TCREUR_Public/111108.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, November 8, 2011, Vol. 12, No. 221

                            Headlines



F I N L A N D

STORA ENSO: Moody's Affirms 'Ba2' Corporate Family Rating


G E R M A N Y

DECO 7: Fitch Says Interest Shortfalls Won't Affect Ratings
GOFF DEVELOPMENTS: In Liquidation; Owes More Than EUR10 Million


G R E E C E

* GREECE: Agree to Form National Unity Gov't; PM to Step Down


I T A L Y

SEAT PAGINE: Urges Stakeholders to Back Debt-for-Equity Swap


L U X E M B O U R G

KION FINANCE: S&P Keeps 'B' Rating on EUR500MM Sr. Secured Notes


N E T H E R L A N D S

WOOD STREET: Moody's Raises Rating on Class E Notes to 'Ba3'


R O M A N I A

* ROMANIA: Banks to Contribute to Restructuring Fund, ZF Says


R U S S I A

RASPADSKAYA OAO: Fitch Affirms 'B+' LT Issuer Default Rating


S P A I N

DEXIA SABADELL: Moody's Lowers Rating on Covered Bonds to 'Baa2'
DEXIA SABADELL: Moody's Cuts Bank Finc'l. Strength Rating to 'E+'
TDA 25: S&P Affirms 'D' Ratings on Three Classes of Notes
TDA 28: S&P Affirms 'D' Ratings on Five Classes of Notes
* SPAIN: Regional Governments Delay Debt Payment to Drug Firms


U N I T E D   K I N G D O M

LUMINAR GROUP: Oceana to Stay Open Despite Administration
PRINCIPALITY BUILDING: Fitch Affirms PIBS Rating at 'BB+'
YELL GROUP: In Talks to Renegotiate Loan Covenants


U Z B E K I S T A N

ASIA ALLIANCE: Moody's Assigns E+ Bank Financial Strength Rating
SAVDOGARBANK: Moody's Assigns 'E+' Bank Financial Strength Rating


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            *********


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


STORA ENSO: Moody's Affirms 'Ba2' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 Corporate Family
Rating of Stora Enso Oyj. At the same time, Moody's changed the
outlook to stable from positive.

Ratings Rationale

"[The] outlook change to stable from positive reflects Moody's
view that a short term upgrade has become unlikely in the current
environment as Moody's expects weakening demand levels for paper
and forest products to prevail over the next months" says
Anke Rindermann, Moody's lead analyst for Forest Products
companies in EMEA. This will unlikely allow Stora Enso to attain
financial metrics in the short term that had been set previously
for an upgrade, such as EBITDA margins approaching the mid teens
(at 12.5% as of September 2011) and RCF/Debt close to 20% (14.9%
and 19% on a net debt basis per September 2011). "At the same
time, the rating affirmation considers Stora Enso's solid
positioning in the current rating category -- even taking into
account gradually increasing adjusted debt levels on the back of
higher investment activity, in particular due to the company's
participation in the construction of a pulp mill in Uruguay."
adds Mrs. Rindermann. The company's improved cost structure
following extensive restructuring measures should provide
sufficient headroom to accommodate for the negative impact of
weakening industry fundamentals.

Over the last few months, demand for paper and forest products in
the company's stronghold of Europe has weakened compared to prior
year, although much of it seems so far related to destocking as
compared to underlying demand. Nevertheless, in Moody's view,
rising concerns on the macroeconomic outlook in Europe are
expected to affect also underlying demand, in particular for
paper and industrial packaging and solid wood products. While
announced temporary curtailments to manage inventory levels
should help to balance the market, lower contribution and fixed
cost coverage will in Moody's view result in moderately weakening
financial metrics over the next months, which is in contrast to
what had been expected when the outlook was changed to positive
one year ago.

In addition, declining input prices, in particular for pulp but
also for energy and transportation will likely result in
increasing pressure on sales prices. Considering the group's
solid vertical integration with a long position in pulp,
declining input prices will only have a limited effect on the
group's profitability.

More fundamentally, Stora Enso's Ba2 corporate family rating
reflects the group's solid business profile as one of the leading
global paper and forest products companies, with a strong
segmental diversification, covering a variety of paper grades,
packaging and wood products. The rating also takes into account
the group's strong position in the publication paper and paper-
based packaging markets, as well as its extended debt maturity
profile and solid liquidity cushion.

The Ba2 rating also incorporates Stora Enso's significant
exposure to structurally declining markets for paper products in
Europe, driven by gradual digital substitution. In addition,
Moody's cautions that overcapacity is still an issue in most
paper grades and has depressed pricing power in recent years.
Also, the industry's inherent cyclicality has historically
resulted in a considerable degree of volatility in Stora Enso's
credit metrics.

Moody's considers the liquidity profile of Stora Enso to be good,
reflecting its high cash balances as well as its substantial
amount of available long-term credit facilities and the low
amount of maturities which have to be refinanced over the course
of the next twelve months. At the same time, Moody's cautions
that the high cash portion might not be fully available for debt
repayment purposes considering cash needs for daily operations as
well as Stora Enso's strategy to strengthen its position in
plantation based pulp and packaging, which Moody's assumes to
consume some of the cash available over time.

The rating could be upgraded should Stora Enso be able to
gradually improve operating profitability with EBITDA margins
improving towards the mid-teens and to sustain retained cash flow
to debt at close to 20%.

Negative pressure could arise if profitability and operating cash
flow generation materially weaken on the back of sustained
weakness in industry fundamentals, as indicated by EBITDA margins
below 10% and RCF/Debt below 13%. In addition, should underlying
free cash flow generation turn negative on a sustainable basis,
this would put pressure on the rating.

Moody's maintains these ratings on Stora Enso Oyj:

  LT Corporate Family Ratings (foreign currency) ratings of Ba2

  Probability of Default ratings of Ba2

  Senior Unsecured (domestic and foreign currency) ratings of Ba2

  Senior Unsecured MTN (domestic currency) ratings of (P)Ba2

  Commercial Paper (domestic currency) ratings of NP

  Other Short Term (domestic currency) ratings of (P)NP

This announcement affects the following ratings:

  LGD Senior Unsecured (domestic and foreign currency) ratings of
  53 -- LGD4 changed from 52 -- LGD4

  LGD Senior Unsecured MTN (foreign currency) ratings of 53 --
  LGD4 changed from 52 -- LGD4

The principal methodology used in rating Stora Enso Oyj was the
Global Paper and Forest Products Industry Methodology published
in September 2009. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

Headquartered in Helsinki, Finland, Stora Enso is among the
world's largest paper and forest products companies, with sales
in the last twelve months ending September 2011 of approximately
EUR11 billion. Core activities include publication and fine
papers, paper packaging products and solid wood products as well
as pulp.


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


DECO 7: Fitch Says Interest Shortfalls Won't Affect Ratings
-----------------------------------------------------------
Fitch Ratings says that there is no rating impact on DECO 7 - Pan
Europe 2 plc from interest shortfalls being allocated to the
classes C through to H notes.

The defaulted Karstadt Kompakt loan (25.2% of portfolio) was
revalued in March 2011, resulting in an updated market value of
EUR114.7 million.  Total debt outstanding is currently EUR162.2
million.  Since the collateral value has declined by more than
10% of the original value, an appraisal reduction event has been
triggered, limiting drawings on the liquidity facility and
therefore causing shortfalls for these classes of notes.

The major tenant, Hertie GmbH, filed for insolvency proceedings
in July 2008.  Nevertheless, the loan remained in primary
servicing, with asset disposal proceeds being used to make debt
service payments.  However, a slowdown of asset disposals meant
that sales proceeds were insufficient to cover debt service
payments on the January, April and July 2011 interest payment
dates (IPDs), resulting in liquidity being drawn.  Following the
transfer to special servicing, Hatfield Philips International Plc
(rated 'CSS3+') commissioned an updated valuation.

In October 2011, the special servicer reported that four asset
sales notarized were yet to be completed.  Fitch expects these to
be finalized by the January 2012 IPD.  These asset disposals
proceeds will be applied first to pay unpaid costs, fees and
expenses due to the agent under the finance documents, followed
by all accrued and unpaid interest, costs, fees and expenses due
and payable to the lenders as per the loan documentation.

At the note level, available proceeds are used first to pay all
senior costs and expenses, including amounts due to the liquidity
facility, and then other interest items in order of seniority.
Since the redraw under the liquidity is less than the amount
repaid, this will result in ongoing shortfalls of interest under
the classes C through H notes.

In order to achieve 'AAsf' and 'AAAsf' ratings, Fitch tests that
notes will receive interest payments periodically and in full
(irrespective of deferability provisions).  Below these
categories, Fitch's ratings address the likelihood of receiving
payments simply in accordance with the terms and conditions of
the notes, and thus allowing for deferability until legal note
maturity.

For the affected classes deprived of liquidity support, Fitch
believes that the existing ratings adequately address the
likelihood of ultimate payment of note interest (including any
deferred or capitalized amounts) by legal final maturity in 2018,
and considers default neither imminent nor inevitable except for
the class H. As such, there is no immediate rating action as a
result of the appraisal reduction event.

  -- EUR354.5m class A2 (XS0246470214): 'AAsf'; Outlook Stable

  -- EUR108.5m class B (XS0244895073): 'Asf'; Outlook Stable

  -- EUR54m class C (XS0244895586): 'BBBsf'; Outlook Stable

  -- EUR17.6m class D (XS0244896048): 'BBB-sf'; Outlook Stable

  -- EUR35.8m class E (XS0244896394): 'Bsf'; Outlook Negative

  -- EUR19.4m class F (XS0246471881): 'CCCsf'; Recovery Rating
     'RR4'

  -- EUR16.4m class G (XS0246474042): 'CCCsf'; Recovery Rating
     'RR6'

  -- EUR35.6m class H (XS0246475445): 'CCsf'; Recovery Rating
     'RR6'


GOFF DEVELOPMENTS: In Liquidation; Owes More Than EUR10 Million
---------------------------------------------------------------
InsolvencyJournal.ie reports that Ken Fennell of kavanaghfennell
has been appointed as liquidator to Goff Developments Limited.

According to InsolvencyJournal.ie, Goff's directors had explained
that the company completed a number of high profile developments
in and around Co. Wexford but had suffered significant bad debts
in recent years and a significant fall off in business through
2008 and had effectively ceased contracting in 2009.

The statement of affairs prepared by the directors of the company
showed an overall deficit of over EUR10 million owed to both
secured and unsecured creditors, InsolvencyJournal.ie discloses.
The statement of affairs also showed EUR1.3 million owed by
debtors and ownership of portion of a Sewage treatment plant with
Wexford Co. Council, InsolvencyJournal.ie notes.  Also included
was a significant plot of land totalling 12 acres on the
Roxborough Road in Wexford with the directors stating there were
bank borrowings of over EUR8 million owed its banks on foot of
the purchase of this land, InsolvencyJournal.ie states.

Mr. Fennell indicated he would be actively pursue the outstanding
debts owed to the company, some of which were almost 5 years old
and would be in discussions with Wexford Co. Council regarding
the treatment plant located in Bridgetown, Co. Wexford and
reviewing the position with regard to the land bank,
InsolvencyJournal.ie relates.

Goff Developments Limited is a builder and developer in Wexford.


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


* GREECE: Agree to Form National Unity Gov't; PM to Step Down
-------------------------------------------------------------
Matina Stevis, Costas Paris, and Stelios Bouras at The Wall
Street Journal report that Greece's major political parties on
Sunday agreed to form a national unity government that will lead
the country to new elections after putting in place a debt-
slashing deal, in the hope of averting financial catastrophe for
the country and winning back the trust of its European partners.

The deal was made possible after Prime Minister George Papandreou
agreed to step down to make way for a new prime minister under a
commonly accepted government, the Journal notes.

Late Sunday, Mr. Papandreou and Antonis Samaras, leader of the
main opposition New Democracy party, held talks that were chaired
by President Karolos Papoulias, the Journal relates.  The meeting
was an effort to bridge differences about the person who will
lead the bipartisan government, as well as its life span and
powers, the Journal says.

According to the Journal, the Ministry of Finance said in a
statement later that a possible date for the elections was
Feb. 19 as part of an agreed timeframe for the implementation of
the EUR130 billion loan agreement.

Mr. Papoulias, as cited by the Journal, said that as part of the
deal, Mr. Papandreou won't lead the unity government.  The two
leaders were set to discuss who they plan to name as prime
minister yesterday, the Journal notes.

Former European Central Bank Vice President Lucas Papademos has
emerged as a favorite candidate to lead the new government, the
Journal states.

Mr. Papandreou's expected departure after a tumultuous two years
in power caps a week that started with his call for a referendum
on the European Union aid deal reached a week earlier and
climaxed in a vote of confidence early Saturday morning, the
Journal recounts.  Mr. Papandreou carried the vote, but said he
would start the procedure for a coalition government to take
over, the Journal notes.

The quest for a Greek unity government is aimed at avoiding an
early, messy debt default and uncontrolled exit from the euro, a
prospect that had loomed large in the past seven days of
political turmoil in Athens, the Journal says.

Mr. Papandreou, scion of Greece's leading political clan, faced
an open revolt within his Socialist party, known as Pasok, and
came under intense pressure to step down over his referendum plan
on the freshly minted aid agreement, the Journal discloses.

Greece was under pressure to have agreement on a new government
yesterday, ahead of a meeting of euro-zone finance ministers in
Brussels that is expected to discuss whether to release Greece's
next aid payment, the Journal states.

Mr. Papandreou's plan for a referendum angered Greece's euro-zone
partners who raised questions about the country's commitment to
stay within the currency bloc and blocked further aid until the
government takes steps to implement the loan agreement and the
necessary fiscal and structural overhauls, the Journal discloses.
Without fresh aid, Greece will run out of money by mid-December,
according to the Journal.


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


SEAT PAGINE: Urges Stakeholders to Back Debt-for-Equity Swap
------------------------------------------------------------
Ben Martin and Chiara Remondini at Bloomberg News report that
Seat Pagine Gialle SpA urged stakeholders to agree to a debt-for-
equity swap before the end of the month.

Seat Pagine said in a stock exchange statement on Thursday that
it backs an offer by bondholders to write down some of their
EUR1.3 billion (US$1.8 billion) of debt, Bloomberg relates.  The
proposal would see shareholders led by Permira Advisers Ltd., CVC
Capital Partners Ltd., and Investitori Associati SpA cede 90% of
the company, Bloomberg notes.

According to Bloomberg, the statement noted that Seat "confirms
its undivided support to the bondholder committee offer".  The
publisher "encourages all relevant parties to work constructively
and with no delay to translate its terms into all parties binding
contractual instruments" by Nov. 30, Bloomberg discloses.

The company said on Aug. 30 that it has started talks with
creditors to restructure its debt, which totaled EUR2.7 billion
as of Sept. 30, Bloomberg recounts.

Under the proposal, shareholders would also receive five-year
warrants for as much as 5% of the company's stock capital
following the restructuring, which can be exercised once
bondholders have recovered par value on their notes, Bloomberg
states.  The company would issue EUR100 million of new secured
bonds due in 2017 paying a 10.5% coupon, Bloomberg says.

Private equity firms Permira, CVC Capital, and Investitori
Associati control about 50% of the directories publisher,
Bloomberg discloses.

Royal Bank of Scotland Group Plc is leading senior lenders in
negotiations, according to Bloomberg.

The bondholders also proposed that interest accrued from Nov. 1
during the company's debt reorganization be waived, and that the
company only pay dividends after the reorganization if bank debt
is below EUR450 million and dividends are paid with retained
cashflow, Bloomberg notes.  The bonds were sold in April 2004
through issuing unit Lighthouse and are due to mature in 2014,
according to data compiled by Bloomberg.

As reported by the Troubled Company Reporter-Europe on Nov. 3,
2011, The Financial Times related that Seat Pagine Gialle has one
month to agree the terms of its financial restructuring with its
debt and equity holders or it faces administration.

                         About Seat Pagine

Seat Pagine Gialle SpA (PG IM) -- http://www.seat.it/-- is an
Italy-based company that operates multimedia platform for
assisting in the development of business contacts between users
and advertisers.  It is active in the sector of multimedia
profiled advertising, offering print-voice-online directories,
products for the Internet and for satellite and ortophotometric
navigation, and communication services such as one-to-one
marketing.  Its products include EuroPages, PgineBianche,
Tuttocitta and EuroCompass, among others.  Its activity is
divided into four divisions: Directories Italia, operating
through, Seat Pagine Gialle; Directories UK, through TDL
Infomedia Ltd. and its subsidiary Thomson Directories Ltd.;
Directory Assistance, through Telegate AG, Telegate Italia Srl,
11881 Nueva Informacion Telefonica SAU, Telegate 118 000 Sarl,
Telegate Media AG and Prontoseat Srl, and Other Activitites
division, through Consodata SpA, Cipi SpA, Europages SA, Wer
liefert was GmbH and Katalog Yayin ve Tanitim Hizmetleri AS.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 4,
2011, Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Italy-based international publisher of
classified directories SEAT PagineGialle SpA to 'CC' from 'CCC+'.
S&P said that the outlook is negative.


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L U X E M B O U R G
===================


KION FINANCE: S&P Keeps 'B' Rating on EUR500MM Sr. Secured Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services corrected an internal
administrative error by withdrawing its recovery rating of '4' on
the EUR500 million senior secured notes issued by the orphan
special-purpose vehicle KION Finance S.A. The recovery rating was
assigned at the time of the notes issuance in April 2011 due to
an administrative error. "Our issue rating of 'B' on the senior
secured notes is unchanged," S&P related.

The proceeds of the senior secured notes were loaned to Linde
Material Handling GmbH pursuant to a EUR500 million back-to-back
credit facility whose terms are identical to those of the notes.
Linde Material Handling is a wholly owned subsidiary of German
material handling equipment manufacturer KION Group GmbH
(B/Stable/--).

"We also corrected related administrative errors by assigning our
issue rating of 'B' and recovery rating of '4' to the EUR500
million back-to-back credit facility borrowed by Linde Material
Handling. Our recovery rating of '4' indicates our expectation of
average (30%-50%) recovery for the lenders in the event of a
payment default," S&P stated.

"We believe that recovery prospects for the senior secured notes
are intrinsically linked to those for the credit facility, based
on our understanding that the noteholders indirectly benefit from
the same rights as those under the credit facility. As a result,
we consider that potential recoveries for noteholders would rely
entirely on the effective operation of the pass-through structure
between KION Group and the issuer, KION Finance," S&P related.

Ratings List

Rating Withdrawn
                                              To             From
KION Finance S.A.
EUR500 million senior secured notes
Recovery Rating                               NR             4

New Ratings
Linde Material Handling GmbH
EUR500 million credit facility
Issue Rating                                  B
Recovery Rating                               4


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


WOOD STREET: Moody's Raises Rating on Class E Notes to 'Ba3'
------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by Wood Street CLO IV B.V.:

   -- EUR55MM Class A-2 Senior Secured Floating Rate Notes due
      2022, Upgraded to Aa1 (sf); previously on June 22, 2011 Aa2
      (sf) Placed Under Review for Possible Upgrade

   -- EUR46.75MM Class B Senior Secured Floating Rate Notes due
      2022, Upgraded to A2 (sf); previously on June 22, 2011 Baa1
      (sf) Placed Under Review for Possible Upgrade

   -- EUR44MM Class C Senior Secured Deferrable Floating Rate
      Notes due 2022, Upgraded to Baa2 (sf); previously on
      June 22, 2011 Ba3 (sf) Placed Under Review for Possible
      Upgrade

   -- EUR24.75MM Class D Senior Secured Deferrable Floating Rate
      Notes due 2022, Upgraded to Ba2 (sf); previously on
      June 22, 2011 Caa1 (sf) Placed Under Review for Possible
      Upgrade

   -- EUR19.25MM Class E Senior Secured Deferrable Floating Rate
      Notes due 2022, Upgraded to Ba3 (sf); previously on
      June 22, 2011 Caa3 (sf) Placed Under Review for Possible
      Upgrade

   -- EUR7MM (Rated Outstanding Balance EUR 107K) Class X
      Combination Notes due 2022, Upgraded to Ba1 (sf);
      previously on June 22, 2011 B3 (sf) Placed Under Review for
      Possible Upgrade

The ratings of the Combination Notes address the repayment of the
Rated Balance on or before the legal final maturity. For Class X,
the 'Rated Balance' is equal at any time to the principal amount
of the Combination Note on the Issue Date minus the aggregate of
all payments made from the Issue Date to such date, either
through interest or principal payments. The Rated Balance may not
necessarily correspond to the outstanding notional amount
reported by the trustee.

Class X has been partially exchanged for its components. The
outstanding balance is EUR150 thousand composed of EUR107
thousand Class C Notes and EUR43 thousand Subordinated Notes. The
rated outstanding balance of the Class X Combination Notes is
EUR124 thousand.

Wood Street CLO IV B.V., issued in January 2007, is a single
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly high yield European loans. The portfolio is
managed by Alcentra Limited. This transaction will be in
reinvestment period until March 25, 2013. It is predominantly
composed of senior secured loans.

Ratings Rationale

According to Moody's, the rating actions taken on the notes are
primarily a result of applying Moody's revised CLO assumptions
described in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011.

The actions reflect key changes to the modeling assumptions,
which incorporate (1) a removal of the temporary 30% default
probability macro stress implemented in February 2009, (2)
increased BET liability stress factors as well as (3) change to a
fixed recovery rate modeling framework. Additional changes to the
modeling assumptions include (1) standardizing the modeling of
collateral amortization profile, and (2) changing certain credit
estimate stresses aimed at addressing the lack of forward looking
indicators as well as time lags in receiving information required
for credit estimate updates, and (3) adjustments to the equity
cash-flows haircuts applicable to combination notes.

The overcollateralization ratios of the rated notes have been
stable since the rating action in November 2009. The Class A/B,
Class C, Class D and Class E overcollateralization ratios are
reported at 128.8%, 116.2%, 110.1%, and 105.8%, respectively,
versus September 2009 levels of 129.4%, 116.7%, 110.6% and
106.2%, respectively, and all related overcollateralization tests
are currently in compliance.

Reported WARF has increased from 2,634 to 2,932 between September
2009 and October 2011.

However, this reported WARF does not reflect the actual stability
in credit quality because of the technical transition related to
rating factors of European corporate credit estimates, as
announced in the press release published by Moody's on
September 1, 2010. Additionally, defaulted securities are now
zero compared to EUR12.9 million of the underlying portfolio in
September 2009.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR537.9
million, a weighted average default probability of 23.45%
(consistent with a WARF of 3,055), a weighted average recovery
rate upon default of 44.96% for a Aaa liability target rating, a
diversity score of 32 and a weighted average spread of 2.95%. The
default probability is derived from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The average recovery rate to be realized on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that 87.41% of the portfolio exposed to senior
secured corporate assets would recover 50% upon default, while
the remainder non first-lien loan corporate assets would recover
10%. In each case, historical and market performance trends and
collateral manager latitude for trading the collateral are also
relevant factors. These default and recovery properties of the
collateral pool are incorporated in cash flow model analysis
where they are subject to stresses as a function of the target
rating of each CLO liability being reviewed.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by (1) uncertainties of credit
conditions in the general economy, (2) the large concentration of
speculative-grade debt maturing between 2012 and 2015 which may
create challenges for issuers to refinance. CLO notes'
performance may also be impacted either positively or negatively
by (1) the manager's investment strategy and behavior and (2)
divergence in legal interpretation of CDO documentation by
different transactional parties due to embedded ambiguities.

Sources of additional performance uncertainties are:

(1) Moody's also notes that around 60% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates. Large single exposures
to obligors bearing a credit estimate have been subject to a
stress applicable to concentrated pools as per the report titled
"Updated Approach to the Usage of Credit Estimates in Rated
Transactions" published in October 2009.

(2) Weighted average life: The notes' ratings are sensitive to
the weighted average life assumption of the portfolio, which may
be extended due to the manager's decision to reinvest into new
issue loans or other loans with longer maturities and/or
participate in amend-to-extend offerings. Moody's tested for a
possible extension of the actual weighted average life in its
analysis. Extending the weighted average life of the portfolio
may positively or negatively impact the ratings of the notes
depending on their seniority with the transactions structure.

(3) Other collateral quality metrics: The deal is allowed to
reinvest and the manager has the ability to deteriorate the
collateral quality metrics' existing cushions against the
covenant levels. Moody's analyzed the impact of assuming the
worse of reported and covenanted values for weighted average
rating factor, weighted average spread, and diversity score.
However, as part of the base case, Moody's considered spread
levels higher than the covenant levels due to the large
difference between the reported and covenant levels.

The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011.

Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in June 2011.

The cash flow model used for this transaction, whose description
can be found in the methodology listed above, is Moody's EMEA
Cash-Flow model.

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

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

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record,
and the potential for selection bias in the portfolio. All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


=============
R O M A N I A
=============


* ROMANIA: Banks to Contribute to Restructuring Fund, ZF Says
-------------------------------------------------------------
Andra Timu at Bloomberg News, citing Ziarul Financiar, reports
that the Romanian banking industry may have to contribute as much
as 0.1% from unsecured liabilities a year to help ailing banks
stay afloat.

According to Bloomberg, the Bucharest-based newspaper said that
the money will go into a restructuring fund to capitalize a
planned "bridge bank" that will be used to help lenders
threatened with insolvency.

Bloomberg notes that Ziarul Financiar said the fund will be
managed by the Bank Deposit Guarantee Fund.


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


RASPADSKAYA OAO: Fitch Affirms 'B+' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed Russia-based coal producer OAO
Raspadskaya's Long-term foreign currency Issuer Default Rating
(IDR) and senior unsecured rating at 'B+', and its National Long-
term rating at 'A(rus)'.  The Long-term IDR and National Long-
term rating have Stable Outlooks.  The Short-term IDR has been
affirmed at 'B'. The Recovery Rating on the senior unsecured
notes is 'RR4'.  Fitch has also assigned Raspadskaya a Long-term
local currency IDR of 'B+', with a Stable Outlook.

The ratings are supported by Fitch's expectations that the
company's Raspadskaya mine, which was shut down as a result of an
explosion on May 9, 2010, will be fully operational during 2012
and that average coking coal concentrate prices during 2011 and
early 2012 will remain at historically favorable levels.  In its
forecasts, Fitch has assumed that the company's other mines will
also continue to ramp up over the next quarter, with total output
increasing 20%-25% by 2013 compared with 2009 levels.

Fitch considers Raspadskaya's financial position and liquidity as
strong, supported by cash and cash equivalents of US$415 million
at H111.  Fitch estimates Raspadskaya's 2011 revenue at between
5% and 10% higher than 2010, with an EBITDAR margin of between
45% and 50%, boosting cash generated from operations.  According
to the agency's estimates, Raspadskaya should be able to fund the
reconstruction activities at its Raspadskaya mine (estimated at a
total cost of US$280 million) from internally generated cash
flows and be in a strong position to either refinance or repay
the US$300 million Eurobond due on May 22, 2012.

Despite higher cash costs per tonne at H111, Raspadskaya's
ratings continue to reflect its competitive through the cycle
cost position, its robust average mine lives at existing
operations of over 70 years, and its conservative financial
policy.  Fitch views favorably the company's efforts to reduce
its high dependency on the key Raspadskaya mine, with its share
in total output gradually declining to approximately 45% by 2013
from 65% in 2009.

However, Raspadskaya's ratings remain constrained by its smaller
scale relative to global peers, lack of commodity
diversification, the execution risks inherent in the mine's
reconstruction and expansion plans, and its large Russian
operational base, which exposes it to higher than average
political, business and regulatory risks, making a positive
rating action unlikely over the medium term.

Negative rating pressure could arise from a slower than expected
ramp-up of production at the Raspadskaya, Razrez Raspadsky and
Raspadskaya-Koksovaya mines, as well as a significant drop in
2012 sales prices, leading to a significant and sustained
deterioration in the company's financial position.  A key driver
for such an action would be the development of total cash costs
over the next 18 to 24 months and whether costs will moderate in
line with the agency's expectations as output recovers following
the mine reconstruction.


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


DEXIA SABADELL: Moody's Lowers Rating on Covered Bonds to 'Baa2'
----------------------------------------------------------------
Moody's Investors Service has downgraded to Baa2 from A1 the
public-sector covered bonds issued by Dexia Sabadell, S.A. (DS),
following the downgrade of DS's issuer rating on November 3,
2011. DS's CTs remain on review for downgrade.

Ratings Rationale

The rating actions follow Moody's downgrade of DS's senior
unsecured long-term ratings to Ba3 from Baa2. For further
information on the rating action taken by Moody's Financial
Institutions Group, please refer to "Moody's downgrades Dexia
Sabadell to Ba3/NP/E+ from Baa2/P-3/C-; all ratings remain on
review for downgrade (Spain)", published on November 3, 2011.

The downgrade of the issuer rating negatively affected the
covered bonds through its effect on both the expected loss
analysis and timely payment analysis.

A) EXPECTED LOSS: Under Moody's rating methodology, an issuer's
credit strength is incorporated into Moody's expected loss
analysis. Therefore, any downgrade of the issuer's ratings
increases the expected loss on the covered bonds. In this case,
DS has been downgraded by four notches and the increased expected
loss on the covered bonds is no longer consistent with an A1
rating.

B) TIMELY PAYMENT INDICATOR: Timely payment considerations have
been the primary drivers of the rating action. The TPI framework
limits how much a covered bond rating can exceed the issuer's
unsecured rating. Moody's acknowledges that although DS holds a
high level of over-collateralization (65% as of end-June 2011),
the current TPI of "Improbable" for DS's CTs constrains the
ratings to Baa2.

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

The Baa2 rating on review for downgrade assigned to the issuer's
existing covered bonds is expected to be assigned to all
subsequent covered bonds issued by the issuer under this program.
This is subject to any subsequent future rating actions in
relation to the issuer's covered bonds, which are expected to
affect all such covered bonds. If there are any exceptions to
this, Moody's will in each case publish details in a separate
press release.

KEY RATING ASSUMPTIONS/FACTORS

Covered bond ratings are determined after applying a two-step
process: expected loss analysis and TPI framework analysis.

EXPECTED LOSS: Moody's determines a rating based on the expected
loss on the bond. The primary model used is Moody's Covered Bond
Model (COBOL), which determines expected loss as a function of
the issuer's probability of default, measured by the issuer's
rating and the stressed losses on the cover pool assets following
issuer default.

The cover pool losses for DS's CTs are 32.4%. This is based on
the data as of end-June 2011 and is an estimate of the losses
Moody's currently models if DS defaults. Cover pool losses can be
split between market risk of 25.4% and collateral risk of 7%.
Market risk measures losses as a result of refinancing risk and
risks related to interest-rate and currency mismatches (these
losses may also include certain legal risks). Collateral risk
measures losses resulting directly from the credit quality of the
assets in the cover pool. Collateral risk is derived from the
collateral score, which for this program is currently 14%.

For further details on cover pool losses, collateral risk, market
risk, collateral score and TPI Leeway across all covered bond
programs rated by Moody's please refer to "Moody's EMEA Covered
Bonds

Monitoring Overview", published quarterly. These figures are
based on the latest data that has been analyzed by Moody's and
are subject to change over time. Quarterly these numbers are
updated in Performance Overview published by Moody's.

TPI FRAMEWORK: Moody's assigns a "timely payment indicator"
(TPI), which indicates the likelihood that timely payment will be
made to covered bondholders following issuer default. The effect
of the TPI framework is to limit the covered bond rating to a
certain number of notches above the issuer's rating.

For DS's public-sector covered bonds, Moody's has assigned a TPI
of "Improbable".

SENSITIVITY ANALYSIS

The robustness of a covered bond rating largely depends on the
issuer's credit strength.

The TPI Leeway measures the number of notches by which the
issuer's rating may be downgraded before the covered bonds are
downgraded under the TPI framework. Based on the current TPI of
"Improbable", the TPI Leeway for this program is zero notches.
This means that the covered bonds might be downgraded as a result
of a TPI cap once the issuer rating is downgraded below Ba3, all
other variables being equal.

A multiple-notch downgrade of the covered bonds might occur in
certain limited circumstances. Some examples might be (i) a
sovereign downgrade negatively affecting both the issuer's senior
unsecured rating and the TPI; (ii) a multiple-notch downgrade of
the issuer; or (iii) a material reduction of the value of the
cover pool.

The principal methodology used in this rating was "Moody's Rating
Approach to Covered Bonds" published in March 2010.


DEXIA SABADELL: Moody's Cuts Bank Finc'l. Strength Rating to 'E+'
-----------------------------------------------------------------
Moody's Investors Service has downgraded Dexia Sabadell, S.A.'s
bank financial strength rating (BFSR) to E+ (mapping to B2 on the
long-term scale) from C- (Baa2), and its long and short-term debt
ratings to Ba3/Not-Prime from Baa2/Prime-3. All of Dexia
Sabadell's ratings remain on review for downgrade.

The downgrade of Dexia Sabadell follows the negative rating
actions at the parent level, Dexia Credit Local (DCL, A3/P-1/E+,
review for downgrade) which is the controlling owner of Dexia
Sabadell, with a 60% stake in it.

RATINGS RATIONALE

-- DOWNGRADE OF DEXIA SABADELL'S BFSR

The BFSR downgrade to E+ from C- primarily reflects Dexia
Sabadell's high dependence on DCL, which provides 77% of its
total funding at end-June 2011. Moody's believes that Dexia
Sabadell would not be able to meet its refinancing requirements
over the next 12 months without liquidity support from DCL. Dexia
Sabadell relies significantly on short-term funding and its
funding sources lack diversification. Moody's is concerned that
in view of DCL's very weak own funding position, it may become
more difficult for DCL to continue providing liquidity support to
its subsidiary.

The BFSR downgrade also reflects the risks stemming from Dexia
Sabadell's large borrower concentration, with the first group
representing 15.6% of the loan book and the top ten exposures
accounting for 45.6% of the loan book as at June-end 2011.
Weighed against Dexia Sabadell's capital, several large
concentrations exceed the limits imposed by Bank of Spain,
although excess amounts are covered by DCL (guarantees totalled
EUR7.8 billion as of June 2011). However, Moody's notes that
DCL's fragile credit profile has further heightened concerns
about Dexia Sabadell's concentration risk. As a result of these
two key credit weaknesses of Dexia Sabadell and its high reliance
on its parent, Moody's has therefore aligned the ratings of Dexia
Sabadell with the standalone rating of its parent at E+ (mapping
to B2 on the long term scale).

Furthermore, in downgrading Dexia Sabadell's BFSR Moody's has
also taken into account the following factors that will continue
to challenge the bank's credit profile (i) weaker asset quality,
which will likely deteriorate, given its exposure to Spanish
regions and municipalities that have suffered a recent weakening
of their credit quality; (ii) pressures on Dexia Sabadell's
solvency, in light of the expected asset-quality deterioration
and the high leverage of its balance sheet, which benefits from
the low regulatory risk-weighting of many of its public-sector
assets; and (iii) the uncertainties arising from DCL's scheduled
restructuring, which may also affect the sustainability of Dexia
Sabadell's business model if parental support should weaken in
the future.

-- DOWNGRADE OF DEXIA SABADELL'S DEBT RATINGS

The downgrade of the long and short-term deposit ratings was
primarily driven by the downgrade of Dexia Sabadell's BFSR. Its
debt ratings of Ba3 incorporate Moody's assessment of a high
probability of parental support in case of need, which resulted
in a two-notch uplift from the B2 standalone rating for Dexia
Sabadell.

Moody's said that Dexia Sabadell's likelihood of parental support
steams from its strong interlinks with its parent, DCL, through
its ongoing liquidity support and guarantees provided. While the
parent's capacity to continue providing support to its subsidiary
on a standalone basis is limited, as DCL's standalone ratings is
at the same level as that of its subsidiary; Moody's expects that
to some degree the government support incorporated on the
parent's debt ratings of A3 should be factored in the ratings of
the groups' foreign subsidiaries, including Dexia Sabadell, as
long as DCL is allowed to downstream some of that government
support to other group entities such as Dexia Sabadell.

FOCUS OF THE REVIEW

The review of Dexia Sabadell's ratings will focus on:

(i) The conclusion of the current rating review for DCL, since
further negative rating migration of DCL's standalone BFSR and
debt and deposit ratings will likely affect Dexia Sabadell's BFSR
and deposit ratings, respectively;

(ii) DCL's capacity to continue providing liquidity support to
its subsidiary in view of Dexia Sabadell's very weak funding
profile;

(iii) Pressures on Dexia Sabadell's solvency, given Moody's
expectations of deterioration in asset quality and its limited
resources to recapitalize due to DCL's fragile credit profile,
and;

(iv) Potential erosion of Dexia Sabadell's franchise in the
Spanish public-finance sector, due to its lack of financing
capacity and the negative effect of the targeted restructuring of
DCL.

POTENTIAL TRIGGERS FOR A DOWNGRADE/UPGRADE

Downward pressure would be exerted on Dexia Sabadell's standalone
credit strength because of (i) further deterioration of its weak
liquidity position; (ii) greater-than-expected deterioration in
asset quality, especially impairments on one of its large
exposures; (iii) a depletion of its capital levels; (iv) a higher
risk profile, which could stem from higher borrower concentration
or increased exposure to riskier segments; and/or (v)
deterioration of the bank's franchise, particularly in light of
the actual group's restructuring process.

The bank's debt and deposit ratings are linked to the standalone
BFSR, and any change to the BFSR would likely also impact these
ratings. Additionally a downgrade on DCL's BFSR or debt ratings,
or signs of a lower probability of support from its parent bank
could also lead to a downgrade of Dexia Sabadell's debt ratings.

An upgrade of Dexia Sabadell's standalone rating is currently
very unlikely given the review for downgrade of the rating. An
improvement of the bank's BFSR could be driven by (i) an
improvement of the bank's capital adequacy ratios; (ii) improved
liquidity position with normalized access to wholesale funding
and broader diversification of its funding sources; and (iii) a
reduction in its credit risk concentration by borrower, with its
top 20 borrowers representing less than 750% of pre-provision
income and 200% of Tier 1 capital.

PRINCIPAL METHODOLOGIES

The methodologies used in these ratings were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007.

Headquartered in Madrid, Spain, Dexia Sabadell reported total
unaudited consolidated assets of EUR17.6 billion (June 30, 2011).


TDA 25: S&P Affirms 'D' Ratings on Three Classes of Notes
---------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B (sf)' from 'A+
(sf)' and removed from CreditWatch negative its credit rating on
TDA 25, Fondo de Titulizacion de Activos' class A notes. "At the
same time, we affirmed our ratings on the class B, C, and D
notes," S&P said.

"The rating actions follow what we consider to be deteriorating
performance within the residential mortgage pool backing this
transaction and decreased recovery levels on defaulted loans,"
S&P related.

Delinquency levels in the underlying mortgage portfolio continue
to be high. As of the latest investor report dated Sept. 22,
severe delinquencies (defined in this transaction as 90+ days,
including outstanding defaulted loans) totaled about 19.64% of
the original balance.

In addition, as of the end of September, the outstanding balance
of defaulted loans (defined in this transaction as loans in
arrears for more than 12 months) represented 23.62% of the
current collateral balance (14.54% of the original balance). This
amount has resulted from the rollover of delinquencies that the
borrower has not cured at earlier stages.

Credifimo originated the majority of the defaulted loans in the
pool. Defaults began to occur in the transaction in July 2007.
"We consider recovery levels for these loans to be very low (as
of September 2011, reported cumulative defaults were EUR40.6
million while reported cumulative recoveries totaled EUR2.1
million since closing)," S&P stated.

Under the transaction documents the originator has the right of
first refusal to acquire repossessed properties from the trustee.
"However, Banca Civica, S.A. -- Credifimo's parent company -- has
informed us that since December 2009, Credifimo has not exercised
its first refusal. The repossessed assets are managed by the
trustee Titulizacion de Activos, S.G.F.T., S.A. acting on behalf
of the issuer to sell the properties in the market," S&P stated.

"We have requested that Banca Civica and Titulizacion de Activos,
S.G.F.T. provide more detailed information about the low recovery
levels. The only information that we have received to date is
that the trustee, Titulizacion de Activos, S.G.F.T., currently
owns 44 unsold repossessed properties on the issuer's behalf (33
properties owned since December 2010, the remaining since
March to August 2011)," S&P said.

Due to the lack of recoveries, the level of performing collateral
(non-defaulted loans) available to the transaction to service the
amounts due under the notes has reduced. "We calculate that the
class A notes are undercollateralized by 12% of their current
balance. Therefore, the credit enhancement provided by the
performing balance is negative for all classes of notes," S&P
said.

"Due to the high level of defaults in the securitized pool, our
rating on the class A notes depends substantially on the amount
of actual and expected recoveries. In June 2011 we placed on
CreditWatch negative our rating on the class A notes, pending
receipt of further recoveries information (see 'Rating
On Spanish RMBS Transaction TDA 25's Class A Notes Placed On
CreditWatch Negative Due To Weakening Performance,' published on
June 30, 2011)," S&P said.

"Based on the most recent data available for the transaction, our
cash flow analysis indicates that a 'B (sf)' rating is
commensurate with the credit enhancement available to the class A
notes as at higher rating levels ('B+ (sf)' and above), the
transaction experiences interest and principal shortfalls under
all of our cash flow analysis scenarios," S&P stated.

Due to insufficient excess spread to cover defaults, in September
2008, the issuer fully drew the reserve fund, which has remained
at zero since then. Furthermore, TDA 25 breached the interest-
deferral triggers on the class B, C, and D notes in 2009 and all
the interest amounts due under these notes have been deferred
since to pay the amounts due under the class A notes. "As a
result, we lowered our ratings to 'D (sf)' on these classes of
notes in December, September, and June 2009, respectively (see
'Related Criteria And Research')," S&P said.

"We have affirmed our 'D (sf)' ratings on the class B, C, and D
notes because they have failed to pay interest since June to
December 2009 and we do not expect them to do so in the future,"
S&P related.

TDA 25 securitizes a portfolio of prime Spanish residential
mortgages granted by Banco Gallego, S.A. (currently 17.5% of the
total pool vs 23.8% at closing) and Credifimo (currently 82.5% of
the total pool vs 76.2% at closing). They both service the loans.
The transaction closed in August 2006 with a weighted-average
seasoning of 19.3 months.

Ratings List

Class                  Rating
             To                       From

TDA 25, Fondo de Titulizacion de Activos
EUR310.054 Million Residential
Mortgage-Backed Floating-Rate Notes

Rating Lowered and Removed From CreditWatch Negative

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

Ratings Affirmed

B            D (sf)
C            D (sf)
D            D (sf)


TDA 28: S&P Affirms 'D' Ratings on Five Classes of Notes
--------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B (sf)' from 'A
(sf)' its credit rating on TDA 28, Fondo de Titulizacion de
Activos' class A notes." At the same time, we affirmed our
ratings on the class B to F notes," S&P related.

"The rating actions follow what we consider to be deteriorating
performance within the residential mortgage pool backing this
transaction and a lack of recoveries data," S&P said.

Delinquency levels in the underlying mortgage portfolio continue
to be high. As of the end of September, severe delinquencies
(defined in this transaction as 90+ days, including outstanding
defaulted loans) totaled about 21.23% of the original balance.

In addition, as of the end of September, the outstanding balance
of defaulted loans (defined in this transaction as loans in
arrears for more than 12 months) represented 21.02% of the
current collateral balance (16.70% of the original balance). This
amount has resulted from the rollover of delinquencies that the
borrower has not cured at earlier stages.

Credifimo originated more than 80% of the defaulted loans in the
pool. Defaults began to occur in the transaction in July 2008.
"We consider the recovery levels for these loans to be very low
(as of September 2011, cumulative reported defaults were EUR78.1
million while reported cumulative recoveries totaled EUR1.7
million since closing)," S&P said.

Under the transaction documents, the originator has the right of
first refusal to acquire repossessed properties from the trustee.
However, Banca Civica, S.A. -- Credifimo's parent company -- has
informed us that since December 2009, Credifimo has not exercised
its first refusal right. The repossessed assets are managed by
the trustee Titulizacion de Activos, S.G.F.T., S.A. acting on
behalf of the issuer to sell the properties in the market.

"We have requested that Banca Civica and Titulizacion de Activos,
S.G.F.T. provide more detailed information about the low recovery
levels. The only information that we have received to date is
that the trustee, Titulizacion de Activos, S.G.F.T., currently
owns 64 unsold repossessed properties on the issuer's behalf (30
properties owned since November to December 2010, the
remaining since February and August 2011)," S&P related.

Due to the lack of recoveries, the level of performing collateral
(nondefaulted loans) available to the transaction to service the
amounts due under the notes has reduced. "We calculate that the
class A notes are undercollateralized by 10% of their current
balance. Therefore, the credit enhancement provided by the
performing balance is negative for all classes of notes," S&P
said.

"Due to the high level of defaults in the securitized pool, our
rating on the class A notes depends substantially on the amount
of actual and expected recoveries. Based on the most recent data
available for the transaction, our cash flow analysis indicates
that a 'B (sf)' rating is commensurate with the credit
enhancement available to the class A notes as at higher rating
levels ('B+ (sf)' and above), the transaction experiences
interest and principal shortfalls under all of our cash flow
analysis scenarios," S&P said.

"Due to insufficient excess spread to cover defaults, in April
2009, the issuer fully drew the reserve fund, which has remained
at zero since then. Furthermore, TDA 28 breached the interest-
deferral triggers on the class B to F notes in 2009, and all
interest has been deferred to the class A notes since then. As a
result, we lowered our ratings to 'D (sf)' on these classes of
notes in July 2010, May 2010, May 2010, February 2010, and July
2009, respectively (see 'Related Criteria And Research')," S&P
related.

"We have affirmed our 'D (sf)' ratings on the class B to F notes
because they have failed to pay interest since July 2009 to July
2010 and we do not expect them to do so in the future," S&P said.

TDA 28 securitizes a portfolio of residential mortgage loans
secured over properties in Spain granted by Caixa Terrassa
(currently 50% of the total pool vs 55.96% at closing) and
Credifimo (currently 50% of the total pool vs 44.04%
at closing). The transaction closed in July 2007 with a weighted-
average seasoning of 23 months.

Ratings List

Class                  Rating
             To                       From

TDA 28, Fondo de Titulizacion de Activos
EUR454.95 Million Mortgage-Backed Floating-Rate Notes, Floating-
Rate Notes and NAS-IO Notes

Rating Lowered

A            B (sf)                  A (sf)

Ratings Affirmed

B            D (sf)
C            D (sf)
D            D (sf)
E            D (sf)
F            D (sf)


* SPAIN: Regional Governments Delay Debt Payment to Drug Firms
--------------------------------------------------------------
Todd White at Bloomberg News, citing Expansion, reports that
international drug companies are trying to sell debt they are
owed by regional governments in Spain to "vulture funds" such as
Cerberus, Appaloosa and Apollo.

According to Bloomberg, the newspaper said that more than
EUR5.4 billion (US$7.4 billion) is owed to pharmaceutical
companies such as Bayer AG, Merck & Co. and Almirall SA, and
payment delays are growing, referring to trade group data.

Andalusia led the list in the first quarter, owing
EUR1.2 billion, and the Castilla & Leon region had the longest
delay before payment, 725 days, the newspaper said, based on
figures from the Farmaindustria group, Bloomberg notes.


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


LUMINAR GROUP: Oceana to Stay Open Despite Administration
---------------------------------------------------------
Clare Buchanan at Surrey Comet reports that Kingston's Oceana
nightclub will stay open despite its owner, Luminar Group Holding
PLC, is in administration.

Oceana nightclub is not one of the 11 venues earmarked for
closure by administrators, who are aiming to leave a core of
profitable trading venues, according to Surrey Comet.

"The core estate of clubs that were open this weekend delivered
excellent trading results over what was a very busy Halloween
trading period for the business. . . .  To date, we have received
a large number of enquiries in the business as a whole and
individual sites, and are actively engaged in discussions with
these parties." The entertainment company, which employs 3,000
full and part-time staff, has suffered during the economic
downturn as its target market of 18 to 24-year-olds has been hit
by high levels of unemployment," the report quoted Alan Hudson,
joint administrator, as saying.

Meanwhile, Surrey Comet notes that the smoking ban and changes in
licensing laws to allow pubs to stay open longer have also had an
effect as well as the August riots, which shut several clubs,
including Oceana.

Surrey Comet relates that Oceana nightclub, which opened its
doors in April 2003, and others in the group have been trying to
drum up more business by offering more diverse entertainment such
as cage-fighting and children's parties.

Meanwhile, newburytoday.co.uk relates that Luminar Group's fall
was just days before a review on the license premises of its
failed Newbury nightclub, Liquid, is due at West Berkshire
Council.

The group's nightclub adjacent to Market Street, Newbury, and the
Kennet Shopping centre closed at the end of September, resulting
in the loss of 20 jobs, according to newburytoday.co.uk.

newburytoday.co.uk relates that the closure was preceded by an
application, made by the police, to review the club's premises
license following an incident in which several people were
evicted from the club on a night when drinks were marked down to
80p a shot, and fought pitched battles with police.  A spokesman
for the group, Stephen Lynn, had said the closure of the club was
due to Newbury-specific economic problems, newburytoday.co.uk
relays.

As reported in the Troubled Company Reporter on Oct. 28, 2011, MK
News said that Luminar Group has gone into administration, saying
it cannot meet its banking obligations.  Luminar Group said it
could not pay back debts to Lloyds TSB Bank, Barclays Bank and
the Royal Bank of Scotland which due to be repaid on Oct. 26,
according to MK News.  The report related that the company's
shares were temporarily suspended from trading when the news was
announced.

Luminar Group Holding PLC owns the Oceana chain as well as Liquid
and the Lava and Ignite brand.  It is Britain's biggest nightclub
owner with 76 outlets in United Kingdom.


PRINCIPALITY BUILDING: Fitch Affirms PIBS Rating at 'BB+'
---------------------------------------------------------
Fitch Ratings has affirmed Coventry Building Society and
Principality Building Society's Long-term Issuer Default Ratings
(IDR) and downgraded Yorkshire Building Society, Leeds Building
Society and Skipton Building Society's IDRs.  Fitch has also
affirmed and withdrawn Norwich and Peterborough Building
Society's (N&P) ratings following its merger into Yorkshire on
November 1, 2011.

The rating actions partly reflect Fitch's recent downward
revision of its macro-economic outlook for the UK and hence, the
agency's view that weaker economic trends are likely to continue
to place further pressure on the societies' profitability in the
short to medium term.  The ability to manage interest margins has
become an increasingly important factor given the extended
expectation of low base rates and continued pressure on
competition for customer funds.

Fitch has also taken into consideration the various building
societies' exposure to and likely future performance of
commercial real estate loans and any concentrations contained in
their books.  The downgrades are also the result of Fitch's view
of the pressures on asset quality from a weaker economic
environment.  These risks are heightened by the limitations on
mutuals' ability to raise core capital externally combined with
the low internal capital generation inherent in the sector.
Overall, Fitch generally viewed the societies' funding, liquidity
and capital as being adequate.

The affirmation of Coventry's ratings reflects the low risk of
its assets (in terms of high fragmentation, good performance and
insignificant commercial loan book) which consist mostly of prime
owner-occupied residential mortgages.  Coventry maintained an
adequate level of profitability throughout the crisis thanks to
robust interest rate risk management and control of costs.
Nonetheless, Fitch notes that the society's coverage of impaired
loans is relatively low and exposes it to additional provisioning
needs should property prices continue to fall, as well as the
boost given to its capital ratios by the low weightings assigned
to its residential mortgages under its Basel II internal ratings-
based approach.

The affirmation of Principality's ratings reflects the society's
resilient profitability, sound majority prime owner-occupied
mortgage book and good capitalization.  Although there has been a
significant deterioration in asset quality, this has largely been
confined to the remunerative second-charge lending.  While the
renewed uncertainty surrounding the economic environment may
result in an increase in loan impairment charges, Fitch does not
expect these to cause significant deterioration in profitability.
Although Principality has some single name concentration in its
commercial loan book, overall the book is being reduced.
Principality continues to hold significant liquid assets, which
Fitch considers to be good quality.

The downgrade of Yorkshire's ratings reflects its weaker asset
quality and some additional sensitivity to a deteriorating
economic environment given its proportion of high loan-to-value
lending.  Fitch notes that although this risk is mitigated by
adequate performance and fair value adjustments already taken
against equity, the agency considers that profitability will
remain under pressure in the short to medium term, or at least
until the economy recovers and base rates rise.  Positive rating
factors include robust capitalization and adequate liquidity.

The downgrade of Leeds' ratings reflects the society's weaker
asset quality compared to similarly rated peers, particularly
impairments arising out of its commercial loan book.  Fitch
believes that in light of the UK economic recovery outlook, Leeds
remains vulnerable to the changing environment, predominantly
because of its outstanding commercial loan book.  Fitch considers
Leeds' profitability to be resilient, driven by net interest
margin and low costs but on balance does not believe that these
positives adequately mitigated the current downward economic
pressures.  The agency also considers that loan impairment
charges are large relative to the size of the loan book and pre-
impairment operating profit, albeit taken conservatively. Fitch
considers that Leeds' has adequate liquidity and funding.

The downgrade of Skipton and the Negative Outlook on its IDR
reflects Fitch's concern about the extremely low profitability in
its core business (most of Skipton's business lines posted a pre-
tax loss in H111) as well as its reliance on estate agency
earnings.  Despite the inclusion of the estate agency business,
group profitability remains low and is not expected to
substantially improve in the near term.  Fitch does not consider
estate agency earnings provide adequate diversification of
earnings given their dependence on the UK property market.
Overall, the weak profitability renders the society vulnerable to
unexpected shocks.  Fitch notes that Skipton's impaired loans
ratio is relatively stable, with the prime owner-occupied and
commercial lending books performing well.  Commercial lending is
granular, limiting the exposure to any single entity.  The
ratings could be downgraded further if there is asset quality
deterioration which leads to further pressure on earnings.

The rating actions are:

Coventry Building Society

  -- Long-term IDR affirmed at 'A'; Outlook Stable
  -- Short-term IDR affirmed at 'F1'
  -- Viability Rating affirmed at 'a'
  -- Individual Rating affirmed at 'B'
  -- Support Rating affirmed at '5'
  -- Support Rating Floor affirmed at 'NF'
  -- Senior long-term and short-term unsecured EMTN program and
     notes affirmed at 'A'/'F1'
  -- Subordinated Perpetual Notes: affirmed at 'BBB'
  -- Government guaranteed Notes: affirmed at 'AAA'

Principality Building Society:

  -- Long-term IDR affirmed at 'BBB+'; Outlook Stable
  -- Short-term IDR affirmed at 'F2'
  -- Viability Rating affirmed at 'bbb+'
  -- Individual Rating affirmed at 'C'
  -- Support Rating affirmed at '5'
  -- Support Rating Floor affirmed at 'No Floor'
  -- Senior unsecured debt affirmed at 'BBB+'
  -- Subordinated dated debt: affirmed at 'BBB-'
  -- PIBS: affirmed at 'BB+'

Yorkshire Building Society:

  -- Long-term IDR downgraded to 'BBB+' from 'A-'; Outlook Stable
  -- Short-term IDR affirmed at 'F2'
  -- Viability Rating downgraded to 'bbb+' from 'a-'
  -- Individual Rating downgraded to 'C' from 'B/C'
  -- Support Rating affirmed at '5'
  -- Support Rating Floor affirmed at 'No Floor'
  -- Guaranteed senior unsecured debt affirmed at 'AAA'/ 'F1+'
  -- Senior unsecured debt downgraded to 'BBB+' from 'A-'
  -- Subordinated dated debt: downgraded to 'BBB-' from 'BBB'
  -- PIBS: downgraded to 'BB+' from 'BBB-'
  -- Convertible notes downgraded to 'BB' from 'BB+

Norwich & Peterborough Building Society:

  -- Long-term IDR off RWP, affirmed at 'BBB+'; and withdrawn
  -- Short-term IDR affirmed at 'F2' and withdrawn
  -- Viability Rating off RWP affirmed at 'bbb+' and withdrawn
  -- Individual Rating off RWP affirmed at 'C' and withdrawn
  -- Support Rating affirmed at '5' and withdrawn
  -- Support Rating Floor affirmed at 'No Floor' and withdrawn

Leeds Building Society

  -- Long-term IDR downgraded to 'A-' from 'A'; Outlook Stable
  -- Short-term IDR downgraded to 'F2' from 'F1'
  -- Viability Rating downgraded to 'a-' from 'a'
  -- Individual Rating affirmed at B/C
  -- Support Rating affirmed at '5'
  -- Support Rating Floor affirmed at 'NF'
  -- Senior long-term and short-term unsecured EMTN program and
     notes downgraded to 'A-'/'F2' from 'A'/'F1'
  -- Subordinated Perpetual Notes: downgraded to 'BBB-' from
     'BBB'
  -- Subordinated dated debt: downgraded to 'BBB' from 'BBB+'

Skipton Building Society:

  -- Long-term IDR downgraded to 'BBB' from 'A-'; Outlook
     Negative
  -- Short-term IDR downgraded to 'F3' from 'F2'
  -- Viability Rating downgraded to 'bbb' from 'a-'
  -- Individual Rating downgraded to 'C' from 'B/C'
  -- Support Rating affirmed at '5'
  -- Support Rating Floor affirmed at 'No Floor'
  -- Guaranteed senior unsecured debt affirmed at 'AAA'
  -- Subordinated dated debt: downgraded to 'BB+' from 'BBB'
  -- PIBS: downgraded to 'BB' from 'BBB-'

The ratings of the covered bonds of these societies are
unaffected by the rating actions.


YELL GROUP: In Talks to Renegotiate Loan Covenants
--------------------------------------------------
John Glover at Bloomberg News, citing the Sunday Times, reports
that Yell Group Plc has started talks to renegotiate covenants
governing its loans.

According to Bloomberg, the newspaper said that Chief Executive
Officer Mike Pocock is in discussions with a syndicate of more
than 300 lenders amid concern the publisher will breach the terms
of more than GBP2.8 billion (US$4.5 billion) of loans amassed
during a takeover spree.

                       About Yell Group

Headquartered in Reading, England, Yell Group plc --
http://www.yellgroup.com/-- is an international directories
business operating in the classified advertising market through
printed, online, and phone media in the U.K. and the US.  Yell
also owns 100% of TPI (renamed "Yell Publicidad"), the largest
publisher of yellow and white pages in Spain, with operations in
certain countries in Latin America.  Yell's revenue for the
twelve months ended March 31, 2008, was GBP2,219 million and its
Adjusted EBITDA was GBP738.9 million.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Aug 26,
2011, Standard & Poor's Ratings Services lowered its corporate
credit rating on U.K.-based classified directories publisher Yell
Group PLC to 'CCC+' from 'B-'.  The outlook remains negative.
"We believe Yell is likely to breach one specific covenant within
the next few quarters, absent any remedies," said Standard &
Poor's credit analyst Carlo Castelli.


===================
U Z B E K I S T A N
===================


ASIA ALLIANCE: Moody's Assigns E+ Bank Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a standalone E+ bank
financial strength rating (BFSR) and B3/Not Prime long-term and
short-term global local and foreign currency deposit ratings to
Private Open Joint Stock Commercial Bank "Asia Alliance Bank"
(AAB) which operates in the Republic of Uzbekistan. The outlook
on all of the bank's ratings is stable.

Moody's rating action is largely based on AAB's audited financial
statements for 2009 and 2010 prepared under IFRS.

Ratings Rationale

According to Moody's, AAB's E+ BFSR (which maps to B3 on the
long-term scale) and B3 deposit ratings are constrained by the
bank's (i) short track record of operations, as AAB was
incorporated in mid-2009, and (ii) small, albeit gradually
expanding, market share in the context of the Republic of
Uzbekistan. Given AAB's narrow business scope, the bank's loan
book demonstrates relatively high concentration levels, with the
20 largest credit exposures together accounting for 120% of its
Tier 1 capital as of July 1, 2011. AAB's funding base is also
concentrated on a modest number of large corporate clients and
90% of customer funding is represented by current and settlement
accounts, which exposes the bank to sudden chunky withdrawals by
key customers. Additionally, due to the rapid growth of AAB's
loan portfolio (albeit from a low base), Moody's expects asset
quality to face increased pressure as the loan book matures and
becomes more seasoned over time.

Factors underpinning AAB's ratings include reasonable risk
management practices and reportedly low volumes of related-party
business. The rating agency also acknowledges good performance of
the bank's loan book to date, as AAB had no non-performing loans
in its portfolio at mid-2011. AAB's high liquidity cushion, which
exceeds 50% of the bank's total assets, mitigates risks of sudden
outflows of large depositors.

Moody's explained that AAB's global local currency deposit
ratings of B3/Not Prime do not incorporate any element of
systemic support given the bank's limited franchise value and its
low importance for the Uzbek banking system as a whole. Nor do
AAB's ratings incorporate any probability of shareholder support
to the bank, in case of distress.

According to the rating agency, AAB's BFSR has limited upside
potential at its current level. However, in the longer term, the
BFSR might map to a higher long-term scale, as opposed to B3
currently, if the bank were to strengthen its franchise and
further diversify its credit exposures, while also reducing
concentration and lengthening the maturity of its funding base.
In order to achieve higher ratings, all the conditions mentioned
above would need to be accompanied by sustainable good asset
quality and sound financial fundamentals.

At the same time, AAB's intrinsic financial strength is exposed
to the risks of the bank's rapid business expansion, especially
if Moody's takes into account its insufficiently tested business
model and unseasoned loan portfolio. Negative pressure could be
exerted on the ratings as a result of failure by the bank to
maintain -- amidst this high pace of growth - good quality of its
loan book, sustainable strong financial performance and adequate
capital and liquidity cushion. A substantial increase in the
volume of related-party business or non-core investments (such as
equities or fixed assets) represents another factor that could
have an adverse impact on AAB's ratings.

Principal Methodologies

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007.

Headquartered in Tashkent, Uzbekistan, AAB reported -- under
audited IFRS -- total assets of US$55.6 million and total
shareholder equity of US$8.1 million as at December 31, 2010; net
IFRS income for 2010 stood at US$1.4 million.


SAVDOGARBANK: Moody's Assigns 'E+' Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a standalone E+ bank
financial strength rating (BFSR) and B2/Not Prime long-term and
short-term global local and foreign currency deposit ratings to
Uzbek-German Open Joint Stock Commercial Bank "Savdogar," which
operates in the Republic of Uzbekistan. The outlook on all of the
bank's ratings is stable.

Moody's rating action is largely based on Savdogarbank's audited
financial statements for 2009 and 2010 prepared under IFRS.

Ratings Rationale

According to Moody's, Savdogarbank's E+ BFSR (which maps to B2 on
the long-term scale) and B2 deposit ratings are constrained by
(i) the bank's modest market franchise; (ii) its weak
profitability and cost-efficiency metrics, especially compared to
the majority of local peers, whereby the bank's return on average
assets (ROAA) and return on average equity (ROAE) stood at 0.4%
and 4.1%, respectively, in 2010; and (iii) the very high
concentration and short-term duration of the bank's customer
funding base, with the three largest depositors accounting for
half of the bank's customer funding base and two-thirds of total
customer funding comprising current and settlement accounts,
which potentially poses the risk of chunky withdrawals.

Factors underpinning Savdogarbank's ratings include (i) the high
granularity of the bank's loan portfolio compared to the majority
of local peers, with the 20 largest loans together accounting for
less than 80% of the bank's Tier 1 capital; (ii) absence of
credit exposure to related parties; (iii) the bank's adequate
capitalization, with the Tier 1 ratio at 17.9% at year-end 2010;
and (iv) adequate liquidity cushion accounting for a quarter of
Savdogarbank's total assets, which partially mitigates risks of
sudden withdrawals by large depositors.

Moody's explained that Savdogarbank's global local currency
deposit ratings of B2/Not Prime do not incorporate any element of
systemic support given the bank's limited franchise value and its
low importance for the Uzbek banking system as a whole. Nor do
Savdogarbank's ratings incorporate any probability of shareholder
support to the bank, in case of distress.

According to the rating agency, Savdogarbank's BFSR has limited
upside potential at its current level. However, in the longer
term, the BFSR might map to a higher long-term scale, as opposed
to B2 currently, if the bank were to strengthen its franchise
value and further diversify its credit exposures (particularly in
terms of region and industrial sector), while also reducing
concentration levels and lengthening the maturity of its funding
base. In order to achieve higher ratings, all the conditions
mentioned above would need to be accompanied by sustainably sound
asset quality, improved financial performance and adequate
capital levels.

Negative pressure could be exerted on Savdogarbank's ratings if
(i) asset quality, profitability and/or capital levels
significantly weaken as a result of mismanagement of especially
the bank's expanded regional activity, or following any general
deterioration of operating environment in Uzbekistan, or (ii) if
the bank is unable to maintain an adequate liquidity position
because of a withdrawal by key depositors. A substantial increase
in the volume of related-party business or non-core investments
(such as equities or fixed assets) represents another factor that
could have an adverse impact on Savdogarbank's ratings.

Principal Methodologies

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007.

Headquartered in Tashkent, Uzbekistan, Savdogarbank reported --
under audited IFRS -- total assets of US$122.5 million and total
shareholder equity of US$14.0 million as at December 31, 2010;
net IFRS income stood at US$448,000 as at year-end 2010.


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                     Total
                                     Shareholders   Total
                                     Equity         Assets
  Company                Ticker      (US$)          (US$)
  -------                ------       ------        ------

AUSTRIA
-------
CHRIST WATER TEC     CWTE IX      -5754285.054  165995618.1
CHRIST WATER TEC     8131204Q GR  -5754285.054  165995618.1
CHRIST WATER TEC     CWT EU       -5754285.054  165995618.1
CHRIST WATER TEC     CWT PZ       -5754285.054  165995618.1
CHRIST WATER TEC     CRSWF US     -5754285.054  165995618.1
CHRIST WATER TEC     CWT AV       -5754285.054  165995618.1
CHRIST WATER TEC     CWT EO       -5754285.054  165995618.1
CHRIST WATER-ADR     CRSWY US     -5754285.054  165995618.1
KA FINANZ AG         3730Z AV     -9072224.934  22043329918
LIBRO AG             LIBR AV      -110486313.8    174004185
LIBRO AG             LIB AV       -110486313.8    174004185
LIBRO AG             LB6 GR       -110486313.8    174004185
LIBRO AG             LBROF US     -110486313.8    174004185
S&T SYSTEM I-ADR     STSQY US     -31284693.65  200208144.5
S&T SYSTEM INTEG     SYA GR       -31284693.65  200208144.5
S&T SYSTEM INTEG     SNTS ES      -31284693.65  200208144.5
S&T SYSTEM INTEG     STSQF US     -31284693.65  200208144.5
S&T SYSTEM INTEG     SYA EX       -31284693.65  200208144.5
S&T SYSTEM INTEG     SNT EU       -31284693.65  200208144.5
S&T SYSTEM INTEG     SYAG IX      -31284693.65  200208144.5
S&T SYSTEM INTEG     SLSYF US     -31284693.65  200208144.5
S&T SYSTEM INTEG     SNTS IX      -31284693.65  200208144.5
S&T SYSTEM INTEG     SNTA PZ      -31284693.65  200208144.5
S&T SYSTEM INTEG     SNT EO       -31284693.65  200208144.5
S&T SYSTEM INTEG     SNT AV       -31284693.65  200208144.5
SKYEUROPE            SKY PW       -89480492.56  159076577.5
SKYEUROPE            SKYP PW      -89480492.56  159076577.5
SKYEUROPE HLDG       SKYA PZ      -89480492.56  159076577.5
SKYEUROPE HLDG       SKURF US     -89480492.56  159076577.5
SKYEUROPE HLDG       SKYPLN EU    -89480492.56  159076577.5
SKYEUROPE HLDG       SKYV IX      -89480492.56  159076577.5
SKYEUROPE HLDG       SKY EU       -89480492.56  159076577.5
SKYEUROPE HLDG       SKY AV       -89480492.56  159076577.5
SKYEUROPE HLDG       SKY EO       -89480492.56  159076577.5
SKYEUROPE HLDG       SKY LI       -89480492.56  159076577.5
SKYEUROPE HLDG       SKYPLN EO    -89480492.56  159076577.5
SKYEUROPE HLDG       S8E GR       -89480492.56  159076577.5
SKYEUROPE HOL-RT     SK1 AV       -89480492.56  159076577.5

BELGIUM
-------
ANTWERP GATEWAY      496769Z BB    -51947070.5  266390692.5
BALTA SARL           3679528Z BB  -213655263.9  956320938.3
BIO ANALYTICAL R     3723198Z BB  -41974594.66  193574592.4
COMPAGIMMOBDU BR     3727538Z BB  -5867835.156  164809982.4
EON BELGIUM NV       3730258Z BB  -8101077.851  251156828.9
EXPLORER NV          4289181Z BB  -11594573.86  281605390.1
FINANCIETOREN NV     3729210Z BB  -42317802.71  777656536.7
IRUS ZWEIBRUCKEN     3738979Z BB  -12563627.16    113270540
JULIE LH BVBA        3739923Z BB  -25317190.48  175772641.2
KIA MOTORS BELGI     3729658Z BB  -40305545.64  136441397.8
KOREAN MOTOR CO      4161341Z BB  -6368236.209  149093852.6
LAND VAN HOP NV      3727898Z BB  -141334.2956  138885001.8
SABENA SA            SABA BB      -85494497.66   2215341060
SAPPI EUROPE SA      3732894Z BB  -119299289.7  158958659.1
SCARLET BELGIUM      4171157Z BB  -28951978.94  137456538.4
SCARLETT BUSINES     3724850Z BB  -71847152.77    130053838
SOCIETE NATIONAL     3726762Z BB  -39045394.16  506987115.6
UNIVERSAL MUSIC      3738307Z BB  -12191533.66  143700285.8

CROATIA
-------
BADEL 1862 DD        BD62RA CZ    -14314922.98  136681894.4
MAGMA DD             MGMARA CZ    -6945891.192  118172308.3
OT OPTIMA TELEKO     2299892Z CZ  -83005841.81  114547056.6
OT-OPTIMA TELEKO     OPTERA CZ    -83005841.81  114547056.6

CYPRUS
------
LIBRA HOLIDA-RTS     LBR CY       -39648682.41  209021322.6
LIBRA HOLIDA-RTS     LGWR CY      -39648682.41  209021322.6
LIBRA HOLIDAY-RT     3167808Z CY  -39648682.41  209021322.6
LIBRA HOLIDAYS       LHGCYP EO    -39648682.41  209021322.6
LIBRA HOLIDAYS       LHGCYP EU    -39648682.41  209021322.6
LIBRA HOLIDAYS       LHGR CY      -39648682.41  209021322.6
LIBRA HOLIDAYS G     LHG CY       -39648682.41  209021322.6
LIBRA HOLIDAYS G     LHG EO       -39648682.41  209021322.6
LIBRA HOLIDAYS G     LHG PZ       -39648682.41  209021322.6
LIBRA HOLIDAYS G     LHG EU       -39648682.41  209021322.6
LIBRA HOLIDAYS-P     LBHG PZ      -39648682.41  209021322.6
LIBRA HOLIDAYS-P     LBHG CY      -39648682.41  209021322.6

CZECH REPUBLIC
--------------
CKD PRAHA HLDG       CKDH US      -89435858.16    192305153
CKD PRAHA HLDG       CDP EX       -89435858.16    192305153
CKD PRAHA HLDG       CKDPF US     -89435858.16    192305153
CKD PRAHA HLDG       CKDH CP      -89435858.16    192305153
CKD PRAHA HLDG       297687Q GR   -89435858.16    192305153
CSA AS               1000Z CP     -127978073.4    432492914
SETUZA AS            2994767Q EO  -61453764.17  138582273.6
SETUZA AS            SETUZA PZ    -61453764.17  138582273.6
SETUZA AS            SZA GR       -61453764.17  138582273.6
SETUZA AS            SETU IX      -61453764.17  138582273.6
SETUZA AS            SETUZA CP    -61453764.17  138582273.6
SETUZA AS            2994763Q EU  -61453764.17  138582273.6
SETUZA AS            2994755Q EU  -61453764.17  138582273.6
SETUZA AS            2994759Q EO  -61453764.17  138582273.6
SETUZA AS            SZA EX       -61453764.17  138582273.6

DENMARK
-------
AB-B NEW             ABBN DC      -101428498.9  298588010.2
AKADEMISK BOLDK      ABB DC       -101428498.9  298588010.2
BRIGHTPOINT EURO     4506883Z DC  -18616347.98  189113937.7
CARLSBERG IT A/S     4503891Z DC  -47250912.74  105417004.1
CIMBER STERLING      CIMBE EU     -5227729.374  192575897.9
CIMBER STERLING      CIMBER DC    -5227729.374  192575897.9
CIMBER STERLING      CIMBE EO     -5227729.374  192575897.9
CIMBER STERLING      CIMBER BY    -5227729.374  192575897.9
ELITE SHIPPING       ELSP DC      -27715991.74  100892900.3
FINANSIERINGSSEL     3977156Z DC  -2410332.543  110737536.3
GREEN WIND ENERG     G7W1 GR      -11320362.72  176234029.6
GREEN WIND ENERG     GW EO        -11320362.72  176234029.6
GREEN WIND ENERG     GW BY        -11320362.72  176234029.6
GREEN WIND ENERG     G7W GR       -11320362.72  176234029.6
GREEN WIND ENERG     GW DC        -11320362.72  176234029.6
GREEN WIND ENERG     GWEUR EO     -11320362.72  176234029.6
GREEN WIND ENERG     GW PZ        -11320362.72  176234029.6
GREEN WIND ENERG     GWEUR EU     -11320362.72  176234029.6
GREEN WIND ENERG     GW EU        -11320362.72  176234029.6
HOLDINGSELSKABET     BOHC IX      -11320362.72  176234029.6
HOLDINGSELSKABET     BODIL DC     -11320362.72  176234029.6
LAURITZEN TANKER     3979732Z DC  -4428758.299  209128194.8
NATURGAS FYN DIS     3984844Z DC  -2862743.662    194651527
NESTLE DANMARK A     3896690Z DC  -31272771.75    160779148
OBTEC                OBTEC DC     -16220512.31    156484311
OBTEC                OBT DC       -16220512.31    156484311
OBTEC-NEW SHARES     OBTECN DC    -16220512.31    156484311
OBTEC-OLD            OBTN DC      -16220512.31    156484311
ORESUNDSBRO KONS     1015Z SS     -583944155.3   3614975702
OSTERFALLEDPARKE     3985676Z DC  -26063679.19  302533679.4
OW SUPPLY & TRAD     3986892Z DC    -4299263.6  165798948.6
REITAN SERVICEHA     3984284Z DC  -1371178.576    127192706
ROSKILDE BANK        RSKC IX      -532868840.9   7876687324
ROSKILDE BANK        ROSBF US     -532868840.9   7876687324
ROSKILDE BANK        ROSK PZ      -532868840.9   7876687324
ROSKILDE BANK        ROSK DC      -532868840.9   7876687324
ROSKILDE BANK        ROSK EU      -532868840.9   7876687324
ROSKILDE BANK        ROSKF US     -532868840.9   7876687324
ROSKILDE BANK        ROSK EO      -532868840.9   7876687324
ROSKILDE BANK        RKI GR       -532868840.9   7876687324
ROSKILDE BANK-RT     916603Q DC   -532868840.9   7876687324
ROSKILDE BAN-NEW     ROSKN DC     -532868840.9   7876687324
ROSKILDE BAN-RTS     ROSKT DC     -532868840.9   7876687324
SCANDINAVIAN BRA     SBSC IX      -16220512.31    156484311
SCANDINAVIAN BRA     SBS1EUR EU   -16220512.31    156484311
SCANDINAVIAN BRA     SBSD PZ      -16220512.31    156484311
SCANDINAVIAN BRA     SBS1 BY      -16220512.31    156484311
SCANDINAVIAN BRA     SBS DC       -16220512.31    156484311
SCANDINAVIAN BRA     SBS1EUR EO   -16220512.31    156484311
SCANDINAVIAN BRA     SBS1 EU      -16220512.31    156484311
SCANDINAVIAN BRA     SBS1 EO      -16220512.31    156484311
SCHAUMANN PROP       SCHAUP EU    -101428498.9  298588010.2
SCHAUMANN PROP       SCHAUP DC    -101428498.9  298588010.2
SCHAUMANN PROP       SCHAUP PZ    -101428498.9  298588010.2
SCHAUMANN PROP       SCHAU BY     -101428498.9  298588010.2
SCHAUMANN PROP       SCHAU EO     -101428498.9  298588010.2
SCHAUMANN PROP       SCHAUEUR EO  -101428498.9  298588010.2
SCHAUMANN PROP       SCHAUEUR EU  -101428498.9  298588010.2
SCHAUMANN PROP       SCHAU EU     -101428498.9  298588010.2

FRANCE
------
3 SUISSES FRANCE     4724713Z FP  -151969329.6    262408720
ACERINOX FRANCE      4748633Z FP  -4970414.587  106673210.6
AIR COMMAND SYST     4470055Z FP  -24012413.92  236706831.5
AIRCELLE             61830Q FP    -627210407.1   1037716117
AKERYS SERVICES      4685937Z FP  -8561729.525  141611798.1
ALCATEL-LUCENT E     3642975Z FP  -46648079.19  510672247.2
ALCATEL-LUCENT F     3647063Z FP  -566942548.5   4810123614
AL-KHATTIYA LEAS     4783713Z FP   -8522159.06  132815959.7
ALUMINIUM PECHIN     3650903Z FP  -469114028.7   1322244624
ARIANESPACE          211530Z FP   -51743991.45   3354710780
ATARI                IFOE PZ      -5534100.115  138494402.9
ATARI SA             IFGA GR      -5534100.115  138494402.9
ATARI SA             ATA EB       -5534100.115  138494402.9
ATARI SA             ATA QM       -5534100.115  138494402.9
ATARI SA             ATA FP       -5534100.115  138494402.9
ATARI SA             ATA EU       -5534100.115  138494402.9
ATARI SA             IFGA TH      -5534100.115  138494402.9
ATARI SA             ATA S1       -5534100.115  138494402.9
ATARI SA             ATA TQ       -5534100.115  138494402.9
ATARI SA             ATA PZ       -5534100.115  138494402.9
ATARI SA             ATA BQ       -5534100.115  138494402.9
ATARI SA             ATANV FP     -5534100.115  138494402.9
ATARI SA             ATA EO       -5534100.115  138494402.9
ATARI-NEW            3715502Q FP  -5534100.115  138494402.9
AUTOMOBILES CITR     3648863Z FP  -298695778.9   1879542934
BELVEDERE            BVD PW       -242409144.5  831869150.8
BELVEDERE - RTS      554451Q FP   -242409144.5  831869150.8
BELVEDERE - RTS      702036Q FP   -242409144.5  831869150.8
BELVEDERE SA         BVD PZ       -242409144.5  831869150.8
BELVEDERE SA         BVD EO       -242409144.5  831869150.8
BELVEDERE SA         BED TH       -242409144.5  831869150.8
BELVEDERE SA         BELV NM      -242409144.5  831869150.8
BELVEDERE SA         BVDRF US     -242409144.5  831869150.8
BELVEDERE SA         BEVD IX      -242409144.5  831869150.8
BELVEDERE SA         BELV FP      -242409144.5  831869150.8
BELVEDERE SA         BVD FP       -242409144.5  831869150.8
BELVEDERE SA         BED GR       -242409144.5  831869150.8
BELVEDERE SA         BVD EU       -242409144.5  831869150.8
BELVEDERE SA         BVD S1       -242409144.5  831869150.8
BELVEDERE SA-NEW     BVDNV FP     -242409144.5  831869150.8
BELVEDERE SA-NEW     8198283Q FP  -242409144.5  831869150.8
BELVEDERE SA-NEW     946529Q FP   -242409144.5  831869150.8
BELVEDERE SA-RTS     BVDDS FP     -242409144.5  831869150.8
BENP LILLEBONNE      4507291Z FP  -14494480.15  341710346.6
BOURBON SA           GBBUSD EO       -1.24E+11   5086583847
BOURBON SA           GBB PZ          -1.24E+11   5086583847
BOURBON SA           GBB EO          -1.24E+11   5086583847
BOURBON SA           GBB EU          -1.24E+11   5086583847
BOURBON SA           GBB GK          -1.24E+11   5086583847
BOURBON SA           BOUBF US        -1.24E+11   5086583847
BOURBON SA           GSH GR          -1.24E+11   5086583847
BOURBON SA           GBBGBX EU       -1.24E+11   5086583847
BOURBON SA           GBB BQ          -1.24E+11   5086583847
BOURBON SA           GBBGBP EO       -1.24E+11   5086583847
BOURBON SA           GBBUSD EU       -1.24E+11   5086583847
BOURBON SA           GBB FP          -1.24E+11   5086583847
BOURBON SA           GPBN IX         -1.24E+11   5086583847
BOURBON SA           GBB S1          -1.24E+11   5086583847
BOURBON SA           GBB EB          -1.24E+11   5086583847
BOURBON SA           3320185Z FP     -1.24E+11   5086583847
BOURBON SA           GBBGBX EO       -1.24E+11   5086583847
BOURBON SA           GBB NQ          -1.24E+11   5086583847
BOURBON SA           GBB IX          -1.24E+11   5086583847
BOURBON SA           GSH TH          -1.24E+11   5086583847
BOURBON SA           GBB TQ          -1.24E+11   5086583847
BOURBON SA           GBB LI          -1.24E+11   5086583847
BOURBON SA           GBB QM          -1.24E+11   5086583847
BOURBON SA - NEW     3510282Q FP     -1.24E+11   5086583847
BOURBON SA - NEW     GBBNV FP        -1.24E+11   5086583847
BOURBON SA - NEW     8130287Q FP     -1.24E+11   5086583847
BOURBON SA - RTS     8446802Z FP     -1.24E+11   5086583847
BOURBON SA/NEW       879958Q FP      -1.24E+11   5086583847
CADES                211430Z FP      -1.32E+11   9983888303
CARCOOP FRANCE       4690569Z FP  -531951.7338  185621693.8
CARI SAS             4509915Z FP  -10848329.91  182415382.5
CARREFOUR HYPERM     3897338Z FP    -419813693   4772178623
CARREFOUR IMPORT     4519455Z FP  -41015523.06  355888577.4
CARRERE GROUP        CARF PZ      -9829531.944    279906700
CARRERE GROUP        CARG FP      -9829531.944    279906700
CARRERE GROUP        CRRHF US     -9829531.944    279906700
CARRERE GROUP        CAR2 EO      -9829531.944    279906700
CARRERE GROUP        XRR GR       -9829531.944    279906700
CARRERE GROUP        CRGP IX      -9829531.944    279906700
CARRERE GROUP        CAR FP       -9829531.944    279906700
CARRERE GROUP        CAR2 EU      -9829531.944    279906700
CDISCOUNT            4690913Z FP  -92485.81144  331210839.3
CELINE SA            3636031Z FP  -6546413.145    108306445
CMA CGM AGENCES      4746849Z FP  -7380117.985  187789703.7
CO PETROCHIMIQUE     4682369Z FP  -79561628.19  444321642.5
COMPAGNIE IMMOBI     CIMB FP      -18851260.64  237751743.8
COMPAGNIE IMMOBI     CIMB S1      -18851260.64  237751743.8
COMPAGNIE IMMOBI     CIMB EO      -18851260.64  237751743.8
COMPAGNIE IMMOBI     CIMB EU      -18851260.64  237751743.8
COMPAGNIE IMMOBI     CIMB PZ      -18851260.64  237751743.8
CSF                  3635887Z FP  -66127486.72   3311857250
DESCAMPS SAS         4503139Z FP  -2912961.458  104843475.7
EADS SECA            4706441Z FP  -38679556.91  142045208.8
EDENRED              EDEN S1       -1395452285   5596512266
EDENRED              EDEN QM       -1395452285   5596512266
EDENRED              EDNMF US      -1395452285   5596512266
EDENRED              EDEN EU       -1395452285   5596512266
EDENRED              EDEN BQ       -1395452285   5596512266
EDENRED              EDEN PZ       -1395452285   5596512266
EDENRED              EDEN EO       -1395452285   5596512266
EDENRED              EDEN IX       -1395452285   5596512266
EDENRED              QSV GR        -1395452285   5596512266
EDENRED              EDEN FP       -1395452285   5596512266
EDENRED              EDENUSD EU    -1395452285   5596512266
EDENRED              QSV TH        -1395452285   5596512266
EDENRED              EDEN TQ       -1395452285   5596512266
EDENRED              EDENUSD EO    -1395452285   5596512266
EDENRED              EDEN EB       -1395452285   5596512266
EDF EN FRANCE        4686529Z FP  -4085423.459  508820792.6
EDF EN OUTRE MER     4679713Z FP  -2598508.843  158364874.7
EMPAIN GRAHAM DV     EMGD FP      -18851260.64  237751743.8
FRANFINANCE LOCA     4689993Z FP  -69780982.12   1638852912
GRANDE PAROISSE      GAPA FP      -927267926.9    629287290
GRANDE PAROISSE      GDPA FP      -927267926.9    629287290
GRANDE PAROISSE      GDPXF US     -927267926.9    629287290
GROUPE BOURBON       BOUR FP         -1.24E+11   5086583847
GROUPE BOURBON       GPBJF US        -1.24E+11   5086583847
GROUPE MONITEUR      317840Z FP   -116707395.4  610106709.3
GROUPE PROGRES S     4734137Z FP  -165060841.9  123458910.5
HP ENTREPRISE SE     4698081Z FP  -97546439.37  116383810.4
HUREL-DUBOIS         HDUN FP      -627210407.1   1037716117
I BASE               757542Z FP   -11937366.64  400192956.6
INFOGRAMES - REG     IFOE IX      -5534100.115  138494402.9
INFOGRAMES - REG     IFG TQ       -5534100.115  138494402.9
INFOGRAMES - REG     IFG EU       -5534100.115  138494402.9
INFOGRAMES - REG     IFG FP       -5534100.115  138494402.9
INFOGRAMES - REG     IFG EO       -5534100.115  138494402.9
INFOGRAMES E-NEW     IFGN FP      -5534100.115  138494402.9
INFOGRAMES ENT       IFGNR FP     -5534100.115  138494402.9
INFOGRAMES ENT       IFOY IX      -5534100.115  138494402.9
INFOGRAMES ENT       IFGEF US     -5534100.115  138494402.9
INFOGRAMES ENT       IFG PZ       -5534100.115  138494402.9
INFOGRAMES ENT       2986980Q EU  -5534100.115  138494402.9
INFOGRAMES ENT       IFG GR       -5534100.115  138494402.9
INFOGRAMES ENT       2986984Q EO  -5534100.115  138494402.9
INFOGRAMES ENTMT     IFG VX       -5534100.115  138494402.9
INFOGRAMES ENTMT     IFGRF US     -5534100.115  138494402.9
INFOGRAMES- RTS      IFGDS FP     -5534100.115  138494402.9
INFOGRAMES-NEW       IFGNV FP     -5534100.115  138494402.9
INFOGRAMES-RTS       3133246Q FP  -5534100.115  138494402.9
ING LEASE FRANCE     4699881Z FP  -49994620.93  363520475.8
ISOCHEM SA           3540732Z FP  -9354435.203  103629611.4
ITM REGION PARIS     4681817Z FP  -49662079.76  124321085.9
JACQUOT ET CO        4721473Z FP  -25605144.44  101591294.6
JTEKT AUTOMOTIVE     4505819Z FP  -14610384.74    211911630
JTEKT AUTOMOTIVE     4504595Z FP  -17492036.59    163375360
JUNGHEINRICH FIN     4635025Z FP  -14429677.13  223424949.4
LAB DOLISOS          DOLI FP      -27752176.19  110485462.4
LAB DOLISOS          LADL FP      -27752176.19  110485462.4
LENOVO FRANCE SA     4710049Z FP  -1944677.438  137134536.2
MATUSSIERE & FOR     MTUSF US     -77896689.09  293868350.8
MATUSSIERE & FOR     1007765Q FP  -77896689.09  293868350.8
MILLIMAGES           MLIGF US     -1006050.249  113454378.9
MILLIMAGES           MIL S1       -1006050.249  113454378.9
MILLIMAGES           MIL1 EO      -1006050.249  113454378.9
MILLIMAGES           MILF PZ      -1006050.249  113454378.9
MILLIMAGES           MG6 GR       -1006050.249  113454378.9
MILLIMAGES           MILI FP      -1006050.249  113454378.9
MILLIMAGES           8131905Q FP  -1006050.249  113454378.9
MILLIMAGES           MIL1 PZ      -1006050.249  113454378.9
MILLIMAGES           MLMG IX      -1006050.249  113454378.9
MILLIMAGES           MIL FP       -1006050.249  113454378.9
MILLIMAGES           MIL1 EU      -1006050.249  113454378.9
MILLIMAGES - RTS     MILDS FP     -1006050.249  113454378.9
MILLIMAGES-RTS       760037Q FP   -1006050.249  113454378.9
MVCI HOLIDAYS FR     4524959Z FP  -112193151.3  233381369.4
NESTLE WATERS SU     3634887Z FP    -100198554  212766860.3
NESTLE WATERS SU     3634879Z FP  -166540192.4  357871830.8
NEXANS COPPER FR     4744809Z FP  -22662074.82  308626962.2
NORDEX FRANCE SA     4521679Z FP  -6460150.538  206115454.1
NOVELIS FOIL FRA     4678593Z FP  -7951381.035  121719315.4
NOVEXEL SA           504169Z FP   -362303.7226  107272250.4
NRJ 12               4681713Z FP  -41481124.19  112522117.5
OROSDI               OROS EU      -51389802.68  181267113.2
OROSDI               OROS FP      -51389802.68  181267113.2
OROSDI               OROS S1      -51389802.68  181267113.2
OROSDI               OROS PZ      -51389802.68  181267113.2
OROSDI               OROS EO      -51389802.68  181267113.2
OROSDI-BACK          ORBA FP      -51389802.68  181267113.2
OROSDI-BACK          BACK IX      -51389802.68  181267113.2
PAGESJAUNES GRP      PAJ BQ        -3184867284   1167307980
PAGESJAUNES GRP      PAJGBX EU     -3184867284   1167307980
PAGESJAUNES GRP      PAJ EO        -3184867284   1167307980
PAGESJAUNES GRP      PAJ TQ        -3184867284   1167307980
PAGESJAUNES GRP      PAJUSD EO     -3184867284   1167307980
PAGESJAUNES GRP      PAJ PZ        -3184867284   1167307980
PAGESJAUNES GRP      PAJ VX        -3184867284   1167307980
PAGESJAUNES GRP      PAJ EB        -3184867284   1167307980
PAGESJAUNES GRP      QS3 TH        -3184867284   1167307980
PAGESJAUNES GRP      PAJ NQ        -3184867284   1167307980
PAGESJAUNES GRP      PAJ LI        -3184867284   1167307980
PAGESJAUNES GRP      PGJUF US      -3184867284   1167307980
PAGESJAUNES GRP      PAJ FP        -3184867284   1167307980
PAGESJAUNES GRP      PAJGBX EO     -3184867284   1167307980
PAGESJAUNES GRP      PAJ QM        -3184867284   1167307980
PAGESJAUNES GRP      PAJ IX        -3184867284   1167307980
PAGESJAUNES GRP      PAJ S1        -3184867284   1167307980
PAGESJAUNES GRP      PAJGBP EO     -3184867284   1167307980
PAGESJAUNES GRP      PAJUSD EU     -3184867284   1167307980
PAGESJAUNES GRP      PAJ GK        -3184867284   1167307980
PAGESJAUNES GRP      PAJ EU        -3184867284   1167307980
PAGESJAUNES GRP      QS3 GR        -3184867284   1167307980
PAGESJAUNES GRP      PAJP IX       -3184867284   1167307980
PEUGEOT CITROEN      3637183Z FP  -268215289.1  319403481.8
PITNEY BOWES         4634633Z FP  -11785422.82  184422748.8
REGIE PUBLICITAI     4691033Z FP  -5262294.526  112402724.7
REGIONAL COMPAGN     3635823Z FP  -11262048.65  587139828.4
RESEAU FERRE FRA     224063Z FP    -1967529685  70147358617
RHODIA SA            RHA BQ       -72552001.48   7951699362
RHODIA SA            RHDI TH      -72552001.48   7951699362
RHODIA SA            RHA EB       -72552001.48   7951699362
RHODIA SA            RHAGBP EO    -72552001.48   7951699362
RHODIA SA            2324015Q EO  -72552001.48   7951699362
RHODIA SA            RHADF US     -72552001.48   7951699362
RHODIA SA            RHANR PZ     -72552001.48   7951699362
RHODIA SA            RHD GR       -72552001.48   7951699362
RHODIA SA            RHAGBX EU    -72552001.48   7951699362
RHODIA SA            RHA VX       -72552001.48   7951699362
RHODIA SA            2324011Q EU  -72552001.48   7951699362
RHODIA SA            RHA TQ       -72552001.48   7951699362
RHODIA SA            RHA FP       -72552001.48   7951699362
RHODIA SA            RHDAF US     -72552001.48   7951699362
RHODIA SA            RHAGBX EO    -72552001.48   7951699362
RHODIA SA            RHAUSD EO    -72552001.48   7951699362
RHODIA SA            RHA S1       -72552001.48   7951699362
RHODIA SA            RHAY IX      -72552001.48   7951699362
RHODIA SA            RHA NQ       -72552001.48   7951699362
RHODIA SA            RHA IX       -72552001.48   7951699362
RHODIA SA            RHA GK       -72552001.48   7951699362
RHODIA SA            3218857Q IX  -72552001.48   7951699362
RHODIA SA            RHA QM       -72552001.48   7951699362
RHODIA SA            RHA PZ       -72552001.48   7951699362
RHODIA SA            RHA EO       -72552001.48   7951699362
RHODIA SA            RHAUSD EU    -72552001.48   7951699362
RHODIA SA            RHDI GR      -72552001.48   7951699362
RHODIA SA            RHA EU       -72552001.48   7951699362
RHODIA SA - NEW      3506266Q FP  -72552001.48   7951699362
RHODIA SA - NEW      8125782Q FP  -72552001.48   7951699362
RHODIA SA - NEW      RHANV FP     -72552001.48   7951699362
RHODIA SA - NEW      2335921Q FP  -72552001.48   7951699362
RHODIA SA - NEW      3156011Q FP  -72552001.48   7951699362
RHODIA SA-ADR        RHAYY US     -72552001.48   7951699362
RHODIA SA-NON RE     RHANR FP     -72552001.48   7951699362
RHODIA SA-RIGHTS     RHADS FP     -72552001.48   7951699362
RHODIA SA-RIGHTS     653447Q FP   -72552001.48   7951699362
RL INVEST SAS        4700369Z FP  -21424084.29    103412643
RODRIGUEZ GROUP      ROD FP        -38195223.8    238732565
RODRIGUEZ GROUP      RRGZF US      -38195223.8    238732565
RODRIGUEZ GROUP      ROD TQ        -38195223.8    238732565
RODRIGUEZ GROUP      ROD BQ        -38195223.8    238732565
RODRIGUEZ GROUP      ROD PZ        -38195223.8    238732565
RODRIGUEZ GROUP      ROD EO        -38195223.8    238732565
RODRIGUEZ GROUP      ROD S1        -38195223.8    238732565
RODRIGUEZ GROUP      ROD EU        -38195223.8    238732565
RODRIGUEZ GROUP      RGX GR        -38195223.8    238732565
RODRIGUEZ GROUP      RDGP IX       -38195223.8    238732565
SANDOZ SAS           3635111Z FP  -18996502.07  160259044.1
SDR CENTREST         117241Q FP   -132420129.5  252176017.2
SEAFRANCE            1707464Z FP  -1015379.945  247033398.8
SHEET ANCHOR FRA     4745417Z FP   -16938893.1  192023042.9
SIDEL CONVEYING      4715393Z FP  -57759126.57    147204049
SIEMENS VAI META     4634441Z FP  -78630983.34  175225384.5
SOC NICOISE REAL     4749097Z FP  -6176043.591  112289722.4
SOCIETE COMMERCI     4516647Z FP  -179862008.2   1576030746
SOCIETE D'AGENCE     4741441Z FP  -3996843.897  267209404.9
SOCIETE DE CHAUF     4722937Z FP  -11549371.73  107340406.8
STE DU 67 BD DU      4686753Z FP  -550297.9006  103136595.7
STORA ENSO CORBE     4697593Z FP  -932413.9939  163080772.7
SU3 SAS              4686497Z FP  -11118401.88    105002034
TEAM PARTNER-RTS     633323Q FP   -13557467.93    129831049
TEAM PARTNER-RTS     2841653Q FP  -13557467.93    129831049
TEAM PARTNERS        TIP FP       -13557467.93    129831049
TEAM PARTNERS        TIP PZ       -13557467.93    129831049
TEAM PARTNERS        TPTRF US     -13557467.93    129831049
TEAM PARTNERS        2347985Q EO  -13557467.93    129831049
TEAM PARTNERS        TPGY IX      -13557467.93    129831049
TEAM PARTNERS        2347981Q EU  -13557467.93    129831049
TEAM PARTNERS GR     TIPDS FP     -13557467.93    129831049
TEAM PARTNERS GR     TPGP PZ      -13557467.93    129831049
TEAM PARTNERS GR     TIPA FP      -13557467.93    129831049
TEAM PARTNERS GR     TIPA EO      -13557467.93    129831049
TEAM PARTNERS GR     TIPA EU      -13557467.93    129831049
TEAM PARTNERS GR     TIPNV FP     -13557467.93    129831049
TEAM PARTNERS GR     TPGP IX      -13557467.93    129831049
TEAM PARTNERS-N      TIPN FP      -13557467.93    129831049
TF1 VIDEO SASU       4516855Z FP  -1279245.403  166278795.5
THALES SECURITY      4701729Z FP  -426153529.7  822653430.4
THOMSON TELECOM      4516815Z FP  -35805908.77  528384056.4
THYSSENKRUPP SOF     4740929Z FP  -18052289.45  299682634.2
TRANSOLVER SERVI     4521279Z FP  -38102696.91    161124216
TREVES               4722153Z FP  -70096913.54  394781399.9
TROUVAY CAUVIN       ETEC FP      -396977.8818  133986439.7
TROUVAY CAUVIN       TVYCF US     -396977.8818  133986439.7
TUILERIES FINANC     4701769Z FP  -3956839.937  125936634.2
UCALEASE SA          3635807Z FP  -1041989.142  150621028.5
VALEO VISION SAS     4518479Z FP    -102634627  273699726.4
VISTEON SYSTEMES     4699177Z FP  -149790335.3  304741135.7
YVES ST LAURENT/     4633025Z FP  -82897369.68  390343397.3

GEORGIA
-------
DEVELICA DEUTSCH     D4B GR       -79827494.88   1139643575
DEVELICA DEUTSCH     DDE LN       -79827494.88   1139643575
DEVELICA DEUTSCH     DDE PZ       -79827494.88   1139643575
DEVELICA DEUTSCH     DDE PG       -79827494.88   1139643575
DEVELICA DEUTSCH     DDE IX       -79827494.88   1139643575
PEARL HOLDING        3622Z LN     -133833007.2  968234065.8

GERMANY
-------
AGOR AG              DOO S1       -482449.8788  144432986.2
AGOR AG              NDAGF US     -482449.8788  144432986.2
AGOR AG              DOO EU       -482449.8788  144432986.2
AGOR AG              DOOD PZ      -482449.8788  144432986.2
AGOR AG              DOO GR       -482449.8788  144432986.2
AGOR AG              DOOG IX      -482449.8788  144432986.2
AGOR AG              DOO EO       -482449.8788  144432986.2
AGOR AG-RTS          2301918Z GR  -482449.8788  144432986.2
ALNO AG              ANO S1       -73119134.74  198564619.3
ALNO AG              ANO EU       -73119134.74  198564619.3
ALNO AG              ANO GR       -73119134.74  198564619.3
ALNO AG              ANO TH       -73119134.74  198564619.3
ALNO AG              ANO EO       -73119134.74  198564619.3
ALNO AG              ANO PZ       -73119134.74  198564619.3
ALNO AG              ALNO IX      -73119134.74  198564619.3
ALNO AG - RTS        ANO2 GR      -73119134.74  198564619.3
ALNO AG-NEW          ANO1 GR      -73119134.74  198564619.3
ALNO AG-RTS          8174351Z GR  -73119134.74  198564619.3
ALNO AG-RTS          2259765Z GR  -73119134.74  198564619.3
ALNO AG-RTS          4123912Z GR  -73119134.74  198564619.3
ATRONIC INTERNAT     504688Z GR   -30668737.79  163495101.6
BROKAT AG            BRKAF US     -27139603.03  143536830.1
BROKAT AG            BKISF US     -27139603.03  143536830.1
BROKAT AG            BROAF US     -27139603.03  143536830.1
BROKAT AG            BROFQ US     -27139603.03  143536830.1
BROKAT AG -NEW       BRJ1 GR      -27139603.03  143536830.1
BROKAT AG -NEW       BRJ1 NM      -27139603.03  143536830.1
BROKAT AG-ADR        BROA US      -27139603.03  143536830.1
BROKAT TECH -ADR     BROAQ US     -27139603.03  143536830.1
BROKAT TECH AG       BRJ GR       -27139603.03  143536830.1
BROKAT TECH AG       BSA LN       -27139603.03  143536830.1
BROKAT TECH AG       BRJ NM       -27139603.03  143536830.1
BROKAT TECH-ADR      BRJA GR      -27139603.03  143536830.1
CBB HOLDING AG       COB GR       -42994818.04  904723627.8
CBB HOLDING AG       COBG IX      -42994818.04  904723627.8
CBB HOLDING AG       COBG PZ      -42994818.04  904723627.8
CBB HOLDING AG       COB2 EU      -42994818.04  904723627.8
CBB HOLDING AG       COB2 EO      -42994818.04  904723627.8
CBB HOLDING AG       CUBDF US     -42994818.04  904723627.8
CBB HOLDING-NEW      COB3 GR      -42994818.04  904723627.8
CBB HOLDING-NEW      COB1 GR      -42994818.04  904723627.8
CBB HOLD-NEW 97      COB2 GR      -42994818.04  904723627.8
COGNIS GMBH          575202Z GR   -745013993.7   3306935972
COGNIS HOLDING G     635952Z GR    -1587896974   2850475613
COMPASS GROUP DE     3896530Z GR  -45713969.85  408640427.9
DFS DEUTSCHE FLU     1070Z GR     -362698323.5   1370382283
DORT ACTIEN-BRAU     944167Q GR   -12689156.29  117537053.7
DORT ACTIEN-RTS      DAB8 GR      -12689156.29  117537053.7
EDOB ABWICKLUNGS     ESC TQ       -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC EU       -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC PZ       -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC GR       -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC TH       -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC BQ       -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESC EO       -22323468.51  425598807.8
EDOB ABWICKLUNGS     ESCDF US     -22323468.51  425598807.8
EM.TV & MERCHAND     985403Q GR   -22067243.56  849175624.7
EM.TV & MERCHAND     ETV VX       -22067243.56  849175624.7
EM.TV & MERCHAND     EMTVF US     -22067243.56  849175624.7
EM.TV & MERCHAND     ETV NM       -22067243.56  849175624.7
EM.TV & MERCHAND     ETVMF US     -22067243.56  849175624.7
EM.TV & MERCHAND     ETV LN       -22067243.56  849175624.7
EM.TV & MERC-NEW     ETV1 GR      -22067243.56  849175624.7
EM.TV & MERC-NEW     ETV1 NM      -22067243.56  849175624.7
EM.TV & MERC-RTS     ETV8 NM      -22067243.56  849175624.7
EM.TV & MERC-RTS     ETV8 GR      -22067243.56  849175624.7
ESCADA AG            ESCG IX      -22323468.51  425598807.8
ESCADA AG -PFD       ESC3 GR      -22323468.51  425598807.8
ESCADA AG-NEW        ESCN EU      -22323468.51  425598807.8
ESCADA AG-NEW        ESCC GR      -22323468.51  425598807.8
ESCADA AG-NEW        3069367Q GR  -22323468.51  425598807.8
ESCADA AG-NEW        835345Q GR   -22323468.51  425598807.8
ESCADA AG-NEW        ESCD GR      -22323468.51  425598807.8
ESCADA AG-NEW        ESCN GR      -22323468.51  425598807.8
ESCADA AG-NEW        ESCN EO      -22323468.51  425598807.8
ESCADA AG-RTS        ESCE GR      -22323468.51  425598807.8
ESCADA AG-SP ADR     ESCDY US     -22323468.51  425598807.8
GENERAL ELECTRIC     4501923Z GR  -547318343.8   8720530002
GUENTHER & SOHN      GUS GR       -9612095.264    130075209
GUENTHER & SOHN      GUS EO       -9612095.264    130075209
GUENTHER & SOHN      GUS PZ       -9612095.264    130075209
GUENTHER & SOHN      GUS EU       -9612095.264    130075209
KABEL DEUTSCHLAN     KD8 BQ        -2357298804   2892306039
KABEL DEUTSCHLAN     KD8 QM        -2357298804   2892306039
KABEL DEUTSCHLAN     KD8 TH        -2357298804   2892306039
KABEL DEUTSCHLAN     KD8 IX        -2357298804   2892306039
KABEL DEUTSCHLAN     KD8 PZ        -2357298804   2892306039
KABEL DEUTSCHLAN     KD8USD EU     -2357298804   2892306039
KABEL DEUTSCHLAN     KD8 EU        -2357298804   2892306039
KABEL DEUTSCHLAN     KD8GBP EO     -2357298804   2892306039
KABEL DEUTSCHLAN     KD8 NR        -2357298804   2892306039
KABEL DEUTSCHLAN     KD8 GR        -2357298804   2892306039
KABEL DEUTSCHLAN     KBDHF US      -2357298804   2892306039
KABEL DEUTSCHLAN     KD8 S1        -2357298804   2892306039
KABEL DEUTSCHLAN     KD8 EO        -2357298804   2892306039
KABEL DEUTSCHLAN     KD8USD EO     -2357298804   2892306039
KABEL DEUTSCHLAN     KD8 EB        -2357298804   2892306039
KABEL DEUTSCHLAN     KD8 TQ        -2357298804   2892306039
KABEL DEUTS-CW10     DB7KWG GR     -2357298804   2892306039
KAUFRING AG          KFR EO       -19296489.56  150995473.8
KAUFRING AG          KFR PZ       -19296489.56  150995473.8
KAUFRING AG          KFR EU       -19296489.56  150995473.8
KAUFRING AG          KFR GR       -19296489.56  150995473.8
KAUFRING AG          KAUG IX      -19296489.56  150995473.8
MAERKLIN             730904Z GR   -8321071.921  115821977.5
MANIA TECHNOLOGI     MNIG IX      -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI GR       -35060809.35  107465713.6
MANIA TECHNOLOGI     MIAVF US     -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI PZ       -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI NM       -35060809.35  107465713.6
MANIA TECHNOLOGI     2260970Z GR  -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI TH       -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI1 EO      -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI1 EU      -35060809.35  107465713.6
MANIA TECHNOLOGI     MNI S1       -35060809.35  107465713.6
MATERNUS KLINI-N     MAK1 GR       -14418459.3  182876466.8
MATERNUS-KLINIKE     MNUKF US      -14418459.3  182876466.8
MATERNUS-KLINIKE     MAK EU        -14418459.3  182876466.8
MATERNUS-KLINIKE     MAK S1        -14418459.3  182876466.8
MATERNUS-KLINIKE     MAK EO        -14418459.3  182876466.8
MATERNUS-KLINIKE     MAK PZ        -14418459.3  182876466.8
MATERNUS-KLINIKE     MAK TH        -14418459.3  182876466.8
MATERNUS-KLINIKE     MAK GR        -14418459.3  182876466.8
MATERNUS-KLINIKE     MAKG IX       -14418459.3  182876466.8
NORDAG AG            DOO1 GR      -482449.8788  144432986.2
NORDAG AG-PFD        DOO3 GR      -482449.8788  144432986.2
NORDAG AG-RTS        DOO8 GR      -482449.8788  144432986.2
NORDENIA INTL AG     NOD8 GR      -74471727.44  729626481.3
NORDENIA INTL AG     NOD GR       -74471727.44  729626481.3
NORDSEE AG           533061Q GR   -8200551.142  194616922.6
PRIMACOM AG          PRC2 GR      -18656751.16  610380925.7
PRIMACOM AG          PRC TH       -18656751.16  610380925.7
PRIMACOM AG          PRC S1       -18656751.16  610380925.7
PRIMACOM AG          PRCG PZ      -18656751.16  610380925.7
PRIMACOM AG          PRC EU       -18656751.16  610380925.7
PRIMACOM AG          PRCG IX      -18656751.16  610380925.7
PRIMACOM AG          PRC EO       -18656751.16  610380925.7
PRIMACOM AG          PRC GR       -18656751.16  610380925.7
PRIMACOM AG          PCAGF US     -18656751.16  610380925.7
PRIMACOM AG-ADR      PCAG US      -18656751.16  610380925.7
PRIMACOM AG-ADR      PCAGY US     -18656751.16  610380925.7
PRIMACOM AG-ADR+     PCAG ES      -18656751.16  610380925.7
RAG ABWICKL-REG      RSTHF US       -1744124.2  217776125.8
RAG ABWICKL-REG      ROS S1         -1744124.2  217776125.8
RAG ABWICKL-REG      ROS1 EO        -1744124.2  217776125.8
RAG ABWICKL-REG      ROSG PZ        -1744124.2  217776125.8
RAG ABWICKL-REG      ROS1 EU        -1744124.2  217776125.8
RAG ABWICKL-REG      ROS GR         -1744124.2  217776125.8
RINOL AG             RILB IX         -1.171602  168095049.1
RINOL AG             RILB EU         -1.171602  168095049.1
RINOL AG             RNLAF US        -1.171602  168095049.1
RINOL AG             RIL GR          -1.171602  168095049.1
RINOL AG             RILB GR         -1.171602  168095049.1
RINOL AG             RILB EO         -1.171602  168095049.1
RINOL AG             RILB S1         -1.171602  168095049.1
RINOL AG             RILB PZ         -1.171602  168095049.1
ROSENTHAL AG         2644179Q GR    -1744124.2  217776125.8
ROSENTHAL AG-ACC     ROS4 GR        -1744124.2  217776125.8
ROSENTHAL AG-ADR     RSTHY US       -1744124.2  217776125.8
ROSENTHAL AG-REG     ROSG IX        -1744124.2  217776125.8
SANDER (JIL) AG      SAD GR       -6153256.267  127546738.8
SANDER (JIL) AG      JLSDF US     -6153256.267  127546738.8
SANDER (JIL)-PRF     2916157Q EU  -6153256.267  127546738.8
SANDER (JIL)-PRF     SAD3 PZ      -6153256.267  127546738.8
SANDER (JIL)-PRF     SAD3 GR      -6153256.267  127546738.8
SANDER (JIL)-PRF     2916161Q EO  -6153256.267  127546738.8
SINNLEFFERS AG       WHG GR       -4491635.615  453887060.1
SPAR HANDELS-AG      SPHFF US     -442426239.7   1433020961
SPAR HANDELS-AG      773844Q GR   -442426239.7   1433020961
SPAR HAND-PFD NV     SPA3 GR      -442426239.7   1433020961
TA TRIUMPH-ACQ       TWNA GR      -124531131.9  313411495.3
TA TRIUMPH-ACQ       TWNA EU      -124531131.9  313411495.3
TA TRIUMPH-ADLER     TWN EO       -124531131.9  313411495.3
TA TRIUMPH-ADLER     TWN PZ       -124531131.9  313411495.3
TA TRIUMPH-ADLER     TTZAF US     -124531131.9  313411495.3
TA TRIUMPH-ADLER     TWNG IX      -124531131.9  313411495.3
TA TRIUMPH-ADLER     TWN EU       -124531131.9  313411495.3
TA TRIUMPH-ADLER     TWN GR       -124531131.9  313411495.3
TA TRIUMPH-A-RTS     1018916Z GR  -124531131.9  313411495.3
TA TRIUMPH-NEW       TWN1 GR      -124531131.9  313411495.3
TA TRIUMPH-RT        TWN8 GR      -124531131.9  313411495.3
TA TRIUMPH-RTS       3158577Q GR  -124531131.9  313411495.3
UNITYMEDIA GMBH      560459Z GR     -290585562   5747686306
UNITYMEDIA HESSE     2808647Z GR    -290585562   5747686306

GREECE
------
AG PETZETAKIS SA     PTZ GR       -110812812.5  206429374.1
AG PETZETAKIS SA     PETZK EU     -110812812.5  206429374.1
AG PETZETAKIS SA     PETZK GA     -110812812.5  206429374.1
AG PETZETAKIS SA     PTZ1 GR      -110812812.5  206429374.1
AG PETZETAKIS SA     PETZK PZ     -110812812.5  206429374.1
AG PETZETAKIS SA     PZETF US     -110812812.5  206429374.1
AG PETZETAKIS SA     PETZK EO     -110812812.5  206429374.1
ASPIS PRONIA GE      ASASK PZ     -189908329.1  896537349.7
ASPIS PRONIA GE      ASASK EO     -189908329.1  896537349.7
ASPIS PRONIA GE      ASASK EU     -189908329.1  896537349.7
ASPIS PRONIA GE      ASASK GA     -189908329.1  896537349.7
ASPIS PRONIA GE      AISQF US     -189908329.1  896537349.7
ASPIS PRONIA -PF     ASAPR GA     -189908329.1  896537349.7
ASPIS PRONIA-PF      APGV GR      -189908329.1  896537349.7
ASPIS PRONIA-PF      ASASP GA     -189908329.1  896537349.7
ASPIS PRONIA-RT      ASASKR GA    -189908329.1  896537349.7
ASPIS PRONOIA GE     APGG IX      -189908329.1  896537349.7
ASPIS PRONOIA GE     APG GR       -189908329.1  896537349.7
ASPIS PRON-PF RT     ASASPR GA    -189908329.1  896537349.7
ATLANTIC SUPERMA     ATLA GA      -76261648.16  315891294.2
ATLANTIC SUPERMA     ATLA PZ      -76261648.16  315891294.2
ATLANTIC SUPERMA     ATLA1 EU     -76261648.16  315891294.2
ATLANTIC SUPERMA     ATLA1 EO     -76261648.16  315891294.2
EMPEDOS SA           EMPED GA     -33637669.62  174742646.9
EMPEDOS SA-RTS       EMPEDR GA    -33637669.62  174742646.9
HELLAS ONLINE SA     HOLR GA      -15570102.08  531120397.7
HELLAS ONLINE SA     BRAIN PZ     -15570102.08  531120397.7
HELLAS ONLINE SA     BRAIN EO     -15570102.08  531120397.7
HELLAS ONLINE SA     UN5 GR       -15570102.08  531120397.7
HELLAS ONLINE SA     BRAIN EU     -15570102.08  531120397.7
HELLAS ONLINE SA     BRAIN GA     -15570102.08  531120397.7
HELLAS ONLINE SA     HOL GA       -15570102.08  531120397.7
KATSELIS SON-P R     KATPD GA     -25687516.15  172013976.2
KATSELIS SONS-PF     KATSP GA     -25687516.15  172013976.2
KATSELIS SONS-RT     KATKD GA     -25687516.15  172013976.2
MAILLIS              MLISF US     -46071971.98  484719898.6
MAILLIS -RTS         MAIKR GA     -46071971.98  484719898.6
MAILLIS-SPON ADR     MJMSY US     -46071971.98  484719898.6
MJ MAILLIS S.A.      MAIK EU      -46071971.98  484719898.6
MJ MAILLIS S.A.      MAIK GA      -46071971.98  484719898.6
MJ MAILLIS S.A.      MAIK PZ      -46071971.98  484719898.6
MJ MAILLIS S.A.      MJL GR       -46071971.98  484719898.6
MJ MAILLIS S.A.      MAIK EO      -46071971.98  484719898.6
NAOUSSA SPIN -RT     NAOYD GA     -163114842.1  286539436.9
NAOUSSA SPIN-AUC     NAOYKE GA    -163114842.1  286539436.9
NAOUSSA SPINNING     NML GR       -163114842.1  286539436.9
NAOUSSA SPIN-RTS     NAOYKR GA    -163114842.1  286539436.9
NUTRIART S.A.        KTSEF US     -25687516.15  172013976.2
NUTRIART S.A.        KATSK GA     -25687516.15  172013976.2
NUTRIART SA          KATSK PZ     -25687516.15  172013976.2
NUTRIART SA          NUTRIART GA  -25687516.15  172013976.2
NUTRIART SA          KATSK EO     -25687516.15  172013976.2
NUTRIART SA          KATSK EU     -25687516.15  172013976.2
NUTRIART-RTS         3411089Q GA  -25687516.15  172013976.2
PETZET - PFD-RTS     PETZPD GA    -110812812.5  206429374.1
PETZETAKIS - RTS     PETZKD GA    -110812812.5  206429374.1
PETZETAKIS-AUC       PETZKE GA    -110812812.5  206429374.1
PETZETAKIS-PFD       PTZ3 GR      -110812812.5  206429374.1
PETZETAKIS-PFD       PETZP GA     -110812812.5  206429374.1
RADIO KORASSIDIS     RKC GR       -100972173.9  244951680.3
RADIO KORASSIDIS     RAKOF US     -100972173.9  244951680.3
RADIO KORASSIDIS     KORA GA      -100972173.9  244951680.3
RADIO KORASSI-RT     KORAD GA     -100972173.9  244951680.3
RADIO KORASS-RTS     KORAR GA     -100972173.9  244951680.3
THEMELIODOMI         THEME GA     -55751173.78  232036822.6
THEMELIODOMI-AUC     THEMEE GA    -55751173.78  232036822.6
THEMELIODOMI-RTS     THEMER GA    -55751173.78  232036822.6
THEMELIODOMI-RTS     THEMED GA    -55751173.78  232036822.6
UNITED TEXTILES      NAOYK GA     -163114842.1  286539436.9
UNITED TEXTILES      NAOSF US     -163114842.1  286539436.9
UNITED TEXTILES      UTEX GA      -163114842.1  286539436.9
UNITED TEXTILES      UTEX EU      -163114842.1  286539436.9
UNITED TEXTILES      UTEX PZ      -163114842.1  286539436.9
UNITED TEXTILES      UTEX EO      -163114842.1  286539436.9
UNITED TEXTILES      NML1 GR      -163114842.1  286539436.9

HUNGARY
-------
HUNGARIAN TELEPH     HUC EX          -73723992    827192000
HUNGARIAN TELEPH     HUGC IX         -73723992    827192000
INVITEL HOLD-ADR     INVHY US        -73723992    827192000
INVITEL HOLD-ADR     IHO US          -73723992    827192000
INVITEL HOLD-ADR     0IN GR          -73723992    827192000
INVITEL HOLDINGS     3212873Z HB     -73723992    827192000

ICELAND
-------
AVION GROUP          B1Q GR         -223780368   2277882368
EIMSKIPAFELAG HF     HFEIMEUR EU    -223780368   2277882368
EIMSKIPAFELAG HF     HFEIM PZ       -223780368   2277882368
EIMSKIPAFELAG HF     HFEIM IR       -223780368   2277882368
EIMSKIPAFELAG HF     HFEIM EU       -223780368   2277882368
EIMSKIPAFELAG HF     HFEIM EO       -223780368   2277882368
EIMSKIPAFELAG HF     HFEIMEUR EO    -223780368   2277882368
EIMSKIPAFELAG HF     AVION IR       -223780368   2277882368

IRELAND
-------
ACS AIRCRAFT FIN     4491555Z ID  -23037147.35  130480079.7
AEGON GLOBAL INS     646937Z ID     -154161392   4095368960
AIRPLANES FINANC     4460505Z ID    -475086961  263082549.3
AIRPLANES HOLDIN     4461857Z ID  -16556589608  931628665.2
ALECTRA FINANCE      4505075Z ID  -59841094.81   1863021876
ARCADE PROPERTY      4461121Z ID  -271759845.9  854806905.5
ARDAGH GLASS FIN     3489820Z ID  -425719878.1   5124811840
ARNOTTS HOLDINGS     4462545Z ID  -345703659.3  169928201.7
AVAYA HOLDINGS L     4491803Z ID  -208021348.3  112505345.4
BALLYMORE PROPER     162707Z ID   -243143095.2  972399152.8
BIRCHFORD INVEST     3802508Z ID   -17025540.7  218278444.2
BOSPHORUS CAPITA     3807620Z ID  -547691.4495  119473277.7
CAMBER 4 PLC         3807980Z ID  -548127044.3  336912874.6
CAPEL DEVELOPMEN     3813016Z ID  -54774206.54  118764190.8
CARRICKMINES MAN     3799108Z ID  -1594145.025  116839693.5
CELTIC ROADS GRO     4527583Z ID  -5475772.455  178943648.9
COMMUNICORP GROU     1027859Z ID  -28828642.17  309423497.3
CONOCOPHILLIPS I     4526671Z ID  -215725943.4  369716179.9
CONOCOPHILLIPS W     3894318Z ID  -199958224.4  344111929.9
DEPFA IRELAND HO     4458641Z ID  -7759253.483  392619649.6
DUOMO FUNDING PL     4462513Z ID  -805845.5444   1772244292
ELAN PHARMA INTE     4515071Z ID  -217568725.6   1820901782
ELLERSTON GEMS O     4781417Z ID  -4056787.085  195869209.7
EQUANT NETWORK S     4462057Z ID    -146075974  304925852.2
EURCO FINANCE        3799980Z ID   -48643223.1  679126971.7
FOL INTERNATIONA     4513251Z ID  -43457938.48  343547754.8
FORTIS PROPRIETA     4781289Z ID   -1335113419   6891744243
FRESHWATER FINAN     699575Z ID   -251700725.1   1588010523
FRUIT OF THE LOO     4459361Z ID  -96376389.16    391436785
GENERAL FINANCE      3807584Z ID  -3451729.765    140460867
GS MULTI-CURRENC     4780921Z ID  -218031502.7   1766463253
HELSINGOR LTD        3814256Z ID  -964944.8669  123961503.3
IRISH NATIONWIDE     1020Z ID     -24460514.19  16215850688
JAMES HARDIE IND     726824Z NA     -454500000   1960600064
JAMES HARDIE IND     HAH AU         -454500000   1960600064
JAMES HARDIE IND     600241Q GR     -454500000   1960600064
JAMES HARDIE IND     HAH NZ         -454500000   1960600064
JAMES HARDIE NV      JHXCC AU       -454500000   1960600064
JAMES HARDIE-ADR     JHINY US       -454500000   1960600064
JAMES HARDIE-ADR     JHX US         -454500000   1960600064
JAMES HARDIE-CDI     JHX AU         -454500000   1960600064
JAMES HARDIE-CDI     JHA TH         -454500000   1960600064
JAMES HARDIE-CDI     JHA GR         -454500000   1960600064
JAMES HARDIE-CDI     JHIUF US       -454500000   1960600064
LCH EUROPEAN POR     3809212Z ID  -91665071.77  296022574.1
LEASEPLAN FINANC     1179Z NA     -14450149.08   8220952390
LTR FINANCE NO 8     3816616Z ID  -15113152.02    537522513
MAINAU FUNDING L     4460161Z ID  -216846138.8   1309830017
MCINERNEY HLDGS      MCIGBX EU    -137972148.5  304108432.2
MCINERNEY HLDGS      MCI EO       -137972148.5  304108432.2
MCINERNEY HLDGS      MCI PO       -137972148.5  304108432.2
MCINERNEY HLDGS      MNEYF US     -137972148.5  304108432.2
MCINERNEY HLDGS      MCI ID       -137972148.5  304108432.2
MCINERNEY HLDGS      MCI LN       -137972148.5  304108432.2
MCINERNEY HLDGS      MCIGBP EO    -137972148.5  304108432.2
MCINERNEY HLDGS      MCI VX       -137972148.5  304108432.2
MCINERNEY HLDGS      MK9 PO       -137972148.5  304108432.2
MCINERNEY HLDGS      MCI EU       -137972148.5  304108432.2
MCINERNEY HLDGS      MK9C PZ      -137972148.5  304108432.2
MCINERNEY HLDGS      MCII IX      -137972148.5  304108432.2
MCINERNEY HLDGS      MCIGBX EO    -137972148.5  304108432.2
MCINERNEY HLDGS      MCI IX       -137972148.5  304108432.2
MCINERNEY HLDGS      MK9 GR       -137972148.5  304108432.2
MCINERNEY PROP-A     MYP ID       -137972148.5  304108432.2
MCINERNEY PROP-A     MYP LN       -137972148.5  304108432.2
MCINERNEY PROP-A     MCIYF US     -137972148.5  304108432.2
MCINERNEY -RT FP     MCIF LN      -137972148.5  304108432.2
MCINERNEY -RT FP     MCIF ID      -137972148.5  304108432.2
MCINERNEY -RT NP     MCIN LN      -137972148.5  304108432.2
MCINERNEY -RT NP     MCIN ID      -137972148.5  304108432.2
MCINERNEY-ADR        MNEYY US     -137972148.5  304108432.2
MYRMIDON CMBS PR     3819292Z ID  -76324372.07  313019507.2
NOVELL IRELAND S     3632507Z ID  -26753771.46  278570269.2
PAYZONE PLC          PAYZ EO      -138030903.2  510010035.3
PAYZONE PLC          PAYZ IX      -138030903.2  510010035.3
PAYZONE PLC          PAYZ PG      -138030903.2  510010035.3
PAYZONE PLC          PAYZ EU      -138030903.2  510010035.3
PAYZONE PLC          4P6 GR       -138030903.2  510010035.3
PAYZONE PLC          PAYZ PZ      -138030903.2  510010035.3
PAYZONE PLC          PAYZ LN      -138030903.2  510010035.3
PENNYGOLD TRADIN     4459561Z ID  -77668624.17   1296718702
PROVIDENCE RESOU     PRR IX       -31729163.16  134629066.1
PROVIDENCE RESOU     PVDRF US     -31729163.16  134629066.1
PROVIDENCE RESOU     PRP PG       -31729163.16  134629066.1
PROVIDENCE RESOU     PRP ID       -31729163.16  134629066.1
PROVIDENCE RESOU     PRP PZ       -31729163.16  134629066.1
PROVIDENCE RESOU     PRP EO       -31729163.16  134629066.1
PROVIDENCE RESOU     3660853Q IX  -31729163.16  134629066.1
PROVIDENCE RESOU     PZQ PO       -31729163.16  134629066.1
PROVIDENCE RESOU     PVR LN       -31729163.16  134629066.1
PROVIDENCE RESOU     PRP EU       -31729163.16  134629066.1
PROVIDENCE RESOU     PRPGBP EO    -31729163.16  134629066.1
PROVIDENCE RE-UT     PZQ GR       -31729163.16  134629066.1
PROVIDENCE-F/P       PRPF ID      -31729163.16  134629066.1
PROVIDENCE-N/P       PRPN ID      -31729163.16  134629066.1
QUINN GROUP LTD      166771Z ID   -228838127.1   2504412121
RELIANCE FLAG TE     4511819Z ID  -132410401.4  259945642.6
RHATIGAN COMMERC     3800004Z ID    -150605071  218524413.7
SALOME FUNDING P     747246Z ID   -1780227.756   2390329099
SCHWARZ PHARMA L     626603Z ID   -527103751.5  385715998.9
SHENDA IRELAND L     4781889Z ID  -164635178.9  186343517.3
SPENCER DOCK DEV     3813908Z ID     -87906519    773958702
SUSQUEHANNA EURO     4459081Z ID   -1252022268   5765502698
TAKEDA PHARMA IR     4460049Z ID  -553964898.1  178556098.5
TOPAZ ENERGY GRO     4508643Z ID  -20430096.67  574668196.2
UDARAS EITLIOCHT     4461649Z ID  -38554945.52  228382904.9
UPC BROADBAND IR     3633179Z ID    -295261091  748962719.5
WATERFORD - RTS      508523Q LN   -505729895.2    820803256
WATERFORD - RTS      WWWA ID      -505729895.2    820803256
WATERFORD - RTS      WWWA GR      -505729895.2    820803256
WATERFORD - RTS      WWWB GR      -505729895.2    820803256
WATERFORD - RTS      WWWB ID      -505729895.2    820803256
WATERFORD - RTS      508519Q LN   -505729895.2    820803256
WATERFORD CRYSTA     4459209Z ID  -150440252.3  114111756.9
WATERFORD W-ADR      WATWY US     -505729895.2    820803256
WATERFORD WDGEWD     WATFF US     -505729895.2    820803256
WATERFORD WDGEWD     WATWF US     -505729895.2    820803256
WATERFORD WED-RT     WWWD GR      -505729895.2    820803256
WATERFORD WED-RT     586552Q LN   -505729895.2    820803256
WATERFORD WED-RT     WTFR LN      -505729895.2    820803256
WATERFORD WED-RT     WWWD ID      -505729895.2    820803256
WATERFORD WED-RT     WWWC ID      -505729895.2    820803256
WATERFORD WED-RT     WWWC GR      -505729895.2    820803256
WATERFORD WED-RT     586556Q LN   -505729895.2    820803256
WATERFORD WED-UT     WWW PO       -505729895.2    820803256
WATERFORD WED-UT     WTFU LN      -505729895.2    820803256
WATERFORD WED-UT     WTFU PO      -505729895.2    820803256
WATERFORD WED-UT     WTFU EU      -505729895.2    820803256
WATERFORD WED-UT     WTFU EO      -505729895.2    820803256
WATERFORD WED-UT     WWWD PZ      -505729895.2    820803256
WATERFORD WED-UT     WWW GR       -505729895.2    820803256
WATERFORD WED-UT     WTFU VX      -505729895.2    820803256
WATERFORD WED-UT     WTFUGBX EU   -505729895.2    820803256
WATERFORD WED-UT     WTFUGBX EO   -505729895.2    820803256
WATERFORD WED-UT     WTFU IX      -505729895.2    820803256
WATERFORD WED-UT     WTFU ID      -505729895.2    820803256
WATERFORD WE-RTS     WTFF ID      -505729895.2    820803256
WATERFORD WE-RTS     WTFF LN      -505729895.2    820803256
WATERFORD WE-RTS     WTFN LN      -505729895.2    820803256
WATERFORD WE-RTS     WTFN VX      -505729895.2    820803256
WATERFORD WE-RTS     WTFN ID      -505729895.2    820803256
WATERFORD-ADR UT     WATFZ US     -505729895.2    820803256
WATERFORD-ADR UT     WFWA GR      -505729895.2    820803256
WATERFORD-SUB        3001875Z ID  -505729895.2    820803256
WOLSELEY IRELAND     3898706Z ID  -47443431.51  175225926.3

ITALY
-----
ALCOA TRASFORMAZ     4506523Z IM  -200396353.5  504699192.2
AS ROMA SPA          ASR IX       -37429933.27  183644985.3
AS ROMA SPA          ASR PZ       -37429933.27  183644985.3
AS ROMA SPA          ASR EO       -37429933.27  183644985.3
AS ROMA SPA          ASR TQ       -37429933.27  183644985.3
AS ROMA SPA          ASRAF US     -37429933.27  183644985.3
AS ROMA SPA          ASRO IX      -37429933.27  183644985.3
AS ROMA SPA          ASR EB       -37429933.27  183644985.3
AS ROMA SPA          ASR IM       -37429933.27  183644985.3
AS ROMA SPA          ASR QM       -37429933.27  183644985.3
AS ROMA SPA          ASR EU       -37429933.27  183644985.3
AS ROMA SPA          ASR BQ       -37429933.27  183644985.3
AS ROMA SPA          RO9 GR       -37429933.27  183644985.3
AS ROMA SPA-RTS      ASRAA IM     -37429933.27  183644985.3
AUTOMOTIVE LIGHT     3895734Z IM  -8797909.782  165588007.5
BIANCHI VENDING      764212Z IM   -27419598.89  118828596.1
CABLELETTRA SPA      4507547Z IM  -83494555.41  223468834.1
CANTIERI DI PISA     4313125Z IM  -2611908.154  105466953.7
CANTIERI NAVALI      4427873Z IM  -26985562.28  101874594.4
CIRIO FINANZIARI     CRO IM       -422095936.7   1583083044
CIRIO FINANZIARI     FIY GR       -422095936.7   1583083044
COIN SPA             GUCIF US     -154057598.5  800526929.5
COIN SPA             965089Q GR   -154057598.5  800526929.5
COIN SPA             GC IX        -154057598.5  800526929.5
COIN SPA/OLD         GC IM        -154057598.5  800526929.5
COIN SPA-RTS         GCAA IM      -154057598.5  800526929.5
COMPAGNIA ITALIA     CITU IX      -137726596.3  527372691.4
COMPAGNIA ITALIA     CGLUF US     -137726596.3  527372691.4
COMPAGNIA ITALIA     ICT IM       -137726596.3  527372691.4
CONBIPEL SPA         2241259Z IM  -8880034.854  222164742.3
CREDITO FONDIARI     CRF IM       -200209050.3   4213063202
CREDITO FOND-RTS     CRFSA IM     -200209050.3   4213063202
DEGI FRANCIACORT     4360437Z IM   -471251.996  253375581.9
DIMA COSTRUZIONI     4526911Z IM   -14681477.1  426157772.4
DIMAFIN SPA          2727163Z IM  -63237953.95  270856564.4
ELETTRA PRODUZIO     3995020Z IM  -2325645.288    227506350
EQUIPOLYMERS SRL     4224221Z IM  -77501046.37  227622587.6
EUROFLY SPA          EEZ IX        -30409445.9  416708236.2
EUROFLY SPA -RTS     EEZAXA IM     -30409445.9  416708236.2
EUROFLY SPA-RTS      EURAXA IM     -30409445.9  416708236.2
FC INTERNAZIONAL     1185Z IM     -10874536.45  713790943.1
FINMATICA SPA        FIT GR       -126380828.5  281244456.3
FINMATICA SPA        FIN IM       -126380828.5  281244456.3
FINMATICA SPA        FIN NM       -126380828.5  281244456.3
FINMATICA SPA        FMTAF US     -126380828.5  281244456.3
FORUM GRAN SASSO     4032509Z IM  -5954613.651  163924566.4
FUNIVIE FOLGARID     4325137Z IM  -3839728.226  199413338.6
GRUPPO FINI SPA      4514671Z IM  -1791897.636  101060963.7
GUERRINO PIVATO      4292565Z IM  -41218066.44  397216267.9
I VIAGGI DEL VEN     VVE IM       -209436890.3  202705179.9
I VIAGGI DEL VEN     VVE PZ       -209436890.3  202705179.9
I VIAGGI DEL VEN     IVGIF US     -209436890.3  202705179.9
I VIAGGI DEL VEN     VVE IX       -209436890.3  202705179.9
I VIAGGI DEL VEN     VVE TQ       -209436890.3  202705179.9
I VIAGGI DEL VEN     VVE EU       -209436890.3  202705179.9
I VIAGGI DEL VEN     VVE EO       -209436890.3  202705179.9
I VIAGGI DEL VEN     IV7 GR       -209436890.3  202705179.9
I VIAGGI-RTS         VVEAA IM     -209436890.3  202705179.9
INDUSTRIE FINCUO     4270053Z IM  -15676157.12  111118283.9
INTERSIDER ACCIA     4268893Z IM  -5355062.509  156885353.6
INTRALOT ITALIA      2884343Z IM  -2665603.223  118040362.9
IP MAESTRALE 4 S     4407001Z IM  -1364553.628  613867867.9
KERSELF              KERS IX      -42106279.58  830980118.2
KERSELF SPA          3533882Z IM  -42106279.58  830980118.2
KERSELF SPA          KRSI PZ      -42106279.58  830980118.2
KERSELF SPA          KRS EO       -42106279.58  830980118.2
KERSELF SPA          KRS EU       -42106279.58  830980118.2
KERSELF SPA          KRS TQ       -42106279.58  830980118.2
KERSELF SPA          KRS IM       -42106279.58  830980118.2
KERSELF-RT           KRSAA IM     -42106279.58  830980118.2
KERSELF-RTS          KERSAA IM    -42106279.58  830980118.2
KERSELF-RTS          KRSRI IX     -42106279.58  830980118.2
MAC METALLURGICA     4290637Z IM  -13970053.88  192912284.9
MERIDIANA FLY        EEZ PZ        -30409445.9  416708236.2
MERIDIANA FLY        MEF EB        -30409445.9  416708236.2
MERIDIANA FLY        MEF IX        -30409445.9  416708236.2
MERIDIANA FLY        EEZ IM        -30409445.9  416708236.2
MERIDIANA FLY        MEF IM        -30409445.9  416708236.2
MERIDIANA FLY        EEZ EO        -30409445.9  416708236.2
MERIDIANA FLY        EEZ EU        -30409445.9  416708236.2
MERIDIANA FLY        EEZ TQ        -30409445.9  416708236.2
MERIDIANA FLY        EEZ QM        -30409445.9  416708236.2
MERIDIANA FLY        MEF BQ        -30409445.9  416708236.2
MERIDIANA FLY        EFLYF US      -30409445.9  416708236.2
MERIDIANA FLY        E7N GR        -30409445.9  416708236.2
MERIDIANA FLY SP     MEFAXA IM     -30409445.9  416708236.2
MERIDIANA SPA        1163Z IM     -4645217.834  187285866.9
MONTE MARE GRADO     4359985Z IM  -535776.0315  100534744.7
MV AGUSTA MOTOR      3898906Z IM  -10856011.42  258767112.5
NEXANS ITALIA SP     3636695Z IM  -19973174.81  139448244.4
OCV ITALIA SRL       4455649Z IM  -7833657.759  212272084.3
OLCESE SPA           O IM         -12846689.89  179691572.8
OLCESE SPA-RTS       OAA IM       -12846689.89  179691572.8
OLCESE VENEZIANO     OLVE IM      -12846689.89  179691572.8
OMNIA SERVICE CE     3401139Z IM  -9159816.788  165737571.5
PARMALAT FINANZI     PMLFF US     -18419396969   4120687886
PARMALAT FINANZI     PAF GR       -18419396969   4120687886
PARMALAT FINANZI     PARAF US     -18419396969   4120687886
PARMALAT FINANZI     FICN AV      -18419396969   4120687886
PARMALAT FINANZI     PRFI VX      -18419396969   4120687886
PARMALAT FINANZI     PMT LI       -18419396969   4120687886
PARMALAT FINANZI     PRF IM       -18419396969   4120687886
PARMALAT FINA-RT     PRFR AV      -18419396969   4120687886
PLASTIC COMPONEN     4489891Z IM  -4874668.899  477291693.5
REGGIANE CRANES      4428649Z IM  -56111781.34  352789095.4
SANTA CROCE 2010     3994268Z IM  -4287041.203  120271258.3
SD SICILIA DISCO     4346005Z IM  -57205.25336  162107130.8
SNIA BPD             SN GR        -141933895.2  150445252.4
SNIA BPD-ADR         SBPDY US     -141933895.2  150445252.4
SNIA SPA             SNIA GR      -141933895.2  150445252.4
SNIA SPA             SN IM        -141933895.2  150445252.4
SNIA SPA             SNIXF US     -141933895.2  150445252.4
SNIA SPA             SN EU        -141933895.2  150445252.4
SNIA SPA             SIAI IX      -141933895.2  150445252.4
SNIA SPA             SNIB GR      -141933895.2  150445252.4
SNIA SPA             SN TQ        -141933895.2  150445252.4
SNIA SPA             SIAI PZ      -141933895.2  150445252.4
SNIA SPA             SN EO        -141933895.2  150445252.4
SNIA SPA             SSMLF US     -141933895.2  150445252.4
SNIA SPA             SBPDF US     -141933895.2  150445252.4
SNIA SPA - RTS       SNAAW IM     -141933895.2  150445252.4
SNIA SPA- RTS        SNAXW IM     -141933895.2  150445252.4
SNIA SPA-2003 SH     SN03 IM      -141933895.2  150445252.4
SNIA SPA-CONV SA     SPBDF US     -141933895.2  150445252.4
SNIA SPA-DRC         SNR00 IM     -141933895.2  150445252.4
SNIA SPA-NEW         SN00 IM      -141933895.2  150445252.4
SNIA SPA-NON CON     SPBNF US     -141933895.2  150445252.4
SNIA SPA-RCV         SNIVF US     -141933895.2  150445252.4
SNIA SPA-RCV         SNR IM       -141933895.2  150445252.4
SNIA SPA-RIGHTS      SNAW IM      -141933895.2  150445252.4
SNIA SPA-RNC         SNIWF US     -141933895.2  150445252.4
SNIA SPA-RNC         SNRNC IM     -141933895.2  150445252.4
SNIA SPA-RTS         SNAA IM      -141933895.2  150445252.4
SNIA SPA-RTS         SNSO IM      -141933895.2  150445252.4
SVILUPPO COMPART     3895994Z IM  -3410478.946  384012735.9
TECNODIFF ITALIA     TDIFF US     -89894162.82  152045757.5
TECNODIFF ITALIA     TEF GR       -89894162.82  152045757.5
TECNODIFF ITALIA     TDI IM       -89894162.82  152045757.5
TECNODIFF ITALIA     TDI NM       -89894162.82  152045757.5
TECNODIFF-RTS        TDIAOW NM    -89894162.82  152045757.5
TECNODIFFUSIONE      TDIAAW IM    -89894162.82  152045757.5
TEREX ITALIA SRL     4514535Z IM  -65352037.06  187112594.8
TISCALI - RTS        TISAAW IM    -158576909.6  500626222.7
TISCALI - RTS        TIQA GR      -158576909.6  500626222.7
TISCALI SPA          TISGBX EO    -158576909.6  500626222.7
TISCALI SPA          TISGBP EO    -158576909.6  500626222.7
TISCALI SPA          TIS EO       -158576909.6  500626222.7
TISCALI SPA          TISN NA      -158576909.6  500626222.7
TISCALI SPA          TIQ1 GR      -158576909.6  500626222.7
TISCALI SPA          TIS EB       -158576909.6  500626222.7
TISCALI SPA          TISM IX      -158576909.6  500626222.7
TISCALI SPA          TISN IX      -158576909.6  500626222.7
TISCALI SPA          TIS IM       -158576909.6  500626222.7
TISCALI SPA          TSCXF US     -158576909.6  500626222.7
TISCALI SPA          TISN VX      -158576909.6  500626222.7
TISCALI SPA          TISN IM      -158576909.6  500626222.7
TISCALI SPA          TIQG IX      -158576909.6  500626222.7
TISCALI SPA          TIS IX       -158576909.6  500626222.7
TISCALI SPA          TIS NA       -158576909.6  500626222.7
TISCALI SPA          TIS QM       -158576909.6  500626222.7
TISCALI SPA          TIS BQ       -158576909.6  500626222.7
TISCALI SPA          TISN FP      -158576909.6  500626222.7
TISCALI SPA          TIS NQ       -158576909.6  500626222.7
TISCALI SPA          TIS VX       -158576909.6  500626222.7
TISCALI SPA          TIS TQ       -158576909.6  500626222.7
TISCALI SPA          TIS PZ       -158576909.6  500626222.7
TISCALI SPA          TIQ GR       -158576909.6  500626222.7
TISCALI SPA          TIS NR       -158576909.6  500626222.7
TISCALI SPA          TISGBX EU    -158576909.6  500626222.7
TISCALI SPA          TIS FP       -158576909.6  500626222.7
TISCALI SPA          TIS EU       -158576909.6  500626222.7
TISCALI SPA- RTS     3391621Q GR  -158576909.6  500626222.7
TISCALI SPA- RTS     TISAXA IM    -158576909.6  500626222.7
UPIM SRL             3494031Z IM  -24945031.42  495566337.9
VALEO SPA            3897442Z IM  -55996.80114  165209720.2
VIA CAVOUR SRL       3997892Z IM  -2002622.441  173628397.1

LUXEMBOURG
----------
ARCELORMITTAL FL     3912244Z LX   -1024313669   3328008487
CARRIER1 INT-AD+     CONE ES         -94729000    472360992
CARRIER1 INT-ADR     CONEQ US        -94729000    472360992
CARRIER1 INT-ADR     CONEE US        -94729000    472360992
CARRIER1 INT-ADR     CONE US         -94729000    472360992
CARRIER1 INTL        CJNA GR         -94729000    472360992
CARRIER1 INTL        8133893Q GR     -94729000    472360992
CARRIER1 INTL        CJN NM          -94729000    472360992
CARRIER1 INTL SA     CONEF US        -94729000    472360992
CARRIER1 INTL SA     1253Z SW        -94729000    472360992
INTELSAT             ILMA GR        -697038976  17592367104
INTELSAT SA          2237Z US       -697038976  17592367104
OXEA SARL            3682535Z LX  -78371220.13   1013737294
OXEA SARL            3682535Z GR  -78371220.13   1013737294

NETHERLANDS
-----------
ADAMAR AMSTERDAM     4049157Z NA  -5256671.097  108813893.8
ALFRED C TOEPFER     4062117Z NA  -1843317.436   1689194175
ASITO DIENSTENGR     743813Z NA   -2494804.851  220704023.7
BAAN CO NV-ASSEN     BAANA NA     -7854715.264  609871188.9
BAAN COMPANY NV      BAAN EU      -7854715.264  609871188.9
BAAN COMPANY NV      BNCG IX      -7854715.264  609871188.9
BAAN COMPANY NV      BAAVF US     -7854715.264  609871188.9
BAAN COMPANY NV      BAAN IX      -7854715.264  609871188.9
BAAN COMPANY NV      BAAN NA      -7854715.264  609871188.9
BAAN COMPANY NV      BAAN PZ      -7854715.264  609871188.9
BAAN COMPANY NV      BAAN GR      -7854715.264  609871188.9
BAAN COMPANY NV      BAAN EO      -7854715.264  609871188.9
BAAN COMPANY-NY      BAANF US     -7854715.264  609871188.9
BASELL BENELUX B     4048469Z NA  -49594551.15    221005725
BELEGGINGSMAATSC     801105Z NA   -5070657.703  350267370.9
CENTRIC HOLDING      745383Z NA   -72753.24225  363069870.7
CEVA GROUP PLC       976811Z NA   -538665968.2   5318491121
CEVA LOGISTICS       882197Z NA   -538665968.2   5318491121
CLATES HOLDING B     4043429Z NA  -34881.25205  221495950.5
COENTUNNEL CO BV     3823892Z NA  -42087507.72  316350701.9
COOPERATIE VOEDI     4378105Z NA  -216576.9882  680962157.8
EON BENELUX LEVE     4173461Z NA  -21561715.64  273422076.5
EUROCOMMERCE HOL     4174085Z NA  -1476.315022   1442058655
EUROPEAN MARITIM     4523543Z NA  -34803118.05  347300069.4
FERDINAND STINGE     4040837Z NA  -197826.2129   1420319834
FONDEL METALS BV     4039013Z NA  -2368075.248  110363800.6
HE INVESTMENTS B     3813216Z NA  -1780665.857    195483088
HUISVUILCENTRALE     4777713Z NA  -87789.23965   1412526184
INFOR GLOBAL SOL     4778481Z NA  -332427172.9  500602423.6
ING RE DORTMUND/     3819456Z NA  -91900157.49  142290450.1
ING REIM DEVELOP     3811140Z NA  -231041485.9  383323356.5
KONINKLIJKE HASK     4037221Z NA  -69259.20141  230145390.9
KUIPER GROEP BV      3821988Z NA  -3688.420875  101931401.5
LIBERTY GL EU-A      UPC NA        -5505478850   5112616630
LINO MANAGEMENT      3774416Z NA    -302140891  797339200.3
MAAS INTERNATION     4174109Z NA  -104625.6021  163961580.9
MITSUBISHI MOTOR     3893974Z NA  -377506741.2  526604236.4
MSREF ELBA BV        4043045Z NA  -89889.60183  584994172.5
MSREF VI KAIROS      4174205Z NA  -38313.60078    893956511
NIDERA HANDELSCO     3893886Z NA  -1347999.991   2303695933
NORFOLK HOLDINGS     779151Z NA   -199512.5928  813430683.8
RHEIN PAPIER HOL     4040349Z NA  -2301763.247   1089890804
RIVA NV              3797916Z NA  -852952.1165  111411542.1
SGS NEDERLAND HO     3896746Z NA  -742586.4558    148207265
SITA NEDERLAND B     874216Z NA   -312079.8969   2324948031
SPYKER CARS NV       SPYKR EB     -154336469.5   1337361332
SPYKER CARS NV       SPYKR NA     -154336469.5   1337361332
SPYKER CARS NV       SPYKR BQ     -154336469.5   1337361332
SPYKER CARS NV       SPYK IX      -154336469.5   1337361332
SPYKER CARS NV       SPYKR QM     -154336469.5   1337361332
SPYKER CARS NV       SPYKR EO     -154336469.5   1337361332
SPYKER CARS NV       SPYKR EU     -154336469.5   1337361332
SPYKER CARS NV       SPYKR TQ     -154336469.5   1337361332
STICHTING PENSIO     4498027Z NA  -19254451.13  566611058.3
STICHTING PENSIO     4489595Z NA   -7065546415  43409019837
SWEDISH AUTOMOBI     SWAN EU      -154336469.5   1337361332
SWEDISH AUTOMOBI     SWAN BQ      -154336469.5   1337361332
SWEDISH AUTOMOBI     SWAN TQ      -154336469.5   1337361332
SWEDISH AUTOMOBI     SWAN EO      -154336469.5   1337361332
SWEDISH AUTOMOBI     SWAN EB      -154336469.5   1337361332
SWEDISH AUTOMOBI     SPYKR PZ     -154336469.5   1337361332
SWEDISH AUTOMOBI     SWAN NA      -154336469.5   1337361332
SWEDISH AUTOMOBI     SWAN QM      -154336469.5   1337361332
SWEDISH AUTOMOBI     SPYKF US     -154336469.5   1337361332
SWEDISH AUTOMOBI     L9I TH       -154336469.5   1337361332
SWEDISH AUTOMOBI     L9I GR       -154336469.5   1337361332
TATE & LYLE NETH     3634775Z NA  -2595894.422  104534416.9
TOYOTA MATERIAL      4062173Z NA  -525179.3964  103144175.2
TRAVELPORT GLOBA     4501611Z NA  -3622780.496  320789835.8
UNITED PAN -ADR      UPEA GR       -5505478850   5112616630
UNITED PAN-A ADR     UPCOY US      -5505478850   5112616630
UNITED PAN-EUR-A     UPC LI        -5505478850   5112616630
UNITED PAN-EUR-A     UPC LN        -5505478850   5112616630
UNITED PAN-EUROP     UPCOF US      -5505478850   5112616630
UNITED PAN-EUROP     UPCEF US      -5505478850   5112616630
UNITED PAN-EUROP     UPC VX        -5505478850   5112616630
UNITED PAN-EUROP     UPE1 GR       -5505478850   5112616630
UPC HOLDING BV       3590264Z NA  -12164702941  13901661309
VAN WEELDE BEHEE     4038885Z NA  -165002.3062  161800258.3
VOLKERWESSELS BO     4062101Z NA  -17683.20036  191596002.3
VWS TRANSPORTINF     4377249Z NA  -88578.90129  442019063.5
VWS VERKEER-EN I     4777577Z NA  -125486.7768  799874848.4
W2005 W2007 CARN     3824100Z NA  -107841645.8    362615031
WE INTERNATIONAL     630199Z NA   -1220350.163   1011026941
WILMAR EDIBLE OI     3817520Z NA  -3976944.095  218912594.8
ZINVEST FASHION      3775412Z NA  -296559.4047    180677208
ZWINGER OPCO 6 B     3821644Z NA  -106543158.2  627759193.8

NORWAY
------
AFRICA OFFSHORE      AOSA NO        -238595008    399271008
AKER BIOMARINE A     4508947Z NO  -91258656.74  103294723.7
AKER ELEKTRO AS      4389353Z NO   -35218317.7  134077911.8
AKER FLOATING PR     AKFP EO          -7700000    816200000
AKER FLOATING PR     AKFP BY          -7700000    816200000
AKER FLOATING PR     AKNO IX          -7700000    816200000
AKER FLOATING PR     AKFP NO          -7700000    816200000
AKER FLOATING PR     AKFP EU          -7700000    816200000
AKER FLOATING PR     AKFPEUR EU       -7700000    816200000
AKER FLOATING PR     AKFPEUR EO       -7700000    816200000
AKER FLOATING PR     AKFP PZ          -7700000    816200000
AKER STORD A/S       4498875Z NO  -150475117.7  783619889.1
BKK VARME AS         4445833Z NO  -8164053.946  143462133.6
CIA LA GOMERA AS     4401057Z NO  -14188999.46  111542577.2
GJENSIDIGE PENSJ     4447089Z NO  -706038.7351  834496819.2
HEEGH AUTOLINERS     4389209Z NO  -11654362.38  277390994.9
INTEROIL EXPLORA     IOX BY          -71383000    195320000
INTEROIL EXPLORA     IOX NO          -71383000    195320000
INTEROIL EXPLORA     IROIF US        -71383000    195320000
INTEROIL EXPLORA     IOX EU          -71383000    195320000
INTEROIL EXPLORA     IOX PZ          -71383000    195320000
INTEROIL EXPLORA     IOXEUR EU       -71383000    195320000
INTEROIL EXPLORA     IOXUSD EO       -71383000    195320000
INTEROIL EXPLORA     IOX IX          -71383000    195320000
INTEROIL EXPLORA     IOXEUR EO       -71383000    195320000
INTEROIL EXPLORA     INOX NO         -71383000    195320000
INTEROIL EXPLORA     IOX EO          -71383000    195320000
INTEROIL EXPLORA     IOXUSD EU       -71383000    195320000
LIVA BIL             LIV NO       -4061326.597  116023629.9
MAN LAST OG BUSS     4521719Z NO  -7914946.127  134925818.8
MARINE SUBSEA AS     MSAS NO        -238595008    399271008
MASTER & COMMAND     4443393Z NO   -3848.57586    105559612
NCC CONSTRUCTION     4389745Z NO  -17444019.96  371204059.2
NCC ROADS AS         4401305Z NO  -7603911.224  151509155.9
NORGIPS NORGE AS     4443889Z NO  -4188300.148    124517344
NORSK STEIN AS       4394889Z NO  -2509971.202  184248999.1
OSLO FORSIKRING      4415089Z NO   -6494996.57    158542606
PETRO GEO-SERV       PGS VX       -18066142.21  399710323.6
PETRO GEO-SERV       265143Q NO   -18066142.21  399710323.6
PETRO GEO-SERV       PGS GR       -18066142.21  399710323.6
PETRO GEO-SERV-N     PGSN NO      -18066142.21  399710323.6
PETRO GEO-SV-ADR     PGSA GR      -18066142.21  399710323.6
PETRO GEO-SV-ADR     PGOGY US     -18066142.21  399710323.6
PETROJACK AS         JACKEUR EO      -54932000    191586000
PETROJACK AS         JACK BY         -54932000    191586000
PETROJACK AS         JACK EU         -54932000    191586000
PETROJACK AS         P3J GR          -54932000    191586000
PETROJACK AS         JACK EO         -54932000    191586000
PETROJACK AS         JACO IX         -54932000    191586000
PETROJACK AS         JACK PZ         -54932000    191586000
PETROJACK AS         JACK NO         -54932000    191586000
PETROJACK AS         JACKEUR EU      -54932000    191586000
PETROJACK AS         POJKF US        -54932000    191586000
PETROMENA AS         PMEN IX         -47299000    317747008
PETROMENA AS         PMENA NO        -47299000    317747008
PETROMENA AS         PMENA EU        -47299000    317747008
PETROMENA AS         PR2 GR          -47299000    317747008
PETROMENA AS         MENA NO         -47299000    317747008
PETROMENA AS         PMENA PZ        -47299000    317747008
PETROMENA AS         PMENA EO        -47299000    317747008
PETROMENA AS         PMENAEUR EO     -47299000    317747008
PETROMENA AS         PMENF US        -47299000    317747008
PETROMENA AS         PMENAEUR EU     -47299000    317747008
SECURITAS DIRECT     4394201Z NO  -531628.2745  124746344.1
SKRETTING AS         4473771Z NO  -3730844.426  499611269.4
STOREBRAND EIEND     4443409Z NO  -69476764.19   1408585975
STOREBRAND EIEND     4288341Z NO  -236066034.1   4427606061
TDC AS               4287413Z NO  -95917885.43  128911202.9
TRICO SHIPPING A     3651167Z NO  -132576808.1  504945402.2
TTS SENSE AS         4393841Z NO  -30849484.35  107503145.6
UTKILEN SHIPPING     4446161Z NO  -2435448.778  205148159.9
VNG NORGE AS         4513147Z NO  -44725176.15  280935536.1

POLAND
------
KROSNO               KROS IX       -2241615.44  111838141.2
KROSNO               KRS PW        -2241615.44  111838141.2
KROSNO               KRS1EUR EU    -2241615.44  111838141.2
KROSNO               KRS1EUR EO    -2241615.44  111838141.2
KROSNO               KRS LI        -2241615.44  111838141.2
KROSNO SA            KRS PZ        -2241615.44  111838141.2
KROSNO SA            KROSNO PW     -2241615.44  111838141.2
KROSNO SA            KRS1 EU       -2241615.44  111838141.2
KROSNO SA            KRNFF US      -2241615.44  111838141.2
KROSNO SA            KRS1 EO       -2241615.44  111838141.2
KROSNO SA-RTS        KRSP PW       -2241615.44  111838141.2
KROSNO-PDA-ALLT      KRSA PW       -2241615.44  111838141.2
TOORA                2916661Q EO  -288818.3897  147004954.2
TOORA                2916665Q EU  -288818.3897  147004954.2
TOORA                TOR PZ       -288818.3897  147004954.2
TOORA                TOR PW       -288818.3897  147004954.2
TOORA-ALLOT CERT     TORA PW      -288818.3897  147004954.2

PORTUGAL
--------
AGUAS DO ZEZERE      3646223Z PL  -9497007.861  387261027.5
ALBERTO MARTINS      4488947Z PL  -26137998.21  126979395.5
CENTRO HOSPITALA     3778196Z PL   -63194407.2  123417394.8
CO DAS ENERGIAS      3794880Z PL  -2540034.474  115717930.4
CP - COMBOIOS DE     1005Z PL      -3201667702   2260472073
ESTALEIROS NAVAI     4507307Z PL  -23829401.88  315386385.8
FERREIRAS & MAGA     4281437Z PL  -14115717.84  103226790.2
GALERIA PARQUE N     4772673Z PL   -6221557.01  176869350.5
HOSPITAL DE FARO     3789880Z PL  -59945072.08  249069905.8
HOSPITAL DO DIVI     3789932Z PL   -38574192.3  217870602.5
HOSPITAL GARCIA      3773160Z PL   -48058398.4  155137981.5
LOCACAO DE EQUIP     4772329Z PL  -1031872.211  425561447.8
LYCATELCOM LDA       4281821Z PL  -8577510.562  109410577.8
METRO DO PORTO       4473963Z PL   -1539365046   3027538897
PARQUE DA PAMPIL     4770625Z PL  -1932626.439  135631078.1
PARQUE EOLICO DE     4772521Z PL  -1450277.362  131706562.9
PORTUGALIA           1008Z PL     -4086512.545  263103585.3
RADIO E TELEVISA     1227Z PL     -874020727.2  739530129.4
REFER-REDE FERRO     1250Z PL      -1817222591  941624235.3
SERVICO DE SAUDE     3790200Z PL  -171447869.9  656234458.2
SOCIEDADE DE REN     3776676Z PL  -16609193.89  127876798.7
SOCIEDADE DE TRA     1253Z PL     -366661049.9  152577542.7
SPORTING CLUBE D     SCDF EU      -65884328.13  251276323.4
SPORTING CLUBE D     SCG GR       -65884328.13  251276323.4
SPORTING CLUBE D     SCP PL       -65884328.13  251276323.4
SPORTING CLUBE D     SCP1 PZ      -65884328.13  251276323.4
SPORTING CLUBE D     SCPX PX      -65884328.13  251276323.4
SPORTING CLUBE D     SCDF EO      -65884328.13  251276323.4
SPORTING-SOC DES     SCDF PL      -65884328.13  251276323.4
SPORTING-SOC DES     SCPL IX      -65884328.13  251276323.4
SPORTING-SOC-RTS     SCPVS PL     -65884328.13  251276323.4
SPORTING-SOC-RTS     SCPDS PL     -65884328.13  251276323.4
TAP SGPS             TAP PL       -293253615.6   2901200999
VALE DO LOBO - R     4764257Z PL  -19458755.77  553819869.1
VISTA ALEGRE ATL     4281717Z PL  -11415079.06  119980938.8

ROMANIA
-------
ARCELORMITTAL        PTRO RO      -61080024.91  178667412.9
OLTCHIM RM VALCE     OLTCF US     -89344240.83  511515508.8
OLTCHIM SA RM VA     OLT RO       -89344240.83  511515508.8
OLTCHIM SA RM VA     OLT PZ       -89344240.83  511515508.8
OLTCHIM SA RM VA     OLTEUR EO    -89344240.83  511515508.8
OLTCHIM SA RM VA     OLT EU       -89344240.83  511515508.8
OLTCHIM SA RM VA     OLTEUR EU    -89344240.83  511515508.8
OLTCHIM SA RM VA     OLT EO       -89344240.83  511515508.8
RAFO SA              RAF RO       -457922310.7  356796459.3

RUSSIA
------
AKCIONERNOE-BRD      SOVP$ RU     -72210975.94  456200360.2
ALLIANCE RUSSIAN     ALRT RU       -13189410.9  138268688.3
AMO ZIL              ZILL RM      -204894835.3    401284636
AMO ZIL-CLS          ZILL RU      -204894835.3    401284636
AMO ZIL-CLS          ZILL* RU     -204894835.3    401284636
AMO ZIL-CLS          ZILLG RU     -204894835.3    401284636
CRYOGENMASH-BRD      KRGM* RU     -22826263.97  214573431.2
CRYOGENMASH-BRD      KRGM RU      -22826263.97  214573431.2
CRYOGENMASH-PFD      KRGMP* RU    -22826263.97  214573431.2
CRYOGENMASH-PFD      KRGMP RU     -22826263.97  214573431.2
DAGESTAN ENERGY      DASBG RU      -29561959.6  232757864.4
DAGESTAN ENERGY      DASB RM       -29561959.6  232757864.4
DAGESTAN ENERGY      DASB RU       -29561959.6  232757864.4
DAGESTAN ENERGY      DASB* RU      -29561959.6  232757864.4
EAST-SIBERIA-BRD     VSNK* RU     -92283895.48  299864149.8
EAST-SIBERIA-BRD     VSNK RU      -92283895.48  299864149.8
EAST-SIBERIAN-BD     VSNK$ RU     -92283895.48  299864149.8
FINANCIAL LEASIN     137282Z RU   -127155421.5  341759794.6
FINANCIAL LEASIN     FLKO RU      -127155421.5  341759794.6
FINANCIAL LEASIN     FLKO* RU     -127155421.5  341759794.6
FINANCIAL LEASIN     FLKO RM      -127155421.5  341759794.6
GAZ-FINANS           GAZF RU      -56134.51262  232319905.4
GUKOVUGOL            GUUG RU      -57835249.92  143665227.2
GUKOVUGOL            GUUG* RU     -57835249.92  143665227.2
GUKOVUGOL-PFD        GUUGP RU     -57835249.92  143665227.2
GUKOVUGOL-PFD        GUUGP* RU    -57835249.92  143665227.2
HALS-DEVEL- GDR      86PN LI        -588515968   1446112000
HALS-DEVELOPMENT     HALS TQ        -588515968   1446112000
HALS-DEVELOPMENT     SYR GR         -588515968   1446112000
HALS-DEVELOPMENT     HALS* RU       -588515968   1446112000
HALS-DEVELOPMENT     HALS LI        -588515968   1446112000
HALS-DEVELOPMENT     HALS RU        -588515968   1446112000
HALS-DEVELOPMENT     HALS RM        -588515968   1446112000
HALS-DEVELOPMENT     HALSM RU       -588515968   1446112000
HALS-DEVELOPMENT     HALSG RU       -588515968   1446112000
IZHAVTO OAO          IZAV RU      -94100833.99  443610329.4
KAMSKAYA GORNAYA     2806239Z RU  -527803788.8   1311868884
KOMPANIYA GL-BRD     GMST RU      -2412499.797   1202818434
KOMPANIYA GL-BRD     GMST* RU     -2412499.797   1202818434
KUZNETSOV-BRD        MTSTP RU     -11247039.53  390269032.2
KUZNETSOV-BRD        MTSTP* RU    -11247039.53  390269032.2
KUZNETSOV-BRD        MTST* RU     -11247039.53  390269032.2
KUZNETSOV-BRD        MTST RU      -11247039.53  390269032.2
M-INDUSTRIYA         SOMI RU      -1304109.982  267288804.8
MURMANSKAYA-PFD      MUGSP RU     -26491726.33  140103923.5
MURMANSKAYA-PFD      MUGSPG RU    -26491726.33  140103923.5
MURMANSKAYA-PFD      MUGSP* RU    -26491726.33  140103923.5
MURMANSKAY-CLS       MUGS* RU     -26491726.33  140103923.5
MURMANSKAY-CLS       MUGSG RU     -26491726.33  140103923.5
MURMANSKAY-CLS       MUGS RU      -26491726.33  140103923.5
NIZHEGORODSK-BRD     NASO RU      -24264468.23  426748912.4
NIZHEGORODSK-BRD     NASO* RU     -24264468.23  426748912.4
NIZHEGORODSKI-B      NASO$ RU     -24264468.23  426748912.4
NIZHEGORODS-P B$     NASOP$ RU    -24264468.23  426748912.4
NIZHEGORODS-PFD      NASOP RU     -24264468.23  426748912.4
NIZHEGORODS-PFD      NASOP* RU    -24264468.23  426748912.4
NIZHMASHZAVO-BRD     NMSZ* RU     -11553901.84  372915429.4
NIZHMASHZAVO-BRD     NMSZ RU      -11553901.84  372915429.4
NIZHMASHZAVOD-BD     NMSZ$ RU     -11553901.84  372915429.4
NIZHMASHZAVO-PFD     NMSZP* RU    -11553901.84  372915429.4
NIZHMASHZAVO-PFD     NMSZP RU     -11553901.84  372915429.4
OAO SIBNEFTEGAZ      SIGA RU      -8733178.141  757597617.2
PENOPLEX-FINANS      PNPF RU      -839659.3715  147052027.7
PIK GROUP            PIKK RU      -65334860.95   4000687446
PIK GROUP            PIKK* RU     -65334860.95   4000687446
PIK GROUP            PIKKG RU     -65334860.95   4000687446
PIK GROUP            PIKK RM      -65334860.95   4000687446
PIK GROUP-GDR        PIQ2 GR      -65334860.95   4000687446
PIK GROUP-GDR        PIK EU       -65334860.95   4000687446
PIK GROUP-GDR        PIK1 QM      -65334860.95   4000687446
PIK GROUP-GDR        PIK1 EO      -65334860.95   4000687446
PIK GROUP-GDR        PIK LI       -65334860.95   4000687446
PIK GROUP-GDR        PIK EB       -65334860.95   4000687446
PIK GROUP-GDR        PIK TQ       -65334860.95   4000687446
PIK GROUP-GDR        PKGPL US     -65334860.95   4000687446
PIK GROUP-GDR        PIK IX       -65334860.95   4000687446
PROMTRACTOR-FINA     PTRF RU      -27519567.06  259128529.5
RUSSIAN TEXT-CLS     ALRTG RU      -13189410.9  138268688.3
RUSSIAN TEXT-CLS     ALRT* RU      -13189410.9  138268688.3
RYBINSKKABEL         RBKZD RU     -8532245.618  108539181.3
SEVERNAYA KAZNA      SVKB RU      -53030865.11  292154903.1
SEVERNAYA KAZNA      SVKB* RU     -53030865.11  292154903.1
SEVKABEL-FINANS      SVKF RU      -83036.46173  102680373.6
SISTEMA HALS-GDR     HALS IX        -588515968   1446112000
SISTEMA-GDR 144A     SEMAL US       -588515968   1446112000
URGALUGOL-BRD        YRGL* RU     -10942680.75  149416034.2
URGALUGOL-BRD        YRGL RU      -10942680.75  149416034.2
URGALUGOL-BRD-PF     YRGLP RU     -10942680.75  149416034.2
VACO-BRD             VASO RU      -27108676.04  934073954.9
VACO-BRD             VASO* RU     -27108676.04  934073954.9
VACO-PFD             VASOP RU     -27108676.04  934073954.9
VACO-PFD             VASOP* RU    -27108676.04  934073954.9
VASO                 1001Q RU     -27108676.04  934073954.9
VASO-$               1002Q RU     -27108676.04  934073954.9
VASO-$PFD BRD        VASOP$ RU    -27108676.04  934073954.9
VASO-Q LIST          VASO$ RU     -27108676.04  934073954.9
VIMPEL SHIP-BRD      SOVP RU      -72210975.94  456200360.2
VIMPEL SHIP-BRD      SOVP* RU     -72210975.94  456200360.2
VOLGOGRAD KHIM       VHIM* RU     -46674128.45  156690406.4
VOLGOGRAD KHIM       VHIM RU      -46674128.45  156690406.4
WILD ORCHID ZAO      DOAAN RU     -11716087.47  106082784.6
ZIL AUTO PLANT       ZILL$ RU     -204894835.3    401284636
ZIL AUTO PLANT-P     ZILLP RU     -204894835.3    401284636
ZIL AUTO PLANT-P     ZILLP RM     -204894835.3    401284636
ZIL AUTO PLANT-P     ZILLP* RU    -204894835.3    401284636

SERBIA
------
DUVANSKA             DIVR SG      -46938765.41  107525048.4

SLOVENIA
--------
ISTRABENZ            ITBG PZ      -3710053.919   1192276746
ISTRABENZ            ITBG SV      -3710053.919   1192276746
ISTRABENZ            ITBG EO      -3710053.919   1192276746
ISTRABENZ            ITBG EU      -3710053.919   1192276746

SPAIN
-----
ACTUACIONES ACTI     AGR SM        -57871829.5  772519224.5
ADT ESPANA SERVI     3632899Z SM   -26498520.4  149454497.1
AGRUPACIO - RT       AGR/D SM      -57871829.5  772519224.5
AMCI HABITAT SA      AMC3 EO      -24580874.45  194758143.4
AMCI HABITAT SA      AMC SM       -24580874.45  194758143.4
AMCI HABITAT SA      AMC1 EU      -24580874.45  194758143.4
ATLANTIC COPPER      4512291Z SM  -15995873.26   1016941910
AURIGACROWN CAR      3791672Z SM  -9696329.512  319009666.2
BASF CONSTRUCTIO     4511259Z SM  -175550365.3  296395765.4
BIMBO SA             3632779Z SM  -6894386.116  162399487.1
BOSCH SISTEMAS D     4505475Z SM  -295419977.8  205556877.2
BOUYGUES INMOBIL     3636247Z SM  -13608696.28  203210905.9
CAIXARENTING SA      4500211Z SM  -7390432.998   1722091946
CAJA DE AHORROS      929362Z SM   -361326816.2  37311046644
CELAYA EMPARANZA     3642467Z SM  -19428468.87  176340504.9
COPERFIL GROUP       704457Z SM   -3700858.975    403826723
DTZ IBERICA ASES     1658Z SM     -130770583.4    611187363
ELECTRODOMESTICO     1035184Z SM  -89882980.98  104386627.5
EXPO-AN SA           569882Z SM   -14692346.37  324154549.3
FABRICAS AGRUPAD     3638319Z SM  -28683704.97    205880655
FACTORIA NAVAL D     3748456Z SM  -91596638.83  155617881.8
FBEX PROMO INMOB     3745024Z SM  -820001.0305   1142937522
FERGO AISA -RTS      AISA/D SM     -57871829.5  772519224.5
FERGO AISA SA        AISA PZ       -57871829.5  772519224.5
FERGO AISA SA        AISA EU       -57871829.5  772519224.5
FERGO AISA SA        AISA SM       -57871829.5  772519224.5
FERGO AISA SA        AISA EO       -57871829.5  772519224.5
FIAT GROUP AUTOM     4511067Z SM  -30064519.13  367730368.2
FMC FORET SA         3642299Z SM  -28605523.78  225458069.6
GALERIAS PRIMERO     3281527Z SM  -2731015.072  124875853.4
GE POWER CONTROL     3744144Z SM  -25412232.52  973735754.8
GE REAL ESTATE I     2814684Z SM  -47072259.92  609515984.5
GENERAL MOTORS E     4286805Z SM  -323089753.8   2783002632
GLENCORE ESPANA      3752336Z SM  -24493084.81    140668008
HIDROCANTABRICO      4456745Z SM  -245397523.6    513745817
HUNE PLATAFORMAS     4284309Z SM  -34729576.87  417379212.5
ISOFOTON SA          1039291Z SM    -401482382  218392769.3
JAZZ TELECOM SA      3646927Z SM  -739593798.9    803977667
LA SIRENA ALIMEN     4375737Z SM   -60779557.1  206592562.2
LEVANTINA Y ASOC     993382Z SM   -289550685.8  672488470.2
MAGNETI MARELLI      3643903Z SM  -6218714.533  169480205.1
MARTINSA FADESA      MTF1 LI       -3883366101   6592778504
MARTINSA FADESA      MFAD PZ       -3883366101   6592778504
MARTINSA FADESA      MTF EU        -3883366101   6592778504
MARTINSA FADESA      MTF SM        -3883366101   6592778504
MARTINSA FADESA      4PU GR        -3883366101   6592778504
MARTINSA FADESA      MTF EO        -3883366101   6592778504
MARTINSA-FADESA      MTF NR        -3883366101   6592778504
NYESA VALORES CO     NYE TQ       -99766729.91  812943907.9
NYESA VALORES CO     NYE EU       -99766729.91  812943907.9
NYESA VALORES CO     BES SM       -99766729.91  812943907.9
NYESA VALORES CO     BESS PZ      -99766729.91  812943907.9
NYESA VALORES CO     7NY GR       -99766729.91  812943907.9
NYESA VALORES CO     BES EU       -99766729.91  812943907.9
NYESA VALORES CO     BES TQ       -99766729.91  812943907.9
NYESA VALORES CO     NYE SM       -99766729.91  812943907.9
NYESA VALORES CO     BES EO       -99766729.91  812943907.9
NYESA VALORES CO     NYE EO       -99766729.91  812943907.9
ORANGE CATALUNYA     4365565Z SM  -25422547.72  113962331.9
PANRICO SL           1087Z SM     -372238069.5   1219319614
PLANES E INVERSI     3795524Z SM   -72863651.9  220131915.6
PULLMANTUR SA        301590Z SM   -84915226.97  196732982.8
RANDSTAD EMPLEO      4285885Z SM  -58273106.53  432173483.1
REAL ZARAGOZA SA     4285533Z SM   -26642893.2  155342765.2
RENTA CORP           REN1GBP EO   -55365883.37  289916358.5
RENTA CORP           RENS PZ      -55365883.37  289916358.5
RENTA CORP           REN1GBX EU   -55365883.37  289916358.5
RENTA CORP           REN1GBX EO   -55365883.37  289916358.5
RENTA CORP           REN1USD EO   -55365883.37  289916358.5
RENTA CORP           RTACF US     -55365883.37  289916358.5
RENTA CORP           REN1 EO      -55365883.37  289916358.5
RENTA CORP           REN1 EU      -55365883.37  289916358.5
RENTA CORP           REN1USD EU   -55365883.37  289916358.5
RENTA CORP           REN1 TQ      -55365883.37  289916358.5
RENTA CORP           REN SM       -55365883.37  289916358.5
RENTA CORP REAL      REN/D SM     -55365883.37  289916358.5
REYAL URBIS SA       REY1 EU      -699015340.8   5992489048
REYAL URBIS SA       REY SM       -699015340.8   5992489048
REYAL URBIS SA       REYU PZ      -699015340.8   5992489048
REYAL URBIS SA       REY1 EO      -699015340.8   5992489048
SA DE SUPERMERCA     4373489Z SM  -24370843.85  162576231.9
SIDERURGICA SEVI     3755616Z SM  -6175305.125  255962721.9
SOGECABLE MEDIA      3638359Z SM  -3018000.191  182987292.3
SPANAIR              1174Z SM     -172531031.3  375809287.4
SUPERMERCADOS CH     3635999Z SM  -49108101.19  430829438.2
SUPERMERCADOS CO     4285781Z SM  -6271873.083  110251382.6
TELEVISION AUTON     3772924Z SM  -148813632.8  119454851.8
TIP TRAILERS ESP     3804444Z SM  -29242607.48  104149119.2
TROPICAL TURISTI     3639071Z SM  -25374266.69    535701945
TYCO ELECTRONICS     2335265Z SM  -143512076.6  258441853.6
UNITEC UNION TIE     3801344Z SM  -23207409.48  131213302.5
VIA OPERADOR PET     4510507Z SM  -22002322.05  129961207.4
VILLAVINAS SL        3790664Z SM  -4071759.503  112727175.1

SWEDEN
------
ATTENDO AB           4452873Z SS  -58148252.61   1244996834
CARLSBERG SVERIG     4008900Z SS  -7398371.724  324772773.9
KAROLINEN FASTIG     4008644Z SS  -906745.1282  122777361.3
PHADIA AB            842347Z SS   -140406774.4   2127579095
SWEDISH MA-RE RT     SWMASR SS    -284909084.5   2094817513
SWEDISH MAT-ADR      SWMA GR      -284909084.5   2094817513
SWEDISH MAT-ADR      3053566Q US  -284909084.5   2094817513
SWEDISH MATCH        SWD LI       -284909084.5   2094817513
SWEDISH MATCH AB     SWMA PZ      -284909084.5   2094817513
SWEDISH MATCH AB     SWMAUSD EO   -284909084.5   2094817513
SWEDISH MATCH AB     SWMAEUR EO   -284909084.5   2094817513
SWEDISH MATCH AB     SWMA EO      -284909084.5   2094817513
SWEDISH MATCH AB     SWMA EU      -284909084.5   2094817513
SWEDISH MATCH AB     SWM VX       -284909084.5   2094817513
SWEDISH MATCH AB     SWMAEUR EU   -284909084.5   2094817513
SWEDISH MATCH AB     SWM TH       -284909084.5   2094817513
SWEDISH MATCH AB     SWMA NQ      -284909084.5   2094817513
SWEDISH MATCH AB     SWMA IX      -284909084.5   2094817513
SWEDISH MATCH AB     SWMAGBP EO   -284909084.5   2094817513
SWEDISH MATCH AB     SWMA BY      -284909084.5   2094817513
SWEDISH MATCH AB     SWMA NR      -284909084.5   2094817513
SWEDISH MATCH AB     SWMA QM      -284909084.5   2094817513
SWEDISH MATCH AB     SWMA S1      -284909084.5   2094817513
SWEDISH MATCH AB     SWMA EB      -284909084.5   2094817513
SWEDISH MATCH AB     SWMA LI      -284909084.5   2094817513
SWEDISH MATCH AB     SWMAGBX EO   -284909084.5   2094817513
SWEDISH MATCH AB     SWM GR       -284909084.5   2094817513
SWEDISH MATCH AB     SWMAF US     -284909084.5   2094817513
SWEDISH MATCH AB     SWMAGBX EU   -284909084.5   2094817513
SWEDISH MATCH AB     SWMA SS      -284909084.5   2094817513
SWEDISH MATCH AB     SWMAUSD EU   -284909084.5   2094817513
SWEDISH MATCH AB     SWMA TQ      -284909084.5   2094817513
SWEDISH MATCH AB     SWMDF US     -284909084.5   2094817513
SWEDISH MATCH AB     SWMA GK      -284909084.5   2094817513
SWEDISH MATCH- B     SWMWF US     -284909084.5   2094817513
SWEDISH MATCH-B      3033P US     -284909084.5   2094817513
SWEDISH MAT-RTS      SWMYR US     -284909084.5   2094817513
SWEDISH M-UN ADR     SWMAY US     -284909084.5   2094817513

TURKEY
------
BESIKTAS FUTBOL      BKTFF US     -94748145.95  140991569.3
BESIKTAS FUTBOL      BJKAS TI     -94748145.95  140991569.3
BESIKTAS FUTBOL      BJKASM TI    -94748145.95  140991569.3
BESIKTAS FUTBOL      BJKASY TI    -94748145.95  140991569.3
BESIKTAS FUTBOL      BWX GR       -94748145.95  140991569.3
EGS EGE GIYIM VE     EGDIS TI     -7732135.103  147075077.7
EGS EGE GIYIM-RT     EGDISR TI    -7732135.103  147075077.7
GALATASARAY SPOR     GATSF US     -4380459.912  184132637.7
GALATASARAY SPOR     GSRAY TI     -4380459.912  184132637.7
GALATASARAY SPOR     GSY GR       -4380459.912  184132637.7
GALATASARAY SPOR     GALA IX      -4380459.912  184132637.7
GALATASARAY-NEW      GSRAYY TI    -4380459.912  184132637.7
IKTISAT FINAN-RT     IKTFNR TI    -46900666.64  108228233.6
IKTISAT FINANSAL     IKTFN TI     -46900666.64  108228233.6
KEREVITAS GIDA       KVTGF US     -2039534.235  117975034.3
KEREVITAS GIDA       KERVT TI     -2039534.235  117975034.3
MUDURNU TAVUKC-N     MDRNUN TI     -64935052.1  160420187.4
MUDURNU TAVUKCUL     MDRNU TI      -64935052.1  160420187.4
SIFAS                SIFAS TI      -15439194.7    130608104
TUTUNBANK            TUT TI        -4024959602   2643810457
YASARBANK            YABNK TI      -4024959602   2643810457

UKRAINE
-------
AZOVZAGALMASH MA     AZGM UZ      -75129759.84  474776539.2
CHERNIGIVS MAN-M     CHIM UZ      -8728378.486  105244397.8
CHERNIGIVS M-GDR     CKU GR       -8728378.486  105244397.8
DONETSKOBLENERGO     DOON UZ      -214112885.3  396954757.6
LUGANSKGAS           LYGZ UZ      -25247035.77    123851487
LUGANSKOBLENERGO     LOEN UZ      -28366834.81  198146239.7
MARIUP-GDR REG S     M9X GR       -11661586.28  260791838.5
MARIUP-GDR REG S     MZVM IX      -11661586.28  260791838.5
MARIUPOL HEAVY M     MZVM UZ      -11661586.28  260791838.5
NAFTOKHIMIK PRIC     NAFP UZ      -15635678.75    306266218
NAFTOKHIMIK-GDR      N3ZA GR      -15635678.75    306266218
ODESSA OIL REFIN     ONPZ UZ      -178447037.2  314744675.5
RIVNEAZOT            RAZT UZ      -27233614.57    417932243
ZALK - PFTS          ZALK UZ      -78409529.93  130383564.8
POLYUS GOLD INTE     653479Z UZ      -88561000    241726000
KION GROUP GMBH      834769Z GR   -534551768.5   7697629095

UNITED KINGDOM
--------------
3I PLC               2346795Z LN  -40072013.14  518266360.4
600 UK LTD           1282018Z LN  -731250.5356  123671540.8
ABBOTT MEAD VICK     648824Q LN   -1685854.552  168258996.3
ABF GRAIN PRODUC     1276922Z LN  -80622502.15  405377719.8
ACCIDENT EXCHANG     1927374L LN  -33094543.84  273916447.7
ACE INA SERVICES     1442282Z LN  -56846654.06  155841457.8
ACIS GROUP LTD       4159557Z LN  -29529317.19  122639068.7
ACORN CARE AND E     1238567Z LN   -70886168.8  120665053.6
ACROMAS HOLDINGS     3109266Z LN   -2744136431  11102400350
ADVANCE DISPLAY      ADTP PZ       -2983757364   2562677211
AEA TECHNOLO-FPR     AATF PZ        -112607939  201762583.9
AEA TECHNOLO-FPR     AATF LN        -112607939  201762583.9
AEA TECHNOLOGY       AAT PO         -112607939  201762583.9
AEA TECHNOLOGY       EAETF US       -112607939  201762583.9
AEA TECHNOLOGY       AAT VX         -112607939  201762583.9
AEA TECHNOLOGY       AAT IX         -112607939  201762583.9
AEA TECHNOLOGY G     AAT PZ         -112607939  201762583.9
AEA TECHNOLOGY G     89A GR         -112607939  201762583.9
AEA TECHNOLOGY G     AAT EU         -112607939  201762583.9
AEA TECHNOLOGY G     AAT EO         -112607939  201762583.9
AEA TECHNOLOGY G     AAT LN         -112607939  201762583.9
AEA TECHNOLOGY G     AATGBP EO      -112607939  201762583.9
AEA TECHNOLO-NPR     AATN LN        -112607939  201762583.9
AEA TECHNOLO-NPR     AATN PZ        -112607939  201762583.9
AFFINITI INTEGRA     1651064Z LN  -743208854.7    241654750
AGA RANGEMASTER      4160101Z LN  -135154885.9    370549810
AGORA SHOPPING C     214766Z LN   -44716668.29  244995279.1
AIRTOURS PLC         ATORF US     -379721780.5   1817512774
AIRTOURS PLC         AIR LN       -379721780.5   1817512774
AIRTOURS PLC         AIR VX       -379721780.5   1817512774
ALCATEL-LUCENT T     2645055Z LN  -8743499.127  423399404.1
ALIXPARTNERS LTD     2578482Z LN  -20704239.37  115351021.9
ALLDAYS PLC          ALDYF US       -120493900  252232072.9
ALLDAYS PLC          317056Q LN     -120493900  252232072.9
ALLIANCE & LEICE     1603082Z LN  -362196734.3   3707298376
ALLIANZ MANAGEME     4160221Z LN  -25811484.64  191970654.7
ALTON TOWERS RES     4496763Z LN  -10652990.57  233239679.4
AMER BUS SYS         ARB LN         -497126976    121439000
AMEY PLC             AMY VX       -48862569.33  931527720.5
AMEY PLC             AMEYF US     -48862569.33  931527720.5
AMEY PLC             AMY LN       -48862569.33  931527720.5
AMEY PLC-ASSENT      AMYA LN      -48862569.33  931527720.5
AMEY PLC-NEW         AMYN LN      -48862569.33  931527720.5
ANGLESEY ALUMINI     3899138Z LN  -31293037.69  162854170.3
ANGLESEY ALUMINI     1363682Z LN  -92021199.08  162854170.3
ANKER PLC            DW14 GR      -21861359.81    115463159
ANKER PLC            ANK LN       -21861359.81    115463159
ANKER PLC            ANK PO       -21861359.81    115463159
ANKER PLC - ASSD     ANKC LN      -21861359.81    115463159
ANKER PLC - ASSD     ANKB LN      -21861359.81    115463159
ANKER PLC-ASSD       ANKA LN      -21861359.81    115463159
APPERLEY REALISA     3951420Z LN  -32792784.91  184057205.1
ARGENTA UNDERWRI     2619614Z LN   -1752171.43  135965410.7
ASHWELL PROPERTY     4165857Z LN  -192048023.3  200163088.3
ASPIRE HOUSING L     1820890Z LN  -76622621.06  145635258.6
ASTRIUM LTD          2568578Z LN  -90555016.55  456797651.8
AT KEARNEY HOLDI     4168565Z LN  -712649.2612  420870276.2
ATP OIL & GAS UK     1885966Z LN  -60472161.29  263293265.1
AUDIT COMMISSION     3954964Z LN  -117444297.5  140317611.7
AUTOMOBILE ASSOC     1479490Z LN  -33757452.81   1402428072
AVAYA UK             1700688Z LN  -28200251.54  331855473.3
AVIVA CENTRAL SE     4503755Z LN  -118366561.9  856513593.7
AVIVA EMPLOYMENT     1749312Z LN   -1672441720    168553324
BAE SYSTEMS INTE     2344987Z LN  -77756535.83  440742839.3
BAE SYSTEMS LAND     1069210Z LN  -74963208.91  373186409.6
BAE SYSTEMS LAND     1111359Z LN  -200240896.5  438322592.3
BAE SYSTEMS PROP     1151751Z LN  -87647151.12  896957185.8
BAE SYSTEMS SURF     1979118Z LN  -459281987.9  278902868.6
BANK OF SCOTLAND     1419810Z LN  -10880522.24  570678372.7
BARCHESTER HOLDC     4391889Z LN  -29571912.71   1847591976
BARRACUDA GROUP      3636Z LN     -395586366.9    328358578
BASINGHALL FINAN     1127799Z LN  -9318896.893   1118303697
BAT CHINA LTD        1281226Z LN  -242792796.6  103934859.5
BAT UK & EXPORT      4509491Z LN  -349911284.7   2485988824
BCH GROUP PLC        BCH LN       -5728273.973  187993198.2
BDP HOLDINGS LTD     3796920Z LN  -5521777.438    114452852
BENTLEY MOTORS L     1376666Z LN  -161438838.6  949891659.2
BETFAIR LTD          83844Z LN    -26079415.01  461076110.5
BGE UK LTD           1653368Z LN  -34093758.69  497857124.3
BIFFA LTD            BIFF LN      -380391564.8   3021695633
BIFFA PLC            2758798Q EO  -380391564.8   3021695633
BIFFA PLC            BIFF IX      -380391564.8   3021695633
BIFFA PLC            BIFAF US     -380391564.8   3021695633
BIFFA PLC            2758802Q EO  -380391564.8   3021695633
BIFFA PLC            2758822Q EO  -380391564.8   3021695633
BIFFA PLC            2758818Q EU  -380391564.8   3021695633
BIFFA PLC            3567279Q GR  -380391564.8   3021695633
BIFFA PLC            2758806Q EO  -380391564.8   3021695633
BIFFA PLC            BIFF PZ      -380391564.8   3021695633
BIFFA PLC            2758794Q EU  -380391564.8   3021695633
BIRMINGHAM MAILB     1781057Z LN  -6608952.843  116466648.8
BIRSE CIVILS LTD     1333506Z LN  -17529759.02  148612506.4
BLACK & EDGINGTO     BLE LN       -133034755.3  130464035.4
BLACK HORSE FINA     2603342Z LN  -769429.5864   1628936017
BLACKWELL PUBLIS     80044Z LN    -1289834.531  223671685.3
BMI                  1113Z LN     -216730247.2  520473243.2
BNB RECRUITMENT      BNB LN       -10242625.55    103637705
BNB RECRUITMENT      BNB IX       -10242625.55    103637705
BNB RECRUITMENT      BNB PO       -10242625.55    103637705
BNB RECRUITMENT      BQX GR       -10242625.55    103637705
BNB RECRUITMENT      BNBRF US     -10242625.55    103637705
BOLTON WANDERERS     1274042Z LN    -109297588  124148929.4
BOOKER PLC           BKERF US     -59832893.13   1298182549
BOOKER PLC           987188Q LN   -59832893.13   1298182549
BOOKER PLC           1330Q GR     -59832893.13   1298182549
BOOKER PLC-ADR       BOK$ LN      -59832893.13   1298182549
BOOKER PLC-ADR       BKRUY US     -59832893.13   1298182549
BOSTON MAYFLOWER     1845650Z LN  -38702577.78  104489726.5
BP EXPLORATION A     1085738Z LN  -11474454.61   1521107023
BRADSTOCK GROUP      BSKGF US     -1855444.639  268563822.5
BRADSTOCK GROUP      BDK LN       -1855444.639  268563822.5
BRB RESIDUARY LT     2872503Z LN  -300504689.6  399749459.7
BRENT WALKER GRP     754087Q LN    -1774306283  867084131.8
BRENT WALKER GRP     BWKGF US      -1774306283  867084131.8
BRICKAGENT LTD       1194055Z LN  -7097524.821  348579284.1
BRIT BROADCAST       1517Z LN     -690133931.4   5734507056
BRIT ENERGY LTD      523362Q LN    -5822867501   4921095750
BRIT ENERGY PLC      BHEGF US      -5822867501   4921095750
BRIT ENERGY PLC      BEN1 GR       -5822867501   4921095750
BRIT ENERGY PLC      BGYEF US      -5822867501   4921095750
BRIT ENERGY PLC      555140Q VX    -5822867501   4921095750
BRIT ENERGY-A        BENA GR       -5822867501   4921095750
BRIT ENERGY-ADR      BHEFF US      -5822867501   4921095750
BRITISH ENER-$US     BGYD AR       -5822867501   4921095750
BRITISH ENER-$US     BGYNYD AR     -5822867501   4921095750
BRITISH ENER-ADR     BGYNY US      -5822867501   4921095750
BRITISH ENER-BLK     BGYNYB AR     -5822867501   4921095750
BRITISH ENER-BLK     BGYB AR       -5822867501   4921095750
BRITISH ENER-C/E     BGYNYC AR     -5822867501   4921095750
BRITISH ENER-C/E     BGYC AR       -5822867501   4921095750
BRITISH ENER-CED     BGYNY AR      -5822867501   4921095750
BRITISH ENER-CED     BGY AR        -5822867501   4921095750
BRITISH ENERGY-A     BGYGF US      -5822867501   4921095750
BRITISH ENERGY-A     BHEAF US      -5822867501   4921095750
BRITISH ENERGY-A     BGYA VX       -5822867501   4921095750
BRITISH ENERGY-A     BGYA PO       -5822867501   4921095750
BRITISH ENERGY-A     3012442Q LN   -5822867501   4921095750
BRITISH TRANSPOR     4015740Z LN  -363269422.4  158334015.9
BRIXTON GREAT WE     1242343Z LN  -24193317.48  164120047.9
BTG INTERNATIONA     2815068Z LN  -4253521.919  408338104.2
BUNZL VENDING SE     1626514Z LN  -3627717.453    117295226
BURNDEN LEISURE      BDL LN       -92092299.62  136726201.7
CALSONIC KANSEI      1541442Z LN  -38998494.18  298627314.6
CALSONIC KANSEI      2730264Z LN  -112686897.5    233439821
CANARY WHARF FIN     1198063Z LN  -133871013.2   4239121844
CAPITAL HOME LOA     3809804Z LN  -15503258.05  16833730499
CARILLION SERVIC     1692592Z LN  -6947459.591  181597321.7
CARISBROOKE ANGL     3815488Z LN  -67887962.81  125396545.6
CARLISLE GROUP       506819Q LN   -11904428.42    203548565
CATTLES PLC          CTT TQ       -599615492.2   3880885246
CATTLES PLC          CHOXF US     -599615492.2   3880885246
CATTLES PLC          CZS GR       -599615492.2   3880885246
CATTLES PLC          CTTSEK EU    -599615492.2   3880885246
CATTLES PLC          CTTSEK EO    -599615492.2   3880885246
CATTLES PLC          CTT LN       -599615492.2   3880885246
CATTLES PLC          CTTEUR EO    -599615492.2   3880885246
CATTLES PLC          CTT QM       -599615492.2   3880885246
CATTLES PLC          CTT NR       -599615492.2   3880885246
CATTLES PLC          CTT EO       -599615492.2   3880885246
CATTLES PLC          CTT EB       -599615492.2   3880885246
CATTLES PLC          CTTUSD EU    -599615492.2   3880885246
CATTLES PLC          CTT IX       -599615492.2   3880885246
CATTLES PLC          CTT PZ       -599615492.2   3880885246
CATTLES PLC          CTT PO       -599615492.2   3880885246
CATTLES PLC          CTTGBP EO    -599615492.2   3880885246
CATTLES PLC          CTT NQ       -599615492.2   3880885246
CATTLES PLC          CTT BQ       -599615492.2   3880885246
CATTLES PLC          CTT EU       -599615492.2   3880885246
CATTLES PLC          CTTUSD EO    -599615492.2   3880885246
CATTLES PLC          CTTEUR EU    -599615492.2   3880885246
CATTLES PLC          CTT VX       -599615492.2   3880885246
CATTLES PLC-ADR      CHOXY US     -599615492.2   3880885246
CATTLES PLC-FPR      CTTF LN      -599615492.2   3880885246
CATTLES PLC-FPR      CTTF PZ      -599615492.2   3880885246
CATTLES PLC-NPR      CTTN IX      -599615492.2   3880885246
CATTLES PLC-NPR      2843726Q EO  -599615492.2   3880885246
CATTLES PLC-NPR      CTTN LN      -599615492.2   3880885246
CATTLES PLC-NPR      CTTN PZ      -599615492.2   3880885246
CATTLES PLC-NPR      2843734Q EO  -599615492.2   3880885246
CATTLES PLC-NPR      2843730Q EU  -599615492.2   3880885246
CATTLES PLC-NPR      CCTN PZ      -599615492.2   3880885246
CATTLES PLC-RFD      CTTR LN      -599615492.2   3880885246
CATTLES PLC-RFD      CTTR IX      -599615492.2   3880885246
CATTLES PLC-RFD      CTTR PZ      -599615492.2   3880885246
CHANNEL 5 TELEVI     93306Z LN     -3955940.23  440416449.8
CHELSEA FOOTBALL     1508858Z LN  -645325606.2  325028457.3
CHRYSALIS GROUP      HR4 GR       -16399845.81  124838262.3
CHRYSALIS GROUP      CHSUSD EU    -16399845.81  124838262.3
CHRYSALIS GROUP      CHS PZ       -16399845.81  124838262.3
CHRYSALIS GROUP      CHS EU       -16399845.81  124838262.3
CHRYSALIS GROUP      CHSUSD EO    -16399845.81  124838262.3
CHRYSALIS GROUP      CYGUF US     -16399845.81  124838262.3
CHRYSALIS GROUP      CHSEUR EO    -16399845.81  124838262.3
CHRYSALIS GROUP      CHSGBP EO    -16399845.81  124838262.3
CHRYSALIS GROUP      CHS EO       -16399845.81  124838262.3
CHRYSALIS GROUP      5CY GR       -16399845.81  124838262.3
CHRYSALIS GROUP      CHS VX       -16399845.81  124838262.3
CHRYSALIS GROUP      CHS IX       -16399845.81  124838262.3
CHRYSALIS GROUP      CHS LN       -16399845.81  124838262.3
CHRYSALIS GROUP      CHSEUR EU    -16399845.81  124838262.3
CHRYSALIS GROUP      CHS PO       -16399845.81  124838262.3
CHRYSALIS GROUP      CLYSF US     -16399845.81  124838262.3
CHRYSALIS MUSIC      1082762Z LN  -5036846.092  103320003.7
CLIPPER WINDPOWE     CWP PZ         -168322000    436419008
CLIPPER WINDPOWE     CWPA LN        -168322000    436419008
CLIPPER WINDPOWE     CWP EO         -168322000    436419008
CLIPPER WINDPOWE     CRPWF US       -168322000    436419008
CLIPPER WINDPOWE     CWP EU         -168322000    436419008
CLIPPER WINDPOWE     C2W GR         -168322000    436419008
CLIPPER WINDPOWE     CWP PG         -168322000    436419008
CLIPPER WINDPOWE     CWP IX         -168322000    436419008
CLIPPER WINDPOWE     CWP LN         -168322000    436419008
CLIPPER WINDPOWE     3470635Q LN    -168322000    436419008
COMMERCIAL VEHIC     1575514Z LN  -19637.28046    146760852
COMMUNITY HOUSIN     4448257Z LN   -14511411.3  202470921.6
COMO HOLDINGS UK     3818576Z LN  -23709992.86  122013803.9
COMPASS GROU-OLD     1259Q LN     -668101173.9   2972459078
COMPASS GROUP        QOP GR       -668101173.9   2972459078
COMPASS GRP-ADR      CMSJY US     -668101173.9   2972459078
COMPASS GRP-ADR      CMSGY US     -668101173.9   2972459078
CONNECT M77/GSO      2028763Z LN  -30886645.59  222325514.3
CONNECT UTILITIE     2112683Z LN  -5647965.724  124871701.7
CONVENIENCE FOOD     1555794Z LN  -76242510.77    781213617
COOLKEERAGH ESB      4471679Z LN  -52669832.08  317763242.1
COTT BEVERAGES L     605912Z LN   -16895546.47  184391857.8
COTT RETAIL BRAN     4499739Z LN   -15275862.4  184176726.3
CPI MORTARS LTD      1751696Z LN  -24785356.36  119460176.9
CPW NETWORK SERV     2118451Z LN  -58330905.18  134962119.3
CROSBY GROUP PLC     237335Z LN   -122188674.2  211009635.6
CROSS KEYS HOMES     2008711Z LN  -123895266.7  168685502.5
CROWN BLUE LINE      1369234Z LN  -5491244.659  143228058.8
CSC METROCENTRE      1203663Z LN  -177523497.7    231888247
CUCINA LUX INVES     4503083Z LN  -332083965.3   3040705457
DANE HOUSING GRO     1773129Z LN  -34728487.36  131110255.8
DANKA BUS SYSTEM     DNK LN         -497126976    121439000
DANKA BUS SYSTEM     DANKF US       -497126976    121439000
DANKA BUS SYSTEM     DNK VX         -497126976    121439000
DANKA BUS SYSTEM     DNK PO         -497126976    121439000
DANKA BUS SYSTEM     DNK PZ         -497126976    121439000
DANKA BUS SYSTEM     DNK IX         -497126976    121439000
DANKA BUS SYSTEM     3205287Q EU    -497126976    121439000
DANKA BUS SYSTEM     3205283Q EO    -497126976    121439000
DANKA BUS SYSTEM     3205291Q EO    -497126976    121439000
DANKA BUS-$US CE     DANKD AR       -497126976    121439000
DANKA BUS-ADR        DB6 GR         -497126976    121439000
DANKA BUS-ADR        AP39 LI        -497126976    121439000
DANKA BUS-ADR        DANKE US       -497126976    121439000
DANKA BUS-ADR        DANKY US       -497126976    121439000
DANKA BUS-BLK CE     DANKB AR       -497126976    121439000
DANKA BUS-C/E CE     DANKC AR       -497126976    121439000
DANKA BUS-CEDEAR     DANK AR        -497126976    121439000
DAVENHAM GROUP P     DAV PZ       -57317833.22  114701147.6
DAVENHAM GROUP P     DAV EO       -57317833.22  114701147.6
DAVENHAM GROUP P     DAV EU       -57317833.22  114701147.6
DAVENHAM GROUP P     DAV PG       -57317833.22  114701147.6
DAVENHAM GROUP P     DAH GR       -57317833.22  114701147.6
DAVENHAM GROUP P     DAVEUR EO    -57317833.22  114701147.6
DAVENHAM GROUP P     DAH TH       -57317833.22  114701147.6
DAVENHAM GROUP P     DAV LN       -57317833.22  114701147.6
DCK GROUP LTD        4006628Z LN  -23972516.74  108515833.6
DE STEFANO INVES     3814768Z LN  -10968616.22    208612111
DELTA 3 UK LTD       4087083Z LN   -2278970462   8024284919
DHL EXPRESS UK L     1564450Z LN  -588968969.9  178269906.1
DIAMOND RESORT H     1710824Z LN  -36346087.76    199633867
DIAMOND RESORTS      1578906Z LN  -55241260.22  185000514.5
DISPOSABLE SOFT      1124335Z LN  -25554763.54  154077028.1
DONCASTERS PLC       2248Z LN     -317308195.4   1941958348
DONCASTERS-ADR       295664Q US   -317308195.4   1941958348
DRIVE ASSIST HOL     3641135Z LN  -129629293.2  804046536.3
DTZ DEBENHAM TIE     1637608Z LN  -65367918.17    431959182
E ON RUHRGAS UK      1671208Z LN  -205306824.5  401477872.3
E ON UK CHP LTD      2642428Z LN  -475664052.2  262876104.5
EASYNET GROUP        EAY GR       -60380605.51  334049332.2
EASYNET GROUP        ESY PO       -60380605.51  334049332.2
EASYNET GROUP        EZNGF US     -60380605.51  334049332.2
EASYNET GROUP        ESY LN       -60380605.51  334049332.2
EASYNET GROUP        ESY VX       -60380605.51  334049332.2
EASYNET GROUP-CV     91009Z LN    -60380605.51  334049332.2
ECONOMIST NEWSPA     6888Z LN     -2941080.267  399071232.6
EDF ENERGY 1 LTD     1201287Z LN  -185411355.3  354815290.3
EMI GROUP -ASSD      EMIA LN       -2265916257   2950021937
EMI GROUP LTD        EMI LN        -2265916257   2950021937
EMI GROUP PLC        EMI VX        -2265916257   2950021937
EMI GROUP PLC        EMIPF US      -2265916257   2950021937
EMI GROUP PLC        EMI PO        -2265916257   2950021937
EMI GROUP PLC        3020138Q GR   -2265916257   2950021937
EMI GROUP PLC        EMI IX        -2265916257   2950021937
EMI GROUP PLC-B      1019425Q LN   -2265916257   2950021937
EMI GROUP-ADR        EMI$ LN       -2265916257   2950021937
EMI GROUP-ADR        38IS LN       -2265916257   2950021937
EMI GROUP-ADR        EMIPY US      -2265916257   2950021937
ENERGY POWER RES     510443Z LN   -93963662.92  168611857.1
EQUINITI LTD         977621Z LN   -93668087.43  951504738.1
EQUITY INSURANCE     1284698Z LN   -17694968.8  178126828.2
ERM GROUP HOLDIN     3125976Z LN  -163200611.7    627934170
ERM-EUROPE LTD       1539482Z LN  -6211608.917  222158884.2
ESPORTA HEALTH &     1689624Z LN  -15075296.84  156183034.4
EUROPEAN HOME        EHR EU       -14328735.16  110864081.4
EUROPEAN HOME        EHR PO       -14328735.16  110864081.4
EUROPEAN HOME        EHR4 EO      -14328735.16  110864081.4
EUROPEAN HOME        EHR1 EO      -14328735.16  110864081.4
EUROPEAN HOME        EHR9 EO      -14328735.16  110864081.4
EUROPEAN HOME        FPAKF US     -14328735.16  110864081.4
EUROPEAN HOME        EHRGBP EO    -14328735.16  110864081.4
EUROPEAN HOME        EHR8 EO      -14328735.16  110864081.4
EUROPEAN HOME        EHR LN       -14328735.16  110864081.4
EUROPEAN HOME        EHR PZ       -14328735.16  110864081.4
EUROPEAN HOME        EHR7 EO      -14328735.16  110864081.4
EUROPEAN HOME        EHR3 EO      -14328735.16  110864081.4
EUROPEAN HOME        EHR5 EO      -14328735.16  110864081.4
EUROPEAN HOME        EHR6 EO      -14328735.16  110864081.4
EUROPEAN HOME        EHR10 EO     -14328735.16  110864081.4
EUROPEAN HOME        KLZ PO       -14328735.16  110864081.4
EUROPEAN HOME        KLZ VX       -14328735.16  110864081.4
EUROPEAN HOME        EHREUR EO    -14328735.16  110864081.4
EUROPEAN HOME        EHR VX       -14328735.16  110864081.4
EUROPEAN HOME        EHREUR EU    -14328735.16  110864081.4
EUROPEAN HOME        EHR EO       -14328735.16  110864081.4
EUROPEAN HOME        EHR2 EO      -14328735.16  110864081.4
EUROSTAR INTERNA     4379945Z LN   -2296294817  600452807.4
EXXONMOBIL MARIN     1196527Z LN  -11436778.26  350633878.1
FAIRLINE BOATS H     4498779Z LN  -13944238.58  114504852.8
FAREPAK PLC          FPK LN       -14328735.16  110864081.4
FINANCIAL SERVIC     2630281Z LN  -167558381.3  246856182.8
FIRST CHOICE HOL     1098394Z LN  -599861682.6  608849393.2
FIRST MANCHESTER     1651368Z LN  -1085204.011  152518055.1
FIRST SOUTH YORK     1575010Z LN  -17765193.06  105951310.3
FITNESS FIRST CL     1734144Z LN  -4542316.813  262997348.7
FITNESS FIRST GR     4501843Z LN  -831355754.2   1655609515
FLECTAT LTD          1160967Z LN  -53637033.56  103228447.6
FLUKE PRECISION      1429402Z LN  -991319.9558  125904210.3
FLYBE LTD            6621Z LN     -118366561.9  450450527.2
FOOTBALL FOUNDAT     3958180Z LN  -1856870.101    108334858
FORD MOTOR CO LT     1291306Z LN  -493779397.8   5534240380
FOUR SEASONS HEA     1865450Z LN    -103869946    365540616
FUJIFILM IMAGING     2113899Z LN  -9049513.414  101994398.3
FUNDING CORP LTD     4157637Z LN  -28925795.68  201083535.3
FW FARNSWORTH LT     1293386Z LN  -44420065.35  102695080.1
GALA GROUP LTD       19374Z LN     -1443271177   5876950503
GALIFORM CORPORA     1478794Z LN  -49876078.98  987241731.3
GAMESTEC LEISURE     1432626Z LN  -22918299.36  107315419.3
GARTLAND WHALLEY     GWB LN        -10986768.6  145352034.5
GE CALEDONIAN LT     2178340Z LN  -162433000.9    291389984
GE MONEY SECURED     1194559Z LN  -86537323.69  719721515.9
GENERAL MOTORS       1062338Z LN   -1083369252   1738332123
GETRONICS UK LTD     1446978Z LN  -21428395.69  105267195.7
GGT GROUP PLC        500970Q LN     -156372272  408211200.9
GGT GROUP-ADR        GGTRY US       -156372272  408211200.9
GLAXOSMITHKLINE      1426Z LN     -9429285.587  13095256920
GLOBAL CROSSING      3629883Z LN  -353965082.8  492328850.3
GLOBAL RADIO SER     4171741Z LN  -58536057.18  145897320.9
GONDOLA GROUP LT     4499995Z LN  -284524422.8   1496226646
GONDOLA HOLD         913024Q GR   -284524422.8   1496226646
GONDOLA HOLD         GND VX       -284524422.8   1496226646
GONDOLA HOLDINGS     GND IX       -284524422.8   1496226646
GONDOLA HOLDINGS     GND LN       -284524422.8   1496226646
GONDOLA HOLD-NEW     GNDB LN      -284524422.8   1496226646
GONDOLA HOLD-NEW     GNDA LN      -284524422.8   1496226646
GOODRICH CONTROL     3631571Z LN    -203464797  600544111.2
GRAINGER FINANCE     1850494Z LN  -22474336.95   1950379725
GRANT THORNTON U     961842Z LN   -87634636.95  389831122.7
GREEN (E) & PART     GEP LN       -32392901.23  196106689.5
HALDEX CONCENTRI     4160093Z LN  -29953316.08  111499657.3
HARMSWORTH PRINT     1552314Z LN  -17382531.76  325365175.8
HARMSWORTH PRINT     1719464Z LN  -46809590.17  171744856.2
HARMSWORTH QUAYS     1552378Z LN  -109747106.9  292508124.8
HAYMARKET GROUP      4158941Z LN    -100498143  307693877.6
HEREFORDSHIRE HO     1945190Z LN  -2634668.462    110312423
HESS INDONESIA P     1705776Z LN  -56622019.25  582889084.6
HMV GROUP -GDR       29362Z US    -92987530.85  883465014.8
HMV GROUP -GDR       276960Q GR   -92987530.85  883465014.8
HMV GROUP PLC        HMV PO       -92987530.85  883465014.8
HMV GROUP PLC        HMV10 EO     -92987530.85  883465014.8
HMV GROUP PLC        HMVUSD EO    -92987530.85  883465014.8
HMV GROUP PLC        HMV2 EO      -92987530.85  883465014.8
HMV GROUP PLC        HM4 GK       -92987530.85  883465014.8
HMV GROUP PLC        HMV1 EO      -92987530.85  883465014.8
HMV GROUP PLC        HMV LN       -92987530.85  883465014.8
HMV GROUP PLC        HMV NR       -92987530.85  883465014.8
HMV GROUP PLC        HM4 GR       -92987530.85  883465014.8
HMV GROUP PLC        HMV VX       -92987530.85  883465014.8
HMV GROUP PLC        HMV9 EO      -92987530.85  883465014.8
HMV GROUP PLC        HMV IX       -92987530.85  883465014.8
HMV GROUP PLC        HMV4 EO      -92987530.85  883465014.8
HMV GROUP PLC        HMVUSD EU    -92987530.85  883465014.8
HMV GROUP PLC        HMV NQ       -92987530.85  883465014.8
HMV GROUP PLC        HMV EO       -92987530.85  883465014.8
HMV GROUP PLC        HMV QM       -92987530.85  883465014.8
HMV GROUP PLC        HMV PZ       -92987530.85  883465014.8
HMV GROUP PLC        HMVEUR EO    -92987530.85  883465014.8
HMV GROUP PLC        HMV5 EO      -92987530.85  883465014.8
HMV GROUP PLC        HMV7 EO      -92987530.85  883465014.8
HMV GROUP PLC        HMV EB       -92987530.85  883465014.8
HMV GROUP PLC        HMV TQ       -92987530.85  883465014.8
HMV GROUP PLC        HMV BQ       -92987530.85  883465014.8
HMV GROUP PLC        HMVMF US     -92987530.85  883465014.8
HMV GROUP PLC        HMVEUR EU    -92987530.85  883465014.8
HMV GROUP PLC        HMV S1       -92987530.85  883465014.8
HMV GROUP PLC        HMV3 EO      -92987530.85  883465014.8
HMV GROUP PLC        HMV EU       -92987530.85  883465014.8
HMV GROUP PLC        HMV6 EO      -92987530.85  883465014.8
HMV GROUP PLC        HMV8 EO      -92987530.85  883465014.8
HMV GROUP PLC        HMVGBP EO    -92987530.85  883465014.8
HOLIDAY AUTOS IN     1155863Z LN  -52099341.51  222704774.4
HOME RETAIL GROU     1897678Z LN  -70921714.17  750699513.1
HOMEFIELD PVT UK     4501835Z LN  -13668996.51  455224068.7
HOUSE FRASER-ADR     HSFRY US     -14410799.86  200149998.1
HOUSE FRASER-ADR     HOFSY US     -14410799.86  200149998.1
HOUSE OF FRASER      HOF PO       -14410799.86  200149998.1
HOUSE OF FRASER      HOF PZ       -14410799.86  200149998.1
HOUSE OF FRASER      HOF VX       -14410799.86  200149998.1
HOUSE OF FRASER      HOF LN       -14410799.86  200149998.1
HOUSE OF FRASER      HSFRF US     -14410799.86  200149998.1
HOUSE OF FRASER      HOF IX       -14410799.86  200149998.1
HUTCHISON 3G UK      265923Z LN    -2558478023  10215382954
HUTCHISON 3G UK      1870250Z LN  -10150197192  10089105316
HYDREX HOLDINGS      4156949Z LN  -150849963.2  145584295.2
IG GROUP LTD         4502843Z LN   -1681700671    208248450
IGLO FOODS GROUP     2332487Z LN  -427711801.4   3363661535
IKANO FINANCIAL      2599182Z LN  -11016514.34  150562302.2
INCOMMUNITIES GR     4508531Z LN   -89005973.7  440297257.7
INEOS GROUP HLDG     6623Z LN     -583710740.2  15449555292
INEOS MANUFACTUR     2170452Z LN  -6726362.412   1831309315
INEOS VINYLS UK      1072618Z LN  -236733123.8  260899630.2
INFORMA UK LTD       699186Z LN   -267015729.6   1019729118
INN ON THE PARK      1111959Z LN  -20164779.75  213273261.3
INSPIRED GAMING      1181783Z LN  -87284373.38  396170831.1
INTELLIGENT FINA     1645352Z LN  -18232958.48  154556014.8
INTELLIGENT PROC     1897878Z LN  -16714344.93  183346516.4
INTERFLOOR GROUP     317371Z LN   -6491968.079  102342688.7
INTERNATIONAL RE     1074242Z LN  -43752001.08  114451373.2
INTERNATIONAL TR     1647720Z LN  -2256724.849  114588447.6
INTEROUTE COMMUN     214906Z LN   -100076490.6  843548864.4
IRANIAN OIL CO U     1380570Z LN   -88170857.4  370135921.5
JARVIS PLC           JRVS EO      -64739862.73    130951086
JARVIS PLC           JRV EO       -64739862.73    130951086
JARVIS PLC           JRVS5 EO     -64739862.73    130951086
JARVIS PLC           JRVS6 EO     -64739862.73    130951086
JARVIS PLC           JRVS9 EO     -64739862.73    130951086
JARVIS PLC           JRVS4 EO     -64739862.73    130951086
JARVIS PLC           JRVS PO      -64739862.73    130951086
JARVIS PLC           JRVS7 EO     -64739862.73    130951086
JARVIS PLC           JRVS1 EO     -64739862.73    130951086
JARVIS PLC           JRVS PZ      -64739862.73    130951086
JARVIS PLC           JVSPF US     -64739862.73    130951086
JARVIS PLC           JRVS EU      -64739862.73    130951086
JARVIS PLC           JRVS VX      -64739862.73    130951086
JARVIS PLC           JRVS IX      -64739862.73    130951086
JARVIS PLC           JRVSEUR EO   -64739862.73    130951086
JARVIS PLC           JRVSEUR EU   -64739862.73    130951086
JARVIS PLC           JRVSGBP EO   -64739862.73    130951086
JARVIS PLC           JRVS8 EO     -64739862.73    130951086
JARVIS PLC           JRVS LN      -64739862.73    130951086
JARVIS PLC           JVR GR       -64739862.73    130951086
JARVIS PLC           JRVS2 EO     -64739862.73    130951086
JARVIS PLC           JRVS3 EO     -64739862.73    130951086
JDR ENTERPRISES      3947788Z LN  -18283944.55  190661628.9
JESSOPS PLC          JS4 GR       -42702018.35  112964060.4
JESSOPS PLC          JSPGBP EO    -42702018.35  112964060.4
JESSOPS PLC          JSP PO       -42702018.35  112964060.4
JESSOPS PLC          JSP VX       -42702018.35  112964060.4
JESSOPS PLC          JSPEUR EU    -42702018.35  112964060.4
JESSOPS PLC          JSP LN       -42702018.35  112964060.4
JESSOPS PLC          JSP IX       -42702018.35  112964060.4
JESSOPS PLC          JSP EU       -42702018.35  112964060.4
JESSOPS PLC          JSP PZ       -42702018.35  112964060.4
JESSOPS PLC          JSP EO       -42702018.35  112964060.4
JESSOPS PLC          JSPEUR EO    -42702018.35  112964060.4
JS BLOOR SWINDON     1568906Z LN  -5329885.206  110390972.1
JVC EUROPE LTD       2667041Z LN  -2824766.239  131996942.9
KAZAKHGO-GDR         KZG LI          -88561000    241726000
KAZAKHGO-GDR         KZGI LI         -88561000    241726000
KAZAKHGO-GDR         KZGQ IX         -88561000    241726000
KAZAKHGO-GDR         KZQGI IX        -88561000    241726000
KAZAKHGOLD- 144A     768834Z LI      -88561000    241726000
KAZAKHGOLD GP LT     KGZ HK          -88561000    241726000
KAZAKHGOLD-REG T     KZGT LI         -88561000    241726000
KAZAKHGOLD-REGS      3683241Q LI     -88561000    241726000
KELLOGG MANAGEME     1739336Z LN  -5288683.744  348135786.3
KESTREL HOLDINGS     4499515Z LN  -3577225.606  950172823.8
KEW GREEN HOTELS     1031803Z LN  -16234267.92    219908068
KIA MOTORS UK LT     1985990Z LN   -34025454.6  315596502.8
KIER DEVELOPMENT     86900Z LN    -6527759.314  275699248.6
KILMARTIN HOLDIN     3589161Z LN  -32467784.16  576731039.1
KILMARTIN PROPER     534862Z LN    -37743228.9  444220212.7
KLEENEZE PLC         KLZ LN       -14328735.16  110864081.4
KODAK LTD            1275242Z LN  -180673404.9  661044368.6
LAMBERT FENCHURC     LMF LN       -1453050.041   1826806853
LANCASTER INVEST     1575538Z LN  -54823340.19  121302849.6
LAND SECURITIES      1371626Z LN  -103330200.3   4796043425
LAPSENT LTD          203678Z LN   -26875940.03  200397842.7
LAST MINUTE NETW     1180895Z LN  -588292610.9  572322264.9
LATIMER GROUP LT     4089809Z LN  -397652099.9  909970808.9
LAZARD & CO SERV     2575394Z LN  -3197910.908  103653546.3
LEEDS SPORTING       LEDPF US      -73166148.8  143762193.7
LEEDS SPORTING       LES LN        -73166148.8  143762193.7
LEEDS UNITED PLC     889687Q GR    -73166148.8  143762193.7
LEEDS UNITED PLC     LUFC LN       -73166148.8  143762193.7
LEEDS UNITED PLC     LDSUF US      -73166148.8  143762193.7
LEGAL & GENERAL      1575290Z LN  -1113055.576  157485589.7
LGC LTD              161695Z LN   -44759203.51  163172696.4
LINK FINANCIAL       3041Z LN     -63296738.93  226722478.9
LIONCOVER INSURA     1120431Z LN  -221632.1611  741441082.5
LLOYDS TSB CORPO     2045779Z LN  -7210252.406  310036480.9
LLOYDS TSB EQUIP     1214495Z LN  -661481.4498  334557469.7
LLOYDS TSB EQUIP     1238423Z LN  -1919544.165  270438080.8
LOGICA INTERNATI     2562234Z LN  -174392477.1  205240612.1
LOMBARD CORPORAT     1162975Z LN  -7309362.404  198951662.4
LOMBARD CORPORAT     1131527Z LN   -8573468.83  205568221.6
LONDON ORGANISIN     2707808Z LN  -111194464.2  319902766.9
LONDON TOWN PLC      LTWR LN      -21897636.36  175672299.2
LONDON TOWN PLC      LTW PG       -21897636.36  175672299.2
LONDON TOWN PLC      LTW PO       -21897636.36  175672299.2
LONDON TOWN PLC      LTW LN       -21897636.36  175672299.2
LONDON TOWN PLC      LTWX LN      -21897636.36  175672299.2
LONDON TOWN PLC      LTW PZ       -21897636.36  175672299.2
LONDON TOWN PLC      LTW EU       -21897636.36  175672299.2
LONDON TOWN PLC      LOU GR       -21897636.36  175672299.2
LONDON TOWN PLC      LTW EO       -21897636.36  175672299.2
LONDON TOWN PLC      LTW IX       -21897636.36  175672299.2
L'OREAL UK LTD       1294866Z LN  -38243907.35  469320156.2
LOTUS CARS LTD       1361858Z LN  -35114342.56  198253618.4
LOTUS GROUP INTE     144299Z LN   -36824866.02  207696437.1
LYNN WIND FARM L     3953012Z LN  -12411782.18  259118026.8
M 2003 PLC           MTWOF US      -2203513803   7204891602
M 2003 PLC           203055Q LN    -2203513803   7204891602
M 2003 PLC-ADR       MTWOE US      -2203513803   7204891602
M 2003 PLC-ADR       MTWOY US      -2203513803   7204891602
MAKRO SELF SERVI     1373618Z LN  -164720222.7  400641220.4
MANCHESTER CITY      2348397Z LN  -234766219.8  728747414.2
MANSFORD HOLDING     253659Z LN   -4565898.062  650742111.3
MAPELEY STEPS CO     1914846Z LN  -44982581.48  112862516.8
MARCONI PLC          MRCQF US      -2203513803   7204891602
MARCONI PLC          MONI BB       -2203513803   7204891602
MARCONI PLC          203083Q VX    -2203513803   7204891602
MARCONI PLC          MNI BB        -2203513803   7204891602
MARCONI PLC          MNI LN        -2203513803   7204891602
MARCONI PLC          MY2 GR        -2203513803   7204891602
MARCONI PLC-ADR      MONIE US      -2203513803   7204891602
MARCONI PLC-ADR      MONI US       -2203513803   7204891602
MARCONI PLC-ADR      MRCQY US      -2203513803   7204891602
MARCONI PLC-ADR      MY2A GR       -2203513803   7204891602
MARCONI PLC-ADR      QUQMON AU     -2203513803   7204891602
MARCONI PLC-ADR      MCONY US      -2203513803   7204891602
MARCONI PLC-ADR      MCBA GR       -2203513803   7204891602
MARCONI PLC-ADR      MONIY US      -2203513803   7204891602
MARSH SERVICES L     1701416Z LN  -523772036.4  121325725.9
MAYBOURNE HOTELS     1824362Z LN  -7342720.585  243776690.2
MBDA UK LTD          1720864Z LN   -24824098.4   1872164454
MCINERNEY GROUP      1967014Z LN  -174737505.4  140489212.7
MEDIAEDGE CIA UK     1912470Z LN  -30968632.67    193466296
MEDIMMUNE LTD        1596402Z LN  -18333665.25  353092399.2
MENZIES HOTELS H     4496419Z LN  -100398281.3  322775887.8
MENZIES HOTELS O     2527986Z LN  -61896569.44    159951232
MIDDLESEX CABLE      1598242Z LN  -170219219.9  108664527.9
MIDLAND EXPRESSW     583730Z LN   -21453585.64   1190959618
MILK LINK PROCES     1970766Z LN  -8969327.852  114318428.2
MILLENNIUM STADI     1727672Z LN  -21509367.87  169250447.4
MILLER HOMES         2220892Z LN  -31021993.81    983811413
MNAIP LTD            2018815Z LN  -8594175.012  140270204.8
MONARCH HOLDINGS     4502027Z LN  -69668058.94  698208587.3
MOTO HOSPITALITY     1344378Z LN  -276920533.6  958277274.1
MYTRAVEL GROUP       3544280Q IX  -379721780.5   1817512774
MYTRAVEL GROUP       MT/S LN      -379721780.5   1817512774
MYTRAVEL GROUP       MYTPF US     -379721780.5   1817512774
MYTRAVEL GROUP       MT/S VX      -379721780.5   1817512774
MYTRAVEL GROUP       MT/S PO      -379721780.5   1817512774
MYTRAVEL GROUP       ARO2 GR      -379721780.5   1817512774
MYTRAVEL GROUP P     MYTGF US     -379721780.5   1817512774
MYTRAVEL GROUP P     MT/ VX       -379721780.5   1817512774
MYTRAVEL GROUP P     1018144Q GR  -379721780.5   1817512774
MYTRAVEL GROUP-A     2281919Q GR  -379721780.5   1817512774
MYTRAVEL GROUP-A     MYTVF US     -379721780.5   1817512774
MYTRAVEL TOUR OP     1190295Z LN   -1444587831   1560632416
NACCO MATERIALS      1141567Z LN  -7118433.514  147004693.9
NATIONS HEALTHCA     623142Z LN    -73694956.7  114365932.5
NCR LTD              3083521Z LN  -316495672.6    356199007
NESTLE UK LTD        1274562Z LN  -431385112.4   1655061910
NEW LINX HOUSING     1801057Z LN  -12040509.71  233111422.6
NEW LOOK RETAIL      2711544Z LN  -400438791.5   2225635874
NEW STAR ASSET       NSAM LN        -397718038  292972732.1
NEW STAR ASSET       NWSAF US       -397718038  292972732.1
NEW STAR ASSET       3226431Q EU    -397718038  292972732.1
NEW STAR ASSET       NSAA LN        -397718038  292972732.1
NEW STAR ASSET       NSAM IX        -397718038  292972732.1
NEW STAR ASSET       NSAM PO        -397718038  292972732.1
NEW STAR ASSET       N6S GR         -397718038  292972732.1
NEW STAR ASSET       3226439Q EU    -397718038  292972732.1
NEW STAR ASSET       NSAM PZ        -397718038  292972732.1
NEW STAR ASSET       3226447Q EO    -397718038  292972732.1
NEW STAR ASSET       3226443Q EO    -397718038  292972732.1
NEW STAR ASSET       NSAM TQ        -397718038  292972732.1
NEW STAR ASSET       3226435Q EO    -397718038  292972732.1
NEWCASTLE UNITED     4380361Z LN  -102558583.4  184539911.8
NEWCASTLE UNITED     1060322Z LN  -112290583.6  186651205.2
NORBAIN GROUP LT     4007676Z LN  -15436972.45  108956420.2
NORTHERN ELEC FI     28944Z US    -1130359.983    408059954
NORTHERN ELECTRI     1160759Z LN  -1130359.983    408059954
NORTHERN FO-ASSD     NFDA LN      -70166103.48  924672036.4
NORTHERN FOODS       NFDS PZ      -70166103.48  924672036.4
NORTHERN FOODS       NFDS LN      -70166103.48  924672036.4
NORTHERN FOODS       NFDSEUR EU   -70166103.48  924672036.4
NORTHERN FOODS       NFDS NR      -70166103.48  924672036.4
NORTHERN FOODS       NFDS S1      -70166103.48  924672036.4
NORTHERN FOODS       NFDS BQ      -70166103.48  924672036.4
NORTHERN FOODS       NFDS EO      -70166103.48  924672036.4
NORTHERN FOODS       NFDSGBP EO   -70166103.48  924672036.4
NORTHERN FOODS       NFDS TQ      -70166103.48  924672036.4
NORTHERN FOODS       NFDS NQ      -70166103.48  924672036.4
NORTHERN FOODS       NFDSUSD EO   -70166103.48  924672036.4
NORTHERN FOODS       NFDS IX      -70166103.48  924672036.4
NORTHERN FOODS       NFDSEUR EO   -70166103.48  924672036.4
NORTHERN FOODS       NFDS VX      -70166103.48  924672036.4
NORTHERN FOODS       NTFOF US     -70166103.48  924672036.4
NORTHERN FOODS       NFDS QM      -70166103.48  924672036.4
NORTHERN FOODS       NFDS EU      -70166103.48  924672036.4
NORTHERN FOODS       NFO GR       -70166103.48  924672036.4
NORTHERN FOODS       NFDSUSD EU   -70166103.48  924672036.4
NORTHERN FOODS       NFO GK       -70166103.48  924672036.4
NORTHERN FOODS       NFDS EB      -70166103.48  924672036.4
NORTHERN FOODS       NFDS PO      -70166103.48  924672036.4
NORTHERN FOODS P     NFDR LN      -70166103.48  924672036.4
NORTHERN FOO-NEW     NFDN LN      -70166103.48  924672036.4
NORTHERN FOO-RFD     650060Q LN   -70166103.48  924672036.4
NOVAR ED&S LTD       1286578Z LN  -12362003.04    176723922
NOVELIS UK LTD       1295610Z LN  -29354907.35  167393334.2
NPIL HOLDCO LTD      3641071Z LN  -174437379.8  865144704.3
NPOWER GAS LTD       1689816Z LN  -381274433.9  500408294.4
NPOWER LTD           1185599Z LN  -399535772.9   3443512739
NPOWER NORTHERN      1779169Z LN    -477727478   2222376018
NTL COMMUNICATIO     1773729Z LN  -301208075.9  954738393.1
NTL MIDLANDS LTD     1579698Z LN  -1174963.948  459374901.9
ODEON & UCI CINE     3489372Z LN    -380122740  961975815.4
O-I MANUFACTURIN     1320610Z LN  -7063615.875  126090273.5
OPTIMUM CARE LTD     3951796Z LN   -23827846.5  131314548.6
ORANGE PLC           ORNGF US     -593935104.1   2902299502
ORANGE PLC           951641Q LN   -593935104.1   2902299502
ORANGE PLC           1460Q GR     -593935104.1   2902299502
ORANGE PLC-ADR       ORA$ LN      -593935104.1   2902299502
ORANGE PLC-ADR       ORNGY US     -593935104.1   2902299502
ORANGE PLC-ADR       ONG GR       -593935104.1   2902299502
ORBIS PLC            ORBSF US       -4168493.8  127701679.5
ORBIS PLC            OBG PO         -4168493.8  127701679.5
ORBIS PLC            OBS LN         -4168493.8  127701679.5
ORBIS PLC            RLP GR         -4168493.8  127701679.5
ORBIS PLC            OBS IX         -4168493.8  127701679.5
ORBIS PLC            OBS PZ         -4168493.8  127701679.5
ORBIS PLC            OBS PO         -4168493.8  127701679.5
OUTDOOR GROUP LT     1318338Z LN  -34424941.75  127535038.5
PARK FOOD GROUP      PKFD LN      -33281188.01  114623958.4
PARK GROUP PLC       PKG EO       -33281188.01  114623958.4
PARK GROUP PLC       PKG PZ       -33281188.01  114623958.4
PARK GROUP PLC       PKG VX       -33281188.01  114623958.4
PARK GROUP PLC       PKGGBP EO    -33281188.01  114623958.4
PARK GROUP PLC       PKG PO       -33281188.01  114623958.4
PARK GROUP PLC       PRKGF US     -33281188.01  114623958.4
PARK GROUP PLC       PKG EU       -33281188.01  114623958.4
PARK GROUP PLC       PKG LN       -33281188.01  114623958.4
PARK GROUP PLC       PRKG IX      -33281188.01  114623958.4
PARSONS BRINCKER     4496363Z LN  -4691186.744  159531362.7
PARTKESTREL LTD      1486546Z LN  -90325648.32   1585961788
PATIENTLINE PLC      2928903Q EU  -54677284.64  124948245.8
PATIENTLINE PLC      PTL PZ       -54677284.64  124948245.8
PATIENTLINE PLC      PTL IX       -54677284.64  124948245.8
PATIENTLINE PLC      2928899Q EO  -54677284.64  124948245.8
PATIENTLINE PLC      2928907Q EO  -54677284.64  124948245.8
PATIENTLINE PLC      PTL LN       -54677284.64  124948245.8
PATIENTLINE PLC      PTL VX       -54677284.64  124948245.8
PATIENTLINE PLC      PTL PO       -54677284.64  124948245.8
PD PORT SERVICES     1407442Z LN  -10969629.43  162071623.9
PENDRAGON PREMIE     1858506Z LN  -9740093.803  156352977.7
PENNINE HOUSING      1892438Z LN  -173655254.2  138682867.1
PEUGEOT CITROEN      1974702Z LN  -72708407.45    266912249
PHONOGRAPHIC PER     1296410Z LN  -7333794.897  201686757.6
PHS GROUP HOLDIN     3173182Z LN    -211011146   1915467185
PHS GROUP PLC        592449Z LN     -211011146   1915467185
PIPEX UK LTD         3956092Z LN  -118990464.5  384147753.3
PLACES FOR PEOPL     1914158Z LN  -56178390.75    585147920
PLANNED MAINTENA     1344714Z LN  -57648953.97  148147314.6
PLUS HOUSING GRO     4015788Z LN  -10023120.58  371941616.5
POLYUS G-GDR         POLG TQ         -88561000    241726000
POLYUS G-GDR         POLG LI         -88561000    241726000
POLYUS G-GDR         KZG TQ          -88561000    241726000
POLYUS G-GDR         PLZLY US        -88561000    241726000
POLYUS G-GDR         KXZ GR          -88561000    241726000
POLYUS G-GDR         PLGL LI         -88561000    241726000
POLYUS G-GDR         KAZAY US        -88561000    241726000
PORTSMOUTH FOOTB     2253627Z LN  -93977761.27  177073811.1
POST OFFICE LTD      1542650Z LN  -810274769.8   1745713935
POWERCORP INTERN     2075155Z LN  -9861916.228    120277629
PPG METRO 500 LT     2224564Z LN  -28999808.24  139145845.8
PREMIER PROPERTY     4006740Z LN  -154087010.7  766206481.6
PRESTBURY WENTWO     3814856Z LN  -84753043.56    659529899
PRINOVIS LIVERPO     2074147Z LN  -23730499.87  280965576.9
PRODUCTION SERVI     2278723Z LN  -66744030.72  507657733.9
PROSTRAKAN GROUP     PSK LN       -9666264.987  134080449.8
PROSTRAKAN GROUP     PSKGBP EO    -9666264.987  134080449.8
PROSTRAKAN GROUP     PKNGF US     -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK S1       -9666264.987  134080449.8
PROSTRAKAN GROUP     PSKEUR EU    -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK PZ       -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK EO       -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK EU       -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK IX       -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK PO       -9666264.987  134080449.8
PROSTRAKAN GROUP     PSKEUR EO    -9666264.987  134080449.8
PROSTRAKAN GROUP     PSK VX       -9666264.987  134080449.8
QHOTELS GROUP LT     759287Z LN     -184737716  699448824.7
QUINN BUILDING P     3949900Z LN  -85682901.55   1320302420
QUINN RADIATORS      1405898Z LN  -84009968.77  297557563.9
R&R ICE CREAM LT     3624280Z LN  -119415790.4  995648642.4
RAVEN HOUSING TR     4155997Z LN  -1384128.565  165155995.7
RAYTHEON SYSTEMS     1068610Z LN  -32601425.32    346298511
RBS MEZZANINE LT     2198564Z LN  -31627066.42  866060198.2
REAL ESTATE OP-O     REO LN        -1301115843   1804307307
REAL ESTATE OP-O     REOGBP EO     -1301115843   1804307307
REAL ESTATE OP-O     REO EU        -1301115843   1804307307
REAL ESTATE OP-O     REO VX        -1301115843   1804307307
REAL ESTATE OP-O     REA GR        -1301115843   1804307307
REAL ESTATE OP-O     REO PZ        -1301115843   1804307307
REAL ESTATE OP-O     REO IX        -1301115843   1804307307
REAL ESTATE OP-O     REO EO        -1301115843   1804307307
REAL ESTATE OP-O     REO ID        -1301115843   1804307307
RED BEE MEDIA LT     1953086Z LN  -5917906.033  233315140.7
RED FOOTBALL JOI     3277951Z LN  -101906192.3   1372452972
REDCASTLE 214 OX     1195151Z LN  -203269.4356  262332395.9
REGARD HOLDINGS      4157517Z LN  -2678709.275  159772566.2
REGUS LTD            273187Q LN   -46111832.15    367181111
REGUS PLC            RGU GR       -46111832.15    367181111
REGUS PLC            2296Z LN     -46111832.15    367181111
REGUS PLC            273195Q VX   -46111832.15    367181111
REGUS PLC            REGSF US     -46111832.15    367181111
REGUS PLC-ADS        REGS US      -46111832.15    367181111
REGUS PLC-ADS        REGSY US     -46111832.15    367181111
REGUS PLC-ADS        RGUA GR      -46111832.15    367181111
REGUS PLC-ADS        REGSV US     -46111832.15    367181111
RENAULT RETAIL G     1569882Z LN  -939316.5822  148920952.8
RENTOKIL INITIAL     RTO LN         -142674955   3045660413
RENTOKIL INITIAL     RTO TQ         -142674955   3045660413
RENTOKIL INITIAL     RTOPEN EO      -142674955   3045660413
RENTOKIL INITIAL     RTOUSD EO      -142674955   3045660413
RENTOKIL INITIAL     RTO EO         -142674955   3045660413
RENTOKIL INITIAL     RTO NQ         -142674955   3045660413
RENTOKIL INITIAL     RTOKF US       -142674955   3045660413
RENTOKIL INITIAL     RTO1 GK        -142674955   3045660413
RENTOKIL INITIAL     RTO BQ         -142674955   3045660413
RENTOKIL INITIAL     RTOPEN EU      -142674955   3045660413
RENTOKIL INITIAL     RTO1 GR        -142674955   3045660413
RENTOKIL INITIAL     RTO NR         -142674955   3045660413
RENTOKIL INITIAL     RTO PZ         -142674955   3045660413
RENTOKIL INITIAL     RTOGBP EO      -142674955   3045660413
RENTOKIL INITIAL     RTO VX         -142674955   3045660413
RENTOKIL INITIAL     RTO IX         -142674955   3045660413
RENTOKIL INITIAL     RTO PO         -142674955   3045660413
RENTOKIL INITIAL     RKLIF US       -142674955   3045660413
RENTOKIL INITIAL     RTOEUR EU      -142674955   3045660413
RENTOKIL INITIAL     RTO S1         -142674955   3045660413
RENTOKIL INITIAL     RTOUSD EU      -142674955   3045660413
RENTOKIL INITIAL     RTO EB         -142674955   3045660413
RENTOKIL INITIAL     RTO QM         -142674955   3045660413
RENTOKIL INITIAL     RTO EU         -142674955   3045660413
RENTOKIL INITIAL     RTO1 EO        -142674955   3045660413
RENTOKIL INITIAL     RTO GR         -142674955   3045660413
RENTOKIL INITIAL     RTOEUR EO      -142674955   3045660413
RENTOKIL INITIAL     RTOG IX        -142674955   3045660413
RENTOKIL-SP ADR      RTOKY US       -142674955   3045660413
RENTOKIL-SP ADR      AP76 LI        -142674955   3045660413
RIO TINTO LONDON     1313074Z LN  -11248111.34  837785373.2
ROBINS & DAY LTD     1280922Z LN  -36729873.15  136233088.2
ROSEMONT HOLDING     4391905Z LN  -34807182.85  158222622.5
ROSYTH ROYAL DOC     2184524Z LN  -51250390.37  170932412.7
ROYAL BANK LEASI     2177244Z LN  -96708288.01  12689075410
ROYAL MAIL HOLDI     3900202Z LN  -10344178409   9705181654
SAFFRON HOUSING      4448377Z LN    -3777866.1  124457507.9
SAMPFORD UNDERWR     1230791Z LN  -18964953.58  150532675.1
SCOTTISH MEDIA       1442Q GR     -36632758.71    143156965
SCOTTISH MEDIA       SSMR LN      -36632758.71    143156965
SCOTTISH MEDIA       SSM LN       -36632758.71    143156965
SCOTTISH TELEV       SCTVF US     -36632758.71    143156965
SCOTTISHPOWER EN     2211292Z LN  -388472480.2   2874992270
SCOTTS CO UK LTD     1154459Z LN  -31443592.79  119553562.6
SEGRO FINANCE PU     2320833Z LN  -1254907.484  270979842.3
SELWOOD HOUSING      1933982Z LN   -5609259.85  165098338.1
SETON HEALTHCARE     2290Z LN     -10585183.94  156822902.8
SEVERN VALE HOUS     4287717Z LN  -43910018.24  115584900.8
SFI GROUP PLC        SUF LN       -108067115.8  177647536.1
SFI GROUP PLC        SUYFF US     -108067115.8  177647536.1
SHEFFIELD UNITED     1275418Z LN  -17712590.52  101590746.2
SIMON CARVES LTD     1209367Z LN  -309426997.2  105356699.7
SKANDIA LIFE BUS     1451642Z LN  -1945833.316  191394739.6
SKYEPHARMA PLC       SKPEUR EU    -133034755.3  130464035.4
SKYEPHARMA PLC       SKP VX       -133034755.3  130464035.4
SKYEPHARMA PLC       SKP1 EO      -133034755.3  130464035.4
SKYEPHARMA PLC       SKP2 EO      -133034755.3  130464035.4
SKYEPHARMA PLC       SK8C GR      -133034755.3  130464035.4
SKYEPHARMA PLC       SKP1 VX      -133034755.3  130464035.4
SKYEPHARMA PLC       SKP7 EO      -133034755.3  130464035.4
SKYEPHARMA PLC       SKP6 EO      -133034755.3  130464035.4
SKYEPHARMA PLC       SKPGBP EO    -133034755.3  130464035.4
SKYEPHARMA PLC       SKP IX       -133034755.3  130464035.4
SKYEPHARMA PLC       SKP8 EO      -133034755.3  130464035.4
SKYEPHARMA PLC       SKP4 EO      -133034755.3  130464035.4
SKYEPHARMA PLC       SKP9 EO      -133034755.3  130464035.4
SKYEPHARMA PLC       SKP EO       -133034755.3  130464035.4
SKYEPHARMA PLC       SKP TQ       -133034755.3  130464035.4
SKYEPHARMA PLC       SKPEUR EO    -133034755.3  130464035.4
SKYEPHARMA PLC       SKP PZ       -133034755.3  130464035.4
SKYEPHARMA PLC       SKP10 EO     -133034755.3  130464035.4
SKYEPHARMA PLC       SKP3 EO      -133034755.3  130464035.4
SKYEPHARMA PLC       SKP5 EO      -133034755.3  130464035.4
SKYEPHARMA PLC       SKP LN       -133034755.3  130464035.4
SKYEPHARMA PLC       SK8A GR      -133034755.3  130464035.4
SKYEPHARMA PLC       SKP PO       -133034755.3  130464035.4
SKYEPHARMA PLC       SKP EU       -133034755.3  130464035.4
SKYEPHARMA PLC       SKP BQ       -133034755.3  130464035.4
SKYEPHARMA PLC       SKYEF US     -133034755.3  130464035.4
SKYEPHARMA -SUB      2976665Z LN  -133034755.3  130464035.4
SKYEPHARMA-ADR       SKYE US      -133034755.3  130464035.4
SKYEPHARMA-ADR       SK8N GR      -133034755.3  130464035.4
SKYEPHARMA-ADR       SKYEY US     -133034755.3  130464035.4
SKYEPHARMA-ADR       AP80 LI      -133034755.3  130464035.4
SKYEPHARMA-ADR       SK8 GR       -133034755.3  130464035.4
SKYEPHARMA-ADR       SKYPY US     -133034755.3  130464035.4
SKYEPHAR-RTS F/P     SKPF VX      -133034755.3  130464035.4
SKYEPHAR-RTS F/P     SKPF LN      -133034755.3  130464035.4
SKYEPHAR-RTS N/P     SKPN LN      -133034755.3  130464035.4
SKYEPHAR-RTS N/P     SKPN VX      -133034755.3  130464035.4
SLP ENGINEERING      1855186Z LN   -32035150.2  111509874.7
SMG PLC              SMG PO       -36632758.71    143156965
SMG PLC              SMG LN       -36632758.71    143156965
SMG PLC-FUL PAID     SMGF LN      -36632758.71    143156965
SMG PLC-NIL PAID     SMGN LN      -36632758.71    143156965
SMITHS NEWS PLC      NWS2 EO      -96686010.48    285345604
SMITHS NEWS PLC      NWS1 EU      -96686010.48    285345604
SMITHS NEWS PLC      NWS2GBP EO   -96686010.48    285345604
SMITHS NEWS PLC      NWS8 EO      -96686010.48    285345604
SMITHS NEWS PLC      NWS13 EO     -96686010.48    285345604
SMITHS NEWS PLC      NWS S1       -96686010.48    285345604
SMITHS NEWS PLC      NWS2EUR EO   -96686010.48    285345604
SMITHS NEWS PLC      NWS7 EO      -96686010.48    285345604
SMITHS NEWS PLC      NWS10 EO     -96686010.48    285345604
SMITHS NEWS PLC      NWS11 EO     -96686010.48    285345604
SMITHS NEWS PLC      NWS2 EU      -96686010.48    285345604
SMITHS NEWS PLC      NWS2 TQ      -96686010.48    285345604
SMITHS NEWS PLC      SMWPF US     -96686010.48    285345604
SMITHS NEWS PLC      NWS2EUR EU   -96686010.48    285345604
SMITHS NEWS PLC      NWS IX       -96686010.48    285345604
SMITHS NEWS PLC      NWS4 EO      -96686010.48    285345604
SMITHS NEWS PLC      SMWPY US     -96686010.48    285345604
SMITHS NEWS PLC      NWS1GBP EO   -96686010.48    285345604
SMITHS NEWS PLC      NWS PZ       -96686010.48    285345604
SMITHS NEWS PLC      NWS9 EO      -96686010.48    285345604
SMITHS NEWS PLC      NWS12 EO     -96686010.48    285345604
SMITHS NEWS PLC      NWS LN       -96686010.48    285345604
SMITHS NEWS PLC      NWS VX       -96686010.48    285345604
SMITHS NEWS PLC      NWS1 BQ      -96686010.48    285345604
SMITHS NEWS PLC      NWS1 EO      -96686010.48    285345604
SMITHS NEWS PLC      NWS PO       -96686010.48    285345604
SMITHS NEWS PLC      NWS6 EO      -96686010.48    285345604
SMITHS NEWS PLC      NWS5 EO      -96686010.48    285345604
SONY COMPUTER EN     3893902Z LN  -527371383.9   1289099673
SONY DADC UK LTD     4007652Z LN  -758038.3706  131666251.9
SONY UNITED KING     1591658Z LN   -1219147829   2550391748
SOUTH STAFFORDSH     4049781Z LN  -12127094.81  148602864.7
SOUTHERN CROSS       SCHE2 EO     -456945463.9    226544692
SOUTHERN CROSS       SCHE PZ      -456945463.9    226544692
SOUTHERN CROSS       SCHEGBP EO   -456945463.9    226544692
SOUTHERN CROSS       SOCHF US     -456945463.9    226544692
SOUTHERN CROSS       SCHE3 EO     -456945463.9    226544692
SOUTHERN CROSS       SCHE EO      -456945463.9    226544692
SOUTHERN CROSS       SCH5 EO      -456945463.9    226544692
SOUTHERN CROSS       SCHEUSD EU   -456945463.9    226544692
SOUTHERN CROSS       SCHEUSD EO   -456945463.9    226544692
SOUTHERN CROSS       SCHE EU      -456945463.9    226544692
SOUTHERN CROSS       SCHE S1      -456945463.9    226544692
SOUTHERN CROSS       SCHE4 EO     -456945463.9    226544692
SOUTHERN CROSS       SCHE8 EO     -456945463.9    226544692
SOUTHERN CROSS       SCHE PO      -456945463.9    226544692
SOUTHERN CROSS       F2Z TH       -456945463.9    226544692
SOUTHERN CROSS       SCHE6 EO     -456945463.9    226544692
SOUTHERN CROSS       SCHE BQ      -456945463.9    226544692
SOUTHERN CROSS       SCH3 EO      -456945463.9    226544692
SOUTHERN CROSS       SCHE7 EO     -456945463.9    226544692
SOUTHERN CROSS       SCHE EB      -456945463.9    226544692
SOUTHERN CROSS       SCH4 EO      -456945463.9    226544692
SOUTHERN CROSS       SCHEEUR EU   -456945463.9    226544692
SOUTHERN CROSS       SCHE VX      -456945463.9    226544692
SOUTHERN CROSS       SCHE LN      -456945463.9    226544692
SOUTHERN CROSS       SCHE NQ      -456945463.9    226544692
SOUTHERN CROSS       SCHE IX      -456945463.9    226544692
SOUTHERN CROSS       SCHE TQ      -456945463.9    226544692
SOUTHERN CROSS       SCHEEUR EO   -456945463.9    226544692
SOUTHERN CROSS       SCHE NR      -456945463.9    226544692
SOUTHERN CROSS       F2Z GR       -456945463.9    226544692
SOUTHERN CROSS       SCHE QM      -456945463.9    226544692
SOUTHERN CROSS       SCHE5 EO     -456945463.9    226544692
SOUTHERN ELECTRI     2635379Z LN  -259913242.1   1437660480
SPEAR GROUP HOLD     4470999Z LN  -91133585.59  140447896.6
SPEEDY 1 LTD         3722238Z LN  -464739433.2   1384529500
SPEEDY SUPPORT S     1601730Z LN  -34304692.53  146096457.3
SPIRIT PUB CO PL     SPRT EU      -797310760.5   3657116792
SPIRIT PUB CO PL     SPRT NR      -797310760.5   3657116792
SPIRIT PUB CO PL     SPRT EO      -797310760.5   3657116792
SPIRIT PUB CO PL     SPRT QM      -797310760.5   3657116792
SPIRIT PUB CO PL     SPRT TQ      -797310760.5   3657116792
SPIRIT PUB CO PL     SPRT IX      -797310760.5   3657116792
SPIRIT PUB CO PL     SPRT BQ      -797310760.5   3657116792
SPIRIT PUB CO PL     SPRT EB      -797310760.5   3657116792
SPIRIT PUB CO PL     S7I GR       -797310760.5   3657116792
SPIRIT PUB CO PL     SPRT PZ      -797310760.5   3657116792
SPIRIT PUB CO PL     SPRT LN      -797310760.5   3657116792
SQUARE ENIX LTD      1826770Z LN  -223995033.8  278955082.2
SR TECHNICS UK L     2900250Z LN  -87572452.23  179843123.8
STAGECOACH SERVI     1584258Z LN  -27470918.93  305042241.9
STV GROUP PLC        STVG EU      -36632758.71    143156965
STV GROUP PLC        SMGPF US     -36632758.71    143156965
STV GROUP PLC        STVGGBP EO   -36632758.71    143156965
STV GROUP PLC        STVG LN      -36632758.71    143156965
STV GROUP PLC        SMG VX       -36632758.71    143156965
STV GROUP PLC        STVGEUR EU   -36632758.71    143156965
STV GROUP PLC        STVG VX      -36632758.71    143156965
STV GROUP PLC        SMG PZ       -36632758.71    143156965
STV GROUP PLC        STVG S1      -36632758.71    143156965
STV GROUP PLC        STVG EO      -36632758.71    143156965
STV GROUP PLC        STVGEUR EO   -36632758.71    143156965
STV GROUP PLC        SMG IX       -36632758.71    143156965
SUN CHEMICAL LTD     2569274Z LN  -21504458.55  276424178.5
SUNDERLAND ASSOC     1274418Z LN  -30559441.44  144949782.5
SUNSAIL LTD          1092666Z LN  -37047891.81  193976501.7
SW NO 1 LTD          1266351Z LN  -127509303.4  140986934.8
SWIFT TECHNICAL      4287133Z LN  -34723772.77  138665319.9
TATA CMMNCTNS UK     2534722Z LN  -32378969.15  118690215.5
TDL INFOMEDIA        3362Z LN     -25723860.05  136762955.6
TELEWEST COM-ADR     TWSTD US      -3702234581   7581020925
TELEWEST COM-ADR     TWT$ LN       -3702234581   7581020925
TELEWEST COM-ADR     TWSTY US      -3702234581   7581020925
TELEWEST COM-ADR     940767Q GR    -3702234581   7581020925
TELEWEST COMM        TWSTF US      -3702234581   7581020925
TELEWEST COMM        715382Q LN    -3702234581   7581020925
TELEWEST COMM        TWT VX        -3702234581   7581020925
TELEWEST COMM        604296Q GR    -3702234581   7581020925
TELEWEST COMMUNI     1646328Z LN  -322407498.9  794173871.1
TELEWEST COMMUNI     1608194Z LN  -459786702.9   9163459022
THALES CORPORATE     1083706Z LN  -39356881.83  696177878.8
THAMES WATER FIN     1615Z LN     -48749918.54   4474513723
THORN EMI PLC        THNE FP       -2265916257   2950021937
THORN EMI-ADR        THN$ LN       -2265916257   2950021937
THORN EMI-ADR        TORNY US      -2265916257   2950021937
THORN EMI-CDR        THN NA        -2265916257   2950021937
THORN EMI-REGD       1772Q GR      -2265916257   2950021937
TIGER ASPECT PRO     1819690Z LN   -1811042.92  108420699.7
TIMES NEWSPAPERS     2343939Z LN  -653746579.6  603467606.2
TOPPS TILES PLC      TPT5 EO      -37156577.81  134888367.5
TOPPS TILES PLC      TPT3 EO      -37156577.81  134888367.5
TOPPS TILES PLC      TPT LN       -37156577.81  134888367.5
TOPPS TILES PLC      TPT VX       -37156577.81  134888367.5
TOPPS TILES PLC      TPTJY US     -37156577.81  134888367.5
TOPPS TILES PLC      TPT6 EO      -37156577.81  134888367.5
TOPPS TILES PLC      TPTJF US     -37156577.81  134888367.5
TOPPS TILES PLC      TPT7 EO      -37156577.81  134888367.5
TOPPS TILES PLC      TPT PO       -37156577.81  134888367.5
TOPPS TILES PLC      TPT S1       -37156577.81  134888367.5
TOPPS TILES PLC      TPT EO       -37156577.81  134888367.5
TOPPS TILES PLC      TPT4 EO      -37156577.81  134888367.5
TOPPS TILES PLC      TPT2 EO      -37156577.81  134888367.5
TOPPS TILES PLC      TPT1 EO      -37156577.81  134888367.5
TOPPS TILES PLC      TPT TQ       -37156577.81  134888367.5
TOPPS TILES PLC      TPTEUR EU    -37156577.81  134888367.5
TOPPS TILES PLC      TPTGBP EO    -37156577.81  134888367.5
TOPPS TILES PLC      TPT9 EO      -37156577.81  134888367.5
TOPPS TILES PLC      TPT10 EO     -37156577.81  134888367.5
TOPPS TILES PLC      TPT IX       -37156577.81  134888367.5
TOPPS TILES PLC      TPTEUR EO    -37156577.81  134888367.5
TOPPS TILES PLC      TPT PZ       -37156577.81  134888367.5
TOPPS TILES PLC      TPT EU       -37156577.81  134888367.5
TOPPS TILES PLC      TPT BQ       -37156577.81  134888367.5
TOPPS TILES PLC      TPT8 EO      -37156577.81  134888367.5
TOPPS TILES-NEW      TPTN LN      -37156577.81  134888367.5
TOTAL UK LTD         3897130Z LN  -61225906.13   2907445594
TRAVELEX HOLDING     2917958Z LN   -1298945101   2546701094
TRAVELODGE LTD       3471462Z LN  -515411329.9   1254613472
TRINITY MIRROR C     1871386Z LN  -53485246.17  204376308.9
TRINITY MIRROR M     1871370Z LN  -140843056.8  448783505.1
TRINITY MIRROR P     1511258Z LN  -123528659.2  920027091.7
TRINITY MIRROR S     1512242Z LN  -3205761.051  531281737.1
TSE DEVELOPMENT      2087531Z LN  -297696548.3  510522326.8
TUBE LINES FINAN     1241207Z LN  -2914999.962   2408518672
TUI UK LTD           1653824Z LN  -913811298.8   5088088830
TYCO HEALTHCARE      1066794Z LN   -13601743.4    333686519
UNIGATE PLC          UNIG LN      -34143742.45  284687094.6
UNIGATE PLC          1577Q GR     -34143742.45  284687094.6
UNIGATE PLC          UNGAF US     -34143742.45  284687094.6
UNIGATE PLC          UNGPF US     -34143742.45  284687094.6
UNIGATE PLC-ADR      UNGAY US     -34143742.45  284687094.6
UNILEVER UK CENT     1273034Z LN   -1928848885   6056871052
UNIQ PLC             UNIQEUR EU   -34143742.45  284687094.6
UNIQ PLC             UNIQEUR EO   -34143742.45  284687094.6
UNIQ PLC             UNIQ PO      -34143742.45  284687094.6
UNIQ PLC             UGE1 GR      -34143742.45  284687094.6
UNIQ PLC             UNIQ EO      -34143742.45  284687094.6
UNIQ PLC             UNIQGBP EO   -34143742.45  284687094.6
UNIQ PLC             UNIQ LN      -34143742.45  284687094.6
UNIQ PLC             UNIQ EU      -34143742.45  284687094.6
UNIQ PLC             UNIQF US     -34143742.45  284687094.6
UNIQ PLC             UNIQ PZ      -34143742.45  284687094.6
UNIQ PLC             UNIQ IX      -34143742.45  284687094.6
UNIQ PLC             UNQPF US     -34143742.45  284687094.6
UNIQ PLC             UGE GR       -34143742.45  284687094.6
UNIQ PLC             UNIQ VX      -34143742.45  284687094.6
UNIQ PLC-ASSD        UNIA LN      -34143742.45  284687094.6
UNIQ PREPARED FO     1077122Z LN    -120661558  355622471.3
UNITED BISCUITS      3193858Z LN  -326896245.3   3316769414
UNIVERSAL LEASIN     2581586Z LN  -28690420.23  155128729.2
UNIVERSAL PICTUR     1083202Z LN  -66200436.83  242851864.9
UPS LTD              1503290Z LN  -128358198.9  422072199.6
UTC GROUP            UGR LN       -11904428.42    203548565
VALE OF AYLESBUR     4006932Z LN  -73416860.01  100856530.6
VANCO UK LTD         2784982Z LN     -56556541  114635709.2
VINK HOLDINGS LT     4380233Z LN  -13477348.26  132005020.2
VIRGIN HOTELS GR     4288389Z LN  -30191249.31  109995632.6
VIRGIN MOB-ASSD      VMOC LN      -392165409.3  166070003.7
VIRGIN MOB-ASSD      VMOA LN      -392165409.3  166070003.7
VIRGIN MOBILE        VMOB VX      -392165409.3  166070003.7
VIRGIN MOBILE        VMOB PO      -392165409.3  166070003.7
VIRGIN MOBILE        VMOB LN      -392165409.3  166070003.7
VIRGIN MOBILE        VGMHF US     -392165409.3  166070003.7
VIRGIN MOBILE        UEM GR       -392165409.3  166070003.7
VIRGIN WINGS LTD     4500155Z LN  -410616776.7   5155268566
VODAFONE UK CONT     1909662Z LN  -36036445.35  241077469.5
VOYAGE GROUP LTD     4168725Z LN  -89543682.76    572205624
WALES & WEST UTI     3688061Z LN  -784167196.7   2080276139
WARNER ESTATE        WNER PO      -17991567.99  433564660.8
WARNER ESTATE        WNER PZ      -17991567.99  433564660.8
WARNER ESTATE        WNER LN      -17991567.99  433564660.8
WARNER ESTATE        WNER EO      -17991567.99  433564660.8
WARNER ESTATE        WNERGBP EO   -17991567.99  433564660.8
WARNER ESTATE        WNER VX      -17991567.99  433564660.8
WARNER ESTATE        WNEHF US     -17991567.99  433564660.8
WARNER ESTATE        WRL GR       -17991567.99  433564660.8
WARNER ESTATE        WNER EU      -17991567.99  433564660.8
WARNER ESTATE        WNER IX      -17991567.99  433564660.8
WARNER MUSIC UK      1075906Z LN  -30035535.27  103148268.1
WATSON & PHILIP      WTSN LN        -120493900  252232072.9
WEAVER VALE HOUS     3953220Z LN  -60271595.72  104022836.2
WEETABIX LTD-A       WEEBF US     -397652099.9  909970808.9
WEETABIX LTD-A       WTB OF       -397652099.9  909970808.9
WESCOT TOPCO LTD     4007020Z LN  -28467510.91    115035189
WEST HAM UNITED      1275834Z LN  -60233495.23  174701255.1
WESTBURY HOTEL L     1214607Z LN  -541051.7845  357290768.3
WHELCO HOLDINGS      2741744Z LN  -1295249.714    100781831
WHITE YOUNG GREE     WHY EO       -32392901.23  196106689.5
WHITE YOUNG GREE     WHYEUR EO    -32392901.23  196106689.5
WHITE YOUNG GREE     WHYGBP EO    -32392901.23  196106689.5
WHITE YOUNG GREE     WHYEUR EU    -32392901.23  196106689.5
WHITE YOUNG GREE     WHY LN       -32392901.23  196106689.5
WHITE YOUNG GREE     WHY VX       -32392901.23  196106689.5
WHITE YOUNG GREE     WHY PZ       -32392901.23  196106689.5
WHITE YOUNG GREE     WHY PO       -32392901.23  196106689.5
WHITE YOUNG GREE     WHY EU       -32392901.23  196106689.5
WHITE YOUNG-NEW      WHYN LN      -32392901.23  196106689.5
WIGHTLINK LTD        1385642Z LN  -15131435.92  231775265.6
WINCANTON PL-ADR     WNCNY US     -171883729.9   1378925175
WINCANTON PLC        WIN4 EO      -171883729.9   1378925175
WINCANTON PLC        WIN1EUR EO   -171883729.9   1378925175
WINCANTON PLC        WIN1 EO      -171883729.9   1378925175
WINCANTON PLC        WIN PZ       -171883729.9   1378925175
WINCANTON PLC        WIN1GBP EO   -171883729.9   1378925175
WINCANTON PLC        WIN1 EB      -171883729.9   1378925175
WINCANTON PLC        WIN7 EO      -171883729.9   1378925175
WINCANTON PLC        WIN12 EO     -171883729.9   1378925175
WINCANTON PLC        WIN IX       -171883729.9   1378925175
WINCANTON PLC        WIN1 NQ      -171883729.9   1378925175
WINCANTON PLC        WIN1 EU      -171883729.9   1378925175
WINCANTON PLC        WIN6 EO      -171883729.9   1378925175
WINCANTON PLC        WIN11 EO     -171883729.9   1378925175
WINCANTON PLC        WIN8 EO      -171883729.9   1378925175
WINCANTON PLC        WIN1 TQ      -171883729.9   1378925175
WINCANTON PLC        WIN9 EO      -171883729.9   1378925175
WINCANTON PLC        WIN10 EO     -171883729.9   1378925175
WINCANTON PLC        WIN13 EO     -171883729.9   1378925175
WINCANTON PLC        WIN1 BQ      -171883729.9   1378925175
WINCANTON PLC        WIN1USD EO   -171883729.9   1378925175
WINCANTON PLC        WIN1 S1      -171883729.9   1378925175
WINCANTON PLC        WIN LN       -171883729.9   1378925175
WINCANTON PLC        WIN VX       -171883729.9   1378925175
WINCANTON PLC        WIN1 QM      -171883729.9   1378925175
WINCANTON PLC        WIN5 EO      -171883729.9   1378925175
WINCANTON PLC        WIN1USD EU   -171883729.9   1378925175
WINCANTON PLC        WIN PO       -171883729.9   1378925175
WINCANTON PLC        WIN1EUR EU   -171883729.9   1378925175
WINCANTON PLC        WNCNF US     -171883729.9   1378925175
WINDSOR TELEVISI     1475394Z LN  -232297665.7  340517582.8
WINTERTHUR FINAN     1353474Z LN   -5097471.01    146472274
WYG PLC              WYG2 EO      -32392901.23  196106689.5
WYG PLC              WYG5 EO      -32392901.23  196106689.5
WYG PLC              WYG3 EO      -32392901.23  196106689.5
WYG PLC              WYG6 EO      -32392901.23  196106689.5
WYG PLC              WYG EU       -32392901.23  196106689.5
WYG PLC              WYGGBP EO    -32392901.23  196106689.5
WYG PLC              WYG4 EO      -32392901.23  196106689.5
WYG PLC              WYG7 EO      -32392901.23  196106689.5
WYG PLC              WYG8 EO      -32392901.23  196106689.5
WYG PLC              WHY IX       -32392901.23  196106689.5
WYG PLC              WYG PZ       -32392901.23  196106689.5
WYG PLC              WYG EO       -32392901.23  196106689.5
WYG PLC              WYG1 EO      -32392901.23  196106689.5
WYG PLC              WYGEUR EU    -32392901.23  196106689.5
WYG PLC              WYG LN       -32392901.23  196106689.5
WYG PLC              WYGEUR EO    -32392901.23  196106689.5
XAARJET LTD          2697648Z LN  -3938911.173  102239864.3
XCHANGING UK LTD     1814130Z LN  -33399235.51  334395990.3
XSTRATA SERVICES     1975918Z LN  -88056666.54    169405671
YANG MING UK LTD     1756777Z LN  -39140424.52  296076088.5
YARLINGTON HOUSI     4435313Z LN  -18443811.91  276648958.8
YOUNG'S BLUECRES     1841386Z LN  -46554226.38  279057376.4
ZURICH EMPLOYMEN     1292298Z LN  -122911831.6  159138559.6


                            *********

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, Psyche A. Castillon, Ivy B.
Magdadaro, Frauline S. Abangan and Peter A. Chapman, Editors.

Copyright 2011.  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 Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *