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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, July 30, 2012, Vol. 13, No. 150

                            Headlines



F I N L A N D

STORA ENSO: Fitch Cuts Long-Term Foreign Currency IDR to 'BB-'
UPM-KYMENE: Fitch Affirms 'BB' Long-Term IDR; Outlook Stable


F R A N C E

PEUGEOT SA: Moody's Lowers Corporate Family Rating to 'Ba2'


G E R M A N Y

SUNSTROM GMBH: Seeks Creditor Protection in Dresden
VG MICROFINANCE: Fitch Affirms 'B+sf' Rating on Senior CDO Notes


G R E E C E

* GREECE: European Commission Commences Probes on Bank Rescues


I T A L Y

BANCA NETWORK: Enters Liquidation Process


N E T H E R L A N D S

NIBC BANK: Fitch Affirms 'BB-' Rating on Hybrid Tier 1 Securities


P O L A N D

HYDROBUDOWA POLSKA: Seeks Extra Compensation for A4 Motorway
PBG SA: File for Loan From ARP State Fund
POLIMEX-MOSTOSTAL SA: To Pay Banks 0.75% Fee on Total Liabilities


R U S S I A

BANK URALSIB: Fitch Affirms 'BB-' Long-Term IDR; Outlook Negative
RUSSNEFT OAO: Repays US$1.8 Billion to Creditors
* SAMARA OBLAST: S&P Rates RUB15-Bil. Senior Unsecured Bond 'BB+'


S P A I N

CM BANCAJA: Fitch Affirms 'CCsf' Rating on EUR14MM Class E Notes
FTPYME BANCAJA: Fitch Affirms 'C' Rating on EUR27MM Class D Notes


S W I T Z E R L A N D

EFG INT'L: Fitch Affirms 'BB+' Rating on Fiduciary Certificates
PETROPLUS HOLDINGS: Greenergy Buys Teeside Oil Storage Terminal


T U R K E Y

TURKLAND BANK: Fitch Affirms Viability Rating at 'b+'


U N I T E D   K I N G D O M

NORTHWICH VICTORIA: Ex-Administrator Files Winding-Up Petition
PORTSMOUTH FC: May Shut in Two Weeks if Player Contracts Fail
TATA STEEL: S&P Keeps 'BB' Corp. Credit Rating; Outlook Negative


X X X X X X X X

* BOND PRICING: For the Week July 23 to July 27, 2012


                            *********


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F I N L A N D
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STORA ENSO: Fitch Cuts Long-Term Foreign Currency IDR to 'BB-'
--------------------------------------------------------------
Fitch Ratings has downgraded Stora Enso Oyj's Long-term foreign
currency Issuer Default Rating (IDR) and senior unsecured rating
to 'BB-' from 'BB'.  The Outlook is Stable.  The agency has also
affirmed the Short-term IDR at 'B'.

The downgrade mainly reflects the poor market conditions and
Stora's weak operating performance.  In H112, Stora's recurring
EBIT dropped by 42% compared to the previous year, mainly driven
by the poor performance in the Printing and Reading division and
by low pulp prices.

Fitch expects the outlook for the pulp and paper markets in
Europe to remain challenging.  Following the sharp decline in
H211, pulp prices partially recovered during H112, but remained
far lower than the previous year levels.  In addition, the
positive trend is now reverting again, on the back of worsening
macroeconomic conditions in Western Europe and weakening demand
from Asia, and pulp prices declined slightly in July.  Although
this drop could just be a normal seasonal fluctuation and re-
stocking could sustain prices in Q312, Fitch does not expect any
material recovery to happen in the short term.

The agency does not expect Stora's operating performance to
materially improve in H212 vs. H112, although some cost-cutting
measures could start having effects in Q412.  Therefore, Fitch
forecasts the operating result to be lower than in 2011 and worse
than the agency's previous expectations.  Coupled with the strong
increase in capex, due to the new investment in China, this will
likely cause free cash flow to turn negative and leverage ratio
to deteriorate faster than previously expected.  In particular,
Fitch expects funds from operation (FFO) adjusted leverage to
increase to approximately 5.0x and 4.0x on a gross and net basis,
respectively, a level that is not compatible with a 'BB' rating.
In the absence of a significant turnaround in the market, the
agency does not expect this ratio to materially improve in coming
years.

Stora's credit profile is still in the 'BB' rating category.  The
new investment will materially improve the business profile in
the long term, reducing Stora's dependency on the structurally
declining sector of publishing paper and increasing its presence
in growth markets and segments.  However, the new investment plan
also entails significant execution risk, with possible cost
overruns and/or delays in the completion of the new plants.  In
addition, Stora remains vulnerable to the structural long-term
decline in the European publishing paper segment.

Stora's liquidity profile remains strong, supported by available
cash of EUR1,240 million at end June 2012 and by an undrawn
revolving credit facility of EUR700 million, maturing in 2015.
Maturities for 2012 amount to less than EUR500 million.  The
first significant bond maturity is in 2014, when EUR413 million
(net of the bought-back amount) of bonds comes to maturity.  In
2012, Stora issued a new seven-year EUR500 million bond in
February and two five-years bonds (SEK1,350 million and SEK350
million, respectively) in June, aimed at improving its maturity
profile and duration and increase available liquidity.

What Could Trigger a Rating Action?

Positive: Future developments that may, individually or
collectively, lead to a positive rating action include:

  -- Better trading conditions and operating performance, leading
     to an improvement of credit metrics, in particular, with FFO
     adjusted gross leverage to improve to below 4.0x on a
     sustained basis and EBIT margin above 6% through the cycle.

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

  -- An increase in leverage, with FFO adjusted leverage
     remaining above 5.0x on a sustained basis.

  -- A deterioration in profitability, with recurring EBIT margin
     falling below 5% through the cycle.


UPM-KYMENE: Fitch Affirms 'BB' Long-Term IDR; Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed UPM-Kymmene Oyj's (UPM) Long-Term
foreign currency Issuer Default Rating (IDR) and senior unsecured
rating at 'BB' and Short-Term IDR at 'B'.  The Outlook on the
Long-term IDR is Stable.

The affirmations reflect UPM's stable credit profile.  Despite
the increase in leverage due to the Myllykoski acquisition (FFO
adjusted leverage increased to 3.7x in 2011 from 3.2x in 2010)
UPM's credit metrics remain well within the rating level.
Fitch's expects credit metrics to slightly improve in 2012,
despite the still difficult trading conditions in the pulp and
paper markets.

The outlook for the pulp and paper markets in Europe remains
uncertain.  Following the sharp decline in H211, pulp prices
partially recovered during H112, but remained far lower than the
previous year levels.  In addition, the positive trend is now
reverting again, on the back of worsening macroeconomic
conditions in Western Europe and weakening demand from Asia, and
pulp prices declined slightly in July.  Although this drop could
just be a normal seasonal fluctuation and re-stocking could
sustain prices in Q312, Fitch does not expect any material
recovery to happen in the short term.

Fitch forecasts trading condition for UPM to remain difficult in
H212 and expects operating cash flow to deteriorate in 2012
compared to 2011.  However, the agency expects UPM's net debt to
decline mainly thanks to the proceeds from asset disposals UPM is
reshuffling its business portfolio, focusing on some strategic
areas and disposing non-core activities.  In H112, UPM realized
disposals of EUR280 million, including the sales of its stake in
Mesta Fibre and two packaging paper plants.  UPM is also
negotiating the sale of a magazine paper plant in France.

The Stable Outlook also reflects Fitch's view that UPM's strategy
of consolidating production capacity in the printing paper
segment could lead to further significant M&A and restructuring
costs.  Although in the short term, UPM will focus on the
integration of Myllykoski and on business portfolio optimization,
via the disposal of non-core assets, Fitch believes that in the
medium term, further large acquisitions could be possible, which
could put pressure on credit metrics.

UPM's liquidity was healthy at EUR1.4 billion at end of March
2012.  The liquidity position comprises EUR90 million in cash and
EUR1.4 billion in committed facilities (of which EUR62 million
was drawn), maturing between 2014 and 2017.  Maturities for the
following 12 months amounted to EUR330 million.

What Could Trigger A Rating Action?

Positive: Future developments that may, individually or
collectively, lead to a positive rating action include:

  -- Improved trading conditions leading to deleveraging, with
     FFO gross leverage falling below 2.5x.

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

  -- An increase in leverage, due to either a deterioration in
     operating performance or debt-financed acquisitions, with
     FFO adjusted gross leverage rising above 4.0x.

  -- A deterioration in profitability, with recurring EBIT margin
     falling below 6% through the cycle.



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


PEUGEOT SA: Moody's Lowers Corporate Family Rating to 'Ba2'
-----------------------------------------------------------
Moody's Investors Service has downgraded to Ba2 from Ba1 the
ratings of Peugeot S.A. ("PSA") and its rated subsidiary GIE PSA
Tresorerie ("GIE"). The ratings remain on review for further
downgrade. The ratings were initially placed under review for
downgrade on July 13, 2012.

Downgrades:

  Issuer: GIE PSA Tresorerie

    Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2,
    LGD4, 52% from Ba1, LGD4, 51%

    Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2,
    LGD4, 52% from Ba1, LGD4, 51%

  Issuer: Peugeot S.A.

    Probability of Default Rating, Downgraded to Ba2 from Ba1

    Corporate Family Rating, Downgraded to Ba2 from Ba1

    Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to
    Ba2, LGD4, 52% from Ba1, LGD4, 51%

    Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to
    Ba2, LGD4, 52% from Ba1, LGD4, 51%

    Senior Unsecured Medium-Term Note Program, Downgraded to
    (P)Ba2 from (P)Ba1

    Senior Unsecured Regular Bond/Debenture, Downgraded to a
    range of Ba1, LGD4, 52 % from a range of Ba1, LGD4, 51 %

    Senior Unsecured Regular Bond/Debenture, Downgraded to a
    range of Ba1, LGD4, 52 % from a range of Ba1, LGD4, 51 %

RATINGS RATIONALE

Rationale For Downgrade

"The decision to downgrade PSA's ratings to Ba2 reflects the
material deterioration in the already weak capacity utilization
of the company's European plants in H1 2012, which has resulted
in a high cash burn rate of EUR200 million per month since mid-
2011 and a recurring operating loss at the automotive division of
EUR662 million," says Falk Frey, a Moody's Senior Vice President
and lead analyst for PSA. "The downgrade and continuing review
also take into account the fact that PSA is unlikely to return to
break-even operating cash flow before late 2014, even if it is
successful in implementing the announced reorganization of its
French production base along with additional cost-saving
measures," explains Mr. Frey.

PSA faces significant challenges in its efforts to turn around
its loss-making automotive business and to reduce the currently
high cash burn within its operations by implementing announced
initiatives to reduce fixed costs and adjust capacities. These
challenges are exacerbated by a worsening market environment in
PSA's key European markets, with declining car demand and rising
price pressure, especially in the small car segments.

Moody's believes that PSA faces intensified operational stress,
with financial metrics that are anticipated to be commensurate
with the single-B rating category by year-end and are unlikely to
recover beyond the low to mid-Ba range over the next two years.
Due to operating losses and an unsustainably high cash burn from
its automotive operations, PSA has failed to meet Moody's
expectations for the previous rating category. For H1 2012, PSA
reported negative free cash flow in the industrial business of
EUR449 million, which was positively impacted by the cash inflow
from real-estate disposals and dividends received from group
companies of EUR873 million. Net income for the group was
negative EUR819 million over the same period. For H2 2012,
Moody's anticipates results to be impacted by the accounting for
restructuring provisions for the announced plant reorganization,
with most of the cash outflow to occur in 2013. Moody's expects
reported recurring operating income of the automotive division to
remain negative in 2013 before turning into positive territory in
2014, which assumes timely implementation of the recently
announced restructuring plan.

PSA has undertaken various initiatives aimed at improving its
competitive positioning and operating performance, as well as
asset disposals to improve its balance sheet. Those initiatives
include (i) the reorganization of its production base in France;
(ii) a special dividend payout from its captive subsidiary Banque
PSA Finance; (iii) the sale and lease-back of properties for
approximately EUR500 million of cash proceeds; (iv) the sale of a
stake in its logistics company Gefco for a cash consideration of
more than EUR500 million; (v) a capital increase of EUR1.1
billion underwritten by a pool of banks; as well as (vi) a
strategic alliance with General Motors ("GM", rated
Ba1/positive), which is structured around sharing selected
vehicle platforms, components and modules as well as a global
purchasing joint venture.

The anticipated cash inflow from the asset disposals was intended
to provide the resources and time that would allow PSA to
implement the necessary operational and structural measures to
turn around the core automotive business over the medium term.

While the announced alliance with GM might result in medium to
long-term cost savings, especially in the areas of purchasing and
research and development expenses, Moody's cautions that upfront
expenses will negatively impact PSA's results in the short term.
Moody's also notes that a number of past mergers and alliances in
the automotive industry have very rarely achieved the anticipated
competitive advantages and improved performance.

Focus of the Review for Downgrade

The review for further downgrade will assess (i) the potential
for further actions by the group to stabilize its operations and
to ensure its refinancing position; (ii) an evaluation of the
impact of the new program announced by the French government to
support the auto sector; and (iii) a detailed review of the
companies published half year results. Further downgrade at the
conclusion of the review would likely be limited to one notch.

What Could Move the Rating Up/Down

The review for downgrade is likely to conclude with a downgrade
by one notch unless (i) further actions to stabilize the
operations are taken by the company; (ii) the French government
plans to support low emission vehicles; or (iii) a more detailed
assessment of the company's prospects, causes Moody's to believe
that the stabilization and turn around will be accelerated.

Given the continuing review for downgrade, an upgrade of PSA's
ratings is unlikely over the short to medium term.

Moody's notes that PSA currently maintains an adequate liquidity
position, which provides the company with a period of time to
execute a turn-around in its performance. At the end of June
2012, PSA's principal liquidity sources for its industrial
business consisted of cash on balance sheet in the amount of
EUR7.5 billion, availability under undrawn committed credit lines
of EUR2.4 billion maturing July 2015 (excluding additional
headroom of EUR0.6 billion under Faurecia's facility), as well as
potential cash-flow generation from operations over the next 12
months. These cash sources provide adequate coverage for the
major liquidity requirements that could arise during the next 12
months. These consist of short-term debt maturities, capital
expenditures, working capital funding and day-to-day operating
needs.

Structural Considerations

Peugeot's funding policy is based on borrowing at the holding
company level (Peugeot S.A.), and on-lending to its operating
subsidiaries via GIE PSA Tresorerie. Based on a cash pooling
agreement between Peugeot S.A. and GIE, all payment obligations
of the operating subsidiaries towards GIE rank pari-passu with
trade payables at the subsidiaries' level. In addition Moody's
understands that PSA is in the process of putting in place a
guarantee by the GIE to the benefit of the bondholders of PSA.
Therefore, the ratings of PSA's outstanding notes and bonds are
not notched below the group's CFR according to Moody's Loss Given
Default Methodology.

Rating Methodology Used

The methodologies used in these ratings were Global Automobile
Manufacture Industry published in June 2011, and Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

Peugeot S.A., headquartered in Paris, is Europe's second largest
maker of light vehicles with its two main brands Peugeot and
Citro‰n. Other industrial operations include Faurecia, one of
Europe's leading automotive suppliers in which PSA held a 57.43%
interest at year-end 2010, and Gefco, France's second-largest
transportation and logistics service provider. The group also
provides financing to dealers and end-customers through its
wholly owned finance subsidiary, Banque PSA Finance. In 2011, the
group generated revenues of EUR59.9 billion and operating income
of EUR0.9 billion.


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


SUNSTROM GMBH: Seeks Creditor Protection in Dresden
---------------------------------------------------
Stefan Nicola at Bloomberg News reports that SunStrom GmbH, a
unit of the German solar-power plant developer Solarwatt AG,
filed for insolvency.

According to Bloomberg, Ruediger Wienberg, who is the preliminary
administrator for the insolvency case, said SunStrom employs
about 140 people in Dresden and sought protection from creditors
with the local court on Thursday.

Solarwatt filed for insolvency in June and seeks to restructure
under self-administration, Bloomberg relates.

Increased competition in the solar-energy industry has slashed
profit margins, cutting solar-panel prices by half last year and
tipping more than a dozen companies into bankruptcy, including
Q-Cells SE, once the world's largest cell maker, Bloomberg
discloses.


VG MICROFINANCE: Fitch Affirms 'B+sf' Rating on Senior CDO Notes
----------------------------------------------------------------
Fitch Ratings has affirmed VG Microfinance-Invest Nr. 1 GmbH'
senior CDO notes at 'B+sf'. The Outlook is Negative.

Since the last review, three of the underlying loans have been
upgraded.  However, the credit quality of the portfolio remains
in the 'B'/'CCC' range.  More than 35% of the portfolio is rated
'CCC' or below or not rated.

The Negative Outlook reflects Fitch's concern about the
refinancing risk of the underlying loans.  All loans are bullet
and due to mature in December 2014.

The transaction benefits from generous structural protection
mechanisms through credit enhancement of 44% and also excess
spread.  The agency expects the notes to be able to withstand the
default of four to five of the largest obligors, depending on the
timing of the defaults.  If the underlying loans were to default
at their maturity date, excess spread benefit would be
negligible.

The transaction consists of subordinated credit exposure against
20 (initially 21) microfinance institutions globally distributed
across 15 jurisdictions.  The institutions were selected by
Deutsche Bank AG ('A+'/Stable/'F1+') in its role as seller and
protection buyer.



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


* GREECE: European Commission Commences Probes on Bank Rescues
--------------------------------------------------------------
Alvise Armellini at Deutsche Presse Agentur reports that the
European Union's executive on Friday started probes on a series
of government-funded rescues of Greek banks -- but give temporary
clearance to the measures pending the end of its investigations.

The European Commission was particularly skeptical about Nea
Proton Bank, a new institution that was set up in October from
the ashes of the bankrupt Proton Bank and received about
EUR1.7 billion (US$2.08 billion) in state support, DPA discloses.

"At this stage, the commission doubts whether the submitted
restructuring plan will restore the viability of Nea Proton in
the long term without continued state support, and whether this
is the least costly option," DPA quotes an EU statement as
saying.

As the enforcer of the EU's strict antitrust rules, the
commission could force Greek authorities to adopt a tougher
restructuring plan, or even to wind up Nea Proton if it concluded
that it was not worth propping it up, DPA notes.

According to DPA, the EU executive also decided to investigate
the May decision by the Greek bank bailout fund to pour fresh
capital into four large commercial lenders to cover them for the
losses from the debt write-off that Greece negotiated with its
private creditors.

Alpha Bank, the National Bank of Greece, EFG Eurobank and Pireaus
Bank -- which make up three quarters of the Greek banking sector
-- received bridge loans worth EUR18 billion (US$22.1 billion) in
total, DPA relates.

"The opening of an in-depth investigation is common for large
amounts of state aid granted through atypical instruments," DPA
quotes the commission as saying.  "It does not prejudge in any
way the outcome of the investigation."



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


BANCA NETWORK: Enters Liquidation Process
-----------------------------------------
Chiara Albanese at Investment Europe reports that the Bank of
Italy has given its green light to the liquidation process of
Banca Network Investimenti S.p.A., which has been in
administration since November 2011.

Roberto Pincione and Giuseppe Santoni have been called to manage
the process, which will unfreeze more than 28,000 current
accounts, says Investment Europe.

Investment Europe recalls that Banca Network suspended payments
to all creditors at the end of May.

Payments are expected to resume over the next days through the
'Fondo Interbancario di Tutela dei Depositi' fund, with transfers
up to EUR100,000 for each creditor, according to the report.

Investment Europe relates that the same fund will also support
the former employees who lost their role following the
administration process, now entitled to economic compensation and
pension benefits.

Based in Lodi, Italy, Banca Network Investimenti S.p.A. provided
traditional banking and financial services through the phone or
the Internet.  The company offered free cash point withdrawal
facilities in all ATM machines throughout Italy; credit card
services; free international and national money transfers;
trading of bonds, warrants and stocks; advisory services on funds
and pension funds investments.



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


NIBC BANK: Fitch Affirms 'BB-' Rating on Hybrid Tier 1 Securities
-----------------------------------------------------------------
Fitch Ratings has affirmed Netherlands-based NIBC Bank N.V.'s
(NIBC) Long-term Issuer Default Rating (IDRs) at 'BBB' and Short-
term IDR at 'F3'.  The agency has revised the Outlook on the
Long-term IDR to Negative from Stable.

Rating Action Rationale

The affirmation reflects the relatively strong capitalization of
the bank (Fitch core capital of 11.9% at end-2011), which, in
Fitch's opinion, would enable it to continue to withstand risks,
as currently envisaged.  Furthermore, NIBC maintains a large
liquidity buffer, largely in the form of cash placed with the
ECB, which would allow it to weather a temporary closure of the
capital markets and prepare it for significant debt maturities in
2014.  The continuing diversification of funding sources is
reducing its reliance on confidence-sensitive wholesale markets
and is broadly ratings positive.

The bank has been coping with problematic exposures in its
corporate loan book by closely managing its risk, restructuring
defaulted loans and, if necessary, successfully recovering
collateral held against these.  As a result, impairment charges
have been limited.

The revision of the Outlook on NIBC's Long-term IDR to Negative
reflects the significant challenges its business model faces in
the deteriorating operating environment.  Recurring earnings
remain under pressure from the continuingly low interest rates
and higher impairment charges in the cyclical industries of its
niche business.  Both revenues and impairment charges have
suffered from the extended crisis on the most cyclical sectors it
finances (essentially the Shipping, Leverage Finance and
Commercial Real Estate exposures).  As a result, internal capital
generation has remained weak and is likely to remain so, at least
for the remainder of 2012.

Rating Drivers and Sensitivities - IDRs, VR and Senior Debt

NIBC's IDRs and senior debt ratings are driven by the bank's
intrinsic creditworthiness and therefore its Long-term IDR is
equalized with its VR.  The bank's VR (and hence IDRs and senior
debt rating) is sensitive to greater stress than currently
envisaged in the bank's operating environment and the resulting
impact on its capital and earnings.  The latter could be affected
by a long standing reduction in business volumes and/or soaring
impairment charges caused by a large deterioration of asset
quality, especially in its loan book.  If these negative
developments materially depleted capital, the VR would be exposed
to stronger downward pressure.  Any weakening in liquidity
management would also be detrimental to NIBC's VR.

The potential for an upgrade of the bank's ratings is limited
given its business model and the deteriorated environment.

Rating Drivers and Sensitivities - Support Rating and Support
Rating Floor

Given the bank's ownership structure, business mix and small
franchise in the Dutch market, Fitch does not factor any
potential support from the Dutch state in the bank's Support
Rating and Support Rating Floor ('5' and 'No Floor'
respectively).

Similarly, while there is a possibility that its owner, a
shareholders consortium led by the private equity firm JC Flowers
& Co, may support NIBC in case of need, its ability to do so
cannot be measured by Fitch and hence potential support from its
ultimate shareholders is also not factored into NIBC's Support
Rating and Support Rating Floor

The Support Rating and Support Rating Floors could potentially be
sensitive to any change in assumptions around the propensity of
the Dutch state to provide timely support to the bank which
appears very unlikely as the bank is not of systemic importance
and the propensity for state support is generally reducing in the
European Union.

Subordinated Debt and Other Hybrid Securities

NIBC's subordinated debt is rated one notch below its VR to
reflect below average loss severity of this debt when compared to
average recoveries.  The bank's hybrid Tier 1 securities are
rated four notches below its VR to reflect higher loss severity
risk of these securities when compared to average recoveries (two
notches from the VR) as well as high risk of non-performance (an
additional two notches).

The ratings of the subordinated debt and hybrid Tier1 securities
have thus been affirmed due to the affirmation of NIBC's VR and
the ratings are broadly sensitive to the same considerations that
might affect NIBC's VR.

NIBC provides advisory services and corporate lending to the
bank's core clientele of mid-sized companies in the Benelux
countries and Germany and offers specialised lending to
international corporate clients.  It is also active in the Dutch
and German residential mortgage markets and operates in both
countries and in Belgium through "NIBC Direct", its online retail
deposit brand.

The rating actions are as follows:

  -- Long-term IDR: affirmed at 'BBB'; Outlook revised to
     Negative from Stable
  -- Short-term IDR: affirmed at 'F3'
  -- Viability Rating: affirmed at 'bbb'
  -- Support Rating: affirmed at '5'
  -- Support Rating Floor: affirmed at 'NF'
  -- State guaranteed debt: affirmed at 'AAA' / 'F1+'
  -- Senior unsecured Long-term debt: affirmed at 'BBB'
  -- Certificates of Deposits and Commercial Paper: Affirmed at
     'F3'
  -- Subordinated debt: affirmed at 'BBB-'
  -- Hybrid Tier 1 securities: affirmed at 'BB-'



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


HYDROBUDOWA POLSKA: Seeks Extra Compensation for A4 Motorway
------------------------------------------------------------
Marek Strzelecki at Bloomberg News reports that Hydrobudowa
Polska SA, the Polish building company under court protection
from creditors, and its partners are seeking PLN270.1 million
(US$80.2 million) in extra compensation to continue work on the
A4 motorway.

Hydrobudowa and its partners on Thursday withdrew from the
original PLN1.4 billion contract to build the motorway section in
southeastern Poland, Bloomberg relates.

As reported by the Troubled Company Reporter-Europe on June 13,
2012, Bloomberg News related that the Poznan District Court on
June 11 agreed to declare Hydrobudowa Polska bankrupt with the
aim of allowing the builder to reach asettlement with its
creditors.

Hydrobudowa Polska is a unit of PBG SA, Poland's third largest
builder.


PBG SA: File for Loan From ARP State Fund
-----------------------------------------
Maciej Martewicz at Bloomberg News reports that PBG SA said in an
e-mailed statement on Friday it filed for a loan from ARP state
fund to finance operations.  The company is under bankruptcy
protection from creditors.

According to Bloomberg, PBG may repay the loan after six months.

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

PBG SA is Poland's third largest builder.


POLIMEX-MOSTOSTAL SA: To Pay Banks 0.75% Fee on Total Liabilities
-----------------------------------------------------------------
Piotr Bujnicki and Maciej Martewicz at Bloomberg News reports
that Polimex-Mostostal SA, the second biggest construction
company, reached a four-month standstill agreement with lenders
on July 25, when PLN100 million (US$29 million) of bonds came
due.

Bloomberg relates that Polimex Chief Financial Officer Robert
Bednarski said on Thursday the company's total bank loan and bond
liabilities were about PLN1.2 billion on July 24.  The company
will pay banks a fee of 0.75% on its total liabilities as part of
the standstill agreement, Bloomberg discloses.

The deal, Bloomberg says, gives the company time to prepare a
strategy to cut its debt, including disposing of some of its
units, and assesses its real estate assets as providing PLN330
million of collateral.  The deal takes effect if holders of more
than 66% of Polimex's debt sign up by July 30, Bloomberg notes.

According to Bloomberg, fund monitor Analizy Online said PBG
offered to pay 69% of its debt to creditors owed more than PLN1
million, fueling an 8.2% net outflow from Polish mutual funds
investing in corporate bonds last month, the biggest since 2008.

Polimex Chief Executive Officer Konrad Jaskola told a news
conference on July 25 that the company is also considering
exchanging debt for equity, Bloomberg recounts.

Mr. Jaskola, as cited by Bloomberg, said that the company has
also offered to sell its Sefako SA and Energomontaz-Polnoc SA
units to Agencja Rozwoju Przemyslu SA, a government investment
fund, and has received bids from other potential investors.

Polimex is a Polish construction company.



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


BANK URALSIB: Fitch Affirms 'BB-' Long-Term IDR; Outlook Negative
-----------------------------------------------------------------
Fitch Ratings has affirmed Bank Uralsib and its subsidiary
Uralsib Leasing Group's (ULG) Long-term foreign-currency Issuer
Default Ratings (IDRs) at 'BB-'.  The agency has revised the
Outlooks on both IDRs to Negative from Stable.

Rating Action Rationale

The revision of the Outlook on Bank Uralsib to Negative reflects
the increased pressure on capital and (albeit to a lesser degree)
liquidity, and the potential for the pressure on capital to
intensify due to the weak quality of some of the bank's assets
and the potential for downward valuation revisions.

The revision of the Outlook on ULG to Negative reflects the
potential for Bank Uralsib's ability to support its subsidiary to
weaken, in line with the bank's own credit profile.

RATING DRIVERS: Bank Uralsib's IDRs and Viability Ratings

Bank Uralsib's Long-term IDR is driven by its 'bb-' Viability
Rating (VR), and reflects the bank's weak asset quality, poor
core profitability and tight capital position.  At the same time,
the ratings also consider Uralsib's nationwide franchise, limited
concentrations in the bank's third-party business, and the
relatively stable retail deposit base, which supports the
liquidity position.

Fitch's concerns over Bank Uralsib's asset quality relate
primarily to related party exposures and investment property, as
well as the bank's still relatively high level of non-performing
loans (NPLs) and signs that further moderate loan impairment
reserves (LIRs) might need to be created against some of the
largest corporate loans.

Related-party risks totalled RUB27 billion or 64% of Fitch core
capital (FCC) at end-2011, and Fitch estimates that these picked
up to over 74% at end-H112.  Among these, equity exposure to SG
Uralsib (about RUB19 billion), an insurance company of which the
bank acquired majority stake in May 2012, is valued at the higher
end of the possible range of estimates, in Fitch's view.
Investment property accounted for about RUB21 billion or 50% of
FCC at end-2011.

Notwithstanding Fitch's moderate comfort on valuation of these
assets, in general, there is a lack of an exit strategy in
respect to these assets, which could constrain the bank's free
capital in the long term, and may necessitate the bank making
additional investments to further develop the assets.

Asset quality has been a weakness for both the bank and its
leasing subsidiary with little resilience in a stress scenario.
At end-2011, the level of NPLs (loans overdue by 90 days or more)
remained high albeit stable at 9.2%, down moderately from 10.7%
at end-2010 as a result of write offs.  There is also a
significant concentration of restructured exposures among the
bank's largest credit risks (about RUB19 billion or 26% of the
top-20 loans excluding related parties at end-2011).  On a
positive note, coverage of NPLs by impairment reserves appeared
reasonable at 101% at end-2011.  Impairment provisions were also
solid in the bank's statutory accounts in H112, and Fitch does
not expect these to increase markedly in H212.  The largest 20
loans and financial lease exposures were equal to about 1.4x FCC
at end-2011, and Fitch expects the key restructured leasing
exposure (equal to 19% of Bank Uralsib's FCC) to start performing
soon.

The bank's liquidity tightened in H211 due to an outflow of
primarily public sector deposits.  This continued in H112 with a
redemption prior to maturity of a syndicated loan as well as the
additional loss of a large state-controlled client.  Fitch
estimates that at end-H112, available liquid assets, net of
potential wholesale repayments in the next 12 months, stood at a
low 6% of customer funding.  However, the risk of a critical
tightening of liquidity is mitigated by the stable core deposit
base, some cash flows generated by the loan book and potential
refinancing of maturing wholesale funding.

The capital position weakened in 2011 due primarily to large
credit and other impairment charges in 2011 (driving a net
consolidated loss of RUB4.2 billion) and significant equity
distributions (RUB4.1 billion).  The reported FCC ratio fell to
10.6% at end-2011 from 14.0% at end-2010.  The regulatory capital
ratio was a tight 11.6% at end-H112, offering very limited
additional loss absorption capacity, and may decrease further on
1 August 2012, potentially by about 1ppt, as a result of higher
risk-weighting of certain assets applied by the regulator.  The
bank's capital plan focuses on sales of some of the non-core
assets. Fitch does not expect the bank's recapitalization by the
shareholder while the net profit for 2012 will likely be modest
at best.

RATING SENSITIVITIES: Bank Uralsib's IDRs and Viability Ratings

The bank's IDR could be downgraded should the pressure on asset
quality, capital and liquidity intensify further.  The Outlook
could be revised to Stable if the bank sells some of its non-core
assets, thereby improving its risk profile and reducing pressure
on capital, while achieving at least moderate improvement in its
performance.

RATING DRIVERS AND SENSITIVITIES: Bank Uralsib's Support Rating
                                  and Support Rating Floor

Bank Uralsib's '4' Support Rating and 'B' Support Rating Floor
reflect the moderate probability of government support, given the
bank's nationwide presence and significant deposit franchise.
The ratings could be downgraded if state support fails to be made
available in case of a marked deterioration of the bank's credit
profile.  The Support Rating could be upgraded if Uralsib was
acquired by a stronger shareholder.

RATING DRIVERS AND SENSITIVITIES: Uralsib Leasing Group's Ratings

ULG's IDRs are aligned with those of Bank Uralsib, reflecting
Fitch's view that the latter would have a high propensity to
support ULG, in case of need.  This view is based on the ultimate
ownership, the high level of operational integration, common
branding and ULG's high reliance on parent funding.  ULG's '3'
Support Rating also reflects this potential support from the
parent.

ULG's Long-term IDRs are likely to move in line with those of
Bank Uralsib. They could be downgraded, or the Outlook could be
revised back to Stable, if there was a similar action on the
parent.

OJSC Financial Corporation Uralsib, ultimately controlled by
Nikolay Tsvetkov, owns 94.76% of the bank's ordinary shares.
Bank Uralsib owns 87.61% of Uralsib Leasing Group.

The rating actions are as follows:

Bank Uralsib

  -- Long-term foreign-currency IDR affirmed at 'BB-'; Outlook
     revised to Negative from Stable
  -- Short-term foreign-currency IDR affirmed at 'B'
  -- Viability Rating affirmed at 'bb-'
  -- Support Rating affirmed at '4'
  -- Support Rating Floor affirmed at 'B'

Uralsib Leasing Group

  -- Long-term foreign-currency IDR affirmed at 'BB-'; Outlook
     revised to Negative from Stable
  -- Short-term foreign-currency IDR affirmed at 'B'
  -- Long-term local-currency IDR affirmed at 'BB-'; Outlook
     revised to Negative from Stable
  -- Support Rating affirmed at '3'


RUSSNEFT OAO: Repays US$1.8 Billion to Creditors
------------------------------------------------
RossBusinessConsulting reports that RussNeft said in a statement
the company has repaid US$1.8 billion to creditors and plans to
pay back about US$400 million before the end of this year.

The company's debt currently totals US$4.96 billion, RBC
discloses.

RussNeft's major creditor Sberbank has agreed to lower the
interest rate for the company to 7%, RBC says.

According to RBC, RussNeft President and co-owner Mikhail
Gutseriyev said on June 26 that RussNeft aims to repay its debt
to Sberbank by 2015 and to Glencore by 2017 and make annual
investments of over US$500 million.

RussNeft is a Russian oil refining company and one of the largest
producers of oil products in the country.

OAO RussNeft is a Russian oil producer.


* SAMARA OBLAST: S&P Rates RUB15-Bil. Senior Unsecured Bond 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'BB+' debt rating
with a recovery rating of '3' and an 'ruAA+' Russia national
scale rating to the 5.5-year amortizing senior unsecured bond of
up to Russian ruble (RUB)15 billion (about US$460 million) issued
by Samara Oblast (BB+/Stable/--).

"The oblast placed the first RUB6.5 billion of the bond on June
20, 2012, and plans to place another RUB3.5 billion in July 2012.
The recovery rating indicates our expectation of meaningful (50%-
70%) recovery for the debtholders in the event of a payment
default," S&P said.

"The bond will have 22 quarterly fixed-rate coupons and an
amortizing repayment schedule. In 2013, 35% of the bond is
scheduled for redemption, a further 35% should be repaid in 2014,
10% in 2015, 10% in 2016, and the remaining 10% in 2017," S&P
said.

"The ratings on the Russian region of Samara Oblast reflect our
view of its limited budgetary flexibility and predictability
within a developing and unbalanced institutional framework, as
well as its low economic wealth and pressure from infrastructure
development needs. The ratings are supported by our expectation
that the oblast will maintain a modest debt burden, positive
liquidity, and a moderate budgetary performance," S&P said.

"The stable outlook on Samara reflects our view that in 2012-2014
continued economic growth and conservative revenue budgeting will
allow the oblast to absorb expenditure pressure without affecting
its sound liquidity position. Our base-case scenario assumes
cautious debt management with reliance on medium-term borrowing,"
S&P said.



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


CM BANCAJA: Fitch Affirms 'CCsf' Rating on EUR14MM Class E Notes
----------------------------------------------------------------
Fitch Ratings has maintained CM Bancaja 1, FTA's class A and B
notes on Rating Watch Negative (RWN) and affirmed the class C, D
and E notes as follows:

  -- EUR36m class A (ES0379349006): 'AA-sf'; maintained on RWN

  -- EUR22m class B (ES0379349014): 'Asf'; maintained on RWN

  -- EUR14m class C (ES0379349022): affirmed at 'BBsf', Stable
     Outlook

  -- EUR13m class D (ES0379349030): affirmed at 'Bsf'; Negative
     Outlook

  -- EUR14m class E (ES0379349048): affirmed at 'CCsf'; assigned
     Recovery Estimate RE0%

The class A and B notes have been maintained on RWN pending the
implementation of remedial actions following the downgrade of
Banco Santander ('BBB+'/Stable/'F2') which serves as account bank
for the transaction.

The transaction's performance has remained relatively stable
since the last surveillance review in August 2011.  Loans more
than 90 days in arrears are 2.92% of the current outstanding
portfolio while loans 180 days past due are 0.91% as of the
May 2012 investor report.  The reserve fund has been below its
required level since March 2010, but has demonstrated an
increasing trend over the past year and is now only EUR775,000
below the required amount.

The transaction has delevered slightly since the last
surveillance review and the current portfolio factor is now
15.44%.  Despite the stable performance, obligor concentration
remains high with the largest obligor at 11.84% of the current
portfolio and the top five obligors at 34.35%.

The affirmation of the class C, D and E notes reflects the
available credit enhancement and ability of each note to
withstand Fitch's rating stresses for each note's rating.  Fitch
incorporates a stress on large obligors in its analysis.
However, the agency notes that the class D notes have less credit
enhancement than the class C note.  As a result, the Outlook on
the class D note is Negative.

The rating and Recovery Estimate assigned to the class E note
reflect the uncertainty regarding repayment at maturity.  The
reserve fund is currently underfunded and although it has
increased over the past year, additional defaults may reduce the
reserve fund prior to maturity.

CM Bancaja 1, FTA is a cash flow securitization of a static pool
of loans to Spanish SMEs granted by Caja de Ahorros de Valencia
Castellon y Alicante (Bancaja, now part of Bankia S.A.,
'BBB'/Negative/'F2').  The issuer is represented by Titulizacion
de Activos SGFT, SA (the Sociedad Gestora), a securitisation fund
management company incorporated under the laws of Spain.


FTPYME BANCAJA: Fitch Affirms 'C' Rating on EUR27MM Class D Notes
-----------------------------------------------------------------
Fitch Ratings has maintained FTPYME Bancaja 6 FTA's class A2 and
A3 (G) notes on Rating Watch Negative (RWN), upgraded the class B
notes and affirmed the others as follows:

  -- EUR59.0m Class A2 (ISIN ES0339735013): 'Asf'; maintained on
     RWN
  -- EUR70.3m Class A3 (G) (ISIN ES0339735021): Asf'; maintained
     on RWN
  -- EUR47.5m Class B (ISIN ES0339735039): upgraded to 'B-sf'
     from 'CCCsf'; Outlook Stable
  -- EUR22.5m Class C (ISIN ES0339735047): affirmed at 'CCsf';
     assign RE of 50%
  -- EUR27.0m Class D (ISIN ES0339735054): affirmed at 'Csf';
     assigned RE of 0%

The RWN on the class A2 and A3 (G) notes reflects their material
exposure to Banco Santander S.A ('BBB+'/Negative/'F2') which acts
as the account bank for the transaction.  Fitch expects the
implementation of remedial actions in the near term based on
correspondence received from the transaction parties.

The upgrade of the class B notes was prompted by increased credit
enhancement (CE) due to structural deleveraging.  Although the
transaction's performance has deteriorated since the last review
with high 90-day+ arrears, the CE on the class B note has built
up to a level commensurate with a 'B-sf' rating.  The tranche can
withstand the agency's stresses on obligor concentration and
recovery rates at the 'B-sf' rating level which reflects the
Stable Outlook.

90-day+ arrears witnessed a sharp increase since the last review
in November and amount to 12% of the outstanding portfolio
balance as of May.  The transaction has a default definition of
18 months overdue and the 12-18 month delinquency bucket stands
at 4.2%.  Fitch expects additional defaults over the next six
months as some of these impairments roll into the default bucket.
Current defaults account for 14% of the outstanding portfolio
balance; however the volume has dropped to EUR27.92 million
compared with EUR33 million in November due to an uptick in
recoveries.  The reserve fund is significantly underfunded at
EUR2.6 million compared with a required amount of EUR27 million
and is unlikely to build up to the required level again.

The affirmation of the class C notes is reflective of the note's
subordinated position in the capital structure and the
transaction performance.  Fitch assigned a recovery estimate (RE)
of 50% to the tranche because 90% of the assets are secured on
property collateral with a relatively low weighted average loan-
to-value of 45%.  Further, the weighted average recovery rate on
worked out loans in the transaction is close to 50% as of May.

The class D notes have been affirmed at 'Csf' as the notes were
issued to fund the reserve and are not backed by assets.  Given
the current level of the reserve fund, default on the notes seems
inevitable unless the realized recoveries are substantially
higher than the agency's expectations.

The portfolio has amortized to 20% of its initial balance.
Borrower concentration has been fairly stable since the last
review with the top borrower at 2% while the top 20 borrowers
make up 19% of the portfolio.  One-third of the portfolio is
concentrated in the real estate and construction sectors.


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


EFG INT'L: Fitch Affirms 'BB+' Rating on Fiduciary Certificates
---------------------------------------------------------------
Fitch Ratings has affirmed Zurich-based EFG International's
(EFGInt) and EFG Bank's, EFGInt's main operating subsidiary,
Long-term Issuer Default Ratings (IDR) at 'A'.  The Outlook on
both Long-term IDRs remains Negative.

RATING DRIVERS AND SENSITIVITIES - IDRS, VR

EFGInt's IDRs and Viability Rating (VR) reflect its global
private banking franchise, limited balance sheet risks, solid
liquidity and funding profile and improving profitability
following a comprehensive re-positioning of its business model
initiated in late 2011.

The Negative Outlook on EFGInt's (and EFG Bank's) Long-term IDRs
reflects the ongoing pressure on profitability and reliance on
non-core Tier 1 capital, notably participation capital (bons de
participation).  A comprehensive cost cutting program nd various
capital strengthening measures in H112 have improved both
underlying profitability and core capital and EFGInt now compares
better with peers on both accounts.

However, core capitalization as measured in Fitch's Core Capital
ratio (at around 8% at end-H112) is still relatively thin and
below peer-group-average and the affirmation of EFGInt's IDRs is
based on Fitch's assumption that EFGInt will continue to improve
core capitalization.  EFGInt will in Fitch's view have to
maintain stronger core capital ratios to absorb any potential
large single-event losses, which could arise from the operational
and reputational risks inherent in its business model.

EFGInt's and EFG Bank's IDRs, VR and Outlook are sensitive to a
change in Fitch's assumption regarding its capitalization level
as well as the sustainability of earnings and underlying
recurring profitability.  Further improvement of the consolidated
capital position, such as, through the planned initial public
offering (IPO) of EFG Financial Products (EFG FP), its structured
products subsidiary, and a continued track record of sustainable
underlying profitability, could result in the revision of the
Outlook to Stable.  Downward ratings pressures would arise in the
short- to medium-term if the bank is unable to maintain or
improve its profitability, in turn limiting internal capital
generation and putting pressure on core capitalization.

EFGInt's ratings are equalized with those of EFG Bank, EFGInt's
main operating subsidiary.  There is no debt at EFGInt
unconsolidated level.  Double leverage at the unconsolidated
EFGInt level adjusted for the bons de participations is
relatively high (at an estimated 135%), but Fitch would expect
the double leverage to fall as the quality of EFGInt's capital
base continues to improve.

The agency recognizes that EFGInt has recently addressed its
capital position.  In H112, EFGInt completed the exchange of a
portion of the participation capital into Basel-III compliant
Tier 2 bonds. The bank has also sold treasury shares to EFG
Group, its majority owner, in H112.  Coupled with capital
generated through earnings in H112 and other minor capital
strengthening measures undertaken in the context of the bank's
business review, the agency estimates an increase of Fitch Core
Capital of around five percentage points since end-2011.

Internal capital generation should improve following the
repositioning of EFGInt's business and management estimates that
it will add around 2% per annum to capital ratios.  EFGInt has
also earmarked EFG FP for an IPO in Q412, market conditions
permitting. A successful IPO could, according to management,
result in a several percentage points increase in EFGInt's Tier 1
capital ratio.

EFGInt made substantial progress in delivering the cost benefits
(CHF35 million per annum to be realized in part in 2012 and in
full from 2013), reduced risk and complexity as well as improved
efficiency set out at the onset of the business review in late
2011.  It has exited a number of underperforming and non-core
businesses and has largely completed the process of headcount
reduction (11% reduction in client relationship officers at end-
H112 since year-end).

Following the reset business platform, EFGInt should in Fitch's
view be able to achieve adequate profitability from its core
operations despite the continued challenging operating
environment, characterized by muted client activity, low interest
rates and the strong Swiss Franc.

Difficult market conditions coupled with the ongoing business
review meant that a series of one-off charges led to a sizeable
net loss at end-2011 (CHF291.4 million).  Life insurance revenue
de-recognition, currency translation losses, write-downs of Greek
holdings, goodwill impairments and restructuring costs were the
main drivers for the loss.  During H112, EFGInt returned to
profitability with a healthy net profit of CHF58.3 million.

RATING DRIVERS AND SENSITIVITIES - SUPPORT RATING

EFG Bank's Support Rating reflects Fitch view of the probability
of support from other members of the group via EFGInt as
extremely likely.  The Support Rating is potentially sensitive to
any change in assumptions around the propensity or ability of
group members to provide timely support to the bank. Support for
EFGInt from its main shareholder or Swiss authorities, on the
other hand, cannot be relied upon.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

EFGInt's bons de participations are rated five notches below its
VR to reflect the fully discretionary coupon deferral. It has
thus been affirmed due to the affirmation of EFGInt's VR and its
ratings are broadly sensitive to the same considerations that
might affect EFGInt's VR.

Basel III-compliant Lower Tier 2 notes, issued by EFG
International (Guernsey) Limited, are rated one notch below the
VR of EFGInt in accordance with Fitch's 'Treatment of Hybrids in
Bank Capital Analysis' criteria dated July 9, 2012.

EFGInt is the holding company of a global private banking group.
It is headquartered in Zurich and listed on the SIX Swiss
Exchange.  As a bank holding company, EFGInt is supervised on a
consolidated basis by the Swiss Financial Markets Supervisory
Authority (FINMA).

The rating actions are as follows:

EFGInt:

  -- Long-term IDR affirmed at 'A', Outlook Negative
  -- Short-term IDR affirmed at 'F1'
  -- Viability Rating affirmed at 'a'
  -- Support Rating affirmed at '5'
  -- Support Rating Floor affirmed at 'No Floor'
  -- Fiduciary certificates (ISIN XS0204324890) backed by
     preferred shares affirmed at 'BB+'

EFG Bank:

  -- Long-term IDR affirmed at 'A', Outlook Negative
  -- Short-term IDR affirmed at 'F1'
  -- Viability Rating affirmed at 'a'
  -- Support Rating affirmed at '1'

EFG International (Guernsey) Limited:

  -- Basel III-compliant Lower Tier 2 notes affirmed at 'A-'


PETROPLUS HOLDINGS: Greenergy Buys Teeside Oil Storage Terminal
---------------------------------------------------------------
Reuters reports that oil product distribution firm Greenergy said
Tuesday it has bought Britain's Teeside oil storage terminal
formerly owned by the bankrupt refining company Petroplus.

The news agency relates that the purchase follows the sale of
Petroplus's major UK asset, the Coryton refinery near London to a
joint venture of Greenergy, Shell and storage operator Vopak,
which will turn the refinery into a storage terminal.

According to Reuters, Greenergy said that it took diesel supplies
from the terminal until it was closed by Petroplus at the start
of the year, and that it had been supplying customers from a
neighbouring Vopak terminal.

"We will continue . . . supply our customers from the Vopak
facility," Reuters quotes Andrew Owens Greenergy Chief Executive
as saying in a statement.  "Once it has been developed, this new
site will be integrated into our existing North East system to
give additional product and manufacturing capability."

Reuters relates that Steven Pearson, joint administrator of
Petroplus's UK assets and partner at PwC said the purchase took a
long time to execute due to the complex nature of the site and
the number of stakeholders involved.

                         About Petroplus

Based in Zug, Switzerland, Petroplus Holdings AG is one of
Europe's largest independent oil refiners.

Petroplus was forced to file for insolvency in late January after
struggling for months with weak demand due to the economic
slowdown in Europe and overcapacity amid tighter credit
conditions, high crude prices and competition from Asia and the
Middle East, MarketWatch said in a March 28 report.

According to MarketWatch, Petroplus said in March a local court
granted "ordinary composition proceedings" for a period of six
months. As part of the court process, Petroplus intends to sell
its assets to repay its creditors.

Some of Petroplus' units in countries other than Switzerland have
filed for "different types of proceedings" and are currently
controlled by court-appointed administrators or liquidators,
which started the process to sell assets, including the company's
refineries.



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


TURKLAND BANK: Fitch Affirms Viability Rating at 'b+'
-----------------------------------------------------
Fitch Ratings has affirmed Turkland Bank A.S.'s (T-Bank) Long-
term foreign currency Issuer Default Rating (IDR) at 'BBB-'.  The
Outlook is Stable.

RATING DRIVERS AND SENSITIVITIES - IDR, National and Support
Rating Jordan-based Arab Bank Plc (Arab Bank; 'A-'/Stable), with
other group banks is the ultimate shareholder of T-Bank with 50%
of the shares.  The IDRs, National and Support Ratings of T-Bank
are driven by the high probability of the bank being supported by
Arab Bank, if required.  In assessing the likelihood of support
for T-Bank, Fitch views positively the commitment of the majority
shareholder, cash capital injections and cooperation,
availability of expertise and knowledge in trade finance and the
shareholder's global network.  However, Fitch notes T-Bank's
limited importance for its majority shareholder' balance sheet
and performance due to its small size as well as its 50%
ownership.  The ratings are sensitive to change in the
shareholder's ratings or any indication of a material reduction
in the parent's commitment to its subsidiary.

RATING DRIVERS AND SENSITIVITIES - VR

T-Bank's 'b+' Viability Rating (VR) reflects the bank's small
size and therefore its limited franchise, improved but still
weaker performance than its peers and only adequate
capitalization.  The rating also considers, improved asset
quality, limited market risk and sound liquidity.

T-Bank's VR could be downgraded if weaker than forecast of
performance of Turkey's economy results in a marked deterioration
of asset quality which might deplete its equity.  T-Bank's
capitalization is only adequate (FCC at 15.89%) due to the bank's
budget to lower total regulatory capital ratio to 13% by end-
2012.  Upside potential for the VR is limited given the bank's
moderate franchise.

Fitch's base case expectation remains that the Turkish economy
will achieve a 'soft landing' in 2012, although agency forecasts
GDP growth to slow to 2.8% from 8.5% in 2011, before rising again
to 4.5% in 2013.  T-Bank's asset quality will probably weaken as
the borrowers' ability to repay their loans will reduce.
However, Fitch does not expect the effect to be significant as T-
Bank has highly collateralized loans resulting in high collection
rates and the fact that the leverage in both corporate and
household sectors in Turkey is still moderate.  At end-Q112, non-
performing loan (NPL) ratio at T-Bank was at 2.3% of total gross
loans, better than the banking system average of 2.7%.

The majority of T-Bank's funding comes from customer deposits,
whilst reliance on wholesale funding remains low.  The short-term
nature of T-Bank's loan book and its stable deposit base provide
comfort in terms of liquidity management.  The bank comfortably
complies with the local regulatory stress requirements.


T-Bank provides corporate, commercial and SME banking services
with a special focus on SME loans and offers retail banking as a
complementary business.  T-Bank had 27 branches at end-Q111.
Apart from Arab Bank group, Lebanon-based Bank Med Sal (unrated)
is the other shareholder of T-Bank with 50%.

The rating actions are as follows:

Turkland:

  -- Long-term foreign and local currency IDRs: affirmed at
     'BBB-'; Outlook Stable
  -- Short-term foreign and local currency IDRs: affirmed at 'F3'
  -- National Long-term Rating: affirmed at 'AAA(tur)'; Stable
     Outlook
  -- Viability Rating: affirmed at 'b+'
  -- Support Rating: affirmed at '2'



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


NORTHWICH VICTORIA: Ex-Administrator Files Winding-Up Petition
--------------------------------------------------------------
Andrew Simpson at Northwich Guardian reports that Northwich
Victoria Football Club (2004) Limited's former administrator last
week asked a judge to close down an old version of the Northern
Premier League outfit.

Solicitors acting for Marshman Price, finance experts that
negotiated an agreement with creditors to pay back part of the
club's six-figures debt in 2009, presented a petition to wind up
the club to Manchester County Court on July 23, Northwich
Guardian relates.

However, a court spokesman confirmed the case has been adjourned
until September 17, Northwich Guardian notes.

Gary Pettit, who acted as supervisor of the club's Company
Voluntary Arrangement (CVA) before it was dissolved in February,
promised in May to present a petition, Northwich Guardian
recounts.

According to Northwich Guardian, Marshman Price has filed
paperwork at Companies House asking its registrar to strike off
the old club, in turn dissolving it, in three months' time.

Northwich Victoria Football Club (2004) Limited operates as a
football club.  The company was founded in 1874 and is based in
Northwich, the United Kingdom.


PORTSMOUTH FC: May Shut in Two Weeks if Player Contracts Fail
-------------------------------------------------------------
Rachael Singh at Accountancy Age reports that PKF administrators
to Portsmouth Football Club have warned the club is under threat
of closure in two weeks if player contracts fail to be agreed
upon.

The club entered administration for the second time in two years
on February 17, with PKF partners Trevor Birch, Ian Gould and
Bryan Jackson appointed, Accountancy Age relates.

In June, the administrators managed to secure a rescue deal known
as a Company Voluntary Arrangement (CVA) in which unsecured
creditors such as the taxman and local businesses are likely to
receive 2p for every pound owed, Accountancy Age recounts.  A
statement from the administrators said that unless the remaining
senior first team players agree to transfers and/or to sign wage
compromise deals the club will close on August 10, the news
article relays.

The club will need to make wage deals with eight of its highest
earners.

If the club is liquidated, players will no longer be protected by
the Football Creditor Rule, which ensures they are paid first and
in full, according to Accountancy Age.  All the players will be
treated as unsecured creditors and are likely to receive less
than 1p for every pound owed, the report notes.

                    About Portsmouth Football

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

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


TATA STEEL: S&P Keeps 'BB' Corp. Credit Rating; Outlook Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlooks on India-
based Tata Steel Ltd. and its U.K-based subsidiary Tata Steel UK
Holdings Ltd. (TSUKH) to negative from stable. Standard & Poor's
also affirmed its 'BB' long-term corporate credit rating on Tata
Steel and its 'BB' issue rating on the company's senior unsecured
notes. "At the same time, we affirmed the 'B+' long-term and 'B'
short-term corporate credit ratings on TSUKH. We also lowered the
recovery rating on TSUKH's GBP3.53 billion bank loan to '2' from
'1' and the issue rating to 'BB-' from 'BB'," S&P said.

"We revised the outlooks to reflect the poor performance of Tata
Steel's wholly owned European subsidiary, TSUKH," said Standard &
Poor's credit analyst Suzanne Smith.

"We assess Tata Steel on a consolidated basis, including TSUKH,
which represents about half of the company's total consolidated
assets. We expect the company's consolidated profit margin to
continue to be weak, resulting in its debt-to-EBITDA ratio
staying above 4.0x, until the company's India operations receive
the full benefit of a recently commissioned 3 million tons annual
capacity. These benefits are expected to accrue only in the
fiscal year ending March 31, 2014," S&P said.

"We may lower the rating on Tata Steel if the company's
consolidated operating performance does not recover in line with
our expectations. This is likely to be due to further slowing in
the European operations. A double dip in the European economy or
worsening steel industry conditions in India would result in
EBITDA per ton of about US$300 or lower, further hurting Tata
Steel's financial ratios," S&P said.

"We may revise the outlook to stable when we expect the company
to improve its operating performance in line with our earlier
expectations, resulting in a ratio of adjusted debt to EBITDA of
about 4x and funds from operations to adjusted debt of more than
15%," S&P said.

"In our view, the European steel industry will continue to face
soft demand and excess steelmaking capacity for the next one to
two years. We therefore expect TSUKH to continue to have a very
low margin of 2.3% in the fiscal year ending March 31, 2013," S&P
said.

"Although we expect Tata Steel's EBITDA to increase in fiscal
2013, it will still be below our earlier expectations,' said
Ms. Smith. 'Limited pricing flexibility, slower-than-expected
growth in sales at the India operations following brownfield
capacity expansion, and lower volumes in Europe will keep EBITDA
margin at about 12% in fiscal 2013."

"We also expect Tata Steel to generate negative free operating
cash flow of Indian rupees 60 billion in fiscal 2013, resulting
in only a gradual recovery in the company's financial metrics. We
expect the ratio of debt to EBITDA to recover to 4.5x in fiscal
2013 and 3.5x in fiscal 2014. In our view, the improvement will
be mostly driven by growth at the India operations," S&P said.

"We assess Tata Steel's liquidity as 'adequate,' as defined in
our criteria. We expect that Tata Steel has adequate resources
and willingness to ensure that liquidity at TSUKH is also
adequate," S&P said.

"We lowered the recovery rating based upon a lower stressed
EBITDA that we use to value TSUKH at our hypothetical point of
default in fiscal 2016. This reflects the weak economic and
challenging steel industry conditions in Europe," S&P said.



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


* BOND PRICING: For the Week July 23 to July 27, 2012
-----------------------------------------------------

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

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

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

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

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

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

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

FRANCE
------
AIR FRANCE-KLM             4.970     4/1/2015      EUR     10.95
ALCATEL-LUCENT             5.000     1/1/2015      EUR      2.43
ALTRAN TECHNOLOG           6.720     1/1/2015      EUR      4.99
ASSYSTEM                   4.000     1/1/2017      EUR     22.59
ATOS ORIGIN SA             2.500     1/1/2016      EUR     55.74
BNP PARIBAS                2.890    5/16/2036      JPY     72.00
CAISSE CENT IMMO           7.000    5/16/2014      EUR     22.68
CAISSE CENT IMMO           7.000    5/18/2015      EUR      4.03
CAISSE CENT IMMO           7.000    9/10/2015      EUR     10.61
CALYON                     6.000    6/18/2047      EUR     32.94
CAP GEMINI SOGET           3.500     1/1/2014      EUR     38.54
CGG VERITAS                1.750     1/1/2016      EUR     32.12
CLUB MEDITERRANE           6.110    11/1/2015      EUR     18.08
CMA CGM                    8.500    4/15/2017      USD     58.75
CMA CGM                    8.500    4/15/2017      USD     57.63
CMA CGM                    8.875    4/15/2019      EUR     56.92
CMA CGM                    8.875    4/15/2019      EUR     56.67
CNP ASSURANCES             6.000    9/14/2040      EUR     71.99
CNP ASSURANCES             6.875    9/30/2041      EUR     73.06
CNP ASSURANCES             7.375    9/30/2041      GBP     74.08
CREDIT LOCAL FRA           3.750    5/26/2020      EUR     51.11
DEXIA CRED LOCAL           4.020    3/13/2017      EUR     69.09
DEXIA CRED LOCAL           4.110    9/18/2018      EUR     60.27
DEXIA CRED LOCAL           4.375    2/12/2019      EUR     36.17
DEXIA CRED LOCAL           4.500    2/25/2020      EUR     55.42
DEXIA CRED LOCAL           4.550     4/2/2020      EUR     55.44
DEXIA CRED LOCAL           5.037     8/4/2020      EUR     56.36
DEXIA MUNI AGNCY           1.000   12/23/2024      EUR     72.17
DEXIA MUNI AGNCY           4.680     3/9/2029      CAD     71.08
EURAZEO                    6.250    6/10/2014      EUR     54.93
EUROPCAR GROUPE            9.375    4/15/2018      EUR     70.38
EUROPCAR GROUPE            9.375    4/15/2018      EUR     69.90
FAURECIA                   4.500     1/1/2015      EUR     19.79
GIE PSA TRESORER           6.000    9/19/2033      EUR     71.76
GROUPAMA SA                7.875   10/27/2039      EUR     56.39
GROUPE VIAL                2.500     1/1/2014      EUR      2.43
INGENICO                   2.750     1/1/2017      EUR     51.26
MAUREL ET PROM             7.125    7/31/2014      EUR     19.24
MAUREL ET PROM             7.125    7/31/2015      EUR     17.95
NEXANS SA                  4.000     1/1/2016      EUR     56.39
NEXANS SA                  2.500     1/1/2019      EUR     67.08
NOVASEP HLDG               9.750   12/15/2016      USD     49.50
NOVASEP HLDG               9.750   12/15/2016      USD     49.50
ORPEA                      3.875     1/1/2016      EUR     46.74
PEUGEOT SA                 4.450     1/1/2016      EUR     22.39
PIERRE VACANCES            4.000    10/1/2015      EUR     74.22
PUBLICIS GROUPE            3.125    7/30/2014      EUR     40.84
PUBLICIS GROUPE            1.000    1/18/2018      EUR     52.73
SG OPTION EUROPE           8.000    7/10/2015      USD     71.45
SOC AIR FRANCE             2.750     4/1/2020      EUR     20.90
SOCIETE GENERALE           0.500     9/7/2021      AUD     53.85
SOCIETE GENERALE           0.500    12/6/2021      AUD     52.91
SOCIETE GENERALE           0.500    4/27/2022      AUD     51.14
SOCIETE GENERALE           0.500    4/27/2022      USD     61.07
SOCIETE GENERALE           0.500    7/11/2022      AUD     55.40
SOCIETE GENERALE           0.500    7/11/2022      USD     60.20
SOITEC                     6.250     9/9/2014      EUR      8.16
TEM                        4.250     1/1/2015      EUR     53.65

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

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

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

ICELAND
-------
KAUPTHING                  7.000    7/24/2009      ISK     26.63
KAUPTHING                  6.500    10/8/2010      ISK     26.63
KAUPTHING                  0.800    2/15/2011      EUR     26.63
KAUPTHING                  8.000    6/22/2011      ISK      0.13
KAUPTHING                  7.000    4/28/2012      ISK      0.13
KAUPTHING                  5.800     9/7/2012      EUR     26.63
KAUPTHING                  7.500    12/5/2014      ISK     26.63
KAUPTHING                  6.400   12/15/2015      EUR     26.63
KAUPTHING                  7.500     2/1/2045      USD      0.13
KAUPTHING                  6.500     2/3/2045      EUR      0.13
KAUPTHING BANK             5.500     2/2/2009      USD     26.63
KAUPTHING BANK             4.950     5/6/2009      EUR     26.63
KAUPTHING BANK             0.200    7/12/2009      JPY     26.63
KAUPTHING BANK             1.800   10/20/2009      JPY     26.63
KAUPTHING BANK             3.000    2/12/2010      CHF     26.63
KAUPTHING BANK             4.700    2/15/2010      CAD     26.63
KAUPTHING BANK             1.650     7/5/2010      JPY     26.63
KAUPTHING BANK             7.500    10/2/2010      EUR     26.63
KAUPTHING BANK             0.945   10/20/2010      JPY     26.63
KAUPTHING BANK             4.470   10/27/2010      EUR     26.63
KAUPTHING BANK             7.000     1/3/2011      EUR     26.63
KAUPTHING BANK             4.500    1/17/2011      EUR     26.63
KAUPTHING BANK             7.500     4/2/2011      EUR     26.63
KAUPTHING BANK             0.690    5/21/2011      JPY     26.63
KAUPTHING BANK             7.700    10/2/2011      EUR     26.63
KAUPTHING BANK             5.750    10/4/2011      USD     26.63
KAUPTHING BANK             5.750    10/4/2011      USD     26.63
KAUPTHING BANK             4.530    4/24/2012      EUR     26.63
KAUPTHING BANK             1.990     7/5/2012      JPY     26.63
KAUPTHING BANK             4.650    2/19/2013      EUR     26.63
KAUPTHING BANK             5.000    11/8/2013      EUR     26.63
KAUPTHING BANK             5.400    3/22/2014      ISK      0.13
KAUPTHING BANK             7.625    2/28/2015      USD     26.63
KAUPTHING BANK             7.625    2/28/2015      USD     26.63
KAUPTHING BANK             9.750    9/10/2015      USD     26.63
KAUPTHING BANK             7.125    5/19/2016      USD      0.13
KAUPTHING BANK             7.125    5/19/2016      USD      0.13
KAUPTHING BANK             1.750     6/7/2016      EUR     26.63
KAUPTHING BANK             6.125    10/4/2016      USD     26.63
KAUPTHING BANK             6.125    10/4/2016      USD     26.63
KAUPTHING BANK             4.900    5/29/2017      EUR     26.63
KAUPTHING BANK             5.250    7/18/2017      BGN     26.63
KAUPTHING BANK             3.750    2/15/2024      ISK     26.63
KAUPTHING BANK             5.000     1/4/2027      SKK     26.63
KAUPTHING HF               7.900     2/1/2016      EUR     26.63
KAUPTHING HF               7.900    4/28/2016      EUR     26.63
LANDSBANKI ISLAN           4.375   10/20/2008      EUR      5.75
LANDSBANKI ISLAN           4.400    1/18/2010      CAD      5.75
LANDSBANKI ISLAN           4.320    1/31/2010      EUR      5.75
LANDSBANKI ISLAN           7.000     4/2/2010      EUR      5.75
LANDSBANKI ISLAN           4.280   11/19/2010      EUR      5.75
LANDSBANKI ISLAN           3.000    12/7/2010      CHF      5.75
LANDSBANKI ISLAN           4.340     3/1/2011      EUR      5.75
LANDSBANKI ISLAN           2.750    3/16/2011      EUR      5.75
LANDSBANKI ISLAN           7.250     4/2/2011      EUR      5.75
LANDSBANKI ISLAN           6.100    8/25/2011      USD      5.75
LANDSBANKI ISLAN           6.100    8/25/2011      USD      5.75
LANDSBANKI ISLAN           4.530    4/24/2012      EUR      5.75
LANDSBANKI ISLAN           3.340    5/11/2012      EUR      5.75
LANDSBANKI ISLAN           4.750    5/31/2013      EUR      5.75
LANDSBANKI ISLAN           6.750    2/18/2015      EUR      5.75
LANDSBANKI ISLAN           6.750    8/18/2015      EUR      5.75
LANDSBANKI ISLAN           3.000   10/22/2015      EUR      5.75
LANDSBANKI ISLAN           7.750    2/22/2016      USD      5.75
LANDSBANKI ISLAN           6.000     6/6/2017      EUR      5.75
LANDSBANKI ISLAN           5.250     6/5/2023      EUR      5.75
LANDSBANKI ISLAN           7.200    4/27/2026      EUR      0.25
LANDSBANKI ISLAN           4.400   11/30/2035      EUR      0.25
LANDSBANKI ISLND           3.110   11/10/2008      EUR      5.75
LANDSBANKI ISLND           4.400    11/3/2009      CZK      5.75
LANDSBANKI ISLND           3.200    5/10/2010      SKK      5.75
LANDSBANKI ISLND           2.250    2/14/2011      CHF      5.75
LANDSBANKI ISLND           8.650     5/1/2011      ISK      5.75
LANDSBANKI ISLND           3.360    8/17/2012      EUR      5.75
LANDSBANKI ISLND           5.080     3/1/2013      ISK      5.75
LANDSBANKI ISLND           1.683   12/22/2014      JPY      5.75
LANDSBANKI ISLND           4.075    3/16/2015      EUR      5.75
LANDSBANKI ISLND           4.000    9/23/2015      EUR      5.75
LANDSBANKI ISLND           5.440     9/3/2018      EUR      0.25
LANDSBANKI ISLND           2.220   10/15/2019      JPY      5.75
LANDSBANKI ISLND           2.140     2/3/2020      JPY      5.75
LANDSBANKI ISLND           4.340   12/22/2025      EUR      5.75
LANDSBANKI ISLND           3.450   12/18/2033      JPY      0.25

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

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

LUXEMBOURG
----------
ARCELORMITTAL              7.250     4/1/2014      EUR     22.44
CERRUTI FINANCE            6.500    7/26/2004      EUR      1.50
CIRIO FINANCE              7.500    11/3/2002      EUR      1.00
CIRIO HOLDING              6.250    2/16/2004      EUR      0.13
CODERE FIN LUX             9.250    2/15/2019      USD     74.25
CODERE FIN LUX             9.250    2/15/2019      USD     75.33
DEL MONTE FIN SA           6.625    5/24/2006      EUR     12.13
ESFG INTERNATION           6.875   10/21/2019      EUR     64.47
ESPIRITO SANTO F           9.750   12/19/2025      EUR     64.83
FINMEK INTL                7.000    12/3/2004      EUR      0.13
GLOBAL BOND VIII           3.700    9/18/2017      EUR     74.63
HELLAS III                 8.500   10/15/2013      EUR      0.25
HELLAS III                 8.500   10/15/2013      EUR      0.25
IIB LUXEMBOURG            11.000    2/19/2013      USD      1.38
INTL INDUST BANK           9.000     7/6/2011      EUR      1.09
IT HOLDING FIN             9.875   11/15/2012      EUR      0.13
IT HOLDING FIN             9.875   11/15/2012      EUR      0.13
LA VEGGIA FIN              7.125   11/14/2004      EUR      1.38
LIGHTHOUSE INTL            8.000    4/30/2014      EUR     10.75
LIGHTHOUSE INTL            8.000    4/30/2014      EUR     10.75
TEKSID ALUMI LUX          11.375    7/15/2011      EUR      1.38
VIVALDIS                   0.500    6/13/2013      EUR     61.45
VIVALDIS                   0.500    6/13/2028      EUR     61.45
VIVALDIS                   0.500     8/8/2028      EUR     66.04

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

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

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

RUSSIA
------
ARIZK                      3.000   12/20/2030      RUB     40.63
DVTG-FINANS                7.750    7/18/2013      RUB     20.29
DVTG-FINANS               17.000    8/29/2013      RUB     55.55
NOK                       12.500    8/26/2014      RUB      5.00
PROMPEREOSNASTKA           1.000   12/17/2012      RUB      0.01
RBC OJSC                   3.270    4/19/2018      RUB     51.20
SATURN                     8.000     6/6/2014      RUB      2.02

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

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

SWITZERLAND
-----------
BANK JULIUS BAER           8.750    7/26/2012      EUR     75.00
BANK JULIUS BAER          12.000    7/27/2012      EUR     71.05
BANK JULIUS BAER          11.000    7/27/2012      CHF     71.10
BANK JULIUS BAER           9.300    7/27/2012      EUR     74.00
BANK JULIUS BAER          11.300     8/3/2012      CHF     58.82
BANK JULIUS BAER          22.800     8/3/2012      USD     45.09
BANK JULIUS BAER           7.400     8/3/2012      EUR     73.98
BANK JULIUS BAER           9.000    9/17/2012      CHF     37.10
BANK JULIUS BAER          10.500   12/14/2012      USD     72.90
BANK JULIUS BAER           9.700   12/20/2012      CHF     69.80
BANK JULIUS BAER          11.400    1/28/2013      CHF     74.55
BANK JULIUS BAER          17.300     2/1/2013      EUR     50.30
BANK JULIUS BAER          11.500    2/20/2013      CHF     73.90
BANK JULIUS BAER          10.500    3/28/2013      CHF     69.65
BANK JULIUS BAER          12.000     4/9/2013      CHF     42.00
BANK JULIUS BAER           9.250    4/24/2013      CHF     73.70
BANK JULIUS BAER           8.700     8/5/2013      CHF     74.43
CLARIDEN LEU NAS          10.250     8/2/2012      CHF     52.91
CLARIDEN LEU NAS          10.500     8/2/2012      EUR     44.94
CLARIDEN LEU NAS          11.000     8/2/2012      USD     51.61
CLARIDEN LEU NAS          13.000     8/2/2012      EUR     70.61
CLARIDEN LEU NAS          10.000     8/3/2012      CHF     70.97
CLARIDEN LEU NAS           9.250     8/8/2012      EUR     74.58
CLARIDEN LEU NAS          10.000     8/8/2012      USD     65.04
CLARIDEN LEU NAS          11.750     8/8/2012      EUR     62.78
CLARIDEN LEU NAS          10.000    8/10/2012      EUR     60.56
CLARIDEN LEU NAS          12.000    8/15/2012      USD     63.72
CLARIDEN LEU NAS          14.000    8/16/2012      CHF     69.16
CLARIDEN LEU NAS           7.000    8/16/2012      CHF     52.37
CLARIDEN LEU NAS          11.250    8/22/2012      CHF     68.11
CLARIDEN LEU NAS          10.500     9/4/2012      USD     63.33
CLARIDEN LEU NAS          12.000     9/4/2012      EUR     28.36
CLARIDEN LEU NAS           9.250     9/4/2012      CHF     39.63
CLARIDEN LEU NAS           7.500    9/10/2012      CHF     57.99
CLARIDEN LEU NAS          11.000    9/10/2012      EUR     66.18
CLARIDEN LEU NAS          10.000    9/11/2012      CHF     41.97
CLARIDEN LEU NAS          10.250    9/17/2012      CHF     42.87
CLARIDEN LEU NAS           9.000    9/24/2012      CHF     54.12
CLARIDEN LEU NAS           9.500    9/24/2012      CHF     60.91
CLARIDEN LEU NAS           7.000    10/4/2012      CHF     43.71
CLARIDEN LEU NAS          10.000    10/8/2012      EUR     57.73
CLARIDEN LEU NAS           9.500   10/15/2012      CHF     43.49
CLARIDEN LEU NAS          10.000   10/15/2012      CHF     42.89
CLARIDEN LEU NAS           8.500   10/15/2012      CHF     42.38
CLARIDEN LEU NAS           8.000   10/15/2012      CHF     56.67
CLARIDEN LEU NAS          10.250   10/18/2012      EUR     71.27
CLARIDEN LEU NAS          19.000   10/18/2012      USD     67.37
CLARIDEN LEU NAS           7.500   11/13/2012      CHF     46.62
CLARIDEN LEU NAS           7.250   11/13/2012      CHF     74.99
CLARIDEN LEU NAS           7.250   11/16/2012      CHF     47.27
CLARIDEN LEU NAS           7.125   11/19/2012      CHF     46.60
CLARIDEN LEU NAS           8.000   11/20/2012      CHF     71.54
CLARIDEN LEU NAS          12.000   11/23/2012      CHF     74.92
CLARIDEN LEU NAS          10.500   11/26/2012      EUR     64.26
CLARIDEN LEU NAS          12.500   12/14/2012      EUR     69.99
CLARIDEN LEU NAS           0.000   12/14/2012      CHF     42.65
CLARIDEN LEU NAS           8.250   12/17/2012      CHF     58.70
CLARIDEN LEU NAS           0.000   12/17/2012      EUR     65.92
CLARIDEN LEU NAS          18.000   12/28/2012      USD     70.32
CLARIDEN LEU NAS           8.750    1/15/2013      CHF     61.21
CLARIDEN LEU NAS           0.000    1/24/2013      CHF     58.54
CLARIDEN LEU NAS          11.500    2/13/2013      EUR     50.27
CLARIDEN LEU NAS           9.000    2/14/2013      CHF     58.74
CLARIDEN LEU NAS          20.000    2/27/2013      USD     72.31
CLARIDEN LEU NAS           8.500    2/27/2013      CHF     70.84
CLARIDEN LEU NAS          12.500     3/1/2013      USD     67.26
CLARIDEN LEU NAS          11.500    3/20/2013      CHF     73.35
CLARIDEN LEU NAS           0.000    3/25/2013      CHF     47.80
CLARIDEN LEU NAS           0.000     4/4/2013      CHF     67.62
CLARIDEN LEU NAS          10.000    4/10/2013      CHF     69.83
CLARIDEN LEU NAS           6.500    4/26/2013      CHF     47.02
CLARIDEN LEU NAS           0.000    5/31/2013      CHF     60.03
CLARIDEN LEU NAS          10.000    6/10/2013      CHF     45.83
CLARIDEN LEU NAS          13.000    7/15/2013      CHF     55.64
CLARIDEN LEU NAS           7.000    7/22/2013      CHF     58.38
CLARIDEN LEU NAS           0.000    8/26/2013      EUR     70.12
CLARIDEN LEU NAS           0.000     9/9/2013      EUR     72.45
CLARIDEN LEU NAS           3.250    9/16/2013      CHF     39.01
CLARIDEN LEU NAS           0.000    9/16/2013      USD     73.40
CLARIDEN LEU NAS           0.000    9/23/2013      CHF     40.84
CLARIDEN LEU NAS           0.000    9/30/2013      USD     72.45
CLARIDEN LEU NAS           0.000    11/4/2013      CHF     69.52
CLARIDEN LEU NAS           0.000    11/4/2013      USD     69.26
CLARIDEN LEU NAS           0.000   11/26/2013      CHF     51.97
CLARIDEN LEU NAS           0.000    2/11/2014      CHF     44.23
CLARIDEN LEU NAS           0.000    2/24/2014      CHF     44.70
CLARIDEN LEU NAS           0.000    5/13/2014      CHF     60.03
CLARIDEN LEU NAS           0.000    5/26/2014      CHF     61.30
CLARIDEN LEU NAS           0.000     6/3/2014      CHF     72.39
CLARIDEN LEU NAS           0.000    6/10/2014      CHF     49.71
CLARIDEN LEU NAS           0.000    6/10/2014      CHF     61.08
CLARIDEN LEU NAS           4.500     8/6/2014      EUR     64.05
CLARIDEN LEU NAS           5.250     8/6/2014      CHF     41.89
CLARIDEN LEU NAS           4.500    8/13/2014      CHF     39.08
CLARIDEN LEU NAS           0.000    8/27/2014      CHF     50.00
CLARIDEN LEU NAS           0.000    9/10/2014      CHF     41.19
CLARIDEN LEU NAS           0.000   10/15/2014      CHF     46.84
CRED SUIS NY               8.000     8/3/2012      USD     27.47
CREDIT SUISSE LD           8.250    8/30/2012      USD     69.60
CREDIT SUISSE LD           4.000   12/10/2012      EUR     45.60
CREDIT SUISSE LD           8.900    3/25/2013      EUR     55.49
CREDIT SUISSE LD           1.640     6/1/2042      USD     49.50
MER LYN CAP MRKT           6.600     8/3/2012      EUR     70.47
S-AIR GROUP                2.125    11/4/2004      CHF     10.00
S-AIR GROUP                0.125     7/7/2005      CHF     10.63
S-AIR GROUP                4.250     2/2/2007      CHF     10.75
SARASIN CI LTD             8.000     9/3/2012      CHF     48.78
SARASIN CI LTD             8.000    4/27/2015      CHF     59.61
SARASIN/GUERNSEY          10.000    8/10/2012      EUR     44.61
SARASIN/GUERNSEY          17.000   10/12/2012      EUR     69.52
SARASIN/GUERNSEY          15.200   12/12/2012      EUR     71.17
SARASIN/GUERNSEY          13.200    1/23/2013      EUR     74.52
SWISSAIR                   6.250   10/27/2002      CHF     10.00
SWISSAIR                   5.500    7/23/2003      CHF     10.00
SWISSAIR                   2.750    7/30/2004      CHF     10.38
SWISSAIR                   2.750    7/30/2004      CHF     10.00
SWISSAIR                   6.250    4/12/2005      CHF     10.88
UBS AG                    11.760    7/31/2012      USD     15.93
UBS AG                    12.040    7/31/2012      USD      7.05
UBS AG                     8.460    7/31/2012      USD     26.25
UBS AG                    10.500     8/2/2012      EUR     48.15
UBS AG                    10.200     8/2/2012      CHF     70.70
UBS AG                    10.000     8/2/2012      CHF     46.35
UBS AG                    11.000     8/2/2012      EUR     59.70
UBS AG                    11.500     8/2/2012      CHF     67.00
UBS AG                     9.500    8/10/2012      USD     28.42
UBS AG                    13.250    8/10/2012      USD     14.09
UBS AG                    17.250    8/15/2012      EUR     33.20
UBS AG                    16.000    8/15/2012      CHF     72.00
UBS AG                    14.000    8/27/2012      CHF     66.60
UBS AG                     9.430    8/31/2012      USD     33.37
UBS AG                    11.650    8/31/2012      USD     15.65
UBS AG                    17.730     9/3/2012      EUR     54.40
UBS AG                    18.020     9/3/2012      EUR     67.22
UBS AG                    19.660     9/3/2012      EUR     71.76
UBS AG                    20.830     9/3/2012      EUR     61.24
UBS AG                    13.630     9/3/2012      EUR     55.31
UBS AG                    13.980     9/3/2012      EUR     59.93
UBS AG                    15.150     9/3/2012      EUR     66.48
UBS AG                    15.270     9/3/2012      EUR     74.62
UBS AG                    17.640     9/3/2012      EUR     49.63
UBS AG                     9.070     9/3/2012      EUR     58.58
UBS AG                    10.500     9/3/2012      EUR     66.94
UBS AG                    10.830     9/3/2012      EUR     60.47
UBS AG                    11.600     9/3/2012      EUR     73.38
UBS AG                    12.390    9/11/2012      USD     27.37
UBS AG                    13.000    9/21/2012      EUR     47.40
UBS AG                    22.700    9/21/2012      EUR     43.55
UBS AG                     8.530    9/28/2012      EUR     69.41
UBS AG                     8.670    9/28/2012      EUR     62.48
UBS AG                     8.810    9/28/2012      EUR     63.78
UBS AG                     8.960    9/28/2012      EUR     74.41
UBS AG                     9.540    9/28/2012      EUR     60.71
UBS AG                     9.750    9/28/2012      EUR     66.65
UBS AG                     9.830    9/28/2012      EUR     61.24
UBS AG                    10.020    9/28/2012      EUR     72.16
UBS AG                    10.440    9/28/2012      EUR     58.97
UBS AG                    10.900    9/28/2012      EUR     58.93
UBS AG                    11.040    9/28/2012      EUR     64.15
UBS AG                    11.130    9/28/2012      EUR     70.07
UBS AG                    11.360    9/28/2012      EUR     57.34
UBS AG                    12.020    9/28/2012      EUR     56.83
UBS AG                    12.130    9/28/2012      EUR     74.79
UBS AG                    12.290    9/28/2012      EUR     55.72
UBS AG                    12.300    9/28/2012      EUR     68.13
UBS AG                    12.390    9/28/2012      EUR     61.87
UBS AG                    12.860    9/28/2012      EUR     72.92
UBS AG                    13.180    9/28/2012      EUR     54.90
UBS AG                    13.230    9/28/2012      EUR     54.28
UBS AG                    13.500    9/28/2012      EUR     66.32
UBS AG                    13.590    9/28/2012      EUR     71.14
UBS AG                    13.800    9/28/2012      EUR     59.80
UBS AG                    14.180    9/28/2012      EUR     53.02
UBS AG                    14.320    9/28/2012      EUR     69.45
UBS AG                    14.390    9/28/2012      EUR     53.14
UBS AG                    14.740    9/28/2012      EUR     64.64
UBS AG                    15.050    9/28/2012      EUR     67.83
UBS AG                    15.130    9/28/2012      EUR     51.67
UBS AG                    15.240    9/28/2012      EUR     57.89
UBS AG                    15.290    9/28/2012      EUR     73.32
UBS AG                    15.640    9/28/2012      EUR     51.53
UBS AG                    15.770    9/28/2012      EUR     66.30
UBS AG                    16.000    9/28/2012      EUR     63.06
UBS AG                    16.090    9/28/2012      EUR     50.48
UBS AG                    16.320    9/28/2012      EUR     71.53
UBS AG                    16.490    9/28/2012      EUR     64.85
UBS AG                    16.720    9/28/2012      EUR     56.15
UBS AG                    16.930    9/28/2012      EUR     50.05
UBS AG                    17.050    9/28/2012      EUR     49.44
UBS AG                    17.090    9/28/2012      EUR     73.64
UBS AG                    17.280    9/28/2012      EUR     61.59
UBS AG                    17.370    9/28/2012      EUR     69.84
UBS AG                    17.920    9/28/2012      EUR     62.15
UBS AG                    18.020    9/28/2012      EUR     48.31
UBS AG                    18.220    9/28/2012      EUR     54.55
UBS AG                    18.240    9/28/2012      EUR     48.68
UBS AG                    18.420    9/28/2012      EUR     68.25
UBS AG                    18.580    9/28/2012      EUR     60.21
UBS AG                    19.000    9/28/2012      EUR     47.31
UBS AG                    19.330    9/28/2012      EUR     59.70
UBS AG                    19.490    9/28/2012      EUR     66.75
UBS AG                    19.580    9/28/2012      EUR     47.42
UBS AG                    19.880    9/28/2012      EUR     58.92
UBS AG                    19.910    9/28/2012      EUR     72.98
UBS AG                    20.500    9/28/2012      EUR     74.75
UBS AG                    20.740    9/28/2012      EUR     57.48
UBS AG                    20.920    9/28/2012      EUR     46.25
UBS AG                    21.970    9/28/2012      EUR     44.66
UBS AG                    22.150    9/28/2012      EUR     55.46
UBS AG                    23.000    9/28/2012      EUR     74.28
UBS AG                    23.560    9/28/2012      EUR     53.61
UBS AG                    24.000    9/28/2012      EUR     74.45
UBS AG                    24.960    9/28/2012      EUR     51.92
UBS AG                    19.990    9/28/2012      EUR     46.38
UBS AG                    10.620    10/1/2012      EUR     47.31
UBS AG                    10.640    10/1/2012      EUR     60.84
UBS AG                    10.650    10/1/2012      EUR     23.82
UBS AG                    10.740    10/1/2012      EUR     47.33
UBS AG                    10.840    10/1/2012      EUR     60.88
UBS AG                    10.930    10/1/2012      EUR     23.83
UBS AG                    11.010    10/1/2012      EUR     60.90
UBS AG                    11.150    10/1/2012      EUR     23.86
UBS AG                    11.160    10/1/2012      EUR     60.93
UBS AG                    11.280    10/1/2012      EUR     60.95
UBS AG                    11.330    10/1/2012      EUR     23.89
UBS AG                    11.380    10/1/2012      EUR     60.96
UBS AG                    11.460    10/1/2012      EUR     60.98
UBS AG                    11.460    10/1/2012      EUR     23.95
UBS AG                    11.530    10/1/2012      EUR     60.99
UBS AG                     8.260    10/1/2012      EUR     58.42
UBS AG                     8.310    10/1/2012      EUR     23.45
UBS AG                     8.400    10/1/2012      EUR     58.44
UBS AG                     8.420    10/1/2012      EUR     25.53
UBS AG                     8.500    10/1/2012      EUR     64.74
UBS AG                     8.530    10/1/2012      EUR     58.46
UBS AG                     8.540    10/1/2012      EUR     60.97
UBS AG                     8.660    10/1/2012      EUR     47.00
UBS AG                     8.720    10/1/2012      EUR     64.78
UBS AG                     8.720    10/1/2012      EUR     58.49
UBS AG                     8.730    10/1/2012      EUR     25.58
UBS AG                     8.850    10/1/2012      EUR     61.02
UBS AG                     8.910    10/1/2012      EUR     64.81
UBS AG                     8.910    10/1/2012      EUR     23.55
UBS AG                     9.060    10/1/2012      EUR     64.83
UBS AG                     9.110    10/1/2012      EUR     61.06
UBS AG                     9.160    10/1/2012      EUR     47.08
UBS AG                     9.200    10/1/2012      EUR     25.66
UBS AG                     9.340    10/1/2012      EUR     61.10
UBS AG                     9.360    10/1/2012      EUR     25.68
UBS AG                     9.440    10/1/2012      EUR     23.63
UBS AG                     9.530    10/1/2012      EUR     61.13
UBS AG                     9.540    10/1/2012      EUR     60.67
UBS AG                     9.580    10/1/2012      EUR     47.14
UBS AG                     9.690    10/1/2012      EUR     61.15
UBS AG                     9.820    10/1/2012      EUR     61.17
UBS AG                     9.860    10/1/2012      EUR     60.72
UBS AG                     9.900    10/1/2012      EUR     25.77
UBS AG                     9.910    10/1/2012      EUR     23.71
UBS AG                     9.920    10/1/2012      EUR     61.19
UBS AG                     9.930    10/1/2012      EUR     47.20
UBS AG                    10.150    10/1/2012      EUR     60.77
UBS AG                    10.220    10/1/2012      EUR     47.25
UBS AG                    10.310    10/1/2012      EUR     23.77
UBS AG                    10.410    10/1/2012      EUR     60.81
UBS AG                    10.440    10/1/2012      EUR     47.28
UBS AG                    11.560    10/1/2012      EUR     23.97
UBS AG                    11.580    10/1/2012      EUR     60.99
UBS AG                     7.140    10/1/2012      EUR     25.33
UBS AG                     7.190    10/1/2012      EUR     58.25
UBS AG                     7.240    10/1/2012      EUR     64.54
UBS AG                     7.380    10/1/2012      EUR     25.37
UBS AG                     7.380    10/1/2012      EUR     60.79
UBS AG                     7.450    10/1/2012      EUR     58.29
UBS AG                     7.460    10/1/2012      EUR     46.81
UBS AG                     7.610    10/1/2012      EUR     64.60
UBS AG                     7.620    10/1/2012      EUR     25.41
UBS AG                     7.660    10/1/2012      EUR     23.35
UBS AG                     7.680    10/1/2012      EUR     58.33
UBS AG                     7.810    10/1/2012      EUR     60.86
UBS AG                     7.840    10/1/2012      EUR     25.44
UBS AG                     7.900    10/1/2012      EUR     58.36
UBS AG                     7.940    10/1/2012      EUR     64.65
UBS AG                     8.050    10/1/2012      EUR     25.47
UBS AG                     8.090    10/1/2012      EUR     58.39
UBS AG                     8.090    10/1/2012      EUR     46.91
UBS AG                     8.200    10/1/2012      EUR     60.92
UBS AG                     8.240    10/1/2012      EUR     64.70
UBS AG                     9.310    10/3/2012      USD     16.50
UBS AG                    10.320    10/4/2012      CHF     54.40
UBS AG                     9.920    10/4/2012      CHF     54.40
UBS AG                    10.500   10/15/2012      USD     66.40
UBS AG                    12.240   10/26/2012      EUR     56.38
UBS AG                    13.570   10/26/2012      EUR     55.18
UBS AG                    15.750   10/26/2012      EUR     74.27
UBS AG                    13.100   10/26/2012      EUR     67.78
UBS AG                    19.700   10/26/2012      EUR     63.47
UBS AG                    16.390   10/26/2012      EUR     53.05
UBS AG                    22.220   10/26/2012      EUR     74.13
UBS AG                    12.500    11/1/2012      EUR     68.46
UBS AG                     7.700    11/1/2012      EUR     67.22
UBS AG                    11.260   11/12/2012      EUR     53.68
UBS AG                    10.930   11/12/2012      EUR     49.73
UBS AG                     9.650   11/12/2012      EUR     38.66
UBS AG                     9.470   11/12/2012      EUR     45.56
UBS AG                     9.020   11/12/2012      EUR     37.03
UBS AG                     8.780   11/12/2012      EUR     73.24
UBS AG                     8.590   11/12/2012      EUR     59.82
UBS AG                     8.370   11/12/2012      EUR     52.34
UBS AG                     9.840   11/12/2012      EUR     64.91
UBS AG                     8.280   11/12/2012      EUR     64.50
UBS AG                     7.570   11/12/2012      EUR     71.11
UBS AG                     6.700   11/12/2012      EUR     50.18
UBS AG                     6.070   11/12/2012      EUR     57.25
UBS AG                     8.280   11/12/2012      EUR     64.50
UBS AG                    12.000   11/12/2012      EUR     69.54
UBS AG                    13.120   11/12/2012      EUR     73.31
UBS AG                    13.560   11/12/2012      EUR     32.60
UBS AG                    13.600   11/12/2012      EUR     45.18
UBS AG                    11.660   11/12/2012      EUR     36.05
UBS AG                    13.000   11/23/2012      USD     71.25
UBS AG                     9.440    12/5/2012      USD     13.20
UBS AG                    23.020   12/17/2012      USD      8.87
UBS AG                     8.080   12/21/2012      EUR     70.97
UBS AG                     8.150   12/21/2012      EUR     65.24
UBS AG                     8.250   12/21/2012      EUR     62.03
UBS AG                     8.990   12/21/2012      EUR     60.62
UBS AG                     9.000   12/21/2012      EUR     62.98
UBS AG                     9.100   12/21/2012      EUR     68.51
UBS AG                     9.150   12/21/2012      EUR     73.97
UBS AG                     9.730   12/21/2012      EUR     59.28
UBS AG                     9.890   12/21/2012      EUR     60.92
UBS AG                    10.060   12/21/2012      EUR     72.11
UBS AG                    10.160   12/21/2012      EUR     66.27
UBS AG                    10.490   12/21/2012      EUR     57.95
UBS AG                    10.810   12/21/2012      EUR     59.04
UBS AG                    11.000   12/21/2012      EUR     70.38
UBS AG                    11.260   12/21/2012      EUR     56.77
UBS AG                    11.270   12/21/2012      EUR     64.24
UBS AG                    11.770   12/21/2012      EUR     57.34
UBS AG                    11.970   12/21/2012      EUR     68.78
UBS AG                    12.020   12/21/2012      EUR     55.65
UBS AG                    12.200   12/21/2012      EUR     49.62
UBS AG                    12.400   12/21/2012      EUR     62.40
UBS AG                    12.760   12/21/2012      EUR     55.79
UBS AG                    12.800   12/21/2012      EUR     54.60
UBS AG                    12.970   12/21/2012      EUR     67.30
UBS AG                    13.560   12/21/2012      EUR     60.73
UBS AG                    13.570   12/21/2012      EUR     53.69
UBS AG                    13.770   12/21/2012      EUR     54.38
UBS AG                    13.980   12/21/2012      EUR     65.93
UBS AG                    14.350   12/21/2012      EUR     52.69
UBS AG                    14.740   12/21/2012      EUR     59.22
UBS AG                    14.810   12/21/2012      EUR     53.11
UBS AG                    15.000   12/21/2012      EUR     64.66
UBS AG                    15.130   12/21/2012      EUR     51.89
UBS AG                    15.860   12/21/2012      EUR     51.95
UBS AG                    15.920   12/21/2012      EUR     51.00
UBS AG                    15.930   12/21/2012      EUR     57.85
UBS AG                    16.030   12/21/2012      EUR     63.48
UBS AG                    16.600   12/21/2012      EUR     46.48
UBS AG                    16.710   12/21/2012      EUR     50.23
UBS AG                    16.930   12/21/2012      EUR     50.90
UBS AG                    17.070   12/21/2012      EUR     62.39
UBS AG                    17.500   12/21/2012      EUR     49.51
UBS AG                    18.000   12/21/2012      EUR     49.94
UBS AG                    19.090   12/21/2012      EUR     48.27
UBS AG                    10.740     1/3/2013      USD     32.24
UBS AG                    18.300     1/4/2013      EUR     61.65
UBS AG                    14.820     1/4/2013      EUR     67.84
UBS AG                    15.310     1/4/2013      EUR     73.43
UBS AG                    15.990     1/4/2013      EUR     65.57
UBS AG                    16.160     1/4/2013      EUR     72.09
UBS AG                    17.000     1/4/2013      EUR     70.82
UBS AG                    17.150     1/4/2013      EUR     63.51
UBS AG                    23.750     1/4/2013      EUR     72.44
UBS AG                    19.440     1/4/2013      EUR     59.96
UBS AG                    20.570     1/4/2013      EUR     58.43
UBS AG                    21.700     1/4/2013      EUR     57.05
UBS AG                    11.810     1/4/2013      EUR     74.52
UBS AG                    12.420     1/4/2013      EUR     73.07
UBS AG                    22.000     1/4/2013      EUR     74.65
UBS AG                    24.750     1/4/2013      EUR     73.61
UBS AG                    24.750     1/4/2013      EUR     73.21
UBS AG                    13.030     1/4/2013      EUR     71.68
UBS AG                    13.630     1/4/2013      EUR     70.34
UBS AG                    14.230     1/4/2013      EUR     69.06
UBS AG                    14.470     1/4/2013      EUR     74.85
UBS AG                    10.390    1/18/2013      USD     32.76
UBS AG                    12.010    1/25/2013      EUR     56.54
UBS AG                    16.200    1/25/2013      EUR     64.61
UBS AG                    14.070    1/25/2013      EUR     55.00
UBS AG                    11.700    1/25/2013      EUR     67.42
UBS AG                    11.020    1/25/2013      EUR     57.49
UBS AG                    13.070    2/22/2013      EUR     60.05
UBS AG                    10.590    2/22/2013      EUR     64.27
UBS AG                    13.940    2/22/2013      EUR     71.77
UBS AG                     8.230    2/22/2013      EUR     69.64
UBS AG                     8.980    2/22/2013      EUR     60.91
UBS AG                    10.960    2/22/2013      EUR     57.72
UBS AG                    12.680    2/22/2013      EUR     70.94
UBS AG                    15.800    2/22/2013      EUR     67.28
UBS AG                    13.660    2/22/2013      EUR     54.28
UBS AG                    10.540     3/7/2013      CHF     69.85
UBS AG                    10.000     3/7/2013      USD     57.35
UBS AG                     8.100     3/7/2013      CHF     68.40
UBS AG                     9.650    3/22/2013      USD     18.81
UBS AG                     9.000    3/22/2013      USD     11.45
UBS AG                     9.850    3/22/2013      USD     19.50
UBS AG                    21.250     4/2/2013      EUR     74.93
UBS AG                    23.250     4/2/2013      EUR     74.62
UBS AG                    24.750     4/2/2013      EUR     72.00
UBS AG                    24.250     4/2/2013      EUR     74.63
UBS AG                    24.750     4/2/2013      EUR     71.33
UBS AG                     9.930    4/11/2013      USD     30.83
UBS AG                     8.550    4/11/2013      USD     28.34
UBS AG                    10.170    4/26/2013      EUR     57.91
UBS AG                    10.600    4/26/2013      EUR     66.94
UBS AG                    10.970    4/26/2013      EUR     57.34
UBS AG                    12.610    4/26/2013      EUR     56.16
UBS AG                    14.100    4/26/2013      EUR     65.05
UBS AG                    11.000    4/30/2013      USD     39.25
UBS AG                     8.000    5/24/2013      USD     70.70
UBS AG                    24.500    6/28/2013      EUR     71.28
UBS AG                    24.500    6/28/2013      EUR     72.99
UBS AG                    22.000    6/28/2013      EUR     73.87
UBS AG                    24.000    6/28/2013      EUR     74.61
UBS AG                     8.690     7/2/2013      USD     30.24
UBS AG                    12.900    9/20/2013      EUR     51.60
UBS AG                    10.200    9/20/2013      EUR     52.51
UBS AG                    15.900    9/20/2013      EUR     51.70
UBS AG                    22.000    9/27/2013      EUR     74.10
UBS AG                    24.750    9/27/2013      EUR     74.51
UBS AG                    11.020   10/21/2013      USD     50.31
UBS AG                     5.950   11/14/2013      USD     52.10
UBS AG                     6.980   11/27/2013      USD     32.31
UBS AG                    23.250     1/3/2014      EUR     74.15
UBS AG                     0.500    4/27/2015      CHF     40.85
UBS AG JERSEY              3.220    7/31/2012      EUR     31.30

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


                            *********

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

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

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

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


                            *********


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

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

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

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

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

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


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