term and will only slowly recover in the medium term in
line with anticipated economic recovery. Overall, Moody's central
global macroeconomic scenario is for a material slowdown in
growth in 2012 for most of the world's largest economies fueled
by fiscal consolidation efforts, household and banking sector
deleveraging and persistently high unemployment levels. Moody's
expects a mild recession in the Euro area.

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

The principal methodology used in this rating was Moody's
Approach to Real Estate Analysis for CMBS in EMEA: Portfolio
Analysis (MoRE Portfolio) published in April 2006.

Other factors used in this rating are described in European CMBS:
2012 Central Scenarios published in February 2012.

The updated assessment is a result of Moody's on-going
surveillance of commercial mortgage backed securities (CMBS)
transactions. Moody's prior assessment is summarized in a press
release dated 13 March 2012. The last Performance Overview for
this transaction was published on 10 July 2012.

In rating this transaction, Moody's used both MoRE Portfolio and
MoRE Cash Flow to model the cash-flows and determine the loss for
the Senior Loan. MoRE Portfolio evaluates a loss distribution by
simulating the defaults and recoveries of the underlying Senior
Loan using a Monte Carlo simulation. This loss distribution, in
conjunction with the loss timing calculated in MoRE Portfolio is
then used in MoRE Cash Flow, where for each loss scenario on the
assets, the corresponding loss for the senior loan is calculated
taking into account structural features. As such, Moody's
analysis encompasses the assessment of stressed scenarios.

Moody's ratings are determined by a committee process that
considers both quantitative and qualitative factors. Therefore,
the rating outcome may differ from the model output.


* SPAIN: In Talks with Eurozone Partners Over Bailout Terms
-----------------------------------------------------------
Julien Toyer and Catherine Bremer at Reuters report that three
euro zone sources said on Thursday Spain is negotiating with euro
zone partners over conditions for aid to bring down its borrowing
costs, though the country has not made a final decision to request
a bailout.

The favored option being discussed is that the existing European
rescue fund, the EFSF, would purchase Spanish debt at primary
auctions while the European Central Bank would intervene in the
secondary market to lower yields, Reuters says.

No specific figure for aid has been discussed in the talks, which
started several weeks ago, one of the sources told Reuters.

According to Reuters, other senior euro zone sources were more
cautious, one saying nothing clear-cut had emerged on aid for
Spain, while another said no talks were going on at all.

Reuters relates that a spokeswoman for the economy ministry said
there was no change in the Spanish position, which is that it
would wait until the next meeting of the governing council of the
European Central Bank on September 6, hoping for details on how
the ECB plans to intervene, before deciding on any move.

The three sources who spoke with Reuters on Thursday said the
negotiations were focusing on the conditionality of the aid, which
will be included in a new memorandum of understanding.

Reuters notes that two of the sources said while there is a
political consensus that the conditions should be limited to what
is already included in the European recommendations to Spain,
which has pushed through a raft of painful austerity measures,
euro zone countries were insisting on setting up a tougher
schedule of monitoring for the reforms.

According to Reuters, one of the sources said that the ECB is
participating in the negotiations but will leave it up to member
states to decide on the strings attached to the aid.



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


* TURKEY: Fitch Sees Solid Progress in Economy
----------------------------------------------
Fitch Ratings says in a newly published report that the Turkish
economy is making solid progress in returning to a sustainable
growth rate, while narrowing the current account deficit (CAD)
and reducing inflation.  However, its large external financing
requirement still leaves it vulnerable to adverse shocks to the
global financial environment.

The agency has previously identified achieving a soft landing of
the economy -- after it overheated and generated large
macroeconomic imbalances in 2011 -- as the main constraint on an
upgrade to investment grade.  Further progress in navigating a
path back towards its potential growth rate, with inflation
falling toward its target rate and the CAD narrowing to a more
sustainable level could lead Fitch to upgrade Turkey's Long-term
Issuer Default Ratings to 'BBB-' from 'BB+'.

In Fitch's view, the Turkish economy overheated in 2011: GDP
growth was 10% in H111, the CAD hit 10% of GDP in 2011 and end-
year inflation was in double digits, leaving it with a challenge
of rebalancing, and vulnerable to a sharp correction (although
this was not the agency's base case).

GDP growth has slowed in each of the past five quarters and
contracted by 0.4% in Q112 (qoq seasonally adjusted, though was
still up 3.2% yoy).  Fitch expects Turkey to avoid a formal
recession as more timely activity indicators suggest an increase
in GDP in Q212.  Strong export growth is helping to offset a more
abrupt slowdown in domestic demand, as well as narrowing the
trade deficit.  The agency forecasts GDP growth of 2.8% in 2012
and 4.5% in 2013.

A remarkable boom in exports to the Middle East and North Africa
(up 48% in H112 yoy) raised their share of the total to 36% in
June 2012, close to parity with the EU and more than offsetting a
drop in exports to the EU (by 6%).  Iran and Iraq alone accounted
for nearly two-thirds of export growth, while gold exports surged
by 600% (probably to a large extent to Iran, where international
sanctions are biting). However, diversifying away from the EU to
such a volatile region, particularly Iran, may be a risky
strategy.

The sharp slowdown in domestic demand and strong export
performance reduced the CAD to US$63.5 billion in the 12 months
to June 2012, from a peak of US$78.6 billion in October 2011.
This is reducing risks to Turkey's creditworthiness. Fitch
forecasts a CAD of US$60 billion (7.5% of GDP) in 2012 and US$59
billion (6.6%) in 2013.

Despite global uncertainty, capital inflows have been more than
sufficient to finance the CAD and roll over Turkey's external
debt in 2012.  Such resilience is especially impressive in light
of the funding strains and increasing home bias in the EU, which
is the source of 75% of the foreign direct investment stock and
83% of international bank lending.  Furthermore, the mix of
financing has improved since mid-2011, with lower dependence on
short-term debt, portfolio inflows and the repatriation of
overseas assets.

Recent outturns show a cooling in inflation pressures, with
month-on-month declines in May, June and July.  Fitch forecasts
the 12-month inflation rate to decline from its high rate of 9.1%
in July (core 7.5%) to 6.4% in December 2012 as large monthly
price increases in H211 drop out of the calculation.
Nonetheless, this would still be well above the central bank's
end-year inflation target of 5% and would be the fifth time in
seven years that it would have exceeded its target, underlining
the challenge of entrenching low inflation.

Notwithstanding the good progress towards a soft landing,
Turkey's CAD and external financing needs are still large,
leaving it vulnerable to a sudden stop in international capital
inflows for example, if there were material worsening in the
eurozone crisis.  Exporters' exposure to Middle Eastern markets
also carries risks.  Over the medium term, Turkey needs to raise
its domestic savings rate to help it to grow robustly without
generating imbalances and reduce its vulnerability to shocks.



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


DAWSON INTERNATIONAL: Gets Interest From 35 Potential Buyers
------------------------------------------------------------
Erikka Askeland at The Scotsman reports that administrators of
Dawson International have sent out detailed information packs to
35 potential buyers after receiving "strong interest" in the
firm's Hawick-based mill.

According to the Scotsman, the deadline for bids has been set for
this week, although Blair Nimmo, head of restructuring, said it
could take "some time" after the closing date strike a deal.

The business was put into administration earlier this month after
its owners received a demand from pensioners for GBP129 million to
close its pension deficit, putting 180 jobs at risk, the Scotsman
recounts.  Previously the Pensions Regulator and the Pension
Protection Fund (PPF) had rejected a deal to let the owners keep
the business as a going concern while offloadfing the pension fund
to the PPF, the Scotsman notes.

Dawson International is a leading cashmere business. It comprises
two trading divisions, based in the UK and the USA.  The UK
division comprises the Barrie Knitwear business, based in Hawick
Scotland.  It manufactures highest quality cashmere garments at
its factory in the Scottish borders and sells to some of the
world's most prestigious couture houses, department stores and
private label retail outlets.


EUROPEAN PRIME NO. 1: S&P Withdraws 'D' Rating on Class D Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its credit
ratings on all of European Prime Real Estate No. 1 PLC's classes
of notes.

"The withdrawals follow the issuer's confirmation that the
remaining classes of notes in the transaction (scheduled to
mature in April 2014) prepaid at a loss on the July 2012 interest
payment date. As a result, we have withdrawn our ratings on all
of the classes of notes in the transaction," S&P said.

"The last remaining loan in the pool (the Lloyds Building loan)
was refinanced in May 2012. The transaction terminated on the
July 2012 interest payment date, when the issuer used the funds
to prepay in full the remaining class A, B and C notes," S&P
said.

"The class D notes did not repay in full because of pending
principal losses experienced on other loans (the Grays, Halton
Lea, and Normandy loans). In this transaction, principal losses
are only applied to the notes in reverse sequential order on the
final payment date. Only GBP1.1 million out of about GBP9.2
million was repaid," S&P said.

"European Prime Real Estate No. 1 was a 2005 vintage commercial
mortgage-backed securities (CMBS) transaction originally backed
by eight U.K. loans secured on 18 properties located throughout
the U.K," 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

Ratings Withdrawn

European Prime Real Estate No. 1 PLC
GBP347.758 Million Commercial Mortgage-Backed Floating-Rate Notes

A           NR            AA  (sf)
B           NR            A+  (sf)
C           NR            BBB (sf)
D           NR            D   (sf)

NR-Not rated.


GREENSTAR: In Receivership on EUR80 Million Bank Loan Default
------------------------------------------------------------
Belfast Telegraph reports that waste company Greenstar claimed
banks have demanded immediate payment of loans causing it to fall
into receivership.

It is understood the banks extended loan repayment periods on a
number of occasions over the last year, the report notes.  The
firm's debts are in the region of EUR 83 million, according to
Belfast Telegraph.

"It is regrettable that [the banks] have chosen to take this
action at this time in respect of a business that had not missed
any scheduled repayments to its banks and was in a strong cash
position to continue trading for the foreseeable future," the
report quoted the company's board of directors as saying.

The Board said, the Belfast Telegraph relates, said it recognized
that further investment in the group was required and there had
been ongoing efforts to find an investor:  "As a result of the
banks' action, the board regrettably has had no option but to
facilitate the banks in appointing a receiver in the hope that the
receiver will continue the business of the group and retain
existing staff . . . .  The board will work hard with the receiver
to secure as many jobs and livelihoods of its staff and suppliers
as possible whilst maintaining the high standards of service
excellence our customers enjoy."

The report notes that David Carson, of Deloitte, has been
appointed as receiver and will run the business as a going concern
with a view to affecting a trade sale.  It revealed a number of
parties have expressed interest in acquiring the business, the
report says.

The report discloses that in a statement, the NTR Group said
Greenstar Ireland, its board, management and shareholders have
made every effort to reach an agreement with the banks to secure
the future of the business and its employees.  Greenstar claimed
its lenders gave no prior indication or notice of possible
receivership action and that directors had been working in good
faith with the banks, the report adds.


LONMIN PLC: Asks Lenders to Waive Banking Covenant Test
-------------------------------------------------------
Helen Power, Alastair Osborne and Helia Ebrahimi at The Sunday
Telegraph report that Lonmin has asked its lenders -- Lloyds
Banking Group, HSBC and Standard Chartered -- to waive a test of
banking covenants that it will breach following the collapse of
production at Marikana in the wake of violent clashes between
strikers and the police.

The request is part of broader negotiations to restructure
Lonmin's debt, which, if successful, could save shareholders from
an expensive rescue-rights issue, The Sunday Telegraph notes.

According to The Sunday Telegraph, sources close to the situation
described talks with lenders as "positive".

"I would hesitate to be too critical of the management in the
current situation.  They had been making improvements," one top-
five shareholder told The Sunday Telegraph.  "You would hope the
banks would be supportive. If they use this incident to try to
extract a huge fee for relaxing covenants, that would look
extremely negative.  "However, the shareholder said he will not
back a rights issue until Lonmin stabilizes production and makes a
clear investment case."

It is believed that Lonmin has asked broker JPMorgan Cazenove to
begin preparation for a possible rights issue, The Sunday
Telegraph states.

Lonmin Plc is a United Kingdom-based company.  The principal
activities of the Company during the fiscal year ended Sept. 30,
2011 (fiscal 2011), were mining, refining and marketing of
Platinum Group Metals (PGM).


MEDIA SHOP: Goes Into Administration, Leaves 20 Clients in Limbo
----------------------------------------------------------------
Katherine Levy at campaignlive.co.uk, reports that The Media Shop
has gone into administration, leaving more than 20 clients without
an agency.

Chantrey Vellacott DFK was appointed as the administrator earlier
this month.

"Times were hard and The Media Shop couldn't pay off all the debts
that they had built up," the report quoted an unnamed spokesman
for the accountancy firm as saying.

The report notes that while the administrator works on trying to
realize the assets of the company and return the best value to
creditors, clients with campaigns that are currently live,
including Florette and Miele, have been moved to TCS Media.

It is understood that the remaining 20-plus clients are not yet
assigned to new shops, the report says.

The report recalls that in 2005, company the managing partners,
John Alligan, Sue Fernando-Solini, Richard Huglin and Melanie
Levene, staged a management buyout of the agency.  The partners
are currently acting as consultants for The Media Shop's clients,
the report relates.

                         About Media Shop

London-based The Media Shop was founded in 1979.  It is a media
planning and buying agency, which has combined billings of around
GBP20 million, handles clients including Florette, Miele, Space
NK, Fitness First, TM Lewin, Henkel and Ryman.


MOUCHEL GROUP: Set to Enter Into Pre-Pack Administration
--------------------------------------------------------
Perry Gourley at The Scotsman reports that Mouchel Group is
expected to be acquired by its lenders -- including RBS and Lloyds
-- in a pre-pack administration after shareholders on Friday
failed to back a last-ditch restructuring.

Mouchel had warned it would collapse unless investors agreed to
give banks shares in return for wiping out a large chunk of its
GBP140 million debt mountain, the Scotsman relates.

But the proposals failed to garner the required 75% support of
shareholders, triggering alternative plans for administrators to
sell its assets to affiliates of lenders RBS, Lloyds Banking Group
and Barclays along with management, the Scotsman notes.

The Scotsman notes that Mouchel Chief executive Grant Rumbles said
although shareholders will see their stakes wiped out, the deal
will preserve the company's 8,000 jobs and allow it to honor its
contracts.

Mouchel's woes were compounded last year when Richard Cuthbert
resigned as chief executive after the company revealed a GBP4.3
million accounting error, the Scotsman recounts.

Mouchel Group plc -- http://www.mouchel.com/-- is a consulting
and business services company supporting clients in developing
and managing their infrastructure assets.  The Company operates
in three segments: Government Services, Regulated Industries and
Highways.


UNITED CARPETS: Shares Suspended From Trading
---------------------------------------------
The Scotsman reports that shares in United Carpets were suspended
from trading on Friday as the troubled retailer announced it was
closing six stores following "very challenging" conditions.

According to the Scotsman, the firm also said 17 franchised
outlets were either being taken back into the group or
refranchised, and it was speaking to landlords in a bid to have
its rents reduced.

As a result of the review, the firm will take a GBP1 million hit
and has been forced to spend trading of its shares on Aim because
it will not be able to publish its annual results before a Sept.
30 deadline, the Scotsman discloses.

United Carpets is a Rotherham-based firm, which ran 85 stores
across the Midlands and northern England.


* Fitch Cuts 2 Tranches & Affirms 25 Tranches of 9 SF CDO Deals
---------------------------------------------------------------
Fitch Ratings has downgraded two tranches and affirmed 25
tranches of nine European structured finance collateralized debt
obligation (SF CDO) transactions.

Fitch believes the affected transactions are highly distressed,
as reflected by the highest rating of 'CCsf' in the transactions.
Their performance has been in line with Fitch's expectations
since the last review between September and October 2011.  Fitch
has therefore affirmed the majority of the tranches, generally at
the low ratings of 'CCsf' and below.  Fitch views the default of
any tranche rated 'Csf' as unavoidable.

Fitch has downgraded two tranches to 'Dsf' following write downs
of the notes.

Brooklands Euro Referenced Linked Notes 2002-1 Ltd

  -- Class A (ISIN XS0148886913): affirmed at 'CCsf'
  -- Class B1 (ISIN XS0148887481): affirmed at 'Csf'
  -- Class B2 (ISIN XS0148887721): affirmed at 'Csf'
  -- Class C (ISIN XS0148887994): affirmed at 'Csf'
  -- Class D (ISIN XS0148888703): downgraded to 'Dsf' from 'Csf'
  -- Class E1 (ISIN XS0148888703): affirmed at 'Dsf'
  -- Class E2 (ISIN XS0148889180): affirmed at 'Dsf'
  -- Class G1 (ISIN XS0148948291): affirmed at 'Csf'

Brooklands Euro Referenced Linked Notes 2005-1 Ltd

  -- Class D1 (ISIN XS0226777133): affirmed at 'Csf'
  -- Class D2 (ISIN XS0226777216): affirmed at 'Csf'
  -- Class E (ISIN XS0226777729): affirmed at 'Dsf'

Cloverie Plc Series 2004-72

  -- Series 2004-72 (ISIN XS0205981581): affirmed at 'CCsf'

Cloverie Plc Series 2004-77

  -- Series 2004-77 (ISIN XS0207605162): affirmed at 'CCsf'

Cloverie's Series 2005-04

  -- Series 2005-04 (ISIN XS0212294077): affirmed at 'CCsf'

Delta CDO Series plc 2005-1

  -- Class B (ISIN XS0218111739): affirmed at 'Csf'
  -- Class C (ISIN XS0218113198): affirmed at 'Csf'
  -- Class D (ISIN XS0218113602): affirmed at 'Csf'

Delta CDO plc Series 2005-2

  -- Class B-1 (ISIN US24741NAD57): affirmed at 'Csf'
  -- Class C-1 (ISIN US24741NAE31): affirmed at 'Csf'
  -- Class E-1 (ISIN US24741NAG88): affirmed at 'Csf'

High Tide CDO I S.A.

  -- Class A (ISIN XS0169669081): affirmed at 'CCsf'
  -- Class B (ISIN XS0169669164): affirmed at 'CCsf'
  -- Class C (ISIN XS0169669248): affirmed at 'Csf'

Tempo CDO 1 Ltd

  -- Class A (ISIN XS0179909774): affirmed at 'Csf'
  -- Class B (ISIN XS0179909931): affirmed at 'Csf'
  -- Class C (ISIN XS0179910517): downgraded to 'Dsf' from 'Csf'
  -- Class D (ISIN XS0179910780): affirmed at 'Dsf'



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


* S&P 2012 Corporate Default Tally of 53 Matches Last Year's
------------------------------------------------------------
Earlier last week, the 2012 global corporate default tally
increased to 53 -- the same count as the full-year 2011 total --
after Standard & Poor's Ratings Services lowered its corporate
credit rating on U.S. long-term acute care hospital operator
LifeCare Holdings Inc. to 'D', said an article published Aug. 23
by Standard & Poor's Global Fixed Income Research, titled "The
2012 Global Corporate Default Count Now Matches the Year-End 2011
Total."

The rating action followed the company's missed interest payment
on its $119.3 million outstanding senior subordinated notes. By
region, 29 of the 53 defaulters were based in the U.S., 14 in the
emerging markets, seven in Europe, and three in the other
developed region (Australia, Canada, Japan, and New Zealand).  In
comparison, the 2011 total (through Aug. 22) was 27, with 18 based
in the U.S., two in the emerging markets, two in Europe, and five
in the other developed region.

So far this year, bankruptcy filings accounted for 15 defaults,
missed payments for 15; distressed exchanges for 10, and eight
were confidential.  The remaining five entities defaulted for
various other reasons. In 2011, 21 issuers defaulted because of
missed interest or principal payments, and 13 because of
bankruptcy filings -- both of which were among the top reasons for
defaults in 2010.  Distressed exchanges -- another top reason for
default in 2010 -- followed with 11 defaults in 2011.  Of the
remaining defaults, two issuers failed to finalize refinancing on
bank loans, two were subject to regulatory action, one had its
banking license revoked by its country's central bank, one was
appointed a receiver, and two were confidential.


* BOND PRICING: For the Week August 20 to August 24, 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.

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